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ASSA ABLOY acquires Lawrence Hardware and Gallery Specialty in Canada

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ASSA ABLOY has acquired Lawrence Hardware and Gallery Specialty, leading providers of commercial hinges, locksets, exit devices and door hardware accessories in Canada.

“I am very pleased to welcome Lawrence and Gallery into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business,” says Nico Delvaux, President and CEO of ASSA ABLOY.

“Lawrence and Gallery are well-known, respected brands in Canada and I’m excited for them to become part of ASSA ABLOY,” says Lucas Boselli, Executive Vice President of ASSA ABLOY and Head of the Americas Division. “This acquisition supports our growth ambitions and commitment to the Canadian market by further strengthening our core business and expanding our product portfolio.”

Lawrence Hardware was founded in 1876 and Gallery Specialty in 1989, together employing some 50 employees. The main office and factory are located in Toronto, Canada.

Sales for 2022 amounted to about MCAD 25 (approx. MSEK 200) with a good EBIT margin. The acquisition will be accretive to EPS from the start.

For more information, please contact:

Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68, e-mail: bjorn.tibell@assaabloy.com

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 52,000 employees and sales of SEK 121 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.

 

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KKR Invests in Zenobē to Accelerate Global Transport Decarbonisation and Provide Essential Grid Services

KKR
  • KKR to invest approximately $750m to scale Zenobē across two of the largest decarbonisation market opportunities in infrastructure – fleet electrification and battery storage solutions
  • KKR and current majority shareholder, Infracapital, to become joint majority shareholders in a strategic partnership; Infracapital to reinvest into the business
  • Investment is the first through KKR’s global climate strategy, dedicated to scaling net-zero solutions and transitioning higher emitting assets

LONDON–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced it is investing approximately $750m to scale Zenobē, a market leader in transport electrification and battery storage solutions, to accelerate the global decarbonisation of diesel fleets and provide grid services that are critical for the decarbonisation of the energy sector.

Infracapital, the infrastructure equity investment arm of M&G Plc and current majority shareholder, will invest further alongside KKR and the management team, with KKR and Infracapital becoming joint majority shareholders. The transaction is subject to customary closing conditions and regulatory approvals.

KKR’s investment in Zenobē is the first to be made through the firm’s global climate strategy, which is part of KKR’s $54 billion global Infrastructure business and dedicated to investing in solutions at scale to support the transition to a low-carbon economy.

Founded in 2017 and headquartered in London, Zenobē is a global player in electrification solutions for fleets and battery storage solutions for grid network infrastructure, with leading positions in the UK, Australia and New Zealand, and a growing presence in continental Europe. Today, Zenobē is one of the leading fleet electrification platforms in the world, helping bus and increasingly HGV operating companies to decarbonise their fleets and meet emission-reduction objectives.

Zenobē’s EV fleet business provides end-to-end solutions to transition conventional internal combustion engine vehicles to electric, including financing of chassis, batteries on the vehicles, and charging infrastructure in depots, complemented with an integrated software solution. Through its network infrastructure business, Zenobē develops and builds large scale batteries that connect to transmission grids, providing essential grid services to complement the growth of intermittent low carbon energy generation and allowing economies to achieve their net zero ambitions, without compromising the grid stability.

Decarbonising transportation, reducing pollution in big cities and towns and meeting national net-zero targets will require substantial investment and a rapid shift to electric vehicles. The transport sector is the largest source of carbon emissions globally, resulting in tightening regulations related to emissions by public transport.

KKR plans to work with Zenobē to meet the growing demand for EV adoption from bus operators and other commercial fleet businesses globally. KKR also expects to help Zenobē expand its grid-scale battery storage capacity through the construction and expansion of new and existing sites. The investment will help Zenobē to build on its leadership positions in the UK, Australia and New Zealand, while continuing to grow across continental Europe, and also expand into North America.

Alberto Signori, Partner in KKR’s European Infrastructure team, said: “This is a rare opportunity to support a clear leader in transport decarbonisation and battery storage, two sectors which are critical in driving the transition to a net-zero world. As a significant contributor to the decarbonisation of our economies, Zenobē is an exemplary first investment in KKR’s global climate strategy which seeks to scale up businesses at the forefront of delivering real-world solutions to reduce carbon emissions. Zenobē’s management team and Infracapital have built a unique and hard to replicate global platform, and we look forward to working alongside them to further scale the business internationally.”

Shreya Malik, Director in KKR’s European Infrastructure team, added: “We believe Zenobē will continue to benefit from strong secular tail winds including stricter emission regulation in urban and regional areas, and the greater use of low carbon generation in the energy mix driving a need for grid balancing solutions. We see significant growth opportunities within Zenobē’s existing customer base, as well as huge potential in new markets globally. We are excited to bring our operational expertise within KKR’s global platform to actively support the company in continuing to further build a market leading and climate critical business.”

Nicholas Beatty, Co-founder and Director of Zenobē, said: “This investment acknowledges the significant role that transport decarbonisation and battery storage have to play in our net-zero future. It’s also a significant vote of confidence in our business, its achievements to date and future aims. Batteries are the under-recognised crucial component of our future energy and transport systems, and they’re available now. KKR provides Zenobē with a leading international strategic partner to support our expansion plans, taking our experience in accelerating the electrification of fleets and maximising the uptake of renewables into North America, Europe, Australasia and other markets. It also provides support for our ability to raise further debt funding for these expansion plans.”

