Category Archives: News

Silver Lake to Make €600M Strategic Investment in TeamSystem

Silverlake

MILAN & LONDON – TeamSystem, a leading provider of business software solutions to companies and accountants in Italy and Spain, announced today that Silver Lake, a global leader in technology investing, has entered into a definitive agreement to acquire a €600 million minority stake in the company from Hellman & Friedman (H&F). H&F will remain the majority shareholder in TeamSystem following close of the transaction.

This strategic investment from Silver Lake marks a significant milestone for the Company as it continues to drive the digital transformation of businesses and their accountants in Italy and Spain. TeamSystem’s innovative software platform – with solutions ranging from core business applications to financial technology and AI tools – has revolutionized business processes, empowering clients to streamline operations, drive efficiency and accelerate growth. Since the time of H&F’s initial investment in TeamSystem in 2016, the number of customers served by the company has grown from 200 thousand to approximately 1.8 million today.

Commenting on the investment, Federico Leproux, CEO of TeamSystem, said: “We are pleased to welcome Silver Lake as a strategic partner. We believe this partnership will unlock even greater potential for TeamSystem as the company continues to expand its product offering to help digitise the Italian and Spanish economies – and beyond. We are also delighted to continue our partnership with Hellman & Friedman, which has been our trusted partner for over seven years.”

Christian Lucas, Co-Head of EMEA at Silver Lake, said: “We are excited to partner with TeamSystem as it continues to transform the Italian software industry. Management’s strong commitment to technological leadership, customer-centric approach, and drive for best-in-class innovation are qualities we value highly and have invested behind consistently in support of cloud software leaders across Europe, making TeamSystem an ideal fit for Silver Lake. We look forward to working closely with Federico and the full team in partnership with Hellman & Friedman to drive further growth and deliver exceptional value to its customers.”

Blake Kleinman, Partner at Hellman & Friedman, added: “We are thrilled to welcome Silver Lake as an investor in TeamSystem as we set our sights on the next phase of growth for the business. We have been impressed by TeamSystem’s performance since our initial investment in 2016. Federico Leproux and his team have done an outstanding job to strengthen TeamSystem’s offering and more than triple the company’s revenues. Our investment in TeamSystem which started over seven years ago is a great example of H&F’s approach to long-term value creation. We look forward to continuing our partnership with Federico and his outstanding management team.”

The transaction is expected to close around end of the year, subject to customary closing conditions and regulatory approvals. Evercore acted as financial adviser to H&F and TeamSystem.

About TeamSystem

TeamSystem is an Italian technology company with market-leading digital solutions enabling companies and professionals to run their businesses. The Group – which has a 40-year track record – reported a turnover of approximately €700 million in 2022. TeamSystem serves 1.8 million customers through proprietary Cloud platforms. For more information, visit www.teamsystem.com.

About Silver Lake

Silver Lake is a global technology investment firm, with more than $95 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake’s portfolio companies collectively generate more than $282 billion of revenue annually and employ approximately 713,000 people globally.

About Hellman & Friedman

Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity investments in high quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation and collaborative partnership approach enable companies to flourish. H&F targets outstanding businesses in select sectors including software & technology, financial services, healthcare, consumer & retail, and other business services.

Since its founding in 1984, H&F has invested in over 100 companies. The firm is currently investing its tenth fund, with $24.4 billion of committed capital, and has over $85 billion in assets under management as of December 31, 2022. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com.

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CapMan Growth exits Coronaria, continues as investor in Silmäasema

Capman

apMan Growth press release
19 May 2023 at 14:30 PM EEST

CapMan Growth exits Coronaria, continues as investor in Silmäasema

The ownership of Coronaria, one of the largest healthcare industry companies in Finland, is restructured. CapMan Growth and Tesi exit Coronaria while Cor Group, together with the company’s leadership and key persons, increase their ownership of the company to over 80%. As part of the restructuring, CapMan Growth invests in Silmäasema together with Elo, Ilmarinen, Konstsamfundet and key persons, as part of an investment round of around €40 million. Coronaria remains the largest owner of Silmäasema with an ownership of about 80%.

