Category Archives: News

euNetworks closes on €2.1 billion equity recapitalisation

Stonepeak

 

London, UK & New York, USA – 27 August 2024 – euNetworks Group Holdings Limited (“euNetworks”), a Western European bandwidth infrastructure company, today announced that it has closed on a €2.1 billion equity recapitalisation. Leading investors in the recap included a Stonepeak managed vehicle anchored by Mercer and Aware Super, and direct investments from the Investment Management Corporation of Ontario (“IMCO”) and APG Asset Management (“APG”). The equity commitments follow the company’s recent debt refinancing announced in June and together will further euNetworks’ momentum as the company continues to scale and execute against its strategic priorities.

euNetworks builds and invests in city and long haul fibre networks to connect key European data centres and data hubs. The company owns and operates deep fibre networks in 18 cities, as well as a highly differentiated long haul network that spans 45,000 route kilometres across 17 countries. euNetworks leads the data centre connectivity market in Europe, directly connecting more than 542 data centres today, and is well positioned to continue advancing its leadership position in the rapidly evolving connectivity and bandwidth infrastructure space as data centre needs continue to grow.

Kevin Dean, Interim Chief Executive of euNetworks, said, “Our successful debt refinancing and equity recapitalisation underscores the robust value proposition and fundamental infrastructure delivered by euNetworks. We’ve had a fantastic partnership with Stonepeak and IMCO since 2018 along with our other investors, and we extend our gratitude to them for their unwavering support. The combination of Stonepeak, IMCO, APG, Mercer and Aware Super coming together as the new euNetworks represents a very strong opportunity for our customers, our people, our partners and the communities in which we operate. We’re very proud of what we’ve achieved and are excited for the future, continuing to construct and deliver Europe’s future critical infrastructure with our customers and our long-term committed investors.”

Cyrus Gentry, Managing Director at Stonepeak, said, “Since 2018, we have partnered with an industry-leading platform in euNetworks, which is leading the way in sustainably developing the next generation of essential bandwidth infrastructure in Europe. We’d like to thank the entire management team for their significant contributions during this period – particularly Brady Rafuse and Paula Cogan, who have led the business through many phases of its evolution. We look forward to stewarding the next chapter of euNetworks’ growth alongside our new partners.”

Arjan Reinders, Head of Infrastructure Europe at APG, said, “We are impressed by euNetworks’ focus on sustainable growth and providing high quality connectivity solutions to its customers on a pan-European level. We are thrilled to be entering into this partnership, on behalf of our pension fund client ABP and Asset Owner Partners, and we are eager to work closely with the euNetworks team as they continue to develop and further their strategic vision.”

Matthew Mendes, Managing Director, Head of Infrastructure, IMCO, said, “As an investor in euNetworks since 2018, we take great pride in contributing to its growth and working with its high calibre management team to help the company achieve a market leading position in Europe. Alongside our co-shareholders, we look forward to continuing our partnership with euNetworks as they focus on building the next generation of bandwidth network in Europe, connecting more data centres and key sites with fibre, and leading the industry in sustainability practices.”

Mark Hector, Head of Infrastructure at Aware Super, said, “euNetworks’ market-leading characteristics have contributed to its historical growth and we’re excited to partner with our co-shareholders to empower the euNetworks team to capture the strong industry tailwinds arising out of the acceleration in AI innovation and adoption. This is also a strong opportunity for us to further diversify our global digital infrastructure holdings into Europe.”

J.P. Morgan acted as sole financial advisor to euNetworks. Simpson Thacher & Bartlett LLP and Campbell Lutyens acted respectively as legal counsel and financial advisor to Stonepeak. UBS and Baker McKenzie acted respectively as financial and legal advisors to APG. Gowling WLG acted as legal counsel to IMCO.

About euNetworks

euNetworks is a critical bandwidth infrastructure company, owning and operating 18 fibre-based metropolitan networks connected with a high capacity intercity backbone covering 53 cities in 17 countries across Europe. The company leads the market in data centre connectivity, directly connecting over 542 today. euNetworks is also a leading cloud connectivity provider and offers a targeted portfolio of metropolitan and long haul services including Dark Fibre, Wavelengths, and Ethernet. Wholesale, finance, content, media, mobile, data centre and enterprise customers benefit from euNetworks’ unique inventory of fibre and duct based assets that are tailored to fulfil their high bandwidth needs.

The company delivers services with an active commitment to sustainability and is focused on its path to being carbon emissions net zero, environmentally responsible supply chain management and working as a community and industry to collaborate on the environmental challenges ahead. For further information visit eunetworks.com.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $71.2 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Hong Kong, Houston, London, Singapore, and Sydney. For more information, please visit www.stonepeak.com.

