Category Archives: News

ING-backed Komgo raises CHF26 million (€23.7 million) in funding round

Ing Ventures
31 May 2021  3 min read  Listen

ING-backed software company Komgo has raised CHF26 million (€23.7 million) in its third funding round from a consortium of investors including ING Ventures.

Komgo digitalises trade finance with a platform that automates finance transactions, allowing banks, traders and other participants to transact in a secure environment.

“We are very proud of the achievements of Komgo and see the initiative as a great example of the commodity trade finance community coming together to drive digital transformation,” said Annerie Vreugdenhil, head of ING Neo, the bank’s innovation unit.

Spurred by surging demand for digital services during the pandemic, Komgo has seen a 50 percent increase in trade finance transactions on its platform and a 65 percent increase in clients in the past year.

Komgo will use the funds to accelerate its expansion strategy and invest in customer success teams, which will enable the company to support clients worldwide. The funds will also be used to refine Komgo’s products and trade finance applications, such as borrowing base facilities, contract renewals, stock reconciliation and secure digital documents.

“By supporting our clients in adopting Komgo, we can serve them better. Working with Komgo enables us to increase transactional security, strengthen audit and compliance capabilities and reduce fraud across the value chain,” said Maarten Koning, global head of Trade and Commodity Finance at ING.

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Waterlogic enters Finland with Thoreau hospitality solution

Castik Capital

 

Waterlogic, a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, is pleased to announce the acquisition of the Thoreau business of Mixtec Oy and the beverage service business of Beverage Technology Services Finland Oy.

Located in Petikko, Vantaa, Mixtec Oy launched Finland’s Thoreau franchise serving the premium segment of the HoReCa market in 2014. The acquisition of these businesses comes just months after Thoreau International was acquired by Waterlogic Sweden in January 2021. The well-respected Thoreau brand will help Waterlogic launch its hospitality offering for the first time in Finland alongside their Purezza Premium Water brand, with excellent opportunities to introduce the full range of Waterlogic office hydration solutions to all types of businesses across the country.

Founded in 1992, Waterlogic has pioneered the application of advanced technology in the design of its water dispensers to deliver the safest, best-tasting water proven effective against COVID-19, in the most sustainable way to organisations around the world. Its specialty hospitality solution Purezza delivers premium dispensing solutions that enable venues to utilise their own locally-sourced water supply and reusable glass bottles to offer to their customers, providing valuable revenue and profit-making opportunities as well as long-term environmental value.

Mattias Källemyr, CEO Waterlogic Nordic, says, “This is truly a milestone for us and will complete our vision of creating one consolidated Nordic region with Finland being the last piece of the puzzle. With this acquisition, we will launch our Purezza concept to hospitality venues in the country as well as introduce Waterlogic’s full range of solutions. We welcome our new employees in Finland to Waterlogic and wish them every success in our combined business as we continue to grow our footprint in Finland organically and through further acquisitions.”

The acquisition of Mixtec Oy’s Thoreau business brings staff and hundreds of dispensers to establish a base for Waterlogic in Finland, to include a ready-made service platform. The newly formed Waterlogic Finland Oy becomes part of the Waterlogic Nordic group alongside Norway, Denmark and Sweden, providing hydration solutions for a wide range of organisations from hospitality and HoReCa businesses to small and large offices across many sectors and industries.

Mixtec Oy Managing Director Kristian Von Bonsdorff, whojoins as Country Manager Waterlogic FinlandOy,says, “This is a very exciting opportunity to leverage the combined strength of two very established and valued hospitality brands as well as to introduce Waterlogic’s cutting-edge hydration solutions for all workplaces, ensuring Finnish people can enjoy the safest and most sustainable water wherever they work.”

Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor. Mixtec Oy’s Thoreau business is the most recent acquisition as part of the company’s buy and build strategy since the acquisition by Castik, and following substantial acquisitions in the U.S. and Canada, UK, Australia, Spain, France, Germany, Latin America and Scandinavia.

Media Contact

Rosanna Turner, Group Marketing Communications Manager

rosanna.turner@waterlogic.com

About Waterlogic

Waterlogic is an innovative designer, manufacturer, distributor and service provider of drinking water dispensers and accessories designed for environments such as offices, factories, hospitals,

restaurants, hotels, schools and public spaces. From freestanding, countertop and integrated dispensers to water filling stations, fountains and boilers, every solution focuses on delivering the best quality water in the safest and most sustainable way. An extensive range of consumables and accessories adapts to customer needs and is available on subscription service to guarantee cost savings and continuous supply.

Founded in 1992, Waterlogic was one of the first companies to introduce mains-fed dispensers to customers worldwide, and has been at the forefront of the market promoting product design and water quality, the application of proprietary technologies, sustainability and world-class sales and service.

Waterlogic has its own subsidiaries in 19 countries and its core markets are the U.S, Australia and Western Europe, in particular the UK, Germany and Scandinavia. The company drives growth organically and through M&A to consolidate its lead in existing territories and extend its reach to new markets. In addition, Waterlogic’s extensive and expanding independent global distribution network spans over 50 countries around the world in North and South America, Europe, Asia, Australia and South Africa. Its far-reaching market coverage means Waterlogic is the only water dispenser provider able to cover the full geographical needs of global customers under one roof. More information can be found at www.waterlogic.com

About Castik

Castik Capital S.à r.l (“Castik”) manages investments in private equity. Castik is a European multistrategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams. Founded in 2014, Castik Capital focuses on identifying and developing investment opportunities across Europe. The investments are made by the Luxembourg based EPIC funds. The first fund, EPIC I, had a volume of €1 billion and was raised in 2014/2015. The second fund, EPIC II, had its final close in October 2020 and a volume of €1.25 billion. The third fund, EPIC I-b, closed in May 2021 with a volume of €700m and is a single asset fund that owns a controlling stake in Waterlogic. The advisor to Castik is Castik Capital Partners GmbH, based in Munich.