Andy Matthews, Head of Greenfield at Infracapital, said: “Since our initial investment in 2020, Infracapital has supported Zenobē’s significant innovation and expansion as it has gone from strength to strength in both the battery storage and transportation sectors. We are delighted to announce our further investment into the business, and to embark on this exciting journey alongside KKR as joint shareholders in Zenobē. This strategic partnership marks a significant milestone for the business and fulfils our confidence in its ability to continue to play a leading role in sustainable solutions. We look forward to continuing to contribute our expertise and resources to support Zenobē’s further success on a global scale, whilst creating long-term value for our investors.”

With over 15 years of experience in infrastructure investing, and a long history in the industrials space, KKR has deep expertise in renewable energy and climate-related investments. Since 2010, KKR has committed more than $40 billion to sustainability-focused investments, including over $30 billion to climate and environmental sustainability investments, accelerating net-zero solutions such as X-Elio and Sol Systems, building out net-zero platforms in transportation with Q-Park and Ritchies, and driving transitions with investments including Albioma and ContourGlobal.

KKR has been investing in the UK for over two decades, having deployed almost $24 billion in equity across all investment platforms, including almost $5 billion in sustainability-related investments over the past 3 years in investments such as Citation, ERM, John Laing and Viridor.

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 and on X (formerly Twitter) @KKR_Co.

About Zenobē Energy Ltd. (Zenobē)

Zenobē is an EV fleet and grid-scale battery storage specialist, headquartered in the UK. The company began operations in 2017 with three founders and has over the past 6 years increased its staff to >230 FTEs with a wide range of leading skills including electrical engineering, software development, computer sciences and financing. It now operates in Europe and Australasia and is expanding into North America. Zenobē has 430MW of battery storage in operation or under construction with another 1.2GW of projects in advanced development in the UK which equates to circa 20% market share forecast by 2026. It has around 25% market share of the UK EV bus sector and c.1000 electric vehicles supported globally. The company is the largest owner and operator of EV buses in the UK, Australia and New Zealand.

Zenobe’s services are supported by market leading financing capability. This has included completing and drawing down against the Fleet private placement in February 2022 which raised over £240 million long term debt for the financing of Fleet customers, principally bus operators in the UK, over up to 16 years. This also included the financing of grid-scale batteries completed in February 2023 which raised £635m of debt including an accordion for the development of Zenobē’s grid-scale battery storage assets in Scotland.

For more information, please visit www.zenobe.com/ or follow on LinkedIn.

About Infracapital

Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 60 companies around Europe and has raised and managed over €7.8 billion of client capital across six funds. Infracapital is part of M&G Plc, an international savings and investments business, managing money for around 5 million retail customers and more than 800 institutional clients in 28 markets. Total assets under management are £342 billion (as at 31 December 2022). https://www.infracapital.co.uk/

KKR
Alastair Elwen
FGS Global
T: +44 20 7251 3801
E: KKR-Lon@FGSGlobal.com

Zenobē
Beth Townsend
Hill + Knowlton Strategies
T: +44 7510 768007
E: Zenobē@hkstrategies.com

Infracapital
Colette Cahill
T: + 44 7500 547034
E: Infracapital@teneo.com

Source: KKR & Co. Inc.

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Groupe Sinari announces Bridgepoint Development Capital as new majority shareholder

Bridgepoint

Groupe Sinari, a French publisher and leader in software solutions for the road haulage and logistics sector, is pursuing its ambitious development strategy. With 260 employees and offices in France and Belgium, Sinari supports its customers in the transport and logistics sectors, helping them meet the challenges of tomorrow.

With revenues amounting to almost €40 million and more than 6,000 customers, Sinari opted for a new LBO in which Bridgepoint Development Capital (BDC) acquired a majority stake, alongside its existing shareholders (New Alpha Verto and its management).

Groupe Sinari is positioned in a particularly buoyant software publishing market, mainly addressing the transport and logistics industries:

  • The breadth of Sinari’s offering enables them to address both small companies with flexible, easy-to-use solutions, and large international transport groups.
  • Sinari and its subsidiaries offer a complete range of Transport Management Systems (TMS), Fleet Management Systems (FMS), Onboard Computing and Social Management, Warehouse Management Systems (WMS), Route Optimisation, Garage Management and Career Management.
  • Demand is increasing in certain verticals, notably as a result of regulatory changes.
  • The digitisation of data exchanges between players in the supply chain eco-system (shippers, logistics providers and carriers) is accelerating and becoming a driving force behind market development.
  • In addition, the Covid-19 crisis and the rise of e-commerce have highlighted the importance for all companies to control their logistics flows.

 

The company, born of the merger of OMP and GPI in 2019, has thus enjoyed significant growth in recent years following successive acquisitions that have enabled the group to strengthen its core market (TMS, telematics and WMS) and expand into new geographies (Benelux). The company is the market leader in France, and very well positioned to continue consolidating the European market. To achieve this, Sinari has chosen to enter into a partnership with Bridgepoint – notably due to its extensive experience in this field, thanks to its investments in Memnon Networks (TMS) and more recently PTV (traffic management solution). BDC will support the group in accelerating its international development and developing in new vertical markets.