About APG

As the largest pension provider in the Netherlands, APG manages the pensions of 4.6 million Dutch participants with approximately €577 billion of assets under management (as of June 2024). APG Infrastructure has invested €30 billion over 50 investments in the Americas, Europe and Asia-Pacific, across sectors including energy, telecom, transportation and social infrastructure. With approximately 4,000 employees globally, APG works from Heerlen, Amsterdam, Brussels, New York, Hong Kong and Singapore. For more information, please visit our website: www.apg.nl.

About IMCO

The Investment Management Corporation of Ontario (IMCO) manages $77.4 billion of assets on behalf of our clients. Designed exclusively to drive better investment outcomes for Ontario’s broader public sector, IMCO operates under an independent, not-for-profit, cost recovery structure. We provide leading investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. As one of Canada’s largest institutional investors, we invest around the world and execute large transactions efficiently. Our scale gives clients access to a well-diversified global portfolio, including sought-after private and alternative asset classes. Follow us on LinkedIn and X @imcoinvest.

About Aware Super

Aware Super is one of Australia’s top-performing and largest profit-for-member super funds with a core objective of delivering the strongest risk-adjusted returns for its 1.1 million members. Our Australian and London-based investment teams currently originate and manage A$180 billion AUM on behalf of our members with a projected growth target of A$250 billion AUM in the next few years. As one of the top 50 institutional investors globally, we typically take an active management approach across alternative assets, including infrastructure, real estate and private equity, and additionally allocate to liquid markets. Returns for our A$18.6 billion infrastructure portfolio are driven by a globally-diversified program which captures global trends in demography, sustainability and technology to achieve a broad universe of assets. For more information, visit www.aware.com.au or follow us on LinkedIn.

Contacts

euNetworks
Hannah Britt
hannah.britt@eunetworks.com
| +44 7717 896 446

Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
| +1 (646) 540-5225

APG
Robert Bakker
robert.bakker@apg.nl
| + 31 6 4629 6189

IMCO
Annette Robertson
annette.robertson@imcoinvest.com
| + 1 (437) 233 3971

Aware Super
Sara Bradford
sara.bradford@aware.com.au
| + 61 (04)478405382

 

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Balance Point Announces its Investment in SPS PoolCare

Balance Point Capital
Westport, CT, August 27, 2024 – Balance Point Capital Advisors, LLC (“Balance Point”), in conjunction with its affiliated funds, Balance Point Capital Partners IV, L.P. and Balance Point Capital Partners V, L.P., is pleased to announce its investment in SPS PoolCare (“SPS”, or the “Company”), a portfolio company of Storr Group (“Storr”), a Texas‑headquartered private equity firm focused on building platforms within fragmented sectors. Balance Point provided debt capital to support SPS’s current acquisition pipeline and extended significant available capital for future M&A activity.
Headquartered in Austin, TX, SPS PoolCare provides residential pool services including maintenance, repair, and renovation services to thousands of customers across Texas, Florida, Arizona, and Nevada. Since its inception in 2021, the Company has been highly acquisitive, bringing 80+ brands under its ownership. SPS’s technology-first approach to service delivery has enabled the seamless integration of these brands and gained the Company the title of #1 pool service company in the United States by Pool and Spa News.
“Balance Point is excited to partner with SPS and Storr as they continue to establish themselves as leaders in the residential pool service industry,” said Seth Alvord, Managing Partner at Balance Point. “SPS’s impressive application of technology to streamline operations and facilitate acquisition integration is evident across the organization. We look forward to continuing to support SPS on their exciting journey ahead.”
“We are pleased to welcome Balance Point as our first debt capital partner,” remarked Lance Martin, President and COO of SPS. “Their service industry expertise, collaborative approach, and robust capital base will be crucial as we continue to expand while maintaining best-in-class pool maintenance and repair services throughout the Sun Belt.”
Fraser Ramseyer, Chairman and CEO at Storr, said, “From the outset, Balance Point recognized our vision for SPS and designed a tailored financing structure that aligns with our mission to consolidate the fragmented pool services industry. We are thrilled to have Balance Point as a capital partner at SPS and look forward to collaborating with them again in the future.”
About Balance Point
Balance Point is an alternative investment manager focused on the lower middle market. With approximately $2.1 billion in assets under management, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. Balance Point takes a long-term, partnership approach to investing and is committed to building lasting relationships with its partners, management teams and intermediaries.
Balance Point is a registered investment advisor. Further information is available at www.balancepointcapital.com.
About SPS PoolCare
As the #1 swimming pool services company in the United States ranked by Pool and Spa News, SPS PoolCare is on pace to perform one million weekly pool services per year and employs more than 500 staff across four states. Backed by Storr Group, the company is focused on growing its family of brands across the Sun Belt, as it continues to make owning a pool a joy. SPS PoolCare is committed to creating a world-class service experience for its customers and being an employer-of-choice for its team members.
For more information, visit www.spspoolcare.com
About Storr Group
Storr Group is a leading operationally focused private equity firm headquartered in Austin, Texas. Storr builds and scales best-in-class platforms across the United States, elevating industries for consumers, employees, and key stakeholders. The firm predominantly operates within fragmented, high-margin sectors – creating value through consolidation and its methodical Storr Business Systems playbook that drives operational excellence, industry-leading growth, and technology transformation. Storr Group is actively operating multiple scaled platforms and has executed nearly 100 investments across its platforms. For more, visit www.storrgroup.com

