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Consor Holdings Announces Growth Investment from New Mountain Capital

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New Mountain Capital

New York, NY – June 3, 2024 – Consor Holdings LLC (“Consor” or the “Firm”), a leading provider of transportation and water infrastructure engineering and consulting services, and New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented investment firm with approximately $50 billion in assets under management, today announced a significant investment from affiliates of New Mountain to support the Firm’s continued growth. Consor’s leadership team and employees retained a significant ownership stake in the Firm.

With roots dating back over 40 years, Consor provides civil infrastructure planning, engineering design, structural assessment, program management, and consulting services to public and private sector clients across transportation and water markets. Consor is well-established in the largest, growing markets within North America.

“New Mountain is our ideal partner. They believe in our long-term vision and bring extensive industry experience that will help us expand our potential,” said Chris Rayasam, CEO of Consor. “We’re excited about the many ways New Mountain will help support our growth through strategic planning, technology enablement and operational efficiency. This partnership will cultivate more career opportunities for our team members and make an even greater impact on the communities we serve.”

Lars Johansson, Managing Director at New Mountain, said, “Our investment in Consor is the result of New Mountain’s long-standing effort investing in infrastructure services and technology businesses. Chris and the leadership team have built an outstanding business with expertise in key end markets we believe in and that have continual growth opportunities. We are excited to partner with the entire Consor team to continue their strategy of building a legacy as the team of choice for delivering infrastructure solutions.”

“We are thrilled to be partnering with Consor to continue to elevate their brand as industry leaders” said Joe Walker, Managing Director at New Mountain. “We are looking forward to helping Consor expand its geographic reach and service offerings, through a combination of best-in-class organic growth and strategic M&A, to achieve its long-term vision.”

As part of this transaction, Keystone Capital will fully sell its stake in the business after a strong, multi-year partnership with Consor.

“Chris and his team have built an incredible firm with full-service capabilities and an exemplary reputation, and we’ve been proud to support them in their journey,” said Scott Gwilliam, Managing Partner at Keystone Capital. “Consor has tremendous growth potential, and we wish the team great success for the next chapter.”

AEC Advisors LLC served as financial advisor and Ropes & Gray LLP served as legal advisor to New Mountain Capital. Harris Williams and Houlihan Lokey served as financial advisors and DLA Piper served as legal advisor to Consor and Keystone Capital.

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About Consor
Consor is a leading North American transportation and water infrastructure consulting firm offering planning, engineering design, structural assessment, program management, and construction services. Consor has deep relationships with state departments of transportation, municipalities, utilities and other public and private clients throughout the United States and Canada. With over 1,700 employees, Consor is focused on going above, below, and beyond the surface to move people and communities forward by maintaining and improving critical infrastructure. For more information on Consor, please visit https://www.consoreng.com/.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than debt, as it pursues long-term capital appreciation. The firm currently manages private equity, credit and net lease investment strategies with over $50 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information on New Mountain Capital, please visit https://www.newmountaincapital.com/.

About Keystone Capital

Keystone was founded in 1994 with the objective of investing the personal capital of its partners in high quality, market-leading businesses; patiently building long-term value alongside management through organic growth and strategic acquisitions. Keystone currently manages over $1 billion in capital across two funds. To maintain consistency with its historical investment strategy and align interest across all stakeholders, the principals of Keystone collectively represent the largest single investor in both of these funds, which have been structured with an extended life to support Keystone’s belief in investment period flexibility. In addition to its long history investing in engineering services, Keystone focuses on professional & tech-enabled services, technical services, commercial & industrial services, food & beverage manufacturing, and industrial technology. For more information on Keystone Capital, please visit https://keystonecapital.com/.

Media Contacts

Consor

Whitney Janoska

Consor

Whitney.janoska@consoreng.com

New Mountain Capital

Dana Gorman

H/Advisors Abernathy

(212) 237–5999

dana.gorman@h-advisors.global

Keystone Capital

Erik Gernant

Keystone Capital Management, LP

(312) 219-7969

egernant@keystonecapital.com

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Vendis Capital enters the cosmetic treatment market with the acquisitions of SOAP and BM Clinics

Vendis Capital

Vendis Capital, the European private equity fund specialized in the consumer sector, joins forces with the founders and management of 2 leading Dutch cosmetic clinic chains: SOAP and BM Clinics. Through further acquisitions and the opening of new clinics, the aim is to make the high quality treatments offered by these clinics available to an even larger group of consumers.

