Category Archives: News

AlpInvest Successfully Closes $1 Billion Collateralized Fund Obligation Offering

Carlyle

The $1 Billion CFO exceeded its initial target of $800M due to strong investor demand, making it the largest publicly rated GP-Led CFO in the market to date

The offering follows AlpInvest’s inaugural securitization offering in 2023

New York, NY, October 29, 2024 – AlpInvest, an integrated market-leading private equity platform and subsidiary of Carlyle (NASDAQ: CG), today announced the closing of a Collateralized Fund Obligation (“AlpInvest CFO” or “CFO”), its second securitization. The $1 billion CFO represents the largest publicly rated GP-Led CFO in the market to date, and will comprise exposure to four AlpInvest-managed funds across its flagship Private Equity Secondaries, Portfolio Finance, and Co-Investment strategies, along with two private equity secondary transactions recently completed by AlpInvest involving diversified portfolios of LP interests.

For over 20 years, AlpInvest has been building private equity portfolios on a global scale by leveraging decades of experience and Carlyle’s vast network. The platform now has $80+ billion in assets under management and serves over 500 LPs.

The underlying portfolio for the AlpInvest CFO was specifically designed to offer investors highly diversified exposure to private equity and credit assets across geographic regions, vintage year, and AlpInvest fund strategies.

“We are pleased to have closed our collateralized fund obligation offering and proud of the strong backing we received from both new and existing investors across the Carlyle and AlpInvest platforms, including insurance companies, other larger institutional investors, and family offices.” said Michael Hacker, Managing Director and Global Head of Portfolio Finance at AlpInvest.  “This securitization presents a differentiated opportunity for investors given the diversification characteristics of the underlying portfolio, and innovative structure, which reflect the structing expertise we have built across our Secondaries and Portfolio Finance platforms.  We are excited to continue our heritage of delivering customized products to our investors, which are tailored made to meet their objectives.”

Evercore served as the Sole Structuring Advisor and Bookrunner of the offering and Ropes & Gray LLP served as legal advisor to AlpInvest.

 

About AlpInvest

AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), is a leading global private equity investor with $80+ billion of assets under management and more than 500 investors as of June 30, 2024. It has invested with over 360 private equity managers and committed approximately $100 billion across primary commitments to private equity funds, secondary and portfolio finance transactions and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlyle.com.

 

Media Contacts 

Brittany Berliner

+1 (212) 813-4839

Brittany.Berliner@carlyle.com

 

OR

 

Isabelle Jeffrey

+1 (212) 332-6394

Isabelle.Jeffrey@carlyle.com

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Yellow Hive makes significant move into German market with acquisition of FVB

IK Partners

Poortugaal, 29 October 2024 – Yellow Hive, the parent company of You Sure, Felixx® werk & inkomen, Yinco and several other speciality insurance broker brands, takes a significant first step into the German market. The insurance broker and employee benefits advisory organisation announces the acquisition of the German insurance broker FVB, specialised in brokering personal and commercial lines insurances and financial investment products, from HDI Deutschland AG. With the acquisition of FVB, Yellow Hive enters the German market and achieves full national coverage in both Germany and the Netherlands. The structure and management of FVB will largely remain unchanged and its founder, Thomas Schallenberg, will support Yellow Hive Germany as an advisor after closing. Closing is anticipated year-end and subject to German merger clearance. The transaction is intended to boost the growth and further development of Yellow Hive and FVB in Germany, both organically and through further add-on acquisitions.

In April 2024, Yellow Hive refinanced with a significant new commitment from its existing shareholder IK Partners (“IK”) to support the continued growth of the company, not just in specific Dutch regions and niche markets, but also in other European countries such as Germany and Spain. The acquisition of FVB in Germany marks the first major milestone of this growth strategy.  Following IK’s initial investment in 2020 and under the leadership of CEO Ger Knikman, Yellow Hive transformed from a local insurance broker to a national distribution platform and is now entering Germany. Benefiting from scale, the company will make additional investments in innovation and have a stronger ability to negotiate better conditions for its customers.