CapMan Growth has together with Coronaria’s main owner Cor Group and Mandatum Asset Management (MAM) agreed on an arrangement in which Cor Group increases its ownership in Coronaria. As CapMan Growth exits the company, the ownership share of products managed by the MAM Growth Equity team (MAM GE) also increases. As a result of this arrangement, Cor Group together with the company’s leadership and key persons, own about 82% of the company, while the ownership share of products managed by MAM GE remains around 18%.

”I am very grateful that I have had the opportunity to develop and build this wonderful company for so many years, while at the same time learning from unique entrepreneurs. At this point, I would especially like to thank Teppo Lindén, Ulla Näpänkangas, Marika Heikkala and Jari-Pekka Kelhä, and all the rest of Silmäasema’s and Coronaria’s management for their amazing work in an environment challenged by a public social and welfare renewal, covid-19, inflation and a war in Europe,” comments Antti Kummu, Managing Partner at CapMan Growth.

”I want to thank CapMan and Antti Kummu for providing us with resources to grow into one of the largest healthcare operators in the country, as well as the market leader in eye health. During CapMan’s ownership period our turnover has more than tripled from 117 million to 358 million. At the same time our personnel have grown from about 1,200 to 4,200 people”, comments Teppo Lindén, CEO at Coronaria.

CapMan Growth Equity Fund 2017 Ky fund is in carry and will have seven remaining assets following this exit.

Silmäasema’s ownership base broadens

Connected to this the CapMan Growth Equity II -fund has made an investment in Silmäasema as part of an investment round of about 40 million euros, which was also joined by Finnish institutional investors Elo, Ilmarinen and Konstsamfundet and key persons.

Coronaria continues as the main owner of Silmäasema with an ownership share of approximately 80% after the investment. The ownership share of investors and key persons in Silmäasema is about 20% after the investment. Following the investment, Antti Kummu will continue as a member of the company’s Board of Directors, together with Timo Larjomaa who will join as a new member.

Silmäasema is a subsidiary of Coronaria and the leading eye health operator in Finland, offering all services related to eye health and optical retail as a one-stop-shop. In a few years, the company has visibly strengthened its market position in Finland and reached a market leading position.

”As the Chair of the Board at Silmäasema I have been closely involved in the company’s development for over three years. I am very impressed with the company’s unique concept, leadership, and know-how. During this time the company has almost doubled in size and grown into a market leader in all its operating segments. This is a good base on which to build future growth,” comments Antti Kummu.

”Silmäasema continues strong growth in the eye health market. New investors strengthen the company’s ownership structure and enable investing in growth also going forward. We also receive new know-how to develop the company. The change in ownership structure will not change our operative activities, shares Teppo Lindén.

For more information, please contact:
Antti Kummu, Managing Partner, CapMan Growth, +358 50 432 4486

About Coronaria

Coronaria on is one of the most significant healthcare companies in Finland, offering versatile ophthalmological and optical services, specialized healthcare, oral healthcare, and rehabilitation services on a national level. In rehabilitation and therapy services, Coronaria is Finlands leading operator. Coronarias subsidiary Silmäasema is a market leader in eye health. Coronaria is part of the Finnish health and welfare group, Cor Group. In 2022 Coronarias turnover was 358 million euros and the company had about 4,200 employees.

About Silmäasema

Silmäasema is the largest eye health and optical retail operator in Finland. We see the whole picture, from meeting and treating our patients to Finnish eye health as a whole. Silmäasema’s over one thousand experts in eye health, treat close to a million clients a year. Silmäasema has nearly 150 optical stores and ophthalmologist centres, 18 private eye hospitals and seven providers of public eye health services across the country. Silmäasemas turnover in 2022 was 203 million euros and the company had about 1,000 employees.

About CapMan

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

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Restaurant365 Announces $135M Funding Round Co-Led by KKR and L Catterton

KKR

Leading restaurant enterprise management software company surpasses $1B valuation.

