Category Archives: News

DIF – CVC acquires leading infrastructure manager DIF

DIF

This strategic acquisition provides CVC with a leading infrastructure platform, directly adjacent and highly complementary to its existing private equity, secondary and credit strategies. In addition, this acquisition accelerates the growth of DIF, which will continue to operate under the DIF brand and retain independence over its operations and investment decisions.

CVC, a leading global private markets manager focused on private equity, secondaries and credit is acquiring a majority stake in leading infrastructure manager, DIF Capital Partners, and providing a commitment to acquire the remaining shares over time. This combination creates a global private markets manager with seven complementary strategies and approximately €177 billion* of total assets under management.

DIF is headquartered in Amsterdam with €16 billion of assets under management, a team of over 225 professionals across 11 offices and operating two different investment strategies – the Core / Build-to-Core funds and the Core-plus funds. DIF was founded in 2005 and has built a leading position in mid-market infrastructure investments, primarily in Europe, North America and Australia. The tie-up with CVC will help accelerate growth, as DIF continues to deepen and widen both its investment capabilities, its geographic reach and its global investor base. DIF will continue to be led by its current CEO and Partners and it will continue to operate under the DIF brand.

Commenting on the transaction, CVC Chair and Co-Founder, Rolly van Rappard said: “Expanding into infrastructure is a logical next step for us, given the long-term secular growth trends in infrastructure and its adjacency to our existing strategies. We have known the DIF team for several years, and we are delighted to partner with one of the top pure-play global infrastructure managers, with an impressive track record of performance and growth.”

Rob Lucas, Managing Partner at CVC added: “We are excited to join forces with DIF, a top-performing global infrastructure manager. DIF’s business model and culture is deeply aligned with our local model, and our new infrastructure platform will prove highly complementary to our leading private equity, secondary and credit strategies. We are pleased to welcome Wim, the DIF Partners and the entire DIF team to the CVC group and together, we look forward to being a global leader in infrastructure.”

Wim Blaasse, CEO and Managing Partner at DIF said: “We are delighted to be teaming up with CVC, which is a natural step in the evolution of DIF and, together with my Partners, I look forward to leading DIF in this next phase of growth. We have known the CVC team for many years, we have been very impressed by everything they have built and we are excited about becoming part of the CVC group. This transaction enables us to benefit from CVC’s global platform, scale and investor relationships, and to double down on important infrastructure sectors like Energy Transition and Digitalisation while retaining independence over our investment decisions.”

The transaction is subject to regulatory and other consents and is expected to close in Q4 2023 or Q1 2024. The Dutch works council of DIF has been informed and positively advised on the transaction. Advisers to CVC in this transaction included JPMorgan. DIF’s advisers included, among others, Morgan Stanley & Co. Plc, Loyens & Loeff, PwC and De Brauw.

 

* Pro forma for recently closed fundraise

 

Contacts

DIF
press@dif.eu

CVC
Patrick Humphris, phumphris@cvc.com
Carsten Huwendiek, chuwendiek@cvc.com

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with c.€16 billion of AUM. DIF was founded in 2005 and has built 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, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF combines 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.

 

About CVC

CVC is a leading private equity and investment advisory firm with a network of 25 offices throughout EMEA, the Americas and Asia, with approximately €161 billion of assets under management.

CVC has six complementary strategies across private equity, secondaries and credit, for which we have secured commitments in excess of €200 billion from some of the world’s leading institutional investors across its private equity, credit and secondaries strategies. Funds managed or advised by CVC are invested in over 125 companies worldwide, which have combined annual sales of approximately €130 billion and employ more than 450,000 people.

For further information about CVC please visit: www.cvc.com.

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Trading update

GIMV

5/09/2023 – 06:58 | Financial

Over the past weeks, Gimv has entered into contractual agreements concerning the possible sale of some portfolio companies, among them Coolworld (Sustainable Cities, NL), GPNZ (Healthcare, DE) and Impact (Consumer, BE). In addition, the sale of a fourth participation will be announced in the coming weeks.

Some of these transactions are still subject to certain conditions pending final closing. Any further communication on the individual files will be coordinated with the parties involved.