Cosmetic treatments are rapidly gaining popularity. Growing interest among women – and also increasingly men – in wellness and personal care has led to strong growth in a wide range of beauty, skin, laser and injectables (botox and fillers) treatments. Over 90% of Dutch people now have a positive or neutral opinion of these products and services, providing a strong foundation for further growth in the years to come.

For the most part, these treatments are still offered in small independent clinics in the Netherlands. Today, the new group has 17 clinics and plans to continuously expand this number. It is precisely because of the scale offered by the new group that the highest quality standards can be guaranteed, the latest treatments offered by the best practitioners and the company can remain at the forefront of quality and service.

SOAP was founded in Amsterdam in 2005 by sisters Esther and Stephanie Litjens. They brought a unique concept – inspired by ‘New York City Spa’s’ – to the Netherlands. SOAP has grown into a premium chain of boutique clinics in the Netherlands with a wide range of beauty treatments – from manicures to facials and from injectables to laser hair removal – and excellent service. Doctor David Mosmuller joined in 2019 to further expand the injectables treatments. The focus is on offering a more natural appearance according to the ‘no trace face’ principle; a fresher, younger appearance without looking treated. Today, SOAP is active in seven cities in the Netherlands with its unique concept.

BM Clinics was started in Eindhoven in 2013 by Monique Vonken and is a value-for-money provider, mainly of injectables. BM has a clear focus on making high-quality treatments accessible to a broad target group through affordable prices. BM sets the highest standards in terms of quality and service, with treatments carried out exclusively by doctors. Today, BM Clinics is active in nine cities in the Netherlands with its affordable concept.

Management of the new group includes Stephanie Litjens and David Mosmuller and is headed by newly appointed CEO David Sloff. David brings considerable experience from his previous roles at Diageo and Procter & Gamble. “I am impressed with the strong brands the founders have established. I look forward to accelerating the company’s growth together, supported by Vendis Capital’s expertise in building brands and their experience in rolling out winning concepts.”

Vendis Capital partner Vincent Braams: “We are excited about the market for non-invasive cosmetic treatments and see SOAP and BM Clinics as strong leaders in this rapidly growing and fragmented market. The group is well positioned to become a European leader through its unique consumer offerings, an experienced and reputable team of physicians, practitioners and staff, and a strong management team. Through the opening of new clinics and an active buy & build strategy we will together accelerate the growth of the group. We already expect to make additional acquisitions in the near future and add these clinics to the group.”

The acquisition of SOAP and BM Clinics and the subsequent formation of the new group represents the first investment for Vendis Capital IV.

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MyDefence, the counter drone technology provider, announces Bridgepoint as new majority shareholder

Bridgepoint
  • MyDefence, a Danish specialist developer of counter drone technology, announces new investment via the Bridgepoint Development Capital IV fund.
  • Bridgepoint will support MyDefence in its next stage of growth, including further investments in research and development as well as production expansion.

 

MyDefence, a leading provider of counter unmanned aerial systems, known as C-UAS or counter drone technology, has announced the global private equity group, Bridgepoint, as its new majority shareholder. The partnership leverages Bridgepoint’s strong track record of supporting international expansion and growth in global technology and advanced industrial sectors. The investment was made via Bridgepoint Development Capital IV (“BDC”), a fund focused on investing in mid-market growth business across Europe.

MyDefence develops radio frequency-powered products to detect and defeat unmanned aerial systems, such as drones. The company’s products can be worn by personnel or mounted to vehicles and buildings, and its technology is used to protect military or civilian critical infrastructure from the safety risks posed by hostile drones. The company has delivered 115% compound annual revenue growth over the last four years and is well-positioned to become a leader in the $1.1 billion addressable market for drone countermeasure solutions with its unique product offering.

With access to capital and strategic support from Bridgepoint, MyDefence is advantageously placed to expand its reach globally and reinforce its position as a leader in C-UAS and other technologies with civil and defence applications. The partnership will enable MyDefence’s next phase of growth with a focus on the scaling of production, professionalization, and research and development.

Dan Hermansen, CEO at MyDefence, said:

“We are delighted to partner with the Bridgepoint team. Their extensive presence worldwide and their experience helping companies grow is valuable to us. Adding us to Bridgepoint’s vast network not only gives us financial support, but it also puts us on a path for faster development and innovation. C-UAS systems are among the most important next-generation defence technologies and MyDefence is at the forefront of all cutting-edge innovations required to meet the difficulties facing drone defence today.”