Sébastien Rufflé, CEO of Groupe Sinari, comments:

“My team and I are delighted to have Bridgepoint Development Capital join us. It is a partner who shares our vision of the market and supports the project we launched five years ago. We are convinced that the digitalization of supply chain operating methods is a driving force for simplifying exchanges and making them more responsible. We are already a major player in this transformation in France, thanks to the experts in the transport sector that have joined the Group over the years. We must continue to develop this knowhow, but also extend it to other geographies to support this transformation that transcends borders. That is what this new partnership is all about”.

Thomas Moussallieh, Bridgepoint Development Capital Director, comments:

“We are delighted to have the opportunity to support the Sinari teams in their ambitious European development project, which is at the heart of BDC’s strategy, in particular to support a software leading player in its segment. In addition to the company’s market potential and its leading position in France, we were quickly won over by Sébastien and his team: his vision of tomorrow’s challenges and his determination to anticipate the changes taking place in the world of software for carriers convinced us to get on board this ambitious project. We are also particularly sensitive to the projects of companies supported by our investments, and Sinari’s project to reduce CO2 emissions, thanks to its telematics and route optimisation solutions, echoes the values we support”.

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Altor continues backing H2 Green Steel

In the largest private placement in Europe this year, H2 Green Steel has raised €1.5 billion in equity from an investor group led by Altor, GIC, Hy24 and Just Climate. The round will finance the world’s first large-scale green steel plant and Europe’s first giga scale electrolyzer. 

 

The private placement is co-led by new investor Hy24, together with existing investors Altor, GIC and Just Climate. The transaction also includes a new investors AP2 and Temasek as well as a group of existing investors that continue to support H2 Green Steel with additional equity funding, including AMF, Cristina Stenbeck, Hitachi, IMAS Foundation, Kinnevik, Schaeffler, Vargas and Wallenberg asset management company FAM.

The proceeds will finance the construction and development of H2 Green Steel’s flagship large-scale green steel plant in Boden, Sweden. Groundworks have been ongoing on site in Boden since summer 2022, and through this transaction H2 Green Steel takes another big leap towards start of operations end of 2025.

The plant will deliver steel with up to 95 percent less CO2 compared to steel produced with traditional blast furnace technology. This is made possible by replacing coal in the production process with hydrogen, produced on-site with Europe’s largest electrolyzer, using electricity from renewable sources. Next-generation technology and digitalization, along with an unmatched approach to both circularity and recycling will make the steel plant the first of its kind.

“We are impressed by the achievements to date by H2 Green Steel and excited to take the role as one of the lead investors. We will significantly increase our engagement in H2 Green Steel in this next important phase when the company is set to build the world’s first large-scale green steel plant. Over Altor’s 20 years, partnering in large industrial transformations has been at our core. H2 Green Steel also fits perfectly next to Altor’s increasingly broad base of investments in the green transition space. We look forward to extending the partnership with management and support on the path to launch operations at the end of 2025”, says Klas Johansson, co-managing Partner at Altor.

“The caliber of investors that are backing us is impressive. Some of the most professional institutions, investors and industrial companies globally are part of this round and we are proud that they all share our commitment to sustainability as their true north. €1.5 billion is the largest private placement in Europe this year and the appetite to invest in us proves both our solid business case and the market demand for green steel,”, says Henrik Henriksson, CEO of H2 Green Steel.

Since launch in 2021, H2 Green Steel has raised more than €1.8 billion of equity in three financing rounds. The company closed its series A equity round of €86 million in May 2021 and announced the close of its series B1 round of €260 million in October 2022. On the debt side, H2 Green Steel announced in 2022 the structure for its debt financing of over €3.5 billion and renewed commitment letters in July 2023.

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

About H2 Green Steel

H2 Green Steel (H2GS AB) was founded in 2020 with the ambition to accelerate the decarbonization of the steel industry, using green hydrogen. Steel, which is one of the world’s largest carbon dioxide emitters, is the company’s first business vertical. The founder and largest shareholder of H2 Green Steel is Vargas, which is also co-founder and one of the larger shareholders in Swedish battery maker Northvolt. H2 Green Steel is headquartered in Stockholm, Sweden, with its first green steel plant under development in Boden, northern Sweden. www.h2greensteel.com

Press contact

Tor Krusell

Head of Communications

tor.krusell@altor.com

+46 705 43 87 47

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Verisian secures £1M to accelerate drug time to market

Seedcamp

Despite significant technological innovation in computational biology and drug development over the past decades, it still takes 10-15 years to take a drug to market, with over 90% failure rate. One of the main bottlenecks lies in the long duration required for the analysis and submission of clinical trial data.

This is why we are excited to back Verisian, a UK-based startup on a mission to increase the rate at which human health improves by redefining clinical trial analysis and drug approvals. It aims to build out the largest medical code repository by parsing and virtualising study code from clinical trials.