When finalised, these transactions will have a combined positive impact on the cash position of over EUR 250m and on the portfolio result for the current financial year of over EUR 100m (or approx. EUR 4 per share).

More details and a more comprehensive update on Gimv’s activities and portfolio evolution will be provided in the scheduled communication of the half-year figures on 23 November 2023 covering the full first half of the 2023-2024 financial year.

Categories: News

INTERSTELLAR acquires Felton and boosts Microsoft proposition

Quadrum Capital

Delft, September 5, 2023 – IT service provider INTERSTELLAR takes a momentous step in its growth strategy by acquiring managed services provider Felton. This acquisition reinforces both parties’ growth ambitions, enabling them to provide customers with even better support in transitioning to stable, innovative IT environments. Felton’s addition to INTERSTELLAR makes it – with its 700 employees and a 165 million euro turnover – the best agency to assist SMEs with cloud, cybersecurity, and modern workplace challenges.

image

Felton’s next phase

Felton has over 35 years of experience designing, implementing, and managing safe and up-to-date IT infrastructures. Its Amersfoort office employs 65 professionals with customers across the Netherlands. Felton joined the TIIN Capital portfolio in 2020, which augmented the IT company’s growth through the Dutch Security TechFund. This move also advanced Felton to its next phase of development, which included the Lantech merger. INTERSTELLAR, founded in 2021 from several Quadrum Capital investment company portfolio companies, now acquires all shares. The acquisition won’t affect Felton’s current management and founder Stan Bridié will remain on board as an advisor.

Strengthening the portfolio

Felton aims to enhance its cloud and security presence as part of INTERSTELLAR, capitalizing on the group’s economies of scale. This acquisition also strengthens the INTERSTELLAR portfolio, granting it a larger mid-market share and expanding its presence in the Central Netherlands.

Maarten van Montfoort, INTERSTELLAR CEO, had the following to say about the Felton acquisition: “We aim to serve customers as the Netherlands’ principal IT service provider. We do that by acquiring the right knowledge and expertise in-house and continuously developing our skills – independently and through acquisitions. And Felton’s core identity makes them a flawless fit for this mission. The company culture is a good match for how INTERSTELLAR works, and so are the customers, portfolio, and common Microsoft-first strategy. INTERSTELLAR is overwhelmingly enthusiastic about partnering with the Felton team in serving our customers.”

Marnix van der Moolen, Felton CEO, added: “Over the past few years, TIIN Capital has helped Felton become what it is today. Now, with INTERSTELLAR, we have a strategic shareholder. That facilitates our continued growth and enhances our security and cloud proposition.”

Interstellar is part of Quadrum Investment Fund II and III.

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Carlyle grants exclusive rights to Orora Group for the purchase of Saverglass

Carlyle

Paris & Feuquières, France, 5 September 2023 – Global investment firm Carlyle (NASDAQ: CG) announced today that it has granted exclusive rights to Orora Group (“Orora”) for the purchase by Orora of Saverglass, a global specialist manufacturer of high-quality glass bottles.

Founded in 1897 and based in Feuquières, France, Saverglass designs, manufactures and decorates luxury glass bottles and carafes for wines and spirits. The company has six glassworks and four decoration sites in France, Belgium, Mexico and the United Arab Emirates. It employs over 3,900 people worldwide and sells more than 530,000 tonnes of glass a year (equivalent to 700 million bottles) in some 100 countries. Saverglass’ knowledge of traditional glassmaking and its longstanding heritage in the industry, combined with its innovation and design capabilities, make the business a key partner to a range of fine wine and spirits producers across the globe. Saverglass is committed to positioning the business for the future and protecting its unique cultural inheritance by continuing to place sustainability and social responsibility at the heart of its operating model.

Carlyle has been Saverglass’ majority shareholder, alongside the management team and employees, since 2016.

Loïc Quentin de Gromard, Honorary Chairman of Saverglass, said: “Having worked with Saverglass for almost 40 years, I am delighted at the prospect of a new shareholder for the Group and its employees. It will enable Saverglass to continue implementing its strategy of investment and successful innovation for the benefit of its customers, which underpins the exceptional bonds of cooperation and trust built up with them. The deal also marks an exciting new chapter for the business, in which it can build on its strong heritage and unlock new opportunities to develop the ethical values on which the Saverglass community is founded.”

