Category Archives: News

Gimv leads a 72 million € Series A financing round of Complement Therapeutics to finance further development of therapies for eye diseases

GIMV

17/04/2023 – 07:27 | Portfolio

Complement Therapeutics announces the closing of a 72 million € Series A financing round led by Gimv together with existing investor Forbion and further joined by BioGeneration Ventures (BGV), Panakes Partners, Cambridge Innovation Capital (CIC), Hadean Ventures and Seroba Life Sciences. Complement Therapeutics will use the proceeds of this round to continue to develop its innovative therapies for the treatment of complement-related diseases, with particular focus on ophtalmology.

Complement Therapeutics, a spin-out of the University of Manchester founded in 2021, aims to transform the treatment of complement-mediated conditions by developing novel therapies such as CTx001, an innovative AAV gene therapy for the treatment of geographic atrophy, a progressive and advanced form of age-related macular degeneration (AMD) associated with significant, irreversible loss of vision.

Furthermore, the financing round will allow Complement Therapeutics to evaluate its pipeline assets for non-ocular indications as well as further develop the novel Complement Precision Medicine (CPM) platform.

Michaël Vlemmix, Principal Life Sciences at Gimv and Board Director at CTx comments: “One of the pillars of our Life Sciences strategy is to invest in companies where cutting-edge science could lead to a potential paradigm shift in the treatment and lives of patients.  Complement Therapeutics is a key example of such an investment whereby we are proud to have been able to build a strong syndicate, supported by a high-quality current investor base.”

Rishabh Chawla, Associate of Gimv’s Life Sciences team and Observer at CTx adds:“With the ability to target the etiology of complement-related diseases along with a very experienced and dedicated management team, we are convinced that Complement Therapeutics will make a real difference to patients that have limited treatment options today.”

For more information, please read the full press release from Complement Therapeutics attached.

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Hyperautomation specialist Ciphix accelerates growth strategy with Mentha

Mentha

Mentha has entered into a partnership with Ciphix, a fast-growing hyperautomation specialist that automates and optimises processes for large and reputable companies such as Marel, ASR, Vattenfall and ANWB. The collaboration will boost its growth strategy, which should make Ciphix a leading European player in hyperautomation.

Since its founding in 2018, Ciphix’s mission has been to ‘take the robot out of the human’ by letting RPA (robotic process automation) software take over repetitive tasks carried out by employees. Since then, Ciphix has grown into a company with more than 60 employees and operates as a broad hyperautomation service provider active in RPA, (conversational) AI, process mining, low-code and iPaaS. Thanks to these various technologies, Ciphix also automates more complex repetitive processes, which ensures higher efficiency and a reduction of errors and costs. In addition, it enables customers to assign more important, valuable and challenging work to employees such as solving complex problems.

Ciphix as an appealing employer
Next to the innovative use of the various technologies, Ciphix stands out in successfully attracting and retaining talent. This is made possible by a positive and challenging corporate culture and provides a solid foundation for further organic growth. As an active shareholder, Mentha will also be looking at possible acquisitions in the home market and abroad, in order to accelerate the growth strategy. The investor has extensive experience in scaling technology companies internationally and will use this knowledge and expertise at Ciphix on both an operational and a strategic level.

Koen Mallee and Marijn van de Poel together form the management of Ciphix and are enthusiastic about the collaboration. Mallee: “We have a lot of confidence in this collaboration. Our journey has only just begun and this is the start of the next phase.” Van de Poel: “We are proud of our team, customers and partners and look forward to taking the next steps with Mentha on board.”

The joint aim of Ciphix and Mentha is to grow the company into a leading European hyperautomation specialist in the coming years. This is fuelled by the ambition to play a role in solving major labour market challenges such as the large shortage of qualified staff and high staff turnover due to low job satisfaction and a lack of challenging and meaningful work. Ciphix is convinced in its ability to further shape this ambition, partly due to the broad applicability of robotisation of certain labour processes in combination with continuous innovation from software suppliers.

Stijn Dietz, Investment Director at Mentha: “We are impressed by Ciphix and very excited to invest in the future of hyperautomation through this partnership. The management’s ambition and Ciphix’s innovative approach to intelligent automation, combined with our expertise in scaling this type of business is an excellent foundation to continue growing and increasingly delivering value to customers in the coming years.”