Johan Gustafsson, Partner at Bridgepoint Development Capital, said:

“We have built a very strong relationship with Dan and his team, whose wealth of experience bridges the defence and security arenas. With a suite of products at the forefront of technology, MyDefence enjoys an enviable position in the market, underpinned by a robust orderbook and pipeline with significant scale-up opportunities. We look forward to leveraging the complete breadth of capabilities across our international network to help realise this exciting next stage of MyDefence’s journey.” 

 

Poised for global expansion and further innovation

With a significant number of C-UAS systems supplied already, MyDefence has proven to be a dependable technology-provider in the defence industry. With the support of Bridgepoint, MyDefence is now ready to expand its technology offering, not only in defence but additionally in corporate, governmental and homeland security sectors.

This reflects the growing demand for comprehensive security measures against hostile drone threats across a range of applications, including the protection of critical infrastructure, including utilities like gas and electricity, public venues like stadia and event spaces, and high-security institutions such as prisons.

Financial terms of the transaction were not disclosed.

MyDefence was advised by PwC (M&A adviser), Plesner (legal adviser), and KPMG (financial and tax adviser). Bridgepoint was advised by SEB (M&A adviser), Accura (legal adviser, tax due diligence and structuring), Renaissance Strategic Advisers (commercial due diligence), Alvarez & Marsal (financial and operational due diligence), Crosslake (technology due diligence), ERM (ESG due diligence), and Marsh (insurance due diligence).

Bridgepoint is one of the world’s leading quoted private asset growth investors, specialising in private equity, infrastructure and private credit.

With over €67bn of assets under management and a strong local presence in Europe, North America and Asia, we combine global scale with local market insight and sector expertise, consistently delivering strong returns through cycles.

Bridgepoint Advisers Limited, a subsidiary of Bridgepoint Group plc, is authorised and regulated by the Financial Conduct Authority.

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Synova makes 7.3x return on the sale of InsurEvo

Synova Capital

Growth investor Synova is delighted to announce that an agreement has been reached for the sale of travel insurance data specialist, InsurEvo Group (including AllClear Insurance, InsureandGo, and JustCover; together “InsurEvo” or the “Group”), to US headquartered specialist insurance provider, NSM Insurance Group. The transaction, which remains subject to regulatory approval, will generate a return of 7.3x invested capital to Synova.

Following Synova’s investment, and under CEO Chris Rolland’s leadership, InsurEvo has transformed in scale and profitability, increasing revenues fivefold to £60m and placing £150m of GWP into the market this year, a sixfold increase in the investment period.

InsurEvo’s growth was delivered through a significant investment in best-of-breed technology, including actuarial AI, to capitalise on its unique data sets and the delivery of a highly effective multi-year sales and marketing strategy. Operating under the AllClear Insurance, InsureandGo and JustCover brands, the Group has provided cover to more than 4 million travellers, additionally allowing essential access to travel cover to people suffering from pre-existing medical conditions. InsurEvo employs over 350 staff across five offices in three countries, a near fourfold increase in employees since Synova’s investment.

Chris Rolland, CEO of InsurEvo, noted:

“I have enjoyed every minute of my partnership with Synova; their knowledge of our industry, their understanding of the building blocks of growth, and the discipline that comes from having a focused investor has been invaluable in accelerating the growth of the business.

“We’re absolutely thrilled to join forces with NSM to help us continue to grow and scale the business. Over the last two decades, our dedicated and talented team has helped us grow into the force we are today, and we look forward to extending that growth with NSM. NSM has the prowess and proven track record to help our business grow by expanding our distribution channels — further enhancing our technology platforms and expanding our global market reach. We are confident that NSM will lead to a bright future filled with growth, development, and success.”

David Menton, a Managing Partner of Synova and Non-Executive Director of InsurEvo Group, commented:

“The InsurEvo journey, in partnership with Chris Rolland, Cameron Jack, and their talented team, adds another chapter to Synova’s highly successful Financial Services story. The substantial scaling was achieved by harnessing AllClear’s strong reputation in the impaired travel market, its proprietary pricing database, and combining this with the vision of an experienced and ambitious leadership team.

Achieving these levels of growth, and generating outsized returns for our investors, was made more rewarding given InsurEvo’s clear social purpose. We remain grateful to the team, and to the Chair, Dr Ian Owen, for their energy and their vision, and wish them well on the next stage of their journey with Geof McKernan and his colleagues at NSM.”

Geof McKernan, CEO of NSM Insurance Group, said:

“Today marks an exciting new chapter for AllClear and InsureandGo. We are delighted to welcome these renowned brands to the NSM family,” said Geof McKernan, CEO & Founder of NSM Insurance Group. “Chris has done a tremendous job growing both brands and leading process and technological change while maintaining strong growth. Together, we will drive continued innovation to deliver exceptional value to our clients and expand our global presence.”

