Category Archives: News

xxllnc acquires Processfive, backed by Main Capital Partners

xxllnc, a leader in GovTech software, expands its market position with the acquisition of tax software company Processfive.

xxllnc, a leader in GovTech software, expands its market position with the acquisition of tax software company Processfive. By joining forces with Processfive, xxllnc can expand its current suite of tax applications and offer a complete solution within the tax domain. The combination of Processfive marks the eleventh acquisition of xxllnc since its partnership with software investor Main Capital Partners.

Processfive is a specialist in providing software and services for (semi-)governmental organizations active in the tax domain. Among other things, Processfive’s solutions support customers in object registration, process inspection, quality control and reporting back of data to the basic registers. Processfive customers include the municipalities of Rotterdam and The Hague as well as Waternet and BghU.

The company is located in Alphen aan den Rijn and has approximately 18 employees. The current shareholders and management of Processfive – consisting of Rogier Noordam, Jeroen Prins and Maarten Stam – will become co-shareholders in xxllnc and will also remain active within the broader organization. xxllnc is a portfolio company of Main Capital Partners, a strategic investor in the software industry focused on accelerating growth and creating business value.

By joining forces, xxllnc and Processfive will be able to provide customers with a broader range of products and services. Through the collaboration, xxllnc strengthens its market-leading position within the tax segment. The experience and knowledge of Processfive will continue to be deployed within the broader xxllnc organization. Processfive’s expertise and knowledge will be invaluable assets for xxllnc, and customers will continue to benefit from the same high-quality service and operations they are accustomed to.

xxllnc, formerly known as Exxellence Groep, started in 2001 as a spin-off of the University of Twente and grew into a leading software supplier with more than 400 employees and a range of solutions for the Dutch (semi-)governmental sector. Customers of xxllnc include Municipalities of The Hague, Leiden and Utrecht, as well as UWV. The company has added eleven software companies since it came under the wings of Main Capital Partners in 2020.

Michel Veenhuis, CEO of xxllnc, mentions: “We are very excited about the cooperation with the Processfive team with whom we can further broaden our product offering and expand our knowledge.”

Charly Zwemstra, Managing Partner Main Capital Partners & Chief Investment Officer, concludes: “The combination between xxllnc and Processfive is yet another step for the company to strengthen its position as a complete and innovative player. Processfive has made good strides in recent years, making it a valuable addition to the organization.”

The combination between xxllnc and Processfive is yet another step for the company to strengthen its position as a complete and innovative player.

– Charly Zwemstra, Managing Partner & Chief Investment Officer at Main Capital Partners

About

Processfive

Processfive, founded in 2013, is a specialist in providing software that supports governments in the tax domain. In cooperation with its customers, Processfive develops innovative software solutions that provide support in the area of taxes. Among other things, Processfive’s solutions support customers with process inspection and quality control. Processfive has c. 18 employees and is based in Alphen aan de Rijn.

xxllnc

xxllnc provides smart scalable apps for the government and semi-government. Applications that support case management, data integration, taxation, social affairs and spatial planning. To take GovTech to the next level, xxllnc builds an ecosystem where everything works seamlessly together. The perfect combination of applications from the cloud and support from subject matter professionals. Meanwhile, the team consisting of hundreds of specialists is based in Hengelo, Amsterdam, Veenendaal and Eindhoven.

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CapMan Nordic Property Income Fund (non-UCITS) sells a warehouse property in Skovlunde, Denmark

Capman

CapMan Nordic Property Income Fund (non-UCITS) sells a warehouse property in Skovlunde, Denmark

CapMan Nordic Property Income Fund (non-UCITS) sells Tonsbakken 12–14, a warehouse property situated in Skovlunde, greater Copenhagen, Denmark. The fund acquired the property in 2018 and is selling it now for redevelopment to two separate parties, Nordic data centre services company atNorth and Danish property developer Propreco.

”We are very happy about this divestment. It is a testament of our investment approach where we invest in properties and locations that demonstrate liquidity in all phases of the cycle. This active portfolio management enables us to continue with our stock picking approach and look for new investments where we see attractive opportunities”, says Mika Matikainen, Portfolio Manager of the fund and Managing Partner at CapMan Real Estate.

CapMan Real Estate manages approximately €4.2 billion in real estate assets and the Real Estate Team comprises over 70 real estate professionals located in Helsinki, Stockholm, Copenhagen, Oslo and London.