——

About Ciphix
Ciphix is a Rotterdam-based Hyperautomation specialist. Ciphix believes that in a world with so much technological potential, there is no need for employees to carry out monotonous, boring and repetitive work. That is why the company is committed to helping organisations harness human potential through smart automation of business processes. With an integrated approach to Process Mining, RPA, Low-code, Integrations and Machine Learning, Ciphix offers its customers, including global brands and government organisations, unique and robust solutions to take the robot out of the human.

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Ratos company HENT signs a new billion NOK contract with Statsbygg – construction of part of the Norwegian Ocean Technology Centre in Trondheim

Ratos

Statsbygg, which manages most of the Norwegian government’s property portfolio, has selected HENT as the general contractor for the construction of the Norwegian Ocean Technology Centre Wing B. The project is a partnering project and one of Norway’s most unique construction projects.

HENT and Statsbygg are now entering the partnering phase of the project in preparation for the start of construction towards the end of the first quarter of 2024. The new Norwegian Ocean Technology Centre, which is expected to be completed in 2027, will play an important role in the green transition. It will help to secure Norway’s position as a leading port nation through the development and transformation of the local, national and international maritime industry. The centre will include a 300-metre-long ocean basin building measuring approximately 25,000 square metres, and that is what HENT is now building.

“It is gratifying that HENT has been awarded yet another important contract for the construction of critical infrastructure and another landmark in Norway. We will also do our utmost to uphold the confidence once again shown in HENT by Statsbygg. This is a complex project that requires considerable experience and an extraordinary partnering ability. It will be great to get started,” says Christian Johansson Gebauer, Chairman of the Board of HENT and President, Business Area Construction & Services, Ratos.

The centre will house office premises, meeting rooms and an underground parking garage as well as wet and dry laboratories, which in turn will house two ocean basin facilities. Working together with the equipment suppliers for the basin laboratories will be an important component of the partnering phase.

“We are very proud to have been awarded this contract. The facility will be a world leader in its area and is an important acknowledgment for HENT. It feels particularly gratifying to be able to contribute to Trondheim’s development since HENT has its roots and head office there. The Norwegian Ocean Technology Centre will be an important building for Norway, and we look forward to beginning the partnering phase and creating a solid foundation for implementing the project,” says Jan Jahren, CEO of HENT.

The projects carried out by the companies in Ratos’s Construction & Services business area mainly comprise infrastructure maintenance and commercial buildings, with very limited exposure to housing construction (<5% of net sales).

For more information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21
Endre Persen, VP Communication, HENT, +47 916 89 929

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. The companies have approximately SEK 32 billion in net sales (LTM). Our business concept is to own and develop companies that are or can become market leaders. 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 companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Arcadia Raises $125 Million in New Financing from Vista Credit Partners

Vista Equity

Investment to Accelerate Platform Innovation and Company Growth; Further Establish Leadership Position in Healthcare Data Analytics

BOSTON–(BUSINESS WIRE)–Arcadia (Arcadia.io), a leading data analytics platform for healthcare, today announced $125 million in financing from Vista Credit Partners, the credit-lending arm of Vista Equity Partners and a strategic investor and financing partner focused on the enterprise software, data and technology market. The investment will accelerate Arcadia’s platform innovation and go-to-market strategy to meet the growing demand from leading healthcare organizations to aggregate and analyze data from across disparate systems for business efficiencies and improved patient care.

“Arcadia’s mission is to inform better healthcare decisions by unlocking the power of the vast amount of data that is captured in modern healthcare delivery and operations,” said Michael Meucci, CEO, Arcadia. “Vista Credit Partners is the preferred partner to help us achieve our goals, providing new financing and access to the broader Vista ecosystem which holds deep expertise and resources for scaling HealthTech and enterprise software businesses. We look forward to further investing in our platform, our service delivery and customer relations to solidify our position as the leading data platform for healthcare organizations.”