National coverage with local presence

FVB is a renowned insurance broker with national coverage in Germany. The company strongly believes in the importance of close personal engagement with clients, which allows the affiliated advisors, who are well-acquainted with the regions, to provide the best tailored advice. Yellow Hive sees added value in the extensive product expertise of FVB and the local knowledge of the involved advisors in various regions.

Ger Knikman, CEO and Founder of Yellow Hive, said: “In FVB, we have found a partner that pursues the same objectives in the German market as we do with our own growth targets in the Netherlands. Now that we have shifted our focus to European expansion beyond the Netherlands, FVB fits perfectly within our growth strategy. By partnering with FVB, we will work with true specialists, enabling us to expand Yellow Hive with even more expertise. We can’t wait to start to work together with this experienced team within our organisation.”

Thomas Schallenberg, Founder of FVB and Advisor to Yellow Hive Germany, commented: “Joining forces with Yellow Hive will allow FVB to continue growing as an independent insurance broker. The company has a strong record of building an integrated platform to drive sustained organic and acquisitive growth. We are excited to join forces with the team at Yellow Hive to accelerate growth together and offer a broader spectrum of products and services to our customers.”

Jens Warkentin, CEO of HDI Deutschland AG, added: “We are delighted to have secured a very good new owner for FVB in Yellow Hive. HDI Germany will of course remain present in the broker market and further strengthen exclusive sales partners in future. We have utilised the consolidation efforts in the German market to place FVB in new hands at very good conditions. I would like to thank FVB, especially Thomas Schallenberg and his team, for their commitment to the HDI brand.”

European expansion

In the upcoming years, Yellow Hive will focus its growth strategy on Germany and Spain. In these countries, Yellow Hive intends to acquire existing service providers, underwriting companies and insurance brokers.

For more information or inquiries regarding this message, please contact:

De Bruijn PR
Marianne de Bruijn
marianne@debruijnpr.nl or 06-14441398

About Yellow Hive

The financial advisory organisation Yellow Hive has developed through independent growth, collaborations and targeted acquisitions. Since 2011, more than 100 companies have chosen to join one of the brands of Yellow Hive. Over 800 employees work from more than 30 locations towards a financially carefree future for individual and business clients throughout the Netherlands. More information: www.yellowhive.com

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About FVB

Since 1997, FVB has been providing high-quality advisory services to both individual and business clients. Insurances are brokered through a nationwide network of more than 400 commercial agents. With more than 230 insurer relationships FVB is truly independent thereby enabling brokers to provide best advice to their clients. More information: www.fvb.de

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €17 billion of capital and invested in 195 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

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AlpInvest Successfully Closes $1 Billion Collateralized Fund Obligation Offering

Carlyle

The $1 Billion CFO exceeded its initial target of $800M due to strong investor demand, making it the largest publicly rated GP-Led CFO in the market to date

The offering follows AlpInvest’s inaugural securitization offering in 2023

New York, NY, October 29, 2024 – AlpInvest, an integrated market-leading private equity platform and subsidiary of Carlyle (NASDAQ: CG), today announced the closing of a Collateralized Fund Obligation (“AlpInvest CFO” or “CFO”), its second securitization. The $1 billion CFO represents the largest publicly rated GP-Led CFO in the market to date, and will comprise exposure to four AlpInvest-managed funds across its flagship Private Equity Secondaries, Portfolio Finance, and Co-Investment strategies, along with two private equity secondary transactions recently completed by AlpInvest involving diversified portfolios of LP interests.

For over 20 years, AlpInvest has been building private equity portfolios on a global scale by leveraging decades of experience and Carlyle’s vast network. The platform now has $80+ billion in assets under management and serves over 500 LPs.

The underlying portfolio for the AlpInvest CFO was specifically designed to offer investors highly diversified exposure to private equity and credit assets across geographic regions, vintage year, and AlpInvest fund strategies.

