Category Archives: News

Carlyle provides financing for the acquisition of Lanes Group by Global Infrastructure Partners (GIP), a part of BlackRock

Carlyle

Carlyle acts as sole lender to provide £205m of acquisition financing to support a leading UK wastewater infrastructure services provider

London, UK – 31 October 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has provided a financing package of £205m to support the acquisition of Lanes Group, one of the UK’s leading providers of water and wastewater services, by funds managed by Global Infrastructure Partners (GIP), a part of BlackRock. 

With over 4,000 employees, Lanes Group has grown significantly under private ownership since its inception over 30 years ago. The company is widely recognised as a high quality, market leader in the UK wastewater infrastructure sector, combining strong local presence, a commitment to innovation, and exceptional client delivery in its critical support to water utilities and private sector businesses across the UK.  

This transaction will support Lanes Group to accelerate its growth plans, including expanding its service offerings, strengthening its long-standing customer relationships and continuing to invest in new technologies. 

Carlyle’s Global Credit platform manages $190 billion in assets under management, as of June 30, 2024. It regularly pursues investments in privately negotiated debt and capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies. 

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About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Contact: 

Carlyle

Andrew Kenny

andrew.kenny@carlyle.com

+44 7816 176120

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Blackstone Announces Partnership With Travelodge Asia to Acquire Office Building in Seoul’s Gangnam District and Convert into Select-Service Hotel

Blackstone

SEOUL – November 1, 2024 – Funds managed by Blackstone Real Estate Partners (“Blackstone”) are partnering with Travelodge Asia, an integrated hotel investment and operating company focused on select-service hotels across Asia, to acquire an office building in Seoul’s Gangnam district, and convert into a new select-service hotel.

Chris Kim, Head of Real Estate – Korea, Blackstone, said: “We are thrilled to continue investing in South Korea and start work on this property by doing what we do best at Blackstone: transforming well-located assets and increasing their value. We are big believers in travel and leisure as an investment theme, including in South Korea, where its culture and medical services are driving demand. We look forward to partnering with Travelodge to create a new select-service hotel in one of Seoul’s busiest neighborhoods.”

Marcus Aw, Managing Director of Travelodge Asia, added: “We are delighted to partner with Blackstone for this investment, which will be our fifth acquisition in Seoul. We have been active in acquiring assets with strong value add upside potential from being repositioned as midscale hotels, with a particular focus on South Korea, Japan, Singapore and Hong Kong. South Korea continues to be a very popular destination amongst leisure and business travelers globally, so we are excited to team up with Blackstone on the upcoming hotel.”

Blackstone is one of the world’s largest investors in hotels – from The Cosmopolitan in the United States to Crown Resorts in Australia and Hilton Hotels around the world, the firm brings a global track record of transforming hospitality brands into leading destinations for dining and entertainment.

The building sits in the center of Gangnam’s prime office and commercial district, within walking distance to four subway stations, high-end residential complexes, hotels, retail and medical facilities. Seoul’s hospitality market has seen explosive growth following COVID, driven by the rise in inbound tourists. The country saw 7.7 million foreign arrivals in the first half of the year, a 74% increase from the same period in 2023.

This is the third real estate transaction from Blackstone in South Korea this year. Last month, Blackstone bought a large multi-story logistics asset in Gimpo. In April, Blackstone closed the sale of Arc Place, a Grade A office building in Gangnam. This sale – which was the largest commercial real estate transaction in Seoul’s major business district since 2022 – also marked the culmination of years of focused asset management to reposition Arc Place into a leading office building.

Blackstone Real Estate 
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $325 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Media Contacts
Ellen Bogard
+852 9731 9726
Ellen.Bogard@Blackstone.com

Wendy Lee
+852 9176 6179
Wendy.Lee@Blackstone.com

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Ardian Semiconductor completes first investment with the acquisition of Ion Beam Services (IBS)

Ardian

Ardian, a world-leading private investment house, today announces it has completed the first investment through its dedicated Ardian Semiconductor platform with the acquisition of Ion Beam Services (IBS), an innovative European semiconductor equipment and services company addressing high-growth specialty segments of the semiconductor market.

