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Ardian and Solarpack successfully complete strategic transaction to enhance their renewable energy portfolios in Chile and Peru

Ardian

Ardian now owns 100% of three solar PV plants in northern Chile, totaling 26.5 MW, and one solar PV plant in southern Peru, boasting 22.2 MW.

Ardian, a world-leading private investment house, closed a transaction with Solarpack, a Spain-based renewable energy company, to optimize Ardian’s portfolio of solar plants in Chile and Peru.
The positive outcome of this transaction reflects the commitment of both parties to maximize the potential of their respective renewable energy assets.
In a joint decision after a fruitful partnership, Ardian and Solarpack have chosen to dissolve their joint venture, allowing each partner to retain 100% ownership of their respective portfolios of solar plants. This streamlined approach aligns with Ardian’s strategic vision to enhance operational efficiency and seamlessly integrate the solar PV plants into Ardian’s global renewable portfolio. The transaction allows Ardian to integrate the retained solar PV plants into Ardian’s global renewable portfolio for increased efficiency and enhanced operating performance.
As a result of the transaction, Ardian now owns 100% of a portfolio of three plants located in northern Chile, totaling 26.5 MW, and 100% of Tacna, a 22.2 MW solar PV plant in southern Peru. On the other hand, Solarpack now owns 100% of Panamericana, a 21.2 MW solar PV plant in southern Peru, and 100% of Moquegua, a 19.4 MW solar PV plant in southern Peru.
Furthermore, Ardian terminated existing Asset Management agreements with Solarpack for its retained assets, paving the way for AGR-AM, the renewable asset manager dedicated exclusively to Ardian’s portfolio in Spain and Latin America, to assume direct management responsibilities. This strategic shift aims to align asset management with Ardian’s core objectives and leverage AGR-AM’s extensive experience in optimizing renewable assets across Spain, Portugal, and Latin America.
This new, simpler structure allows Ardian to obtain full control of the plants, manage them more directly, and fully integrate them with the rest of the Ardian Clean Energy Evergreen Fund (ACEEF) portfolio, including the hydroelectric plants recently acquired in Peru. This move demonstrates Ardian’s commitment to bolstering its renewable energy assets and enhancing operational efficiency within its ACEEF portfolio.

“The reconfiguration of our solar assets in Chile and Peru is very strategic for us and underscores our commitment to optimizing our renewable energy portfolio. This transaction enables Ardian to gain full ownership of excellent solar plants, empowering us to manage and integrate them seamlessly within the ACEEF portfolio. We believe this move will not only enhance operational efficiency but also align with our broader vision of promoting sustainability and clean energy.” ● BENJAMIN KENNEDY ● MANAGING DIRECTOR RENEWABLES INFRASTRUCTURE, ARDIAN

“It’s been an honour to support Ardian on this transaction. With this project in which the AGR-AM team has worked closely with the Ardian team in a very complex deal, a new period of challenging growth is opened for both in Latam. From this moment, AGR-AM will have the opportunity to replicate the outstanding management quality standards already developed for Ardian’s assets, integrating different technologies into the generation matrix (photovoltaic and hydro) as a fundamental pillar of Ardian’s future expansion in the region.” ● SANTIAGO VARELA ● AGR-AM

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $160bn of assets on behalf of more than 1,560 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT AGR-AM

AGR-AM leads the asset management strategy of Ardian’s Renewable Portfolio (Wind, Solar PV and Hydro) in Iberia and Latin America. Our team has more than 15 years of experience in the renewable sector, ensuring a deep understanding of the industry and energy markets. AGR-AM supports Ardian in new M&A opportunities, especially related to new clean technologies, the energy transition and sustainable and circular economy.

PRESS CONTACT

ARDIAN

LLYC

faspillaga@llycglobal.com

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Hg closes sale of MeinAuto Group divisions to the Renault Group

HG Capital

  • Hg confirms sale of ‘MeinAuto’ and ‘Mobility Concept’ divisions to Mobilize Lease & Co, a subsidiary of Mobilize Financial Services, part of the Renault Group. 

  • Following the sale Hg remains invested in Athletic Sport Sponsoring, a leading flat-rate car subscription provider in Germany. 

  • Chaichana Sinthuaree named as CEO for Athletic Sport Sponsoring, having joined at the start of 2024, to lead the new standalone business. 

Cologne, Germany. 2 January 2024. Hg, a leading investor in European and transatlantic software and services businesses, today confirms it has closed the sale of the ‘MeinAuto’ and ‘Mobility Concept’ divisions of MeinAuto Group, to Mobilize Lease & Co, a subsidiary of Mobilize Financial Services, which is part of the Renault Group.

MeinAuto Group was formed as a leading online retailer for new cars in Germany, transforming traditional vehicle retailing from an offline service to an integrated digital delivery model. The business was established in 2018 following Hg’s initial investment in MeinAuto.de, a leading B2C online platform for car purchases.

Following the sale of the Mobility Concept and MeinAuto.de businesses, which represent €1 billion in fleet assets, a fleet of 50,000 vehicles and 250 employees, Hg will remain invested in Athletic Sport Sponsoring, a leading flat-rate car subscription provider in Germany and previous division of MeinAuto Group, which will be built out as a standalone business.

Athletic Sport Sponsoring will be led by new CEO, Chaichana Sinthuaree, who joins the business from Eckes-Granini where he was CMO, prior to which he was CEO of Ogilvy, the global advertising business. Chaichana will lead the team, with support from Hg, to drive value creation levers in branding, sales and technology, further building on the business’ consistent fleet growth, which has almost doubled during Hg’s ownership.

Rudolf Rizzoli, CEO of MeinAuto Group, said: “We would like to thank Hg for the five years together. Without this partnership it would not have been possible to build up MeinAuto as a leading online platform for digital new car sales in Germany. With trust in our entrepreneurship and our understanding of the sector, Hg always supported us to make this exciting development possible.”

