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IK Partners enters into exclusive negotiations for the sale of Nomios to Keensight Capital

IK Partners

Press Release
Tuesday, 27 June 2023

IK Partners (“IK”) is pleased to announce that the IK VIII Fund has entered into exclusivity negotiations to sell Nomios (“the Company”), a European expert in cybersecurity and secure network services, to Keensight Capital (“Keensight”), one of the leading private equity managers dedicated to pan-European Growth Buyout[1] investments. Financial terms of the contemplated transaction, which is subject to the prior information and consultation of the relevant employee representative bodies and other customary approvals, are not disclosed.

Nomios has a presence in over 20 offices across Europe, more than €400 million in revenue coupled with a healthy profitability and over 600 employees; a large portion of which are certified engineers. The Company specialises in helping customers secure their increasingly complex digital landscape. It provides an end-to-end offering, including: Nomios support; solutions from trusted and high-quality vendors; professional services; and managed services, including but not limited to Nomios’ security operating centres (“SOCs”).

Since IK acquired the Company in January 2019, it has undergone a transition towards a cybersecurity expert of scale across Europe. It has successfully doubled its revenues through organic growth realised across service lines and geographies. Under the leadership of CEO Sébastien Kher, Nomios has capitalised on its proven track record of client stickiness, maintaining and achieving high vendor accreditations and high employee loyalty. In addition, Nomios has also launched several new strategic initiatives, including the successful unveiling of various SOCs in its key markets. It has also expanded its footprint in Europe through two acquisitions in Poland and Italy.

Sébastien Kher, CEO at Nomios, said: “We are grateful for the support that IK has offered the business since 2019. With its help, we have significantly grown Nomios through new services and a broader geographic footprint. We are excited by the opportunity to enter into a new partnership with Keensight and to benefit from their significant experience in — and expertise on — the markets in which Nomios is active, in order to continue our strong organic growth, combined with further acquisitions in Europe to grow our footprint.”

Remko Hilhorst, Managing Partner at IK and Advisor to the IK VIII Fund, said: “We are proud of all that we have achieved in partnership with the management team at Nomios. We have established the Company as one of the clear leaders in the European cybersecurity market, positioning it as a scaled provider of increasingly recurring services to its loyal client base. The quality of the entire Nomios team has allowed us to strongly grow the business year on year. We are convinced that the contemplated transaction will ensure continued success of team and wish them and Keensight every success in the future.”

Philippe Crochet, Managing Partner at Keensight Capital, added: “We’re very excited at the prospect of embarking on this journey with the management of Nomios, a leader in cybersecurity with recognised expertise and a unique presence in Europe. We’ve been extremely impressed by the work they have done and we look forward to partnering with them in an ambitious new stage of growth.”

In addition to what is set out in this message, signing and completion of the transaction is subject to the prior information and consultation of the relevant employee representative bodies, as well as further legal and regulatory approvals.

 

For further questions, please contact:

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

Nomios
Tim Fleur
Phone: +31 6 4346 4012
tim.fleur@nomios.nl

Keensight Capital
Cindy Giraud
Phone: +33 6 37 96 55 37
cgiraud@keensightcapital.com
H/Advisors for Keensight Capital
David Stürken – david.sturken@h-advisors.global +44 (0) 799 059 5913
Aliénor Miens – alienor.miens@h-advisors.global +33 (0) 664 32 81 75

[1]  Growth Buyout: investment in profitable, private companies experiencing strong growth, in minority or majority positions, with or without leverage, using a flexible approach tailored to the needs of individual entrepreneurs, in order to finance organic growth projects, acquisition strategies or provide historic shareholders with liquidity.

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New Mountain Capital Announces $825 Million Net Lease Real Estate Fund

NEW YORK, June 27, 2023 – (BUSINESS WIRE) – New Mountain Capital, LLC (“New Mountain”), a leading alternative investment firm with over $40 billion of assets under management(i) across private equity, credit and real estate, today announced the closing of its second net lease real estate fund, New Mountain Net Lease Partners II, L.P. (“NMNLP II” or the “Fund”). NMNLP II closed with $825 million of equity capital commitments, including approximately $725 million of third-party Limited Partner commitments and approximately $100 million from the General Partner.

With an initial fundraising goal of $750 million, the completed capital raise substantially exceeded the target. Investors in the Fund, which were a mix of numerous new investors as well as existing New Mountain Net Lease investors, include pension funds, insurance companies, asset managers, endowments, family offices and high net worth individuals.

“The net lease business is very complementary to our private equity and credit businesses in our view, and we believe it can provide a strong risk and reward proposition for our investors,” said Steve Klinsky, New Mountain’s Founder and CEO. “We appreciate the support of the sophisticated global investors who have entrusted us with their capital in this strategy and we are also pleased to be sizable investors in our own product. We look forward to building on our strong momentum in net lease as we continue to grow our presence in the space.”