The acquisition of IBS will provide new growth financing to support an ambitious value creation plan and enable a management transition with the retirement of the company’s founder, Laurent Roux.

Founded in 1987 and based in France, IBS is a semiconductor equipment and services company specialized in ion implantation, a fundamental step in the semiconductor front-end manufacturing process. Its technology and products address high growth specialty applications in power, connectivity, imaging and sensing.

The semiconductor industry is a critical enabler of digital transformation and the green transition of the global economy. The industry is forecasted to double in size over this decade to reach $1 trillion by 2030, driven by powerful and predictable megatrends such as artificial intelligence, hyperconnectivity, electrification, mobility and industrial automation, and the growth of smart and connected devices. The expertise of IBS is contributing to enable these major developments.

Ardian Semiconductor was launched last year as a pioneering private equity investment platform through an exclusive strategic partnership with Silian Partners. Silian Partners brings together a team of highly successful senior executives from the semiconductor industry with more than 140 years of combined experience, who contribute unique industry relationships, strategic vision, and operational expertise to the Ardian Semiconductor platform. Together, Ardian and Silian Partners provide innovative and flexible capital solutions alongside strategic and operational capabilities to transform strong technology companies into global leaders in their market segments.

Ardian Semiconductor is uniquely positioned to seize opportunities in Europe, where the semiconductor sector is a global leader in mobility and industrial applications. Supported by a rich ecosystem of research centers, intellectual property, equipment and materials companies, in addition to government-backed incentives such as the €43 billion European Chips Act, Europe is well placed to drive the next wave of semiconductor innovation.

“We are delighted to inaugurate the Ardian Semiconductor platform with the acquisition of IBS. This exemplifies our mission to build semiconductor leaders in Europe through an innovative and deeply operational approach, leveraging our private equity capabilities and our unique strategic partnership with Silian Partners.” Lise Fauconnier, Senior Managing Director, Ardian

“We are excited to embark on a transformation journey with IBS. We will leverage IBS’s strong technological heritage of nearly 40 years, built by Laurent Roux and his talented team, and bring our strategic and operational expertise to sharpen product differentiation, strengthen customer focus, and scale the company through its next phase of growth.” Dr. Bernard Aspar, Partner, Silian Partners

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $169bn of assets on behalf of more than 1,680 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 IBS

IBS is a company specialized in innovative ion implantation solutions. IBS allows its customers flexibly benefiting from its ion implantation expertise through a unique 360° offering of equipment, equipment services, and foundry services. IBS operates primarily from its facilities in France, UK, and Singapore. IBS was founded in 1987 and is based in Peynier, France.

ion-beam-services.com

Media contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Piper Sandler and BC Partners Credit Announce Strategic Alliance

BC Partners Logo

Piper Sandler Companies (NYSE: PIPR), a leading investment bank, and BC Partners Credit, the $8 billion credit arm of international investment firm BC Partners, today announced a strategic alliance. The alliance, which leverages the expertise and broad networks of Piper Sandler’s Financial Services Debt Capital Markets team and BC Partners Credit, paves the way for Piper Sandler’s clients across the financial services sector to best access the debt capital markets with customized structures and financing solutions as they grow their businesses. The firms anticipate additional institutional investors will join the alliance over time to further complement and support future growth across sectors.

Over the past decade, the Piper Sandler Financial Services Debt Capital Markets team has developed a specialized niche in managing debt transactions for regional and community banks, as well as non-bank specialty finance companies across the entire financial sector, executing more than 550 transactions and generating nearly $40 billion in gross proceeds. Leveraging its strong investment banking relationships, Piper Sandler expects to continue sourcing new debt mandates, ensuring a robust pipeline of opportunities, to provide bank and non-bank clients with a full suite of balance sheet, capital and funding solutions. While continuing traditional syndicated debt offerings in public and private markets, the strategic alliance with BC Partners Credit presents a supplementary avenue for growth and innovation in balance sheet solutions.