Co-founded by experienced technologists Tomás Sabat Stöfsel (CEO, previously COO/Founding Team Member of Vaticle, the creators of the open source database TypeDB) and Henning Kuich (CTO, previously Senior Computational Scientist at Bayer Pharmaceuticals), the company is building products that empower researchers and regulators to analyze and monitor studies transparently in real-time, leading to improved and safer therapies for devastating diseases.


Tomas Sabat Stöfsel, CEO and co-founder of Verisian comments:

“It’s crazy that to this day, after clinical trials finish and the science is done, it still takes months to years before a drug is available to patients. We believe it should be immediate. That’s why we’re building the infrastructure and tools that change how we analyse clinical trials, leading to faster and better drug submissions in the pharmaceutical industry.”

Henning Kuich, CTO and co-founder, adds:

“Clinical trials are and will remain the bottleneck for advancing human health. They are expensive, take a long time, and are absolutely necessary. They alone ensure efficacy and safety of any health-related product. So the rate at which public health improves is directly correlated with the speed and quality of clinical trials and their analysis. This is what Verisian is all about: increasing the rate at which human health improves.”

Oliver Wirtz, Head of Analysis Standards & Reporting Quality, Bayer and a product development partner emphasises:

“The technology Verisian uses is new and revolutionary: parsing study code and leveraging that is exactly the right way to know what really happened in a study.”

Claire Springett, Statistical Programmer, AstraZeneca, another product development partner adds:

“Verisian is exactly what the pharmaceutical industry has been waiting for, easy traceability of programs and CDISC mappings which will streamline clinical trials for the future.”

On why we invested in Verisian, our partner Tom Wilson comments:

“Even with huge advancements in the space and innovations across the value chain, it still takes too long to bring drugs to market. One of the primary bottlenecks is around clinical trials and managing the huge amounts of data required to obtain the necessary regulatory approvals. We see huge potential for Verisian’s platform to  improve the speed, clarity, and reliability of clinical data reporting and in so doing accelerate the time it takes to get drugs to market. Tomas and Henning are the perfect founders to be building this with their ideal combination of relevant startup, technical and domain experience and we’re delighted to have the opportunity to partner with them to lead this first round of funding”

We are excited to lead Verisian’s first funding round, alongside Superseed, Recode Health, Magnetic, and angel investors Paul Forster, Will Neale, Endre Sagi, Naud van der Ven, Loic Veillard Garoz, and Sudhamma Lee. With the fresh funding the company is planning to grow their engineering team; build a first version of their “builder”, to enable pharma to program studies ready for submission; and establish and grow their initial design partnerships with tier-1 pharmaceuticals.

For more information, visit verisian.com.

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H2 Green Steel raises €1.5 billion in equity to build the world’s first green steel plant

GIC

Stockholm, September 7, 2023 – In the largest private placement in Europe this year, H2 Green Steel has raised about €1.5 billion in equity from an investor group led by Altor, GIC, Hy24 and Just Climate. The round will finance the world’s first large-scale green steel plant and Europe’s first giga-scale electrolyzer.

The private placement is co-led by new investor Hy24, together with existing investors Altor, GIC and Just Climate. The transaction also includes new investors Andra AP – fonden and Temasek as well as a group of existing investors that continue to support H2 Green Steel with additional equity funding, including AMF, Cristina Stenbeck, Hitachi Energy, IMAS Foundation, Kinnevik, Schaeffler, Vargas and Wallenberg Investments holding company FAM.

The proceeds will finance the construction and development of H2 Green Steel’s flagship large-scale green steel plant in Boden, Sweden. Groundworks have been ongoing on the site in Boden since summer 2022, and through this transaction H2 Green Steel takes another big leap towards start of operations end of 2025.

The plant will deliver steel with up to 95 percent less CO2 emissions compared to steel produced with traditional blast furnace technology. This is made possible by replacing coal in the production process with hydrogen, produced on-site with Europe’s largest electrolyzer, using electricity from renewable sources. Next-generation technology and digitalization, along with an unmatched approach to both circularity and recycling, will make the steel plant the first of its kind.

“The caliber of investors that are backing us is impressive. Some of the most professional institutions, investors and industrial companies globally are part of this round and we are proud that they all share our commitment to sustainability as their true north. €1.5 billion is the largest private placement in Europe this year and the appetite to invest in us proves both our solid business case and the market demand for green steel”, says Henrik Henriksson, CEO of H2 Green Steel.

“This marks the start of industrial scale decarbonization of basic materials production. The sector will require substantial investments over the coming decades to enable our customers to produce green end products and, thereby meet their climate targets. We hope this financing will contribute towards accelerating the much needed, broad participation of capital markets in the transformation of hard-to-abate industries”, says Otto Gernandt, CFO of H2 Green Steel.

Since launch in 2021, H2 Green Steel has raised more than €1.8 billion of equity in three financing rounds. The company closed its series A equity round of €86 million in May 2021 and announced the close of its series B1 round of €260 million in October 2022. On the debt side, H2 Green Steel announced in 2022 the structure for its debt financing of over €3.5 billion and renewed commitment letters in July 2023.

Morgan Stanley & Co. International plc acted as sole financial advisor to H2 Green Steel in the private placement.