Arcadia helps providers and health plans deliver actionable insights to advance care and research, drive strategic growth, and ensure financial success. The past year included several important milestones for Arcadia, including:

  • Inclusion on Inc. 5000’s 2022 Fastest Growing Private Companies list, reflecting 99% revenue growth over three years;
  • Achieving 35%+ ARR growth in 2022 by continuing to build and expand relationships with the top payers and providers in the U.S.;
  • Growing total active unique users of the Arcadia Analytics platform by 50% in nine months; and
  • Saving customers more than $1.3 billion through Arcadia’s Medicare Shared Savings Program (MSSP) service.

“Vista Credit Partners invests in innovative software businesses with established market leadership, providing non-dilutive credit solutions and counsel to help them achieve their next phase of growth,” said David Flannery, President, Vista Credit Partners. “Arcadia is an exciting investment as its platform serves as a mission-critical tool for blue-chip national health systems, hospitals, and health plans, helping them drive ROI by delivering actionable intelligence that enables strategic growth and financial success in pursuit of better health outcomes. We’re thrilled to partner with Michael and the entire Arcadia team and support the Company’s continued growth and success.”

In addition to business growth and platform adoption, Arcadia has been consistently recognized for outstanding customer satisfaction and company culture, earning Best in KLAS in Value-Based Care Managed Services for five consecutive years and being named to Built In’s 100 Best Places to Work in 2023 in Boston and Chicago.

About Arcadia

Arcadia is dedicated to happier, healthier days for all. We transform data into powerful insights that deliver results. Through our partnerships with the nation’s leading health systems, payers, and life science companies, we are growing a community of innovation to improve care, maximize value, and confront emerging challenges. For more information, visit arcadia.io.

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. Since formation in 2013 and as of December 31, 2022, VCP has deployed over $9.7 billion and grown to over $6.6 billion of assets under management. For more information, please visit www.vistaequitypartners.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

Media
For Arcadia:
Isaac Sheinkopf
isheinkopf@sloanepr.com
212-446-1890

For Vista Credit Partners:
Brian W. Steel
media@vistaequitypartners.com
212-804-9170

Arcadia

Contacts

Media
For Arcadia:
Isaac Sheinkopf
isheinkopf@sloanepr.com
212-446-1890

For Vista Credit Partners:
Brian W. Steel
media@vistaequitypartners.com
212-804-9170

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Jeito Capital leads a $105 million series C financing in Alentis Therapeutics to advance transformational medicines for Claudin-1 in Cancer & Fibrosis

Jeito Capital
  • Funds will support the Phase I/II clinical development of Alentis’ two first-in-class anti-Claudin-1 (CLDN1) antibodies for organ fibrosis and CLDN1 positive tumors, and CLDN1 platform development
  • After its investment 2 years ago, Jeito Capital amplifies its partnership with Alentis Therapeutics, the leading player in CLDN1, in line with its strategy to grow companies and build potential market leaders to bring much needed treatments to benefit patients

Paris, France, April 13th 2023 – Jeito Capital (“Jeito”), the largest fully independent private equity firm dedicated to healthcare and biopharma in Europe, announced today that it has led a $105 million (€96 million) Series C financing in Alentis Therapeutics (“Alentis” or the “Company”), a clinical-stage biotech spun out of INSERM, based in Basel (Switzerland) with R&D in Strasbourg (France), that is developing breakthrough treatments for organ fibrosis and CLDN1 positive tumors. CLDN1, as part of the claudin family of transmembrane proteins, is a previously unexploited target that plays a key role in the physio-pathology of a broad range of solid tumors with immune evasive properties and fibrotic diseases across multiple organs.

The financing was led by Jeito together with Novo Holdings A/S and RA Capital Management with participation from existing investors including BB Pureos Bioventures, Bpifrance through its InnoBio 2 fund and Schroders Capital. Proceeds will be used to support the Phase II program of Alentis’ lead investigational products, ALE.F02, currently in development for the treatment of advanced kidney, lung and liver fibrosis, and the Phase I program of its lead oncology asset, ALE.C04, the first potential treatment to target CLDN1 positive (CLDN1+) tumors. Funds will also be used to develop the Company’s platform to engineer CLDN1 antibody drug conjugates (ADC) and bi-specific antibodies. The Claudin space in oncology has recently seen the success of CLDN-18.2 in gastric cancers. CLDN-1 has the advantage of a much broader expression profile, highlighting Alentis’ growth potential and significant commercial potential.