“Since the Federal Reserve’s historic rate-hiking campaign and the multiple bank failures in the spring of 2023, it has become significantly more challenging for small-cap, mid-cap, and privately-owned banks, as well as non-bank financial companies, to execute debt capital market financings,” said Jacques de Saint Phalle, Head of Piper Sandler Financial Services Debt Capital Markets. “BC Partners Credit’s substantial capital base and extensive distribution networks will significantly bolster our market-leading transactional distribution platform.”

BC Partners Credit is a fully diversified credit manager with a track record of providing bespoke capital solutions to companies across a range of industries, including banks, specialty finance companies, fintech platforms, insurers, and asset managers. In addition to providing capital, BC Partners Credit also has a dedicated team focused on managing the assets of insurance and re-insurance companies.

“We are excited to collaborate with Piper Sandler, offering their clients a comprehensive suite of financial solutions that can help propel their businesses” said Ted Goldthorpe, Head of BC Partners Credit. “As a fully diversified credit manager, with deep pools of capital and a vast network, we are well positioned to provide anchor demand, driving optimal structure and pricing. Likewise, our limited partners will have access to many compelling investment opportunities across the capital structure, with strong projected returns.”

Supporting this partnership will be Sam Reinhart, a newly appointed Managing Director and Head of FIG Solutions at BC Partners Credit. Reinhart previously served as Head of Banks and Diversified Financials at UBS Group AG and began his career working with Jacques de Saint Phalle. Mr. Reinhart said, “I’m excited to once again partner with Jacques and the Piper Sandler team to deliver efficient and innovative capital solutions to their exceptional financial services client base.”

ABOUT PIPER SANDLER Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in the U.K. through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; in the EU through Aviditi Capital Advisors Europe GmbH, a tied agent of AHP Capital Management GmbH, authorized and regulated by BaFin; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Alternative asset management and fixed income advisory services are offered through separately registered advisory affiliates.

Follow Piper Sandler: LinkedIn | Facebook | X

ABOUT BC PARTNERS AND BC PARTNERS CREDIT BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Financial Services, Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

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CVC DIF to acquire leading data centre operator Adam Ecotech

CVC Capital Partners

CVC DIF has agreed to acquire a 100% stake in Adam Ecotech, the data centre operator, with operations in Madrid and Barcelona, from Ogic Informatica.

  • Adam Ecotech owns three operating data centres in Barcelona and Madrid, with 7MW of enabled capacity.
  • This acquisition represents a landmark investment – CVC DIF’s first acquisition in the data centre sector in Europe.
  • CVC DIF will support expansion in other key regions of the country and across the European market.

CVC DIF, the infrastructure arm of leading global private markets manager CVC, has agreed to acquire Adam Ecotech, a prominent colocation data centre operator in the Spanish market.

CVC DIF will support Adam Ecotech in its expansion not just into other regions of Spain, but into the European data centre market more broadly.

Adam Ecotech owns three operating data centres in Barcelona and Madrid, encompassing a total floorspace of approximately 6,900 sqm and capacity of 7 MW. It is also in the process of developing a greenfield data centre and expanding its existing infrastructure to reach up to 12 MW of capacity in the coming years.

The company provides colocation housing, infrastructure as a service, cloud services, and other related solutions to a diverse customer base of over 200 clients. The company’s growth relies on a highly skilled team with extensive industry experience, led by CEO Jose Mejias.

“I am incredibly proud of the progress our team has made in establishing Adam Ecotech as a trusted provider of data centre services in Spain. Our success has been driven by a relentless commitment to our clients, accompanying them in their growth, and ensuring we delivered the highest operational standards. We are excited to embark on the next phase of our growth journey, which will enable us to enhance our infrastructure and expand our services to meet the growing demand for digital solutions” said Jose Mejias, CEO of Adam Ecotech.

Willem Jansonius, Partner and Head of the DIF Value Add funds at CVC DIF commented: “With its exceptional track record of providing reliable and secure digital infrastructure, Adam Ecotech is positioned as a key player in a rapidly growing market.”

“This acquisition provides us with a strong entry point into the European data centre market, establishing a solid platform for future growth in the region.

