Category Archives: News

OHB strengthens capital base to implement corporate strategy, Fuchs family remains long term majority shareholder

KKR
  • OHB enters into agreement with KKR as minority investor
  • The Fuchs family will retain permanent control of the company
  • OHB’s growth strategy to be supported by way of a separate 10% capital increase
  • OHB’s portfolio company Rocket Factory Augsburg AG will receive separately EUR 30 million to secure the path to the successful first flight of Microlauncher RFA One
  • KKR plans voluntary public takeover offer for all outstanding shares of OHB at a price of EUR 44.00, the Fuchs family will not sell any shares
  • Company subsequently seeks delisting from the stock exchange

Bremen, 7th August, 2023. OHB SE (“OHB”), the German space and technology company, is strengthening its capital base to implement its growth strategy and, with KKR as a minority investor, to ideally position itself for the growing demand for privately financed, cost-efficient and flexible space travel solutions. The Fuchs family will retain permanent control of the business as majority shareholders. OHB will continue to be led by Marco Fuchs as CEO and the existing management team.

OHB is pursuing the goal of becoming the leading provider of space solutions for institutional and commercial clients in Europe. To this end, OHB has today signed, amongst others, an investment agreement with KKR and the Fuchs Family Foundation as the majority shareholder of OHB, as well as with investment vehicles controlled by the Fuchs family. The agreements include a voluntary public takeover offer for all outstanding shares of OHB at a price of EUR 44.00 per share and a separate agreement on a capital increase of 10%.

Marco Fuchs, CEO of OHB: “Strengthening OHB as an independent, European company and partner for governments and institutions strengthens European security and sovereignty in space. In addition, we can expand our leading technological positions in our core competencies as an infrastructure partner and in the service sector, while also opening up new perspectives for customers and partners. We are delighted that with KKR as a minority investor, we have found the ideal partner to support our long-term growth and vision.”

Investing in long-term growth and the OHB corporate strategy

OHB, which will continue to operate as an independent German family business, will use the capital in line with the long-term corporate strategy “OHB 2025 – Shaping the future” to invest in key growth areas and strengthen competitiveness in the three divisions: Space Systems, Aerospace and Digital. Separately, KKR will, through convertible instruments, invest EUR 30 million in the further development of Rocket Factory Augsburg AG to ensure private sector development of the Microlauncher RFA One through to a successful first flight, thus improving Europe’s independent access to space.

Offer to shareholders and planned capital increase

The voluntary public takeover offer by KKR is expressly welcomed by the Management Board and Supervisory Board of OHB, subject to the customary review. OHB will subsequently seek delisting from the stock exchange so that it can more easily implement its long-term strategy as a privately held company.

The Offer Price will be EUR 44.00 in cash per share. Accordingly, OHB shareholders will receive a premium of 36.6% to the Xetra closing price on 4 August 2023 and 39.1% to the volume-weighted Xetra average price of OHB shares over the past three months respectively. The Offer provides existing shareholders with immediate liquidity and the opportunity to realise the long-term value potential in advance. The Offer will be subject to various customary conditions such as merger control and other regulatory clearances and will not be subject to a minimum acceptance level. KKR has committed to OHB not to conclude a domination and/or profit and loss transfer agreement. The transaction has been initiated by the Fuchs family.

KKR has separately committed to OHB to subscribe to a capital increase of the company at the Offer Price. The share capital of the Company is to be increased by 10% against cash contributions using the authorised capital and excluding the shareholders’ statutory subscription rights.

Christian Ollig, Partner and Head of the DACH region at KKR, said: “The global market for space solutions will continue to grow. We see great potential in Europe and are convinced that with additional investments in Research and Development OHB is ideally positioned to achieve long-term sustainable growth. KKR’s capital will support OHB’s future development. At the same time, the offer provides existing shareholders with the opportunity for immediate value realisation at an attractive premium. KKR is delighted to have the opportunity to support the Fuchs family.”

KKR’s investment comes from a holding company owned by its newest European private equity fund, KKR European Fund VI.

Continuity in ownership structure

The Fuchs family will not sell any of the shares bound in the Fuchs Family Pool as part of the public takeover offer and will thereby retain control of OHB. The company will thus permanently preserve its DNA as an independent German family business.

Further information in relation to the voluntary public takeover offer: www.orchid-offer.com.

