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EQT Private Equity to acquire PRO Unlimited, a leader in contingent workforce management

eqt
  • EQT Private Equity to acquire PRO Unlimited, a leading provider of integrated contingent workforce management solutions through its holistic platform which includes managed service program, vendor management software, direct sourcing and data and analytics capabilities
  • PRO Unlimited enables companies to effectively tap into the growing market for high-skilled contingent labor while providing workers more opportunities for flexible employment
  • EQT will support PRO Unlimited’s continued growth and ongoing development of new products to further expand its integrated platform offering

EQT is pleased to announce that the EQT IX fund (“EQT Private Equity”) has agreed to acquire PRO Unlimited Global Solutions Inc. (“PRO Unlimited” or the “Company”), a leader in contingent workforce management solutions, from funds managed by Harvest Partners, LP and its affiliates (“Harvest Partners”) and Investcorp. Following the close of the transaction, EQT Private Equity will be the majority shareholder and the existing PRO Unlimited management team will continue to operate the business.

PRO Unlimited was established in 1991 to assist large companies in managing their contingent workforce to better attract specialist talent seeking a more flexible work solution. Today, the Company’s integrated solutions have grown to incorporate a managed service program, vendor management software, direct sourcing and data and analytics capabilities. The platform handles the significant complexities of running an effective contingent workforce program on behalf of enterprise clients, fulfilling a multitude of tasks including discovering a client’s staffing needs, finding and evaluating candidates, hiring, onboarding, providing payroll and offboarding the contingent workers. PRO Unlimited is differentiated through its focus on high-skilled labor, its staffing agency-neutral approach, and its unique integrated solutions of services, software, and proprietary market data. The Company is headquartered in San Francisco with global capabilities and has approximately 1,400 total employees.

EQT will leverage its extensive experience partnering with technology-enabled services businesses, in-house digital expertise and network of global EQT advisors to support PRO Unlimited in its next phase of development as the Company continues to invest in technology and innovation to expand its integrated platform capabilities.

Kasper Knokgaard, Partner within EQT Private Equity’s Advisory Team, said, “EQT is excited to invest in PRO Unlimited and partner with CEO Kevin Akeroyd and the full PRO Unlimited team as the Company embarks on the next phase of continued growth. PRO Unlimited has been at the forefront of developing a fulsome suite of integrated solutions for companies to manage their contingent workforce through a combination of services, software, and data. We look forward to supporting the continued expansion of the platform to enable more flexible work solutions for the evolving contingent industry.”

Andrew Schoenthal, Partner at Harvest Partners, said, “Through multi-year investments in people, technology and data, PRO Unlimited has developed among the most comprehensive contingent workforce platforms for large and global companies. We are excited to watch Kevin and his team build upon the enormous success that the Company has achieved to date and continue to bring new innovations to the market.” Harvest’s PRO Unlimited investment team is led by Ira Kleinman, Andrew Schoenthal and David Schwartz.

Kevin Akeroyd, CEO of PRO Unlimited, said, “We are proud of what PRO Unlimited has achieved in recent years in collaboration with Harvest Partners and Investcorp. The contingent labor industry is experiencing strong growth, fueled by workers desire for increased autonomy and flexibility. We are delighted to provide the solutions to enable enterprises and the contingent workforce to meet their needs. We look forward to partnering with EQT and leveraging their industry expertise, digital capabilities, and network of advisors.”

The transaction is subject to customary conditions and approvals. It is expected to close in the second half of 2021.

EQT Private Equity was advised by BofA Securities, Sidley Austin LLP, McKinsey & Company and Alvarez & Marsal.

PRO Unlimited, Harvest Partners and Investcorp were advised by William Blair and White & Case.

With this transaction, EQT IX is expected to be 50-55 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About PRO Unlimited
Servicing hundreds of the world’s most recognizable brands, PRO Unlimited offers modern workforce management and a partner ecosystem supported by data, software, intelligence, and services to meet flexible workforce needs. PRO’s Modern Workforce Management Platform can adapt quickly to regional or industry economic shifts, and provides the speed, scale, flexibility, transparency, and expertise to serve as the holistic platform for the modern workforce. Headquartered in San Francisco, PRO has helped global brands and organizations achieve operational and financial success for more than 30 years.

More info: www.prounlimited.com

About Harvest Partners, LP
Founded in 1981, Harvest Partners, LP is an established New York-based private equity investment firm that focuses on investments in middle-market companies in the business services & industrial services, consumer, healthcare, industrials and software industries. Harvest’s control strategy leverages the firm’s 40 years of experience in financing organic and acquisition-oriented growth.

More info: www.harvestpartners.com.

Contact
US inquiries:
Stephanie Greengarten,
+1 646 687 6810,
stephanie.greengarten@eqtpartners.com

International inquiries:
EQT Press Office,
​​​​​​​press@eqtpartners.com
+46 8 506 55 334

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KLAR Partners funds take the next step in building the Nordic region’s leading technical installation and property services group by acquiring Finnish Quattro Mikenti Group, QMG

Klar Partners

Funds advised by KLAR Partners Limited (“KLAR Partners” or “KLAR”) have signed an agreement to acquire QMG, one of Finland’s leading players in technical installation and services within electricity, heating, ventilation, sprinklers and automation. The acquisition is the next step in KLAR Partners’ ambition to create the Nordic region’s leading player in technical installation and property services.