“We are excited to support the next phase of growth, providing both capital and strategic guidance and look forward to collaborating with the management team to strengthen its presence in Spain and beyond.”

CVC DIF has been advised by Linklaters (legal advisor), EY-Parthenon (Commercial advisor), EY (financial and tax advisor) and Colliers (M&A advisor). Ogic Informatica has been advised by KPMG (M&A advisor) and RocaJunyent (legal advisor).

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KKR and Energy Capital Partners Announce $50 Billion Strategic Partnership to Support AI Growth Through Investments in Data Centers and Power Generation

KKR

Strategic partnership with available capital and scale ready to meet the urgent need to fund data center, power, and grid infrastructure in the U.S. and globally

Scaling of AI and cloud infrastructure in the U.S. expected to cost at least $1 trillion by 2030

NEW YORK & SUMMIT, N.J.–(BUSINESS WIRE)– KKR, a leading global investment firm, and Energy Capital Partners (“ECP”), the largest private owner of power generation and renewables in the U.S., today announced a $50 billion strategic partnership. The collaboration aims to accelerate the development of data center and power generation and transmission infrastructure for the rapid expansion of artificial intelligence (AI) and cloud computing globally. This strategic partnership combines KKR’s deep expertise in digital infrastructure, power, and the energy value chain with ECP’s premier energy transition platform in electrification and power and renewable generation.

Advancements in AI are fueling an unprecedented demand for data centers, but a limited availability of reliable power is impeding the strategic goals of the world’s largest technology companies, enterprises, and governments looking to deploy AI. U.S. data center demand is projected to nearly triple by 2030, driving over $1 trillion in investment1. A single planned data center campus regularly exceeds 1 gigawatt (GW) of power demand and requires an investment of $15 billion or more across data center and power equipment.

“Data center power demand is expected to grow by 160% by 20302, a demand that will go unmet without the right infrastructure in place, which is critical to boosting productivity, supporting electrification and helping countries create a competitive edge in AI. At the same time, the scaling of this mission-critical infrastructure must be done affordably, reliably, and sustainably, while addressing the needs of all stakeholders – from technology companies to end consumers,” said Joe Bae, Co-Chief Executive Officer, KKR.

“In order for the U.S. to maintain its advantage in AI, we will need massive new investments in power infrastructure on an accelerated basis that are capable of addressing concerns related to electricity prices and carbon emissions,” said Doug Kimmelman, Founder and Senior Partner, ECP. “We are committed to delivering solutions for our strategic partners and our investors through ECP’s strong utility relationships and expertise investing across a wide variety of power generation, renewable, and battery storage assets.”

“Building out AI and power infrastructure will require collaboration across industries. KKR and ECP’s strategic partnership offers a new approach, with immediately available capital and the capabilities needed to deploy that capital to accelerate this effort. With our combined footprint and capabilities, we have a more than 8 GW existing datacenter pipeline, 100 GW of currently operating and development-ready power generation, and significant experience working with stakeholders across both industries to help realize this opportunity quickly and responsibly,” said Waldemar Szlezak, Partner and Global Head of Digital Infrastructure, KKR.

“The ECP and KKR teams have decades of experience working with constituents to bring infrastructure projects to completion on time and on budget,” said Tyler Reeder, Managing Partner, ECP. “This experience, along with ECP’s existing power and renewable asset base, history of decarbonizing existing assets through carbon capture and asset repowering, as well as KKR’s leading digital practice, provide our partners a clear path to delivering much needed computing capacity through a sustainable lens.”

The strategic partnership is designed to deliver scaled data center and power solutions for hyperscalers and other market participants to support their infrastructure needs across geographies to drive model training, tuning, and inferencing at scale. KKR and ECP plan to engage with industry leaders including utilities, power and data center developers, and independent power producers to accelerate the delivery of data center campuses required by hyperscalers.