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KKR Invests in EQuest

KKR

HO CHI MINH CITY, Vietnam–(BUSINESS WIRE)– EQuest Education Group (“EQuest” or “the Company”), a leading educational services provider in Vietnam, and KKR today announced that KKR has invested in EQuest. The investment will be used to support EQuest’s expansion and advance its mission to provide students in Vietnam with affordable access to world-class education.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210531005318/en/

EQuest operates a diversified portfolio across the educational sector in Vietnam, focusing on four core segments including K-12 bilingual schools, tertiary and vocational institutions, English enrichment courses, and digital learning solutions. Its K-12 portfolio, which serves more than 9,000 students in its 8 campuses, has gained a strong reputation in Vietnam where there is a rapidly growing demand for an affordable bilingual curriculum with strong efficacy. As a group, EQuest has more than 110,000 students enrolled across its segments each year, positioning the Company as one of the largest private educational services providers in Vietnam.

KKR is a leading global investment firm with US$367 billion of assets under management as of March 31, 2021. The investment is made through the KKR Global Impact Fund (“KKR Global Impact” or “the Fund”), and marks the Fund’s fourth investment globally in the educational and workforce development space as part of the Fund’s thematic focus on Lifelong Learning. The Fund is focused on generating risk-adjusted returns by investing in companies that contribute toward the United Nations Sustainable Development Goals (“SDG”). EQuest’s business directly contributes towards SDG 4 (Quality Education) by providing accessible, affordable and high-quality education to Vietnam’s emerging middle-class population.

Nguyen Quoc Toan, co-founder and CEO of EQuest, said: “Access to high-quality education and intensive English-language training is crucial for Vietnamese students to achieve their full potential. By making the access affordable at a disruptive cost, EQuest is committed to delivering world-class education and bringing accredited, world-class curriculum to more Vietnamese students to improve their competitiveness in the global arena. With the support of KKR and its sector expertise, we are confident we will be able to advance our mission to provide quality learning for Vietnam’s millions of students and contribute to the development of a skilled workforce that will support the country’s long-term growth aspirations.”

Vietnam has a growing middle-class population with rapidly increasing demand for better education. With continued trends of globalization, English has become an essential employability skill, with proficiency in the language a high priority area for Vietnam’s national education goals. The Vietnamese government has also earmarked digital learning solutions as a strong area of focus as it seeks to further improve access to education.

Chee-Wei Wong, Head of KKR Global Impact for Asia, said: “KKR Global Impact’s thematic around Lifelong Learning focuses on closing the skills gap and creating more equitable access to quality education. EQuest advances these goals: we believe lifelong learning starts at an early age and EQuest is supporting the development of the next generation through its high-quality affordable education programs with strong outcomes. KKR aims to leverage our operational experience, global network and education expertise to strengthen EQuest’s market-leading position, further build on its edtech solutions, and implement industry best practices. We look forward to working together with EQuest’s management team to advance the company’s mission and expand the reach of its impact across Vietnam.”

Ashish Shastry, Co-Head of Asia Private Equity and Head of Southeast Asia at KKR, said: “Investing in Vietnam and supporting the growth of the country’s businesses and industries is a key part of KKR’s strategy in Asia. As Vietnam continues to elevate on the world’s economic stage, access to affordable, high-quality education solutions plays an important role in meeting the nation’s objectives. We are excited to invest in EQuest and to support aspiring Vietnamese entrepreneurs like Toan – as well as EQuest’s talented team – to help realize their vision for closing the education gap in the country.”

In addition to KKR’s investment, EQuest and KKR announce that Annabelle Vultee, the former China Chief Operating Officer of EF Education First, has joined EQuest’s board of directors. Ms. Vultee brings to EQuest extensive experience in the education sector across fast-growing markets such as China and the United States as well as a passion for driving operational excellence and leveraging technology to deliver a better learning experience.

KKR Global Impact’s portfolio in Asia includes Barghest Building Performance, a Singapore-based provider of energy-saving solutions for commercial and industrial buildings; Ramky Enviro Engineers, a leading provider of environment management services in India; GreenCollar, an environmental markets project developer and investor across the carbon, water quality, bio-diversity and plastics market in Australia; and Five-Star Business Finance, a leading Indian lender to micro, small, and medium-sized enterprises. Through its private equity business, KKR has also invested in leading Vietnamese businesses including Vinhomes, the country’s largest real estate developer, and Masan MEATLife (formerly known as Masan Nutri-Science), an animal feed producer.

About EQuest

EQuest, formed through a merger in 2013 between EQuest Academy (founded in 2003) and other local education companies, is one of the largest private educational institutions in Vietnam with more than 110,000 students enrolled each year in 18 member units, including universities, colleges, vocational schools, K-12 schools, foreign language centers and education technology platforms. Since then, EQuest has grown to become a comprehensive education ecosystem, and is always committed to its mission to deliver the best educational experience to students and train them ready for the 4.0 industrial age; to provide a world-class education at an affordable cost; to turn Vietnam into a bilingual country; and to send future leaders to the top schools worldwide. For additional information about EQuest, please visit www.equest.vn.

About KKR

KKR is a leading global investment firm that offers alternative asset management and 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 The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

EQuest Education Group
Truong Hoang Nam
+84 336 842 102
nam.truong@equest.vn

KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

Zita Setiawan
+6589405835
Zita.Setiawan@secondee.kkr.com

KKR Americas
Cara Major or Miles Radcliffe-Trenner
+1 212-750-8300
Media@kkr.com

Source: KKR

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Agilitas-backed Reconor Group expands with acquisition of Sten & Grus Prøvestenen A/S

Agilitas

Agilitas, the pan-European mid-market private equity firm, has today announced that its portfolio company, Reconor A/S (“Reconor”), a leading environmental services company in Denmark, has entered into an agreement to acquire Sten & Grus Prøvestenen A/S (“SGP”) from Group De Cloedt (“GDC”). Reconor will integrate SGP with its resource business Norrecco. The financial terms of the deal are not being disclosed.

SGP specialises in delivering efficient environmental solutions for soil and waste management, most notably in the Greater Copenhagen area. The company is located on the Prøvestenen island and has a treatment area of approximately 75,000m2. The company has a strong focus on environmental awareness and, just like Norrecco, developed a product range including the recycling of used materials from various demolition processes into primary raw materials.

