Category Archives: News

Audax Private Equity Exits EIS

Audax Group

BOSTON and SAN FRANCISCO — Audax Private Equity (“Audax”), a growth-oriented capital partner to middle market companies, announced today it has sold portfolio company EIS (or “the Company”), a value-added distributor of process materials and production supplies used in electrical and electronic applications. Terms of the deal are not disclosed.

Audax Private Equity acquired EIS in 2019 through a carveout of Genuine Parts Company’s Electrical Specialties division. Audax’ thesis was to separate the acquired division into three distinct operating businesses, one of which was EIS.

“I think EIS represents a tremendous growth story and a testament to our Buy & Build strategy,” noted Audax Partner Don Bramley. “We recruited a talented management team, built the corporate infrastructure to support stand-alone operations and acquisitive growth, and worked closely with Glenn and other EIS executives to refine the company’s go-to-market strategy. Through these enhancements, we helped position EIS as a value-add partner with the technical expertise and product portfolio to serve its customers across the OEM and aftermarket value chain.”

During Audax’ hold, EIS grew earnings and accelerated growth through the execution of the firm’s Buy & Build strategy. During Audax’ hold, EIS completed six add-on acquisitions, which added capabilities and expanded the Company’s presence in the aftermarket segment.

“Audax was a collaborative partner who brought deep resources to help us enhance our value proposition to OEMs and expand through acquisition into key aftermarket segments,” noted Glenn Pennycook, CEO of EIS. “Today, EIS is distinguished by our value-added capabilities, product breadth, and expansive service offerings. We believe the foundation is in place to capitalize on ongoing trends of electrification and energy grid evolution.”

“We want to thank Glenn and his leadership team, whose commitment and partnership were critical to EIS’s growth and transformation over the past five years,” added Audax Managing Director Tim Porter. “From the outset, this opportunity was enabled by the depth of portfolio support we could dedicate to the carveout transaction. But the efforts of EIS leadership to formulate and execute on a compelling strategic vision ultimately delivered what we consider to be a great outcome for the company, Audax, and our investors.”

William Blair and J.P. Morgan acted as advisors to Audax and EIS, while Kirkland & Ellis LLP served as legal counsel to Audax.

About

About EIS
Founded in 1946 and headquartered in Atlanta, Georgia, EIS provides process materials to MRO and OEM customers across an array of end markets including Power Generation, Transmission and Distribution, Alternative Energy, E Mobility and Industrial Electronics. With 29 distribution and fabrication locations across North America, EIS services more than 10,000 customers engaged in the manufacture and aftermarket servicing of motors, transformers, utility-scale power generators, wind turbines, and solar panels. For more information, visit www.eis-inc.com or visit the company on LinkedIn.

About Audax Private Equity
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of June 2024, over 270 employees, and 100-plus investment professionals, Audax has invested in more than 170 platforms and 1,300 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

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BC Partners Credit Announces Combination with Runway Growth Capital

BC Partners Logo
  • BC Partners’ credit arm to acquire Runway Growth Capital as a long-term, strategic investment, complementing BC’s existing platform across private lending, opportunistic credit and specialty finance
  • Runway Growth Capital will continue to operate independently and serve as the external investment adviser to Runway Growth Finance, a publicly traded business development company, with the current leadership and investment teams remaining in place
  • Transaction will expand origination channels, enhance investment solutions, and accelerate capital formation and fundraising capabilities as Runway Growth Capital seeks to strengthen the venture ecosystem

Runway Growth Capital LLC (“Runway”), a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, and BC Partners Credit, the $8 billion credit arm of BC Partners, an approximately $40 billion AUM alternative investment firm, today announced a definitive agreement whereby BC Partners Credit will acquire Runway.

Following the closing of the transaction, Runway will remain the investment adviser to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth Finance”), a business development company, and other private funds. Runway’s current management team and investment personnel are expected to continue to serve as officers and senior management. Runway Growth Finance will be well positioned to capitalize on a broader range of investment and value creation opportunities with access to BC Partners’ origination capabilities and expansive platform.