Jeito became a key investor in Alentis as part of a $67 million Series B financing in June 2021. Since then, Alentis has made significant progress. The Company’s Phase I multiple ascending dose study for ALE.F02 is expected to reach completion imminently. Alentis has also clearly defined the CLDN1+ cancer patient population, including T-cell excluded cancers, as the target for developing its ALE.C04 oncology treatment. The Company has established a platform to engineer CLDN1 ADCs (antibody drug conjugate) and bi-specific antibodies and has expanded its team in France, Switzerland and the US.

Dr. Rafaèle Tordjman, MD, PhD, Founder and CEO of Jeito Capital, commented : “Claudin-1 has enormous potential in multiple areas of fibrosis and across a broad range of cancers and, with Jeito’s support, Alentis has made significant progress over the past two years in identifying target populations while developing programs and advancing the platform. We are committed to continuing our partnership with the outstanding Alentis team as they are the leading player in the CLDN1 space and are well positioned to generate meaningful clinical data.”

Dr. Roberto Iacone, CEO at Alentis Therapeutics, said: “We are absolutely delighted with this support from our investors. There are huge unmet needs in organ fibrosis and cancer, and this funding enables us to continue with the important work we’re doing in the CLDN1 space and generate clinical data from both our programs. We can now aggressively develop CLDN1 biology in oncology and continue with the recruitment of our organ fibrosis trials while advancing our ADC and bi-specific antibodies.”

About Jeito Capital

Jeito Capital is a global leading Private Equity company with a patient benefit driven approach that finances and accelerates the development and growth of ground-breaking medical innovation. Jeito empowers and supports managers through its expert, integrated, multi-talented team and through the investment of significant capital to ensure the growth of companies, building market leaders in their respective therapeutic areas with accelerated patients’ access globally, especially in Europe and the United States. Jeito Capital has €534 million under management and a rapidly growing portfolio of investments. Jeito Capital is based in Paris with a presence in Europe and the United States.

For more information, please visit www.jeito.life or follow us on Twitter or LinkedIn.

About Alentis Therapeutics

Alentis Therapeutics, the CLDN1 company, is a clinical-stage biotechnology company that focuses on developing breakthrough treatments for CLDN1+ tumors and organ fibrosis. Alentis is pioneering a novel approach to modify and reverse the course of disease progression targeting CLDN1, a previously unexploited target that plays a key role in the pathology of tumors with immune evasive properties and fibrotic disease across multiple organs.

 

Alentis is the only company developing potential treatments for solid cancers and fibrosis targeting CLDN1. The company was founded in 2019 based on ground-breaking research in the laboratory of Prof. Thomas Baumert MD at the University of Strasbourg and the French National Institute of Health (Inserm). Alentis is headquartered in Basel’s pharma-biotech hub in Switzerland with an R&D subsidiary in Strasbourg, France and clinical operations in the US.

Visit https://alentis.ch

For further information please contact:

Jeito Capital
Rafaèle Tordjman
Assia Mouhout, EA
assia@jeito.life
Tel: +33 6 76 49 37 94

Consilium Strategic Communications
Mary-Jane Elliott /
Davide Salvi / Kris Lam
Jeito@consilium-comms.com
Tél. : +44 (0) 20 3709 5700 

AchTo Conseil
Marion Bougeard
marion@achto-conseil.fr
Tél. : +33 6 76 73 57 31 

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Clearlake and STG to sell Archer to Cinven

Clearlake

Under Clearlake’s and STG’s ownership, Archer has transformed into a leading end-to-end integrated risk management software-as-a-service platform serving customers around the world

 

Santa Monica, CA, Menlo Park, CA, London, UK, and Overland Park, KS – April 13, 2023 – Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) and Symphony Technology Group (“STG”) announced today that they have entered into a definitive agreement to sell Archer (the “Company”) to Cinven. The transaction is expected to close in the middle of 2023 and is subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.

 

Founded in 2000 and headquartered in Overland Park, Kansas, Archer is a leading provider of integrated risk management (“IRM”) cloud software solutions with products that encompass compliance, governance, security, audit and ESG. STG initially acquired Archer in 2020 as a part of its acquisition of RSA Security LLC from Dell Technologies and subsequently partnered with Clearlake in 2021 to establish Archer as an independent business.