Comments from investors:

“We are impressed by the achievements to date by H2 Green Steel and excited to take the role as one of the lead investors. We will significantly increase our engagement in H2 Green Steel in this next important phase when the company is set to build the world’s first large-scale green steel plant. Over Altor’s 20 years, partnering in large industrial transformations has been at our core. H2 Green Steel also fits perfectly next to Altor’s increasingly broad base of investments in the green transition space. We look forward to extending the partnership with management and support on the path to launch operations at the end of 2025”, says Klas Johansson, co-managing Partner at Altor.

“Since our first round of investment, H2 Green Steel has made significant progress in building the world’s first green steel plant. We will continue to support management as they work towards this first-of-its-kind project in the hard to abate industry. As a long-term investor, we are committed to providing capital to develop solutions that help decarbonize the real economy”, says Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC.

”H2 Green Steel Boden is the most advanced large-scale, green industrial project in the world. It is a trailblazer in decarbonization of hard-to-abate industrial sectors like steel. The investment by Hy24’s clean hydrogen infrastructure fund will support the H2 Green Steel’s ambition to materially reshape steel markets, providing a green alternative to its off-takers and partners. This is part of Hy24’s commitment to help industry get to net zero”, says Pierre-Etienne Franc, CEO of Hy24.

“When we established Just Climate it was to invest into the hard-to-abate areas of industry that produce some of the highest levels of carbon emissions. Decarbonizing steel production is a critical piece of this industrial decarbonization process, and we are pleased to be part of the lead investor group that has today announced its support for the business”, says Shaun Kingsbury CBE, Chief Investment Officer of Just Climate.

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Ardian announces the sale of its stake in Mobius Group to Groupe Saretec

Ardian

Ardian, a world-leading private investment house, announces that it has sold its stake in Mobius Group, a tech-enabled mobility and fleet management operator headquartered in Madrid, Spain.

Founded in 2014 by José Piñera, Mobius is a pioneer fleet management, car repair, appraisals, and mechanical warranties player. The company leverages a set of proprietary technological solutions to help customers to digitalize their processes.

With more than €40 million in sales, Mobius is the leading Iberian platform for fleet managers assisting top tier renting and rent-a-car international players as well as major Spanish financial institutions and insurance companies.

Since the Ardian’s Growth team took a stake in the company in 2018, Mobius has more than doubled its revenues and completed 4 acquisitions enabling the company to both diversify its product offering and enlarge the customer base. Mobius has also strengthened its technological expertise by investing in and commercializing new software tools.

“The Ardian’s Growth team has supported us in our development both in terms of new product deployment and build-up plan. Since their investment, they helped us challenge our strategy to scale the company and strengthen our technological positioning. “ José Piñera, Founder and CEO of Mobius Group

“Congratulations to José and the whole Mobius team. It has been very exciting to work alongside them in these years.  Mobius is a great example of Ardian growth’s playbook: identify the leading companies in Europe and help them accelerate the growth via product and geographical expansion as well as build-up strategy.“ Romain Chiudini, Managing Director Growth, Ardian

PARTICIPANTS

  • MOBIUS

    • MOBIUS: JOSÉ PIÑERA, FERNANDO PÉREZ GRANERO
    • M&A ADVISOR: ARCANO
    • LEGAL ADVISOR: GOMÉZ-ACEBO & POMBO ABOGADOS

  • ARDIAN

    • ARDIAN: ROMAIN CHIUDINI, NICCOLÒ SALIGARI
    • LEGAL ADVISOR: MCDERMOTT, WILL & EMERY (DIANA HUND)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,470 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 16 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 MOBIUS

Founded in 2014 by José Piñera and headquartered in Madrid, Mobius is the leading Iberian player in the supervision of maintenance, repair and appraisal services for fleet managers.
With more than 250 experts and a large network of garages across Spain, the company offers an end-to-end platform allowing process digitalization, data management and cost optimization.

grupomobius.com

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Maria Nila Announces Partnership with L Catterton to Accelerate Growth and International Expansion

LCatterton
GREENWICH, Conn and STOCKHOLM, Sweden – September 6, 2023 – Maria Nila, the Swedish sustainable professional hair care brand, today announced their partnership with L Catterton, a leading global consumer-focused investment firm.

With an impressive growth in recent years, Maria Nila’s 100 % vegan, climate compensated and award-winning hair care products have expanded to all corners of Europe and U.S in just five years. By partnering with L Catterton, Maria Nila aims to accelerate this growth even further by expanding the brand, product portfolio and sales channels on a global level. The European fund of L Catterton has acquired a significant minority stake in the Company and Marcus Wikström, the son of Maria Nila’s founders, will continue to lead the Company and remain as CEO.

“At Maria Nila, we have always been driven by a single purpose – to provide the world with professional beauty in a friendly, curious, and honest way – and to do this responsibly and sustainably. As the second generation of a family-owned business, I am incredibly excited to partner with a firm who shares our commitment to these core values” said Marcus Wikström, CEO of Maria Nila. “This partnership will allow us to accelerate the development of our product portfolio and brand and expand even further across key European and U.S. markets. With L Catterton’s successful track record of supporting founder-led and family businesses, we are confident that we’ve found the right partner”.

As a leading global consumer-focused investment firm, L Catterton has significant experience investing globally in beauty and fashion brands. Current and past investments in the space include, GANNI, Elemis, The Honest Company, bliss, Etro, Beauty Industry Group and TULA, among many others. This partnership will allow Maria Nila to leverage L Catterton’s deep investment expertise, category knowledge, consumer insights, and strategic relationships in the beauty sector.