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KKR To Acquire Majority Ownership In Agiloft

KKR

Existing investor FTV Capital to invest additional capital in the Company

NEW YORK & REDWOOD CITY, Calif.–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that a fund managed by KKR has entered into an agreement to acquire a majority stake in Agiloft (“the Company”), a trusted global leader in data-first contract lifecycle management (“CLM”). As part of the transaction FTV Capital, a sector-focused growth equity firm and an existing investor in Agiloft, will make an additional investment in the Company, and JMI Equity, a growth equity firm focused on investing in leading software companies, will join as a new investor in the Company. The investment will help the Company continue to expand as it grows market share, acquires new customers, further innovates product solutions, and extends its world-class standard of customer success.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240530171221/en/

Agiloft is a leading provider of data-first CLM software, enabling legal, procurement, sales and other departments to streamline and leverage their contracting efforts. Agiloft acts as a system of record and provides its customers a global view of all their contracts across all phases, including contract approval, storage, and pre- and post-signature processes and performance. The Company’s flexible platform allows Agiloft to handle significant complexity, serve a wide range of business needs, and integrate with other software systems, resulting in increased efficiencies and improved operational outcomes.

“I am enormously proud and humbled by what we have been able to accomplish at Agiloft. While the business has grown significantly, we have always focused on and maintained our number one differentiator: customer satisfaction and retention, which is predicated on our uniquely agile solution, reliable implementation success, and human-centric approach to contracting,” said Eric Laughlin, CEO of Agiloft. “This new investment from KKR and JMI Equity and continued support from FTV Capital serve as a testament to the caliber of our team’s ability to provide and deliver differentiated world-class products and services to our customers.”

“As businesses increasingly look for efficient ways to ensure regulatory compliance, realize cost efficiencies and manage complex workflows, Agiloft has differentiated itself by providing a simple, one-stop solution to meet its customers’ needs,” said Jimmy Miele, Director, Tech Growth at KKR. “We are deeply impressed by Eric’s leadership and the rest of the Agiloft team, and we look forward to working together to capture additional opportunities in the market.”

“Since FTV’s initial investment in 2020, Agiloft has driven impressive growth by delivering a truly unique no-code platform to a quickly growing customer base globally,” said Alex Mason, Partner at FTV Capital. “The CLM market, while still young, represents a multi-billion dollar opportunity, and we look forward to working with KKR as we continue to support Agiloft in fueling expansion and sustaining its notable leadership in workflow automation.”

As part of the transaction, KKR, JMI Equity and FTV Capital will support Agiloft in implementing a broad-based employee ownership program to allow all of its employees to have the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars in equity to over 100,000 non-senior management employees across more than 40 portfolio companies.

KKR is making the investment through its Next Generation Technology III Fund. Agiloft adds to KKR’s global portfolio of technology and software investments, which includes OneStream, o9, OutSystems, ReliaQuest (also an FTV Capital portfolio company), RainFocus and Restaurant365.

Moelis & Company LLC served as exclusive financial advisor to Agiloft. Baker McKenzie served as legal advisor to Agiloft. Gibson, Dunn & Crutcher LLP served as legal advisor to KKR.

About Agiloft
As the most trusted global leader in data-first contract lifecycle management (CLM) software, Agiloft connects contractual commitments to real business outcomes using its flexible Data-first Agreement Platform (DAP). With contract data as the foundation, customers quickly and collaboratively reach agreement and leverage contract visibility to thrive with competitive advantage. Employing powerful, pragmatic artificial intelligence as a legal force multiplier, and robust integration capabilities as a data liberator, organizations around the world trust Agiloft’s certified implementers to deliver connected, intelligent, and autonomous solutions across the entire contract lifecycle. With a 99.6% implementation success rate, it’s clear why some of the largest companies choose Agiloft to unlock the value of contract data and accelerate business. Learn more at www.Agiloft.com.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in enterprise technology and services and financial technology and services. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 140 portfolio companies, including EBANX, Kore.ai, Lean Solutions Group, LogicSource, Luma, Patra, ReliaQuest and Vagaro, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), Tango Card (acquired by Blackhawk Network) and VPay (acquired by Optum). FTV has offices in New York, San Francisco, Connecticut and London. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. For over three decades, JMI has partnered with exceptional founders, entrepreneurs, and management teams at high-growth software companies to provide flexible capital, industry expertise, and operational support to build businesses of enduring value. To date, JMI has invested in over 180 software businesses in North America and Europe and completed over 115 exits. Today, the Firm’s portfolio of industry-leading cloud software companies represents $8 billion in combined revenue, $65 billion in aggregate enterprise value, and over 34,000 jobs. For more information, visit www.jmi.com.