“We are pleased to have closed our collateralized fund obligation offering and proud of the strong backing we received from both new and existing investors across the Carlyle and AlpInvest platforms, including insurance companies, other larger institutional investors, and family offices.” said Michael Hacker, Managing Director and Global Head of Portfolio Finance at AlpInvest.  “This securitization presents a differentiated opportunity for investors given the diversification characteristics of the underlying portfolio, and innovative structure, which reflect the structing expertise we have built across our Secondaries and Portfolio Finance platforms.  We are excited to continue our heritage of delivering customized products to our investors, which are tailored made to meet their objectives.”

Evercore served as the Sole Structuring Advisor and Bookrunner of the offering and Ropes & Gray LLP served as legal advisor to AlpInvest.

 

About AlpInvest

AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), is a leading global private equity investor with $80+ billion of assets under management and more than 500 investors as of June 30, 2024. It has invested with over 360 private equity managers and committed approximately $100 billion across primary commitments to private equity funds, secondary and portfolio finance transactions and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlyle.com.

 

Media Contacts 

Brittany Berliner

+1 (212) 813-4839

Brittany.Berliner@carlyle.com

 

OR

 

Isabelle Jeffrey

+1 (212) 332-6394

Isabelle.Jeffrey@carlyle.com

Categories: News

CapMan Special Situations invests in Edita Prima

Capman

CapMan Special Situations Press Release
29 October 2024 at 15:00 EET

CapMan Special Situations invests in Edita Prima

Edita Group Plc divests its subsidiary Edita Prima Oy, focused on customer communications services, to a fund managed by CapMan Special Situations. CapMan Special Situations aims to accelerate the company’s business development as the industry transformation progresses. In connection with the transaction, Edita Prima’s management will also become shareholders of the company. The purchase agreement has been signed on 28 October 2024. The transaction is subject to approval by the Finnish Competition and Consumer Authority.

Edita Prima is a leading provider of comprehensive customer communication services. The company offers its customers digital customer communication management solutions, digital asset management and transactional printing, among other services.

Edita Prima’s business and customer service will operate normally after the closing of the transaction. The transaction will not affect the personnel. Heikki Autio will continue to act as the Managing Director of Edita Prima.

“Edita Prima has succeeded in developing its business as part of the Edita Group in an excellent way. The company has transformed from a traditional printing house into a modern provider for printed and digital customer communications services, and its operations are growing profitably. I believe that under the ownership of a strong Nordic private equity investor and the company’s management, Edita Prima is well-positioned to continue its successful journey,” says Kristiina Kujala, CEO of Edita Group.

“Edita Prima has a strong and respected brand within its industry, and we are pleased to begin this journey alongside the dedicated management team. This transaction will enable accelerated business development, supporting the company’s growth towards becoming a leading provider of digital customer communication services,” says Karri Keistinen, Investment Associate at CapMan Special Situations.

“This opens a new chapter in the story of a great company. Customer orientation is in Edita Prima’s DNA, and we are known as a competent and reliable partner. We are convinced that together with CapMan we will create even better services for our customers and achieve our vision of becoming a leading technology company in the industry,” says Heikki Autio, Managing Director of Edita Prima.

Edita Prima’s net revenue for the 18-month financial period from 1 July 2022 to 31 December 2023 totalled EUR 73.6 million and it currently employs approximately 70 people. The company has two locations in Helsinki: an office in Kalasatama and a production facility in Kuninkaantammi.

More information:

Karri Keistinen, Investment Associate, CapMan Special Situations, +358 40 7356 593, karri.keistinen@capman.com

Kristiina Kujala, CEO, Edita Group Oyj, +358 040 0761 752, kristiina.kujala@editagroup.com

Edita Group

Edita Group helps its customers communicate more efficiently and provides them with reliable printed and digital information.

The group consists of three business areas: Edita Prima specializes in customer communication services for companies and other organizations. Edita Learning publishes learning materials for primary school education and secondary and higher education, as well as provides training for the competence development of the teaching staff. Edita Legal information provides legal information online services, books and training for lawyers and other experts who need legal information in their work. The Group’s net revenue for the 18-month financial period from 1 July 2022 to 31 December 2023 amounted to EUR 96.9 million. Edita Group has approximately 180 employees. Further information: www.editagroup.com

CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €5.8 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

Contact us

Do you have a specific question or want to get in touch with our teams? Please drop us a line!

