Category Archives: News

CDTI Innovation’s SICC Innvierte Invests in Next Technology Ventures II to Drive Innovative Solutions for Critical Energy Transition Challenges

Axon

With this investment, CDTI Innovation reaffirms its commitment to promoting projects that empower national companies to lead international markets, create high-quality employment, and enhance their competitiveness through advanced technology.

CDTI Innovation, through its Innvierte initiative, has invested 15 million euros in Next Technology Ventures II (NTV II), managed by Axon Partners Group. This investment aims to promote the development of high technology (‘Deeptech’) in SMEs within the climate sector (generation and smart grids, smart buildings and distributed energy, transport and mobility, industry, and circular economy), primarily targeting early-stage companies.

Next Technology Ventures II:

Driving Technological Innovation in Early-Stage Climate Solutions With a total size exceeding 60 million euros, NTV II began building its portfolio in 2023. Targeting between twenty and thirty investee companies, the fund has already made its first twelve investments in companies developing solutions to global challenges such as industrial decarbonisation (Build to Zero), green hydrogen production and carbon capture (Parallel Carbon), renewable energies and grid flexibility (Hepta, Phelas, or Novatron), and the circular economy (Nextmol).

Additionally, these companies are advancing enabling technologies based on IoT (Energiot or Wsense), new materials (Jolt), and even Quantum Computing applied to energy (Quilimanjaro).

The fund is managed by Axon Partners Group, which, since 2019, has maintained a dedicated investment strategy focused exclusively on the climate technology and energy transition ecosystem. While global in scope, Axon’s strategy prioritises Spain and Southern Europe.

Innvierte:

Promoting Business Innovation Through Venture Capital, Innvierte is a programme that fosters business innovation by supporting venture capital investments in technology-driven or innovative companies. Implemented through the closed-end collective investment entity Innvierte Economía Sostenible SICC S.M.E., S.A., this initiative operates under the supervision of the Spanish National Securities Market Commission (CNMV), with CDTI Innovation as its sole shareholder.

To date, CDTI Innovation has committed 2,183 million euros in 57 investment vehicles that have invested in over 602 companies. It has directly committed 632 million euros to 188 companies through its co-investment line.

Innvierte is part of the Spanish Science, Technology, and Innovation Strategy 2021-2027, approved by the Council of Ministers in September 2020. This strategy outlines the objectives, reforms, and measures to be implemented across the R&D&I sector to drive its growth and impact, forming a key pillar in the government’s R&D&I policy for the coming years.

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Altor divests all shares in XXL

27 May 2025. Altor Fund IV (“Altor”) has today accepted the mandatory offer from Frasers Group Plc for XXL ASA (“XXL” or the “Company”) and thereby sold 23,491,568 A shares and 17,051,037 B shares in XXL ASA, representing all its shares and votes in the Company, at a price of NOK 10 per share. Following these transactions, Altor will own no shares in XXL. Altor has supported XXL since they partnered in 2019.

“Given the current situation and the increasing short-term challenges, Altor has decided to accept Frasers Group’s offer, in line with the Board’s new recommendation. As we now hand over to Frasers Group, we believe XXL will benefit from their industry experience and benefit from being part of a larger group” said Øistein Widding, Partner and Head of Norway.

Andreas Källström Säfweräng, Partner and Head of the Consumer Sector continued: “XXL’s management team and dedicated employees are working hard every day to build a stronger company, and Altor believes they’ll succeed in getting back to profitable growth. That said, there are still real challenges ahead short-term. We see this as the right time for Frasers Group to guide the next chapter.”

About Altor

Since inception, the family of Altor funds has raised more than EUR 12 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Helly Hansen, Meltwater, CCM Hockey, and Toteme.

Press contact

Karin Åström

Head of Communications

karin.astrom@altor.com

+46 707 64 86 59

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Smart Communications Announces Acquisition of Joisto

AKKR Logo

Powerful Cloud Archival Capabilities Expand Smart Communications’ Market-Leading Conversation Cloud™ Platform

London and New York – Smart Communications™, the leading cloud-based platform for enterprise customer communications, today announces it has acquired Joisto, a cloud data archive company. As a result, customers will now have the ability to seamlessly store, manage and retrieve digital records and documents, while meeting the stringent requirements for data retention that govern regulated industries worldwide.