Media

For Agiloft:
Jeffrey Miesbauer
650-459-5637 ext 4003
news@agiloft.com

For KKR:
Emily Cummings or Liidia Liuksila
212 230-9722
media@kkr.com

Source: KKR

 

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KKR to Acquire Majority Ownership in Agiloft

FTV Capital

NEW YORK & REDWOOD CITY, Calif.–(BUSINESS WIRE)–KKR, a leading global investment firm, today announced that a fund managed by KKR has entered into an agreement to acquire a majority stake in Agiloft (“the Company”), a trusted global leader in data-first contract lifecycle management (“CLM”). As part of the transaction FTV Capital, a sector-focused growth equity firm and an existing investor in Agiloft, will make an additional investment in the Company, and JMI Equity, a growth equity firm focused on investing in leading software companies, will join as a new investor in the Company. The investment will help the Company continue to expand as it grows market share, acquires new customers, further innovates product solutions, and extends its world-class standard of customer success.

Agiloft is a leading provider of data-first CLM software, enabling legal, procurement, sales and other departments to streamline and leverage their contracting efforts. Agiloft acts as a system of record and provides its customers a global view of all their contracts across all phases, including contract approval, storage, and pre- and post-signature processes and performance. The Company’s flexible platform allows Agiloft to handle significant complexity, serve a wide range of business needs, and integrate with other software systems, resulting in increased efficiencies and improved operational outcomes.

“I am enormously proud and humbled by what we have been able to accomplish at Agiloft. While the business has grown significantly, we have always focused on and maintained our number one differentiator: customer satisfaction and retention, which is predicated on our uniquely agile solution, reliable implementation success, and human-centric approach to contracting,” said Eric Laughlin, CEO of Agiloft. “This new investment from KKR and JMI Equity and continued support from FTV Capital serve as a testament to the caliber of our team’s ability to provide and deliver differentiated world-class products and services to our customers.”

“As businesses increasingly look for efficient ways to ensure regulatory compliance, realize cost efficiencies and manage complex workflows, Agiloft has differentiated itself by providing a simple, one-stop solution to meet its customers’ needs,” said Jimmy Miele, Director, Tech Growth at KKR. “We are deeply impressed by Eric’s leadership and the rest of the Agiloft team, and we look forward to working together to capture additional opportunities in the market.”

“Since FTV’s initial investment in 2020, Agiloft has driven impressive growth by delivering a truly unique no-code platform to a quickly growing customer base globally,” said Alex Mason, Partner at FTV Capital. “The CLM market, while still young, represents a multi-billion dollar opportunity, and we look forward to working with KKR as we continue to support Agiloft in fueling expansion and sustaining its notable leadership in workflow automation.”

As part of the transaction, KKR, JMI Equity and FTV Capital will support Agiloft in implementing a broad-based employee ownership program to allow all of its employees to have the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars in equity to over 100,000 non-senior management employees across more than 40 portfolio companies.

KKR is making the investment through its Next Generation Technology III Fund. Agiloft adds to KKR’s global portfolio of technology and software investments, which includes OneStream, o9, OutSystems, ReliaQuest (also an FTV Capital portfolio company), RainFocus and Restaurant365.

Moelis & Company LLC served as exclusive financial advisor to Agiloft. Baker McKenzie served as legal advisor to Agiloft. Gibson, Dunn & Crutcher LLP served as legal advisor to KKR.

About Agiloft
As the most trusted global leader in data-first contract lifecycle management (CLM) software, Agiloft connects contractual commitments to real business outcomes using its flexible Data-first Agreement Platform (DAP). With contract data as the foundation, customers quickly and collaboratively reach agreement and leverage contract visibility to thrive with competitive advantage. Employing powerful, pragmatic artificial intelligence as a legal force multiplier, and robust integration capabilities as a data liberator, organizations around the world trust Agiloft’s certified implementers to deliver connected, intelligent, and autonomous solutions across the entire contract lifecycle. With a 99.6% implementation success rate, it’s clear why some of the largest companies choose Agiloft to unlock the value of contract data and accelerate business. Learn more at www.Agiloft.com.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in enterprise technology and services and financial technology and services. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 140 portfolio companies, including EBANX, Kore.ai, Lean Solutions Group, LogicSource, Luma, Patra, ReliaQuest and Vagaro, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), Tango Card (acquired by Blackhawk Network) and VPay (acquired by Optum). FTV has offices in New York, San Francisco, Connecticut and London. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. For over three decades, JMI has partnered with exceptional founders, entrepreneurs, and management teams at high-growth software companies to provide flexible capital, industry expertise, and operational support to build businesses of enduring value. To date, JMI has invested in over 180 software businesses in North America and Europe and completed over 115 exits. Today, the Firm’s portfolio of industry-leading cloud software companies represents $8 billion in combined revenue, $65 billion in aggregate enterprise value, and over 34,000 jobs. For more information, visit www.jmi.com.