Runway Founder and Chief Executive Officer David Spreng commented, “This transaction is expected to deliver increased value for both investors and borrowers in the near- and long-term as we join the BC Partners Credit platform. Our strategic partnership positions Runway to accelerate originations within our ideal investment range of $30-150 million and expand our offerings to both target companies and sponsors. The combination will enhance our capabilities by introducing structured equity preferred investments, asset-based lending, and the ability to operate in new strategies such as equipment leasing, while strengthening our sponsor relationships through fund finance and other fund-level offerings. By combining BC Partners’ resources and scale with our network, expertise and differentiated presence in the market, we believe Runway will deliver more comprehensive financing solutions for a wider range of companies. Moving forward, we expect that our investors will benefit from increased exposure and access to a greater number of investment opportunities, additional diversification and the potential for attractive risk-adjusted returns.”

Ted Goldthorpe, Head of BC Partners Credit, said, “David and the team at Runway have built one of the most well-respected platforms across growth and venture lending. Their solutions are sought after by fast growing companies, and we look forward to building on their momentum. As a virtue of being part of the BC Partners Credit platform, we see many compelling opportunities for Runway to generate additional origination activities, optimize its capital structure and create value for investors and borrowers. Likewise, the acquisition is quite strategic for BC Partners Credit, as we expand our offerings through a robust suite of financing solutions to all stakeholders. We will continue to accelerate our growth trajectory, establishing BC Partners Credit as a best-in-class, fully diversified credit manager, serving a multi-trillion-dollar market with strong tailwinds.”

Transaction Timing

The closing of the transaction, which is expected to occur in the fourth quarter of 2024, is subject to customary closing conditions, including approval of a new investment advisory agreement with Runway, by Runway Growth Finance’s stockholders, the terms of which are expected to remain the same as the existing investment advisory agreement. The Runway Growth Finance Board of Directors unanimously recommends that stockholders approve the new investment advisory agreement, under which Runway will continue in its capacity as the company’s investment adviser. Senior management of Runway Growth Capital LLC has agreed to vote their shares in favor of the transaction.

Advisors

Oppenheimer & Co. Inc. is acting as exclusive financial advisor to Runway Growth Capital LLC. Wachtell, Lipton, Rosen & Katz is acting as legal counsel to Runway Growth Capital LLC and Eversheds Sutherland (US) LLP is acting as legal counsel to the independent directors of Runway Growth Finance. Simpson Thacher & Bartlett LLP is acting as legal counsel to BC Partners.

About Runway Growth Capital LLC

Runway Growth Capital LLC is the investment adviser to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of a target of $30 million to $150 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit www.runwaygrowth.com.

About Runway Growth Finance Corp.

Runway Growth Finance is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth Finance is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. Runway Growth Finance is externally managed by Runway Growth Capital LLC, an established registered investment adviser that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.

About BC Partners & BC Partners Credit

BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

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Evite Announces Strategic Growth Investment from Francisco Partners

Franciso Partners

LOS ANGELES & SAN FRANCISCO–(BUSINESS WIRE)–Evite, the world’s leading digital platform for bringing people together, today announced a strategic growth investment from Francisco Partners (“FP”), a leading global investment firm that specializes in partnering with technology businesses. Evite CEO David Yeom will continue to lead the company and remain a significant equity holder.

“We are excited to partner with David on the next phase of Evite’s growth journey”

Launched in 1998, Evite was first to market in the digital invitation space and has more than 25 years of authority on how America parties. Leading the market in brand awareness and usage, Evite is most well-known for its digital invitations and party-planning resources such as RSVP tracking, event reminders, guest messaging and more.

“We are thrilled to announce this new investment from Francisco Partners, which will allow us to accelerate innovation and increase the breadth of our product offering,” said David Yeom, Evite CEO.

“We are excited to partner with David on the next phase of Evite’s growth journey,” said Alan Ni, Partner at Francisco Partners and Nick LaGrandeur, Vice President at Francisco Partners. “David has done an exceptional job of evolving Evite under his leadership by reinventing the brand and upleveling the product experience by really focusing on the needs of Evite’s users.”

The transaction closed in October 2024. Financial terms are not being disclosed. Rothschild & Co served as financial advisor and Cooley LLP served as legal advisor to Evite. Kirkland & Ellis LLP served as legal advisor to Francisco Partners.