Justin Von Simson, Managing Partner at Hg, said: “It has been a great journey and partnership with Rudolf, Marc and the whole MeinAuto team. Together we created a new B2C online auto leasing offering through combining Mobility Concept’s leasing capabilities and MeinAuto.de’s online car sales platform. Mobilize as part of the Renault Group will be a great home to continue this journey in Europe with one of the leading car OEMs. We look forward to working with Chaichana as part of the new Athletic Sport Sponsoring team, as we look to build this division into a thriving business in its own right.”   

The terms of the transaction have not been disclosed. For more information about the sale, please find an announcement by Mobilize Lease&Co earlier this year: https://www.mobilize-fs.com/en/news/mobilize-leaseco-subsidiary-mobilize-financial-services-announces-acquisition-german-company  

For further information please contact: 

Hg
Tom Eckersley
E-Mail: tom.eckersley@hgcapital.com 

About Hg 

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. 

This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well. 

With a vast European network and strong presence across North America, Hg’s 400 employees and $65bn in funds under management support a portfolio of more than 50 businesses, worth over $135 billion aggregate enterprise value, with over 100,000 employees, consistently growing revenues at more than 20% annually. Additional information is available at www.hgcapital.com.  

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KKR Completes Acquisition Of Remaining 37% Of Global Atlantic

KKR

NEW YORK & HAMILTON, Bermuda–(BUSINESS WIRE)– KKR & Co. Inc. (NYSE: KKR) and The Global Atlantic Financial Group LLC (together with its subsidiaries, “Global Atlantic”) today announced the closing of the previously-announced transaction in which KKR is acquiring the remaining 37% of Global Atlantic, increasing KKR’s ownership to 100%.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240102056918/en/

KKR acquired a majority of Global Atlantic in 2021, and since that time, KKR has served as Global Atlantic’s asset manager, offering access to its global investment and origination capabilities for the benefit of Global Atlantic’s policyholders.

“Since day one, Global Atlantic has been a great fit for KKR, both from a business and cultural standpoint. With this new ownership structure in place, we look forward to even closer collaboration with Global Atlantic so that we can realize more of the synergies that we have uncovered in the first three years of our strategic partnership,” said Joseph Bae and Scott Nuttall, Co-Chief Executive Officers of KKR.

“KKR and Global Atlantic are a powerful combination. Our shared culture and commitment to excellence continues to enhance our ability to think – and invest – longer-term and deliver compelling solutions for our clients and policyholders. We are thrilled for what lies ahead as a wholly-owned subsidiary of KKR,” said Allan Levine, Co-Founder, Chairman & Chief Executive Officer of Global Atlantic.

Global Atlantic will continue to be led by its management team and operate under the Global Atlantic brand.

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 Global Atlantic

Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company’s performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a wholly-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR’s investment capabilities, scale and access to capital markets to enhance the value it offers clients.

Forward-Looking Statements

This press release contains certain forward-looking statements. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but not limited to the statements with respect to: the transaction to acquire all outstanding shares of Global Atlantic; and operation of Global Atlantic following the closing of the transaction; expansion and growth opportunities and other synergies resulting from the transaction. The forward-looking statements are based on KKR’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. If a change occurs, KKR’s business, financial condition, liquidity and results of operations, including but not limited to dividends, reported earnings, and capital structure may vary materially from those expressed in the forward-looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: failure to realize the anticipated benefits within the expected timeframes from the planned transaction with Global Atlantic; unforeseen liabilities or integration and other costs of the Global Atlantic transaction and timing related thereto; changes in Global Atlantic’s business; distraction of management or other diversion of resources within each company caused by the transaction; retention of key Global Atlantic employees; Global Atlantic’s ability to maintain business relationships following the transaction; the volatility of the capital markets; failure to realize the benefits of or changes in KKR’s or Global Atlantic’s business strategies; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management or insurance industry, interest rates, credit spreads, currency exchange rates or the general economy; underperformance of KKR’s or Global Atlantic’s investments and decreased ability to raise funds; changes in Global Atlantic policyholders’ behavior; any disruption in servicing Global Atlantic’s insurance policies; the use of estimates and risk management in Global Atlantic’s business; and the degree and nature of KKR’s and Global Atlantic’s competition. All forward-looking statements speak only as of the date hereof. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. In addition, KKR’s business strategy is focused on the long term and financial results are subject to significant volatility.

Additional information about factors affecting KKR is available in KKR & Co. Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 27, 2023, quarterly reports on Form 10-Q for subsequent quarters and other filings with the SEC, which are available at www.sec.gov.

Past performance is not indicative or a guarantee of future performance.

Media:
Liidia Liuksila
(212) 750-8300
media@kkr.com

Source: KKR & Co. Inc.

 

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Egeria announces the sale of Wentus to Trioworld

Egeria

Egeria Group (“Egeria”) has reached a definitive agreement to sell Wentus GmbH (“Wentus”), a leading player in solutions for high performance food-, consumer- and hygiene packaging to global packaging firm Trioworld Group (“Trioworld”). Wentus was part of the Clondalkin Group.

Headquartered in Hoexter, Wentus is a European manufacturer of plastic films for flexible packaging applications with a focus on food. The company is a top-tier supplier of high-tech skin film solutions serving a global blue-chip customer base.

Christof Renz, CEO of Wentus: “We are very pleased to have found a partner in Trioworld that is a perfect fit for us and whose product portfolio is ideally complemented by Wentus. We are looking forward to working with a professional and ambitious team whose management culture suits us well. I would also like to use the opportunity to thank Egeria for the intensive and trusting cooperation as well as the great support over the past years.”

Nicolas de Nerée, Partner at Egeria: “Over the past years, Wentus developed into an innovative film manufacturer focused on sustainability in the food segment. Trioworld is the ideal partner to further strengthen Wentus’ international market position and lever its strong product expertise in Skin film.”