“Maria Nila represents a compelling opportunity to partner with a truly sustainable and vegan brand in the beauty space,” said Luigi Feola, a Managing Partner in L Catterton’s Europe Fund. “As the #1 professional haircare brand in Sweden with a strong consumer following, the growth potential for Maria Nila is significant. We believe there is meaningful whitespace to accelerate global expansion and increase share in underpenetrated categories by leveraging the brand’s successful go-to-market strategy and differentiated brand proposition. We look forward to partnering with the entire Maria Nila team to support the Company’s growth and build on the brand’s authentic values, which strongly resonate with stylists and consumers alike.”

To follow the journey, please visit www.marianila.com and www.Lcatterton.com.

About Maria Nila
Maria Nila was founded in 1999 in a garage in the South of Sweden by Ann and Ulf Wikström, who had a vision to create professional haircare products that were friendly to the planet and to animals. With its own production plant located in Sweden, the Company provides an extensive line of certified cruelty-free and 100% vegan products of haircare, styling, and treatments and, ensures that sustainability is at the heart of every process, from product formulation to fulfilment. The brand is widely recognized for its formula performance and unique designs, which has been rewarded with several international beauty and consumer awards.

About L Catterton
L Catterton is a market-leading consumer-focused investment firm, managing approximately $34 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands.

Media Contacts
Maria Nila
Hedda Mirow
Marketing Director
hedda.mirow@marianila.com
+46 733 76 55 95

L Catterton
Julie Hamilton
Managing Director, Firm Communications
media@lcatterton.com
203.742.5185

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NextGen Healthcare Enters into Definitive Agreement to Be Acquired by Thoma Bravo

Thomabravo

NextGen Healthcare Shareholders to Receive $23.95 Per Share in Cash, a 46.4% Premium to Unaffected Stock Price

Transaction to Accelerate NextGen Healthcare’s Growth and Innovation as the Trusted Advisor to Healthcare Providers

REMOTE-FIRST COMPANY/NEW YORK—NextGen Healthcare, Inc. (Nasdaq: NXGN) (“NextGen Healthcare” or the “Company”), a leading provider of innovative, cloud-based healthcare technology solutions, today announced that it has entered into a definitive agreement to be acquired by Thoma Bravo, a leading software investment firm. Upon completion of the transaction, NextGen Healthcare will become a privately held company.

Under the terms of the agreement, NextGen Healthcare shareholders will receive $23.95 per share in cash. The per share purchase price represents a 46.4% premium to the Company’s unaffected closing stock price on August 22 (the last trading day prior to published market speculation regarding a potential transaction involving the Company) and a 39.2% premium to the 30-day volume-weighted average price for the period ending September 1.

“Under the terms of the agreement, NextGen Healthcare shareholders will receive significant immediate cash value for their shares. In addition, with Thoma Bravo as a partner, the Company will benefit from increased capital, expertise and strategic flexibility to accelerate the Company’s leadership in providing healthcare technology solutions,” said David Sides, President and Chief Executive Officer of NextGen Healthcare. “Thoma Bravo has a 20+ year record of investing in premier companies in the software and technology sectors. We look forward to joining forces to deliver on our mission of Better Healthcare Outcomes for All.”

Jeffrey H. Margolis, Chair of the NextGen Healthcare Board of Directors, added, “The agreement with Thoma Bravo validates NextGen Healthcare’s substantial strength and follows interest in the Company by many parties. It is the result of a deliberate process to maximize shareholder value and best position NextGen Healthcare for continued growth and success. The agreement delivers significant cash value to our shareholders and creates exciting opportunities for NextGen Healthcare’s employees and clients.”

“NextGen Healthcare’s mission-critical EMR software and surround solutions are the backbone of ambulatory practices across the United States,” said A.J. Rohde, a Senior Partner at Thoma Bravo. “We are so proud to be working with NextGen Healthcare in its next phase as a private company and look forward to continued product innovation to better support NextGen Healthcare’s thousands of highly-valued customers.”

“We have followed NextGen Healthcare’s impressive business transformation for many years and are excited to apply Thoma Bravo’s strategic and operational expertise to drive continued growth and innovation,” said Peter Hernandez, a Vice President at Thoma Bravo. “We look forward to partnering with the NextGen Healthcare team to further accelerate product investments to better support the increasingly complex needs of ambulatory providers and ultimately improve patient outcomes.”

Transaction Details

The transaction, which was approved unanimously by the NextGen Healthcare Board of Directors, is expected to close in the fourth calendar quarter of 2023, subject to customary closing conditions, including approval by NextGen Healthcare shareholders and the receipt of required regulatory approvals. The transaction is not subject to a financing condition.

Upon completion of the transaction, NextGen Healthcare’s common stock will no longer be listed on any public stock exchange.

Advisors

Morgan Stanley & Co. LLC is acting as financial advisor to NextGen Healthcare, and Latham & Watkins LLP is acting as legal advisor.

William Blair & Company is acting as financial advisor to Thoma Bravo, and Goodwin Procter LLP is acting as legal advisor.