Teddy Kaplan, a New Mountain Managing Director and Head of New Mountain Net Lease commented, “We launched the net lease strategy at New Mountain in early 2016 seeking to utilize the firm’s analytical capabilities, industry experience, deal flow and relationships to build a differentiated net lease platform. Specifically, we saw an opportunity to provide investors with the higher potential risk adjusted returns that could be captured by a manager with the ability to properly underwrite more complex tenants and situations. We are thrilled with our success in delivering on that vision for our investors thus far and are excited to continue working to do so with this Fund.”

NMNLP II will continue to pursue New Mountain’s net lease strategy of focusing on operationally critical facilities at middle market and private equity sponsored businesses, often where New Mountain has deep domain expertise in the industry and in some cases has analyzed the company previously. NMNLP II will generally invest from $5 million to $75 million of equity capital per transaction and has completed six transactions to date, representing more than $315 million of acquisition value and $115 million of equity capital commitments.

Since inception, New Mountain’s net lease strategy has completed $1.9 billion of net lease acquisitions across 47 transactions and today manages a 20 million square foot portfolio of net lease assets with over 40 tenants and 195 assets. Over that time frame, the strategy has delivered consistent and tax efficient distributed cash flow, and Fund I has experienced no tenant defaults or missed rent payments.

New Mountain believes that a well-executed net lease strategy can continue to provide a path to non-cyclical and consistent cash yield and may also benefit from rising rents over time, long durations with no prepayment risk and the safety and collateral of the physical property itself.

About New Mountain Capital

New Mountain Capital is a New York-based alternative investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease real estate funds with over $40 billion in assets under management as of March 31, 2023. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected “defensive growth” industry sectors and then works intensively with management to build the value of these companies. Additional information about New Mountain Capital is available at https://www.newmountaincapital.com/.

Under no circumstances does the information contained herein constitute an offer to sell or a solicitation of an offer to buy any security or interest in an investment vehicle managed by New Mountain Capital. Any such offer or solicitation can only be made through a definitive private placement memorandum describing the terms and risks of an investment to sophisticated persons who meet certain qualifications under the federal securities laws and are capable of evaluating the merits and risks of the investment. Nothing presented herein is intended to constitute investment advice, and no investment decision should be made based on any information provided herein. It should not be assumed that an investment will be profitable or that the performance of any particular investment will equal its past performance. No guarantee of investment performance is being provided and no inference to the contrary should be made. There is a risk of loss from an investment in securities, including the potential loss of principal. Past performance is not indicative of future results.

(i) AUM figure as of March 31, 2023

 

Contacts

Media:

Prosek Partners
Josh Clarkson
jclarkson@prosek.com

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KKR Enters Into Amendment to Definitive Merger Agreement with CIRCOR International at $51 Per Share

KKR

BURLINGTON, Mass.–(BUSINESS WIRE)–CIRCOR International, Inc. (“CIRCOR” or the “Company”) (NYSE: CIR), one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets, today announced that it has accepted a proposal from affiliates of investment funds managed by KKR (such affiliates referred to herein as “KKR”) to increase the price of its previously announced definitive merger agreement with CIRCOR from $49 to $51 per common share in cash, an increase of $2 per share. The all-cash transaction will be valued at $1.7 billion, including the assumption of debt.

In addition, KKR has agreed to provide a full equity backstop for the consummation of the merger. KKR has also agreed to a $125 million reverse termination fee payable to CIRCOR in certain circumstances where the transaction is terminated due to failure to obtain antitrust approvals, and to increase the existing customary reverse termination fee tied to closing obligations from $67 million to $100 million. The termination fee payable by CIRCOR to KKR in certain circumstances has been increased from $28 million to $42.75 million.

The amendment was executed after CIRCOR received an unsolicited proposal from a third party to acquire all of the issued and outstanding shares of CIRCOR common stock for $52.65 per share in cash. Despite the difference in price, the CIRCOR Board of Directors (the “Board”) unanimously concluded after extensive review that the KKR offer was superior because it offered more financing certainty and a clearer and faster path to receiving antitrust approvals.

“After carefully considering the unsolicited proposal, the Board, in consultation with its outside legal counsel and financial advisors, unanimously concluded that committing to the amended merger agreement with KKR was in the best interest of stockholders,” said CIRCOR Board Chair Helmuth Ludwig. “Our decision was based on multiple reinforcing factors, and we are excited that our negotiation has resulted in meaningfully greater value and certainty for CIRCOR stockholders.”

The Board unanimously supports the amended merger agreement with KKR and recommends that stockholders vote in favor of the amended KKR transaction. The transaction remains on track to close in the fourth quarter of 2023, and KKR and CIRCOR submitted their Hart-Scott-Rodino filings on June 20, 2023. The transaction remains subject to the receipt of approval from the Company’s stockholders and certain required regulatory approvals, as well as the satisfaction of other customary closing conditions.