Andreas Malmberg, CEO of the Trioworld Group: “We are very pleased and excited to welcome Wentus into the Trioworld Group. The acquisition will give us the opportunity to grow an even stronger position in the market of advanced food-, consumer- and hygiene packaging, in Europe and in North America. Wentus has a proven track record of supplying the market with premium products and superior support, to maximize value for customers.”

The transaction is subject to customary regulatory requirements and approvals. The Trioworld Group will, after the transaction is completed, own 100% of the shares.

About Egeria
Egeria is an independent pan-European investment company founded in 1997, which focuses on medium-sized companies. Egeria invests in healthy companies with an enterprise value between EUR 50 million and EUR 350 million. Egeria believes in building great businesses together with entrepreneurial management teams (Boldly Building Together). Egeria Private Equity Funds hold investments in 16 companies, Egeria Evergreen has investments in 7 companies. Egeria’s portfolio companies have a combined turnover of c. EUR 2.5 billion and employ close to 13,000 people. In 2018, Egeria has launched EgeriaDO, a corporate giving program sponsoring projects in the fields of the arts, culture, and social objectives.

About Wentus
Wentus GmbH, the specialist for high-tech skin films and an extensive and innovative product portfolio based in Hoexter, has been developing and producing sustainable and easily recyclable packaging solutions since 1965. Around 230 employees, a flat hierarchy and a complete in-house production chain enable the rapid development of customized solutions for various requirements. With its own sales structure, strong sales partners, and representatives in the DACH region, Benelux and south-west Europe, Wentus supports customers locally and thus guarantees the highest level of customer orientation and the best service.

About the Trioworld Group
Trioworld was founded in 1965 and since 2018 under the ownership of Altor Fund IV. Altor is one of the leading Nordic Private Equity firms, focused on building world class companies. Driven by continuous development of innovative and sustainable plastic film products, Trioworld is one of the leaders in the segment, with a turnover of 900 million EUR and approximately 1.700 employees. The group´s head office is in Smålandsstenar, Sweden, with production and recycling sites in Sweden, Denmark, the Netherlands, France, the United Kingdom, and Canada. Products and solutions are sold around the world.

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Leonard Green & Partners to Acquire TenCate Grass from Crestview Partners

LGP Logo

TenCate Firmly Established as the Leading Global Artificial Grass Solution Provider for Sports and Outdoor Living

Investment Marks LGP’s Entry into the Rapidly Growing Market for Sports and Outdoor Living Surfaces with an Estimated Market Size of More than $12bn Annually

NIJVERDAL, Netherlands and DAYTON, Tenn., Dec. 22, 2023 /PRNewswire/ — TenCate Grass Holding B.V. (“TenCate”, or the “Company”) today announced that a definitive agreement has been reached whereby affiliates of Leonard Green & Partners, LP (“LGP”) will acquire a majority stake in the Company by purchasing all of the shares of TenCate currently owned by Crestview Partners (“Crestview”) and select other shareholders. The current senior management team of TenCate will remain invested alongside LGP and will continue to lead the Company.

Michael Vogel, Chief Executive Officer of TenCate, said: “We were extremely fortunate to have had Crestview as our partner over the past two years. Crestview was instrumental in supporting our growth ambitions, enabling us to reach global revenues of $1.5 billion and earnings in excess of $200 million. While it is bittersweet to end our very successful partnership with Crestview, we are thrilled to be moving forward with LGP. The team at LGP is clearly aligned with our current strategic thinking. We expect to benefit greatly from their vast experience in investing in market leading companies and brands.”

Joe Fields, CEO of TenCate Grass Americas added: “In addition to being strategically aligned, our corporate values mirror those of LGP and we believe that we could not have found a better partner from a cultural alignment standpoint.”

Jonathan Seiffer, Senior Partner of LGP, added: “TenCate is precisely the type of company in which we like to invest. We value companies that win with people, a differentiated culture, and multiple levers for growth. We strongly believe that TenCate’s best years are ahead. We are thrilled to partner with their broad group of employee owners and to help deliver the next phase of outstanding growth.”

Brian Cassidy, Chairman of TenCate and President of Crestview, stated: “TenCate’s remarkable performance is a direct result of management excellence and their ability to drive continuous operational improvements while simultaneously executing multiple strategic acquisitions. We extend our sincerest gratitude to the entire TenCate team for our strong partnership and wish them all the best as they embark on their next stage of growth in partnership with LGP.”

The transaction is expected to close in February 2024. Terms of the transaction were not disclosed.

Advisors

BofA Securities was Lead Financial Advisor and Baird was Financial Advisor to TenCate. Lincoln International LLC acted as Financial Advisor to LGP. Latham & Watkins LLP and Loyens & Loeff acted as legal advisors to LGP. Paul, Weiss, Rifkind, Wharton & Garrison, LLP acted as legal advisor to TenCate and Crestview.

About TenCate

TenCate is a leading, vertically integrated manufacturer, distributor and installer of artificial turf and other surfaces for Sports, including those for football, soccer, baseball, softball, field hockey and a variety of smaller Sports as well as for the rapidly growing Outdoor Living segment. Headquartered in the Netherlands with its main manufacturing facilities in the Netherlands, the United States, and the United Arab Emirates, the Company serves customers in more than forty countries. For more information, please visit www.tencategrass.com.

About LGP

LGP is a leading private equity investment firm founded in 1989 and based in Los Angeles with over $70 billion of assets under management. The firm partners with experienced management teams and founders to invest in market-leading companies. Since inception, LGP has invested in over 120 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare, and business services, as well as retail, distribution and industrials. For more information, please visit www.leonardgreen.com.

About Crestview

Founded in 2004, Crestview is a private equity firm focused on the middle market. The firm is based in New York and manages funds with approximately $10 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: media, industrials and financial services. For more information, please visit www.crestview.com.