QMG offers technical installation and services within electricity, heating, ventilation, sprinklers and automation. With around 1,000 employees in almost 30 locations, the company is one of the largest installation companies in Finland. In 2020, QMG had sales of approximately EUR 200m.

Together with Sandbäckens, an existing KLAR portfolio company, QMG will form one of the Nordic region’s leading players in technical installation and property services. The two companies, within the newly formed group, will continue to operate as separate units – Sandbäckens on the Swedish market and QMG on the Finnish market. Kimmo Liukkonen remains President of QMG and joins the Group’s management team with Mikael Matts, group President and CEO and Johan Henriksson, group CFO.

“We have followed QMG for a long time as the company fits well into KLAR’s investment strategy. With QMG and Sandbäckens, we have the market’s most skilled employees and a world-class management team. It gives us a powerful Nordic platform for continued growth”, said Fredrik Brynildsen, KLAR Team Leader.

“I look forward to participating in the creation of a leading Nordic player in installation and services that is based on a decentralized structure with local presence and entrepreneurship, paired with the larger company’s network and combined expertise”, said Johan Karlström, the new group’s chairman of the board.

“I am pleased to welcome QMG as a partner to Sandbäckens, and thereby establish one of the leading players in the Nordic region. The companies have a similar corporate culture and shared values. This is something we must nurture and preserve while we develop the companies’ successful and decentralized structure. Together, we can develop further through synergies and sharing of best practices, and we have the strength to accelerate our growth, both organically and through acquisitions,” said Mikael Matts, the new Group’s President and CEO.

“KLAR Partners is an owner with deep sector expertise and experience in developing companies in our industry. We also look forward to forming a significant Nordic player together with Sandbäckens, which gives us the best conditions for our continued growth journey”, said Kimmo Liukkonen, CEO of QMG.

KLAR Partners Funds’ acquisition of QMG is conditional upon customary approvals from the competition authority in Finland.

For more information:
Fredrik Brynildsen
fb@klarpartners.com
+44 7388 439 890

Mikael Matts, CEO, Sandbäckens
mikael.matts@sandbackens.se
+46 76-850 16 03

About KLAR Partners
KLAR Partners is a European private equity firm focused on investments in companies operating in business services and light industrials. The companies in which KLAR invests each have an annual turnover of approximately EUR 50-500m and are headquartered in the Nordics, Benelux or DACH regions. With investment professionals located in London, Stockholm, Frankfurt and Brussels, together with a broad international network in the industry, KLAR has a proven business model to support, develop and grow companies. KLAR’s senior professionals have worked together for many years and have more than 50 years of combined investment experience in KLAR’s industry-specific and geographical focus area. KLAR Partners is a signatory of United Nations Principles for Responsible Investment. More information about KLAR can be found on the company’s website at www.klarpartners.com.

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Innovid, a Global Leader In Connected TV Ad Delivery and Measurement, to Become Publicly Listed at an Implied $1.3 Billion Valuation via a Merger with ION Acquisition Corp. 2 Ltd.

DTCP

Total raised to be approximately $403 million including proceeds from ION Acquisition Corp 2 and a PIPE from Fidelity Management and Research Company LLC, Baron Capital Group, funds associated with ION, and others

  • Innovid is going public via a merger with ION Acquisition Corp. 2 Ltd. (NYSE: IACB), a publicly traded special purpose acquisition company, or SPAC, with $253M in trust.
  • The transaction implies a pro forma valuation of approximately $1.3 billion for Innovid.
  • Innovid has also secured approximately $150 million of PIPE financing anchored by top-tier institutional investors including Fidelity Management and Research Company LLC, Baron Capital Group and others including funds affiliated with ION and Phoenix Insurance.
  • The company has spent the past decade focused on developing critical technology infrastructure for the creation, delivery, and measurement of TV ads across connected TV (CTV), mobile TV and desktop TV.
  • Existing investors including Goldman Sachs, Sequoia Capital, Newspring, Genesis Partners and Vintage will remain shareholders under the proposed structure.
  • Innovid plans to extend its technology edge through expanding integrations with leading CTV publishers across international markets, the launch of additional personalized CTV ad formats, and the introduction of progressive identity solutions with the goal of advancing the underlying technology infrastructure supporting the TV advertising ecosystem’s shift from linear to digital.
  • Innovid’s founders have been together since the company’s inception, over a decade ago, and continue to serve on the management team.
  • The transaction is expected to close in Q4 of 2021.

NEW YORK, NY (June 24, 2021) – Innovid, the world’s largest independent ad delivery and measurement platform for connected TV, today announced it has entered into a definitive merger agreement with ION Acquisition Corp. 2 Ltd. (NYSE: IACB), a special purpose acquisition company. The combined company will operate under the Innovid name and will trade on a US national exchange. The transaction is expected to close in Q4 of 2021.

Founded in 2008, Innovid is a leading independent software platform that provides critical technology infrastructure for the creation, delivery, and measurement of TV ads across CTV, mobile TV and desktop TV. As the only ad server purpose-built for TV, Innovid developed the first and still the most advanced CTV SDK on the market. Innovid’s SDK powers personalized and interactive experiences in CTV through direct integrations across over 50 apps, providing the infrastructure layer behind the advertising shown by some of the biggest names in streaming including Roku (ROKU) and Hulu. The company has spent the past decade focused on building deep relationships across the CTV and OTT industry. Through this focus Innovid has achieved a growing list of industry firsts and key milestones including: the first and only ACR integration with Roku, the first and only buy-side ad server w/MRC certification for CTV measurement, the first and only platform delivering ads into NBCU’s Peacock, as well as serving the first and only interactive Super Bowl ad. The company has also actively worked to connect the different parts of the TV ad-tech ecosystem by launching a consortium with leading independent programmatic platforms The Trade Desk (TTD), Magnite (MGNI), and others to power advanced creative buying at scale across CTV. As the $200 billion dollar TV industry continues to shift to CTV, the company is positioned to take a leadership role in a significant and high growth market.