Know who you want to contact? Meet all CapManians.

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Blackstone Closes First Series of Evergreen Institutional U.S. Direct Lending Fund with $22 Billion of Investable Capital

Blackstone

Brings Global Direct Lending Platform to over $123 Billion in AUM

NEW YORK – October 29, 2024 – Blackstone today announced the final close of the first series of its evergreen institutional U.S. direct lending fund, Blackstone Senior Direct Lending Fund (“BXD”). Blackstone has closed on approximately $22 billion of investable capital for the inaugural series of BXD and related vehicles, including anticipated leverage, exceeding our $10 billion target. This brings Blackstone’s global direct lending platform to over $123 billion in assets under management as of the third quarter.

“This capital raise reflects our long-term strength in private credit, our global reach across corporates and sponsor-led transactions, and our ability to add value to the companies with which we partner,” said Brad Marshall, Global Head of Private Credit Strategies at Blackstone Credit & Insurance (“BXCI”). “We believe our scale and breadth of solutions position us extremely well during what we expect to be an active transaction environment with declining rates.”

BXCI deployed or committed $40 billion in direct lending through the third quarter, more than double the total for all of 2023. This includes lead roles in some of the largest deals of the year with CoreWeave ($7.5B), Squarespace ($2.7B), Fidelis ($2B), and Davies (£1.5B), as well as recent proprietary middle-market transactions for Permira’s Acuity Knowledge Partners ($600M), Graham Partners’ Gatekeeper Systems ($550M), and publicly listed Loar ($360M), where BXCI served as the sole lender.

“Our global platform gives us strength in both the traditional middle-market and growing opportunity set for larger deals available to few others,” added Gilles Dellaert, Global Head of BXCI. “Investors and borrowers continue to recognize the benefits that private capital can provide in direct lending and across the broader credit markets.”

About Blackstone Credit & Insurance 
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

Contact
Thomas Clements
(646) 482-6088
Thomas.Clements@blackstone.com

Categories: News

Bain Capital and Aquila Group Partner to Build a Leading Sustainable Data Centre Platform Across Europe

BainCapital

Bain Capital and Aquila Group Partner to Build a Leading Sustainable Data Centre Platform Across Europe

  • Bain Capital acquires majority share in Aquila Group’s data centre business AQ Compute
  • Together, the partners aim to build a leading European data centre platform
  • AQ Compute is intended to set new standards in sustainable data centre operations

Hamburg, Germany, and London, October 30, 2024 – Bain Capital, one of the world’s leading private, multi-asset alternative investment firms, and Aquila Group, a private investment company and pioneer in sustainable assets, announce a significant partnership in the data centre sector. As part of the cooperation, Bain Capital is acquiring an 80% stake in AQ Compute, the data centre subsidiary of Aquila Group. This strategic alliance, with a targeted multi-billion Euro investment volume, is aimed at significantly accelerating AQ Compute’s plans to develop and operate sustainable data centres for hyperscale and AI customers across Europe.

Founded by Aquila Group in 2020, AQ Compute provides modular and AI-ready data centre and colocation services, primarily powered by clean energy. With significant investment, the company launched its first sustainable data centre near Oslo in 2024, with additional projects underway in Barcelona, Milan and beyond. Bain Capital supports this growth through its capital investment and global expertise in the data centre industry, including its successful development of Bridge Data Centres in Asia. Together, the partners aim to build a leading European data centre platform, utilising clean energy wherever feasible.

Ali Haroon, a Partner at Bain Capital, said: “The European data centre sector presents an attractive market opportunity, driven by robust cloud demand, a need for high-performance computing and AI deployments, and data sovereignty across the region. Through this partnership with Aquila Group, we bring a differentiated, renewable energy angle to tackle the ever-growing power challenges in this critical part of Europe’s infrastructure.”