Contact:

Investor Relations
Martina Lilienthal
Tel.: +49 421 2020 7200
E-Mail: martina.lilienthal@ohb.de

Media Relations
Kekst CNC

Knut Engelmann
Tel.: + 49 (0)174 2342808
E-Mail: knut.engelmann@kekstcnc.com

Torben Gosau
Tel.: +49 (0)160 96943517
E-Mail: torben.gosau@kekstcnc.com

About OHB SE

OHB is a German space and technology group and one of the leading independent forces in the European space industry. With many years of experience in the realisation of demanding projects, OHB is excellently positioned in international competition and offers its customers a broad portfolio of innovative products in the three divisions: Space systems, Aerospace and Digital. The company employs around 3,000 people and generates a total turnover of around EUR 1 billion.

About KKR

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

Important Notice

This release may not be published, distributed or transmitted in the United States of America (including its territories and possessions, any state of the United States and the District of Columbia, “United States“), Canada, Australia, Japan or any other jurisdiction in which the publication, distribution or release would be unlawful.

Distribution of this release may be restricted by applicable law in some jurisdictions and it is important that anyone in possession of this document or the information incorporated in it should inform themselves of and comply with them. Failure to comply with such provisions may constitute a violation of the laws of such countries.

This release constitutes neither an offer nor a solicitation of an offer to purchase securities of OHB or any of its subsidiaries in the United States, Germany or any other country. Neither this publication nor its contents may constitute an offer in any country to be taken as a basis. The securities described above have not been and will not be registered under the Securities Act, as amended (the “Securities Act”) and may not be sold or offered in the United States pending registration or an exemption from the registration requirement under the Securities Act is in place.

In the United Kingdom this release is only directed at persons who are “qualified investors” within the meaning of Article 2 of the Prospectus Regulation as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, and who are also (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (“Order“), or (ii) high net worth corporations and other persons falling within Article 49(2)(a)-(d) of the Regulations who may be lawfully approached (these persons collectively being referred to as “Qualified Persons”). This release is directed only at Qualified Persons and must not be acted on or relied on by persons who are not Qualified Persons. Any investment or investment activity in securities of the Company is available only to Relevant Persons and will be engaged in only with Qualified Persons.

In the member states of the European Economic Area, this release is only addressed to and directed at persons who are “qualified investors” within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14, 2017 (Prospectus Regulation).

No action has been taken to permit the securities to be offered, purchased or this publication distributed in any country where it is not permitted. Anyone into whose possession this publication comes should inform themselves about and observe any restrictions.

This release may contain certain forward-looking statements, estimates, opinions, and forecasts concerning the future business situation, earnings situation, and results of OHB (“forward-looking statements”). Forward-looking statements can be identified by words such as “believe”, ”estimate”, “anticipate”, “expect”, “intend”, “will”, or “should” and their negation and similar variations or comparable terminology. Forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current opinions, forecasts and assumptions of the management board of OHB and involve significant known and unknown risks and uncertainties, therefore actual results, performance and events may differ materially from those expressed or implied by forward-looking statements. Forward-looking statements contained herein should not be construed as guarantees of future performance or results and are not necessarily reliable indicators of whether or not such results will be achieved. The forward-looking statements contained in this release are only valid on the date of this publication. OHB will not update the information, forward-looking statements or conclusions contained in this release in light of subsequent events or circumstances, nor will it reflect subsequent events or circumstances or correct inaccuracies that arise after the date of this release as a result of new information, future developments or otherwise, and the company does not assume any obligation to do so. OHB does not assume any responsibility whatsoever that the forward-looking statements or assumptions contained herein will occur.

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Apollo Impact to Acquire Accent Family of Companies, a Leading Value-Added Distributor and Manufacturer of Baling Wires and Equipment Servicing the Recycling and Waste Management Industries

Apollo
Positions Trusted Brand for Continued Expansion Amid Increasing Focus on Sustainability & Recycling Solutions

NEW YORK, Aug. 07, 2023 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds managed by its affiliates (the “Apollo Funds”) have completed the acquisition of the Accent Family of Companies (“Accent” or the “Company”), which includes Accent Wire-Tie, Accent Wire-Tie United Kingdom and Accent Building Materials. Accent is a leader in the distribution and manufacturing of baling wires and wire-tier machines, which are core products used in the recycling and waste industries in the U.S., Canada, and the U.K. In addition, complementing its core recycling solutions business, Accent Building Materials is a regional wholesale distributor of building materials serving customers across the Sun Belt in the U.S. Existing investor Crossplane Capital (“Crossplane”) partnered with Accent’s founders, the Sims family, in 2019 to acquire a controlling interest in Accent. Crossplane and the Sims family will retain a minority stake in the Company. Financial terms were not disclosed.