“We’re delighted to incorporate Joisto’s deep expertise in cloud archival into Smart Communications,” said Leigh Segall, CEO of Smart Communications. “Our leading Conversation Cloud Platform already enables our customers to manage sophisticated customer conversations at tremendous scale. With the addition of Joisto, we will extend these capabilities to meet an increasing need for regulatory-compliant and readily accessible storage of these conversations in the cloud. Together we will support customers worldwide as they continue their journey to modernize and transform customer conversations.”

Joisto’s cloud-based archive solution is built to seamlessly connect to a wide range of core solutions across corporate ecosystems using a comprehensive set of APIs. This enables customers to store, manage, and retrieve documents, irrespective of their source. With powerful data-ingestion capabilities and a modern, scalable, cloud architecture, Joisto easily meets customer requirements to store large volumes of documents, while enabling access from any location. Built with industry regulations and retention rules in mind, Joisto supports compliance with GDPR while driving enhanced document integrity, document authorization and user validation.

“Joisto is thrilled to join forces with Smart Communications,” commented Joisto CEO, Tommi Hänninen. “We deeply understand the importance of archival in regulated industries and we are especially proud to partner with an organization that is equally passionate about providing industry-leading capabilities through a modern, cloud-based architecture. The combination of Smart Communications and Joisto represents an exciting step forward for both companies and our customers.”

The acquisition comes alongside a period of sustained, rapid growth for Smart Communications, as the company has consolidated its leadership position in the cloud CCM (Customer Communications Management) and IXM (Interaction Experience Management) sectors and earned recognition for its strength among today’s leading healthcare, financial services, insurance, and government organizations. In addition, analyst firms including IDC, Aspire, Aragon, Datos, and Celent have once again ranked Smart Communications as a strategic leader and highlighted the company’s vision, cloud strategy, and product innovation.

As Smart Communications extends capabilities across the Conversation Cloud with this acquisition, the company will continue to integrate and partner with leading platform vendors worldwide to make ongoing customer conversations – and archival – seamless for the enterprises we serve.

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IK Partners to invest in Kestrel Capital

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Small Cap III (“IK SC III”) Fund has signed an agreement to invest in Kestrel Capital (“Kestrel” or “the Company”), a fast-growing, independent Irish wealth manager. IK is investing alongside the current owners of Kestrel, who will all continue to develop and manage the business going forward. IK is investing from its dedicated pool of Development Capital, with this transaction representing IK’s first platform investment in Ireland. Financial terms of the transaction are not disclosed and completion of the transaction is subject to customary regulatory approvals.

Headquartered in Dublin, Ireland, Kestrel is an investment management and financial planning firm, offering bespoke services to high-net-worth individuals, family offices, corporations, charities, foundations and retirement plans. The Company was founded in 2015 and its highly skilled team is led by John Crowe, Danny McGinley and Kenny Hope. Together, they have a combined experience of more than 70 years in wealth management and they will continue to apply all this knowledge and experience to the benefit of Kestrel’s clients.

Kestrel has built a strong reputation for delivering long-term wealth preservation and accumulation strategies to a loyal and rapidly growing client base. Its business model is built around three main pillars: bespoke advice; disciplined portfolio construction; and rigorous oversight. As one of only a few independent MiFID regulated wealth managers in Ireland, the Company is able to provide discretionary portfolio management services, tailored to the specific needs of each client.

Since inception, Kestrel has increased its assets under management to over €1bn and is well positioned to continue its impressive growth, due to the Company’s differentiated offering, its well-established track record and the backdrop of increasing wealth generation in Ireland.

In partnership with IK, Kestrel plans to: continue providing high-quality advice to its growing client base; broaden its service offering; and invest in its operations to uphold high service standards. The Company will also accelerate growth by developing its existing team, attracting new senior wealth managers and making selective complementary acquisitions in a highly fragmented market.

John Crowe, Founder and CEO of Kestrel, said: “This investment from IK marks an important milestone in the development of Kestrel as we seek to further strengthen our position in the Irish Wealth Management sector. With the expertise and experience brought by the IK team, we will be able to capitalise on the market opportunity and pursue a growth strategy in an industry that is poised for consolidation.”