Contacts

Media

For Agiloft:
Jeffrey Miesbauer
650-459-5637 ext 4003
news@agiloft.com

For KKR:
Emily Cummings or Liidia Liuksila
212 230-9722
media@kkr.com

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Ratos company HENT wins billion-krone contract for the new Bodø airport in Norway

Ratos

Avinor has tasked HENT with building a new passenger terminal and several other operational facilities at the new Bodø airport in Norway. The contract has a ceiling of NOK 2.4 billion.

The new Bodø airport will go into operation in 2029/2030. The entire project has a cost ceiling of NOK 7.2 billion and this was the last of two major contracts that have been announced.
Three competitors submitted bids and HENT scored the highest in the evaluation process, thereby winning the contract. The contract is a turnkey partnering project based on the Norwegian “samspillsentreprise” model. This means that HENT and Avinor will work together on the details of the project to come to an agreement about the final design and cost.
“That Avinor has entrusted HENT to help with one of society’s most important buildings is further proof of the strong position that HENT has in an otherwise challenging construction market. Ratos’s construction operations primarily focus on public sector customers and properties that are important for society. Our order books are strong and we are optimistic about the future,” says Christian Johansson Gebauer, CEO of HENT and President, Business Area Construction & Services, Ratos.
“Naturally, we’re very pleased that Avinor chose us. The entire bid process was long and thorough. We used the full breadth of the company’s expertise, together with several external partners. The teamwork behind our responses to the award criteria, including price, understanding of the task and project organisation, meant that we won out over the competition. This is important recognition for all of HENT and our partners,” says Jan Jahren, CEO, HENT.
About HENT
HENT is a leading construction company that mainly works with new construction of public and commercial real estate. HENT focuses on project development, project management and purchasing. Its projects are carried out with their own project administration and in collaboration with a knowledgeable network of quality-assured subcontractors. They conduct projects throughout Norway and in selected segments in Sweden and Denmark.
For more information, please contact:
Josefine Uppling, VP Communication & Sustainability, Ratos, +46 76 114 54 21
About Ratos
Ratos is a Swedish business group focusing on technological and infrastructure solutions, consisting of 17 companies divided into three business areas: Construction & Services, Industry and Consumer. The companies have approximately SEK 34 billion in net sales (LTM). We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent subsidiaries to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Ardian launches an open version of Ardian AirCarbon platform to help airports reach net-zero

Ardian

Ardian AirCarbon is a software platform for airports to quickly and effectively quantify and act on aviation emissions
• This open version of Ardian AirCarbon provides access to average carbon emissions1 per country and fuel efficiency data for most commercial airports globally
• Ardian’s ambition is for Ardian AirCarbon to become a key platform for airports working to reach net-zero targets

Ardian, a world-leading private investment house, is launching a free, open version of Ardian AirCarbon, its proprietary emission quantification and reduction tool for the aviation industry. This is the first platform showing average daily carbon emissions per country and aircraft efficiency indicators for most commercial airports worldwide. The platform is available on www.air-carbon.com.

Through its direct infrastructure investment activities, Ardian has significant experience in owning and operating European airports and has always put the net zero target for the industry by 2050 at the heart of its strategy, as detailed in the study published in 2022 The Fight for a Net Zero Aviation.

As part of this strategy, Ardian AirCarbon has been developed since 2019 by Ardian’s Data Science and IT teams in close collaboration with our portfolio airport teams to support the Scope 3 emissions dynamic assessment at airports where the Infrastructure team is an investor. Scope 3 is estimated to represent more than 95% of an airport’s emissions as it covers all indirect emissions, such as those generated by an aircraft landing, take-off and taxiing, or airport ground vehicles. The platform uses granular, real-time operations data to quantify and project emissions2. This enables airport operators to effectively monitor and reduce their CO2 emissions. Following successful usage by the airports and inquiries from non Ardian owned airports to access the platform, it has been decided to provide Ardian AirCarbon more broadly. The platform is currently deployed in five airports across Europe (Keflavík, Milan Malpensa, Milan Linate, Naples and Turin) and covers a total of 59 million yearly passengers3.