About NextGen Healthcare, Inc.

NextGen Healthcare, Inc. (Nasdaq: NXGN) is a leading provider of innovative healthcare technology solutions. We are reimagining ambulatory healthcare with award-winning solutions that enable high-performing practices to create healthier communities. We partner with medical, behavioral and oral health providers in their journey toward whole person health and value-based care. Our highly integrated, intelligent and interoperable solutions go beyond EHR and Practice Management to increase clinical quality and productivity, enrich the patient experience and drive superior financial performance. We are on a quest to achieve better healthcare outcomes for all. Learn more at nextgen.com, and follow us on Facebook, Twitter, LinkedIn, YouTube, and Instagram.

About Thoma Bravo

Thoma Bravo is one of the largest software investors in the world, with more than US$131 billion in assets under management as of June 30, 2023. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector expertise and strategic and operational capabilities, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20 years, the firm has acquired or invested in more than 440 companies representing over US$250 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws. Forward-looking statements in this press release include, but are not limited to, statements regarding the consummation of the proposed merger between the Company and affiliates of Thoma Bravo (the “Merger”). These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements, including but not limited to the ability of the parties to consummate the proposed Merger and the possibility that various closing conditions for the proposed Merger may not be satisfied or waived, and the ability to realize the benefits expected from the proposed Merger. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company disclaims any obligation to update any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. For additional information regarding forward-looking statements, please refer to discussions under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in our most recent Annual Report on Form 10-K and in our other reports filed with the U.S. Securities and Exchange Commission (the “SEC”). The Company’s SEC filings are available on the Investor Relations section of our website at https://investor.nextgen.com and on the SEC’s website at www.sec.gov.

The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: (i) the proposed Merger may not be completed in a timely manner or at all, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the Company or the expected benefits of the proposed Merger or that the approval of the Company’s stockholders is not obtained; (ii) the failure to realize the anticipated benefits of the proposed Merger; (iii) the possibility that competing offers or acquisition proposals for the Company will be made; (iv) the possibility that any or all of the various conditions to the consummation of the proposed Merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed Merger, including in circumstances which would require the Company to pay a termination fee or other expenses; (vi) the effect of the announcement or pendency of the proposed Merger on the Company’s ability to retain and hire key personnel, or its operating results and business generally; (vii) significant transaction costs associated with the Merger; (viii) potential litigation relating to the Merger; (ix) the risk that disruptions from the Merger will harm the Company’s business, including current plans and operations; (x) legislative, regulatory and economic developments affecting the Company’s business; and (xi) general economic and market developments and conditions; (xii) the evolving legal, regulatory and tax regimes under which the Company operates; and (xiii) potential business uncertainty, including changes to existing business relationships, during the pendency of the Merger that could affect the Company’s financial performance.

Additional Information

This press release may be deemed solicitation material in respect of the proposed acquisition of the Company. A special stockholder meeting will be announced soon to obtain stockholder approval in connection with the proposed Merger. The Company expects to file with the SEC a proxy statement and other relevant documents in connection with the proposed Merger. Investors of the Company are urged to read the definitive proxy statement and other relevant materials carefully and in their entirety when they become available because they will contain important information about the Company and the proposed Merger. Investors may obtain a free copy of these materials (when they are available) and other documents filed by the Company with the SEC at the SEC’s website at www.sec.gov and at the Company’s website at https://www.nextgen.com.

Participants in the Solicitation

The Company and its directors, executive officers and certain other members of management and employees may be deemed to be participants in soliciting proxies from its stockholders in connection with the proposed Merger. Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of the Company’s stockholders in connection with the proposed Merger will be set forth in the Company’s definitive proxy statement for its special stockholder meeting. Additional information regarding these individuals and any direct or indirect interests they may have in the proposed Merger will be set forth in the definitive proxy statement when and if it is filed with the SEC in connection with the proposed Merger.

Read the release on the Business Wire website here.

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Bridgepoint adds $20bn infrastructure strategy, as ECP joins platform to build €57bn global alternatives asset manager

Bridgepoint
  • Combined platform will strengthen position as one of the world’s leading private asset growth investors focused on the middle market, spanning private equity, infrastructure and credit with offices across Europe, North America and Asia.
  • Upfront enterprise value of £835 million, comprising 235 million of newly issued Bridgepoint shares, £233 million of cash, and £179 million of ECP’s existing debt.
  • Exceptional ECP leadership and investment team to continue running the ECP business, investing its funds independently under its current brand and delivering strong returns for the enlarged group by continuing the strategy responsible for ECP’s track record to date.

 

Bridgepoint Group plc (LSE: BPT) has taken a decisive step forward in becoming a more diversified alternative asset manager with the addition of Energy Capital Partners (ECP), a leading North American infrastructure investor with an over two-decade-long track record. ECP, which has raised over $30bn of capital since inception in 2005, including more recently in the fast-growing energy transition sector, has a market-leading position in the highly sought-after power generation, renewables, battery storage, environmental infrastructure and sustainability sectors. It operates across North America in an expanding subsegment of infrastructure investing which stands to be a key contributor to and beneficiary of the global decarbonisation effort with forecasted investment in the space expected to reach $1.9 trillion per annum through 2050, creating significant investment tailwinds and multiple potential growth avenues.