Headquartered in Tomball, Texas, Accent plays a critical role in the recycling and waste management value chain by providing the baling wire, equipment, and services that are central to enabling the economical, efficient, and safe transportation of recycled materials. In doing so, Accent’s products and services contribute to the reduction of both landfilled waste and emissions. Additionally, the recycling and waste industries are resilient throughout economic cycles and can benefit from secular tailwinds including corporate sustainability initiatives, federal and state legislative actions designed to drive an increase in U.S. recycling volumes, and increasing consumer preference for sustainably produced products and packaging.

“We believe Accent is a critical supplier to the recycling industry poised for continued growth and impact, and we see several opportunities to help grow and develop the Company,” said Joanna Reiss, Partner and Co-Head of Impact at Apollo. “We look forward to partnering with Bill and the talented team at Accent to support its expansion globally, which we believe will contribute to the continued adoption of sustainable recycling practices leading to a decrease in landfilled waste and emissions in local communities.”

Bill Sims, CEO of Accent, said, “As we continue to grow Accent globally and capitalize on the opportunity set in front of us, we are delighted to partner with Apollo and the firm’s team of dedicated professionals who recognize the important role we have in driving a more sustainable future. With Apollo’s support, we believe we will be able to reach more customers and drive increased responsible consumption and production globally. We are also grateful for Crossplane’s support over the past four years and look forward to their continued involvement as a minority investor alongside the Apollo Funds.”

Brian Hegi, Crossplane’s Managing Partner, added, “Accent is well positioned to continue its steady growth for years to come as the Company cements its critical role in enabling the recycling process. We look forward to working with Bill, Joanna and their respective teams to expand Accent’s products into both new and existing markets.”

The Apollo Impact platform pursues private equity-like opportunities with the intention of creating positive, measurable social and/or environmental impact while generating attractive risk-adjusted returns. It looks to achieve impact at scale by investing in industry-leading companies that are helping to tackle the most pressing environmental and social challenges. Co-led by Ms. Reiss and Marc Becker, the Impact platform builds upon Apollo’s long-standing track record of engagement on sustainability issues that spans more than a decade.

Apollo was advised by Paul, Weiss, Rifkind, Wharton & Garrison LLP, Latham & Watkins LLP, PwC, and the Bridgespan Group.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2023, Apollo had approximately $617 billion of assets under management. To learn more, please visit www.apollo.com.

About Accent Family of Companies

Founded in 1986, Accent is a full service, value-added industrial distribution company focused on the waste / recycling and building materials industries. Through its Wire-Tie division, Accent’s core offerings include baling wire distribution, bale tie manufacturing, wire-tier equipment manufacturing, and wire-tier parts and repair services to waste management providers, material recovery facilities, packaging companies and commercial customers throughout the United States, Canada and the United Kingdom. Through its Building Materials division, Accent is a regional distributor of roofing, concrete, drywall, and acoustical products to the construction industry under the Striker and NATCO brands throughout the west, southwest and gulf coast United States. For more information, please visit http://www.accentfamilyofcompanies.com/.

About Crossplane Capital

Launched in 2018, Crossplane Capital is a Dallas-based private equity firm that makes control investments in niche manufacturing, value-added distribution and industrial business services companies. The firm seeks to partner with lower-middle market companies to enhance financial performance and generate strategic value creation. For more information, please visit www.crossplanecapital.com.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
212-822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
212-822-0491
Communications@apollo.com

Crossplane Contact

Katie Oswald
Managing Director of Business Development
Crossplane Capital
504-957-0014
katieoswald@crossplanecapital.com

 


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Source: Apollo Global Management, Inc.

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Nordic Capital-backed Prospitalia Group becomes Vivecti Group, Dr. Benjamin I. Behar appointed as new CEO

Nordic Capital

Prospitalia Group has appointed Dr. Benjamin I. Behar as new CEO and will operate under the new brand Vivecti Group.

Prospitalia Group, a leading purchasing service company in the German healthcare market, today announced the appointment of Dr. Benjamin I. Behar as new Group CEO. As lever, catalysator and reliable partner, the companies of the group will in future provide their expertise to healthcare providers and other market participants under the new brand Vivecti Group. The new Group brand reflects the evolved and integrated approach to serve clients as a full service partner for all key challenges in hospitals and adjacent fields.