The Reconor Group, consisting of Norrecco and City Container, is one of the leading environmental services groups in Denmark, treating and remediating approximately 1.6 million tonnes of soil and handling 0.9 million tonnes of waste annually. The majority of this waste is recycled for use in secondary markets. Through its activities, Reconor contributes to the circular economy by helping Danish industrial and construction groups to meet the country’s high standards of responsible and environmentally-safe recycling.

The strategic acquisition of SGP marks the fifth add-on acquisition for Reconor since Agilitas led a management buyout of the group in 2015 and will consolidate Reconor’s plans to expand its product offering, its customer base and its geographical footprint. The addition of SGP strengthens Norrecco’s position and reinforces its capabilities, particularly in the Copenhagen area which has limited opportunities for new treatment sites. It will also further improve the recycling process of construction and civil engineering waste in the production of building materials.

Agilitas has a successful track record of creating value in the Nordic region, using its deep transformational and sector expertise built through Agilitas’s backing of the Danish and Norwegian companies Recover Nordic, Reconor, Cibicom (previously known as Teracom Danmark), and Danoffice IT.

Henrik Nordenlund, CEO of Reconor, commented: “This strategic acquisition further supports Reconor’s position in Denmark as a leading supplier of environmental solutions within soil and waste management. In addition, the acquisition opens up new business opportunities. Reconor will be even stronger in the future, ensuring the development of sustainable recycling solutions. Through the collaboration with GDC, we can expand the business areas to also include special treatment capabilities.”

Rene Gosvig, Director at GDC Denmark, said: “We are a small player in soil and waste management in the Greater Copenhagen area. Due to a rapid development in the market for environmental solutions and a strategic decision to focus on further expanding our strong position within natural resources, we have assessed that it is the right decision for us to divest the environmental activities to Reconor Group, which we believe is the right backer to further develop the company. Together with the Reconor Group, we will continue to collaborate on the synergies between the parties.”

Kevin Iermiin, of Agilitas and member of the Reconor Board, said: “Reconor is experiencing increasing demand for environmentally-oriented solutions. This acquisition will create synergies between our business units by further broadening our service offering and expanding our footprint and customer base in the Greater Copenhagen area.”

 

Martin Calderbank, Managing Partner at Agilitas, said: “This latest strategic add-on acquisition represents another significant step in Reconor’s growth and will consolidate the company’s transformation plan. Both companies are well-aligned in their commitment to developing environmental solutions to reduce waste and their combination will further bolster Reconor’s standing as a leading environmental services Group business in Denmark.”

Media enquiries to: Greenbrook – Alex Jones and James Madsen

 

+44 20 7952 2000 | agilitas@greenbrookpr.com

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BGF posts record-breaking results in 2020

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BGF

BGF has reported record-breaking results and surging growth in its 2020 Annual Report and Accounts, published today.

Despite the Covid-19 pandemic, BGF actively maintained its risk appetite to keep supporting the economy and backed 61 companies in 2020, investing a total of £384 million during the year. This represented an 11% increase on the previous year, and in the first quarter of 2021 an increase of over 100% on the same quarter in 2020. In total for 2020, £262 million went into new companies across a range of sectors, including life sciences, e-commerce and IT services, while a further £122 million of follow-on funding was deployed to existing portfolio businesses. 2020 was also an equally good year for exits with BGF delivering 28 exits that generated returns of £228 million.

BGF demonstrated a robust and resilient performance with a substantial increase in net assets to £2.3 billion (2019 £1.8 billion). The Group made a year-end operating profit of £346 million reflecting ongoing growth in its underlying portfolio and realisations.

Download full report here.

Stephen Welton, executive chairman, said: “We’ve gone through what we hope will be a once in- a-generation event, and learned that with determination, focus and the right allocation of capital, we can achieve amazing things. BGF’s excellent performance during the pandemic demonstrates the strength of our diversified model, our strong regional approach and the resilience of the entrepreneurs we exist to support. We’re proud that our model stood up under pressure, allowing us to continue investing at an average pace of one new investment a week, despite the upheaval of lockdowns and other challenges. No other equity investor in the land can match that rate of activity. We have a unique investment platform and capability that we want to continue to leverage in full as the economy both recovers and powers ahead in key sectors.”

Andy Gregory, chief investment officer, said: “Because we take a long-term approach to investing, we were able to see past the short-term challenges affecting some of the sectors most impacted by Covid-19, which enabled BGF to continue to deploy capital at a time when it was most needed. All in all, our investment model has proved remarkably effective during the pandemic. I’m confident that our key metrics will only increase in the year ahead.”

2020 highlights include:

An industrious year that broke records

BGF reported record profits in 2020 of £346 million. Since its launch in 2011, BGF has now deployed over £2.5 billion worth of capital and backed more than 400 companies. In 2020, BGF invested in a wide range of companies including earlier-stage businesses, growth-stage businesses and quoted companies across multiple sectors and every region of the UK and Irish economies. E-commerce, technology, life sciences, health and education businesses were standout performers, with continued positive growth across the portfolio. BGF also saw a rise in successful exits across investee businesses due to the availability of private equity capital.

Supported the portfolio during a difficult time

BGF undertook numerous measures to support its portfolio during Covid-19. These included ensuring investment teams developed even closer ties with investee companies, helping them navigate the myriad of government policies and interventions, and focusing on practical support using the full resources of BGF. BGF’s Talent Network, contracted four finance directors with specific turnaround expertise to provide ad hoc support to the portfolio and to help protect value. It also conducted a portfolio management exercise to understand the long-term impacts of Brexit. BGF worked hard to keep investing despite the short-term headwinds, believing that good businesses should not be starved of funding when they need it most. As such, BGF was able to maintain again its position as the most active investor in UK and Irish growth economy companies.

Championing diversity

In 2020, BGF was named the most active equity investor in female-led businesses in the UK by the ScaleUp Institute and Beauhurst. BGF has invested £225m since 2011 in female-led businesses, almost £30m of which was invested in 2020. BGF’s Talent Network also helped to place 11 women on the boards of BGF-backed businesses. To help increase investment in female-run businesses, BGF and Coutts, the private banking arm of NatWest, announced The UK Enterprise Fund to bring additional funding and support to entrepreneurs across the UK, with specific initiatives and programmes for female-led businesses and promoting greater diversity in management teams in general. BGF also joined the Diversity Project, an initiative calling for a more inclusive culture in the investment and asset management industry.