Rafael Coste Campos, a Managing Director at Bain Capital, added: “We are thrilled to bring our deep European real estate sector expertise and our multi-layered experience growing companies with complex infrastructure services, tenant relationships and talent attraction to AQ Compute. Leveraging our global data centre expertise, we are well-positioned to meet the needs of this ever growing and critically important sector and to build a market leading data centre operation in Europe.”

Michael Huber, a Principal at Bain Capital said: “Having invested more than $1 billion in real estate over the past three years, Bain Capital’s first European investment in data centres means we now have a truly global platform. This investment will benefit from and complement our experience investing in and building one of the largest data centres in Asia – Chindata and backing DC BLOX in the US.”

Roman Rosslenbroich, Co-founder and CEO of Aquila Group, commented: “Through our partnership with Bain Capital, we are well positioned to expand AQ Compute’s capabilities and solidify its role as a key player in Europe’s digital infrastructure. The rapid growth in data demands presents both a challenge and an opportunity — while more data centres are essential, they must be sustainable. Aquila will invest several hundred-million euros alongside Bain Capital’s larger commitment, with Aquila Capital providing co-investments. With our continued 20% stake, we will ensure AQ Compute’s growth aligns with our long-term vision for sustainable infrastructure, leveraging synergies with Aquila Clean Energy, a major developer and independent power producer in the clean energy space.“

Markus Holzer, Chairman of AQ Compute, said: “At AQ Compute, we are uniquely positioned to meet the growing demand for data processing by combining innovative, AI-ready infrastructure with a commitment to sustainability. This partnership with Bain Capital not only accelerates our development pipeline but also allows us to set new standards in sustainable data centre operations across Europe.”

About Bain Capital
Bain Capital is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate and other strategic areas of focus. The firm has offices on four continents, more than 1,750 employees and approximately $185 billion in assets under management.
To learn more, visit www.baincapital.com.

About Aquila Group
Aquila Group, headquartered in Hamburg, Germany, is a private investment company managing a diverse portfolio of businesses focused on innovative solutions across various sectors. Since 2001, Aquila Group has been at the forefront of identifying emerging trends and fostering innovation, particularly in clean energy and sustainable infrastructure, while actively investing in the development of new ventures. As both an investor and developer, Aquila Group remains dedicated to driving long-term value creation and advancing solutions that contribute to a more sustainable future. Aquila Group’s portfolio spans investment management, industrial clean energy development and independent power production (IPP) across Europe and the Asia-Pacific region, as well as ventures in data centres, green logistics and Spanish residential real estate. With over EUR 25 billion in transactions and EUR 15 billion in assets under management, the company has established a solid track record.
With around 700 employees across 19 offices globally, Aquila Group remains committed to avoiding 1.5 billion tonnes of CO2 equivalents across its portfolio’s lifetime by 2035.
Further information: www.aquila-group.com

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Cornerstone announces $285 million financing from Aquiline and Nomura

Aquiline

BLOOMFIELD, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Cornerstone Financing, an insurance and investment funding company, has secured $285 million in aggregate financing through global finance investment firms Aquiline Capital Partners LP (“Aquiline”) and Nomura.

The financing supports the expansion of CHEIFS (Cornerstone Home Equity Insurance/Investment Funding Solutions), Cornerstone’s transformational funding solution that allows homeowners to sell a fraction of their home for cash to fund insurance, annuities, long-term care, and other financial and life planning options.

“Partnering with these prestigious institutions affirms our commitment to providing advisors with innovative home equity solutions. With streamlined distribution through our network of advisors, Cornerstone, through its CHEIFS program, offers a uniquely efficient model that maximizes value and enhances advisor-client financial planning strategies.”

Daniel Anderson,
Co-Founder of Cornerstone, commented

A new funding solution for insurance and financial advisors, CHEIFS revolutionizes the home equity landscape by augmenting the evolving financial toolkit for advisors and homeowners.

Currently operating in Arizona, California, Florida, and Pennsylvania, Cornerstone intends to expand nationally, supported by the $285 million financing and is actively seeking to expand its distribution partnerships.