Dr. Benjamin I. Behar brings a particularly deep understanding of the challenges and management of hospitals. Before joining Vivecti Group, he played a significant role in establishing one of the fastest-growing hospital groups, Artemed SE. From the founding stage of Artemed with three hospitals to a nationally operating hospital group with 18 high-performance hospitals, he was responsible for both, the restructuring and integration of the new hospitals, as well as for purchasing and communications. Prior to that, he worked for McKinsey & Company, advising hospital operators such as Vivantes, the University Medical Center Mainz, and the Klinikverbund Südwest.

“Being the catalyst that helps healthcare providers and other market participants operate more effectively is an immensely fulfilling mission for me, as economic efficiency is the fundamental premise for medical quality, ultimately benefiting the patients. Economic efficiency and medical quality are not contradictory but mutually reinforcing. That’s why the Vivecti Group provides our partners with a comprehensive and integrated range of services and products, enhancing their performance unlike any other corporate group,” said Dr. Benjamin I. Behar.

 

Press contacts: 

For Vivecti Group:
Beilquadrat GmbH I Agentur für Identität und Identifikation
Tel +49 40 8821532-22
E-Mail: Vivecti@beilquadrat.de

About Vivecti Group

As a lever, catalyst and reliable partner, the Vivecti Group, under the leadership of Dr. Benjamin Behar, is the performance partner for healthcare facilities. Founded in 2015 with 450 employees and an annual turnover of 120 million euros over the past five years, the company originally originated from a purchasing group for hospitals founded in 1993. Today, Prospitalia, Pro Care Management, Wawibox, Miralytik, Prospitalia h-trak as well as the companies of WMC and the Hospital Management Group (HMG) belong to the Vivecti Group and thus cover an unparalleled range of products and services in the German market. In this way, healthcare providers are comprehensively supported strategically and operationally in the areas of purchasing and material cost optimisation, digital products and data analytics as well as managed services and consulting – with the aim of helping healthcare facilities to gain new strengths in times of transformation of the entire system. For more information, please visit: www.vivecti-group.com

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Leia Inc. acquires our portfolio company Dimenco

Kpn Ventures

Acquisition to Accelerate Mainstream Adoption of Immersive Experiences with Expanded Addressable Market.

Menlo Park, Aug 7th 2023 — Leia Inc., the leading provider of 3D display hardware and content services, and the creator of the award-winning 3D•AI Lume Pad 2 tablet, announced today the acquisition of Dimenco, an innovator in the display technology space. This strategic move unites the capabilities of two leaders in the 3D market, set to accelerate mainstream adoption of immersive 3D experiences across platforms and devices.

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“We are living in a 3D world, and it’s inevitable that our digital experiences will align with this reality. While VR/AR headsets have their place, the breadth of our technology allows any familiar personal device to offer a seamless, immersive 3D experience,” says David Fattal, CEO of Leia Inc. “Our customers wanted a unified solution across all devices – and this acquisition delivers exactly that.”

By joining forces, Leia and Dimenco will eliminate the existing technological divide, merging the strengths of both companies. Previously, Leia focused on the Android platform catering to the mobile and automotive markets, while Dimenco led on the Windows-based laptops and monitors for professional use. This merger will benefit customers who have been seeking a single, cross-platform solution based on a common industry standard.

Additionally, the robust content ecosystem developed by Leia, which includes 3D video calling  in partnership with Zoom, 3D movie streaming featuring top-tier Hollywood titles, 3D photo sharing, a generative AI platform and games from leading studios like Gameloft, will now be extended to all devices, providing consumers with unparalleled immersive experiences.

“We’re excited to be part of the Leia family and it delivers perfectly on our promise to provide immersive experiences accessible to anyone, anywhere on any device without the need for wearables, “says Maarten Tobias, CEO of Dimenco. “This joint entity is not only setting the industry standard, but it combines cutting edge display technology, an established high volume supply chain and a unique dynamic content ecosystem, both for consumers and professionals.”

Maarten Tobias will join Leia as Chief Commercial Officer, leveraging his industry experience to further consolidate Leia’s position in the market and expedite the integration of teams to meet the rising demand for consumer-friendly 3D solutions.

By taking a quantum leap towards achieving its vision and mission, Leia is setting the stage for a 3D revolution, propelling the industry towards a future where digital interactions are as immersive and intuitive as real-world experiences.