Advisors

Evercore, J.P. Morgan Securities LLC, and Ropes & Gray LLP are serving as advisors to CIRCOR.

About CIRCOR International, Inc.

CIRCOR International, Inc. is one of the world’s leading providers of mission critical flow control products and services for the Industrial and Aerospace & Defense markets. The Company has a product portfolio of market-leading brands serving its customers’ most demanding applications. CIRCOR markets its solutions directly and through various sales partners to more than 14,000 customers in approximately 100 countries. The Company has a global presence with approximately 3,100 employees and is headquartered in Burlington, Massachusetts. For more information, visit the Company’s investor relations website at http://investors.circor.com.

Additional Information and Where to Find it

This press release relates to the proposed acquisition of CIRCOR by Cube BidCo, Inc. (“Parent”). This press release does not constitute a solicitation of any vote or approval. In connection with the proposed transaction, CIRCOR plans to file with the U.S. Securities and Exchange Commission (the “SEC”) and mail or otherwise provide to its stockholders a proxy statement regarding the proposed transaction. CIRCOR may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the proxy statement or any other document that may be filed by CIRCOR with the SEC.

BEFORE MAKING ANY VOTING DECISION, CIRCOR’S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED BY CIRCOR WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION.

Any vote in respect of resolutions to be proposed at a CIRCOR stockholder meeting to approve the proposed transaction or related matters, or other responses in relation to the proposed transaction, should be made only on the basis of the information contained in CIRCOR’s proxy statement. Stockholders may obtain a free copy of the proxy statement and other documents CIRCOR files with the SEC (when available) through the website maintained by the SEC at www.sec.gov. CIRCOR makes available free of charge on its investor relations website at investors.circor.com copies of materials it files with, or furnishes to, the SEC.

The proposed transaction will be implemented solely pursuant to the Agreement and Plan of Merger, by and among CIRCOR, Cube Merger Sub, Inc. and Parent, dated as of June 5, 2023, as amended as of June 26, 2023 (the “Merger Agreement”), which contains the full terms and conditions of the proposed transaction.

Participants in the Solicitation

CIRCOR and certain of its directors, executive officers and certain employees and other persons may be deemed to be participants in the solicitation of proxies from CIRCOR’s stockholders in connection with the proposed transaction. Security holders may obtain information regarding the names, affiliations and interests of CIRCOR’s directors and executive officers in CIRCOR’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 15, 2023. To the extent the holdings of CIRCOR’s securities by CIRCOR’s directors and executive officers have changed since the amounts set forth in CIRCOR’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Investors may obtain additional information regarding the interests of participants in the solicitation of proxies from CIRCOR’s stockholders in connection with the proposed transaction, which may, in some cases, be different than those of CIRCOR’s stockholders generally, by reading the proxy statement relating to the proposed transaction when it is filed with the SEC and other materials that may be filed with the SEC in connection with the proposed transaction when they become available. These documents (when available) may be obtained free of charge from the SEC’s website at www.sec.gov and the investor relations page of the CIRCOR’s website at investors.circor.com.

Cautionary Statement Regarding Forward Looking Statements

This press release includes forward-looking statements that are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those implied by the forward-looking statements. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including all statements regarding the intent, belief or current expectation of the Company and members of its senior management team and can typically be identified by words such as “believe,” “expect,” “estimate,” “predict,” “target,” “potential,” “likely,” “continue,” “ongoing,” “could,” “should,” “intend,” “may,” “might,” “plan,” “seek,” “anticipate,” “project” and similar expressions, as well as variations or negatives of these words. Forward-looking statements include, without limitation, statements regarding the proposed transaction with KKR, including timing to closing, financing certainty and the path to obtaining regulatory approvals, and the unsolicited proposal from the third party. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those currently anticipated due to a number of risks and uncertainties. Risks and uncertainties that could cause the actual results to differ from expectations contemplated by forward-looking statements include: whether the third party will continue to pursue a transaction with the Company and if so if the proposal will lead to a superior proposal; uncertainties as to the timing of the merger; uncertainties as to how many of the Company’s stockholders will vote their stock in favor of the transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, including circumstances requiring a party to pay the other party a termination fee pursuant to the Merger Agreement; the ability of the parties to consummate the proposed transaction on a timely basis or at all; the satisfaction of the conditions precedent to the consummation of the proposed transaction, including the ability to secure regulatory approvals and stockholder approval on the terms expected, at all or in a timely manner; the effects of the transaction (or the announcement or pendency thereof) on relationships with associates, customers, manufacturers, suppliers, employees (including the risks relating to the ability to retain or hire key personnel), other business partners or governmental entities; transaction costs; the risk that the merger will divert management’s attention from the Company’s ongoing business operations or otherwise disrupts the Company’s ongoing business operations; changes in the Company’s businesses during the period between now and the closing; certain restrictions during the pendency of the proposed transaction that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; risks associated with litigation relating to the proposed transaction; inability to achieve expected results in pricing and cost cut actions and the related impact on margins and cash flow; the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the remediation of the material weaknesses in the Company’s internal controls over financial reporting or other potential weaknesses of which the Company is not currently aware or which have not been detected; the uncertainty associated with the current worldwide economic conditions and the continuing impact on economic and financial conditions in the United States and around the world, including as a result of COVID-19, rising inflation, increasing interest rates, natural disasters, military conflicts, including the conflict between Russia and Ukraine, terrorist attacks and other similar matters, and other risks and uncertainties detailed from time to time in documents filed with the SEC by the Company, including current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K. All forward-looking statements are based on information currently available to the Company and the Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by applicable law. The information set forth herein speaks only as of the date hereof.