CapMan Nordic Property Income Fund (“CMNPI”) is a non-UCITS active open-ended fund that distributes a minimum of 75% of its annual realised profit to its unit holders. The fund has an established sustainability strategy and it received four stars in its 2023 GRESB* assessment. The fund focuses on stable income generating properties such as light industrial and warehouse properties, modern offices, selected retail assets and niche properties in the living sector in most liquid Nordic cities with solid long-term growth fundamentals. The fund accepts new subscriptions on a quarterly basis and targets 7% annual net return.**

* GRESB assesses and compares the ESG performance of real assets globally and has become the go-to benchmark for asset managers and investors when it comes to ESG performance of different funds and companies. GRESB ratings range from one to five stars.

** Past performance is no guarantee for future returns.

For more information, please contact:

Peter Gill, Partner and Head of CapMan Real Estate Denmark, +45 20 43 55 63

Mika Matikainen, Portfolio Manager of CMNPI and Managing Partner and CEO at CapMan Real Estate, tel. +358 40 519 0707

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With €5.1 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business consists of procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.

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DIF Capital Partners closes credit facility with innovative ESG performance criteria

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has successfully extended its EUR 1.2 billion credit facility with its main group of lenders for another year until September 2024. As part of this deal, ESG-linked performance criteria have been added to the loan agreement.

The credit facility was closed by the DIF Infrastructure VII fund and is provided by a club of banks including ABN AMRO, BMO, BNP Paribas, HSBC, ING, National Bank of Canada, Rabobank and Santander CIB. ING Bank acted as Sustainability Coordinator.

The loan agreement has been amended to include KPIs for ESG performance, relating both to DIF as a manager and to the ESG performance improvement of the underlying portfolio.

The inclusion of these ESG KPIs in the credit agreement underlines DIF’s desire to positively contribute to a sustainable future. In return, the DIF Infrastructure VII fund benefits from a reduction in margin on the facility upon meeting those KPIs. If the fund does not meet these goals, it will pay a margin premium. This arrangement reflects the lenders’ own ESG positions and commitment to a sustainable future.

“We are delighted to again be working with our long-term lending partners on this innovative credit facility, featuring clear ESG KPIs. The close of this agreement confirms our commitment to delivering a positive contribution to a sustainable future,” said Gijs Voskuyl, Partner and Deputy CEO at DIF.

 

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with ca. EUR 16 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower-risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital infrastructure, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu or follow us on LinkedIn.

Contact DIF Capital Partners: press@dif.eu

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Fifth Dimension AI raises £2.3 million pre-seed round for its AI partner for real estate professionals

Seedcamp

With a multi-trillion dollar valuation, the global Real Estate industry has been slow in embracing digital transformation. It remains one of the most document-heavy and data-filled industries, with enormous potential for automation and talent upskilling.

This is why we are excited to back Fifth Dimension AI, a London-based startup on a mission to amplify the exceptional in real estate professionals. Coming out of a pilot phase, the company launched its flagship product Ellie, a first of its kind AI co-partner developed to improve productivity and amplify exceptional teams in industries that deal with a lot of documents and data. It automates time-consuming tasks such as data analysis and industry research, thus freeing people up to focus on bringing value to their business and fully using their expertise and insights.

Founded in January 2023 by Johnny Morris and Dr. Kate Jarvis, Fifth Dimension AI leverages their wealth of expertise across real estate, finance, and technology. Dr. Kate Jarvis, a large language model wizard with a PhD in Linguistics from Stanford University, has spent over a decade designing Machine Learning-powered products and bringing them to market. Johnny Morris brings more than a decade of real estate experience, in roles such as Chief Operating Officer at Wayhome and Analytics Director at Countrywide. The founders believe that Large Language Models (LLMs) can unlock the exceptional in people, taking away the time-consuming and often boring task of reviewing large quantities of information locked away in disparate documents, and instead producing outputs in a fraction of the time.

Dr. Kate Jarvis, Co-Founder & CEO of Fifth Dimension AI, comments, “This investment is a testament to the recognition of Ellie’s ability to redefine the world of work beginning with the real estate industry. We solve the issue of lifting employees out of time-consuming, repetitive and boring work, working with natural language that is designed to ensure people from all backgrounds can use it in the way that is most productive for them. Ellie empowers knowledge workers to do their best work and lead happier, purposeful, and more fulfilled lives.”