Jean-Marc Arrambourg, Chairman and CEO of Saverglass, said: “Carlyle has been a valuable partner for us in recent years, and we are grateful to them for supporting our international growth strategy. We are convinced that the Orora Group is the perfect partner for Saverglass to continue our development, and we are confident that together we will be able to further accelerate our growth trajectory.”

Jonathan Zafrani, Co-Head of Carlyle Europe Partners, added: “We are proud to have supported Saverglass, its management team and its employees over the last few years. Its ambitious growth strategy in new geographies – particularly in the Americas – has enabled it to strengthen its position across key markets and further build upon its technical expertise, creativity, and quality of service. We wish the company every success in this new phase of its life.”

The offer and the signature of the binding documentation will be subject to consultation with employee representative bodies, and the transaction is subject to regulatory approvals.

—

 

About Saverglass

Saverglass, a world leader in the design, production, customization and decoration of high-end bottles for the premium and ultra-premium spirits and wine markets, is a privileged partner of the world’s leading spirits and wine brands, as well as emerging brands committed to the quality and exclusivity of their packaging.

From its six glass plants and four decoration units benefiting from leading-edge technologies, and thanks to the professionalism, ongoing training and passion for excellence of its 3,900 employees, Saverglass sells over 700 million bottles to more than 4,000 customers in some 100 countries, and is committed to its longstanding sustainable development strategy with the objective of reducing its carbon footprint by 50% by 2035.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $385 billion of assets under management as of June 30, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

 

About Orora

Orora is a leading manufacturer and distributor of sustainable, innovative packaging and visual solutions for customers across the world. Listed on the ASX and headquartered in Melbourne, Australia, the company is focused on designing and delivering products and services that enables its customers’ brands to thrive. Every day, millions of consumers buy and use goods in packaging proudly designed, developed, manufactured or distributed by Orora. The company operates businesses across two key geographic segments – Orora Beverage Australasia and Orora Packaging Solutions (OPS) North America. More than 4,600 people are employed across 23 manufacturing plants and 80 distribution sites in seven countries. Learn more at www.ororagroup.com.

 

Media contacts

Carlyle:

Nicholas Brown

nicholas.brown@carlyle.com

+44 7471 037 002

 

Saverglass:

Angélique Thomas

ath@saverglass.com

 

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AlixLabs secures SEK 40 million investment to advance energy-efficient semiconductor innovation

Industriefonden

Swedish semiconductor trailblazer, AlixLabs, has successfully secured SEK 40 million in funding to accelerate their pioneering work. Specializing in semiconductor advancements, AlixLabs has developed a revolutionary Atomic Layer Etching (ALE) Pitch Splitting technology (APS), which has attracted substantial investment from notable backers including Navigare Ventures, Industrifonden, and FORWARD.one. This marks a significant step towards transforming semiconductor manufacturing by making it more energy-efficient and cost-effective.

The semiconductor industry has long faced challenges related to escalating expenses, particularly due to the high costs of Extreme Ultraviolet Lithography (EUV) equipment and has an escalating need for energy-efficient alternatives and more sustainable practices. AlixLabs is disrupting the semiconductor landscape with their innovative approach to manufacturing. Through their ALE Pitch Splitting technology (APS), they enable the precise division of nanostructures while significantly reducing energy consumption and emissions. This breakthrough has now caught the attention of investors, as it addresses the rising costs associated with current manufacturing techniques.

Jonas Sundqvist, CEO of AlixLabs, stated: “The investment plays a pivotal role in propelling our company towards scalable success. The infusion of capital not only validates our vision but also empowers us to bring our groundbreaking technology to the forefront of semiconductor manufacturing. This investment marks a significant milestone as we work towards our goal: to have our meticulously developed process adopted by circuit manufacturers in their most advanced production by 2025. With this support, we are forging a path to transform the semiconductor landscape and usher in a new era of efficiency and innovation.”

AlixLabs’ innovation arrives at an opportune moment, with the European Union’s ambitious semiconductor initiative, the EU Chips Act, allocating substantial resources for semiconductor companies. With over 43 billion euros earmarked for the next five years, this initiative complements AlixLabs’ mission to drive technological progress and sustainable manufacturing.