Contacts

Scott Solomon
Senior Vice President
Sharon Merrill Associates, Inc.
(857) 383-2409
CIR@investorrelations.com

 

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Bain Capital And Conren Tramway Partner to Invest Over €600 Million In Iberian Logistics

BainCapital

Bain Capital And Conren Tramway Partner to Invest Over €600 Million In Iberian Logistics

  • Joint venture (JV) on track to acquire land in Valencia with 92,000 sqm of GLA
  • JV will acquire and develop warehouses in Iberia to the highest ESG standards
  • Partnership consolidates the launch of Conren Tramway’s logistics division
  • Bain Capital to expand its existing c.400,000 sqm logistics portfolio to include Spain

MADRID and LONDON – June 26, 2023 – Bain Capital, a leading private investment firm and Conren Tramway (CT), a leading Spanish real estate investment and development firm, have announced the launch of a JV to co-invest over €600 million into the acquisition and development of logistics in Spain and Portugal over the next five years.

In Spain, the JV will target consolidated and growing logistics hubs nationwide including Madrid, Catalonia, Valencia and Southern Spain. In Portugal, the focus will be on the hubs in Lisbon and Porto.

The JV will focus on delivering grade A logistics to suit the whole range of operator demand, including big box, cross-docking, cold storage and last mile. To design and reposition the assets, the JV will apply CT’s Design Principles and benefit from Bain Capital’s global expertise in logistics investment. The CT team has extensive experience working with clients to tailor the design, construction, functionality, and sustainability of assets to their business needs.

Additionally, the partnership is focused on delivering assets that meet the highest ESG standards including, where appropriate, photovoltaic panels, EV chargers, sustainable construction materials and innovative façades, roofing, and pavements.

CT has an extensive track record of investment and development in the Spanish market, with dedicated teams covering each phase of the investment cycle. Its logistics division, CT Logistics, is led by José María Gutiérrez and Juan Manuel Esteban, with a combined 40 years’ experience investing in, developing, and managing logistics warehouses. Prior to joining CT, they helped create the largest portfolio of logistics assets in Spain, totalling 2.8 million sqm and owned by Merlin Properties, a major real estate investor. Luke Treasure and Gerard Cuevas, with backgrounds at Hines and Goodman, respectively, will support the team in design, construction and sustainability.

As the majority shareholder and financial partner, Bain Capital has a long track record of partnering with local investors and managers globally to capitalise on investment opportunities in sectors with strong fundamentals and growth potential. It has developed c.400,000 sqm of logistics platforms in Poland and Italy, where it focuses on ground-up development in sought after micro-locations, and locations in close proximity to the main logistics corridors, respectively.

JV kicks off with the acquisition of a 92,000 sqm GLA plot in Valencia

The JV  has secured a plot in Loriguilla (Valencia) with total GLA of 92,000 sqm. The asset will be developed to the highest ESG standards.

The Loriguilla project is located near the junction of the A3 and A7 motorways, a strategic logistics area due to its easy access to Valencia’s cargo port and good connectivity with the rest of Spain. Available space in the area is currently limited.

A dynamic market with strong fundamentals

The Iberian logistics market is attracting increasing international attention, leading to a four-fold increase in annual investment volumes in Spain since 2016. The historically low levels of available space are expected to continue to drive rental growth in the short term. In 2022, Madrid, Catalonia, and Valencia had record levels of logistics leases, with rising rents and falling vacancy rates at the most consolidated hubs.

Rafael Coste Campos, Managing Director at Bain Capital comments, “We are pleased to launch this new JV as we expand our logistics services across Southern Europe, in particular Spain and Portugal. We have a solid track record of establishing logistics platforms in markets with strong fundamentals, controlling c.400,000 sqm in Europe alongside two best-in-class JV partners. Our global investment expertise is complimented by CT who have a strong track record of investment and development in Iberia. We look forward to working with them on this project.”

As Paco Hugas, co-CEO of CT, explains, “After having invested more than €1.3 billion and assembled an organisation of 50 people with offices in Madrid and Barcelona, CT manages all functions of the value chain, including acquisitions, urban planning, development and asset and lease management, distinguishing itself for its ability to accommodate user needs through innovation in product design. CT is well positioned to expand and diversify its investment programme leveraging its values and processes, and the logistics market presents a good opportunity to deploy our skills as an investor, developer, and manager with a long-term commitment. To that end, the firm, which invariably invests jointly with primary capital from private and institutional investors, has found the ideal partner in Bain Capital”.