Additionally, over the past few years, Innovid has expanded its offering to encompass independent global ad serving, data-driven personalization, and new forms of measurement designed to connect all channels in a clean, comparable, and privacy-compliant manner. This offering gives marketers the option to consolidate CTV advertising with desktop TV, mobile TV, display, social and more, through Innovid’s proprietary omni-channel solutions. Furthermore, the open platform boasts a slew of workflows and integrations to seamlessly integrate ad delivery and optimization with preferred external providers. Of note, Innovid does not transact media and therefore has zero media buying conflicts, enabling it to work as a truly independent company across the entire advertising ecosystem.

Innovid at scale:

  • Innovid serves a global client base of brands, agencies, and publishers through offices across the Americas, Europe, and Asia Pacific, delivering ads across a growing global footprint.
  • Innovid currently serves over 40% of the top 200 U.S. TV advertisers, providing technology infrastructure to enable the creation, delivery, and measurement of TV ads across CTV, mobile TV and desktop TV.
  • The Innovid ad serving platform grew impression delivery across CTV devices by more than 70% year-to-date 2021 over the same period in 2020.
  • Named a leader in the Forrester Wave: Creative Ad Tech, Q4 2020 report, the technology powers the generation of personalized ad permutations as well as ad delivery across a footprint spanning over 75 million connected homes.

“Innovid is entering an exciting new chapter of growth as a public company, a major milestone that corresponds with rising adoption and demands for streaming television.” said Zvika Netter, Co-Founder and CEO at Innovid. “The rapid shift of viewership from linear TV to streaming has driven marketers to make CTV a strategic investment focus. Our technology was purpose-built for TV which has allowed us to win in the marketplace and contributed to our rapid growth to date.”

Mr. Netter continued, “As a public company, we expect that we will be able to build on our leading market position, accelerate the growth of our business, and remain the independent platform trusted by the world’s largest TV advertisers. We are proud to have built an independent and neutral software platform to allow advertisers to create, deliver and measure digital TV ads and aim to continue to provide the industry a market leading and transparent offering independent of the large technology walled-garden players who dominate many other parts of the digital world.”

Gilad Shany, CEO of ION said, “We believe Innovid has built an exceptional platform for digital TV advertisers to assist them as they transition $200 billion of TV advertising budgets to the world of digital TV. We are excited to partner in bringing Innovid to the public markets to provide the appropriate capital structure and shareholder base to enable Innovid to lead this market as an independent company. We were looking to merge with an exceptional company with roots in the Israeli hi-tech ecosystem and Innovid’s incredible achievements speak for themselves. The combination of long-term partnerships built by the company throughout the CTV and OTT industry, their strong relationships with the largest TV advertisers in the world, unique ad serving technology and focus on a usage-based software business model, allows Innovid to provide significant value to the digital TV advertising ecosystem while also achieving attractive unit economics as the company grows. With many years of growth ahead as users continue the shift from linear to digital TV, we look forward to joining Zvika and the team for an exciting journey and incredible business opportunities.”

Transaction Overview

Innovid has entered into a definitive agreement to merge with ION Acquisition Corp. 2 Ltd., for an implied pro forma aggregate equity valuation of approximately $1.3 billion. The transaction is supported by approximately $150 million of PIPE financing anchored by top-tier institutional investors including Fidelity Management and Research Company LLC, Baron Capital Group, Vintage and others including funds affiliated with ION and Phoenix Insurance.

The proposed transaction is expected to be completed in Q4 2021, subject to approval by the shareholders of ION, and satisfaction of other customary closing conditions.

Advisors

Evercore LLC acted as sole financial and capital markets advisor to Innovid and also acted as a placement agent on the PIPE. Latham & Watkins LLP and FWMK Law Offices acted as legal counsel to Innovid.

Morgan Stanley acted as sole financial advisor to ION and also acted as lead placement agent to ION on the PIPE. White & Case LLP and Goldfarb Seligman & Co. acted as legal counsel to ION. Debevoise & Plimpton LLP acted as legal counsel to the placement agents.

Kost Forer, Gabbay & Kasierer, a member of Ernst & Young Global Limited, is acting as independent auditor.

Forward-Looking Statements Legend

This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Innovid Inc. (“Innovid”) and Ion Acquisition Corp 2 Ltd. (“Ion”), including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the services offered by Innovid and the markets in which it operates, and Innovid’ projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: Innovid’s ability to maintain and expand relationships with advertisers; the decrease and/or changes in CTV audience viewership behavior; the failure to make the right investment decisions or the failure to innovate and develop new solutions that are adopted by advertisers and/or partners; Innovid’s estimates of market opportunity, forecasts of market growth and projections of future financial performance; Innovid’s sales and marketing efforts requiring significant investments and long sales cycles; failure to manage growth effectively; the business combination not be satisfied on a timely basis or at all, and other risks and uncertainties indicated from time to time in the proxy statement/prospectus, including those under “Risk Factors” therein, and in Ion’s other filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Innovid and Ion assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Innovid nor Ion gives any assurance that either Innovid or Ion will achieve its expectations.