 

Contacts:

For TenCate:
Astrid Busschers
a.busschers@tencategrass.com

For Leonard Green:
communications@leonardgreen.com

For Crestview:

Jeffrey Taufield / Daniel Yunger
Kekst CNC
212-521-4800
jeffrey.taufield@kekstcnc.com / daniel.yunger@kekstcnc.com

 

SOURCE TenCate Grass Holdings; Crestview Partners; Leonard Green & Partners

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IRIS Software Group secures major US investment from Leonard Green & Partners

HG Capital

IRIS Software Group secures major US investment from Leonard Green & Partners

Co-controlling investment will support IRIS as it scales as a global leader in accountancy, payroll, HR and education mission-critical software and services.

  • New US-based investment will support IRIS as the business continues to scale in North America, executing its long-term strategy with strong executive leadership and an exceptional track record.

  • Leonard Green & Partners, L.P. (LGP) to take a co-controlling stake alongside Hg, who is re-investing in the business, acknowledging Hg’s strong 20-year relationship and experience working with the IRIS team.

  • ICG shares LGP’s and Hg’s belief in IRIS’s upside potential in North America and will remain as a minority investor in the business through a new investment.

  • Investment represents one of Europe’s largest software buyouts for 2023, valuing IRIS at an Enterprise Value (EV) of around £3.15bn.

Los Angeles, CA, US and London, UK. 23 December 2023. IRIS Software Group (IRIS), a leading global provider of mission-critical software and services in accountancy, payroll, HR and education, today announces it has secured a co-controlling investment from LGP, a Los Angeles-based private equity firm, in a transaction valuing the business at an EV of around £3.15bn.

LGP will take a co-controlling stake in the business, supporting IRIS’s US expansion ambitions with its local presence and network. Hg, a leading investor in European and transatlantic software and services businesses, will retain a co-controlling stake in IRIS in acknowledgement of Hg’s transatlantic capabilities and strong 20-year relationship and experience working with the IRIS team. As part of the transaction, ICG will remain as a minority investor in the business.

With 80% of customers remaining with IRIS for five years or more, the business has firmly established itself as a trusted leader with a strong reputation. This has contributed to significant growth over the last five years, both organically and through acquisitions, enriching and improving its customer offering, whilst delivering revenue and EBITDA growth rates of 20% CAGR. Today IRIS has a rapidly growing presence in North America – which now accounts for over 25% of group revenues.

 “To secure backing from a leading US investor in LGP, alongside the continued support of Hg and ICG, underscores IRIS’s enduring success over many decades. Our unparalleled product portfolios combined with excellent customer service have resulted in IRIS being a leader in our sectors. We have also expanded our country presence with a notable focus on the US, so LGP’s local expertise will be instrumental in our acceleration to a world-class transatlantic business.”

Elona Mortimer-Zhika, CEO of IRIS

Starting 45 years ago with accountancy software, IRIS has evolved to be relied on by more than 100,000 customers. Today, the business handles $18 billion of payroll payments annually in the US and Canada, and processes six million pay slips worldwide each month. One in six of the UK’s workforce is paid by IRIS payroll offerings, and more than 850,000 UK employees are managed by IRIS HR solutions.”

IRIS has a broad UK education software suite with more than 12,000 UK schools and academies using its solutions. More than 4 million parents and guardians benefit from IRIS’ parent engagement apps to connect with their child’s school, with 300 million messages delivered annually between schools and parents.

“We are incredibly excited to partner with IRIS, whose leadership, value-based culture and reputation for excellence align with the key characteristics we look for in the companies we invest in. We very much look forward to working with Elona and the rest of the management team, as well as Hg and ICG, to accelerate the next phase of IRIS’ growth.

Usama Cortas, Partner at LGP

IRIS was Hg’s inaugural investment into the Tax & Accounting software sector in 2004. Hg has been an investor in the business ever since, during which time the firm has invested around $10 billion in the wider tax and accounting software segment across Europe and North America. 

“IRIS and Hg have a long history, evolving together over the past 20 years. We’re delighted to now partner alongside LGP to accelerate IRIS’ US ambitions. Now, more than ever, we recognise Elona and her team as leading a high-quality software and services business, digitising a sector still in the early stages of its software adoption, with tremendous opportunity still ahead.”

Nic Humphries, Senior Partner, Hg.

Closing is subject to customary regulatory clearances.

Arma Partners and Rothschild & Co acted as corporate finance advisors to Hg. Jefferies International and William Blair acted as financial advisors to LGP. Legal advisors included Skadden and Linklaters for Hg; Latham & Watkins for LGP and Ropes & Gray for ICG.

Contacts

IRIS: UK and US: Sara Lewis | sara.lewis@iris.co.uk

Hg: UK: Tom Eckersley | tom.eckersley@hgcapital.com |

LGP: communications@leonardgreen.com

About IRIS Software Group

IRIS Software Group is a global provider of mission critical software and services, and one of the UK’s largest privately held software companies. IRIS provides software solutions and services for finance, HR and payroll teams, educational organisations, and accountancy firms that takes the pain out of processes and lets professionals focus on the work they love. Through simplifying, automating and providing insights on everyday mission critical tasks for organisations of all shapes and sizes, IRIS ensures customers can look forward with certainty and confidence.

One in six of the UK’s workforce is paid by IRIS payroll offerings, and globally, six million employees receive their payslip via IRIS software every month. IRIS handles $18 billion of payroll payments annually in US and Canada. Over 12,000 UK schools and academies use IRIS, with four million parents and guardians using IRIS apps to connect with their children’s school; 300 million messages are delivered between schools and parents each year, and over £15 million transactional payments are processed every month. IRIS is certified as a Great Place to Work® in UK, Ireland, India, Canada and USA and recognised as one of The Times Top 50 Employers for Gender Equality in 2023. IRIS is also recognised as one of the Best Workplaces for Wellbeing, one of the Best Workplaces in Tech and one of the Best Workplaces for Women.

To see how IRIS helps organisations get things right first time, every time, visit www.iris.co.uk, www.irisglobal.com or follow IRIS Software Group on LinkedIn, Twitter and Instagram.