ESG takes center stage

In 2020, BGF became a signatory to the Principles of Responsible Investment (PRI), an initiative backed by the United Nations that encourages investors to incorporate environmental, social and governance (ESG) factors into their decision-making. BGF has taken measures to embed environmental, social and governance factors in its investment process. BGF also proactively supported businesses and sectors that are helping to solve society-wide challenges such as climate change. BGF has a team of 12 investors across its ‘Green Growth’ network with existing investments including Aceleron, whose technology allows batteries to be reused and recycled, rather than replaced. Across the portfolio, BGF has invested in businesses that develop hydrogen fuel cells, maintain wind turbines, recycle organic waste, and apply energy efficient practices in building and construction. With over £225m already committed to Green Growth, a strong and embedded regional focus, and a mission led business model with support and active governance at the heart of it, BGF is leading the way for investors to support these critical initiatives.

The Talent Network breaks records

BGF’s Talent Network passed an important milestone in 2020, having surpassed 6,000 members and placed 300 board members within its portfolio. The seven-strong Talent Network team at BGF takes a patient approach to helping companies find talent. The team also launched an Expertise-On-Demand service offering access to expert guidance on a short-term or consultancy basis. Experts cover a range of specialisms, including finance, digital marketing, cashflow management, IT and more, helping portfolio businesses to maximise their growth.

Looking ahead:

More still to do

In 2021, BGF is looking to surpass the investments made in 2020 by backing even more high-potential, high-growth companies. PwC research, released in 2020, determined there are more than 21,400 small and mid-sized companies in the UK alone that are potential targets for BGF’s investment provision. These are businesses that have outgrown the kind of early-stage funding available for start-ups, but have not yet achieved the scale of large, listed businesses. They also include the thousands of companies who may be over-indebted as a result of the pandemic. BGF is committed to supporting scaling businesses and believes that equity funding must be part of the solution to meeting these companies’ needs.

Championing innovation

BGF is the one of the most active investors in the life sciences sector. To date, it has backed more than 30 life science businesses, with its current portfolio spanning diagnostics, medtech and digital health, as well as services, software and tools supporting therapeutic development. Life sciences and the focus on R&D in areas such as pathology, biotechnology and drug discovery, has come front and centre during the pandemic. The industry has proven it plays a major role in the delivery of healthcare, and in particular driving forward innovation that has defined the UK’s response to Covid-19. That experience has generated significant activity in the healthcare sector and in life sciences, in which BGF is now a leading sector specialist, and will continue to be a primary focus in 2021.

Green Growth

BGF aims to significantly boost its investments in the field of ‘green growth’, from fuel cells to energy-efficient buildings. It has already backed more than 20 companies in this arena and is now establishing a high-powered Advisory Board to ensure the key issues and steps to deliver net zero are core to BGF’s investment strategy. There is set to be a huge amount of investment and innovation in this area and BGF is committed to making a meaningful contribution.

Looking to a global future

BGF is committed to supporting the global ambitions of its portfolio. This is particularly important in the international environment the UK now operates in, creating change and new opportunities for all businesses to forge trading partnerships and markets across the world. BGF will be deploying the skills and know-how to think globally, by ensuring access to talent and trade, building international relationships and sharing knowledge. BGF has already played a key role in helping to establish similar investment models in Canada and Australia, as well as exploring other potential opportunities to be established in the future.

Read the full report here

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Zaion raises €9 million of funding to revolutionize the customer experience with voice and Artificial Intelligence

Fortino Capital

Paris, May 26th 2021 – Zaion’s ambition is to become the European leader in customer relationship solutions enhanced by Artificial Intelligence. This Series A round of funding led by Fortino Capital and Truffle Capital aims to accelerate its internationalization and the development of its solutions.

 

Zaion tripled recurrent revenue in 2020 in addition to a new round of funding.

Founded in Paris in 2017 by Franz Fodéré, Zaion is pleased to announce a €9 million Series A funding round from Fortino Capital, Truffle Capital, Pro BTP Innovation and Bpifrance. La France Mutualiste, a reference investor for Zaion, is also participating in the deal.

Zaion is helping companies improve their customer experience through Artificial Intelligence. Its solutions aim to:

  • improve the customer experience by placing voice at the heart of an engaging, interactive, and effective relationship,
  • speed up the digitization of customer processes by automating the processing of simple, repetitive, and high-volume conversations,
  • enhance human capital by assigning higher value-added calls to advisors,
  • reduce operational costs.

Its consistent development has enabled it to become the leading player in the French Callbot solutions market with:

  • more than 1 million inbound calls handled per month,
  • 100 Callbots in production in 5 languages and across 3 countries,
  • 50 key accounts in various sectors such as insurance, assistance, healthcare, banking, real estate, public services, automotive, transportation, and telecoms.

 

Further development of AI solutions and acceleration in Europe

Having already established a presence in Germany and Belgium, this new round of funding aims to step up Zaion’s internationalization in Europe while consolidating its leading position in France.

Through its R&D center aptly called the Zaion Lab, Zaion will continue to develop its Artificial Intelligence technologies through:

  • Voice AI (speech recognition),
  • Conversational AI (Natural Language Processing),
  • Paralinguistic AI (gender, age, tone, and emotion detection).

The company has 80 employees and is planning to double its workforce by the end of next year.

 

Franz Fodéré, founder and CEO of Zaion: “After a recurrent revenue growth of more than 200% in 2020, we want to reach a new milestone and make Zaion the undisputed leader in conversational Artificial Intelligence in Europe. Voice is the most natural channel to engage with a company or public administration. Based on this premise, our ambition is to create the customer relationship of the future through AI based on a seamless, engaging, meaningful and effective customer experience. For this new stage I am delighted to bring on board investors with a culture specific to Northern Europe and capable of supporting us in long-term international development.” 

Filip Van Innis, Investment Director at Fortino Capital: “Zaion addresses the global conversational AI market that will reach €102 billion by 2026. We believe that with its proven customer relationship experience and AI technology expertise, Zaion will transform the customer experience and significantly improve user satisfaction.” 