Additional Information and Where to Find It

This document relates to a proposed transaction between Innovid and Ion. This document does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange, any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, sale or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Ion intends to file a registration statement on Form S-4 that will include a proxy statement of Ion and a prospectus of Ion. The proxy statement/prospectus will be sent to all Ion and Innovid stockholders. Ion also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of Ion and Innovid are urged to read the registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction.

Investors and security holders will be able to obtain free copies of the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by Ion through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by Ion may be obtained, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Ion.

Participants in Solicitation

Ion and Innovid and their respective directors and officers may be deemed to be participants in the solicitation of proxies from Ion’s stockholders in connection with the proposed transaction. Information about Ion’s directors and executive officers and their ownership of Ion’s securities is set forth in Ion’s filings with the SEC. To the extent that holdings of Ion’s securities have changed since the amounts printed in Ion’s proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/ prospectus regarding the proposed transaction when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.

About ION Acquisition Corporation

The Company is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue a business combination target in any business or industry, the Company intends to focus on the rapidly growing universe of Israeli companies and entrepreneurs that apply technology and innovation to our everyday lives. The Company is sponsored by ION Holdings 2, LP, an affiliate of ION Asset Management Ltd

About Innovid

Innovid is the only independent omni-channel advertising and analytics platform built for television. We use data to enable the personalization, delivery, and measurement of ads across the widest breadth of channels in the market including TV, video, display, social, audio, and DOOH. Our platform seamlessly connects all media, delivering superior advertising experiences across the audience journey. Innovid serves a global client base of brands, agencies, and publishers through fifteen offices across the Americas, Europe, and Asia Pacific. For more information visit www.innovid.com.

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PaymentCloud secures $10 million credit facility from Espresso Capital

Encino, Calif., — June 24, 2021 — Espresso Capital announced today that it has provided a $10 million credit facility to PaymentCloud, a leading provider of credit card processing solutions for retail, eCommerce, and non-traditional businesses. The company will use the capital to fuel its continued growth.

“We’re excited to be partnering with Espresso to access the capital we need to expand our business,” says PaymentCloud CEO Shawn Silver. “There are so many opportunities in the payments space right now that we can take advantage of. With the credit facility from Espresso, we’ll be able to grow our core business by making strategic investments in marketing and product development, expanding our team with some important new hires, and further enhancing our overall position.”

The financing marks the first time PaymentCloud has raised outside capital. “Although we’ll eventually look to raise equity, we have so much growth potential right now that we didn’t see any reason for dilution to fund additional growth,” notes Silver. “Venture debt was the obvious choice for a successful business like ours.” Expected growth was a contributing factor to PaymentCloud’s decision to expand its workforce and office space in recent months.

“The payment processing industry is evolving quickly and growing fast,” says Espresso Executive Director, Steven Michau. “Shawn and his team have built a great company with a model that works and that’s both profitable and predictable. We see a lot of upside potential for the business as they continue to invest for growth.”

Recognized as No. 295 on the national Inc. 5000 list of Fastest Growing Private Companies in 2020, PaymentCloud is quickly establishing itself as a maverick in the payments industry. The company was recently shortlisted for fastest-growing companies in the Los Angeles and San Fernando Valley areas, as well as by the Financial Times. The company has grown by more than 1,500 percent over the past five years.

“Working with Espresso has been a great experience,” Silver continues. “It’s an excellent team and one that instantly made us feel comfortable. We knew we were in good hands. We’ll definitely expand our partnership over time as we look to further grow the business both organically and through strategic acquisitions.”

About PaymentCloud

With 80+ employees newly upgraded to a 17,000-square-foot space in Encino, California, this dynamic group of young payment professionals facilitate credit card processing for merchants spanning a multitude of industries. An easy application, transparent approval process, and hundreds of integration options set PaymentCloud apart. While on the partnership side of things, PaymentCloud’s dedicated department works with over 80 percent of top digital ISOs that utilize its hard-to-place program for its seamless submission process, efficient onboarding, and management tools at just the click of a button.

About Espresso Capital

Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 290 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at www.espressocapital.com.

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The Apax Digital Fund invests in Revolution Prep

Apax Digital
Following an unprecedented year of transformation in instructional delivery, Revolution Prep receives growth investment to expand its offering and increase access to world-class online tutoring

Revolution Prep (or the “Company”), a leading national provider of online academic tutoring and test preparation services, today announced that the Apax Digital Fund (“ADF”) will invest in the Company. The new investment will help Revolution Prep further enhance its online learning platform and expand its offering to make professional tutors available to more students in the United States and beyond.

Revolution Prep pioneered the use of technology to deliver high-quality tutoring tailored to individual student needs, with the goal of providing an engaging and consistently excellent student experience. Over 20 years in business, Revolution Prep has helped more than 1 million families in achieving academic success, helping improve grades and building confidence in students. Revolution Prep is distinguished by its community of professional tutors who are all full-time employees, recruited through a highly selective screening process and receiving hundreds of hours of continuous training.

Revolution Prep has a strong social mission, with a longstanding commitment to serve all families regardless of ability to pay. The Company’s scalable geographic model means they can reach communities that otherwise would not have had access to the same breadth of expertise and range of experienced tutors. Integrity and fairness are core Company values, rooted in a belief that doing the right thing for students matters more than a grade or score.