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DBAG acquires majority stake in TBD Technische Bau Dienstleistungen

Deutsche_Beteiligungs_AG
  • TBD is a leading critical infrastructure construction service provider
  • Range of services is part of the enabler of the energy transition in Germany
  • Management buyout to secure succession

Frankfurt/Main, 7 August 2023. Deutsche Beteiligungs AG (DBAG) invests in TBD Technische Bau Dienstleistungen (TBD), a specialized service provider for critical infrastructure. Via a management buyout (MBO), a fund advised by DBAG will acquire the majority stake from the founders to secure the company’s succession. The founders, Uwe Jahnke and Wilfried Eschen, will remain as minority shareholders, while Uwe Jahnke, alongside TBD’s well-coordinated team, will lead the company solely. This transaction, which is subject to approval by the authorities, is expected to be closed in August 2023. The parties have agreed not to disclose the terms of the sale.

TBD: Seven different business units
TBD is a highly specialised technical construction services provider headquartered in Friedeburg (East-Frisia) and counts as a regional champion in its area focusing on services and testing for critical infrastructure. TBD has a critical strategic geographic footprint since the area of Friedeburg is a key enabler for the energy transition (“Energiedrehscheibe”) following substantial investments into the infrastructure. The company is organised in seven business units and was founded in 2005. More than 350 staff members, generating a total operating performance worth 36.1 million euros (2022), are employed at six locations, thereof more than 250 in Friedeburg. TBD enjoys a high reputation among its customers. Projects such as the connection of the LNG terminal in Wilhelmshaven, for which TBD carried out the weld seam tests as an accredited testing laboratory, underline the company’s reputation, experience, and competencies.

TBD’s growth prospects are promising and mainly driven by the ongoing transition towards alternative energy sources and the overall transformation in terms of new energy infrastructure for private and commercial accommodations. DBAG’s broad experience in the area of industrial services will come to bear while TBD is heading towards its next stage of growth.

“Driven by the shift towards alternative energy sources and the derived demand in the market, TBD is in a strong position with a very promising trajectory ahead. Furthermore, we see strong prospects to accelerate growth. And with our comprehensive experience, we can contribute to an enhancement of TBD’s competence profile and a further diversification of its client portfolio”, said Jannick Hunecke, Member of the Board of Management of Deutsche Beteiligungs AG.

Wilfried Eschen, Managing Director of TBD, who will retire soon, explained: “Just like we are a reliable partner to our clients, DBAG turned out to be a reliable investor to us already. With DBAG and its fund, we will take advantage of the team’s experience and network.

“Due to DBAG’s knowledge, new opportunities will arise, which will fertilize our business, and hence benefit our clients as well as our team”, said Uwe Jahnke, Managing Director of TBD.

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EQT Private Equity to sell Schülke, a sustainability leader in infection prevention and treatment for the healthcare industry

eqt

EQT Private Equity to sell Schülke to the ATHOS Consortium, having acquired the Company in a carve-out from Air Liquide in July 2020. The Company has delivered double digit annual revenue growth and almost doubled EBITDA in its core healthcare business over this time

Under EQT Private Equity’s ownership, Schülke has been repositioned to focus entirely on the healthcare and life science market, while expanding into new geographies and sales channels through five add-on acquisitions

The Company has also established itself as a sustainability leader, for example by launching a pioneering green hospital-grade product line, transitioning to almost 100% green electricity, and signing up to the Science Based Targets initiative

EQT is pleased to announce that the EQT VIII fund (“EQT Private Equity”) has agreed to sell Schülke (the “Company”), a leading provider of infection prevention and treatment solutions for the healthcare industry, to a consortium led by ATHOS, a Munich-based single family office, along with other co-investors such as Bitburger Holding (the “ATHOS Consortium”).

Schülke is a key partner to the healthcare industry with an almost 135-year heritage of developing holistic and mission-critical infection prevention and treatment solutions. It supplies hospitals and other healthcare institutions with high quality disinfectants and antisepsis products. It also sells to the pharmacy and direct patient care channels, as well as the global life science industry. Schülke is headquartered in Norderstedt, Germany, employs approximately 1,200 people, and generates sales in more than 80 countries with market leading positions in Central and Eastern Europe, Australia and Brazil.

EQT Private Equity acquired Schülke in July 2020 with a vision to focus the business portfolio, accelerate growth in core markets, invest in sustainability and innovation, and expand its geographical footprint. Together with the Schülke management team, EQT Private Equity has delivered on this vision. Schülke repositioned to focus entirely on the healthcare and life science market, which included the sale of the Personal Care business and the discontinuation of other non-healthcare related operations. It also expanded its geographical footprint to Northern and Southern Europe and established a direct patient care channel through acquisitions, while investing in innovation including next generation products. As a result, during EQT Private Equity’s ownership Schülke has delivered double digit annual revenue growth and almost doubled EBITDA in its core healthcare business.