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Ratos company Speed Group to launch a new solution for optimised construction material flows

Ratos

Speed Group (Speed), one of Sweden’s largest 3PL providers, is now expanding its offering to include solutions for complete construction material flows. This will not only lead to an optimised use of resources in the construction industry, but will also strengthen competitiveness.

Planning material deliveries and ensuring that materials are delivered on time represent a major challenge for the construction industry. Speed is now launching a solution for optimised construction material flows. Combining a true understanding of construction logistics with strategically located construction terminals, the solution provides a solid foundation for delivering the right construction materials at the right time and the right price.

At present, material planning often requires that additional products be ordered from building suppliers, which is significantly more expensive than making planned purchases directly from the manufacturer. Now that Speed is able to offer the construction industry the perfect construction material flows, these conditions are set to change.

“This is further evidence that Speed has a genuine ability to have its ears to the ground and understand customer needs, combined with a highly innovative corporate culture. As the economy in the construction industry recovers, Speed has established a service that will streamline the industry,” says Christian Johansson Gebauer, Chairman of the Board of Speed Group and President, Business Area Construction & Services, Ratos.

Under the new solution, a logistics analysis is performed even before construction begins, followed by continual on-site logistics coordination during the construction period. The aim is to verify the logistics analysis, resulting in optimised flows with materials delivered correctly packaged, at the right time, in the right quantity and to the right location. Speed’s construction terminals are able to store material in optimal conditions and deliveries are effortlessly synched with construction schedules. At the end of the working day, complete kits are rolled in to various assembly points, ready for construction workers the following morning.

“With a team with extensive experience in construction logistics combined with our logistics terminals, we are able to offer the construction industry a complete solution that is hard to beat. A construction company can save an enormous amount of time by allowing its workers to fully focus on the task at hand rather than looking for, getting hold of or even waiting for materials. Our team is made up of experts in construction logistics who are fully aware that there is a lot of progress to be made in the area,” says Jesper Andersson, CEO of Speed Group.

About Speed Group
Speed offers sustainable, flexible and innovative solutions to complex logistics and staffing challenges. Sustainability permeates the entire business, and the aim of becoming carbon neutral by 2025 was already achieved in 2023. Speed has its head office in Borås, Sweden, and logistics centres in Borås, Gothenburg, Stenungsund and Stockholm covering a combined total of more than 220,000 square metres. The company has sales of about SEK 1 billion and approximately 1,000 employees.

For more information, please contact:
Josefine Uppling, VP Communication & Sustainability, Ratos, +46 76 114 54 21

About Ratos
Ratos is a Swedish business group focusing on technological and infrastructure solutions, consisting of 17 companies divided into three business areas: Construction & Services, Industry and Consumer. The companies have approximately SEK 33 billion in net sales (June LTM). We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in Execution and It’s All About People. We enable independent subsidiaries to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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KKR Completes Acquisition of Varsity Brands from Bain Capital and Charlesbank

KKR

New investment supports Varsity Brands’ growth strategy and mission to serve sports teams, schools, and student-athletes

DALLAS & NEW YORK–(BUSINESS WIRE)– Varsity Brands (the “Company”), a leader in team sports, athletics and spirit, and KKR, a leading global investment firm, today announced the completion of the acquisition of Varsity Brands by KKR from Bain Capital and Charlesbank. As the new majority owner of Varsity Brands, KKR will support the Company as it continues to grow its business.

The Varsity Brands platform offers an extensive range of high-quality, customized solutions, services and experiences that support school and team sports, athletics and spirit programs, reaching over eight million athletes and students annually. The Company is a national marketer, manufacturer and distributor of customized team uniform and apparel solutions and team-specific sporting goods and equipment serving more than 150,000 customers, including colleges, universities, schools, club teams and recreational programs. Additionally, the Company has strong, long-standing relationships with iconic global athletic brands such as Nike, adidas, Under Armor, New Balance and lululemon. Varsity Brands is also a leading organizer of cheerleading competitions and training camp programs.