Tobias Elmquist, Senior Investment Director at Industrifonden, commented: “At Industrifonden, we’re committed to science-backed, scalable investments that have the power to drive meaningful change in society. AlixLabs is redefining semiconductor manufacturing and we’re proud to support them on their journey towards a more efficient and sustainable industry.”

Learn more about AlixLabs ↗

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Enzai secures $4 million for its global AI Governance platform

Seedcamp

The proliferation of new AI technologies is pushing organisations of all sizes and across industries and verticals to adopt and develop AI solutions at an exponential rate. However, in an expanding regulatory environment and a market climate where consumers believe that organisations should bear responsibility for any misapplication of AI technology, leaders need to prioritise AI governance to fully benefit from the power of AI innovation. Even more so businesses in domains that are inherently risky, such as financial services, healthcare, and insurance, need to understand, manage, and comply with AI-related risks and regulations.

This is why we are excited to back Enzai, a Belfast-based AI governance startup providing organisations with a comprehensive toolkit to navigate these complexities, ensuring the responsible development, deployment, and usage of AI. Coming at a pivotal moment, the company’s mission is to ensure that powerful AI technologies can gain the level of trust necessary to fulfill their true potential.

Founded in 2021 by Ryan Donnelly, a leading lawyer in the AI regulation space, and Jack Carlisle, a software engineer with extensive startup experience, Enzai brings a unique combination of legal, engineering, and data science expertise to build a solution in this area. The team of expert lawyers is tracking AI-focused regulatory developments around the world and responding quickly with new frameworks and features to ensure their customers can stay one step ahead.

Ryan Donnelly, co-founder of Enzai, comments:

“We founded Enzai with a clear vision: to empower organisations to harness the incredible potential of AI, while minimising the risks involved. As AI continues to evolve and permeate every industry, ensuring that it is built and adopted in a responsible, compliant manner has never been more critical. This financing fuels our commitment to enable businesses to innovate in AI with confidence, whilst safeguarding against potential pitfalls, and it paves the way for a future where AI drives both progress and responsibility.”

Enzai enables organisations to build up an inventory of their AI solutions, apply policies and procedures to that AI, and then measure compliance in real-time. “Controls”, the platform’s new feature introduces a new paradigm for building and using AI, allowing cross-functional teams to collaborate and conduct assessments of AI systems.

Jack Carlisle, co-founder of Enza adds:

“(…) we ensure consistency and scalability, enabling organisations of all sizes to manage their AI governance efforts efficiently. It facilitates seamless collaboration between business, legal and technical teams, bridging the gap between domain-specific, regulatory and data science expertise.”

Enzai’s software solution applies across industry verticals, in particular to financial services, healthcare, insurance, HR, and government. Ryan Donnelly emphasises: “anyone that takes their civic and regulatory responsibilities seriously can benefit from AI governance, and our software makes it extremely easy to get going.” 

On why we invested in Enzai, our Partner Tom Wilson, comments:

“We are all dealing with this incredibly powerful new wave of AI technologies. At the current rate of development, it is critical that we find ways to harness this development so that it has a positive impact on the world. We’re thrilled to support Enzai as one of the first investments from our new Fund VI. The team behind Enzai have identified a really strong way of managing AI risk, and their tech is set to be a foundational part of the AI ecosystem.”

We are excited to participate in Enzai’s $4 million seed funding round led by Cavalry Ventures, alongside existing pre-seed investor, Techstart Ventures and leading angel investors including Paul Forster (founder of Indeed.com), Sam Gill (co-founder of Seedcamp-backed Sylvera), and Alexandre Berriche (founder of Fleet). Enzai will use the funding to build out its engineering capabilities and support its go-to-market efforts.

Enzai is “in hiring mode”, with open roles across engineering, operations, policy, sales, and marketing. Check them out and apply here.

For more information, visit enz.ai.