Central to EQT Private Equity and Schülke’s partnership has been the delivery of a customer centric sustainability strategy. Through a strategic approach to sustainability, the Company established a pioneering green hospital-grade product line, transitioned to almost 100% green electricity, and signed up to the Science Based Targets initiative, with the target to reduce greenhouse gas emissions by up to 40% by 2030. Through this transformation, Schülke has positioned itself as a key partner to its healthcare and life sciences clients in their efforts to make the industry more sustainable.

Matthias Wittkowski, Partner within EQT Private Equity’s Advisory Team, said: “We were excited about Schülke’s purpose and mission critical role in the healthcare industry when we acquired the business, and are even more so today. In close partnership with the management team, we have transformed Schülke from a corporate subsidiary to a high-performing, stand-alone healthcare company. We are proud to have supported the Company in becoming a sustainability leader that today fully lives up to its mission of “protecting lives worldwide”. This again showcases EQT Private Equity’s ability to carve out high-potential companies, drive transformation and position them for long-term success. We believe that the ATHOS Consortium is a fantastic partner for Schülke as it takes the next step on its journey.”

Stefan Kukacka, CEO of Schülke, said: “It has been a pleasure working with EQT Private Equity over the past years. Together we have strategically re-positioned the business, driven organic growth, and pursued an active M&A agenda with five add-on acquisitions. Perhaps most importantly, we delivered on a sustainability transformation strategy to ensure that we live up to our mission and are set up for sustainable growth. We are grateful for the partnership and are now looking forward to building on this momentum under the ownership of the ATHOS Consortium.”

The transaction is subject to customary regulatory approvals. It is expected to close in Q4 2023.

EQT Private Equity was advised by Bank of America, Freshfields Bruckhaus Deringer, Deloitte and Bain & Company.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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Footway raises SEK 20 million in new share issue

Industriefonden

Footway has initiated a targeted issuance of convertible loans totaling 20 million SEK. The assessment of the board is that securing this funding promptly through a targeted share issue is crucial for a successful reconstruction, serving the company’s and all shareholders’ interests. Industrifonden, one of the company’s long-term owners, stands behind this initiative, demonstrating our support and belief in Footway’s future.

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CoreWeave Secures $2.3 Billion Debt Financing Facility led by Magnetar Capital and Blackstone to Meet Surging Demand and Ongoing Expansion of Specialized Cloud Infrastructure to Power AI

Blackstone
  • Debt financing facility led by Magnetar and Blackstone and with strategic participation from Coatue, DigitalBridge Credit, and funds and accounts managed by BlackRock, PIMCO, and Carlyle
  • Funding to purchase compute to serve its customers, while bolstering its talent base
  • Follows recent $421 million Series B funding round

ROSELAND, N.J, – August 3, 2023 – CoreWeave, a specialized cloud provider of large-scale GPU-accelerated workloads, today announced it has secured a $2.3 billion debt financing facility. The funding was led by Magnetar Capital and funds managed by Blackstone Tactical Opportunities (“Blackstone”) with strategic participation from leading asset management firms Coatue and DigitalBridge Credit, and funds and accounts managed by BlackRock, PIMCO, and Carlyle.

CoreWeave is powering the LLM (large language model) and generative AI boom with purpose-built, ultraperformant cloud infrastructure at scale. The new financing will be used to add to its fleet of high-performance compute to serve its customers, open new data centers, and add to CoreWeave’s world class staff.

“AI has the potential to transform the way we engage with technology, power the industries of the future, and make society’s vital services more efficient – as long as the infrastructure is in place to deliver performance at scale,” said Michael Intrator, CoreWeave CEO and co-founder. “CoreWeave is delivering on this unprecedented level of demand with the most reliable, flexible, and highly performant compute resources to lead the industry forward. The new resources from these world class investors are a vote of confidence in our accomplishments to date and validate our future strategy.”

“We are incredibly proud to expand our years-long partnership with CoreWeave through this important transaction that positions the company for long-term growth and success,” said David Snyderman, Chief Investment Officer and Managing Partner at Magnetar Capital. “As AI becomes increasingly integrated into businesses and society at large, CoreWeave is well equipped to meet the world’s increasing need for high performance compute and serve as a value-added provider to each of its customers.”