Simon May, Partner at IK and Advisor to the IK SC III Fund, added: “We have been very impressed with Kestrel’s achievements since inception. Its rapid growth is a real testament to the hard work and tireless efforts of John and his team to build a high-quality, client-centric business. We look forward to supporting John, Danny, Kenny and their team in the next chapter of Kestrel’s development, utilising the expertise of the wider IK platform and our experience with similar wealth management businesses.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0)7787 558 193
vidya.verlkumar@ikpartners.com

H/Advisors Maitland
Vikki Kosmalska
Phone: +44 (0) 7754 943 601
vikki.kosmalska@h-advisors.global

 

About Kestrel Capital

Kestrel Capital is an independent, employee-owned Investment Advisory and Management firm, supporting high-net-worth individuals, family offices, corporations, charities, foundations and retirement plans. Kestrel Capital provides access to global financial markets via world class international trading platforms. For more information, visit kestrel.ie

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics, UK and Ireland. Since 1989, IK has raised more than €19 billion of capital and invested in over 200 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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Renta Acquires Tunnelling Infrastructure Assets In Norway

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) strengthens its position in the Norwegian infrastructure rental sector by acquiring W. Giertsen Services AS’s (“WGS”) and AGTunnel AS’s (“AGT”) tunnelling infrastructure assets in two business transfer deals comprising in total nine specialised machines for tunnelling infrastructure projects.

The acquisitions are aligned with Renta’s strategy to expand its specialised infrastructure machinery rental business. In connection to the transaction, Renta signed long-term cooperation agreements with both WGS and AGT on the rental of specialist tunnelling machinery and general rental equipment to WGS and AGT. The cooperation agreements are expected to further drive cross-selling synergies between Renta’s tunnelling specialty and general rental operations. The transferring fleet is compatible with Renta’s existing tunnelling fleet and consists of equipment from high-quality OEMs.

The acquisitions have been completed.

Leif-Martin Drange, Managing Director at Renta Norway, said: “The transactions mark another step forward in our pursuit to grow in the attractive tunnelling infrastructure rental market. In addition to growing our fleet, we are particularly excited about strengthening and formalising the cooperation with two reputable companies in the Norwegian market. We expect the cooperation with W. Giertsen Services and AGTunnel to be mutually beneficial and to help us drive sales synergies between our specialist tunnelling rental operations and our general rental business.”

Enquiries: ir@renta.com

About Renta Group

Renta Group is a Northern European full-service equipment rental company founded in 2015. The Company has operations in Finland, Sweden, Norway, Denmark, Poland, and the Baltics, with 193 depots and more than 2,300 employees. Renta is a general rental company with a wide range of construction machines and equipment along with related services. In addition to operating a network of rental depots, Renta is a supplier of scaffolding and weather-protection services. For more information, visit www.renta.com

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Main Capital Partners Successfully Closes €520 aMillion Multi-Asset Continution Fund

Main Capital Partners
Main Capital Partners, a leading enterprise software investor operating in Europe and North America, announces the successful closing of its first continuation fund, with a total €520 million in commitments.

The transaction was fully capitalized by a group of new and existing limited partners, co-led by Lexington Partners and StepStone Group, with Trinity River Holdings, LP serving as sub-lead. The fundraise experienced significant demand from globally recognized leaders in secondary transactions.

The continuation fund was established to (partially) acquire a diversified group of three strong-performing portfolio companies across several Main Capital Partners funds. The assets in the fund include SDB, a leading Dutch healthcare software provider, MACH, a German GovTech powerhouse, and Björn Lundén, a prominent Sweden-based financial administration software company with activities throughout Europe. Main Capital Partners aims to continue growing these star assets into European leaders in their respective domains, both organically and through active buy-and-build strategies.

This transaction has provided existing investors with optionality, offering either liquidity or the opportunity to continue investing in the growth trajectories of the three high-performing companies involved. Additionally, the fund provides the portfolio companies with additional time and capital to pursue further value-accretive buy-and-build strategies under the continued stewardship of Main Capital Partners.

This transaction aligns perfectly with our strategy to build large and resilient software groups. We are fully dedicated to continue building large and international software groups in our core product markets HealthTech, GovTech and Financial Administrative software.”