“To develop a winning solution to support the growth of AI in the U.S., you need world-class capabilities along every step of the value chain – including power generation, transition, and deployment within data centers to serve hyperscalers and other market participants. With KKR and ECP’s industry-leading solutions in data center development, power, renewables, and capital formation, this partnership is bringing to bear the best of the best to accelerate the build out of AI,” said Neil Chatterjee, former FERC Chairman, Senior Advisor to KKR, and Board Member of ECP-owned Convergent Energy.

KKR is funding the strategic partnership from existing infrastructure and real estate strategies and insurance accounts managed by KKR. ECP is funding the strategic partnership from existing and future infrastructure capital pools.

KKR first established its global infrastructure team and strategy in 2008 and has since been one of the most active infrastructure investors around the world with $77 billion in infrastructure assets under management as of September 30, 2024. To date, KKR has invested more than $29 billion across 22 investments in relevant digital infrastructure companies across data centers and fiber, as well as $15 billion in power, utilities, and energy. KKR’s significant global data center footprint spans four platforms with several GW of deployed assets across over 100 facilities and more under development globally. KKR’s portfolio also includes over 10 renewable energy developers with over 50 GW of global development pipeline.

ECP has owned, controlled, and operated over 83 GW of power generation across all major U.S. power markets, spanning a variety of technologies including natural gas, geothermal, hydro, solar, wind, battery storage, and waste-to-energy since its founding in 2005. The ECP team, comprised of 90 people with 800 years of collective industry experience, deep expertise, and extensive relationships, has completed more than 100 equity transactions (representing nearly $60 billion of enterprise value), the majority of which have been focused on power and renewables. In addition to being the largest private owner of power and renewable generation assets in the U.S. through companies like Calpine, ECP is also the majority owner of an aeroderivative power turbine platform and manufacturer, ProEnergy, which will provide an important link in accelerating the delivery of electricity to data center projects.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About Energy Capital Partners

Energy Capital Partners (ECP), founded in 2005, is a leading investment firm across energy transition infrastructure, with a focus on investing in electricity and sustainability infrastructure providing reliable, affordable and clean energy. Earlier this year, ECP combined with Bridgepoint Group to form a global leader in value-add middle-market investing, with a combined $73 billion of assets under management across private equity, credit, and infrastructure. For more information, visit www.ecpgp.com and www.bridgepoint.eu.

1 Goldman Sachs Global Macro Research Report, “Top of Mind,” 25 June 2024.
2 Goldman Sachs Equity Research Report, “AI, data centers and the coming US power demand surge,” 28 April 2024.

KKR
Liidia Liuksila
Media@KKR.com

ECP
FGS Global
Akash Lodh / Nick Rust
ECP@fgsglobal.com

Source: KKR

 

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MOTORMIA fuels its AI-powered automotive platform with $8M in funding

Seedcamp

Car enthusiasts are one of the most sophisticated and fastest-growing communities yet continue to be underserved by the traditional automotive industry.

We are excited to partner up with MOTORMIA, a new automotive enthusiast platform on a mission to revolutionise the automotive aftermarket industry through AI. Founded in January 2023 by Isaac Bunick, a serial entrepreneur and operator, with multiple CRO experiences, including at our portfolio company Rossum, MOTORMIA provides a consumer AI experience – called MIA – that personalizes the connection between enthusiasts and their vehicles, fostering deeper relationships with manufacturers and service providers.

MIA is designed as a modding partner, build advisor, and performance analyst. It can tailor users’ experiences to various levels of knowledge, generate AI vehicle renderings, make performance upgrade suggestions, and help users understand the best choices for specific build goals.

Users add vehicles to the platform and set build and performance goals. Mia then provides curated recommendations, all of which are adjustable to their level of mechanical experience. Users can interact with the AI assistant to request Mia’s favorites, search for specific brands, ask for further suggestions, and save planned product upgrades to their builds. Sharing their existing modifications and build progress with friends and other users is encouraged.

Isaac Bunick, founder and Chief Enthusiast Officer, highlights:

“Our mission is to transform and enrich the aftermarket experience for enthusiasts, manufacturers and service professionals. By delivering a seamless consumer AI experience, Mia can make the enthusiast lifestyle more accessible and enjoyable for everyone.”