About LGPLGP is a leading private equity investment firm founded in 1989 and based in Los Angeles with $70 billion of assets under management. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 120 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare, and business services, as well as retail, distribution and industrials. For more information, please visit www.leonardgreen.com.

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.

This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.

With a vast European network and strong presence across North America, Hg’s 400 employees and $65bn in funds under management support a portfolio of more than 50 businesses, worth over $135 billion aggregate enterprise value, with over 100,000 employees, consistently growing revenues at more than 20% annually. Additional information is available at www.hgcapital.com.

About ICG

ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 30 years’ history, managing $81bn of assets and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

We develop long-term relationships with our business partners to deliver value for shareholders, clients and employees, and use our position of influence to benefit the environment and society. We are committed to being a net zero asset manager across our operations and relevant investments by 2040.

ICG is a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn, X (Twitter) and Instagram. Past performance is no guarantee of future results.

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Vulcain Engineering continues its growth with the support of Ardian, EMZ and Tikehau Capital

EMZ Partners

Vulcain, the engineering group which specializes in energy transition and life sciences, and employs more than 3,500 people, has announced the exit of its shareholders Equistone Partners Europe and Sagard with a new LBO.

Accompanied by more than 350 employee shareholders, Co-CEOs of Vulcain Frédéric Grard and Alban Guilloteau have strengthened their positions in the group’s capital and governance structures. With the help of their long-standing advisor, D&A Corporate Finance, the founding managers steered a limited process that brought together a consortium of leading investors to support the group’s exponential growth.

Ardian, a world-leading private investment house, coordinates the consortium with Tikehau Capital, a world-leading private equity player in decarbonization and EMZ, a specialist in supporting founding managers.

Bpifrance, Amundi Private Equity Funds and the Fonds France Nucléaire managed by Siparex complete the financing round by providing specific expertise.

A pool of banks made up of leading players is financing the deal through senior debt, supplemented by mezzanine financing provided by Eurazeo Private Debt, the group’s long-standing partner.

With this transaction, the Group will have access to substantial and diversified financial resources, as well as French institutional shareholders committed to an entrepreneurial approach.

With the support of Equistone and Sagard, Vulcain has expanded rapidly over the past four years, growing from sales of €160m in 2019 to €370m by 2023. The realisation of current external growth opportunities should enable the company to cross the €450m threshold in 2024.

Its positioning as a multi-specialist engineering expert in critical infrastructures allows Vulcain to take advantage of mega-trends linked to the energy transition, with expertise in nuclear power, renewable energies, gas, hydrogen, energy transmission and distribution networks, and railways. The Group’s market opportunity is further bolstered by sovereignty issues in the pharmaceutical industry.

Vulcain’s track record of external growth, with 27 acquisitions made since 2019, has enabled it to strengthen its relationship with its major customers, and to expand its range of high added-value services, as well as its geographical presence.

It now generates more than 35% of its business abroad, particularly in the UK, Finland, Belgium, Spain, Switzerland, Denmark, Sweden and Germany, as well as in North and Latin America.
The Group’s ambition is to continue to expand internationally and deepen its offering in terms of digitising engineering processes and making the most of data relating to facilities and infrastructures, notably through acquisitions.

The ambition of the joint CEOs Alban Guilloteau and Frédéric Grard is to continue to develop their company in line with the convictions and values that drive them. The quality of Vulcain’s workforce and the underlying markets open up the prospect of achieving sales of €1 billion under the next strategic plan.
Completion of the transaction remains subject to the usual pre closing conditions for this type of transaction, and in particular to obtain the required regulatory authorizations.

“After a decade of working together, we are delighted to have succeeded in building a multicultural management team within Vulcain and in involving more than 350 employees in our entrepreneurial and shareholder adventure. The consortium of leading investors that we are announcing today is the result of the work carried out by all the group’s employees over the last few years, which has enabled Vulcain to become a leading European player in the energy transition.”Alban Guilloteau & Frédéric Grard, CO-CEO’s, Vulcain

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Vulcain Engineering continues its growth with the support of a consortium of investors led by Ardian, in association with Tikehau Capital and EMZ and supported by Bpifrance, Amundi and the Fonds France Nucléaire, managed by Siparex

Ardian

Vulcain, the engineering group which specializes in energy transition and life sciences, and employs more than 3,500 people, has announced the exit of its shareholders Equistone Partners Europe and Sagard with a new LBO.

Accompanied by more than 350 employee shareholders, Co-CEOs of Vulcain Frédéric Grard and Alban Guilloteau have strengthened their positions in the group’s capital and governance structures. With the help of their long-standing advisor, D&A Corporate Finance, the founding managers steered a limited process that brought together a consortium of leading investors to support the group’s exponential growth.

Ardian, a world-leading private investment house, coordinates the consortium with Tikehau Capital, a world-leading private equity player in decarbonization and EMZ, a specialist in supporting founding managers.

Bpifrance, Amundi Private Equity Funds and the Fonds France Nucléaire managed by Siparex complete the financing round by providing specific expertise.

A pool of banks made up of leading players is financing the deal through senior debt, supplemented by mezzanine financing provided by Eurazeo Private Debt, the group’s long-standing partner.

With this transaction, the Group will have access to substantial and diversified financial resources, as well as French institutional shareholders committed to an entrepreneurial approach.

With the support of Equistone and Sagard, Vulcain has expanded rapidly over the past four years, growing from sales of €160m in 2019 to €370m by 2023. The realisation of current external growth opportunities should enable the company to cross the €450m threshold in 2024.

Its positioning as a multi-specialist engineering expert in critical infrastructures allows Vulcain to take advantage of mega-trends linked to the energy transition, with expertise in nuclear power, renewable energies, gas, hydrogen, energy transmission and distribution networks, and railways. The Group’s market opportunity is further bolstered by sovereignty issues in the pharmaceutical industry.

Vulcain’s track record of external growth, with 27 acquisitions made since 2019, has enabled it to strengthen its relationship with its major customers, and to expand its range of high added-value services, as well as its geographical presence.