– Charly Zwemstra, Managing Partner and CIO at Main Capital Partners

Charly Zwemstra, Managing Partner and CIO at Main Capital Partners: “For over 20 years, Main Capital Partners has proven itself a leader in enterprise software investing. This transaction aligns perfectly with our strategy to build large and resilient software groups. We are proud of what we have achieved in partnering with these companies and their management teams so far. We are fully dedicated to continue building large and international software groups in our core product markets HealthTech, GovTech and Financial Administrative software.”

Jorn de Ruijter, Head of Fund Structuring and Investor Relations at Main Capital Partners: “This transaction has provided our investors with optionality to take liquidity at a market-driven price or continue to stay invested and profit from future upside, while allowing the portfolio companies the opportunity to continue pursuing their growth ambitions, a great result for all parties involved. We look forward to partnering with Lexington Partners, StepStone Group and Trinity River Holdings, LP on this new fund and continuing to support our portfolio companies for the years to come.”

Proskauer Rose LLP acted as lead legal counsel and Main did not use a placement agent for the fundraising.

Nothing contained in this Press Release is intended to project, predict, guarantee, or forecast the future performance of any investment. This Press Release is for information purposes only and is not investment advice or an offer to buy or sell any securities or to invest in any funds or other investment vehicles managed by Main Capital Partners or any other person.

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EURAZEO TO INVEST IN 3P, A LEADING SOFTWARE PROVIDER OF PUBLIC PROCUREMENT AND POST PROCUREMENT SOLUTIONS IN BELGIUM AND FRANCE

Eurazeo

Eurazeo, through its Small-mid buyout team, has entered into exclusive negotiations relating to an investment in 3P, a leading software publisher specialized in procurement and post-procurement as well as asset management solutions for public-sector institutions. The transaction marks the eleventh investment for Eurazeo PME IV, the third outside France, and demonstrates the expertise of the Small-mid buyout strategy in supporting fast-growing European technology and services mid-market champions in their international expansion.

Headquartered in Belgium and created in 2001, 3P offers a fully integrated platform with a subscription-driven revenue model designed to automate, secure and optimize tendering, procurement as well as post-procurement processes, while helping clients ensure compliance with the latest European, national and regional legislation and requirements. 3P’s products are used by 2,000+ public clients across Belgium and France and caters for the needs of diversified clients: municipalities, regional authorities, hospitals, universities, police forces, etc.

3P has showcased double-digit historical growth providing clients with mission-critical software enabling public entities to save time and optimize procurement processes while reducing administrative burden and ensuring compliance. Eurazeo will support and accelerate the company’s development by pursuing its European expansion strategy, which has been initiated in France by the historical shareholders: founders, 3d investors and ING who will all reinvest in the transaction alongside Eurazeo and the management team.

Clément Morin, Managing Director Small-mid buyout, at Eurazeo:

“We are thrilled to partner with 3P management team and historical shareholders on this next phase of growth. 3P is a perfect match to our ambition to support European software champions in both their organic and external growth. We now look forward to supporting the group by leveraging Eurazeo’s network, resources and experience, especially in cross-border M&A.“

Pascal Meyers, CEO of 3P:

“We are very enthusiastic about the arrival of Eurazeo as majority shareholder. We are convinced that their strong expertise, network and European DNA will help us to accelerate our strong growth ambitions to become Europe’s premier public-sector procurement technology partner, based on further broadening our European footprint as well as leveraging our major investments in a next-gen ai-empowered cloud solution.”

The reinvesting shareholders:

The founders, 3d investors, and ING are thrilled to welcome Eurazeo as 3P’s majority shareholder, reinforcing their confidence in 3P’s future through a significant reinvestment. There is a shared conviction that Eurazeo’s expertise as a leading IT investor will empower 3P to solidify its position in Belgium, and France and expand throughout Europe. They are fully committed to supporting 3P’s management team and Eurazeo in scaling 3P’s highly efficient GovTech public procurement platform throughout Europe.

Information – Individual investors

Eurazeo Investment Manager (EIM) and Eurazeo Mid Cap (EMC) are merging to form Eurazeo Global Investor (EGI)

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Advent enters into exclusive negotiations to acquire Kereis, a leading European insurance broker, from Bridgepoint

Bridgepoint

Advent, a leading global private equity investor, today announced that it has entered into exclusive negotiations to acquire Kereis, a European leader in multi-channel insurance brokerage, from Bridgepoint, a leading quoted private asset growth investor. Terms of the potential transaction were not disclosed.