José María Gutiérrez, Managing Director of CT Logistics, says, “Our team’s four decades of experience in the logistics market has shown us how important it is for our clients to have real estate partners who understand their needs and know how to reflect those needs in the design of next generation logistics projects, while working alongside them as they grow their operations. CT and Bain Capital are ideally poised to perform this role over time” .

###

About Conren Tramway

Conren Tramway (CT) is a Spanish real estate development and investment firm with a portfolio of assets including office buildings, mixed-use projects, residential properties, and logistics warehouses.

CT was founded as a specialist in the office market. In recent years, the firm has expanded its investment strategy to cover  other segments, including residential, and currently develops assets totalling over 350,000 sqm. Among other remarkable projects, CT currently spearheads the development of the largest mixed use eco-district in Spain, laMercedes, with a total of 185,000 sqm.

The company has a multidisciplinary team of almost 50 people, including investment analysts, architects, project managers, asset, leasing and property managers, who cover the entire lifecycle of real estate assets from CT offices in Madrid and Barcelona.

Learn more: https://conrentramway.com

About Bain Capital Special Situations

Bain Capital Special Situations has $15 billion in assets under management and has invested $28 billion since its founding in 2002. We provide bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners – in all market cycles. The strategy brings together credit and equity expertise, as well as corporate and real asset expertise, to provide solutions which cannot be met by traditional providers. We invest globally across capital structures in corporate debt and structured capital solutions, distressed assets, non-performing loans, hard asset opportunities, and growth equity. Our dedicated, global team of 100 investment and portfolio professionals contribute the local expertise and capabilities that enable these diverse investments.

Learn more: https://baincapitalspecialsituations.com/

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Aspia continues to strengthen its presence in Norway through a new acquisition

Stockholm, 26 June 2023 – Aspia acquires Generi Accounting, a Norwegian accounting and advisory firm specialising in accounting, payroll, tax and advisory services.

Aspia acquired a Norwegian accounting group in May and is now taking a second step to further strengthen its position on the Norwegian market.

Generi Accounting will become part of Aspia’s existing operations in Norway, strengthening its presence and making it the market leader in the northern Norwegian market.

Since 2018, Aspia has offered solutions across the Nordic region in accounting, payroll and tax, and the latest acquisitions will further strengthen that offering.

“Together with Generi Accounting, Aspia’s business in Norway can take further steps in its regional and national growth plan. We already see a great demand among our customers in the Norwegian market, and this will significantly strengthen our delivery capacity,” says Ola Gunnarsson, CEO at Aspia.

For more information, please contact:  

Pia Törnqvist, CMO, pia.tornqvist@aspia.se ,+46 (0)706 897 659

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Söderberg & Partners raises new capital to support further international expansion

KKR
  • Takes in an additional EUR 200 million from minority owner KKR

Söderberg & Partners has agreed to close a new share issue, raising approximately 200 million EUR (2,3 billion SEK). The new growth investment is being provided by KKR, an existing minority investor since 2019. Following the new share issue, Söderberg & Partners will continue to be controlled by its founders and supported by its two significant minority shareholders, global investment firm KKR and private equity firm TA Associates.

The new capital will used to facilitate and support Söderberg & Partners’ ongoing expansion across all its current markets, with a particular focus on building upon its recent entry into Spain and the UK.

Gustaf Rentzhog, CEO and co-founder of Söderberg & Partners says: “We have just established Söderberg & Partners in the UK, a 10 trillion GBP wealth management market. We are confident, that with our technology and our partnership model, we are bringing a competitive offer that will fill a gap in the current market and help improve both efficiency and quality for the advisers that chooses to partner with us.”

He then continues: “Söderberg & Partners also recently entered the Spanish market and, through a number of acquisitions, we have already become one of the largest insurance intermediaries in the country. Our aim is continue on this journey and become one of the leading players in this market within the coming years”.

Hans Arstad, Managing Director leading KKR’s European private equity activities across the Nordic region, comments: “Söderberg & Partners has more than doubled in size since our initial investment in 2019 and we are pleased to make a significant new investment behind this exceptional team and platform. We believe there is enormous potential for Söderberg & Partners to accelerate its growth in UK, Spain and the rest of Europe by continuing to invest in building its differentiated suite of technology-enabled services and pursuing strategic M&A with leading players in key growth markets.

KKR is making the additional investment primarily through its European Fund V. The firm has an established track record in the Nordic region, having invested over 6 billion EUR in equity since 2007 and strengthening its presence and growth ambitions in the region with the opening of a new office in Stockholm, Sweden in June 2021.