It now generates more than 35% of its business abroad, particularly in the UK, Finland, Belgium, Spain, Switzerland, Denmark, Sweden and Germany, as well as in North and Latin America.

The Group’s ambition is to continue to expand internationally and deepen its offering in terms of digitising engineering processes and making the most of data relating to facilities and infrastructures, notably through acquisitions.

The ambition of the joint CEOs Alban Guilloteau and Frédéric Grard is to continue to develop their company in line with the convictions and values that drive them. The quality of Vulcain’s workforce and the underlying markets open up the prospect of achieving sales of €1 billion under the next strategic plan.

Completion of the transaction remains subject to the usual pre closing conditions for this type of transaction, and in particular to obtain the required regulatory authorizations.

“After a decade of working together, we are delighted to have succeeded in building a multicultural management team within Vulcain and in involving more than 350 employees in our entrepreneurial and shareholder adventure. The consortium of leading investors that we are announcing today is the result of the work carried out by all the group’s employees over the last few years, which has enabled Vulcain to become a leading European player in the energy transition.” Alban Guilloteau & Frédéric Grard, Co-CEO’s, Vulcain

“Over the last four years, Vulcain Engineering has succeeded in consolidating its positioning driven by trends relating to the energy transition, health & life science and infrastructure. The group has accelerated its development with us through around twenty external growth operations in France, Europe and the American continent. We are happy to have supported Frédéric Grard, Alban Guilloteau and Vulcain Engineering in its transformation into a true European player. Vulcain’s trajectory illustrates what constitutes Equistone’s DNA: positively supporting high-quality management teams and supporting their development strategy in France and internationally to become leading players in their sector.” Grégoire Châtillon & Stanislas Gaillard, Equistone Partners Europe

“We have been impressed by the quality of Vulcain Ingénierie’s management team and convinced by the group’s positioning, which focuses on high-growth sectors driven by the energy transition. We were also impressed by the know-how in terms of external growth and the internationalization of the group. We will be making the resources of the Ardian platform available to further accelerate the Group’s development in its core business, in particular through acquisitions.”  Alexis Lavaillote, Managing Director Expansion, Ardian

“We are delighted to make the first investment of our second vintage of private equity strategy dedicated to decarbonisation in Vulcain Ingénierie. This significant transaction gives us the opportunity to support a recognised management team at the head of a resilient group, strongly committed to decarbonisation and European industrial sovereignty. With this private equity strategy focused on decarbonisation, Tikehau Capital is reaffirming its commitment to support the development of a positive-impact offering while helping companies to expand internationally via its global platform.” Emmanuel Laillier, Head of Private Equity, Tikehau Capital

“We were impressed by the leadership and quality of the management team led by Alban and Frédéric. Vulcain has a fantastic human capital, united by a motivating corporate culture and committed to the crucial issues of the energy transition and life sciences.  We are delighted to join this great entrepreneurial adventure.” François Carré, EMZ

LIST OF PARTICIPANTS

  • PARTICIPANTS

    • VULCAIN INGÉNIERIE: ALBAN GUILLOTEAU, FRÉDÉRIC GRARD
    • EQUISTONE PARTNERS EUROPE: GRÉGOIRE CHÂTILLON, STANISLAS GAILLARD, FLORENT ROSTAING, VALÉRIAN FLEURY
    • SAGARD: MAXIME BAUDRY, JÉRÔME TRIEBEL
    • EXPANSION, ARDIAN: ALEXIS LAVAILLOTE, ARNAUD DUFER, ROMAIN GAUTRON, ZOÉ BERGERAULT
    • TIKEHAU: EMMANUEL LAILLIER, PIERRE GERBEAUD, MATHIEU BADJECK, LÉA POISSON, LUCIE TAILLEUR
    • EMZ: FRANÇOIS CARRÉ, AJIT JAYARATNAM, ARTHUR MORISSEAU
    • BPIFRANCE INVESTISSEMENT: ALESSANDRO GONELLA, PIERRE MONIN, RAFAEL DUCH, LOUIS LAFFOURCRIERE
    • AMUNDI PRIVATE EQUITY FUNDS: CLAIRE CHABRIER, FRÉDÉRIC LABIA, JEAN KARBOUYAN, THÉO QUINSAC, JULIEN KAISER-LORENTZ
    • FONDS FRANCE NUCLÉAIRE, SIPAREX: BENOIT DESFORGES, ROMAIN BOISSON DE CHAZOURNES, NICOLAS SLUYS, HUGO PETITJEAN