IRVINE, Calif., May 19, 2023 /PRNewswire/ — Restaurant365, an industry leading all-in-one restaurant enterprise management software, today announced it has agreed to a $135M funding round co-led by global investment firms KKR and L Catterton with participation from current investors, including ICONIQ Growth and Bessemer Venture Partners.

Restaurant365 is transforming the restaurant industry by providing operators with innovative solutions to increase sales, control food costs, and optimize labor. The company’s robust software suite brings key accounting, operational, and payroll-based processes together into a single, cloud-based technology.

“R365 has achieved continuous, accelerated growth, which is a testament to our strong team who is eager to change the restaurant industry for the better,” states Tony Smith, CEO and Co-Founder of Restaurant365. “Anytime we receive funding, we recognize it as a privilege. However, the primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry. Having recently crossed exciting milestones of $100M in revenue and $1B in value, we can’t wait for what’s next.”

The investment is from KKR’s Tech Growth strategy and L Catterton’s Growth Fund.

“Restaurant365 has demonstrated compelling growth throughout its history, now powering more than 40,000 restaurant locations,” said Jimmy Miele, Director, Tech Growth at KKR. “Moreover, their software has played a crucial role in helping many struggling operators keep their doors open during uncertain times. We look forward to being a part of this next chapter, helping even more operators achieve their highest potential.”

“L Catterton has deep experience investing in world-class restaurant brands globally,” says Ian Friedman, Partner at L Catterton who will join Restaurant365’s board. “With deep insight into the everyday pain points of restaurant operators, we believe Restaurant365 is the gold standard in the industry, helping to streamline operations and boost profitability, and we are proud to leverage our consumer and technology investing experience as a partner to Tony and the team.”

Proceeds from the round will be invested into product enhancements to ensure that Restaurant365’s Accounting, Store Operations, Workforce, and Intelligence product suites continue to meet the evolving needs of the restaurant industry, while also expanding its market share.

About Restaurant365®

Restaurant365 is an industry leading all-in-one, cloud-based accounting, inventory, scheduling, payroll, and HR solution developed specifically for restaurants. R365’s restaurant enterprise management software simplifies day-to-day management for operators, allowing them to control food costs and optimize labor. Integrations and open APIs enable Restaurant365 to connect with other systems including POS providers, vendors, and banks. The result is accurate, timely reporting that provides a clear and complete view of their businesses. Restaurant365 is based in Irvine, California with an office in Austin, Texas. The company is backed by Bessemer Venture Partners, ICONIQ, KKR, L Catterton, and Serent Capital. Additional information is available at www.restaurant365.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. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About L Catterton 

L Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio.

Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands. L Catterton has significant experience investing in restaurant brands, including Velvet Taco, bartaco, CHOPT Creative Salad Company, Hopdoddy, Cheddar’s, First Watch, and P.F. Chang’s, among others, as well as leading software businesses including Forter, Sendcloud, and Flash Parking. For more information about L Catterton, please visit www.lcatterton.com.

Contact: restaurant365@nextpr.com

SOURCE Restaurant365

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Tesi exits its investment in health care provider Coronaria

Tesi

Coronaria is one of the largest healthcare service providers in Finland. The company has services, to name a few, for vision care, specialised care, oral health and rehabilition. Tesi first invested in the company in 2013, and was an active, long-term owner up until the exit.

In addition to Tesi, CapMan Growth will also exit its investment. Cor Group and Mandatum, on the other hand, increase their equities.

”We have been an active, long-term owner in Coronaria since 2013. During that time, the company has seen its net sales grow from EUR 39 million to EUR 369 million. On top of these, Coronaria has had a significant role in developing, for instance, vision care and rehabilitation services in Finland. We are, at this moment of exit, happy to have invested in the company and with their development over the years. We wish all the best for Coronaria,” comments Juuso Puolanne, Investment Director at Tesi.