About Evite

Evite is America’s go-to destination for all things party. Since launching in 1998, Evite has elevated the standard for the event planning industry while evolving from an invitation company to a fully integrated ecosystem of customizable invitation and greeting card designs, RSVP tracking, event reminders, guest messaging and contact management. Evite brings together people to make celebrating face-to-face effortless and more memorable. To date, the company has sent nearly three billion invitations. Visit www.evite.com or download the app to start planning and get inspired.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch 25 years ago, Francisco Partners has invested in over 450 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

Contacts
Media
Francisco Partners
Whit Clay / Jake Cohen
wclay@sloanepr.com / jcohen@sloanepr.com

Evite
Emily Tschirhart
emily@jbc-pr.com

Team

Status

Current

Deal Facts

North America

Private Buy Out

Categories: News

Pelican Pipeline Reaches Final Investment Decision

Stonepeak

October 31, 2024 — AUSTIN, Texas — WhiteWater has reached a final investment decision to move forward with the construction of the Pelican Pipeline after having secured sufficient firm transportation agreements with shippers.

The Pelican Pipeline has been designed to transport up to 1.75 billion cubic feet per day (Bcf/d) of natural gas through approximately 170 miles of 36-inch pipeline from Williams, Louisiana, to the Gillis Hub near Ragley, Louisiana. Supply for the Pelican Pipeline will be sourced from multiple upstream connections in the Haynesville Basin, including direct connections to processing facilities.

The Pelican Pipeline is expected to be in service in the first half of 2027, pending the receipt of customary regulatory and other approvals.

WhiteWater, an Austin, Texas based infrastructure company has partnered with FIC, Stonepeak and Trace Capital Management on the Pelican Pipeline. For more information about WhiteWater, visit www.wwdev.com

About FIC

FIC is an investment firm with a focus on critical infrastructure assets across the power and power use value chains. FIC focuses on investment opportunities that generate long-term capital appreciation in the gas transmission, downstream, power and utilities, renewables, and data/telecommunications industries. We partner with management teams and businesses to accelerate the development of strategic assets that serve society’s growing energy needs and the associated decarbonization of industrial infrastructure. For more information about FIC, please visit www.FICfund.com

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com

About Trace Capital Management

Trace Capital Management (Trace) is a proven and pragmatic energy investor focused on value and growth investments across the global energy landscape, with a particular focus on energy infrastructure, upstream oil and gas and viable low/no carbon opportunities. Based in Houston, Texas, Trace currently manages funds with invested and committed capital of more than $1.6 billion. Learn more at www.tracecapital.com

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Birch Creek Closes $150m Credit Facility with KKR

KKR

Financing proceeds will be used to support development of over 4GW of solar projects

ST. LOUIS, Oct. 31, 2024 /PRNewswire/ — Birch Creek Energy, LLC (“Birch Creek”), a utility scale solar and storage developer and independent power producer, and KKR, a leading global investment firm, today announced that Birch Creek has closed on a $150 million credit facility within KKR’s High-Grade Asset-Based Finance (ABF) strategy via insurance accounts managed by KKR. The financing extends and upsizes Birch Creek’s previous $100 million facility, and it will be used to finance development expenses and equipment for solar farms in the company’s development portfolio.

Birch Creek was founded in 2019 and has been primarily focused on a distribution-level utility-scale solar and storage strategy in high-value, liquid markets such as PJM, MISO and ERCOT. The company boasts a large pipeline as well as a successful track record of late-stage asset sales and IPP growth. Birch Creek presently owns 160MW of operating projects in its independent power producer, with an additional 187MW under construction that will place in service over the last 2 months of 2024, bringing the total to 347MW.

“We are thrilled to have strengthened our relationship with KKR through the renewal and upsize of our credit facility,” said Dan Siegel, CEO of Birch Creek. “Through this facility, we are able to continue the development of solar projects in certain core markets, while also funding select equipment purchases for projects closer to construction. We are proud to work with KKR and appreciate their confidence in our platform as we continue to grow our unique, speed-to-market strategy.”

“Amid increasing global demand for clean energy and storage solutions, we are pleased to provide this enhanced credit facility to Birch Creek within our High-Grade ABF strategy to further the development of its solar and storage project pipeline,” said Erich Heintzen, Director at KKR.

About Birch Creek Energy
Birch Creek Energy, a utility scale solar development platform, develops, finances and owns utility scale solar and storage projects in the United States. Since 2019, Birch Creek Energy has developed 1.7 gigawatts (GW) of solar projects and has a portfolio of over 14.2 gigawatts (GW) of utility scale solar and storage projects in various stages of development and operation across MISO, PJM, ERCOT and the Southeast. Birch Creek Energy has 56 employees and is based in St. Louis, Missouri.  For more information, visit www.birchcreekenergy.com.