LIST OF ADVISORS

  • ADVISORS

    • M&A – SELLERS, COMPANY, MANAGEMENT : D&A (JEAN-MARC DAYAN, FRANÇOIS DUBOURG, JÉRÔME DA SILVA, CHARLES COLLE, PAUL DIGUET)
    • LEGAL ADVISOR M&A – COMPANY, MANAGEMENT: GOODWIN PROCTER (THOMAS MAITREJEAN, AURÉLIEN DIDAY, WILLIAM DUCROCQ-FERRE)
    • LAWYERS FINANCING – COMPANY, MANAGEMENT: GOODWIN PROCTER (ADRIEN PATURAUD, ALEXANDER HAHN)
    • TAX ADVICE – COMPANY, MANAGEMENT: CHAOUAT & ASSOCIÉS (STÉPHANE CHAOUAT, ALEXANDRE GROULT)
    • LAWYERS M&A – SELLERS: PAUL HASTINGS (SÉBASTIEN CRÉPY, OLIVIER DEREN, VINCENT NACINOVIC)
    • DEBT ADVISORY – COMPANY, MANAGEMENT: MARLBOROUGH PARTNERS (ROMAIN CATTET, PHILIPPE DE COURRÈGES, GRANT POLLOCK, KOUROS QUENTIN JENABZADEH, NICKA KOBIASHVILI)
    • STRATEGIC VENDOR DUE-DILIGENCE – SELLERS, COMPANY: LEK (DAVID DANON-BOILEAU, FREDERIC DESSERTINE, SERGE HOVSEPIAN, BENJAMIN TUCHMAN)
    • FINANCIAL VENDOR DUE DILIGENCE – SELLERS, COMPANY: EY (LAURENT MAJUBERT, SAMI FOURATI, FLORIANE HAYOT, HUGO CHARPENTIER)
    • TAX VENDOR DUE DILIGENCE – SELLERS, COMPANY: EY AVOCATS (ALEXIS MARTIN, OLIVIER GALERNEAU, PIERRE-ANTOINE QUATRHOMME)
    • LEGAL VENDOR DUE DILIGENCE – SELLERS, COMPANY: EY AVOCATS (BENOÎT LOSFELD, MATHIEU COLLING)
    • SOCIAL VENDOR DUE DILIGENCE – SELLERS, COMPANY: EY AVOCATS (ANNE-ELISABETH COMBES, TAINA CELESTIN)
    • ESG VENDOR DUE DILIGENCE – SELLERS, COMPANY: AXA CLIMATE (JULIEN FAMY, LUCIE DELZANT)
    • LAWYERS M&A – BUYERS: HOGAN LOVELLS (STÉPHANE HUTEN, ARNAUD DEPARDAY)
    • STRATEGIC DUE DILIGENCE – BUYERS: MCKINSEY (FRÉDÉRIC RÉMOND, MARION SOULA, SOUHAIL BENTALEB)
    • FINANCIAL DUE DILIGENCE – BUYERS: KPMG (OLIVIER BOUMENDIL, BORIS GUEUDIN, ISMAIL RADI)
    • LEGAL, TAX, SOCIAL DUE DILIGENCE – BUYERS: KPMG (FLORENCE OLIVIER, XAVIER HOUARD, ALBANE EGLINGER)
    • INSURANCE DUE DILIGENCE – BUYERS: FINAXY (DEBORAH HAUCHEMAILLE)
    • ESG DUE DILIGENCE – BUYERS: PWC (EMILIE BOBIN, ALICE ROBINEAU)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $160bn of assets on behalf of more than 1,560 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT TIKEHAU CAPITAL

Tikehau Capital is a global alternative asset management group with €42 billion of assets under management (as at 30 September 2023).
Tikehau Capital has developed a broad range of expertise across four asset classes (private debt, real assets, private equity, capital markets strategies) as well as strategies focused on multi-asset solutions and special situations. Led by its co-founders, Tikehau Capital has a differentiating business model, a strong balance sheet, privileged access to global transaction opportunities and a solid track record in supporting high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides tailor-made and innovative alternative financing solutions to the companies it supports, and strives to create long-term value for its investors while generating a positive impact on society. Backed by substantial equity capital (€3.1 billion at 30 June 2023), the Group invests its capital alongside its investor-clients in each of its strategies. Controlled by its management, alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 757 employees (at 30 September 2023) spread across its 15 offices in Europe, Asia and North America. Tikehau Capital is listed on the regulated market of Euronext Paris, Compartment A (ISIN code: FR0013230612; Ticker: TKO.FP).

tikehaucapital.com

ABOUT EMZ

EMZ is an independent pan-European investment company specialising in medium-sized companies. Since 1999, EMZ has contributed to the financing of more than 160 buy-outs and expansion transactions (acquisitions, industrial investments, etc.) for a total amount invested of more than €5 billion. EMZ’s investment strategy focuses on companies run by experienced management teams who are willing to enter into a collaborative, horizontal partnership with their financial partner.

emzpartners.com

ABOUT BPI FRANCE

Bpifrance’s equity investments are made by Bpifrance Investissement. Bpifrance finances companies – at every stage of their development – through loans, guarantees and equity. Bpifrance supports them in their innovation and international projects. Bpifrance now also supports their export activities through a wide range of products. Advice, universities, networking and acceleration programmes for start-ups, SMEs and ETIs are also part of the services offered to entrepreneurs. Thanks to Bpifrance and its 50 regional offices, entrepreneurs have a single, close and effective contact to help them meet their challenges.

bpifrance.com

ABOUT AMUNDI

Amundi Real Assets & Alternatives brings together a complete range of capabilities in real estate, private debt, private equity, infrastructure, multi-management and alternatives. Drawing on decades of experience in private markets, Amundi facilitates access to real assets for institutional and retail investors. With nearly €72 billion in assets under management1, the business line is supported by 280 professionals in seven main investment hubs in Paris, London, Milan, Luxembourg, Barcelona, Madrid and Dublin.

amundi.com

ABOUT FONDS FRANCE NUCLEAIRE, SIPAREX

Equally subscribed by EDF and the French State and managed by Siparex, the France Nucléaire Fund invests in SMEs and intermediate-sized companies within the nuclear industry. It supports them notably in their projects for organic and/or external growth, as well as in the context of capital development, transmission, or restructuring operations. The fund intervenes in both majority and minority positions, either independently or through co-investment, leveraging the expertise of key players within the nuclear sector.
The French State’s participation in the fund is part of the France Relance plan, within which the French State allocates 470 million euros to the nuclear sector across various aspects, including the modernization of industrial tools, strengthening of skills, and research & development.

siparex.com/fonds-france-nucleaire

ABOUT EQUISTONE PARTNERS

Equistone is an independent investment firm wholly owned and managed by its executives. The company is focused on investing in European mid-market buyouts across six core sectors. Equistone has a strong focus on change of ownership deals and aims to invest between €25m and €200m+ of equity in various businesses. The company has a team of over 40 investment professionals operating across Benelux, France, Germany, Switzerland and the UK, investing as a strategic partner alongside management teams. Equistone is currently investing its sixth buyout fund, which held a final closing at its €2.8bn hard cap, and its Equistone Reinvestment Fund, which focuses on minority reinvestments alongside acquiring sponsors following an exit from one of its main buyout funds. Equistone Partners Europe Limited is authorised and regulated by the Financial Conduct Authority.

equistonepe.com

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Blackstone Signs Definitive Agreement to Acquire Sony Payment Services, Broadening its Japan Private Equity Portfolio

Blackstone

TOKYO – December 22, 2023 – Blackstone (NYSE: BX) today announced that Private Equity funds managed by Blackstone have entered into a definitive agreement to acquire a majority stake in Sony Payment Services Inc. (SPSV), one of Japan’s leading payment service providers, from Sony Bank, a wholly-owned subsidiary of Sony Group. Sony Bank will roll over a certain portion of its equity and will continue to support the growth of SPSV as a minority investor. This marks Blackstone’s first investment in the financial technology sector in Japan.