 

Over the course of Clearlake’s and STG’s ownership, Archer was strategically repositioned as a leading standalone IRM platform poised for continued expansion under the guidance of a new executive leadership team. The Archer executive team accelerated product innovation by modernizing its core platform to drive customer satisfaction and launched new product offerings that allowed the Company to broaden its addressable market with a focus on ESG risk quantification and modeling.

 

Leveraging Clearlake’s O.P.S.® strategy and best practices from STG’s software investment portfolio, Archer transformed its global go-to-market motion, resulting in accelerated bookings and annual recurring revenue (“ARR”) growth, while transitioning many of its customers to its cloud subscription offerings. As a result, Archer has approximately doubled the size of its software-as-a-service (“SaaS”) ARR under Clearlake and STG’s ownership. Today, Archer has over 1,000 customers spread throughout the globe, including more than 50% of the Fortune 500 across financial services, healthcare, technology, consumer and other end-markets, and has been awarded 24 cumulative “Leader” positions from Gartner since 2013.

 

“We are thrilled by the tremendous progress Archer has made since re-launching as an independent SaaS Company and we want to recognize the efforts of CEO Bill Diaz and the rest of the management team that have made Archer a leading provider of cloud-based IRM solutions across a broad range of applications, end markets, and geographies,” said Behdad Eghbali, Co-Founder and Managing Partner, and Prashant Mehrotra, Partner and Managing Director, at Clearlake. “We are grateful to have had the opportunity to partner with the Archer and STG teams to create a solid foundation for the Company’s continued growth under Cinven’s ownership.”

 

“It has been a pleasure partnering with Bill and the entire Archer management team in scaling the business,” said William Chisholm, Managing Partner, at STG. ‘Since the Dell carveout in 2020, we established Archer as a standalone business and drove investments in both product and sales and marketing, which resulted in product innovation and capital efficient growth at the Company. Archer has evolved to become a leader in the SaaS-based integrated risk compliance and management market delivering significant value to its customers and partners.”

 

Mr. Diaz, Chief Executive Officer at Archer, said, “This is a very exciting milestone in Archer’s history after going through a tremendous strategic transformation over the past few years under Clearlake’s and STG’s ownership. Cinven’s acquisition of Archer represents confidence in our ability to accelerate our leadership position in integrated risk management and our goal to help organizations manage risk in the digital era. We are grateful to Clearlake and STG for their support during this process, and we are excited for the next chapter of Archer’s story with Cinven.”

 

“With a portfolio of leading end-to-end software solutions alongside a history of product innovation, we believe Archer is well positioned to capitalize on emerging growth trends in global risk and compliance software markets,” said Julia Kahr, Partner and Head of North America, and Daniel Garin, Senior Principal, at Cinven. “As an independent scaled platform, Archer is strategically differentiated in the IRM market, and we’re excited to partner with the management team to help Archer accelerate growth through both organic and inorganic initiatives.”

 

Goldman Sachs & Co. LLC and Morgan Stanley and Co. LLC acted as financial advisors to Archer. Sidley Austin LLP provided legal counsel to Archer, Clearlake, and STG.

 

About Clearlake

Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has over $70 billion of assets under management and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK, Dublin, Ireland and Singapore. More information is available at www.clearlake.com and on Twitter @Clearlake.

 

About STG

STG is a private equity partner to market leading companies in data, software, and analytics. The firm brings experience, flexibility, and resources to build strategic value and unlock the potential of innovative companies. Partnering to build customer-centric, market winning portfolio companies, STG creates sustainable foundations for growth that bring value to existing and future stakeholders. The firm is dedicated to transforming and building outstanding technology companies in partnership with world class management teams. STG’s expansive portfolio has consisted of more than 50 global companies. For more information, please visit www.stg.com.

 

About Cinven

Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.

 

 

Media Contacts

 

For Archer:

Ben Desjardins

571-758-7286

ben.desjardins@archerirm.com

 

For Clearlake:

Jennifer Hurson

Lambert & Co.