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

SOURCE Birch Creek Energy

 

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Renta acquires Tunnel Support

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) acquires Tunnel Support AS and Tunnel Support Sverige AB (together “Tunnel Support” or “the Company”), from Andersen Mek Verksted AS. Tunnel Support is a rental company offering specialised machinery for tunnelling infrastructure projects across Norway and Sweden. The Company is headquartered in Bergen, Norway.

With the acquisition, Renta significantly strengthens its offering and market position in the tunnelling infrastructure rental segment. Tunnel Support is a growing company with strong profitability and a modern fleet consisting of machines from high-quality OEMs. Renta’s objective, together with the management of Tunnel Support, is to seek further growth in the rental of specialised tunnelling machines, while also capturing cross-selling synergies between the Company and Renta’s general rental operations.

The acquisition was completed on 31 October 2024.

Leif-Martin Drange, Managing Director at Renta Norway, said: “Tunnel Support provides high-quality specialised equipment and has highly skilled employees. I am looking forward to joining forces and combining Tunnel Support’s expertise with Renta’s broad depot network and offering. With the acquisition, we will strengthen our overall market position and be able to provide an even more comprehensive offering to the customers of both companies.”

Kato Stien, CEO of Tunnel Support AS, said: “We are looking forward to becoming part of Renta’s professional organisation. We can utilize our specialised equipment and technical expertise while benefitting from Renta’s broad presence and digital solutions. Together, we will be able to offer a complete solution that will help our customers operate more efficiently and sustainably.”

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 190 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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About Tunnel Support

Tunnel Support is a tunnelling infrastructure rental specialist serving customers across Norway and Sweden. The Company is based in Bergen. For more information, visit www.tunnelsupport.com

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EQT Exeter to acquire 94,000 square-meters across four warehouses in Germany

eqt

Transaction comprises an attractive collection of high-quality properties in key distribution locations with capacity to serve a wide range of tenants

All four properties are fully-leased, with significant rental growth potential

EQT Exeter’s leasing and property management team plans to enhance value, particularly through significant sustainability-focused improvements

EQT Exeter, a leading global real estate investment manager, today announced that the EQT Exeter European Logistics Value Fund IV (“EQT Exeter”) has entered into an exclusive agreement to acquire four logistics properties, strategically located across the cities of Munich, Nuremberg, and Frankfurt in Germany, from VIB Vermögen AG.

The warehouses provide a high degree of third-party usability through the properties’ design and locations. The buildings are located across three prime German submarkets offering excellent access to the national road network. They are situated in supply-constrained consumption conurbations proximate to highly sought-after production and distribution hubs. The properties are fully-leased by five tenants, and offer the potential for significant value creation through future rental growth and sustainability-focused enhancements.

The transaction aligns with EQT Exeter’s focus on acquiring high-quality assets in key European submarkets, and further strengthens its presence in the Southern German logistics market. The properties are well-suited to benefit from EQT Exeter’s comprehensive asset and property management expertise, underpinned by its extensive local real estate team with experience in supporting assets throughout the entire property management lifecycle.

The transaction is expected to close in Q4 2024, subject to customary closing conditions.

Contact

EQT Press Office, press@eqtpartners.com

About

About EQT Exeter
EQT Exeter is a global real estate investment manager with over $29 billion of equity under management. EQT Exeter acquires, develops, leases, and manages logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. With over 440 experienced professionals operating in more than 50 offices globally, EQT Exeter owns and operates over 2,000 properties and 375 million square feet. EQT Exeter’s track record comprises over $45 billion in total property gross asset value since inception, spanning over 450 million square feet globally. EQT Exeter is the real estate division of EQT AB, a purpose-driven global investment organization.

More info: https://eqtexeter.com/

Follow EQT Exeter on LinkedIn

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EQT Acquires Leading SaaS Talent Solutions Provider PageUp to Accelerate Global Expansion and Product Innovation

eqt

PageUp will leverage EQT’s expertise to accelerate international expansion and drive product innovation in talent management software.

EQT’s investment builds on PageUp’s strong track record of expansion through organic growth and strategic acquisitions.

The partnership reinforces EQT’s commitment to supporting high-growth software businesses in Asia Pacific and international markets.

EQT and PageUp Group today announced that EQT, a purpose-driven global investment organization, has acquired Australian-founded PageUp, a global leader in SaaS talent acquisition, recruitment marketing, and talent management solutionsfrom existing majority owners, Battery Ventures.