Johnny Morris, Co-Founder & CPO, Fifth Dimension AI, adds, “We designed Ellie to provide real estate professionals with a competitive advantage by providing a partner to help them get done in minutes what usually takes hours. Across our clients, we’ve been amazed by the impact that Ellie has on the newest generation of real estate professionals. These young and ambitious individuals are able to increase their output and amplify their expertise in the industry – in a fraction of the time. With Ellie as their partner, we believe the next generation will have the power to truly move the industry forward.”

Following the completion of an initial pilot scheme running since April, Fifth Dimension AI already boasts nearly 10 major real estate firms as clients, including big names such as Hamptons.

On why we invested in Fifth Dimension AI, our Managing Partner Carlos Espinal comments:

“With their wealth of expertise across AI, Real Estate, and Finance, Johnny Morris and Dr. Kate Jarvis are a world-class founding team taking on a massive opportunity to innovate the real estate industry. We love their emphasis on the human element, i.e. enabling real estate professionals to fully leverage their talent and knowledge, and thus focus on high-impact activities that create more business value.“

We are excited to co-lead Fifth Dimension AI’s £2.3 Million pre-seed alongside Anthemis’ Female Innovators Lab Fund, with support from Ascension Ventures Ltd, Concrete VC, Love Ventures, Twin Path Ventures, and Sie Ventures. With the new funds the company aims to scale the business’ sales and marketing functions and focus on product development to enhance the tool’s capabilities for an expanding audience across the real estate industry

For more information visit fifthdimensionai.com.

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CVC Credit prices Cordatus XXIX, eighth new CLO of 2023

CVC Capital Partners

CVC Credit is pleased to announce that it has successfully closed Cordatus XXIX, the eighth Collateralized Loan Obligation (“CLO”) of 2023 by CVC’s €39 billion Credit platform, and the fourth new CLO in Europe.

The new vehicle totals c.€375m (c.$394m) and brings CVC’s aggregate value of newly priced CLOs in 2023 to €3.3bn (c.$3.6bn). Cordatus XXIX was raised from a broad group of new and existing investors. BNP Paribas acted as the lead arranger.

Despite CLO new issuance volumes being down year-on-year, CVC has been able to strategically price eight new CLOs. The majority equity portion for each of these vehicles is been made by CVC’s dedicated third generation CLO equity vehicle, which enhances CVC Credit’s ability to control the pace of new CLO issuance and enhances its flexibility to price opportunistically, rather than relying on third-party CLO equity.

Guillaume Tarneaud, Partner and Head of European Performing Credit at CVC Credit said: “We are delighted to have priced our fourth new issue European CLO in 2023, a result which we believe reflects the strength of our investor base, the conservative profile of our portfolios and the underlying attraction of our leading platform to investors seeking investment opportunities in Performing Credit. This pricing also consolidates our market position in Europe with European CLO assets under management now close to €11.5 billion.”

Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, said: “The pricing of Cordatus XXIX is CVC’s eighth new CLO vehicle of 2023, which together mean we have now priced €3.3 billion of new CLOs in the year-to-date. This is a fantastic result and achieved despite challenging market conditions.”

Quotes

The pricing of Cordatus XXIX is CVC’s eighth new CLO vehicle of 2023, which together mean we have now priced €3.3 billion of new CLOs in the year-to-date.

Gretchen BergstresserManaging Partner and Global Head of Performing Credit

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Eurazeo invests into InsuranceDekho, Iindia’s leading insurtech player

Eurazeo

Eurazeo, through its insurtech fund backed by the insurer BNP Paribas Cardif, is pleased to announce its investment in InsuranceDekho, India’s leading insurtech player, alongside Mitsubishi UFG Financial Group as well as new and historical investors. This $60 million Series B funding, a mix of equity and debt, marks a significant milestone for the company.

InsuranceDekho helps consumers compare and buy insurance products from top-rated Indian insurance companies across Motor, Health, Life and Travel via its agent network. Underwritting an insurance policy on InsuranceDekho is simple and the platform aims to reach the many Indian households and businesses who previously have had little or no experience with underwritting and holding an insurance policy. The platform focuses on agents and customers outside of the bigger cities, where traditional insurers have had limited coverage due to higher costs to serve.