This new open version of Ardian AirCarbon is open to everyone and aims at monitoring on a global scale the progress made on the decarbonization trajectories for the aviation industry. The platform will thus provide open access to the aggregated Scope 3 carbon emissions of airports within each country, alongside more in-depth aircraft efficiency indicators such as the proportion of high, medium and low fuel efficiency aircraft in the overall aircraft mix of an airport at any given date. It complies with recommended methodology from the Airport Carbon Accreditation (ACA), the global certification program for airport carbon management. More information on which emissions are displayed, which airports or flights are mapped, or how Ardian AirCarbon computes emissions can be found in our FAQ.

Airports who would like to go further can also subscribe to the Pro version to access a complete view of their Scope 3 emissions, based on their operations data and including additional Scope 3 items such as half-cruise and ground service equipment emissions.

Ardian AirCarbon has already been used by airports to reach important sustainability and net-zero reporting milestones. For example, in 2024, Milan’s SEA airports used Ardian AirCarbon to renew their ACA 4+ certification for the current year. This was the first time the platform had been used by an airport to report half-cruise flight emissions to the ACA.

The goal is for the platform to become a tool for the entire airport ecosystem and to support the aviation sector in achieving net-zero.

“Making Ardian AirCarbon open and available to all stakeholders is an important step in supporting the transition to a more sustainable industry. As a long-term investor and shareholder in airports, it is our duty to help secure the future of aviation for the next generations and to meet the goals of the Paris Agreement. We look forward to working with the entire aviation ecosystem to control emissions, because collectively we need to act now.” Mathias Burghardt, Executive Vice President and Head of Infrastructure, Ardian

“Ardian AirCarbon is an essential tool for airports seeking to reduce their carbon footprint and participate in the decarbonization of the industry. With this open version, we are proud to offer our expertise and help the industry achieve its ambitious net-zero goals by making it easier to access and track emissions data. We invite the whole aviation industry to use Ardian AirCarbon and join us in this essential mission.” Pauline Thomson, Head of Data Science and Managing Director Infrastructure, Ardian

1 The platform is accounting for other types of emissions than CO2 only, but all are expressed in carbon equivalent on Ardian AirCarbon

2 The open version the Ardian AirCarbon platform computes data from multiple sources (see details in our FAQ). In the Pro version Ardian AirCarbon platform, each airport may provide its own data to refine the emissions assessment.

3 Based on the number of passengers at each airport in 2023

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com 

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ArcLight and Elevate Announce New York City’s Largest Battery Storage Project To Date

Arclight

News provided by

ArcLight Capital Partners 

May 29, 2024, 09:00 ET

First of its Kind Project to Enable More Renewable Power and Enhanced Grid Reliability for New York

BOSTON and NEW YORK, May 29, 2024  /PRNewswire/ — ArcLight Capital Partners (“ArcLight”) and Elevate Renewables (“Elevate”), a leading battery storage developer, today announced a milestone battery storage infrastructure project at the Arthur Kill Power Station in Staten Island, NY. The 15 MW/60 MWh distribution-level project will help provide more renewable power by replacing existing generation planned to retire in 2025. Elevate is a wholly owned subsidiary of a fund managed by ArcLight.

Elevate Renewables
Elevate Renewables

Once completed, the project will be the largest battery storage installation in New York City. The facility will be able to power more than 10,000 households during peak demand periods.

 

Elevate Renewables has completed contracting to construct a state-of-the-art battery storage facility to store power during non-peak hours and discharge power during peak demand periods, as well as to provide ancillary services that help maintain grid stability and resiliency. This infrastructure will help support New York City’s electric grid and progress the clean energy transition.

“The Arthur Kill re-development project will install the latest energy storage technology on the site of a former power generation plant. This project is illustrative of Elevate’s battery expertise, significant development pipeline, and ability to help enable strategic battery storage infrastructure to help meet New York State’s energy storage target of 6 GWs by 2030,” said Eric Cherniss, Head of Development at Elevate Renewables. “It further demonstrates our ability to catalyze large-scale battery storage projects and help provide low-cost renewable power with increased grid reliability to consumers.”