The deal will enable PageUp to leverage EQT’s deep expertise in scaling high-growth global technology businesses to capture greater opportunities in the talent management software space, accelerate its international expansion, and enhance product innovation.

Founded in 1997, PageUp now delivers its cutting-edge talent acquisition and recruitment marketing software to top-tier corporates, universities, hospitals, and public-sector customers worldwide via offices in Australia, North America, and Europe. PageUp’s product suite powers the end-to-end talent management of global brands such as Flight Centre Travel Group, Ramsay Healthcare Australia, Bank of Ireland, Boston Medical Centre, and University of North Texas Systems.

EQT’s investment, through its BPEA Fund VIII (“EQT Private Capital Asia”), builds on PageUp’s operating momentum in achieving substantial organic and acquisition-led growth in recent years. This has included the acquisitions of Clinch in 2019 and eArcu and PathMotion in 2021. With EQT’s investment and strategic backing, PageUp will accelerate its expansion into priority international markets and deepen its offering in key sectors and verticals.

PageUp represents EQT’s latest investment in the Human Capital Management (“HCM”) software sector, which it views as an attractive and dynamic segment as HR professionals leverage technology to meet the challenges of attracting and retaining an evolving global workforce. PageUp adds to EQT’s global portfolio of investments in HCM software businesses across strategies, which includes Peakon, Unmind, Hume, Sana Labs, and HRBrain.

The investment further builds on EQT’s experience supporting market-leading Asia Pacific-based software businesses to capture global market opportunities. EQT will work with PageUp to construct a board of HR technology veterans from members of EQT’s industrial advisor network, pursue targeted inorganic growth opportunities in key markets worldwide, and accelerate the company’s AI product roadmap with help from EQT Digital.

Nicholas Macksey, Partner in the EQT Private Capital Asia advisory team, said: “PageUp’s impressive track record of innovation and growth makes it a standout leader in the talent management space. We are excited to partner with PageUp at this defining moment for the company. We look forward to leveraging EQT’s global reach and sector expertise to accelerate PageUp’s international expansion and amplify its product innovation, particularly in dynamic, high-growth markets. As the human capital management landscape rapidly evolves, we are committed to helping PageUp unlock new opportunities for its clients worldwide. This investment reinforces EQT’s strength in supporting software businesses that align with our core investment themes, allowing us to apply our deep expertise to foster innovation and drive impact in key industries.”

Following the successful completion of the transaction, Mark Rice has announced his intention to retire as CEO of PageUp. Over 13 years (initially as COO/CFO and as CEO for the last six years), Mark has led the Group’s dynamic and profitable growth and driven its international expansion both organically and through several successful acquisitions.

Commenting on the successful acquisition and his decision to retire as CEO, PageUp Group’s outgoing CEO Mark Rice said: “EQT’s investment is a ringing endorsement of our business and the significant opportunities for market and product expansion ahead. After 13 years leading the business, and with EQT’s investment now secured, I have decided that now is the right time for me to retire as CEO, safe in the knowledge the company I have helped build is in safe hands. I am immensely proud of what we have accomplished at PageUp as a team and this decision was made easier knowing the business is well-positioned with supportive partners for its next phase of growth.”

Mark will oversee a transition period with incoming CEO Eric Lochner. Eric has over 25 years of leadership experience scaling SaaS companies globally, most notably HR Tech companies Kenexa, Achievers, and Careerbuilder.com. Eric Lochner said: “Under Mark’s stewardship, PageUp has gone from strength to strength. I am delighted to have accepted the opportunity to step into the CEO role and look forward to working with our new partners in transforming our clients’ hiring experiences and empowering individuals to find opportunities where they are happy, engaged, and fulfilled. With EQT’s expertise and support, we’ll accelerate our strategy with increased focus on customer experience and innovation, including the continued integration of responsible AI to rapidly evolve our platform and enhance the automation of talent management.”

William Blair acted as the exclusive financial advisor to PageUp Group on this transaction. Barclays and Barrenjoey acted as the exclusive financial advisor to EQT on this transaction.

With this transaction, BPEA Private Equity Fund VIII is expected to be 80-90 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.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of BPEA Private Equity Fund VIII will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contact
EQT Press Office, press@eqtpartners.com

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into 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, X, YouTube and Instagram

About PageUp
From talent pipelining, recruitment, and onboarding to compliance, professional development, and performance management, PageUp solutions leverage responsible AI and automation.