“Today is a pivotal moment for Varsity Brands as we welcome KKR as our new investor. We see immense growth potential as we advance our mission to support teams, schools and communities, elevating the experience for young people nationwide. This is a proud day for the Varsity Brands team, whose commitment and performance are critical to our continued success. I am also excited for our colleagues to join KKR and our leadership team as co-owners of the Company,” said Adam Blumenfeld, CEO of Varsity Brands. “We are grateful for the support and partnership from Bain Capital and Charlesbank. Their support has been instrumental in laying the foundation for our continued success. I want to express my sincere gratitude for their belief in our mission and role in shaping the Varsity Brands we know today.”

With a history spanning five decades, Varsity Brands serves as a catalyst for positive change, supporting the physical, mental and emotional well-being of students and athletes through innovative resources and programs that help kids feel connected, supported and inspired to excel. Most recently, the Company debuted a new initiative, SURGE, which stands for Strength, Unity, Resilience, Growth and Equity, aiming to empower girls to stay in sports. SURGE encourages female athletes to lead healthy, successful lives through a variety of free online tools for coaches to build self-esteem, instill confidence and prioritize mental health. Additionally, the Varsity Brands IMPACT School Partnership Program offers schools tailored solutions to enhance school pride, boost student engagement, and foster community spirit.

“Varsity Brands is a leading solutions-oriented services provider with a mission to elevate the student experience through sport and spirit, helping schools and teams foster greater participation, enthusiasm and community,” said Felix Gernburd, Partner at KKR.

“We look forward to working alongside Adam and his passionate team to support their strategy for growing Varsity Brands’ platform in new markets and categories while continuing to deliver exceptional products, services and contributions to the sports and education ecosystems,” said Angad Singh, Director at KKR.

KKR will support Varsity Brands in creating a broad-based equity ownership program to provide all the Company’s employees with the opportunity to participate in the benefits of ownership. This strategy is based on the belief that team member engagement through ownership is a key driver in building stronger companies. Since 2011, more than 50 KKR portfolio companies have awarded billions of dollars of total equity value to over 100,000 non-senior management employees.

KKR is making this investment primarily through its North America Fund XIII. Terms of the transaction were not disclosed.

Goldman Sachs and Jefferies served as financial advisors and Simpson Thacher & Bartlett LLP served as legal advisor to KKR.

BofA Securities and William Blair served as joint financial advisors and Kirkland & Ellis LLP served as legal advisor to Varsity Brands.

About Varsity Brands

Varsity Brands is a premier team sports platform, providing a comprehensive range of services and solutions for sports, cheer, dance, band, and yearbook programs. Varsity Brands supports athletic programs, schools, gyms and teams with customizable uniforms, gear, competitions, experiences, training, education and more. Our mission is to elevate the experience of more than 55 million students nationwide through sport and spirit. Discover how Varsity Brands champions youth participation, well-being and engagement at varsitybrands.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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Varsity Brands
Sue Crumpton
media.relations@varsitybrands.com

Samantha Gaspar
samantha.gaspar@teneo.com

KKR
Miles Radcliffe-Trenner / Liidia Liuksila / Emily Cummings
212-750-8300
media@kkr.com

Source: KKR

 

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Warburg Pincus-Lendlease JV platform acquires ~S$1.6b portfolio of assets in Singapore

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Warburg Pincus logo

Singapore, 27 August 2024 –The JV platform jointly established by Warburg Pincus and Lendlease (“the JV platform”) today announced it has, together with its managed investment vehicle LINO, acquired a ~S$1.6b portfolio of assets in Singapore from entities associated with Blackstone and Mr. Lim Chap Huat, Executive Chairman of Soilbuild Group Holdings Ltd. This represents one of the largest transactions of a private portfolio of industrial assets in Singapore.

The acquisition marks the first transaction for the JV platform since it was officially launched on 31 July 2024 to focus on life sciences and R&D real estate in Asia Pacific. With a total gross floor area of 4.5 million sq ft, the portfolio comprises high quality business parks and specialist facilities situated within established designated precincts across Singapore, tenanted to blue chip companies across life sciences, technology, advanced manufacturing and logistics.

The transaction solidifies the JV platform as the market-leading life sciences and R&D real estate platform in Asia Pacific with over S$2b of assets under management, and is consistent with the strategy of capitalizing on the attractive opportunities in the region’s rapidly expanding real estate sector.

Takashi Murata, Managing Director, Co-Head of Asia Real Estate and Head of Japan at Warburg Pincus, said, “We are delighted to be completing this landmark acquisition shortly after establishing the JV platform. The portfolio gives us immediate scale in the tightly held Singapore market, cementing our position as one of the top industrial asset owners in Singapore and reiterating our conviction in the life sciences and R&D sector.”