Read more:

Additional information:

Juuso Puolanne, Investment Director, Growth and Industrial Investments
+358 50 570 0235
juuso.puolanne@tesi.fi

 

Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds, and also directly in growth companies. We provide long-running support, market insights, patient capital, and skilled ownership. tesi.fi | Twitter | LinkedIn | Newsletter

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Early cancer diagnostics company Cyted raises £13.4 million in new funding

BGF

Cyted, an early cancer diagnostics company, has raised £13.4 million, in a round co-led by BGF and Morningside Ventures, with participation from private investors. The investment includes a £3.4 million non-dilutive grant from the NHS Cancer Programme.

The financing will be used to scale in existing markets, as well as entering the US market, and further develop Cyted’s research and development programmes across gastrointestinal cancers and diseases. It will support the expansion of Cyted’s work providing early detection tests for esophageal cancer to NHS patients in primary and community care settings.

Cyted’s innovative diagnostic platform combines a non-invasive test with data-driven biomarkers for early detection and risk stratification of cancers and inflammatory diseases. Its first application is in esophageal cancer.

Founded only three years ago, the company has already delivered over 15,000 of its tests to diagnose and monitor patients suffering from Barrett’s esophagus, a precursor to esophageal cancer, in more than 80 sites across the UK.

Created by a team including Professor Rebecca Fitzgerald OBE and Dr Marcel Gehrung, both from the University of Cambridge, Cyted is a prime example of bringing ground-breaking science to industry. The test has also been undergoing roll-out in community settings since August 2022, including primary care sites.

We are thrilled to have the support of existing and new investors as we work to bring our diagnostic products to more markets. This funding demonstrates a vote of confidence in our technology. Early-stage cancer is a major global health issue, and we believe that our technology has the potential to make a real difference in the lives of even more patients and their families.

Marcel Gehrung, CEO, Cyted

The company plans to use the funding to strategically expand its team, scale geographically, and pursue new development efforts. Cyted is committed to making early cancer detection accessible to everyone, ensuring that patients at risk of cancer get the care they deserve.

Lucy Edwardes Jones from BGF said: “Cyted is one of the most innovative companies at the intersection of diagnostics and cancer. The company is addressing a real-world issue with a simple and scalable solution. Their technology is already being used across the UK health system with the potential to have a significant impact on patients around the world.”

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Fivetran Announces $125 Million in New Financing from Vista Credit Partners

Vista Equity

Investment will be used to accelerate enterprise growth, global go-to-market strategy and fuel platform innovation

OAKLAND, Calif.–(BUSINESS WIRE)–Fivetran, a global leader in automated data movement, today announced $125 million in financing from Vista Credit Partners, a subsidiary of Vista Equity Partners and strategic credit and financing partner focused on the enterprise software, data and technology markets. The investment will be used to support Fivetran’s continued innovation and enterprise growth, bolstering its leadership position in the automated data movement market.

“In today’s macroeconomic climate, many of the most successful companies are data companies. From making revenue-impacting decisions to driving operational efficiencies, enterprises rely on data to run their business. Data availability across an organization cannot be something in question. Access must be as simple and as reliable as electricity,” said George Fraser, CEO at Fivetran. “Fivetran’s automated data movement platform helps enterprises connect to all of their data – whether on prem or in the cloud – with 99.9% guaranteed uptime. The financing will allow us to accelerate R&D and expand our automated data movement platform as we continue to scale globally.”

This past year, Fivetran has demonstrated significant momentum and continued growth. Company milestones include:

Fivetran also continued to add new product functionalities in the last year. Key updates include the introduction of Fivetran’s Metadata API which simplifies data governance for enterprises by automating the tracking of data in-flight. In addition, the company introduced new enterprise-grade capabilities including: support for Amazon S3 with Apache Iceberg which makes data lakes more effective and accessible for all users across the organization; High-Volume Agent (HVA) Connectors, AWS Gov Cloud support and private deployment – setting the industry standard with options for all deployment types for secure, real-time and high-volume database replication; and Lite connectors, which allow Fivetran to connect to virtually any SaaS application.