Founded in 1991 and headquartered in Paris, Kereis provides insurance broking services for insurers and banking partners, including the distribution of tailored solutions to a large network of retail brokers with over 1,700 dedicated employees across seven European countries.

Kereis is France’s largest insurance broker for housing protection insurance, managing over 17 million contracts in Western Europe. Under Bridgepoint’s ownership since 2020, Kereis has doubled its revenues, transformed its tech platform and diversified strategically into corporate risk, health and P&C. As a result, Kereis has become a top 5 wholesale broker in France with a strong and growing local broker network. With Bridgepoint’s support, the firm has accelerated its development and international expansion through a dynamic M&A strategy with significant transformational transactions in the last three years.

Philippe Gravier, Chief Executive Officer of Kereis, on behalf of the management team stated:

“This project opens a promising new chapter for Kereis, after five years of a successful partnership with Bridgepoint. Our unwavering commitment to provide excellent services to our business partners will remain unchanged. We look forward to working closely with Advent as we continue to invest for the long term in our digital capabilities, expand into new markets, and deliver innovative solutions to our partners and clients across Western Europe.”

Benjamin Buerstedde, Partner at Advent, said,

“We congratulate the management team on successfully building Kereis into a highly differentiated platform in the insurance brokerage space. We look forward to supporting the company’s journey to expanding its leadership position in wholesale broking and remaining the partner of choice for banking and insurance partners across an attractive product range.”

Hadrien de Bardies, Director at Advent, added,

“Our potential investment in Kereis builds on Advent’s long-standing track record in financial services. We will leverage our global network and operational resources to help Kereis scale further, broaden its product offering, and strengthen its leadership position in the European market.”

Vincent-Gael Baudet, Partner and Head of Bridgepoint Europe in France, said, “Since our initial investment in 2020, we’ve been dedicated to support Management in building enduring value – championing innovation, deepening client relationships, and building a European consolidating platform. The acquisition by Advent underscores the strength of long-term partnerships, the quality of the Management team led by Philippe Gravier, and reaffirms Bridgepoint’s proven track record of elevating French successes to leading positions on the world stage.”

Carl de Vergie, Partner at Bridgepoint, said,

“It’s been a pleasure to work alongside the great management team at Kereis to drive accelerated growth – gaining new clients, modernising the tech platform, and doubling revenue through diversification in new products, distribution channels, and geographic expansion. All the means developed were oriented to serve the growth ambition of the group, and we’re excited to see what’s next for Kereis.”

Advent has developed significant expertise and an extensive track record investing in the business & financial services sector. In the insurance space, Advent most recently invested in CCC Intelligent Solutions, the car-insurance software provider, and Shift Technology, an AI-powered software business focused on the insurance industry. Advent has been investing in France for over 25 years having made 15 platform deals, with the most recent investments being in Parfums de Marly – INITIO in 2023 and Mangopay in 2022.

The transaction is subject to customary regulatory approval and employee consultation.

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GRIN Therapeutics and Angelini Pharma Enter into Exclusive Collaboration to Develop and Commercialize Radiprodil Outside North America

Blackstone

GRIN also announces closing of $140 million Series D financing, including a $65 million strategic equity investment from Angelini Pharma and $75 million from existing investor Blackstone Life Sciences

Collaboration combines Angelini Pharma’s global reach and focus on complex neurological disorders with GRIN’s expertise and capabilities in developing and advancing precision therapeutics for neurodevelopmental disorders

Under terms of the collaboration, GRIN is to receive $50 million upfront, and is eligible to receive up to $520 million in milestones and tiered royalties in addition to shared development costs

GRIN will continue to lead global development and retains exclusive rights for radiprodil in the United States, Canada, and Mexico

Funding from both transactions will support ongoing operations including planned global pivotal Phase 3 trial for radiprodil in the treatment of GRIN-related neurodevelopmental disorder in 3Q 2025

NEW YORK, NY, and ROME, ITALY –  May 27, 2025 – GRIN Therapeutics, Inc., a leader in the development of therapies to treat serious neurodevelopmental disorders, and Angelini Pharma, part of the privately owned Angelini Industries, today announced a collaboration for the development and commercial rights outside of North America of GRIN Therapeutic’s investigational drug radiprodil, currently being studied in multiple rare genetic epilepsies and neurodevelopmental disorders.