“We are proud to support Cornerstone in the expansion of CHEIFS. This product addresses a critical gap we observed through our participation in the insurance market, and we are excited to back the solution.”

Timothy Gravely,
Partner and Head of Credit at Aquiline, added

About Cornerstone Financing
Cornerstone Financing empowers homeowners to access home equity to plan for a better financial future. Founded by Craig Corn and Daniel Anderson, Cornerstone merges structured finance and insurance wholesale distribution through its innovative product, CHEIFS, to utilize previously untapped home equity to enable superior estate, insurance, and investment planning through trusted advisors.

For more information about its foundational solution, CHEIFS, visit www.cheifs.com.

About Aquiline Capital Partners LP
Aquiline is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and technology. As of June 30, 2024, Aquiline has approximately $10.8 billion of assets under management and has deployed approximately $7.0 billion of capital across the firm’s three strategies in private equity, venture capital, and credit.

For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com.

SOURCE: Aquiline Capital Partners LP

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CVC Credit and CAPZA support the acquisition of ILERNA

CVC Capital Partners

CVC Credit, the global credit management business of CVC, and CAPZA, a leading player in private investments in European SMEs, are pleased to announce the co-arrangement of a Unitranche financing to support the acquisition of ILERNA by Jacobs Holding.

Founded in 2014, ILERNA is the leading player in the online Vocational Educational Training (VET) market in Spain, offering a broad portfolio of more than 30 fully accredited VET courses across various fields, with a particular emphasis on healthcare and IT, to working professionals seeking to enhance or shift their career.

A pioneer on its market, ILERNA has a physical presence in key regions across Spain, including Catalonia, Madrid, Andalusia, and Castilla y León, and serves students across all of Spain through its online offering. It currently trains approximately 46,000 students and employs around 480 staff members.

Over the last three years, the Group has demonstrated impressive growth, growing at a c.25% annual rate. The platform’s success stems from its innovative “learning by doing” methodology, designed to provide practical skills that meet the current demands of employers. It includes a market-leading virtual campus experience with materials specifically designed for online training. Furthermore, ILERNA’s internship program has over 4,300 agreements with leading companies, a strong selling point for candidates.

Through this transaction, Jacobs Holding acquires a majority stake in ILERNA, supported by a financing package co-arranged by CVC Credit and CAPZA, to help the Group enhance its educational programs, expand its curriculum, promote advanced technological tools, and extend its physical footprint.

Quotes

CVC Credit were able to leverage the CVC Network’s breadth and experience of the education sector which, combined with our innovative approach to financial solutions, enabled CVC Credit to be a chosen partner for ILERNA’s future growth.

Rafael Figuera FelizInvestment Director, CVC Credit

Rafael Figuera Feliz, Investment Director, CVC Credit commented: “ILERNA has a proven business model that continues to flourish across Spain, under this new partnership it will be able to accelerate the provision of its in-demand offering to many more prospective students. CVC Credit were able to leverage the CVC Network’s breadth and experience of the education sector which, combined with our innovative approach to financial solutions, enabled CVC Credit to be a chosen partner for ILERNA’s future growth.”

José Tomás Moliner, Head of Spain, CAPZA added: “We are excited to partner with ILERNA and its management team at this pivotal moment in their growth journey. ILERNA has consistently demonstrated its ability to deliver high-quality vocational educational courses to its students, and we are confident that this new partnership with Jacobs Holding will enable the Group to strengthen its market-leading position. With our flexible and customized financing solutions, we are thrilled to support the Group in realizing its ambitious growth plan.”

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CVC joins KKR in the acquisition of Superstruct Entertainment

KKR

London, October 28, 2024 – KKR and CVC, two leading global investment firms, today announce that CVC has invested alongside KKR to support Superstruct Entertainment (“Superstruct”) in its next phase of development as one of the world’s premier live entertainment groups.

In June 2024, KKR announced the acquisition of Superstruct, which owns and operates over 80 music festivals across 10 countries in Europe and Australia. The transaction has now closed.