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INTERSTELLAR acquires Felton and boosts Microsoft proposition

Quadrum Capital

Delft, September 5, 2023 – IT service provider INTERSTELLAR takes a momentous step in its growth strategy by acquiring managed services provider Felton. This acquisition reinforces both parties’ growth ambitions, enabling them to provide customers with even better support in transitioning to stable, innovative IT environments. Felton’s addition to INTERSTELLAR makes it – with its 700 employees and a 165 million euro turnover – the best agency to assist SMEs with cloud, cybersecurity, and modern workplace challenges.

image

Felton’s next phase

Felton has over 35 years of experience designing, implementing, and managing safe and up-to-date IT infrastructures. Its Amersfoort office employs 65 professionals with customers across the Netherlands. Felton joined the TIIN Capital portfolio in 2020, which augmented the IT company’s growth through the Dutch Security TechFund. This move also advanced Felton to its next phase of development, which included the Lantech merger. INTERSTELLAR, founded in 2021 from several Quadrum Capital investment company portfolio companies, now acquires all shares. The acquisition won’t affect Felton’s current management and founder Stan Bridié will remain on board as an advisor.

Strengthening the portfolio

Felton aims to enhance its cloud and security presence as part of INTERSTELLAR, capitalizing on the group’s economies of scale. This acquisition also strengthens the INTERSTELLAR portfolio, granting it a larger mid-market share and expanding its presence in the Central Netherlands.

Maarten van Montfoort, INTERSTELLAR CEO, had the following to say about the Felton acquisition: “We aim to serve customers as the Netherlands’ principal IT service provider. We do that by acquiring the right knowledge and expertise in-house and continuously developing our skills – independently and through acquisitions. And Felton’s core identity makes them a flawless fit for this mission. The company culture is a good match for how INTERSTELLAR works, and so are the customers, portfolio, and common Microsoft-first strategy. INTERSTELLAR is overwhelmingly enthusiastic about partnering with the Felton team in serving our customers.”

Marnix van der Moolen, Felton CEO, added: “Over the past few years, TIIN Capital has helped Felton become what it is today. Now, with INTERSTELLAR, we have a strategic shareholder. That facilitates our continued growth and enhances our security and cloud proposition.”

Interstellar is part of Quadrum Investment Fund II and III.

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CapMan Infra invests in Danish data centre colocation provider Fuzion

Capman

CapMan Infra invests in Danish data centre colocation provider Fuzion

CapMan Infra invests in Fuzion, a Danish data centre colocation provider. The deal follows CapMan Infra’s acquisition of Serverius in May 2023 to establish a northern European data centre platform. Fuzion’s current co-owner and CEO Christian Holm Christensen will re-invest in the wider platform and continue in his position as Fuzion’s CEO.

Fuzion is a leading Danish operator of data centres focused on small and medium enterprise clients. The company, established in 2001, offers colocation services supplying space, cooling, electricity, and security for customers. Fuzion currently operates four data centres in the Jutland region and is expanding to a new location in Copenhagen.

This is CapMan Infra’s second investment in a newly established northern European data centre platform providing European-wide connectivity. With data centres positioned in key data centre markets and its strong customer focus, Fuzion will be a valuable addition to the platform, and CapMan sees opportunities in delivering substantial synergies on commercial, technical, and financial aspects, as well as in continuing to support a sustainable transition across operations.

“We are happy to welcome Fuzion to our Northern European data centre platform as it complements our recent investment in Serverius well. We are also very glad to have Christian Holm Christensen co-invest alongside us, showing his strong commitment in delivering on the growth that we see for Fuzion in this market. Christian and his team has positioned Fuzion well for continued growth in Denmark, and Fuzion represents a great fit to our wider northern European platform,” says Harri Halonen, Partner at CapMan Infra.

“I am excited to continue the growth journey with Fuzion and join the wider data centre platform being established by CapMan Infra. I look forward to not only grow Fuzion, which I have great expectations for, but to also build the wider platform, which I see as ideally positioned to target a highly promising market segment at the right time”, says Christian Holm Christensen, owner, and CEO at Fuzion.

The acquisition is CapMan Nordic Infrastructure II fund’s fourth investment, following Skarta Energy, Napier and Serverius.

CapMan Infra was advised by PwC Corporate Finance (M&A), and Horten and Linklaters (legal).