Sony Group established its payment service business in 1995, which became a standalone company in 2006. Today, SPSV is one of the top payment service providers in Japan, offering high-speed and secure infrastructure for customers and businesses to process online payments.

Steve Schwarzman, Chairman, Chief Executive Officer & Co-Founder, Blackstone, said: “Sony has been a longstanding partner to Blackstone. Our partnership goes all the way back to Blackstone’s founding nearly four decades ago – we started out as a boutique M&A firm, and Sony was one of our earliest clients. We are proud to once again partner with a leading corporation in Japan and deepen our presence in the country, a key market for Blackstone where we’ve cultivated valuable relationships based on trust and shared success.”

Atsuhiko Sakamoto, Head of Private Equity, Blackstone Japan, said: “We are thrilled to invest in SPSV, one of Japan’s leading payment services providers and a well-established financial technology company, and expand our Japan Private Equity portfolio in “good neighborhoods” – sectors with strong secular growth. Digitization of the economy is a key trend around the world including Japan, and SPSV is exceptionally positioned to benefit with its sophisticated technology and robust customer base. We’re committed to bringing our operational and technology expertise and scale to support SPSV’s growth.”

Kenichiro Yoshida, Chairman and CEO, Sony Group, said: “For the past 30 years, SPSV has led Japan’s cashless evolution, making payments safe and secure for customers. We believe Blackstone, a long-standing partner of Sony Group, can help continue the legacy that SPSV has formed and support its next phase of growth.”

Keiji Minami, President & Chief Executive Officer, Representative Director, Sony Bank, said: “SPSV has seen steady growth and gained the trust of customers by providing high-quality service. With the accelerated shift towards cashless payments and increasing diversification in payment types, it’s more important than ever to adapt to new trends with greater speed. We believe that Blackstone is the best partner, bringing a global perspective and its expertise and network in the payment business.”

Hidehiko Nakamura, President & Chief Executive Officer, Representative Director, Sony Payment Services, said: “SPSV has solidified a healthy market position and earned the trust of customers as a high-quality payment service provider. We believe this partnership with Blackstone will boost SPSV’s capabilities through investments in IT and talent to help accelerate its growth journey, particularly at an exciting time of growth for the electronic payment industry in Japan.”

Japan is the fourth largest electronic card payment market in the world with a market penetration of 9.1%, representing significant room for growth. SPSV is supported by Japan’s JPY 22.7 trillion e-commerce market and the rapid uptake of cashless payments around the world.

Blackstone’s Private Equity investments in Japan include the acquisition of Alinamin Pharmaceutical (formerly Takeda Consumer Healthcare) in the largest healthcare transaction in the market ever and AYUMI Pharmaceutical.

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. We do this by relying on extraordinary people and flexible capital to help strengthen the companies we invest in. Our over $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, 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 LinkedIn, X (Twitter), and Instagram.

Media Contact
Ellen Bogard
+852 3651 7737
Ellen.Bogard@Blackstone.com

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7NXT acquires wellbeing app 7Mind to create the leading platform for physical and mental fitness

Oakley

Oakley Capital, the leading pan-European private equity investor, is pleased to announce that portfolio company 7NXT, which owns and operates fitness platform Gymondo, is acquiring 7Mind to create an all-encompassing consumer digital platform for physical and mental fitness and wellbeing with >650,000 paying subscribers.

Gymondo is the leading D2C online fitness platform in the DACH region, offering high-quality workout videos, customised fitness programmes and personalised nutrition plans to more than 500,000 paying subscribers.

7NXT Gymondo
Oakley Capital acquires Gymondo

Oakley invested in the business in 2020, partnering with founder and CEO Markan Karajica to accelerate Gymondo’s growth in the online fitness market.

7 Mind

Headquartered in Berlin, 7Mind is a leading player in the German digital healthcare sector with a focus on promoting digital mental wellbeing and offering mindfulness and meditation content to its c.150,000 subscribers.

The business caters to both individual users (B2C) as well as corporates (B2B), collaborating closely with health insurers. Founded in 2015, 7Mind has expanded quickly, generating double-digit revenue growth and strong margins between 2020-2022.

Adding 7Mind will enable 7NXT to expand its product offering to include mindfulness and meditation content, providing users an all-encompassing mental and physical health and wellbeing solution, while also diversifying its customer base. The combined business will create an expanded platform with the critical mass to participate in further M&A opportunities in a wellness market that is expanding in DACH as well as internationally.

Quote Markan Karajica

This is a transformational deal for 7NXT and Gymondo, which will help to diversify our business, increasing our B2B customer base while adding valuable mindfulness content for our existing and new customers. It’s a win-win combination and we are pleased to welcome 7Mind on our journey to build an international market leader for physical and mental wellbeing.

Markan Karajica

Founder & CEO — Gymondo

Quote Peter Dubens

Markan and his team have successfully leveraged the power of social media and influencers to build a powerful online fitness brand. Adding 7Mind will transform Gymondo into one of the leading one-stop-shops for fitness and wellbeing, catering to consumers and corporates alike. It also demonstrates Oakley’s ability to nurture digital-first businesses as well as support portfolio companies with strategic acquisitions.

Peter Dubens

Founder and Managing Partner — Oakley Capital

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