Since its public beta release in 2024, MOTORMIA has attracted hundreds of thousands of enthusiasts.

On why we partnered with Motormia, our Venture Partner Andy Budd comments:

“We’ve had the pleasure of working with Isaac during his time at Rossum, where his talent for driving growth was evident. So when he told us about Motormia, we were excited to be involved from day one. As a hardcore petrolhead, it made perfect sense for Isaac to dive into the car modding community, and honestly, it’s a space that’s been crying out for fresh ideas. His plan to use AI to help enthusiasts unlock even more potential in their projects felt like a game-changer. Since we backed him, Isaac and the Motormia team have made huge strides, and I can’t wait to see what they bring to SEMA this year.”

We are excited the participate in MOTORMIA’s $8 million funding round alongside  Lerer Hippeau, QP Ventures, Verissimo Ventures, State of Mind Ventures, Deftly.vc, and Alumni Ventures.

MOTORMIA will exhibit at the upcoming SEMA Show in Las Vegas, Nevada, from November 5 to 8, in booth 11179 in the North Hall of the Las Vegas Convention Center.

For more information about MOTORMIA, please visit www.motormia.co.

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CorroHealth Announces Strategic Partnership with Patient Square Capital

Carlyle

PLANO, Tex. (October 24, 2024) – CorroHealth, a leading provider of revenue cycle management (RCM) solutions to health systems and health plans, announced it has signed definitive agreements for a strategic investment from Patient Square Capital (Patient Square), a dedicated health care investment firm. Current shareholders, including investment funds affiliated with global investment firm Carlyle (NASDAQ: CG), TT Capital Partners, Sanaka Group, and CorroHealth management, will remain investors, with Patient Square and Carlyle sharing joint control of CorroHealth.

“Since its inception in 2019, CorroHealth has grown into a technology and clinically led health care RCM platform,” said CorroHealth CEO Pat Leonard. “The Patient Square team has a long history of successfully investing in and scaling health care companies. We are pleased to welcome them and look forward to leveraging our investors’ expertise to continue expanding our capabilities and delivering exceptional value to our customers.”

Patient Square Partner Justin Sabet-Peyman said, “We are excited to be partnering with CorroHealth’s management team and investors to build upon CorroHealth’s strong track record of organic and inorganic growth. We have conviction in the attractiveness of the RCM market and believe CorroHealth is well-positioned to continue delivering differentiated tech-enabled solutions to its provider and payer customers.”

Carlyle has been the majority investor in CorroHealth since 2019 and a predecessor business since 2017. Carlyle Partner and Global Co-Head of Health Care Joe Bress said, “We are tremendously proud of CorroHealth’s evolution since its founding. We consider the future bright for CorroHealth and are committed to supporting CorroHealth’s continued growth and innovation alongside our new and existing partners.”

The transaction is expected to close by the end of the year. Barclays and TripleTree are serving as co-lead financial advisors to CorroHealth; Latham & Watkins is serving as legal counsel to CorroHealth and Carlyle; and Kirkland & Ellis is serving as legal counsel to Patient Square.

About CorroHealth
CorroHealth is a leading provider of clinically led healthcare analytics and technology-driven solutions, dedicated to positively impacting the financial performance for physicians, hospitals, and health plans. With over 15,000 employees worldwide, CorroHealth offers integrated solutions, proven expertise, intelligent technology, and scalability to address needs across the entire revenue cycle. Our global presence extends over 10 locations, including the United States, India, and the United Kingdom. Further information is available at www.corrohealth.com.

About Patient Square
Patient Square Capital is a dedicated health care investment firm with approximately $10.5 billion in assets under management as of June 30, 2024. The firm aims to achieve strong investment returns by collaborating with high-quality, growth-oriented companies and top-tier management teams whose products, services, and technologies improve health. Patient Square utilizes deep industry expertise, a broad network of relationships, and a partnership approach to make investments in companies grow and thrive. Patient Square invests in businesses that strive to improve patient lives, strengthen communities, and create a healthier world. For more information, visit www.patientsquarecapital.com.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

Media Contacts:
CorroHealth:
Mellissa Gardner, (202) 978-8942
mellissa.gardner@corrohealth.com

Patient Square:
Prosek Partners
pro-PatientSquareCapital@prosek.com

Carlyle:
Brittany Berliner, (212) 813-4839
Brittany.Berliner@carlyle.com

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Francisco Partners to Acquire AdvancedMD from Global Payments

Franciso Partners

Pending closing – see press release below.