Jasvinder Khaira, a Blackstone Senior Managing Director, said: “The soaring computing demand from generative AI will require significant investment in specialized GPU cloud infrastructure – where CoreWeave is a clear leader in powering innovation. Blackstone’s investment in CoreWeave aligns perfectly with our focus on AI and digital infrastructure, and takes advantage of our scale and flexibility to offer innovative financial solutions to market leaders.”

Earlier this month, CoreWeave announced a new $1.6 billion data center in Plano, Texas – a milestone as the company continues to aggressively expand its capacity and infrastructure footprint. This company anticipates a fleet of 14 data centers to be in place by the end of 2023.

Last month, CoreWeave unveiled the world’s fastest AI supercomputer built in partnership with NVIDIA, measured by an industry standard benchmark test called the MLPerf. CoreWeave’s publicly available supercomputing infrastructure trained the new MLPerf GPT-3 175B large language model (LLM) in under 11 minutes, which was more than 29x faster than the next best competitor and 4x larger than the next best competitor.

In April, CoreWeave announced it had raised $221 million in Series B funding led by Magnetar Capital with contributions from NVIDIA, Nat Friedman and Daniel Gross. One month later, CoreWeave secured $200 million in a Series B extension, also led by Magnetar Capital.

John Watson, a Managing Director at Blackstone, added: “We believe that CoreWeave’s purpose-built infrastructure will continue to play a key role in supporting the growth of the AI industry and look forward to supporting this technology leader’s expansion moving forward.”

About CoreWeave
Founded in 2017, CoreWeave is a specialized cloud provider, delivering a massive scale of GPU compute resources on top of the industry’s fastest and most flexible infrastructure. CoreWeave builds cloud solutions for compute-intensive use cases — machine learning and AI, VFX and rendering, life sciences, the Metaverse, and real-time streaming — that are up to 35 times faster and 80% less expensive than the large, generalized public clouds. Learn more at www.coreweave.com.

About Blackstone  
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, Twitter, and Instagram.

Contacts

Blackstone
Matthew Anderson
(518) 248-7310
Matthew.Anderson@Blackstone.com

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EQT Exeter Real Estate Income Trust Launches

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EQT Exeter Real Estate Income Trust, Inc. Initial Public Offering Declared Effective by the U.S. Securities and Exchange Commission

EQT Exeter Real Estate Income Trust, Inc. (“EQRT”) today announced its Registration Statement on Form S-11 in connection with its initial public offering of common stock has been declared effective by the U.S. Securities and Exchange Commission. EQRT is offering on a continuous basis up to $5,000,000,000 in shares of its Class S, Class T, Class D, and Class I common stock, consisting of up to $4,000,000,000 in shares in the primary offering and up to $1,000,000,000 in shares pursuant to a distribution reinvestment plan. EQRT is externally managed by Exeter Property Group, LLC (“EQT Exeter”), an affiliate of EQT AB.

EQRT is a newly organized corporation formed to invest primarily in stabilized, income-oriented commercial real estate in the United States, with an emphasis on properties that can leverage EQT Exeter’s scale and long-standing direct leasing relationships with Fortune 1000 companies. EQRT will generally seek to invest approximately 80% in properties with business tenants, such as industrial or life science properties, and approximately 20% in real estate assets with consumer users, such as multifamily or self-storage properties.

Until the release of proceeds from escrow, the per share purchase price for shares of common stock in the offering will be $10.00 per share plus applicable upfront selling commissions and dealer manager fees. Thereafter, the purchase price per share for each class of common stock will vary and will generally equal the prior month’s net asset value (“NAV”) per share, as determined monthly, plus applicable upfront selling commissions and dealer manager fees.

EQTE Brokerage, LLC, member FINRA and SIPC, is acting as the dealer manager for the offering on a best-efforts basis and will engage selected broker-dealers to participate in the distribution of shares to individual investors.

Written copies of the prospectus may be obtained from EQTE Brokerage, LLC, Attn: Jake Sauerteig, Five Radnor Corporate Center, 100 Matsonford Road, Suite 250, Radnor, PA 19087.

For all other inquiries contact pwm@eqtpartners.com.

These statements are based upon EQRT’s current expectations and speak only as of the date hereof. EQRT’s actual results may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties including those relating to future economic, competitive and market conditions and future business decisions by EQRT. EQRT undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. An offering is made only by the prospectus. This press release must be read in conjunction with the prospectus in order to fully understand all of the implications and risks of the offering of securities to which the prospectus relates. A copy of the prospectus must be made available to you in connection with any offering. No offering is made except by a prospectus filed with the Department of Law of the State of New York. Neither the U.S. Securities and Exchange Commission, the Attorney General of the State of New York nor any other state securities regulator has approved or disapproved EQRT’s common stock, determined if the prospectus is truthful or complete or passed on or endorsed the merits of the offering. Any representation to the contrary is a criminal offense.