For more information, please contact:

Rasmus Löwenmo Buckhöj, Head of Information, Söderberg & Partners Group
Rasmus.LowenmoBuckhoj@soderbergpartners.se
+4676 149 50 05

For KKR Nordics:
Ludvig Gauffin, Fogel & Partners
kkr@fogelpartners.se
+4670 222 60 30

About Söderberg & Partners

Söderberg & Partners was founded in Sweden 2004 and is today one of the largest providers of wealth management and corporate insurance services in the Nordic region and the Netherlands. The company has over 3,000 employees across more than 110 offices in Sweden, Norway, Denmark, Finland, the Netherlands, Luxemburg and Spain, and more than GBP 60bn in Assets under Management and Assets under Advice.

www.soderbergpartners.co.uk

www.soderbergpartnersgroup.com

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EQT Private Equity to sell Ellab, following transformation into a leading validation & monitoring provider for the Biotech and Pharmaceutical industries

eqt
  • EQT Private Equity, together with its co-shareholders, to sell Ellab to Novo Holdings
  • Since EQT Private Equity invested in 2019, Ellab has transformed into a full-suite provider of validation and monitoring solutions and services, serving all the top 20 biotech companies and all the top 40 pharmaceutical companies globally
  • Transformation has resulted in Ellab tripling its revenues, EBITDA and number of employees, while experiencing approximately 20% annual organic revenue growth and completing 15 add-on acquisitions

EQT is pleased to announce that EQT Mid Market Europe (“EQT Private Equity”), together with its co-shareholders, have agreed to sell Ellab (“Ellab” or the “Company”) to Novo Holdings, which is responsible for managing the assets and wealth of the Novo Nordisk Foundation, one of the world’s largest philanthropic enterprise foundations.

Headquartered in Hillerød, Denmark, Ellab provides validation and monitoring solutions and services for biotech and pharmaceutical processes. Its solutions and services measure and document parameters such as temperature, pressure, and carbon dioxide. These help clients to ensure consumer safety and regulatory compliance while reducing time to market and the risk of product loss.

EQT Private Equity acquired Ellab in September 2019 with a vision to accelerate the Company’s growth journey by solidifying its core offering within validation solutions, while expanding into monitoring solutions and field services & consulting. Today, Ellab has transformed into a full solution provider, while tripling its revenues, EBITDA and employee base. It counts all the top 20 biotech companies and all the top 40 pharmaceutical companies globally as clients.

During EQT Private Equity’s ownership, Ellab shifted its customer focus towards high-growth industries such as biotech, cell & gene therapies, and contract development & manufacturing organizations. At the same time, it invested significantly in research & development, digitalization and personnel to strengthen the organization, while acquiring 15 companies around the globe. The Company has also defined a clear sustainability strategy, for instance by committing to the Science Based Targets initiative that requires Ellab to set greenhouse gas emission reduction targets in line with the 1.5° pathway described in the Paris Agreement.

Rikke Kjær Nielsen, Partner within EQT Private Equity’s Advisory Team, said, “Ellab’s solutions play a vital role in ensuring accuracy and compliance in its clients’ biotech and pharmaceutical processes, which is key for these companies. This was true when we first invested in Ellab and remains the case today. The difference now is the scale and flexibility that Ellab offers, as it has transformed into a full-suite provider of validation and monitoring solutions and services. It has been a privilege to partner with the entire Ellab management team, who have built a company with a strong culture and customer focus, dedication to innovation and commitment to consumer safety. We believe Novo Holdings is a great partner for the next stage of Ellab’s growth journey and we wish them all the best in the future.”

Ludvig Enlund, CEO of Ellab, said “With EQT Private Equity’s support, Ellab has transformed into a truly leading global player with best-in-class software and hardware for validation and monitoring for the life sciences industry, and today also holds a strong position within field services & consulting. We are grateful for the partnership and now look forward to continuing our journey with Novo Holdings.”

The transaction is subject to regulatory approval. Closing of the transaction is expected in Q3 2023.

Contact

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

About EQT
EQT is a purpose-driven global investment organization with EUR 119 billion in 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 Ellab
Headquartered in Hillerød, Denmark, Ellab provides Validation and Monitoring Solutions and Services used for measuring and documenting critical parameters such temperature, pressure and CO2 in mainly biotech and pharma processes. The Company serves all of the top 20 biotech companies and all of the top 40 pharma companies globally helping them ensure consumer safety and regulatory compliance, while reducing time to market and the risk of product loss.

More info: https://www.ellab.com/

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation.

Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novozymes A/S and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development.

As of year-end 2022, Novo Holdings had total assets of EUR 108 billion.
www.novoholdings.dk 

About the Novo Nordisk Foundation
Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people’s health and the sustainability of society and the planet. The Foundation’s mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.

www.novonordiskfonden.dk/en

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Intel Agrees to Sell Minority Stake in IMS Nanofabrication Business to Bain Capital

BainCapital

Intel Agrees to Sell Minority Stake in IMS Nanofabrication Business to Bain Capital

Transaction will accelerate innovation of critical multi-beam mask writing tools, foster deeper cross-industry collaboration

 

NEWS HIGHLIGHTS

  • Transaction will accelerate innovation of critical multi-beam mask writing tools and foster deeper cross-industry collaboration.
  • Multi-beam mask writing tools are critical to the semiconductor ecosystem for creating EUV technology.
  • Sale of approximately 20% stake values IMS at approximately $4.3 billion.