With its industry-leading digital delivery model and access to the top tutors in the country, Revolution Prep was well-positioned to support partner schools, families and students on their academic journeys as the Covid-19 pandemic took hold, accelerating the shift to online learning.

Co-founders Ramit Varma and Jake Neuberg said, “Revolution Prep has always believed in building capacity, competence, and confidence in students, preparing them not just for the next test but for the next academic achievement. We are very proud of the work that Matt and the team have done to help position us for the future.  Apax is the perfect partner for Revolution Prep’s next chapter, and we are excited to remain actively involved on the Board of Directors.”

Matt Kirchner, CEO of Revolution Prep, added: “The pandemic has accelerated the shift from traditional to online learning and we’re continuing to see strong demand even as society is re-opening. The attractiveness of on-demand access to professional tutors that can work around students’ schedules will only continue and we are thrilled to partner with Apax Digital on the next stage of our journey. Their investment will support an acceleration of our key growth priorities, including scaling up the more affordable small group tutoring format and the strategic expansion into the middle school tutoring segment, supporting families earlier in their academic journeys.”

“As suggested by its name, Revolution Prep is truly revolutionizing the way students and schools access online learning. Their cutting-edge technology platform, longstanding partnerships with schools, and the breadth and expertise of their tutors are helping students across the U.S. improve their grades and position them to access and excel in higher education,” said Marcelo Gigliani, Managing Partner of Apax Digital. “Revolution Prep is a stand-out player with a reputation for quality and results in a market that has rapidly moved online,” added Zach Fuchs, Principal at Apax Digital. “We look forward to supporting Matt and his team as they continue to establish Revolution Prep as the premier brand in online tutoring.”

Education technology industry veteran Scott Kirkpatrick will continue to advise the Company on its Board of Directors. Kirkpatrick currently serves as CEO of the educational content platform BrainPOP. He formerly served as Executive Vice President of HMH, President of The Princeton Review until its acquisition by IAC, and President and COO of General Assembly until its acquisition by the Adecco Group.

Lincoln International served as exclusive financial adviser to Revolution Prep in connection with the transaction.

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Aircall, now valued above $1bn, raises $120M in Series D funding, led by Goldman Sachs Asset Management

DTCP

Funding will advance Aircall’s market leadership in Cloud Communications industry

NEW YORK, NY, June 23rd, 2021

  • Launched in 2014 in France, Aircall is a cloud-based phone system and call center software that integrates seamlessly with popular CRM and helpdesk tools, such as Salesforce, Hubspot, etc.
  • Including its Series D, Aircall has now raised more than $226 million.
  • This new financing will allow Aircall to fulfill its mission of trailblazing a new era for cloud communications.

Aircall, a cloud-based voice platform helping companies across the globe manage millions of customer support and sales calls every day, today announced it has raised $120 million in a series D funding round, bringing the company’s total valuation to more than $1 billion. The funding round was led by the Growth Equity business within Goldman Sachs Asset Management, and joined by most of Aircall’s current investors (DTCP, eFounders, Draper Esprit, Adam Street Partners, NextWorldCap, Gaia), showing their renewed trust in the company’s vision.

Aircall was founded in 2014 with the belief that traditional business phone systems were hard to manage, siloed, and required heavy implementation costs and time. In an increasingly virtual world, businesses were lacking an easy-to-use solution that could integrate with other critical business applications, and support the communications needs of a dispersed and flexible workforce.

Over the past year, remote workforces accelerated digital transformation for companies of all sizes and, at the same time, their customers increased their expectations around personalized and convenient service. Aircall helps businesses meet those objectives by integrating its cloud-based solution into leading business softwares like Salesforce, Hubspot, Zendesk, Slack, Intercom and many others. This allows businesses to streamline workflows, providing more efficiency for their teams with better visibility, data and insights into their customers’ needs and their teams’ performances. Ultimately, the solution allows personalized experiences for their customers. Aircall was built to empower any professional to have richer conversations, and to allow the phone channel to be accessible, transparent, and collaborative.

Christian Resch, Managing Director at Goldman Sachs, said: “The past 12 months have been a catalyst for Aircall’s cloud based SaaS communication solution. In a hybrid work environment, users are looking to Aircall to provide an easy to use experience that is highly integrated into their workflows, thereby making the most out of every customer interaction. We are very excited to partner with Aircall, as the company looks to accelerate its growth and expand globally.”

Kirk Lepke, Executive Director at Goldman Sachs, added: “We have been following Aircall’s journey for some time and are delighted to be partnering with Olivier and the Aircall team to lead the Series D. The company has tremendous momentum within a huge category and a differentiated product strategy that will sustain significant growth for many years to come.”

Despite the challenges this past year has brought, Aircall achieved record-breaking growth across its business. The company saw more than 65 percent total customer growth year over year, and now has more than 8,500 customers worldwide. Aircall’s development relies strongly on internationalization, with more than a third of revenue generated in the United States. With offices in New York, Paris, Sydney and Madrid, Aircall recently passed the 450 employee mark and plans to recruit more than 260 new employees by the end of the year.