InsuranceDekho’s Series B funding was led by the Japanese giant Mitsubishi UFG financial Group and Eurazeo as strategic investors, along with India focused Beams Fintech Fund. Its existing investors TVS Capital, Goldman Sachs Asset Management, and Avataar Ventures also invested, hence re-enforcing their confidence in the company. This marks the second funding round for the Gurugram-based startup in 2023, taking its total fundraise to over $200M, thereby solidifying its position as the leading Indian Insurtech. In February, InsuranceDekho had secured $150 million in the largest Series A funding raised by an Insurtech in South Asia.

By securing more than $200 million in a year, InsuranceDekho has cemented its position amongst the very few startups to be able to raise large Series A and B funding within one year, a significant win amidst the ongoing funding winter. This exceptional fundraising success is a testimony of InsuranceDekho’s vision of insuring every Indian and its robust business model.

Founded by Ankit Agrawal and Ish Babbar in 2017 and incubated within India’s biggest digital automotive solutions provider CarDekho Group, InsuranceDekho’s core business has witnessed a significant growth trajectory and turned profitable in March 2023. The Insurtech player plans to utilize the proceeds from this funding round to boost its marketing activities, further expand its distribution presence in the Indian hinterland, scale up its tech platform, explore inorganic growth opportunities and, for new initiatives like reinsurance, to continue democratizing and revolutionize the insurance landscape in India.

Ankit Agarwal, CEO and founder of InsuranceDekho, declared:

“We are incredibly thankful to our investors for trusting our vision and potential. Our aim has always been to make insurance more accessible and user-friendly for all Indians, and this funding will allow us to accelerate our efforts, reach more customers, and innovate further in the Insurtech space. The insurance sector in India is at the cusp of a tech-backed revolution and I believe InsuranceDekho is well positioned as one of the pioneers leading the transformation.”

Amit Jain, CEO and Co-founder of CarDekho Group, said:

“InsuranceDekho is expanding at a rapid pace and reaching remarkable milestones. The capital infused will accelerate its growth trajectory, providing the impetus to reach more underserved markets with a reliable insurance platform and bring it closer to its vision of increasing insurance penetration across the country. Under the leadership of Ankit and Ish, InsuranceDekho has achieved tremendous success by disrupting the Insurtech space in India.”

Matthieu Baret, Managing Partner – Venture at Eurazeo, added:

“We are thrilled to make InsuranceDekho our first investment in India with the insurer BNP Paribas Cardif. After our investments in China, Indonesia and Singapore, we’re extending our footprint with the ambition to become a leading player in Asia.“

Albert Shyy, Managing Director at Eurazeo, declared:

“The Indian insurance market is in the midst of a digital evolution and we feel InsuranceDekho is amongst the leading companies who are bringing insurance products to the wider market. We have been impressed with the talented team that Ankit and Ish have built around them and by the company’s strong performance in growing quickly yet efficiently. The company is a great fit within our Insurtech-focused fund and we are excited to be working together with the team going forward.“

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EQT to acquire VetPartners, the leading provider of veterinary and animal health services in Australia and New Zealand

eqt
  • EQT to acquire VetPartners, the leading provider of veterinary and animal health services across a network of 267 general practice clinics and specialty hospitals in Australia and New Zealand
  • With a community of more than 1,300 highly skilled vets and over 3,000 nurses and clinical support staff, VetPartners provides high-quality healthcare services for animals
  • Drawing on its global animal health experience, EQT will support VetPartners’ healthcare practitioners in focusing on animal care, while investing significantly in diagnostic equipment, technology, innovation, recruitment and continued professional development – for the benefit of pets and their pet parents

EQT is pleased to announce that BPEA Private Equity Fund VIII (“EQT”) has agreed to acquire VetPartners (the “Company”), from National Veterinary Associates, Inc. (“NVA”).

Founded in 2016, VetPartners is the largest provider of veterinary services in Australia and New Zealand, with a growing presence in Singapore. Via a network of community-based general practice clinics and specialty hospitals, VetPartners’ clinical team provide compassionate pet care across more than 3.2 million visits per annum. The care provided ranges from basic preventative healthcare advice and services, through to higher acuity complex surgery.

Drawing on its global experience in the animal health sector, via this standalone investment EQT will support VetPartners’ medical professionals to continue to deliver the highest-quality clinical outcomes to the animals entrusted to their care. EQT is committed to invest significantly to ensure VetPartners’ clinical teams have access to the latest medical equipment, digital tools and innovation capabilities. EQT also intends to provide significant investment to further VetPartners’ mission to ensure a sustainable and positive work environment for its frontline teams, via a concerted focus on recruitment initiatives, enhanced training, continued professional development and mental health programs.