Since its inception in 2017, Superstruct has grown into one of the leading operators in the world of live entertainment. Superstruct owns some of Europe’s most renowned events such as Wacken Open Air, Defqon.1, Parookaville, Tinderbox, Zwarte Cross and Sónar.

With CVC coming on board, Superstruct gains another strong strategic partner to support the talented team who have led the company’s growth and success. The business will benefit from the combined global expertise, resources and capital of two leading investors with significant experience across the media and entertainment sector.

The investment positions Superstruct to accelerate its mission of creating best-in-class live experiences, working closely with entrepreneurs, creative visionaries and business-minded professionals. KKR and CVC will ensure that Superstruct remains at the forefront of the industry, driving innovation and setting the standards for live entertainment.

KKR brings extensive expertise in music, media, and entertainment through notable investments in companies such as BMG, ProSiebenSat1, GetYourGuide, Mediawan and Trainline. Similarly, CVC has a strong track record in the sector, with investments in Stage Entertainment, Formula One, Women’s Tennis and LaLiga, among others.

 

Media Contacts
KKR
FGS Global
Alastair Elwen
+44 20 7251 3801
KKR-LON@fgsglobal.com

 

CVC
Nick Board
nboard@cvc.com 

Superstruct
Brunswick
Paul Durman
+44 7793 522824
SUPERSTRUCT@brunswickgroup.com

 

Notes to editors

About KKR

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

About CVC

CVC is a leading global private markets manager with a network of 30 office locations throughout EMEA, the Americas, and Asia, with approximately €193 billion of assets under management. CVC has seven complementary strategies across private equity, secondaries, credit and infrastructure, for which CVC funds have secured commitments of approximately €240 billion from some of the world’s leading pension funds and other institutional investors. Funds managed or advised by CVC’s private equity strategy are invested in approximately 130 companies worldwide, which have combined annual sales of over €155 billion and employ more than 600,000 people. For further information about CVC please visit: https://www.cvc.com/. Follow us on LinkedIn.

About Superstruct Entertainment

Superstruct’s mission is to amplify cultures through creativity, collaboration and live entertainment. Working with entrepreneurs and creative visionaries, our goal is to create a network of influence that sets the standards for live experiences. Founded in 2017 by James Barton and Roderik Schlosser, Superstruct is a European leader in live entertainment. Its well-diversified portfolio includes some of Europe’s most popular festivals and live events, among them Wacken Open Air, Defqon1, Parookaville, Tinderbox, Zwarte Cross and Sónar.

 

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BC Partners agrees sale of majority stake in GardaWorld

BC Partners Logo
  • Agreement values GardaWorld at C$13.5bn Enterprise Value
  • GardaWorld has transformed under BC Partners’ ownership into a global leader in security services
  • Maintains BC Partners’ momentum in realisations, generating over €11bn in monetisations to investors over the past 18 months

BC Partners, a leading international investment firm, today announces that it has entered into an agreement to sell the majority of its interest in Garda World Security Corporation (‘GardaWorld’).

The transaction, which values GardaWorld at C$13.5bn, will see Founder, Chairman, President and CEO Stephan Crétier, together with select members of Management, acquire approximately 70% of GardaWorld while funds advised by HPS Investment Partners (“HPS Partners”), leading a group of sophisticated minority investors, will hold the remaining equity interest. BC Partners will also continue to hold a minority interest.

GardaWorld, founded in 1995, has established itself as a global leader in the security industry, spanning subsidiaries including GardaWorld Security, Crisis24, and ECAMSECURE and Sesami. The business, which covers security services, AI-enabled security technologies, integrated risk management and cash automation solutions serves over 132,000 professionals across North America, EMEA and APAC.

BC Partners acquired a majority stake in GardaWorld in 2019 through a bilateral transaction which valued the company at C$5.2bn, leveraging its extensive experience and expertise in both the region and sector to position itself as the partner of choice. The transaction was the largest private buyout in Canadian history at the time. Under BC Partners’ ownership, GardaWorld has delivered strong organic growth supported by extensive M&A activity (over 25 strategic and financially accretive transactions since 2019), increasing profit margins from c.14% to c.17% and doubling profitability to over C$1bn in operating profit. This performance underlines BC Partners’ focus on helping to build high-performing businesses in resilient, defensive growth sectors, unlocking value in the companies it works with.