Justin Gabbani, CEO Investment Management, Lendlease, said, “This strategic acquisition underscores our commitment to the rapidly expanding life sciences and R&D real estate market in Asia Pacific. The platform is well-positioned to capture opportunities in the sector. We look forward to building momentum and further scaling the business, as well as driving performance for our investment partners.”

About Warburg Pincus
Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 225 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.  For more information, please visit  www.warburgpincus.com

About Lendlease 

Lendlease is a market-leading Australian integrated real estate group. We create places where communities thrive. Headquartered in Sydney, we are listed on the Australian Securities Exchange. Our core capabilities are reflected in our operating segments of Investments, Development and Construction. The combination of these three segments provides us with a sustainable competitive advantage in delivering innovative integrated solutions for our customers. For more information, please visit: www.lendlease.com

Media Contacts

Lisa Liang | Senior Vice President, Head of Marketing and Communications for Asia, Warburg Pincus

lisa.liang@warburgpincus.com

Lendlease Asia

Esther Ee, General Manager Corporate Affairs & Marketing, M: +65 9071 8987

esther.ee@lendlease.com

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Rentvine Raises $74M of Growth Capital from Mainsail Partners

Mainsail partners

Growth capital to support continued innovation of Rentvine’s property management software platform

Estero, FL – August 26, 2024 – Rentvine, a property management software platform serving the long-term residential property rental market, announced it has raised $74 million in growth capital from Mainsail Partners. The investment will help enable the company to further enhance the property manager experience through ongoing product innovation and excellent customer service. Additionally, Rentvine plans to continue expanding its product suite to better serve all stakeholders, including residents, property owners, and vendors.

As the core system of record for professional property management companies, Rentvine offers a comprehensive suite of features, including powerful trust accounting, maintenance management, leasing workflows, tenant screening, inbound and outbound payments, insurance, and owner and vendor management. Rentvine also offers an open Restful API to ensure interoperability and flexibility, allowing customers to integrate various tools and services seamlessly. Designed to be a flexible and robust end-to-end solution, Rentvine’s platform is known for being user-friendly, fast, and reliable.

“After more than 20 years in property management, we set out to create software that the industry not only deserves but also trusts and loves using daily,” said Dave Borden, co-founder and CEO of Rentvine. “Mainsail’s extensive experience in PropTech and their ability to help scale vertical SaaS platforms will support us as we continue transforming property management companies.”

“The property management community has long sought a flexible, centralized solution that not only enhances operational efficiency but also scales as their client base grows,” said Gavin Turner, co-founder and Managing Partner at Mainsail Partners. “Given Dave and Jon’s firsthand experience in the property management industry, it’s no surprise that they’ve answered this need with a modern, integrated suite of solutions specifically designed to support that growth.”

“This partnership with Mainsail will empower us to realize our vision of delivering superior property management software—software that customers enthusiastically recommend to their peers, that employees are proud to support, and that offers long-term value to the entire property management community,” said Jonathan Ewen, co-founder and President of Rentvine. “Mainsail’s industry experience and operational resources will be highly valuable as we enter the next phase of growth for our product, company, and customers.”

Croft & Bender acted as the exclusive financial advisor and DLA Piper served as legal counsel to Rentvine. Morris, Manning & Martin served as legal counsel to Mainsail Partners.

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Serent-Backed Avionté Acquires AkkenCloud, a Staffing Software Company

Serent Capital

August 26, 2024

 

Avionté announced its acquisition of AkkenCloud, a staffing software company, fortifying Avionté’s position as a leader in end-to-end enterprise staffing platforms. AkkenCloud clients will benefit from Avionté’s full suite of staffing platform technologies, which includes a complete front and back office, a robust mobile talent application, and a powerful VMS, all supported by Avionté’s dedicated customer service team.

“We are thrilled to welcome AkkenCloud customers and employees to the Avionté community, which will expand our dedicated team of associates and the more than 1,000 staffing agencies leveraging Avionté’s enterprise staffing platform,” said Rishabh Mehrotra, CEO of Avionté. “By partnering with Avionté, the team at AkkenCloud is working to ensure its customers will stay ahead with our end-to-end staffing platform, which delivers all the resources, stability, and security required for long-term growth.”

The acquisition underscores growing industry consolidation as smaller staffing software providers find it increasingly difficult to invest in the technology, security, and support required to remain competitive. Rapidly evolving employer buying patterns and talent work preferences are pressuring staffing agencies to offer complete workforce solutions that meet client expectations for speed, compliance, and flexibility. As such, successful staffing firms require software partners that have the scale and expertise to keep pace with the latest trends in AI, security, platform automation, and mobile capabilities.