“Fivetran is an ideal partner for Vista Credit Partners as a founder-led, scaled and growing category leader providing mission-critical solutions to modern businesses,” said David Flannery, President at Vista Credit Partners. “We are pleased to provide non-dilutive credit solutions and operational support to George and the entire team as they continue to innovate and help more companies become data-driven.”

About Fivetran

Fivetran automates data movement out of, into and across cloud data platforms. We automate the most time-consuming parts of the ELT process from extracts to schema drift handling to transformations, so data engineers can focus on higher-impact projects with total pipeline peace of mind. With 99.9% uptime and self-healing pipelines, Fivetran enables hundreds of leading brands across the globe, including Autodesk, Conagra Brands, JetBlue, Lionsgate, Morgan Stanley and Ziff Davis, to accelerate data-driven decisions and drive business growth. Fivetran is headquartered in Oakland, California, with offices around the world. For more info, visit fivetran.com.

About Vista Credit Partners

Vista Credit Partners (VCP) is the credit-investing arm of Vista Equity Partners and is a strategic investor and financing partner focused on the growing enterprise software, data and technology market. VCP employs a highly disciplined approach to credit investing while maintaining flexibility to pursue investments offering the best relative value and investing across the capital structure. As of December 31, 2022, VCP has grown to over $6.8 billion of assets under management. Since formation in 2013 and as of March 31, 2023, VCP has deployed over $10.4 billion. For more information, please visit www.vistacreditpartners.com.

Vista Credit Partners offers solutions tailored to strategic objectives with growth-friendly terms and long-term investment horizons across both the private and broadly syndicated markets, sourcing deals directly from founder-led companies, through sponsor relationships, and from its deep network of experts, advisors and other intermediaries to support growth and unlock value through creative capital solutions and operational partnership. Vista Credit Partners has completed more than 495 software and technology transactions since inception.

Contacts

Fivetran Media Contact:
Ross Perich
press@fivetran.com

Vista Credit Partners Media Contact:
Brian W. Steel
media@vistaequitypartners.com
(212) 804-9170

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KKR to Present at the Bernstein 39th Annual Strategic Decisions Conference 2023

KKR

NEW YORK–(BUSINESS WIRE)– KKR & Co. Inc. (NYSE: KKR) announced today that Joseph Y. Bae, Co-Chief Executive Officer, will present at the Bernstein 39th Annual Strategic Decisions Conference 2023 on Thursday, June 1, 2023 at 8:00 AM ET.

A live webcast of the presentation will be available on the Investor Center section of KKR’s website at https://ir.kkr.com/events-presentations/. For those unable to listen to the live webcast, a replay will be available on the website shortly after the event.

Any questions regarding the webcast may be addressed to KKR’s Investor Relations team at investor-relations@kkr.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. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Investor Relations:
Craig Larson
+1 (877) 610-4910 (U.S.) / +1 (212) 230-9410
investor-relations@kkr.com

Media:
Miles Radcliffe-Trenner or Julia Kosygina
+ 1 (212) 750-8300
media@kkr.com

Source: KKR & Co. Inc.

Categories: News

GTreasury secures investment from Hg to accelerate growth as a global Treasury Management Software platform

HG Capital

GTreasury secures investment from Hg to accelerate growth as a global Treasury Management Software platform.

Chicago, Ill. – May 18, 2023: GTreasury, a treasury, payments, and risk management software provider, today announces that it has secured a majority investment from Hg, a leading investor in global software and services companies. As part of the transaction, the GTreasury management team and former majority owner, Mainsail Partners, will continue as investors in the business.

Based in Chicago, Illinois, GTreasury is a global leader in treasury management systems (TMS) for organizations worldwide. GTreasury’s SaaS solutions assist treasury departments to effectively manage liquidity needs, payment execution, bank relationships, FX hedging, and auditing and compliance requirements. GTreasury provides these practitioners with real-time insight and access into their global liquidity needs, serving over 700 customers across 30 industries in over 160 countries.