With this new funding round, Aircall will invest in the following:

  • Enrich its app ecosystem, specifically with new integrations covering all use cases, from e-commerce to financial services, Sales, Support, etc.
  • Expand globally, with new European offices in London and Berlin, and deeper investments in North America and APAC. Aircall plans to recruit more customer-facing teams to come closer to the customer needs, and to form strong partnerships, including with channels and resellers.
  • Partner with major telecommunications companies to bring its technology to every professional around the world, by leveraging local networks expertise.
  • Improve technology with new AI capabilities, additional productivity features for call centers: transcription & speech analytics for greater depth of productivity features for sales and support. Aircall will also enhance infrastructure capacities by providing additional points of presence to support local usage, while continuing to deliver additional capacity at scale, and provide a global standard of high quality for voice.

“Since the beginning of Aircall, we’ve helped thousands of companies to enrich their customer experience through voice channels, with more empathy than ever in the past year. We also witnessed an increasing demand for visibility and data about teams and performances.“ said Olivier Pailhes, co-founder and CEO of Aircall. “Now that hybrid, on-site or remote teams are likely here to stay, we’ll continue to work to achieve our vision, and empower every professional to have richer conversations. With that in mind, the investment by Goldman Sachs, and the renewed trust of our current investors validates this vision.”

###

About Aircall

Aircall is the phone system for modern business. An entirely cloud-based voice platform that integrates seamlessly with popular productivity and helpdesk tools. Aircall was built to make phone support as easy to manage – accessible, transparent, and collaborative.

Aircall believes that voice is the most powerful way to communicate with customers, prospects, candidates, and colleagues. It is designed to enable delightful moments of human connection. Aircall was founded in 2014 and has raised over $226 million in funding. With offices in New York, Paris, Sydney, and Madrid, the company currently has over 450+ employees.

https://aircall.io/

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WorkWave launches as standalone portfolio company following separation from IFS and announces transformational add-ons

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  • Previously part of IFS, WorkWave provides software solutions for field service management serving small-to-medium sized businesses with a particular stronghold in the US pest control industry
  • WorkWave announces the completion of two transformational add-on acquisitions in the US, Real Green and Slingshot, to further strengthen its leadership position in asset-light field service management software
  • EQT and TA Associates will leverage their strong sector experience, global platforms and extensive advisory networks to support WorkWave’s accelerated growth agenda as a standalone portfolio company

EQT is pleased to announce that WorkWave (the “Company”) will become a standalone portfolio company of the EQT VIII and EQT IX funds (“EQT Private Equity”) following its separation from IFS, a global provider of enterprise software focused on the moment of service.

Headquartered in Holmdel, New Jersey, WorkWave is a frontrunning software solutions provider for the field service management (FSM) industry and serves verticals including the green industry, cleaning & janitorial, and route management with a particular stronghold in the US pest control market. WorkWave was originally acquired by IFS, an EQT Private Equity and TA Associates portfolio company, in 2017 and since then, has completed several strategic initiatives, including strengthening its product platform and launching a highly appreciated payments offering.

With WorkWave and IFS performing exceptionally well (IFS growing cash EBITDA over 70 percent in 2020) and the two businesses serving increasingly different customer groups, it became clear over time that WorkWave’s full potential journey could be even further accelerated under a standalone ownership. As part of the full potential strategy, WorkWave is completing two transformational add-on acquisitions in the US, Real Green Systems (“Real Green”) and Slingshot.

The acquisition of Real Green, a Michigan-based provider of software and payment solutions for the FSM industry, further cements WorkWave’s strong position in asset-light FSM software. Moreover, the acquisition of Slingshot, a provider of customer call center software headquartered in Utah, demonstrates WorkWave’s commitment to building a company that is the best partner in the industry for its customers.

The two acquisitions are expected to add significant strategic value to WorkWave and its customers by further strengthening the multi-vertical software, payments and service offering for field service management. Moreover, the add-ons provide an exceptional platform to accelerate growth via organic initiatives and additional strategic M&A.

Johannes Reichel, Partner within EQT Private Equity’s Advisory Team, said, “Having followed WorkWave closely under IFS’ ownership, we are extremely impressed by the management team’s execution of transformative strategic initiatives. This has cemented WorkWave’s position as an industry leader helping to create the best service organizations possible and thereby generating superior growth. Further, we are very excited about the recent transformational acquisitions and the strategic value they will bring to the WorkWave platform and WorkWave’s customers.”

David F. Giannetto, CEO at WorkWave, further commented, “WorkWave is now entering a phase where our products will improve and expand rapidly as we increase what was already an industry-leading level of investment into our technology development and support capabilities. The acquisition of RealGreen represents two successful and fast-growing companies coming together to create something truly special. It marks the beginning of a new chapter where WorkWave will help our customers go beyond service to create effective, fast-growing, highly profitable service organizations that also deliver the best service experience possible.”

Darren Roos, CEO of IFS, who will now serve as WorkWave’s Chairman of the Board, concluded, “I am confident that, under David Giannetto’s leadership, WorkWave will continue to transform into something unique. WorkWave is expanding its position as a market leader to new verticals and continuing to solidify the deep connection with its customer base that it is known for.”

Existing IFS minority shareholder TA Associates will remain invested in WorkWave alongside EQT Private Equity and new partner Serent Capital, the former owner of RealGreen. WorkWave’s CEO, David F. Giannetto, will continue to lead the combined company, further supported by IFS CEO and WorkWave Chairman of the Board, Darren Roos.

The transactions, including the separation of WorkWave from IFS and the add-on acquisition of RealGreen, are expected to close by the end of June 2021. The acquisition of Slingshot was completed on 30 April 2021. The parties have agreed not to disclose the transaction value or financial details related to the deals.