PageUp’s innovative tools and services empower organizations to optimize their human resources investment processes, enhance workforce performance, and deliver a personalized experience to candidates and employees.

Customers choose PageUp for its deep functionality and ability to be custom-configured for various workflows and industries, all accompanied by outstanding customer service. Used in over 190 countries, PageUp is a genuinely global solution with offices in Melbourne, Sydney, New York, London, and Paris.

More info: www.pageuppeople.com

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Carlyle provides financing for the acquisition of Lanes Group by Global Infrastructure Partners (GIP), a part of BlackRock

Carlyle

Carlyle acts as sole lender to provide £205m of acquisition financing to support a leading UK wastewater infrastructure services provider

London, UK – 31 October 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has provided a financing package of £205m to support the acquisition of Lanes Group, one of the UK’s leading providers of water and wastewater services, by funds managed by Global Infrastructure Partners (GIP), a part of BlackRock. 

With over 4,000 employees, Lanes Group has grown significantly under private ownership since its inception over 30 years ago. The company is widely recognised as a high quality, market leader in the UK wastewater infrastructure sector, combining strong local presence, a commitment to innovation, and exceptional client delivery in its critical support to water utilities and private sector businesses across the UK.  

This transaction will support Lanes Group to accelerate its growth plans, including expanding its service offerings, strengthening its long-standing customer relationships and continuing to invest in new technologies. 

Carlyle’s Global Credit platform manages $190 billion in assets under management, as of June 30, 2024. It regularly pursues investments in privately negotiated debt and capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies. 

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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 $435 billion of assets under management as of June 30, 2024, 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 four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Contact: 

Carlyle

Andrew Kenny

andrew.kenny@carlyle.com

+44 7816 176120

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Blackstone Announces Partnership With Travelodge Asia to Acquire Office Building in Seoul’s Gangnam District and Convert into Select-Service Hotel

Blackstone

SEOUL – November 1, 2024 – Funds managed by Blackstone Real Estate Partners (“Blackstone”) are partnering with Travelodge Asia, an integrated hotel investment and operating company focused on select-service hotels across Asia, to acquire an office building in Seoul’s Gangnam district, and convert into a new select-service hotel.

Chris Kim, Head of Real Estate – Korea, Blackstone, said: “We are thrilled to continue investing in South Korea and start work on this property by doing what we do best at Blackstone: transforming well-located assets and increasing their value. We are big believers in travel and leisure as an investment theme, including in South Korea, where its culture and medical services are driving demand. We look forward to partnering with Travelodge to create a new select-service hotel in one of Seoul’s busiest neighborhoods.”

Marcus Aw, Managing Director of Travelodge Asia, added: “We are delighted to partner with Blackstone for this investment, which will be our fifth acquisition in Seoul. We have been active in acquiring assets with strong value add upside potential from being repositioned as midscale hotels, with a particular focus on South Korea, Japan, Singapore and Hong Kong. South Korea continues to be a very popular destination amongst leisure and business travelers globally, so we are excited to team up with Blackstone on the upcoming hotel.”

Blackstone is one of the world’s largest investors in hotels – from The Cosmopolitan in the United States to Crown Resorts in Australia and Hilton Hotels around the world, the firm brings a global track record of transforming hospitality brands into leading destinations for dining and entertainment.

The building sits in the center of Gangnam’s prime office and commercial district, within walking distance to four subway stations, high-end residential complexes, hotels, retail and medical facilities. Seoul’s hospitality market has seen explosive growth following COVID, driven by the rise in inbound tourists. The country saw 7.7 million foreign arrivals in the first half of the year, a 74% increase from the same period in 2023.

This is the third real estate transaction from Blackstone in South Korea this year. Last month, Blackstone bought a large multi-story logistics asset in Gimpo. In April, Blackstone closed the sale of Arc Place, a Grade A office building in Gangnam. This sale – which was the largest commercial real estate transaction in Seoul’s major business district since 2022 – also marked the culmination of years of focused asset management to reposition Arc Place into a leading office building.

Blackstone Real Estate 
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $325 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Media Contacts
Ellen Bogard
+852 9731 9726
Ellen.Bogard@Blackstone.com

Wendy Lee
+852 9176 6179
Wendy.Lee@Blackstone.com

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