“As I considered the best partner for AkkenCloud, Avionté was the right choice for customers and employees alike,” said Giridhar Akkineni, founder and CEO of AkkenCloud. “Given the investment required to succeed in staffing software today, we saw that AkkenCloud could no longer compete as an independent company. With Avionté, AkkenCloud customers will have access to the most innovative solutions on the market and the resources to help them grow, scale, and succeed now and in the future. I am excited to introduce our customers and employees to the Avionté community.”

Avionté is committed to ensuring the success of all AkkenCloud clients and will work closely with each of them to determine the most suitable timeline for transitioning to Avionté’s enterprise staffing platform. Akkineni will take an active role to help ensure the successful transition of AkkenCloud customers to the Avionté platform. AkkenCloud employees will be recognized as part of Avionté effective immediately. Terms of the deal are not disclosed.

Added Mehrotra, “Avionté is committed to helping staffing agencies navigate the evolving staffing software market via the most innovative and robust solutions available. Our acquisition of AkkenCloud is a testament to that commitment. We anticipate more market consolidation as smaller staffing software companies struggle to compete in this new reality.”

About Avionté

Avionté is a proven leader in enterprise staffing platforms, providing a comprehensive end-to-end, cloud-based technology solution designed for scalability and growth. The Avionté platform delivers a complete front and back office, a robust mobile talent application, and a powerful VMS. With a single staffing platform, agencies can now manage the entire supply chain of labor, from employer to agency to talent and back. Learn more at https://www.avionte.com.

Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive. Learn more about our portfolio companies.

Other News at Serent Capital

At Serent Capital, we work hard to create effective and longstanding growth with all our portfolio companies. Here’s what we’ve been up to recently.

Disclaimer:

This publication is for informational purposes only, and nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy any interest in any investment vehicle managed by Serent Capital or any company in which Serent Capital or its affiliates have invested. An offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Serent Capital does not utilize its website to provide investment or other advice, and nothing contained herein constitutes a comprehensive or complete statement of the matters discussed or the law relating thereto. Information provided reflects Serent Capital’s views as of a particular time and are subject to change without notice. You should obtain relevant and specific professional advice before making any investment decision.
Executive endorsements of Serent Capital are for illustrative purposes, designed to attract business development contacts, and should not be construed as a client or investor testimonial of Serent Capital’s investment advisory services. All such endorsements are from current or former portfolio company leadership about Serent Capital’s ability to provide services to their companies. Certain executives are also investors in Serent Capital’s investment vehicle(s), and as such, there is an inherent conflict in that those executives have an incentive to provide favorable reviews of Serent Capital’s business practices for the benefit of the investment vehicles that they hold a personal ownership interest in. Serent Capital has not, directly or indirectly, paid any compensation to such individuals for their endorsements.
Certain information on this Website may contain forward-looking statements, which are subject to risks and uncertainties and speak only as of the date on which they are made. The words “believe”, “expect”, “anticipate”, “optimistic”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. Serent Capital undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Past performance is not indicative of future results; no representation is being made that any investment or transaction will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.

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Sands Capital Co-leads Anduril Industries’ Series F Funding to Hyperscale Defense Manufacturing

Sands Capital

This latest funding will help enable the company’s continued growth, enhanced processes, upgraded tooling, expanded infrastructure, and increased supply chain resiliency.

Sands Capital has co-led Anduril Industries’ $1.5 billion Series F funding round, enabling the company’s continued growth, enhanced processes, upgraded tooling, expanded infrastructure, and increased supply chain resiliency.

Anduril Industries’ cutting-edge approach to defense technology positions the business as a key player in modernizing defense capabilities for the United States and its allies.

“This funding round represents an important milestone in Anduril’s journey to disrupt the defense industry, and we are thrilled to be a part of the company’s latest success on the heels of its recent defense contract wins, including its Collaborative Combat Aircraft contract and its early, on-budget delivery of the Ghost Shark autonomous vehicle.”

“This funding round represents an important milestone in Anduril’s journey to disrupt the defense industry, and we are thrilled to be a part of the company’s latest success on the heels of its recent defense contract wins, including its Collaborative Combat Aircraft contract and its early, on-budget delivery of the Ghost Shark autonomous vehicle,” said Barron Martin, a managing partner at Sands Capital. “The company’s rapid growth is a testament to its talented, mission-focused team and the unparalleled value it continues to bring to the defense industry.”

Marina Serenbetz, a partner at Sands Capital, said, “Anduril is playing a critical role in shaping the future of defense technology, and we are proud to partner with the company as it continues to cement its position as a leader of today’s defense industry. Working with a team of this caliber has been an incredibly rewarding experience, and we look forward to the future of our long-term partnership.”