For more information, please contact:

Harri Halonen, Partner, CapMan Infra, tel. +46 768 71 0062

About CapMan Infra

CapMan Infra invests in energy, transportation and digital infrastructure assets generating predictable cash flows. CapMan Infra is a dedicated and active owner seeking to drive operational improvements and offers tailored solutions to local infrastructure asset owners and partners in the Nordic countries. The team of twelve infrastructure professionals is based in Helsinki and Stockholm. CapMan Infra has two funds, one established in 2018 and one in 2022. In addition to the fund, the team also manages two investment mandates.

CapMan Infra is part of CapMan Group, a leading Nordic private asset expert with an active approach to value creation and over €5 billion in assets under management. CapMan’s 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 includes procurement services. Altogether, CapMan employs approximately 190 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

About Fuzion

Since 2001, Fuzion has been a leading colocation provider in Skanderborg, Viby J., Aarhus, Randers and Copenhagen. Today, the company serves over 100 customers, both domestic and international. Fuzion’s vision is to make the data centre market greener and more flexible to support the need for green and secure solutions for critical infrastructure such as private and public Cloud, IOT, online apps, internet and much more – now and in the future.

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CapMan Real Estate’s Red Warehouse is completed, welcoming BCG Denmark into their new distinctive office space

Capman

CapMan Real Estate’s Red Warehouse is completed, welcoming BCG Denmark into their new distinctive office space

CapMan Real Estate has finalised the rebuild of Red Warehouse, transforming the 140-year-old building from warehouse and workshop to modern distinctive office space. The buildings sole tenant, Boston Consulting Group Denmark (BCG), who has been a vital partner throughout the rebuild, started their move-in process on 1st September.

The finalized space plays homage to the building’s history, showcasing state-of-the-art interior design which successfully combines the qualities of the original building from 1883 and merges them with new design solutions that ensure a unique design. The office space covers 6,000 sqm over three floors in addition to a basement space of 4,600 sqm which was converted to hold a gym as well as well as a large TED-like audience presentation room. The building is topped off by a 700m2 rooftop terrace and bar with space to do outside sport with views across the city.

The project has been in progress since 2019, and all details of the house are exclusively designed, featuring numerous artistic elements such as the central staircase. The house, in general, has been completed with a high level of fit-out.

”From the start, we knew this project was going to be a special. Performing such a comprehensive renovation in a historical building like this, holds huge opportunities but also its challenges. The results we see today are a direct result of a tight collaboration between professionals who all played an important part in this. I especially want to thank Steen Niebling from SN Consult, Mikkel Westfall, Natasja Cornelius and team at Act Architects, Ulrik Larsen from REVCO, and SWECO, and BCG for working with us on this memorable project”, says Peter Gill, Partner, Head of CapMan Real Estate Denmark.

“We are thrilled to move into our new premises. The results speak for themselves. Our objective was to establish a unique domicile for our valued employees to give them the best circumstances to excel. Throughout this project, in collaboration with CapMan, SN Consult, Act Architects, BRIQ, REVCO, and SWECO, we have devised solutions that we firmly believe will significantly enhance and elevate the office experience for our employees. The Red Warehouse stands as our new inspiring office that fosters a vibrant community where we solve the biggest problems,” shares Ulrik Sanders, Managing Director & Senior Partner at BCG.

CapMan Nordic Real Estate II fund acquired Red Warehouse in 2019. In 2022 the fund signed BCG on a long-term lease for the refurbished office and sold the asset to German family-owned THI Investments in a forward purchase, where construction was agreed to continue with takeover later in 2023.

CapMan Real Estate manages approximately €4.2 billion in real estate assets and the Real Estate Team comprises over 65 real estate professionals located in Helsinki, Stockholm, Copenhagen, Oslo and London.

For more information, please contact:

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

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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Butternut Box announces £280m investment from General Atlantic and L Catterton to feed more dogs across Europe

LCatterton

September 04, 2023, LONDON–(BUSINESS WIRE)–Butternut Box, the UK-based fresh dog food company known for its innovative approach to pet food, today announced it has raised £280m in its latest fundraising round from new investor General Atlantic, a leading global growth equity firm. Existing investor L Catterton, a leading global consumer-focused investment firm, also participated in the round, helping to further the brand’s presence in Europe and continue its mission to deliver fresh, tasty, and healthy meals to dogs around the world. The transaction’s closing is subject to customary regulatory conditions, but is expected to occur in Q4 2023.