Renaat Ver Eecke, CEO of GTreasury, said: “This is a great moment for the team at GTreasury as it will support further product development and geographic expansion, helping us to continue innovating and bringing new products and features to an ever-growing customer base. Hg’s global software specialization and deep knowledge in this area will help accelerate this strategy significantly.”

Hg’s investment and support will enable GTreasury to continue its rapid growth as a highly strategic platform in the TMS segment, with scope to drive further operational improvements, invest in more product development, and continue its global expansion plans—including Asia Pacific regions and in Europe, where Hg has a deep network and 30-year heritage. Hg has invested around $9 billion in the wider tax and accounting software segment across Europe and North America over the last 19 years, with an increasing focus on software serving the ‘Office of the CFO’.

Ben Meyer, Partner at Hg, said: “Renaat leads an impressive team in a high-quality business, providing a leading solution in what is a fast-growing segment. We are excited to partner with Renaat and his team, and to work together with Mainsail, to support them in further scaling GTreasury as a TMS industry champion.”

Louis Kinsella, Director at Hg, said: “TMS software is becoming an increasingly critical segment within the office of the CFO, with companies continuing to focus on their cash and liquidity visibility and needs. This is a really long-term trend, and we’re delighted to be backing a great businesses and team which is at the forefront of this sector.”

“Partnering with Renaat and the rest of the GTreasury team over the past five years to build a leading treasury management platform has been very rewarding,” said Vinay Kashyap, Partner at Mainsail Partners.  “We believe the company is well positioned and are excited to continue our partnership along with management and the team at Hg.”

Terms of the transaction are not disclosed. Hg was advised by William Blair & Company, Skadden & Arps, Slate Meagher & Flom LLP, EY and McKinsey. GTreasury and Mainsail were advised by Guggenheim Securities and Wilson Sonsini.

For further information, please contact:

GTreasury:
Bret Clement (Clement | Peterson)
+1 (303) 229-2271

Hg:
Tom Eckersley
+44 (0)208 148 5401

Harry Mayfield (Brunswick, USA)
+1 917 818 5204
HG@brunswickgroup.com

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ProService Welcomes Silver Lake as New Investment Partner

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Silverlake

Positions Leading Bundled HR Solutions Provider to Drive the Next Chapter of Growth and Innovation in Partnership with Global Leader in Technology Investing

HONOLULU & MENLO PARK, Calif. – ProService, a leading provider of bundled HR solutions, today announced that Silver Lake, a global leader in technology investing, has partnered with the ProService management team and employee owners to invest in and drive the company’s next chapter of innovation and growth.

ProService offers critical HR services including payroll, benefits, insurance, compliance, administrative and risk management services on a fully bundled basis. More than 3,000 employers, with over 70,000 employees, partner with ProService to reduce their employment costs, compete for and retain the best talent, and ensure compliance in complex regulatory environments.

ProService excels at serving employers in specific markets where it is challenging to manage the costs and complexities of HR, payroll, and benefits. In addition to Hawai’i, ProService offers bundled HR solutions to employers in Las Vegas, NV; Denver, CO; and the senior care and disability services market through its AdvanStaff HR, Obsidian HR, and ProCare business units, respectively. These businesses are each experiencing strong growth by providing excellent service and bundled offerings that lower costs and save time for employers and employees. ProService plans to aggressively invest in its technology and insurance offerings to bring more value to clients, and will grow where employers face challenges managing the rising costs and complexities of employment.

Silver Lake brings deep technology and industry expertise to support ProService in accelerating the company’s technology strategy and execution capabilities, driving the further enhancement of ProService’s solutions and services.

“We can imagine no better partner than Silver Lake as we continue to pursue our purpose of making it easier to be an employer in the markets we serve,” said Ben Godsey, President and CEO of ProService. “The Silver Lake team is an amazing complement to ProService, bringing its excellence in product development and tech management to our HR and service expertise.”