Mark Jeffery, CEO of VetPartners, says, “We are delighted to welcome EQT as a partner given their strong global track record in animal health and healthcare more broadly. Together, we will continue to be an advocate for the advancement of the veterinary profession, fostering a collegiate community of professionals delivering the highest-quality healthcare services to pet parents in the region with a common mission to improve the comfort and well-being of animals.”

Dr Brett Hodgkin, Chief Veterinary Officer of VetPartners, says, “I’m excited by the possibilities that today’s announcement will bring to the health, well-being, and welfare of the animals we serve. We believe that together with our new investment partner EQT, we can drive positive change in animal health outcomes, while also striving to build community clinics and hospitals that are an employer of choice for our vets, nurses and all 4,300 animal advocates within our team.”

David Forde, Investment Advisor and Co-Head of EQT Private Equity ANZ, concluded, “We have been highly impressed by the VetPartners organisation, and the leading position it has built in the region through its partnership with over 1,300 passionate vets and over 3,000 nurses and clinical support staff serving their local communities. As one of the leading global animal health investors, EQT is uniquely positioned to support VetPartners’ continued growth and sustained delivery of high-quality healthcare for the pets that families cherish.”

The transaction is subject to customary conditions and approvals. It is expected to close around the end of the calendar year.

With this transaction, BPEA VIII is expected to be 35-40 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size and subject to customary regulatory approvals.

Contacts
Australian media inquiries: roger@domestiqueconsulting.com.au, +61 401 278 906
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 224 billion in total assets under management (EUR 126 billion in fee-generating assets under management) within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About VetPartners
VetPartners is the largest vet services provider in Australia and New Zealand with more than 260 clinics and hospitals. VetPartners employs more than 4,300 staff including more than 1,300 vets.

More info: vet.partners

Categories: News

Warburg Pincus Closes on $17.3 Billion Global Private Equity Fund

Warburg Pincus logo

Warburg Pincus Global Growth 14 represents Warburg Pincus’ largest fundraise in its nearly 60-year history

  • WPGG14 closed at $17.3 billion, exceeding its original target of $16 billion as well as the firm’s $15 billion predecessor flagship fund
  • Core growth-oriented investor committed to a diverse, differentiated portfolio characterized by high-conviction theses and strong operating performance

NEW YORK – October 10, 2023 – Warburg Pincus, the oldest private equity firm and a leading global growth investor, today announced, together with any parallel funds, the successful close of its latest global flagship fund, Warburg Pincus Global Growth 14, L.P. (“WPGG 14”).  WPGG 14 was launched in 2021, targeting a fund size of $16 billion. Despite a challenging fundraising environment for private equity firms generally, WPGG 14 was met with very high investor demand and significantly exceeded expectations, closing on $17.3 billion of capital.  WPGG 14 is the largest-ever fundraise in the firm’s 57-year history, exceeding the previous global flagship fund, Warburg Pincus Global Growth, which closed on $15 billion in 2018.

The capital committed gives Warburg Pincus a large, dedicated pool of capital to pursue a global set of opportunities for investment in growth companies within the firm’s key industry sectors. The firm remains committed to constructing a differentiated and diversified portfolio characterized by high-conviction theses and strong operating performance. Significant investments made to date in WPGG 14 include Simtra BioPharma Solutions (formerly Baxter’s BioPharma Solutions business), Ensemble Health, EverBank, Internet Brands, Norstella, Oona Insurance, ParetoHealth, and Watertec India.

“The overwhelming success of this fundraise was driven by strong support from both existing and new investors who recognize and support our growth investment model and our ability to manage risk across market cycles. We are grateful for their ongoing support, especially amidst an uncertain macro landscape and one of the toughest ever fundraising environments. Given that back-drop, we remain disciplined about investment pacing and prioritizing high conviction themes.  Additionally, geographic and sector diversification coupled with over five decades of investment experience fundamentally drives our consistency – especially in uncertain moments,” said Chip Kaye, CEO, Warburg Pincus.