Led by Sands Capital’s Global Innovation team, which seeks to invest in leading mid to late-stage technology and technology-enabled businesses, this investment underscores Sands Capital’s deep experience in and track record of backing innovative companies that are reshaping industries and addressing critical global challenges. This latest investment in Anduril Industries joins notable investments made by Sands Capital including co-leading Ramp’s Series D funding round and leading/participating in the latest Flock Safety round.

Additional Coverage

Disclosures:

The Global Innovation investment strategies are managed by Sands Capital Ventures, LLC and are only available to qualified investors.

The activities of the Global Innovation Strategy Team, including investment due diligence and sourcing, may be supported on an ad hoc basis by various members of the broader global research team of Sands Capital Management, as well as members of the Ventures Team of Sands Capital Ventures.

As of October 1, 2021, Sands Capital was redefined to be the combination of Sands Capital Management, LLC and Sands Capital Ventures, LLC. Both firms are registered investment advisers with the United States Securities and Exchange Commission in accordance with the Investment Advisers Act of 1940. The two registered investment advisers are combined to be one firm and are doing business as Sands Capital. Sands Capital operates as a distinct business organization, retains discretion over the assets between the two registered investment advisers, and has autonomy over the total investment decision-making process.

Certain information contained in this document constitutes “forward-looking statements.” These statements can be identified by the use of forward-looking terms such as “may”, “will”, “should”, “expect”, “anticipate”, “target”, “project”, “estimate”, “intend”, “continue” or “believe” or the negatives thereof or other variations thereon or comparable terms. Due to various risks and uncertainties, actual events or results or the actual performance of a fund are likely to differ (and may differ materially) from the events, results or performance contemplated by such forward-looking statements.

This Site may contain links to other websites, including links to the websites of companies that provide related information, products and services. Such external Internet addresses contain information created, published, maintained, or otherwise posted by institutions or organizations independent of Sands Capital. These links are solely for the convenience of visitors to this Site, and the inclusion of such links does not imply an affiliation, sponsorship or endorsement. Those sites may have privacy policy different from Sands Capital and may provide less security than this site. Sands Capital and its affiliates are not responsible for the products, services, and content on the third party website.

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Serent Capital Announces the Acquisition of Spa Software Leader Book4Time by Agilysys

Serent Capital

 

Serent Capital, a growth-focused private equity firm investing in founder-led B2B SaaS and technology companies, announced today that its portfolio company, Book4Time, a leading provider of spa management SaaS software, has been acquired by Agilysys, a global leader in hospitality software solutions and services.

Book4Time’s innovative cloud-based platform has established itself as a premier solution for hotel and resort spas, enabling operators to manage appointments, staff, and inventory seamlessly while enhancing the guest experience and providing comprehensive corporate reporting. Founded in 2004, Book4Time has become the go-to choice for leading wellness hospitality organizations and is trusted by customers in over 100 countries. Serent Capital’s strategic growth investment in 2020 was instrumental in supporting Book4Time’s continued expansion and extending its global reach.

“Our partnership with Serent has been pivotal in enabling us to scale our operations and enhance our product offerings. Their strategic guidance allowed us to better serve our clients and solidify our leadership in the wellness hospitality industry. We are grateful for their collaboration and look forward to continuing our journey of innovation in the hospitality industry as a part of Agilysys,” said Roger Sholanki, CEO of Book4Time.

“From the beginning, we recognized Book4Time’s potential to revolutionize spa management technology. It has been rewarding to see them expand their global reach and deliver exceptional client experiences. We look forward to watching the continued growth and success of the merged business unit in the hospitality industry.” said Lance Fenton, Partner at Serent Capital.

Serent Capital has a robust track record in the hospitality market, having invested in over 15 hospitality tech companies in the last decade. To learn more about Serent’s partnership with hospitality companies, visit Serent Capital Hospitality and Travel.

Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive. Learn more about our portfolio companies.

Other News at Serent Capital

At Serent Capital, we work hard to create effective and longstanding growth with all our portfolio companies. Here’s what we’ve been up to recently.