Acquisition to position AdvancedMD as standalone business to accelerate investment and expansion

SAN FRANCISCO – October 30, 2024 – Francisco Partners (“FP”), a leading global investment firm that specializes in partnering with technology businesses, announced it has signed a definitive agreement to acquire AdvancedMD, a leading cloud-based provider of medical office software, from Global Payments, Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions.

Founded in 1999, AdvancedMD provides a cloud native medical office software platform that unifies practice management, electronic health record, patient engagement, and payments software solutions. AdvancedMD delivers an end-to-end practice and patient workflow to help healthcare practices, independent physicians, and medical billers optimize operations, reduce administrative burdens, manage higher patient encounters and improve patient outcomes. AdvancedMD will continue to serve thousands of healthcare professionals by delivering a technology platform that supports practices through every stage of the patient care journey.

The business will continue to be led by its existing management team, with current President Amanda Sharp assuming the additional title of Chief Executive Officer of AdvancedMD. Commenting on the acquisition Sharp said, “Our mission at AdvancedMD is to empower healthcare professionals to realize their full potential. This acquisition positions our business to meet the evolving needs of our clients, expand the product portfolio and continue to invest in the business and our team members. We are thrilled to be working with Francisco Partners and have confidence that its healthcare technology experience and proven track record in nurturing and growing technology businesses will enable AdvancedMD’s loyal base of employees to continue delivering innovation.”

Since its launch 25 years ago, Francisco Partners has invested in over 450 technology companies, making it one of the most active and long-standing investors in the technology industry. FP has deep experience in the healthcare technology market and its investments have focused on companies that provide the best possible products and service for its customers and partners. Francisco Partners also has extensive experience partnering with corporations to execute divisional carve-outs with transactions such as bswift from CVS Health, Merative (f.k.a. IBM Watson Health) from IBM, and Capsule Technologies from Qualcomm.

Justin Chen, Partner at Francisco Partners, said, “We are excited to welcome AdvancedMD back to the FP portfolio and to partner with the team to continue building best-in-class healthcare software. AdvancedMD’s end-to-end platform delivers an integrated user experience for patients, physicians, staff and billers, and is well-positioned to ensure its customers’ success.” Anders Mikkelsen, Principal at Francisco Partners, added, “The AdvancedMD team is committed to serving the healthcare industry’s constantly evolving needs and challenges. We are eager to support the talented employees and management team in its next chapter of growth.”

“We had the privilege of investing in AdvancedMD years ago, and it’s been remarkable to see the consistent long-term track record of growth and innovation since. We appreciate all Global Payments has done to drive growth and innovation in this business and are confident that our acquisition will help AdvancedMD build on its strong foundation of success,” said Ezra Perlman, Co-President at Francisco Partners.

Global Payments will continue to power the company’s payment acceptance capabilities as a long-term partner ensuring consistency of delivery and a seamless transition for employees and customers.

The acquisition is expected to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions.

Moelis & Company LLC is acting as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Francisco Partners.

Bank of America is serving as exclusive financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Global Payments.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch 25 years ago, Francisco Partners has invested in over 450 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

About AdvancedMD

AdvancedMD revolutionized medical office software in 1999 with the introduction of the industry’s first true cloud solution. Today, the company continues to lead HealthTech innovation with a complete cloud suite of smart applications that work in unison, accelerating collaborative workflow for every role of the practice. With AdvancedMD, medical office staff are empowered to thrive in the online age of healthcare and value-based reimbursement with essential clinical, financial, patient engagement and reputation management applications that are unified and available anytime, anywhere on any device. AdvancedMD strives to be the technology heartbeat of healthcare for providers, patients, and payors for a healthier world. For more information on AdvancedMD, please visit www.advancedmd.com.