“This is a challenging period for investors, with rising rates and geopolitical tension, but also new promise from this wave of innovation.  This puts a premium on diversification, a careful and disciplined approach to investing, and deep expertise on the shifting frontiers of technology, across sectors and economies.  We look forward to continuing to navigate the ever-shifting mix of opportunities and challenges, partnering with excellent management teams to build great companies,” said Timothy Geithner, Chairman, Warburg Pincus.

WPGG 14’s limited partners include existing investors in Warburg Pincus’ current funds as well as new investors to the firm. The investors represent a diversified mix of leading public and private pension funds, sovereign investors, insurance companies, endowments, foundations, fund of funds, family offices, and high-net-worth individuals.

“We are well positioned to take advantage of the current market environment and will continue to build a globally diverse, sustainable portfolio for our investors. One of our distinguishing characteristics is our team’s ability to work collaboratively across distinct industry groups with deep domain expertise to identify new and emerging trends around the world. We are excited about the current investment landscape and are looking forward to putting this capital to work as a partner of choice with innovative management teams across the globe,” said Jeff Perlman, President, Warburg Pincus.

Since its founding in 1966, Warburg Pincus has predominantly pursued a strategy of thesis-driven growth investing at scale, adding a global component to this strategy nearly four decades ago. The foundation of the firm’s investment strategy has always been identifying and partnering with talented entrepreneurs and management teams who are committed to building sustainable companies and who are aligned with our investment teams’ specific theses. Warburg Pincus believes this approach positions the firm well for attractive risk-adjusted, long-term returns across economic and capital markets cycles.

Kirkland & Ellis LLP served as legal advisor for WPGG 14.

About Warburg Pincus

Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 250 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has over 55 years of investing experience in North America, over 30 years in Europe and over 25 years of experience in Asia. The firm has raised 21 private equity and 2 real estate funds, which have invested more than $112 billion in over 1,000 companies in more than 40 countries. Warburg Pincus is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com. Follow us on LinkedIn.

Contact

Americas

Kerrie Cohen | Managing Director, Head of Communications, Americas

T: +1 212 878 9207

E: kerrie.cohen@warburgpincus.com

Asia

Lisa Liang | Senior Vice President, Head of Marketing and Communications, China and Southeast Asia

T: +86 (10) 8529 2508

E: lisa.liang@warburgpincus.com

Europe

Jenna Ward | Europe Communications Director

T: +44 20 7306 3805

E: jenna.ward@warburgpincus.com

Categories: News

Apax Funds acquire Bazooka Candy Brands

Apax

Funds advised by Apax Partners LLP (“Apax”) announced today that they have completed the acquisition of Bazooka Candy Brands (“Bazooka” or “the Company”), a portfolio of leading non-chocolate confectionary brands, from Michael D. Eisner’s Tornante Company and funds affiliated with Madison Dearborn Partners (“MDP”). 

Image

Bazooka produces, markets, and distributes a range of iconic confectionary brands, including Ring Pop®, Push Pop®, Baby Bottle Pop®, Juicy Drop®, and Bazooka Bubble Gum®. The Company’s portfolio spans lollipops, gummies, chewy candy, gum, and chocolate, packed in highly unique formats to deliver Edible Entertainment® experiences to generations of customers worldwide. Over the past several years, Bazooka’s U.S. retail sales growth has significantly outpaced the overall confectionary category, and in the year-to-date period through August 2023, retail sales have grown approximately 29% year-over-year[1]. Effective upon the transaction’s closing, Tony Jacobs, Bazooka Candy Brands’ long-time President, has been promoted to Chief Executive Officer.

The Apax team, working in partnership with Bazooka’s management team, will look to stand the Company up as an independent business and build on the success of Bazooka’s global portfolio of beloved confectionery brands. In support of its growth efforts, the team will focus on distribution growth, product innovation, geographic expansion, and the strategic acquisition of brands in complementary categories.

“We’re incredibly excited to partner with Apax in this next stage of our growth journey,” said Tony Jacobs, Chief Executive Officer, Bazooka. “Bazooka will continue to build on our history of successful brand-building and innovation to drive outsized growth in the U.S. and globally. We have an incredibly talented team, and I’m very proud of the leadership position we’ve been able to establish in the marketplace. Together with Apax, we look forward to continuing to deliver truly differentiated and exciting products that customers love. I also want to thank our former owners, Tornante and MDP, as well as CEO Michael Brandstaedter, for their support and commitment to our brands, which have enabled our strong performance and have positioned the business for our next chapter of success.”  