GRIN Therapeutics also announced the closing of its $140 million Series D financing with investment by Angelini Pharma and Blackstone Life Sciences. Together, the two transactions highlight a significant total near-term commitment of $115 million from Angelini Pharma, which includes a $65 million strategic equity investment and a $50 million upfront payment related to the collaboration. Existing GRIN Therapeutics investor Blackstone Life Sciences contributed $75 million to the Series D financing round. Jacopo Andreose, PhD, CEO of Angelini Pharma, will join GRIN’s Board of Directors.

“We are very pleased to close this financing round and to welcome Angelini Pharma—an ideal partner whose engagement reflects the significant value we’ve built around the radiprodil program in a relatively short period,” said Bruce Leuchter, MD, President & CEO of Neurvati Neurosciences and GRIN Therapeutics. “This strategic collaboration marks an important point of validation for GRIN Therapeutics, the clinical data generated to date, and the potential of radiprodil as the first approved treatment for patients with GRIN-related neurodevelopmental disorder (GRIN-NDD)—a population with urgent unmet need. We are also deeply grateful for the continued support and commitment of Blackstone Life Sciences, whose partnership has been instrumental in advancing our efforts. With this momentum, we are well-positioned to move radiprodil into pivotal trials and take an important step toward delivering a novel therapeutic option to patients and families.”

“Our strategic collaboration with GRIN Therapeutics, including our participation in this Series D financing and in-licensing deal for radiprodil, reflects our dedication to advancing highly innovative treatments in brain health, building on our deep therapeutic expertise in neurology and psychiatry” said Jacopo Andreose, PhD, CEO of Angelini Pharma. “We see radiprodil as an opportunity to address the substantial unmet medical need of people living with GRIN-NDD and potentially other rare pediatric neurological diseases. We look forward to working closely with the team at GRIN Therapeutics to help bring this promising therapy to patients around the world.”

“Angelini Pharma is a leading international pharmaceutical company and we are thrilled to have their backing, partnership and commitment to the further growth of GRIN Therapeutics and development of radiprodil,” said Kiran Reddy, MD, Senior Managing Director, Blackstone Life Sciences. “The team’s rapid progress with radiprodil—achieving multiple regulatory designations and advancing toward a pivotal Phase 3 trial— is very promising and today’s milestone also validates the ability of Neurvati’s model to efficiently develop high-impact neuroscience therapies.”

Radiprodil is a targeted, selective, and potent negative allosteric modulator of the GluN2B subunit of the N-methyl-D-aspartate (NMDA) receptor. NMDA receptors are crucial for synaptic transmission, cognition and seizures. Several NDDs and epilepsy syndromes are associated with either genetic mutations or overactivation of NMDA receptors.

Radiprodil has received multiple regulatory designations, including Breakthrough Therapy designation from the U.S. Food and Drug Administration (FDA) for the treatment of seizures associated with GRIN-NDD with gain-of-function (GoF) variants. Additionally, radiprodil has been granted FDA Orphan Drug designation, rare pediatric disease designation, European Medicines Agency (EMA) Priority Medicines (PRIME) designation, and a positive opinion for orphan designation from the EMA Committee for Medicinal Products for Human Use (CHMP) for the treatment of GRIN-NDD. The company remains on track to initiate a global, pivotal Phase 3 clinical trial for radiprodil in GRIN-NDD in the third quarter of 2025. Additionally, an ongoing open-label Phase 1b/2a study, known as the Astroscape trial, is evaluating radiprodil in patients with tuberous sclerosis complex (TSC) and focal cortical dysplasia (FCD) type II.

Under the terms of the agreement, GRIN Therapeutics will continue to lead global development and retain exclusive rights for radiprodil in the United States, Canada, and Mexico. Angelini Pharma will receive exclusive rights to commercialize radiprodil in the rest of the world. GRIN Therapeutics will receive an upfront payment of $50 million, and the parties will share certain clinical development costs for radiprodil. Additionally, GRIN Therapeutics may receive up to an additional $520 million based on achieving certain development, regulatory and sales milestones.  GRIN Therapeutics is also eligible to receive tiered royalties based on global sales as well as payments from any future sublicense transactions outside of Europe.