Paolo Notarnicola, Partner and Co-Head of Services at BC Partners said: “Our partnership with GardaWorld is an excellent example of what we would consider a definitive ‘BC deal’, partnering with an impressive entrepreneur to help transform and grow a high-potential business in a defensive growth sector. Since partnering with GardaWorld in 2019, we have seen the company go from strength to strength, with operating profit more than doubling to over C$1bn. In addition, we have worked with management to create four global champions under one roof, with market leaderships in security services, AI-enabled security technologies, integrated risk management and cash automation solutions. We are pleased with today’s announcement which enables a visionary founder in Stephan to take control of the company, and we remain fully committed to the company’s future success as a minority investor.”

Stephan Crétier, Founder, Chairman, President and CEO of GardaWorld said: “In an increasingly complex world, I have discovered that prominent organizations aspire to partner with a vetted entrepreneurial success story. GardaWorld is more than one entrepreneur. It is a group of truly aligned like-minded leaders committed to doing what is best for clients, employees, and stakeholders. I am humbled by the professionalism and dedication of my international group of colleagues and the unique DNA we have developed. This is what I call a winning team. We have come a long way since our modest beginnings when I started this company with a C$25,000-second mortgage on my home almost 30 years ago. I thank BC Partners for their partnership over the last five years and welcome HPS Partners’ expanded investment and our group of minority investors to GardaWorld as we continue our winning journey. Their success over the last few years has made them a global powerhouse, and we are honoured that they recognize our value as a performance-driven team by investing in our company.”

In the past 18 months, BC Partners has successfully generated over €11bn in proceeds from several monetisations, underlining the high quality of businesses and exit optionality which underpins BC Partners’ portfolio. These include the full exit of Forno d’Asolo Group, IMA Industria Automatiche SpA and Presidio as well as the recent, successful listing of Springer Nature on the Frankfurt Exchange.

Kirkland & Ellis and Osler acted as lead legal counsel to BC Partners, with Simpson Thacher & Bartlett and Langlois Lawyers acting as legal counsel to GardaWorld, Stephan Crétier and the senior management of GardaWorld. Latham & Watkins acted as lead legal counsel to HPS Partners.

The transaction, which is subject to customary closing conditions, is expected to close by Q1 2025.

About BC Partners BC Partners is a leading investment firm with circa €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today, BC Partners’ integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Food. Since its foundation, BC Partners has completed over 128 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund. For further information, please visit https://www.bcpartners.com/

About GardaWorld GardaWorld is an entrepreneurial-driven corporation that builds global champions in security services, AI-enabled security technologies, integrated risk management and cash automation solutions, employing more than 132,000 highly skilled and dedicated professionals across the globe. Driven by a relentless entrepreneurial culture and core values of integrity, vigilance, trust and respect, GardaWorld’s global champions offer sophisticated, tailored security and technology solutions through high-touch partnerships and consistently superior service delivery. With a deep understanding that security is critical to the organizational resilience of business operations and the safety of communities, GardaWorld is committed to impeccable governance, professional care and the well-being of everyone. Thanks to a well-earned reputation, GardaWorld businesses are long-standing security partners of choice to some of the most prominent brands, influential individuals, Fortune 500 corporations and governments. For more information, visit gardaworld.com.

About HPS Investment Partners HPS Investment Partners, LLC is a leading global, credit-focused alternative investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for our clients. We manage various strategies across the capital structure, including privately negotiated senior debt; privately negotiated junior capital solutions in debt, preferred and equity formats; liquid credit including syndicated leveraged loans, collateralized loan obligations and high yield bonds; asset-based finance and real estate. The scale and breadth of our platform offers the flexibility to invest in companies large and small, through standard or customized solutions. At our core, we share common thread of intellectual rigor and discipline that enables us to create value for our clients, who have entrusted us with approximately $114 billion of assets under management as of April 2024. For more information, please visit hpspartners.com.

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