Disclaimer:

This publication is for informational purposes only, and nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy any interest in any investment vehicle managed by Serent Capital or any company in which Serent Capital or its affiliates have invested. An offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Serent Capital does not utilize its website to provide investment or other advice, and nothing contained herein constitutes a comprehensive or complete statement of the matters discussed or the law relating thereto. Information provided reflects Serent Capital’s views as of a particular time and are subject to change without notice. You should obtain relevant and specific professional advice before making any investment decision.
Executive endorsements of Serent Capital are for illustrative purposes, designed to attract business development contacts, and should not be construed as a client or investor testimonial of Serent Capital’s investment advisory services. All such endorsements are from current or former portfolio company leadership about Serent Capital’s ability to provide services to their companies. Certain executives are also investors in Serent Capital’s investment vehicle(s), and as such, there is an inherent conflict in that those executives have an incentive to provide favorable reviews of Serent Capital’s business practices for the benefit of the investment vehicles that they hold a personal ownership interest in. Serent Capital has not, directly or indirectly, paid any compensation to such individuals for their endorsements.
Certain information on this Website may contain forward-looking statements, which are subject to risks and uncertainties and speak only as of the date on which they are made. The words “believe”, “expect”, “anticipate”, “optimistic”, “intend”, “aim”, “will” or similar expressions are intended to identify forward-looking statements. Serent Capital undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future developments or otherwise. Past performance is not indicative of future results; no representation is being made that any investment or transaction will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.

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Canada Growth Fund, CDPQ, Investissement Québec and BDC Capital invest $145 million in MKB’s Third Energy Transition Fund

Cdpq

The Canada Growth Fund (CGF), CDPQ, Investissement Québec (IQ) and BDC Capital (BDC) are pleased to announce their $145 million commitment to MKB, a Québec growth equity firm investing in companies that are leading the energy transition. As part of this transaction, CGF will commit up to $50 million to MKB Partners Fund III, L.P. (Fund III), while CDPQ and IQ will each be investing $35 million, and BDC, $25 million.

MKB is currently raising its third fund to help scale fast growing and innovative companies, primarily in North America. Fund III will target growth-stage businesses which are commercializing proven, innovative emission reduction technologies in MKB’s areas of focus, which include clean energy, mobility, built environment and industrials.

“Through its cleantech funds strategy, CGF is seeking to provide further investable capital to Canadian managers to speed up the growth of Canadian cleantech champions,” said Patrick Charbonneau, President and CEO of Canada Growth Fund Investment Management Inc. “CGF is pleased to invest $50 million in MKB’s energy transition fund to scale the impact of its strategy and to foster growth and innovation in the Canadian clean technology sector.”

“This additional investment in MKB—a Montréal-based firm focused on accelerating the energy transition—not only positions our capital in a promising and profitable sector for our economy, but also confirms our ambition to encourage the sustainable growth of companies,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ. “It’s an opportunity for us to support climate technology that will have an impact on decarbonization and will shape our future.”

“Along with key partners in Québec’s financial ecosystem, Investissement Québec is proud to take part in this round initial closure, which is completely in line with its mission. Acting in a sector that is strategically important for the sustainable development of our economy, MKB Partners Fund III will help consolidate the capital chain and accelerate investments in the energy transition” said Bicha Ngo, President and CEO, Investissement Québec.

“BDC is delighted to co-anchor MKB’s third fund, recognizing the team’s commitment to Canadian clean technology companies and the clear alignment with our corporate values,” added Paula Cruickshank, Senior Vice-President, Fund Investments, BDC Capital. “The Fund’s orientation on late and growth-stage opportunities responds to a critical need in the Canadian market, supporting the often-complex capital requirements of homegrown cleantech ventures and facilitating their expansion. This is exactly the kind of market gap BDC is designed to address.”

ABOUT CGF

CGF is a $15 billion arm’s length public investment vehicle that helps attract private capital to build Canada’s clean economy by using investment instruments that absorb certain risks, in order to encourage private investment in low carbon projects, technologies, businesses, and supply chains.

Further information on CGF’s mandate, strategic objectives, investment selection criteria, scope of investment activities, and range of investment instruments can be found on www.cgf-fcc.ca.

ABOUT CANADA GROWTH FUND INVESTMENT MANAGEMENT

In Budget 2023, the Government of Canada announced that PSP Investments, through a wholly owned subsidiary, would act as investment manager for CGF. Canada Growth Fund Investment Management has been incorporated to act as the independent and exclusive investment manager of CGF.

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

ABOUT IQ

Investissement Québec’s mission is to play an active role in Quebec’s economic development by stimulating business innovation, entrepreneurship, and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec Innovation. In addition, through Investissement Québec International, the Corporation prospects for talent and foreign investment, and assists Québec businesses with export activities.

ABOUT BDC

As Canada’s bank for entrepreneurs, BDC is a partner of choice for all entrepreneurs looking to access the financing and advice they need to build their businesses and tackle the big challenges of our time. Our investment arm, BDC Capital, offers a wide range of risk capital solutions to help grow the country’s most innovative firms. We are one of Canada’s Top 100 Employers and Canada’s Best Diversity Employers. BDC was the first financial institution in Canada to receive the B Corp certification in 2013 and it is the B Corp movement’s national partner in Canada. For more information on BDC’s products and services and to consult free tools, templates and articles, visit bdc.ca or join BDC on social media.

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