SANTA CLARA, Calif., and BOSTON, June 21, 2023 – Intel Corporation today announced that it has agreed to sell an approximately 20% stake in its IMS Nanofabrication GmbH (“IMS”) business to Bain Capital Special Situations (“Bain Capital”), in a transaction that values IMS at approximately $4.3 billion. The transaction is expected to close in the third quarter of 2023. IMS will operate as a standalone subsidiary and will continue to be led by CEO Dr. Elmar Platzgummer.

 

Since inventing multi e-beam technology and introducing the first commercial multi-beam mask writer in 2015, Vienna, Austria-based IMS has been an industry leader in multi-beam mask writing for advanced technology nodes. Intel initially invested in IMS in 2009 and ultimately acquired the business in 2015. Since the acquisition, IMS has delivered a significant return on investment, growing its workforce and production capacity by four times and delivering three additional product generations.

 

Today, as EUV technology becomes broadly adopted in leading-edge technologies, the multi-beam mask writing tools required to create advanced EUV (extreme ultraviolet lithography) masks are increasingly critical components to the semiconductor manufacturing ecosystem. This investment will position IMS to capture the significant market opportunity for multi-beam mask writing tools by accelerating innovation and enabling deeper cross-industry collaboration.

 

“The advancement of lithography is critical to driving continued progress in the semiconductor industry, and mask writing plays a central role in the industry’s transition to new patterning technologies, such as high-NA EUV,” said Matt Poirier, senior vice president of Corporate Development at Intel. “Bain Capital’s investment and partnership will provide IMS with increased independence and bring strategic perspective to help accelerate the next phase of lithography technology innovation, ultimately benefitting the ecosystem as a whole.”

 

Platzgummer said, “We are pleased to gain a valuable partner in Bain Capital, which has a long history of partnering with companies to drive growth and value creation. They share our conviction in the meaningful opportunity ahead for IMS as EUV becomes more pervasive and high-NA EUV moves from development into high-volume manufacturing in the second half of the decade. We look forward to expanding our ability to support the world’s largest chip producers, who rely on our technology to produce current and next generations of semiconductor products.”

 

Marvin Larbi-Yeboa, a partner at Bain Capital, said, “As the global leader and innovator of emerging technologies in the semiconductor fabrication and nanotech industries, we believe IMS is well-positioned to capitalize on attractive secular tailwinds as additional chip production capacity comes online and build on its leading competitive position, tech differentiation and cutting-edge product capabilities.”

 

Will Tetler, a managing director at Bain Capital, added, “We look forward to partnering with IMS’ exceptional management team and Intel to employ our deep industry experience and value-creation capabilities to support the business’ long-term growth strategy through further investment in its leading-edge tech and product portfolio to enable IMS to extend its competitive market position.”

 

Forward Looking Statements

This press release contains forward looking statements regarding the planned investment by Bain Capital Special Situations (“Bain Capital”) in IMS Nanofabrication GmbH (“IMS”), including the timing of closing and possible implications of such investment on the IMS business.  Such forward looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including:  the risk that the transaction may not be completed in a timely manner or at all, including as a result of a failure to receive regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction; the risk that the expected benefits of the transaction, including as a result of the increased independence of IMS, may not be realized or that the sale of a minority ownership in IMS may adversely impact the IMS business or Intel; disputes or potential litigation related to the transaction or the ownership, control and operation of the IMS business, including as it relates to Intel; unanticipated costs related to the transaction or the IMS business that may be incurred; risks as to the retention of key IMS personnel and customers; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; changes in demand for semiconductor manufacturing tools; the high level of competition and rapid technological change in the semiconductor industry; and other risks and uncertainties described in Intel’s earnings release dated April 27, 2023, 2022 Annual Report on Form 10-K and other filings with the SEC. All information in this press release reflects Intel management views as of the date hereof unless an earlier date is specified. Intel does not undertake, and expressly disclaims any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com. © Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

 

About IMS Nanofabrication

IMS Nanofabrication GmbH, an Austrian business and subsidiary of Intel Corporation, is the global technology leader for multi-beam mask writers. Its customers are the largest chip manufacturers in the world, who rely on its technology to produce current and future chip generations. IMS’ innovative multi-beam writers play a key role in chip manufacturing and provide significant added value to the semiconductor industry. They are continually customized and refined by an interdisciplinary team, in line with the latest market demands. Over the last 10 years, IMS has perfected its electron-based multi-beam technology. The first-generation multi-beam mask writer, MBMW-101, is successfully operating all over the world. The second-generation multi-beam mask writer, MBMW-201, entered the mask writer market in the first quarter of 2019 for the 5nm technology node. And this year, IMS is launching MBMW-301, a fourth-generation multi-beam mask writer that delivers unprecedented performance. Learn more at www.ims.co.at/en/.