845-507-0571

jhurson@lambert.com

 

For STG:

Gloria Consola

pr@stgpartners.com

 

For Cinven:

Alison Raymond

Alison.Raymond@Cinven.com

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Cinven agrees to acquire Archer

Cinven

Acquisition to create a global leader in governance, risk and compliance technology solutions

International private equity firm Cinven today announces that it has reached an agreement to acquire Archer, a leading provider of integrated risk management solutions, from RSA Security, a portfolio company of Clearlake Capital Group, L.P. and Symphony Technology Group. Financial terms of the transaction were not disclosed.

Archer is a leading provider of governance, risk and compliance (‘GRC’) software globally. Founded in 2000, Archer has a 20+ year track record of providing integrated risk management (‘IRM’) and software solutions across the GRC landscape. Archer’s industry leading solutions support its diverse and growing customer base of large and mid-sized enterprises to improve their strategic decision-making and operational resilience. Headquartered in Kansas, US, Archer has significant international operations in Europe, the Middle East, and APAC, with European expansion a strategic priority.

Having spent significant time targeting investment opportunities in the global GRC subsector, Cinven’s TMT and Business Services sector teams in North America and Europe worked closely together to identify Archer as an attractive primary carve-out investment opportunity, given:

  • The GRC software market is highly attractive, rapidly growing and fragmented, with opportunity for further consolidation;
  • Archer has a leading position, with the opportunity to grow further through organic and inorganic expansion in both North America and Europe;
  • The quality and breadth of Archer’s product portfolio, as it serves more than half of the Fortune 500; and
  • Archer’s highly recurring revenue stream, with strong visibility and high customer retention.

Through this transaction, Cinven will support the long-term strategic growth of Archer’s integrated software platform as a standalone business following the initial carve-out from RSA Security. Drawing on its European and US platform and expertise, Cinven will work in close partnership with management to continue internationalising the business, including executing opportunities to expand Archer’s presence in key markets and verticals across both North America and Europe.

 

Julia Kahr, Partner and Head of North America at Cinven, commented:

“This transaction exemplifies Cinven’s ability to deploy our differentiated sector-country matrix to carve-out and invest behind high-growth businesses, and to position them for long-term success as standalone companies. This is a tremendous opportunity to leverage our sector expertise and established track record of investing in both North America and Europe to drive growth in a leading business with an unmatched product offering in a dynamic and growing market.”

 

Daniel Garin, Senior Principal at Cinven, added:

“The governance, risk and compliance market has been a significant focus area for Cinven globally for many years, and Archer continues to be a leading player in a highly fragmented market. Our investment in Archer builds on our strong track record of driving product innovation and geographic expansion that better supports customers around the world.”

 

Bill Diaz, Chief Executive Officer at Archer, commented:

“Cinven has a strong track record of driving value in software businesses and they are the ideal partner to support Archer’s next phase of growth. This partnership with Cinven will allow us to capitalize on significant growth opportunities both organically and through strategic acquisitions and further accelerate our leading position to the benefit of our customers, employees and all stakeholders.”

 

Upon the close of the transaction, Bill Diaz will continue to lead the business as Chief Executive Officer alongside the existing Archer leadership team.

The transaction is subject to regulatory approvals and other customary closing conditions.

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Investcorp Acquires Shearer Supply, a Leading HVAC Equipment Distributor

Investcorp

Investcorp, a leading global alternative investment firm, today announced a majority investment in Shearer Supply (“Shearer” or “the Company”), a leading independent distributor of Heating, Ventilation and Air Conditioning (“HVAC”) equipment for residential and commercial properties in the southern United States region. Shearer’s management team, the Shearer family and PNC Riverarch Capital will remain shareholders in the Company alongside Investcorp. Additional financial terms of the transaction were not disclosed.

Founded in 1983, Shearer is one of the nation’s largest independent distributors of HVAC equipment, parts and supplies serving over 5,500 customers from 22 branches across Texas, Oklahoma, Arkansas, Tennessee and Louisiana. Headquartered in Dallas, TX, Shearer’s core product lines include American Standard Residential and Commercial HVAC, Ameristar Heating and Air Conditioning and Samsung HVAC.