“Our strategic collaboration with Angelini Pharma shows how global partnerships can play an important role in advancing our business strategy at Neurvati, which is purpose-built to identify, advance, and unlock the potential of promising neuroscience assets through focused, mid-to-late stage development,” said Dr. Leuchter, adding, “We are also very pleased to welcome Jacopo Andreose to our Board of Directors. His deep expertise in global drug development and commercialization will be a significant advantage for us as we progress radiprodil through Phase 3 development and prepare for potential regulatory approvals worldwide.”

About Radiprodil
Radiprodil is an investigational, potent negative allosteric modulator selectively targeting the GluN2B subunit of the N-methyl-D-aspartate (NMDA) receptor, for the treatment of GRIN-related neurodevelopmental disorder (GRIN-NDD).  It has been awarded Breakthrough Therapy, Orphan Drug and Rare Pediatric Disease designations by the U.S. Food and Drug Administration as well as Priority Medicines (PRIME) designation by the European Medicines Agency (EMA) and a positive opinion for orphan designation from the EMA Committee for Medicinal Products for Human Use (CHMP). The planned global Phase 3 trial for radiprodil for GRIN-NDD will aim to evaluate the impact of a targeted treatment on core aspects of the disease, including seizures, behavioral abnormalities and functional outcomes. Radiprodil is also being developed for the treatment of tuberous sclerosis complex (TSC) and focal cortical dysplasia (FCD) type II. The Astroscape trial (ClinicalTrials.gov identifier: NCT06392009) is an ongoing, open-label Phase 1b/2a clinical trial assessing the safety, tolerability, pharmacokinetics (PK), and potential efficacy of radiprodil in patients with TSC or FCD type II.

About GRIN Therapeutics
GRIN Therapeutics is dedicated to the research and development of precision therapeutics for pediatric neurodevelopmental disorders with the goal of bringing hope to patients and caregivers. Late last year, GRIN Therapeutics reported promising topline data from a Phase 1b/2a clinical trial (the Honeycomb Trial, ClinicalTrials.gov NCT identifier: NCT05818943) evaluating radiprodil in GRIN-related neurodevelopmental disorder (GRIN-NDD) in patients with gain-of-function (GoF) variants, leading to the decision to advance to a global Phase 3 trial. The company has an additional ongoing clinical trial to evaluate radiprodil for the potential treatment of tuberous sclerosis complex (TSC) and focal cortical dysplasia (FCD) type II. GRIN Therapeutics is an affiliate of Neurvati Neurosciences, a portfolio company of Blackstone Life Sciences. For more information, please visit www.grintherapeutics.com

About Neurvati Neurosciences
Neurvati Neurosciences, a portfolio company of Blackstone Life Sciences, identifies and advances the development of high-potential drug candidates across the neuroscience landscape. Neurvati employs a collaborative model that establishes fit-for-purpose affiliate companies, aligning dedicated resources with long-term strategic capital to catalyze innovative treatment options in areas of unmet need. Neurvati’s team of experienced operators and drug developers seeks opportunities to challenge current treatment paradigms and make a difference for patients suffering from a wide range of neurological and psychiatric disorders. For more information, please visit www.neurvati.com

About Angelini Pharma
Angelini Pharma is an international pharmaceutical company, part of the privately owned multi-business Angelini Industries. The Company researches, develops and commercializes health solutions with a focus on the areas of Brain Health, including Mental Health and Epilepsy, and Consumer Health. Founded in Italy at the beginning of the 20th century, Angelini Pharma operates directly in 20 countries, employing more than 3,000 people. Its products are marketed in over 70 countries through strategic alliances with leading international pharmaceutical groups. For more information about Angelini Pharma please visit https://www.angelinipharma.com.