ECP and its highly experienced management team add a significant third pillar to the Bridgepoint business and accelerate Bridgepoint’s stated strategy of scaling through both product and geographic diversification. The distinct ECP infrastructure business will continue to operate under its existing brand and be led by its current management and investment team. The strategy will sit alongside Bridgepoint’s private equity and credit businesses and offer LPs more comprehensive immersion across the middle market. Doug Kimmelman, ECP’s Senior Partner and Founder, will continue to lead the infrastructure platform and ECP leadership will join Bridgepoint’s executive team bringing new sector, management and transaction experience to seek to drive further growth.

The transaction will be immediately accretive to Bridgepoint’s shareholders and continue to be accretive over time by diversifying and enhancing Bridgepoint’s earnings profile and profit margins.

The transaction will accelerate ECP and Bridgepoint’s respective growth ambitions in Europe and North America, building upon Bridgepoint’s 24-year history and ECP’s 18-year history and opening exciting new avenues for expansion given the complementary and largely non-overlapping investment strategies and geographic footprints. The combination will also provide opportunities to enhance both organisations’ current operations in different sectors of the credit market. The enlarged group will benefit from new collective strengths and synergies leveraging Bridgepoint’s deep European office network and connections which are likely to create further opportunities for ECP to grow its presence in Europe, capitalising on the continent’s energy transition. Equally, ECP’s well-recognised North American brand, extensive market knowledge and depth of relationships will benefit Bridgepoint.

Commenting on the transaction, William Jackson, Chairman, Bridgepoint said:

“Joining forces with ECP is an important powerful next step in Bridgepoint’s strategic objective of building a globally-scaled, diversified platform in middle-market private assets investing. The transaction accelerates our scale, leadership and strategic development, enhances the quality of the Group’s earnings and margin profile, and provides greater diversification and earnings growth potential for shareholders.

We have a high bar for strategic M&A, and ECP is one of the few platforms we have identified which clearly surpasses it, both from a strategic and financial perspective.

As well as the compelling financial rationale for the transaction, Bridgepoint will benefit from the investing expertise of the ECP team, while, at the same time, there are significant opportunities for both of us to work together on initiatives such as adding adjacent strategies and expanding geographically.”

Doug Kimmelman, Senior Partner and Founder, ECP, said:

“The opportunity to join forces with Bridgepoint is uniquely attractive. Our businesses are not only highly complementary – without any overlapping or conflicting investment strategies – but our firms importantly share a culture of collaboration, integrity and investment excellence making this a highly compelling opportunity for our investors and our employees alike.

We are very fortunate to have access now to a public equity currency to support our growth, while broadening the ownership of ECP across our firm, allowing us to continue attracting and retaining the very best team, especially in a period of heightened interest in the energy transition. All of us at ECP are excited about the combination and the support that this partnership will provide. 

We look forward to working closely with the Bridgepoint team to further enhance our ability to serve our respective clients and grow our firm in a sustainable fashion well into the future.”

Raoul Hughes, Bridgepoint’s Group Managing Partner, said:

“We have enjoyed interacting extensively with ECP over the last year as we have been jointly evaluating a transaction. We have found our cultures and approaches to business to be aligned and we are attracted to ECP’s leading infrastructure position across the rapidly expanding energy transition theme. Together we will offer more diverse revenue streams and greater growth opportunities with accelerating earnings expectations and a broader product mix to offer to our combined LP relationships. We expect ECP to continue on its successful growth path, with new and accelerated opportunities for growth, and the ECP team, under its continuing leadership under Doug and team, will bring an invaluable experience to the Group.”

The transaction, which is expected to close within four to six months, will be funded with units in a new limited partnership exchangeable for Bridgepoint shares and Bridgepoint’s existing balance sheet resources, and will see ECP’s senior management and many of its employees becoming significant shareholders in the company. A share ownership program will be instituted across ECP’s employee base and will be designed in a similar way to the existing structures established at Bridgepoint at the time of its IPO. As a result, ECP partners will collectively become one of Bridgepoint’s largest shareholders, holding 19% of Bridgepoint’s shares pre-earn out and up to 25% assuming full earn-out, ensuring strong alignment with the future success of the platform and in driving shareholder returns. Equity awards being made available to ECP employees will also incentivise future generations of ECP colleagues.

The historic growth of both firms has benefited from the minority investment positions from the funds managed by Blue Owl (formerly Dyal Capital Partners) and as part of this transaction, Blue Owl will convert its share of ECP fee related earnings into Bridgepoint equity, thereby remaining a shareholder in the enlarged group. Sumitomo Mitsui Trust Bank will retain its minority interest in ECP’s fee related earnings as the desire remains for both firms to partner in the important Japanese market.

J.P. Morgan Cazenove and Morgan Stanley served as lead financial advisors to Bridgepoint, BNP Paribas acted as joint financial adviser and joint corporate broker to Bridgepoint, and Simpson Thacher & Bartlett LLP served as legal counsel. Campbell Lutyens served as financial and strategic advisor and Bain & Co served as commercial advisor to Bridgepoint.

BofA Securities served as exclusive financial advisor to ECP, and Kirkland & Ellis served as legal counsel.

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