Kirkland & Ellis and PwC served as advisors to EQT Private Equity.

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

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About WorkWave
For nearly 40 years, WorkWave has been building best practices into its market-leading field service and last mile software solutions to allow best-in-class companies to grow their business, service their customers, and maximize their money. Its solutions empower service-oriented companies to reach their full potential through scalable, cloud-based software solutions that support every stage of a business life cycle, including marketing, sales, service delivery, customer interaction, and financial transactions. WorkWave is a trusted partner for thousands of customers across a wide variety of industries, including pest control, lawn care, cleaning, HVAC, plumbing and electrical, and last mile delivery. WorkWave’s award-winning culture and solutions have been recognized in the SaaS Awards, the Cloud Awards, the American Business Awards, the NJBIZ Best Places to Work Awards, and the Stevie Awards for Great Employers.

More info: www.workwave.com

About RealGreen
Walled Lake, MI-based Real Green Systems has more than 35 years of experience providing software and marketing solutions for the lawn care, landscaping, arbor care, and pest control industries. Its flagship solution, Service Assistant, is the premier customer relationship management software used by thousands of companies worldwide to streamline and grow their businesses. Along with offering a complete portfolio of integrated solutions, including: Automated Marketing Assistant, Customer Assistant Websites, Measurement Assistant, Mobile Live, Routing Assistant, and Real Green Payment Processing, Real Green Systems continues to partner with other industry innovators to provide leading-edge business operation software with the broadest range of features and the most advanced marketing tools.

More info: www.realgreen.com

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IK Investment Partners enters into exclusive discussions with Fremman Capital to sell VPS

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IK Investment Partners (“IK”) is pleased to announce that it has entered into exclusive discussions with Fremman Capital to sell its stake in VPS (“the Company”) from the IK VII Fund. Financial terms of the intended transaction are not disclosed.

Founded in 1980 and headquartered in Rotterdam, the Netherlands, VPS is a global provider of testing and inspection services, enabling marine, power and renewable clients to optimise their operational performance and comply with environmental regulation. VPS has 270 highly trained employees and operates a global network of offices and laboratories to test fuels and lubricants and provide related advisory services. Leveraging decades of experience, the Company offers bespoke testing services that go well beyond base standards to deliver additional protections to its clients, crews and the environment, while complying with International Maritime Organisation (IMO) regulations and safety requirements.

Under IK’s ownership, VPS has reinforced its leadership position within its core markets and introduced various additional services including Oil Condition Monitoring for shipping operators and renewable energy producers. The Company has also introduced value-add data services by utilising its proprietary database developed for over 40 years. Under IK, VPS has concluded three strategic acquisitions to further diversify its services and strengthen its decarbonisation advisory offering. With its continued focus on sustainability, VPS is well positioned to grow further, capitalising on its ability to assist clients in minimising energy consumption and greenhouse gas emissions and supporting the development of green fuels.

The intended transaction is subject to legal and regulatory approvals.

Malcolm Cooper, Chief Executive Officer of VPS, commented: “We have enjoyed a successful partnership with IK. They have supported us in developing a new sales strategy, investments in additional laboratory equipment and multiple acquisitions, enabling us to better serve our clients, which in turn creates a positive ecological impact.”

Frederik Jacobs, Director at IK Investment Partners and Advisor to the IK VII Fund, said: “Working with Malcolm and his team on the development of such a unique business has been immensely rewarding. We are delighted to have been able to support VPS’ mission to tackle climate change, which has a direct and significant impact on our oceans and air quality.”

Andrew Chetwood, Director at Fremman Capital, added: “VPS has an active role in ensuring that the biggest names in global shipping are safe and environmentally sustainable, with plenty more offerings to add in the coming years. Malcolm has done a fantastic job developing VPS into the business it is today, and we are excited to support his vision for the future.”

For further questions, please contact:

IK Investment Partners
Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
jmcfarlane@maitland.co.uk

IK Investment Partners

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in 150 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

Fremman Capital

Founded in 2020, Fremman is a pan-European, mid-market investment firm with offices in London, Madrid, Munich, and Paris. The firm is an established multi‐geography platform consisting of c.30 professionals that operates as one team. It is supported by a highly experienced Board of Advisors of 16 individuals, that provide unique sector expertise and insights. The firm focuses on investments in four core sectors, including business & tech services, healthcare, consumer goods & distribution, and industrials. Utilising their reputation as trusted advisors, Fremman looks to partner with companies’ management teams to deploy multiple growth strategies, transforming businesses from national to multinational sustainable leaders. For more information, visit www.fremman.com

VPS

VPS delivers testing, inspection and advisory solutions that help its customers achieve measurable improvements to fuel and lubricant management, operational efficiency and regulatory compliance. VPS operates a global network of customer service offices supported round-the-clock by technical experts integrated with specialised and accredited laboratories strategically located in Rotterdam, Singapore, Houston, Fujairah and Manchester. For more information, visit www.vpsveritas.com

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EQT Private Equity to sell Aldevron to Danaher Corporation for enterprise value of USD 9.6 billion

  • Aldevron is a leader in manufacturing high-quality plasmid DNA, mRNA and recombinant proteins
  • Aldevron’s products empower biotech companies to achieve scientific and medical breakthroughs
  • During EQT’s ownership, Aldevron has experienced strong organic growth and made significant investments to position itself for further expansion

EQT is pleased to announce that the EQT VIII fund (“EQT Private Equity”) has agreed to sell Aldevron to Danaher Corporation for an enterprise value of USD 9.6 billion. EQT Private Equity acquired a majority interest in Aldevron in 2019, investing alongside TA Associates, founders, and management.