Bernard-Louis Roques, CEO & co-founder of Truffle Capital: “The combination of highly specialized skills in automated language processing technologies (like understanding, modeling, semantic and sentiment analysis, and retrieval) as well as an in-depth knowledge of how call centers work make Zaion the most innovative player in its market. The company’s automated language solution is a real success with insurance companies, a field where it is already a leader. The management and the team bring together exceptional talents and know-how. Through our Truffle ecosystem, we intend to contribute to Zaion’s expansion in France and Europe.” 

Dan Miller, Lead Analyst and Founder, Opus Research, Inc.: “The investment community recognizes that enterprises are investing in solution providers that make it easy to add Conversational AI into a growing number of customer care activities.” 

 

About Fortino Capital Partners 

Fortino Capital Partners is a Benelux-focused enterprise software investor with a pan European reach. Fortino Capital invests in both Venture Capital and Growth private equity assets. With offices in Antwerp and Amsterdam, Fortino Capital’s investment portfolio includes Reaqta, Oqton, Teamleader, Insided, MobileXpense, Efficy CRM, Sigma Conso and iObeya among others.

More information at www.fortinocapital.com

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About Truffle Capital 

Truffle Capital is an independent European venture capital firm founded in 2001 specializing in life sciences such as Biotech and Medtech, and disruptive technologies in the IT sector such as Fintech and Insurtech. Its mission is to support the creation and development of young innovative companies with the potential to become the leaders of tomorrow. Chaired by Patrick Kron, alongside co-founders and Managing Directors Dr Philippe Pouletty and Bernard-Louis Roques, Truffle Capital has €700 million in assets. Since its establishment, it has raised more than €1 billion and has supported more than 75 companies in the digital technology and life sciences sectors. At the end of 2017, Truffle Capital successfully completed the first closings of its 2 new institutional funds, the Truffle Financial Innovation Fund and the Truffle BioMedTech Fund, as well as the closing of a fund dedicated to pension reserves.

More information at www.truffle.com

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About La France Mutualiste 

La France Mutualiste group offers a complete range of insurance and savings products to individuals. This includes retirement savings (including those of veterans), as well as automotive and home related property insurance, and personal insurance related to healthcare, loans, and providence. These products are distributed through its subsidiary Média Courtage.

The group has 290,000 registered members, 346,000 contracts in its portfolio, 500 employees, 270 volunteers, 60 branches, and assets of €10.2 billion, 16% of which is in real estate. La France Mutualiste was formed in 1891 with the aim of pooling its members’ savings and upholding the human and social values of solidarity and commitment with community spirit. The company is therefore particularly motivated to help the most vulnerable people either through its social and mutual aid fund or through sponsorship initiatives.

More information at www.la-france-mutualiste.fr

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About PRO BTP INNOVATION PRO BTP INNOVATION is a direct investment structure founded in 2018 dedicated to financing the growth of innovative companies namely operating in the Insurtech and healthcare fields to further their transformation or digitalization. This company acts on behalf of the entire PRO BTP Group.

Whether it be healthcare, providence, insurance, savings, retirement, or vacations, PRO BTP Group is the leading professional social protection group serving companies, craftsmen, employees, apprentices, and retirees in the construction industry. PRO BTP is a company of people and not of capital. Surpluses benefit its members, particularly in the form of improved guarantees and solidarity measures. The Group has no shareholders to remunerate.

Created to manage the supplementary social protection of the construction industry, the PRO BTP group is managed by representatives of the employers and employees of the profession. Today it is the 8th largest French health and provident insurance company with 5,270 employees. The group is a committed and responsible player that finances large-scale social policy and invests in the energetic transition and technological innovation through projects related to risk prevention, health, construction, and insurance.

PRO BTP is strengthening its solidarity commitment to construction professionals mainly through its Corporate Social Responsibility (CSR) policy. The Group’s ambition is to protect and serve the building and construction industry by foreseeing tomorrow’s needs.

More information at www.probtp.com

Press Relations: Sophie BALSARIN s.balsarin@probtp.com – +33 (0)1 41 79 72 61.

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About Zaion Founded in Paris in 2017 by Franz Fodéré, Zaion is the European expert in augmented customer relationship solutions. Zaion puts voice at the heart of rich and emotional exchanges through a unique and innovative technology of Callbots, Chatbots, Voicebots and Messagingbots.

More information at www.zaion.ai

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Adelis new partner to Nordic BioSite Group

Adelis Equity

Life science research distributor Nordic BioSite Group brings in new majority owner Adelis Equity Partners in order to further accelerate its growth and geographic expansion with the goal of becoming an even stronger partner to its suppliers and customers

Nordic BioSite Group (NBG) is a leading European supplier of research and diagnostics products, with a particularly strong position within antibodies and other research reagents. Through the combination of Nordic Biosite AB in the Nordics, Sanbio BV in Benelux and Biomol GmbH in Germany, Tellacq Partners have together with the founders and management team built a solid presence in Northern Europe. Now Adelis is brought in as a partner, to help further accelerate growth and geographical expansion.

Over the last twenty years, NBG has built a solid presence in Northern Europe, connecting researchers with the world’s leading life science products for research use. The Group’s highly skilled employees, many of whom are PhDs within the field, advise thousands of researchers across Europe on which products to use to optimise their research. A growing pan-European presence helps international suppliers cut through the complexity of serving the fragmented and heterogenous European market.

“We see substantial opportunities for expansion and know that Adelis has extensive experience in growing European life science companies,” says CEO Wilco van Hamond. “We see strong potential for creating a pan-European life science research distributor, serving suppliers across Europe”, adds Magnus Lundberg, partner at Tellacq Partners.

“NBG is a leader in each of the regions in which it operates. Life science research will continue to see strong underlying growth in a post-pandemic world – with a wealth of exciting new products continuously being launched. Connecting suppliers to the fragmented European research and diagnostics market enables high quality research output. We are impressed by NBG’s management team and skilled employees and recognise that the company’s services are of great value to its suppliers and customers. We look forward to supporting NBG build a truly pan-European distribution platform”, say Rasmus Molander and Lene Stern from Adelis.

The parties have chosen not to disclose the purchase price.