About Global Payments

Global Payments Inc. (NYSE: GPN) is a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world.

Headquartered in Georgia with approximately 27,000 team members worldwide, Global Payments is a Fortune 500® company and a member of the S&P 500 with worldwide reach spanning North America, Europe, Asia Pacific and Latin America. For more information, visit company.globalpayments.com and follow Global Payments on X, LinkedIn and Facebook.

Media Contacts:

Francisco Partners
Whit Clay
wclay@sloanepr.com

Global Payments
Emily Edmonds
media.relations@globalpay.com

Team

Status

Current

Deal Facts

North America

Divisional Carve-Outs

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Capital Group and KKR Advance Public-Private Investment Solutions for Individual Investors

KKR
  • Leading global investment firms file for two public-private fixed income interval funds to launch in the U.S. in the first half of 2025, pending regulatory approval
  • New category of public-private solutions to expand over time across multiple asset classes and geographies

LOS ANGELES, Oct. 29, 2024 /PRNewswire/ — Leading global investment firms Capital Group and KKR today filed registration statements with the SEC for two public-private fixed income funds, Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+, both of which are expected to launch in the U.S. in the first half of 2025, pending regulatory approval. Today’s filings follow the initial announcement of the firms’ exclusive strategic partnership to create a new category of hybrid public-private investment solutions that will provide new ways for investors to incorporate private markets into their portfolios.

The two new strategies are expected to be offered through financial professionals to the U.S. wealth market. Select institutional investors may find the strategies relevant in their portfolios as well. The filings underscore the firms’ commitment to making private markets more accessible to a broader client base.

“As a firm, we do not enter a new market unless we are committed for the long term and believe we can offer something meaningful and durable for our clients,” said Holly Framsted, Head of Global Product Strategy and Development at Capital Group. “Our focus remains on delivering distinct solutions that serve unmet needs in investor portfolios. These strategies aim to solve the access gap that individual investors currently face when it comes to private investments, and we expect these two public-private strategies will be the first of many across asset classes and geographies.”

While Capital Group is responsible for the overall strategy, the two organizations intend to work closely together to deliver investment portfolios that thoughtfully combine public and private investments, with an aim toward solving distinct investor needs.

“KKR and Capital Group share a deep commitment to making private markets assets more accessible to individual investors,” said Eric Mogelof, Partner and Head of Global Client Solutions at KKR. “We are pleased to take this next step in our strategic partnership and look forward to offering additional solutions that bring our best‐in‐class private markets investment capabilities to a broader group of investors.”

The new public-private solutions platform seeks to deliver Capital Group’s public market capabilities combined with KKR’s extensive private markets expertise. Today, Capital Group manages over $555B in public fixed income assets, while KKR manages over $100B in private credit assets.

About Capital Group
Capital Group, home of American Funds, has been singularly focused on delivering superior results for long-term investors using high-conviction portfolios, rigorous research and individual accountability since 1931.

As of September 30, 2024, Capital Group manages more than $2.8 trillion in equity and fixed income assets for millions of individuals and institutional investors around the world. Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.

For more information, visit capitalgroup.com.

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 https://kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at https://www.globalatlantic.com/

Registration statements for each of Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+ have been filed with the Securities and Exchange Commission and are available from the EDGAR database on the SEC’s website (www.sec.gov). The information in the registration statements is not complete and may be changed. The securities of neither fund may be sold until its registration statement is effective. An investor should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. This and other information about each fund will be contained in the fund’s final prospectus, which investors should read carefully when available from the EDGAR database on the SEC’s website (www.sec.gov). This communication is not an offer to sell the shares of either fund and is not soliciting an offer to buy the shares of either fund in any state where the offer or sale is not permitted.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All company and product names mentioned are the property of their respective companies.

Capital Client Group, Inc.

Media Contacts
Lizzie Lowe
lizzie.lowe@capgroup.com

Christine Wood
Christine.wood@capgroup.com

Julia Kosygina
media@kkr.com

SOURCE Capital Group Companies

 

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