About Angelini Industries
Angelini Industries is a multinational industrial group founded in Ancona in 1919 by Francesco Angelini. Today, Angelini Industries represents a solid and diversified industrial reality that employs approximately 5,800 employees and operates in 21 countries around the world with revenues of over 2 billion euros, generated in the health, industrial technology, and consumer goods sectors. A targeted investment strategy for growth; constant commitment to research and development; deep knowledge of markets and business sectors, make Angelini Industries one of the Italian companies of excellence in the sectors in which it operates. To learn more visit www.angeliniindustries.

About Blackstone Life Sciences
Blackstone Life Sciences is an industry-leading private investment platform with capabilities to invest across the life cycle of companies and products within key life science sectors. By combining scale investments and hands-on operational leadership, Blackstone Life Sciences helps bring to market promising new medicines and medical technologies that improve patients’ lives and currently has more than $12 billion in assets under management.

Corporate Contacts
GRIN Therapeutics
Elliott Ruiz, MBA
Senior Vice President, Finance & Operations
+1 201.674.5417
elliott.ruiz@neurvati.com

Angelini Pharma
Chiara Antoniucci
Global Head of Brand and Media Communications
+39 3477133926
Chiara.antoniucci@angelinipharma.com

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Gimv sells Joolz to Bugaboo, creating the foundations for a global house of high-quality stroller brands

GIMV

Gimv together with founding partner Emile Kuenen and his business partner Stan Vermeulen sell their stake in the fast-growing Dutch high-quality stroller brand Joolz to Bugaboo, the global market-leader in strollers and high-quality juvenile consumer products. Both strong and complementary Dutch brands Joolz and Bugaboo have agreed to join forces to accelerate their international growth in the fragmented worldwide stroller market.

Gimv Consumer invested in Joolz in 2016, alongside founding partner Emile Kuenen and his business partner Stan Vermeulen, to support its further geographical expansion in Europe and beyond. The joint ambition was to develop Joolz into a true next-gen high-quality stroller brand: a brand that stands for beautiful design and top-quality products developed for kids, parents and the planet. The conscious strollers are designed for real life and made to last. Today, Joolz sells premium strollers in more than 60 countries with well-established presence across Europe, APAC and the United States.

Both Joolz (www.joolz.com) and Bugaboo (www.bugaboo.com) are pioneers in the market for high-quality baby strollers and innovative juvenile consumer durables with leading performances in quality, sustainability and design. Founded by Dutch entrepreneurs, both companies have excelled at realizing international growth with Bugaboo being one of the leading brands, while Joolz has quickly scaled and holds a strong position in Europe and other international markets. Their combined portfolios will span everything from award-winning strollers to innovative parenting accessories.

The brands Bugaboo and Joolz will continue to operate separately in the market, as both will further benefit from existing and new market opportunities in the global stroller market. The combined company will have a total of 1,200 employees, with its headquarters located in Amsterdam, the Netherlands.

Patrick Franken, Partner and Jelle Assink, Principal at Gimv Consumer, declare: “At Gimv Consumer, we are very proud of Joolz’s strong growth and the journey we have realized together. By building on their core philosophy of design, innovation, and sustainability, Joolz has developed into a truly recognized global high-quality stroller brand. The Joolz and Bugaboo brands are highly complementary and together will create an unrivalled platform in the juvenile category, allowing both companies to accelerate growth and unlock their full potential.”

Richard den Hollander, CEO Joolz, declares: “By joining forces with Bugaboo, we will be able to accelerate the exciting growth journey we have been on for the last five years, as Bugaboo is the strongest strategic partner who can and is willing to make smart and healthy investments in our brand. Our combined commercial strength, together with our mutual strong belief in consumer-centric innovation, superior design, engineering and ESG, will enable us to build a global house of brands and drive strong growth in the high-quality stroller market across the globe. While we both consider ourselves international companies, our mutual Dutch roots and our commitment to quality, sustainability and our brands offer a solid foundation for our continued journey together.”

Adriaan Thierry, CEO Bugaboo, declares: “The global stroller market is highly fragmented and offers enormous opportunities for high-quality brands. Us teaming up with Joolz is exemplary for our strategy of organic growth and growth by acquisition. Bugaboo and Joolz are distinct, yet complementary brands. But the quality of both brands is exceptional. Together, we will be able to innovate even better and faster. And we will be able to offer more choice in high-quality strollers to our customers in Europe, as well as the Americas, Asia and the Middle East, through our current and new distribution channels in those markets.”

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