Founded in 1998 by Michael Chambers and John Ballantyne, Aldevron is a leading global provider of high-quality plasmid DNA, mRNA and recombinant proteins used in vaccines, gene and cell therapy, gene editing and diagnostic applications. Aldevron employs approximately 600 people, and is headquartered in Fargo, North Dakota, with additional operations in Madison, Wisconsin.

Together with the founders and management team, EQT supported Aldevron in its mission to develop and manufacture high quality biologics that help make meaningful changes in people’s lives worldwide. Aldevron’s custom manufacturing capabilities enable scientists and biotech companies to develop and supply new breakthrough genetic medicine, and Aldevron has played an important role in combating COVID-19 by supplying plasmid DNA used to manufacture mRNA vaccines.

Under EQT’s ownership, Aldevron has experienced strong organic growth, expanded its management team and made significant investments to position the business for continued expansion. Aldevron recently completed the construction and validation of a new, state-of-the-art 189,000 sq ft facility on its 14-acre Breakthrough Campus in Fargo, adding significant GMP manufacturing capacity.

Kevin Ballinger, CEO of Aldevron, commented, “Genetic medicine is the future and our field is expanding rapidly. EQT has been a great partner to us and played an important role in supporting our company as we scale. Danaher is an excellent strategic fit and new home for Aldevron, and we look forward to working with them.”

Michael Chambers, Founder and Executive Chairman of Aldevron, commented, “Aldevron helps advance breakthrough science, and is a critical player in the medical community. We are grateful for EQT’s support over the past few years, and I am excited for Aldevron to partner with Danaher as we continue our journey.”

Eric Liu, Partner and Global Co-Head of Healthcare at EQT, commented, “Aldevron is integral to the development and supply of new types of therapies that address previously uncurable medical conditions. We are proud to have supported Aldevron and its mission to deliver the highest quality products that help improve patient lives across the world. It has been a pleasure partnering with Michael, Kevin, and the entire team, and we look forward to following the next phase of Aldevron’s growth.”

The transaction is subject to customary conditions, including receipt of applicable regulatory approvals.

Morgan Stanley & Co. LLC acted as exclusive financial advisor to Aldevron, and Simpson Thacher & Bartlett LLP provided legal counsel.

Contact
US inquiries: Stephanie Greengarten, +1 646 687 6810, stephanie.greengarten@eqtpartners.com
International inquiries: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 67 billion in assets under management across 26 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Aldevron
Aldevron is a premier manufacturing partner in the global genetic medicine field. Founded in 1998 by Michael Chambers and John Ballantyne, the company provides critical nucleic acids and proteins used to make gene and cell therapies, DNA and RNA vaccines, and gene editing technologies. Aldevron’s 600 employees support thousands of scientists who are developing revolutionary treatments for millions of people.

More info: www.aldevron.com

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CapMan holds a €300 million first close for a Nordic open-ended residential real estate fund and simultaneously signs a portfolio acquisition in Helsinki in excess of €500 million

Capman

CapMan Real Estate press release
17 June 2021 at 12.00 noon EEST

CapMan holds a €300 million first close for a Nordic open-ended residential real estate fund and simultaneously signs a portfolio acquisition in Helsinki in excess of €500 million

CapMan Real Estate has established a Nordic core residential fund (“Fund”) with over €300 million in initial commitments from international investors. The Fund has an open-ended structure and is targeting €1.0 billion of equity by 2023.

The new Fund enables CapMan Real Estate to continue its highly successful and extensive residential business in the Nordics, where it has acquired approximately €2.2 billion of residential properties since 2014.

“There is tremendous investor demand for a product that invests exclusively in rental residential properties with a Nordic mandate. We know this market very well and have good relationships with property owners and developers and believe that an active and local value-add management approach can add significantly to the core return profile”, says Mika Matikainen, Managing Partner and Head of CapMan Real Estate.

“Our vast experience and track record in the Nordic residential sector should enable us to significantly grow the Fund over the coming years, and we already have a substantial pipeline of new investment opportunities”, comments Torsten Bjerregaard, Managing Partner, CapMan Real Estate.

First investment for the Fund

Simultaneously with the first closing, the Fund has signed an agreement to acquire a seed portfolio consisting of 29 modern rental residential properties with 1,854 middle-income apartments with a combined 88,279 m2 net leasable area in Helsinki Metropolitan Area and surrounding commuter towns from ICECAPITAL. The properties have been built between 2016 and 2021 and are in very good condition requiring minimal capex investments over the next 10 years.

“The properties are attractively located in growth centres in and around the Helsinki Metropolitan Area with good access to commuter connections. The relatively small unit sizes of the portfolio are consistent with the ongoing demographic trends that support a growing number of smaller households and preference to rent instead of owning a home,” says Juhani Erke, Head of CapMan Real Estate Finland.

CapMan’s Real Estate team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen, Oslo and London. CapMan Real Estate currently manages a total of €3.6 billion in real estate assets.

For additional information, please contact:

Mika Matikainen, Managing Partner, CapMan Real Estate, tel. +358 40 519 0707

Torsten Bjerregaard, Managing Partner, CapMan Real Estate, tel. +44 7715 772 554

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. Our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

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