“We believe battery storage infrastructure has the potential to be transformative and will be necessary to help meet the growing power needs from electrification and data centers, and is also a complement to the ongoing build-out of wind and solar renewable infrastructure,” said Dan Revers, Founder & Partner at ArcLight. “ArcLight is well positioned to capitalize on the renewable infrastructure mega trend. This project builds upon ArcLight’s extensive track record within the power and renewable infrastructure sectors over the past 20 years.”

“We are excited to advance this first-of-its-kind contracted infrastructure project that is one of many brownfield development opportunities we have within our funds’ power portfolio, which is one of the largest in the U.S.,” said Angelo Acconcia, Partner at ArcLight. “The Arthur Kill project, when commissioned, will be New York City’s largest battery storage system installed and the region’s first such existing power facility to be repurposed for battery storage. We believe there are many more of these types of opportunities that leverage ArcLight’s value add strategy, resources, and expertise across the electrification infrastructure value chain.”

About Elevate Renewables
Elevate Renewables is a utility scale battery storage company focused on strategically deploying battery infrastructure co-located with existing power infrastructure facilities. The Company has significant experience and resources to effectuate utility scale battery infrastructure with an extensive brownfield pipeline of over 4 GWs.  Elevate Renewables is active throughout the United States, where electrification and the rapid growth of intermittent renewables has created a need and advantage for renewable utility scale battery storage. For more information, please visit www.elevaterenewableenergy.com.

About ArcLight Capital Partners
Founded in 2001, ArcLight is a leading value-added infrastructure investment firm with strategic partnerships and investments across the power, renewables, strategic gas, battery storage, and transformative infrastructure sectors.  ArcLight has a long and proven track record of investing across the electrification infrastructure value chain to help support reliability, security, and sustainable infrastructure. ArcLight’s team employs an operationally intensive investment approach that benefits from its dedicated in-house strategic, technical, operational, and commercial specialists, as well as the firm’s ~1,900-person asset management partner. Since 2001, ArcLight’s funds have invested in infrastructure and related business with nearly $70 billion of total capitalization. For more information, please visit www.arclight.com.

SOURCE ArcLight Capital Partners

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Ardian raises €530m for third-generation Growth platform

Ardian

his dynamic fundraising illustrates the renewed confidence of its investor base for the team’s entrepreneur-centric approach and deep sector expertise

This dynamic fundraising illustrates the renewed confidence of its investor base for the team’s entrepreneur-centric approach and deep sector expertise Ardian, a world-leading private investment house, today announced that it has raised €530m for its third-generation Growth platform, Ardian Growth Fund III. In a more challenging fundraising environment, the fund closed above the €500 million target size and more than doubled in size compared to the previous generation, which closed at €230 million in 2018.

The successful fundraise attracted investments from an increasingly diversified and global LP base, in addition to achieving a strong re-up rate from existing investors. Ardian Growth Fund III received commitments from investors across 12 countries, including from major banks and insurance companies, entrepreneurs, pension funds and government agencies. Near 120 LPs in the fund are entrepreneurs, showcasing the trust they have in the team and its ability to steer high-quality growth stories.

Building on the progress already made through previous fund generations, Ardian’s Growth team will continue to target profitable, fast-growing companies across continental Europe thanks to its unique sourcing capabilities. The fund strategy remains aligned with the team’s sector-focused approach, targeting digital at large (software, web and tech-enabled businesses,…), expert B2B services and health & wellness companies, particularly those benefiting from digital transformation and disrupting the traditional value chain in their sector.

“Our approach has always been about more than just funding; we are focused on partnering with entrepreneurs to accelerate their business growth, achieve their ambitions and expand their footprint internationally. The current market presents one of the most exciting opportunities of the last 20 years for growth investment, particularly given the scale and pace of digitalization, and our team of experts bring best-in-class expertise and deep sector knowledge to support management teams with their growth. We have already made three investments from the fund, and our unique sourcing capabilities will see us invest further to help transform more growing companies with the next phase of their journeys.” Alexis Saada, Head of Growth & Senior Managing Director, Ardian

The fund is already close to 25% deployed following three transactions in category leaders, including investments in Théradial, a dialysis solutions provider; My Pie, an innovative snacking concept; and Aprium Pharmacie, a pharmacy banner company.

The fund falls under the Article 8 of the European Union Sustainable Finance Disclosure Regulation (SFDR) and integrates sustainability into its strategy to create long-term value shared across our stakeholders.

The Ardian Growth team has more than 20 years’ experience investing in the European growth market and now comprises 4 partners for a total of 14 investment professionals. The team now has €1 billion of assets under management and has supported more than 120 businesses since 1998.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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