For further information:

Nordic BioSite: Wilco van Hamond, wilco.vanhamond@nordicbiosite.com, +31 653 94 19 04

Adelis Equity Partners: Rasmus Molander, rasmus.molander@adelisequity.com, +46 70-823 74 33

Adelis Equity Partners: Lene Stern, lene.stern@adelisequity.com, +46 70-281 34 24

Tellacq: Magnus Lundberg, info@tellacqpartners.com

About Nordic BioSite Group

Nordic BioSite has been a leading supplier of products for research and diagnostics for over 20 years. Together with Sanbio (Benelux) and BioMol (Germany) the Group has a highly skilled employee base across Europe who provide products, expertise and support to thousands of researchers. For further information please visit https://www.nordicbiosite.com

 

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 25 platform investments and more than 100 add-on acquisitions. Adelis today manages approximately €1 billion in capital. For more information please visit www.adelisequity.com.

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Advent International agrees investment in Planet to accelerate growth in global integrated payments

Advent International
  • Existing investor, Eurazeo, to share co-control with Advent, providing stability and accelerated growth for Planet
  • Investment will accelerate Planet’s global leadership in payments
  • Advent brings proven track record in payments and software

LONDON, May 28, 2021 – Planet, a global integrated payments leader, will accelerate its growth strategy with a new investment from Advent International (“Advent”), one of the largest and most experienced global private equity investors. Advent has agreed to co-ownership with Eurazeo, a leading global investment company.

Planet provides integrated digital payment services on a unique single platform that offers acquiring, processing, digital wallets, VAT refund and currency conversion services to merchants in the Retail, Hospitality, Food & Beverage, Parking and Financial sectors. By partnering with Planet, merchants enhance their customers’ omnichannel experience, while generating additional revenue from value added payments services.

Advent and Eurazeo share a common vision for the business – to accelerate Planet’s existing strategy, deliver new innovations to customers faster, and further develop Planet’s position as a global leader in integrated payments.

Marc Frappier, Eurazeo Managing Partner and Board member, said: “Six years ago, we saw the potential in Planet to become a world-class payments business delivering innovative products and digital services across multiple vertical sectors. Since then, we have been delighted with Planet’s strategic direction and growth trajectory.”

Jeff Paduch, Managing Partner of Advent, said: “In today’s vertical payments landscape, it is rare to find a business with such a unique proposition and diversified product suite. Together with Eurazeo, we are excited to help Planet realise its full potential and accelerate its ambitious growth strategy.”

Patrick Waldron, CEO of Planet, said: “This new investment will accelerate the rate at which we develop and roll-out new innovations. It will ensure we are able to offer our customers and partners a world-leading range of payments solutions in keeping with consumers’ ever changing needs and expectations.”

Advent has an unparalleled track record in accelerating the growth of businesses across the payments and software industries. Worldwide since 2008, Advent has invested ~$4 billion in eight payments companies and has supported over 40 add-on acquisitions made by these companies.

About Planet

Planet is a provider of integrated digital payment services on a unique single platform that offers acquiring, processing, digital wallets, VAT refund and currency conversion services. Planet helps businesses meet the needs of their customers by simplifying complex payments, helping people
spend freely. Planet serves 600,000 Merchants and 100 partner banks across more than 70 markets on five continents. Planet is part of the Eurazeo portfolio of growth companies. Planet acquired 3C Payment in August 2020.

Find out more here: www.PlanetPayment.com

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 375 private equity investments across 42 countries, and as of December 31, 2020, had €62 billion ($72 billion)in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 240 private equity investment
professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

About Eurazeo

Eurazeo is a leading global investment group, with a diversified portfolio of €21.8 billion in Assets Under Management, including €15.0 billion from third parties, invested in 450 companies. With its considerable private equity, private debt and real assets expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its
companies over the long term.

Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid.

Eurazeo is listed on Euronext Paris.

ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

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Nordic Capital sells its remaining shares in Nordnet after a successful transformation

Nordic Capital

Nordic Capital sells its remaining shares in Nordnet after a successful transformation

May 27 2021

Nordic Capital1 has sold its remaining shares in Nordnet, a leading pan-Nordic digital savings and investments platform. Under Nordic Capital’s ownership, and in close partnership with the founding Öhman Group, Nordnet underwent significant transformative change and now offers a  best-in-class customer experience in the digital savings industry with sustainable growth potential.

In November 2020, Nordnet was successfully listed on Nasdaq Stockholm at an equity value of approximately SEK 24 bn. The successful listing and subsequent strong share price performance reflect the strength of Nordnet’s business and its fast growth; the result of significant improvements implemented during Nordic Capital’s ownership. On 26 May 2021, Nordic Capital initiated an accelerated book building process to sell its remaining 9.2% shareholding to a group of long-term institutional investors. Following this sale, Nordic Capital no longer owns any shares in Nordnet, while the founding Öhman Group remains the largest shareholder. The equity value of Nordnet on 26 May 2021 was SEK 38 bn.

In 2017, Nordnet was taken private by Nordic Capital and the Öhman Group, who shared the ambition to create a best-in-class customer experience in the digital savings industry. As a result of significant platform investments, enhanced user experiences and product innovation, Nordnet considerably increased its customer activity and engagement, expanded its share of the Nordic market and accelerated its growth trajectory. In addition, Nordnet advanced its sustainability agenda to further promote sustainable savings and democratise savings and investments in society. Nordnet also invested in a strengthened organisation, with its experienced management team focused on scaling the platform and delivering strong profitable growth.

In the first quarter of 2021, Nordnet had a record-breaking inflow of new savers with 39% annual customer growth and all-time high net savings capital of SEK 648 billion. Nordnet more than doubled the customer base and  nearly tripled net savings capital during Nordic Capital’s ownership.

Christian Frick, Partner at Nordic Capital Advisors, comments:

“Nordnet’s pan-Nordic digital savings and investments platform with best-in-class customer experience enables private savers to grow their savings every day. The Company has experienced a journey of growth and sustainable transformation as a result of significant platform investments and enhanced product innovation. We are immensely proud of the Nordnet team and would like to thank them for their dedication and exceptional work. During the joint ownership of the Öhman Group and Nordic Capital, Nordnet was truly transformed, now standing stronger than ever with an exciting growth journey ahead.”