“Shearer operates in a large, resilient and highly fragmented market driven by non-discretionary replacement demand and will continue to benefit from strong secular tailwinds including an aging housing stock, shortening replacement cycles and favorable regulation, in addition to its attractive Southern US geographic footprint. We are excited to partner with the Shearer family to drive organic growth and further expansion,” said Dave Tayeh, Head of Private Equity – North America at Investcorp. “We have experienced robust activity across our North American Private Equity platform this year, underscoring the strength of our strategy in partnering with growing, founder-led businesses as they look to scale their businesses.”

“Investcorp has an established history of working with companies like Shearer and have demonstrated a strong track record in HVAC and specialty distribution,” said Michelle Shearer-Rodriguez, CEO at Shearer Supply. “We are looking forward to partnering with them on our next phase of growth and leveraging their strong industry insights.”

“Shearer provides a compelling value proposition for both contractors and original equipment manufacturers, acting as a one-stop-shop local partner with a breadth of products, expertise and value-added services,” said Steve Miller, Managing Director, Private Equity – North America at Investcorp. “This is an impressive family-owned and run business that has differentiated itself in its ability to scale and grow in excess of the market throughout its history and we are thrilled to be partnering with the Company’s highly motivated management team.”

Investcorp has unique experience in the HVAC industry and specialty distribution, with investments including Arrowhead, ATD, Berlin Packaging and The Wrench Group.

This announcement follows the final closing of Investcorp North American Private Equity Fund I, L.P., which focuses on control buy-out investments in middle market service businesses in North America. Fund I closed at over $1.2 billion in capital commitments. Investcorp’s North America Private Equity group has been investing in North American mid-market businesses for over 40 years and has completed approximately 70 transactions, deploying more than $22 billion in transaction value since inception.

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Renta acquires Hyrpoolen

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) is strengthening its position in Sweden through the acquisition of Hederén Maskinuthyrning AB (“Hyrpoolen” or “the Company”). Hyrpoolen is a Swedish general rental company with two depots located in the Stockholm area. The Company has more than 30 employees and annual revenues of approximately SEK 70 million.

The acquisition expands Renta’s presence in the southern and eastern parts of Stockholm and is perfectly aligned with Renta’s strategy to strengthen its position in the capital region. The transaction marks another strategic step in building a nationwide network and following the transaction Renta will have 54 depots across Sweden.

Hyrpoolen’s profitable operations and local business model makes it an excellent fit for Renta. Hyrpoolen 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 complement their services. The experienced management team and strong local market standing will provide a good foundation for continued growth in the region.

The acquisition was signed and completed on the 5th of April.

Kari Aulasmaa, CEO of Renta Group, said: 

“Hyrpoolen fits our strategic agenda very well given the profitable operations and local business model. The Company has a strong presence in attractive parts of Stockholm and has a reputation of providing high-quality services appreciated by its customers. We are very pleased to join forces with Hyrpoolen and look forward to the journey ahead.”

Per Gustavsson, CEO of Hyrpoolen, said: 

“We have been looking for a partner for some time to support us in further developing our operations and we are happy to say that Renta is an excellent match for us. Renta shares our values and partnering with them will provide us access to a broader range of equipment and to Renta’s top-notch digital solutions. Hyrpoolen has a solid customer base, a strong reputation and a deep knowledge of the local market in southern Stockholm. I am convinced that together with Renta we will become even stronger and the preferred partner for customers in our region.”

Enquiries: ir@renta.com

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KKR Invests in Leading Strategic Advisory and Communications Firm, FGS Global

KKR

NEW YORK & LONDON–(BUSINESS WIRE)– KKR today announced an agreement to make a growth investment in leading strategic advisory and communications firm, FGS Global (the “Company”). Under the terms of the agreement, WPP plc (“WPP”) will remain the Company’s majority owner and FGS employees will remain substantial shareholders. FGS also plans to expand its employee ownership to include nearly half of its staff worldwide. Golden Gate Capital, an FGS shareholder since 2016, will exit its investment through the sale of its interest to KKR.

FGS is a leader in all aspects of strategic advisory and communications, including corporate reputation, crisis management, government affairs and is a leading advisor on business-critical financial communications worldwide. FGS’s always-on global platform delivers trusted advice, data-driven insights and hands-on execution for clients navigating their defining moments. The Company’s 1,300 experts across 27 global offices oversee an integrated suite of reputation-shaping capabilities, with deep local relationships and extensive knowledge across industries and geographies. FGS empowers its over 1,600 clients to effectively engage with their key stakeholders and supports them in navigating important issues ranging from sustainability to litigation, regulatory developments and cybersecurity.