Butternut Box is Europe’s largest fresh dog food brand, feeding dogs in the UK, Ireland, the Netherlands, Belgium, and most recently Poland following its April 2023 acquisition of PsiBufet, one of the leading fresh dog food companies in Central and Eastern Europe. Since its inception in 2016, Butternut Box has grown rapidly, raising over £100m to date including investments from L Catterton, White Star Capital, Five Seasons Ventures, Passion Capital, Literacy Capital, Claret Capital, and HSBC.

This latest investment will be used to build on this momentum, underscoring Butternut Box’s mission to deliver health and happiness to dogs and their humans. Butternut Box plans to use this funding to accelerate the Company’s leadership position across the Fresh category in the pet food space through further European expansion, including the development of a new European manufacturing facility. The planned facility will be the second of its kind for Butternut Box after Rudie’s Kitchen, a fully integrated manufacturing and fulfilment facility that opened in March 2021, giving the Company complete visibility and control over its emissions production. This further underlines the Company’s commitment to creating a positive impact across all areas of its business, as evidenced by receiving B Corp accreditation in September 2022.

Kevin Glynn, co-founder of Butternut Box, said: “We are delighted to now partner with General Atlantic, who is an incredible investor and shares our long-term vision of developing the category of Fresh pet food across Europe. It is also fantastic to receive further support from our long-standing partner, L Catterton who we’ve been proud to work with for several years now and who also believes in the power of Fresh and that we are only really at the starting line. Most notably we are incredibly excited by what this investment will unlock for our customers (dogs and humans) in the years to come as we are nothing without them.”

“We’re thrilled about the ways in which this investment will allow us to continue to live out our mission,” added David Nolan, co-founder of Butternut Box. “Everyone here is driven by a uniting purpose to deliver health and happiness to all dogs, everywhere. This investment will help us take the next leap forward in doing just that.”

“We are very excited to partner with Kevin and David who have reimagined Fresh pet food through Butternut Box’s diversified product portfolio and mission-driven brand,” said Melis Kahya Akar, Managing Director and Head of Consumer for EMEA at General Atlantic. “There is an immense opportunity set across the Fresh pet food category in EMEA, and we believe Butternut Box is well positioned to leverage its digitally enabled business model to meet this growing demand. We look forward to utilising our pet expertise and technology capabilities to support the Company through its next chapter of growth.”

“Since partnering with Kevin, David, and the team three years ago, Butternut Box has expanded its leadership in the growing Fresh pet food space in the UK and Europe and has built a loyal following among pets and humans alike,” said Howard Steyn, a Partner at L Catterton. “While we have long had conviction in the UK Fresh category after investing behind this concept in the U.S., we’ve been particularly impressed by how Butternut Box continues to innovate and deliver such compelling value to its customers. We look forward to leveraging our global experience in the pet category to support the brand’s next phase of growth.”

Butternut Box is dedicated to serving only the highest quality, freshly–prepared meals for dogs, delivered straight to customers’ doors. With a core meals range of 12 fresh recipes, plus a growing selection of treats, chews and supplements, Butternut Box is delivering a fresh take on dog food.

Butternut Box was advised by Harris Williams and Orrick, Herrington & Sutcliffe LLP. Houlihan Lokey served as financial advisor and Freshfields served as legal advisor to General Atlantic. PwC served as financial advisor and Latham & Watkins served as legal advisor to L Catterton.

About Butternut Box

Butternut Box is a fresh dog food company founded by two friends, Kev & Dave. The two started the company after seeing the benefits that home-cooked food had on Dave’s poorly rescue dog, Rudie. Butternut’s mission is to deliver health and happiness to dogs and their humans all over the world. For more information, visit www.butternutbox.com.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 500 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has more than $77 billion in assets under management inclusive of all products as of June 30, 2023, and more than 220 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.

About L Catterton

L Catterton is a market-leading consumer-focused investment firm, managing approximately $34 billion of equity capital and three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands. For more information about L Catterton, please visit www.lcatterton.com.

Contacts
Butternut Box
Tom Lansdowne
tom@butternutbox.com

General Atlantic
Liz McBain
media@generalatlantic.com

L Catterton
Julie Hamilton
media@lcatterton.com
203.742.5185

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