“ProService has truly mastered solving for employers’ needs, with comprehensive solutions for each local market,” said Lee Wittlinger, Managing Director at Silver Lake. “Silver Lake is incredibly excited to partner with the ProService team and utilize our technology expertise and business scaling experience to help better serve the company’s current and future employer and employee partners.”

“On behalf of our entire team, we are grateful to FFL Partners for their support and partnership over the past six years, and for how they have worked with us to pass the equity investment baton to Silver Lake,” concluded Godsey. “The sequential investments from these two firms validate our client-focused business model, and they are instrumental in making good on our promise that ProService’s success is shared by our clients, our employees, and the markets we serve. As we look ahead, our ‘Clients are Partners’ core value has never been more front and center, and we look forward to accelerating our innovation to better support employers in the local markets we serve. The best is yet to come!”

About ProService

ProService provides bundled HR solutions that make it easier for employers to succeed. We provide local HR services for time-consuming and complex HR tasks and help employers manage HR and employee benefits and costs. These bundled solutions include configured HR technology, payroll, scheduling, HR consultations, health benefits management, administrative & risk management, workers’ compensation, 401(k), and regulatory compliance. ProService’s family of companies serve over 3,000 businesses representing over 70,000 employees in Hawaii, Las Vegas, NV, Denver, CO, and the senior care and disability services markets through ProService Hawaii, AdvanStaff HR, Obsidian HR, and ProCare, respectively. ProService is accredited by the Employer Services Assurance Corporation (ESAC).

About Silver Lake

Silver Lake is a global technology investment firm, with more than $95 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake’s portfolio companies collectively generate more than $282 billion of revenue annually and employ approximately 713,000 people globally.

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Investcorp acquires leading Chinese renewable energy critical components manufacturer Shandong Jianuo Electronics Co. Ltd.

Investcorp

17 May 2023

Investcorp, a leading global alternative investment firm, announced that it has completed the acquisition of a controlling stake in Shandong Jianuo Electronics Co. Ltd. (“Jianuo”). Operating out of the Shandong Province and China’s Greater Bay Area, Jianuo is a leading provider of specialty premium components used in fast-growing high-end applications such as electric vehicles power management, battery charging infrastructure, solar and wind power generation, and 5G base station infrastructure.

Jianuo is well-positioned to benefit from the domestic and international drive for energy transition, decarbonization and increasing automation. It has become a highly regarded Research and Development and advanced manufacturing partner to a wide group of global providers of alternative energy solutions including in the US, Europe and Japan.

The acquisition represents a continuation of Investcorp’s strategy of investing in and scaling category-leading growth companies with deep engineering and technology know-how, particularly those with a strong sustainability mission.

Commenting on the acquisition, Hazem Ben-Gacem, Co-CEO of Investcorp, said: “The shift to a low-carbon economy will create entirely new industries and value chains within the next five to 15 years, and Jianuo is right at the heart of that evolving trend. This acquisition reflects our strategy of investing in innovative and growing mid-sized companies and offering investors high-quality alternative investment opportunities in future-focused industries that are key to the global energy transition efforts. This acquisition marks our first control buyout in China. Investcorp is pleased to partner with Jianuo and to leverage our long-standing global expertise in elevating family-run businesses into institutionally managed global players.”

Duncan Zheng, Head of Private Equity China at Investcorp, added: “We look forward to partnering with Jianuo’s founders, management and over 400 employees as we embark on the next phase of Jianuo’s growth journey. Jianuo is well-positioned to expand and deepen its strong relationships with leading global renewable energy players through its extensive R&D capabilities and proprietary manufacturing know-how in producing innovative specialty components.”

Wang Chuanli and Wang Chuanwei, Jianuo’s Co-Founders, said: “We are pleased to partner with Investcorp as we bring our family business into its next stage of corporate evolution. We remain committed to Jianuo and look forward to expanding its operations into new markets. Through Investcorp’s global platform, we will be able to better serve our existing and new customers in leading the alternative energy transition.”

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