 

About Bain Capital Special Situations

Bain Capital Special Situations is a global team of investors who have driven value creation for more than 20 years. Bain Capital Special Situations has $18 billion in assets under management and has invested more than $28 billion since our inception in 2002. We provide bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners. Across all market cycles, the strategy brings together credit, equity, corporate and real asset expertise to partner where traditional providers cannot. Our dedicated, global team of more than 100 investment and portfolio professionals contribute the local expertise and capabilities that enable these diverse investments. For more information, please visit: https://baincapitalspecialsituations.com/.

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Renta acquires Mylift

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement to acquire Mylift Holding AS (“Mylift” or “the Company”). Mylift is a Norwegian general rental company operating in the northern part of Oslo and in Innlandet. Mylift also provides scaffolding services through its subsidiary Mylift & Borud Stillas AS. The Company has eight depots, more than 200 employees and annual revenues of more than NOK 360 million.

The acquisition marks a continuation in Renta’s strategy towards building a nationwide rental network, strengthening Renta’s presence in Oslo and extending the rental network to Innlandet, further north from Oslo. Through this latest addition, Renta will have more than 500 employees across 33 depots in Norway. In addition, the acquisition of Mylift strengthens Renta’s product and service offering, particularly in the site modules product category as well as in scaffolding services. Furthermore, Renta will get access to a broader customer base, especially through Mylift’s customers in the event business and by adding site modules to Renta’s offering in Norway.

Mylift’s customer-centric business model and highly complementary geographic presence and product offering, makes it an excellent fit for Renta. Mylift will continue to serve its customers with the same local approach and high-quality services as before and further benefit from implementing Renta’s cutting edge digital solutions to enhance their services.

The acquisition is expected to be completed following a review and approval by the Norwegian Competition Authority.

Kari Aulasmaa, CEO of Renta Group, said:

“We are thrilled to join forces with Mylift, a profitable and rapidly growing company with a reputation of providing high-quality services. Through the acquisition, Renta makes another step forward in building a fully nationwide coverage in Norway, while at the same time strengthening strategically important product and service areas. Mylift’s complementary presence and offering provides an excellent platform for continued growth for us in Norway. We would like to extend a warm welcome to the Mylift team and look forward to working with them.“

Knut Rindal, CEO of Mylift, said:

“We are genuinely glad to become a part of Renta Group, which adheres to highest operational standards and has ambitious plans for the future. I am convinced that Renta will provide a good home for our employees and that we will be able to further develop our services towards our customers as part of Renta. It was important for us that the chosen strategic partner shares the same values that we have followed in our operations, and I truly believe that Renta is the perfect choice. I am certain that together with Renta we will become even stronger and be able to accelerate growth in the Norwegian rental market.”

Enquiries: ir@renta.com

About Renta Group

Renta Group is a Northern European full-service equipment rental company founded in 2015. Renta has operations in Finland, Sweden, Norway, Denmark, Poland, and the Baltics, with 137 depots and over 1,500 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, please visit www.renta.com

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About Mylift

Mylift Holding AS is a Norwegian general rental company founded in 2010.Through subsidiary Mylift & Borud Stillas AS, Mylift also provides scaffolding services. The company has eight depots and more than 170 employees. For more information, visit https://mylift.no/

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Vendis Capital supports the growth of Meubelzorg

Vendis Capital

Vendis Capital, the consumer sector specialized European private equity fund, invests in Meubelzorg, a direct-to-consumer premium elderly care brand in assistive furniture

Meubelzorg, based in Alkmaar (The Netherlands), is a direct-to-consumer premium elderly care brand in custom-made rise & recline chairs that enables elderly to live longer independently at home. The company was founded in 2017 with the aim of making rise & recline chairs accessible to everyone by testing the chairs at home. Since then, they have delivered considerable growth both in The Netherlands and internationally.

Meubelzorg is the leading premium brand in assistive furniture and is known for its bespoke rise & recline chairs. The company’s consumer centric business model allows for online orientation followed up by at-home or in store testing and full customization to individual wishes and needs. All products are made-to-measure. Building on its success in The Netherlands, the company has successfully rolled out its business model to Belgium.

Vincent Braams, Partner at Vendis Capital: “We are very happy to add Meubelzorg to our portfolio of consumer brands. It presents a fast growing, digital native and direct-to-consumer elderly care brand that accommodates the increasing demand from elderly to live longer comfortably at home. We see growth opportunities in international markets and in other categories that help elderly to live longer in their own home.”

The participation in Meubelzorg represents the seventh investment within Vendis Capital III, the €300 million fund that was launched in 2019.

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