Lars-Åke Norling, CEO of Nordnet, comments:

“Under the private ownership of Nordic Capital and the Öhman Group, Nordnet has grown to become a driving force in the digital savings industry. Nordic Capital has supported us during this journey in a very professional way, with full focus on enhancing the customer experience. I want to thank Nordic Capital for their contribution to Nordnet’s development, and at the same time thank our close to 1.5 million customers who trust us with their savings every day. Our promise to the Nordic savers remains the same – to build the best platform for savings and investments.”

Tom Dinkelspiel, Chairman of the Board of Nordnet representing the Öhman Group, comments:

“I am incredibly proud of Nordnet’s growth journey that started almost 25 years ago with a promise to democratise savings and investments. In true partnership with Nordic Capital, we made significant investments into the platform and product innovation which put Nordnet in a unique position to offer a leading customer experience. Representing the largest shareholder, we want to thank both the Nordnet and Nordic Capital teams for great efforts in making this happen and are looking forward to continuing this exciting journey ahead.”

Financial Services is one of Nordic Capital’s focus sectors where it has extensive experience, a strong and active sector network and a dedicated team with local presence across Northern Europe. As one of Europe’s leading financial services investors, Nordic Capital has invested EUR 2.5 bn in 11 financial services companies since 2004. It has achieved repeatable success and developed thriving companies as evidenced by the performance of financial services companies such as Resurs Bank, Nordax Bank, Bambora and Trustly as well as the most recent investment in Max Matthiessen and the signed agreement on the merger of Advisa and Sambla.

 

Press contacts

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 17 billion in close to 120 investments. The most recent fund is Nordic Capital Fund X with EUR 6.1 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further information about Nordic Capital, please visit www.nordiccapital.com

 

[1] The shares are owned and were offered by Cidron Danube S.à r.l. (“Cidron”), a company indirectly owned by Nordic Capital. References to “Nordic Capital” in this press release in relation to the transaction contemplated herein refers to Nordic Capital VIII Alpha, L.P. and Nordic Capital VIII Beta, L.P. (acting through their general partner Nordic Capital VIII Limited), or, as required by the context, Cidron as a selling shareholder. “Nordic Capital” may also, depending on the context, refer to any, or all, Nordic Capital branded funds and vehicles and associated entities. The general partners of Nordic Capital’s funds and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

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eFFECTOR Therapeutics and Locust Walk Acquisition Corp. Announce Merger Agreement to Create Publicly Listed, Next-Generation Oncology Company Developing New Class of Cancer Therapies

Abingworth

Gross proceeds expected to include $60 million from a committed PIPE and up to $175 million held in trust

• Anticipated cash resources will fund eFFECTOR’s pipeline advancement through multiple clinical milestones

• Merger expected to be completed in third quarter of 2021; combined company expected to be listed on Nasdaq under the ticker “EFTR”

• Webcast to discuss the proposed transaction scheduled for Thursday, May 27th at 9:00 am ET

SAN DIEGO, May 27, 2021 – eFFECTOR Therapeutics, Inc. (eFFECTOR), a biopharmaceutical company focused on pioneering the development of selective translation regulation inhibitors (STRIs) for the treatment of cancer, and Locust Walk Acquisition Corp. (NASDAQ: LWAC), a blank-check company formed for the purpose of acquiring or merging with one or more businesses, today announced they have entered into a definitive merger agreement. Upon closing of the transaction, anticipated to occur in the third quarter of 2021, the combined company will be named eFFECTOR Therapeutics, Inc. and will be led by Steve Worland, Ph.D., president and CEO.  The combined company’s common stock is expected to be listed on the Nasdaq Capital Market under the ticker symbol “EFTR”.

“This milestone is the beginning of a significant new chapter in eFFECTOR’s history, as we build on our strong scientific foundation as leaders in the development of selective translation regulator inhibitors as a new class of therapies for cancer,” said Dr. Worland. “We’re entering into this transaction to accelerate eFFECTOR’s growth with the goal of delivering a new class of medicines to help drive improved health outcomes for people with cancer. We are excited to be selected by the management and board of LWAC, whose members have vast experience as investors and operating executives in the biotechnology industry.”

“After evaluating more than 90 biotech companies, eFFECTOR emerged as the best choice for our business combination,” stated Chris Ehrlich, CEO and director of LWAC. “eFFECTOR is at the cutting-edge of targeting translation regulation, which has the potential to simultaneously address multiple drivers of cancer. We are confident that the highly experienced management team with a track record of pipeline advancement and business accomplishments are prepared to lead eFFECTOR as a publicly listed company. This transaction positions eFFECTOR to reach important value inflection points for our impressive list of stakeholders.”

The transaction includes up to $175 million in trust at LWAC (less any redemptions by existing LWAC stockholders) and a concurrent, fully committed $60 million PIPE financing of common stock issued at $10.00 per share from new and existing leading healthcare investors including founding Series A investors Abingworth, SR One, The Column Group and U.S. Venture Partners, as well as Altitude Life Science Ventures, Sectoral Asset Management, Pfizer Ventures, Alexandria Venture Investments, BioMed Ventures and Osage University Partners.

Proceeds from the transaction are expected to provide eFFECTOR with the capital to further develop its pipeline, advancing it through multiple clinical milestones, including the following:

  • Report topline data from the randomized Phase 2b KICKSTART clinical trial of eFFECTOR’s lead product candidate, tomivorsertib, an oral small-molecule inhibitor of mitogen-activated protein kinases 1 and 2 (MNK) 1/2, in combination with pembrolizumab in metastatic non-small cell lung cancer (NSCLC), both in the frontline extension and frontline settings; this study is open for enrollment.
  • Initiate multiple Phase 2a expansion cohorts for zotatifin, a small-molecule inhibitor of eIF4A, in patients with breast cancer and NSCLC in the second half of 2021.
  • Support expansion of both tomivosertib and zotatifin into additional indications.

Key Transaction Terms

Upon the closing of the business combination, and assuming no redemptions of shares of LWAC by its public stockholders, eFFECTOR would be expected to have cash resources of approximately $210 million (less any redemptions), and a total enterprise valuation of $419 million.