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KKR Acquires Majority Stake in Leading Pallet Pooling Platform LEAP India

MUMBAI, India–(BUSINESS WIRE)– KKR, a leading global investment firm, and LEAP India (‘LEAP’ or the ‘Company’), a leading pallet pooling platform in India, today announced the signing of definitive agreements under which funds managed by KKR will acquire a majority stake in the Company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230801401222/en/

Founded in 2013 by Sunu Mathew, LEAP is a leading pallet pooling platform in India, providing a wide range of innovative and high-quality supply chain solutions, including equipment pooling, returnable packaging, inventory management and movement, transportation, and repair and maintenance, to a diversified and large customer base across e-commerce, consumer durables, beverages, fast-moving consumer goods and automotive. Today, the Company operates a network of 21 warehouses and more than 3,500 customer locations, and manages more than 6 million total assets, including pallets and containers, across India for its customers.

The investment builds on strong macroeconomic tailwinds in India that include a focus on modernizing, automating, and optimizing efficiencies in supply chains and logistics services. In addition, sustainable logistics is expected to play a critical role in driving India’s rapid economic growth over the next 25 years.1 As Indian corporations increasingly look to focus on core operations and sustainably streamline logistics arrangements, there is significant opportunity for platforms such as LEAP to provide high-quality and efficient supply chain solutions.

Ami Momaya, Director, Infrastructure at KKR, said, “We are pleased to invest in LEAP, a standout leader in India’s pallet pooling industry that will play an important role in driving the country’s continued modernization and growth. LEAP is supporting this shift by providing the critical assets needed for the manufacturing, storage, and movement of goods in supply chains and in so doing also helps companies to be better equipped to improve the environmental impact of their operations. The Company has grown rapidly since its founding under the leadership of a talented management team, and we look forward to collaborating closely and leveraging our deep infrastructure experience, operational expertise and global networks to help LEAP achieve its next stage of transformation.”

Sunu Mathew, Founder and Managing Director at LEAP India, said, “From Day One, LEAP’s mission has been to provide quality supply chain solutions to support our clients’ needs and contribute to India’s modernization. We are proud of our growth and grateful for the support received from our strategic partners and investors, including our first investor Mayfield, that have helped us to scale to where we are today. Going forward, we look to tap into KKR’s global expertise to accelerate our growth and deliver impactful solutions to our clients.”

KKR is making this investment as part of its Asia infrastructure strategy. The acquisition of LEAP marks KKR’s latest infrastructure investment in India. Past transactions in the sector by KKR have included Serentica Renewables, a decarbonization platform that seeks to provide complex clean energy solutions for energy-intensive, hard-to-abate industries; Hero Future Energies, a leading independent power producer and the renewable energy arm of the Hero Group; Highways Infrastructure Trust, a roads infrastructure investment trust (InvIT); Virescent Infrastructure, a renewable energy platform in India; and IndiGrid, a leading infrastructure InvIT. The transaction is expected to be completed by Q3 2023, subject to customary pre-closing and closing conditions. Additional details of the transaction are not disclosed.

Deloitte Touche Tohmatsu and Transaction Square acted as LEAP’s advisors and Anagram Partners acted as legal advisor to LEAP. EY and KPMG acted as KKR’s advisors and AZB & Partners and Simpson Thacher & Bartlett acted as legal advisors to KKR.

About LEAP India

LEAP, or Leading Enterprise in Asset Pooling, is a premier provider of sustainable supply chain solutions in India. Specializing in the design, manufacture, and management of wooden pallets, reusable packaging, and containers, LEAP primarily operates in the asset pooling space, offering cutting-edge supply chain solutions to businesses throughout India.

Established in 2013, LEAP’s mission is to provide cost-effective and sustainable solutions that help businesses reduce waste and lower costs while minimizing the environmental impact of their operations. Through its commitment to innovation, integrity, teamwork, customer service, and excellence, LEAP has earned a reputation as a reliable partner for businesses seeking to optimize their supply chain operations.

About KKR

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

1 EY: Envisioning the future of Indian logistics@2047, April 2023: https://www.ey.com/en_in/consulting/transforming-the-future-of-indian-logistics-sector

Media

For LEAP India:
Priti Vinchhi
+91 8657504746
priti.vinchhi@leapindia.net

For KKR:
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

Source: KKR

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