Philipp Freise, Partner and Co-Head of European Private Equity at KKR, stated: “Our investment in FGS is the latest example of our focus on proprietary, strategic partnership investments where we are providing long-term capital and a global network of resources to an entrepreneurial management team and alongside a world-class business. We firmly believe that Alex Geiser, Carter Eskew, Roland Rudd, George Sard and their talented global team are pioneering the next generation of value-add strategic communications services. Stakeholder engagement is a boardroom issue and we are confident that FGS, with whom we have enjoyed a long-term relationship, is well positioned to capitalize on significant growth opportunities ahead as a global category leader in the growing management consulting service industry.”

Alexander Geiser, Global CEO of FGS, added, “We are thrilled to have found a partner in KKR, who shares our vision of creating a global integrated communications consultancy and will help us to accelerate the evolution of our industry. Companies are operating in increasingly complex stakeholder ecosystems and FGS was created to build a new kind of consultancy to help leaders face this challenge. KKR’s exceptional investment track record, extensive experience and global resources will be invaluable as we seek to grow our integrated solutions globally. We are committed to creating value for all of our shareholders. This includes many of our colleagues who will be able to participate in our long-term success through a new expanded ownership program that we will create, which we believe is without precedent in our industry.”

Mark Read, CEO of WPP, said: “FGS has established itself as a global leader in strategic advisory and communications, providing board-level counsel to the world’s leading companies and organizations. We are delighted to welcome KKR as a new strategic partner in FGS, in a transaction that recognizes the tremendous value of the business and its potential for continued strong growth.”

FGS was recently ranked the #1 Global PR firm for Deal Count and Value in 2022 by Mergermarket. It is also consistently ranked a Band 1 PR firm for Crisis & Risk Management and for Litigation Support by Chambers and Partners. FGS was created through a combination of leading strategic communications and public affairs firms: Finsbury, The Glover Park Group, Hering Schuppener, and Sard Verbinnen & Co.

KKR is making the investment in FGS primarily through its European Fund VI, an $8 billion fund that invests in the growth of leading businesses by providing access to KKR’s extensive network and business building resources. One of the core strategies of KKR’s European Private Equity team is investing alongside founders, entrepreneurs and corporates to provide flexible capital for strategic partnership transactions. The FGS investment follows a similar thematic pursued when KKR invested in ERM, the world’s largest global pure play sustainability consultancy, in 2021.

The transaction is expected to close before the end of the third quarter of 2023, subject to regulatory approvals and other customary closing conditions.

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 FGS
FGS is a leading global strategic communications consultancy, with 1,300 experts around the world, advising clients in navigating complex situations and reputational challenges. FGS Global was formed from the combination of Finsbury, The Glover Park Group, Hering Schuppener and Sard Verbinnen & Co to offer board-level and c-suite counsel in all aspects of strategic communications — including corporate reputation, crisis management, government affairs and is also the leading force in financial communications worldwide.

FGS offers seamless and integrated support with offices in the following locations: Abu Dhabi, Amsterdam, Beijing, Berlin, Boston, Brussels, Chicago, Dubai, Dublin, Düsseldorf, Frankfurt, Hong Kong, Houston, Kingston, London, Los Angeles, Munich, Paris, Riyadh, San Francisco, Shanghai, Singapore, Tokyo, Washington, D.C., West Palm Beach, and Zurich. The headquarters is based in New York.

About WPP
WPP is the creative transformation company. We use the power of creativity to build better futures for our people, planet, clients and communities. For more information, visit www.wpp.com.

KKR
Julia Leeger/ Miles Radcliffe-Trenner
media@kkr.com

FGS Global
Dorothy Burwell / Brooke Gordon / Jennifer Loven / Dirk von Manikowsky
mediaglobal@fgsglobal.com

WPP
Chris Wade / Niken Wresniwiro / Richard Oldworth
Chris.wade@wpp.com / Niken.Wresniwiro@wpp.com / richard.oldworth@buchanancomms.co.uk

Source: KKR

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