The boards of directors of both eFFECTOR and LWAC have unanimously approved the proposed transaction, which is expected to be completed in the third quarter of 2021.  The closing of the transaction is subject to approval of LWAC shareholders and the satisfaction or waiver of certain other customary closing conditions.

Additional information about the transaction will be provided in a Current Report on Form 8-K to be filed by LWAC with the Securities and Exchange Commission (SEC) and will be available on the SEC’s website at www.sec.gov. In addition, LWAC intends to file a registration statement on Form S-4 with the SEC, which will include a proxy statement/prospectus, and will file other documents regarding the proposed transaction with the SEC.

Advisors

Credit Suisse and Stifel are acting as lead PIPE placement agents, and Credit Suisse is also acting as capital markets advisor to eFFECTOR. Locust Walk Securities is also acting as PIPE placement agent. Latham & Watkins LLP is acting as legal counsel to eFFECTOR. Cantor Fitzgerald is acting as the lead capital markets advisor to LWAC. JMP Securities and Mizuho Securities are also acting as capital markets advisors to LWAC. Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. is serving as legal counsel to LWAC.

Investor Webcast

The management teams of eFFECTOR and LWAC will host a webcast today, Thursday, May 27 at 9:00 a.m. ET to provide a brief overview of eFFECTOR and the proposed transaction. The webcast can be accessed here: http://public.viavid.com/index.php?id=145087

In addition, the link will be available on eFFECTOR’s website at www.effector.com and LWAC’s website at www.locustwalkacquisitioncorp.com.

About eFFECTOR

eFFECTOR is a clinical stage biopharmaceutical company focused on pioneering the development of a new class of oncology drugs referred to as selective translation regulator inhibitors (STRIs). eFFECTOR’s STRI product candidates target the eIF4F complex and its activating kinase, mitogen-activated protein kinase 1/2 (MNK 1/2). The eIF4F complex is a central node where two of the most frequently mutated signaling pathways in cancer, the PI3K-AKT and RAS-MEK pathways, converge to activate the translation of select messenger RNA into proteins that are frequent culprits in key disease driving processes. Each of eFFECTOR’s product candidates is designed to act on a single protein that drives the expression of multiple functionally related proteins, including oncoproteins and immunosuppressive proteins in T cells, that together control tumor growth, survival and immune evasion. eFFECTOR’s lead product candidate, tomivosertib, is a MNK 1/2 inhibitor.  KICKSTART, a randomized, double-blind, placebo controlled Phase 2b trial of tomivorsertib in NSCLC in combination with pembrolizumab is currently open for enrollment. Zotatifin, eFFECTOR’s inhibitor of eIF4A, is currently in the dose-escalation portion of a Phase 1/2 trial, with Phase 2a expansion cohorts expected to initiate in the second half of 2021. eFFECTOR has a global collaboration with Pfizer to develop inhibitors of a third target, eIF4E. eFFECTOR plans to evaluate zotatifin as a potential host-directed anti-viral therapy in patients with mild to moderate COVID in collaboration with University of California, San Francisco, under a $5 million grant sponsored by the Defense Advanced Research Projects Agency.

About Locust Walk Acquisition Corp.

Locust Walk Acquisition Corp. (NASDAQ: LWAC) is a blank-check company formed for the purpose of entering a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Locust Walk Acquisition Corp. and eFFECTOR Therapeutics, Inc.  All statements other than statements of historical facts contained in this press release, including statements regarding LWAC or eFFECTOR’s future results of operations and financial position, the amount of cash expected to be available to eFFECTOR after the closing and giving effect to any redemptions by LWAC stockholders, eFFECTOR’s business strategy, prospective products, product approvals, research and development costs, timing and likelihood of success, plans and objectives of management for future operations, future results of current and anticipated products and expected use of proceeds, are forward-looking statements. 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. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to, the following risks relating to the proposed transaction: the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of LWAC’s securities; the failure to satisfy the conditions to closing the transaction, including the approval by the stockholders of LWAC and the receipt of certain governmental and regulatory approvals; the risk that some or all of LWAC’s stockholders may redeem their shares at the closing of the transaction; the effect of the announcement or pendency of the transaction on the eFFECTOR’s business relationships and business generally; the outcome of any legal proceedings that may be instituted related to the transaction; the ability to realize the anticipated benefits of the transaction; eFFECTOR may use its capital resources sooner than it expects; and the risks associated with eFFECTOR’s business set forth in the Appendix to the investor presentation filed as an exhibit to the Current Report on Form 8-K filed by LWAC discussed above. Moreover, eFFECTOR operates in a very competitive and rapidly changing environment. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond LWAC’s and eFFECTOR’s control, you should not rely on these forward-looking statements as predictions of future events. The foregoing list of factors is not exclusive, and you should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of LWAC’s Annual Report on Form 10-K and other documents filed by LWAC from time to time 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 except as required by law. LWAC and eFFECTOR 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 LWAC nor eFFECTOR gives any assurance that either LWAC or eFFECTOR or the combined company will achieve its expectations.

Important Information for Investors and Stockholders

This press release relates to a proposed transaction between LWAC and eFFECTOR. 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. LWAC intends to file a registration statement on Form S-4 with the SEC, which will include a document that serves as a prospectus and proxy statement of LWAC, referred to as a proxy statement/prospectus. A proxy statement/prospectus will be sent to all LWAC stockholders. LWAC also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of LWAC 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 registration statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by LWAC through the website maintained by the SEC at www.sec.gov. Alternatively, these documents, when available, can be obtained free of charge from LWAC upon written request to Locust Walk Acquisition Corp., c/o eFFECTOR, 11120 Roselle Street, Suite A, San Diego, CA 92121, Attn: Secretary, or by calling (858) 925-8215.

Participants in the Solicitation

LWAC and eFFECTOR and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from LWAC’s stockholders in connection with the proposed transaction. A list of the names of the directors and executive officers of LWAC and information regarding their interests in the business combination will be contained in the proxy statement/prospectus when available. You may obtain free copies of these documents as described in the preceding paragraph.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.

Contacts:

Investors:

Stephanie Carrington
Westwicke, an ICR Company
646-277-1282
Stephanie.Carrington@westwicke.com

Media:

Heidi Chokeir, Ph.D.
Canale Communications
619-203-5391
heidi.chokeir@canalecomm.com

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