“It’s rare to have the opportunity to partner with a business that can boast the success and heritage that Bazooka has, and we are excited to work with the entire team on this next chapter for the business,” said Nick Hartman, Partner, Apax. “Bazooka fits squarely within our team’s focus on investments in well-positioned consumer packaged goods categories, and we see a compelling opportunity to leverage our sector knowledge to help the Company achieve its next phase of growth.”

“This transaction is the culmination of an extremely successful and gratifying tenure of ownership of Bazooka, which would not have been possible without the foresight and leadership of Tornante’s incredibly talented President, Andy Redman,” said Michael D. Eisner. “Together with MDP, an exceptional and constructive partner throughout, and our outstanding corporate management, including Mike Brandstaedter and Tony Jacobs, we have grown Bazooka into a group of the most iconic candy brands on the market. We look forward to celebrating the Company’s continued success from the sideline.”

“It has been a privilege to partner with Michael Eisner and Tornante, and to work with Bazooka’s leadership for the duration of our investment partnership,” said MDP Managing Director Scott G. Pasquini. “Tony Jacobs and his leadership team are the best in the business, and we know they will continue to guide Bazooka to new heights.”

Financial terms were not disclosed. Macquarie Capital and Simpson, Thacher & Bartlett LLP served as financial and legal advisors, respectively, to Apax. Deutsche Bank and Kirkland & Ellis LLP served as financial and legal advisors, respectively, to Bazooka Candy Brands.

-ENDS-

ABOUT BAZOOKA

Bazooka Candy Brands, until recently a division of The Bazooka Companies, Inc. features a range of iconic produces and high-quality candy products such as Ring Pop®, Push Pop®, Baby Bottle Pop®, Juicy Drop® Pop, and of course, Bazooka® bubble gum. For additional information, visit  www.bazookacandybrands.com

ABOUT APAX

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $65 billion. The Apax Funds invest in companies across four global sectors of Internet/Consumer, Tech, Services, and Healthcare. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

Apax Partners is authorised and regulated by the Financial Conduct Authority in the UK.

ABOUT THE TORNANTE COMPANY

Founded in 2005 by Michael Eisner, The Tornante Company is a privately held company that invests in, acquires, and operates companies in media and entertainment.

ABOUT MADISON DEARBORN PARTNERS

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Ratos company SSEA wins prestigious contract to build new town hall in Ängelholm, Sweden

Ratos

The winners of the construction and architecture competition “Ängelholm’s new town hall” have now been presented. The Ratos-owned construction company SSEA (a part of SSEA Group) has been selected, together with the architect firm Liljewall, to design and construct the new town hall. The town hall is expected to be a spectacular meeting place.

The project was announced as an architecture and construction competition at year-end 2022. The turnkey partnering project will commence immediately with project planning. The town hall is expected to be complete in 2026/2027

“Winning such a prestigious contract is an indication of the strength of Ratos’s infrastructure and construction operations. With its partnering model and expertise, SSEA is a leader in the industry, even in a tougher macroeconomic climate. We are delighted to have secured yet another high-profile sustainable construction project in our portfolio as sustainable buildings are profitable for everyone involved,” says Christian Johansson Gebauer, Chairman of the Board of SSEA Group and President, Business Area Construction & Services, Ratos.

The new town hall will be a spectacular meeting place. The building will act as a model for sustainable construction and architecture. Timber frames and recycled brick are important steps in achieving a low climate impact. The building will be designed in accordance with the Breeam Excellent and Well Gold sustainability certifications.

“We are very pleased to be involved in the construction of the landmark that Ängelholm’s new town hall will become, from both an architectural and a sustainability perspective. We are truly looking forward to designing and constructing Ängelholm’s new meeting point together with Ängelholm Municipality and Liljewall Architects,” says Christian Wieland, CEO of SSEA Group.

About SSEA
SSEA is part of the Ratos-owned construction group SSEA Group. SSEA has solid expertise in carrying out large and technically complex collaboration/partnering projects. SSEA carries out construction projects for customers in the private and public sectors across Sweden. The head office is located in Stockholm, with regional offices in Malmö and Luleå. The project portfolio includes Sweden’s tallest timber building, Sara Kulturhus in Skellefteå.

For more information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21
Christian Wieland, CEO, SSEA Group, +46 70 654 09 30

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. The companies have approximately SEK 33 billion in net sales (LTM). Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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