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GTCR-Backed Paya to be Acquired by Nuvei

Sale of Leading Integrated Payments Provider Follows Significant Transformation and Successful Execution of The Leaders Strategy™ within the Payments Industry
CHICAGO, IL — January 9, 2023

GTCR, a leading private equity firm, announced today that portfolio company Paya Holdings Inc. (NASDAQ: PAYA), a leading integrated payments provider, has signed a definitive agreement with Nuvei Corporation (TSX: NVEI) (NASDAQ: NVEI) to be acquired in an all-cash transaction through a tender offer with a total enterprise value of approximately $1.3 billion. Following Paya’s listing as a publicly-traded company, GTCR remained Paya’s largest shareholder and the firm supports this transaction.

Headquartered in Atlanta, Georgia, Paya is a leading pure-play integrated payments platform serving customers in attractive and growing end markets such as B2B, government, utilities, non-profit and healthcare end markets. In total, Paya processes over $45 billion of annual payment volume, making it a top 10 provider of card-not-present payment processing in the U.S., and serves over 100,000 end-customers through over 2,000 software vendors and other key distribution partners.

GTCR originally acquired Paya in 2017 and, alongside Paya’s management team, helped transform the business through accelerated organic growth and several accretive acquisitions. In October 2020, Paya became a NASDAQ-listed public company.

“Nuvei’s acquisition of Paya marks a significant milestone in the transformation of this business,” said Aaron Cohen, Managing Director and Head of Financial Services & Technology at GTCR. “Since the initial corporate carveout from Sage, the Company has worked side-by-side with our team to implement a growth strategy centered on investing in technology and an enhanced product suite to reach new customers in attractive markets.”

“Paya’s evolution from a corporate subsidiary to a highly strategic business within the broader payments ecosystem is a great illustration of the GTCR Leaders StrategyTM,” said Collin Roche, Managing Director and Co-CEO of GTCR. “We’d like to thank Jeff Hack and the rest of the Paya management team for their hard work which led to this important achievement.”

“Today is the culmination of a five-year journey for the Paya business alongside GTCR, and we see a very bright future for Paya with Nuvei,” said Jeff Hack, Paya CEO. “GTCR has been an exceptional partner. They have worked closely with management to transform our business and their contributions to Paya’s strategy and success have been invaluable. Together, we were able to leverage GTCR’s deep domain expertise in payments and Paya’s leading-edge solutions to execute an organic growth and M&A investment plan that has established the Company as one of the leading providers of integrated payments solutions.”

J.P. Morgan Securities LLC and Raymond James & Associates are serving as financial advisors to Paya and Kirkland & Ellis LLP is serving as Paya’s legal advisor. Simpson Thacher & Bartlett LLP is serving as legal counsel for GTCR.

About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages over $26 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.

Additional Information about the Tender Offer and Where to Find it
The tender offer referenced in this communication has not yet commenced. This communication is for information purposes only and is neither an offer to buy nor a solicitation of an offer to sell any securities of Paya Holdings, Inc. (“Paya”), nor is it a substitute for the tender offer materials that Pinnacle Merger Sub, Inc. (“Merger Sub”) will file with the Securities and Exchange Commission (“SEC”) upon commencement of the tender offer. The solicitation of an offer to sell and the offer to buy shares of Paya’s common stock will only be made pursuant to a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials that Merger Sub, a wholly owned subsidiary of Nuvei Corporation (“Nuvei”), intends to file with the SEC. In addition, Paya will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer.

Stockholders and Investors are strongly advised to read these documents when they become available, including the Solicitation/Recommendation Statement of Paya on Schedule 14D-9 and any amendments or supplements thereto, as well as any other documents relating to the tender offer and the merger that are filed with the SEC, carefully and in their entirety prior to making any decisions with respect to whether to tender their shares into the tender offer because they contain important information, including the terms and conditions of the tender offer.

Once filed, investors will be able to obtain the tender statement on Schedule TO, the offer to purchase, the Solicitation/Recommendation Statement of Paya on Schedule 14D-9 and related offer materials with respect to the tender offer and the merger, free of charge at the SEC’s website at www.sec.gov or from the information agent that will be named in the tender offer materials. Investors may also obtain, at no charge, the documents filed with or furnished to the SEC by Paya under the “Investors” section of Paya’s website at https://investors.paya.com.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements either contained in or incorporated by reference into this document, other than purely historical information, including statements relating to the acquisition of Paya by Nuvei and any statements relating to Paya’s business and expected operating results, and the assumptions upon which those statements are based, are “forward-looking statements.” These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Forward-looking statements are based on management’s current expectations and beliefs, as well as a number of assumptions, estimates and projections concerning future events and do not constitute guarantees of future performance. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of which are outside management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.  Such forward-looking statements include those relating to the ability to complete and the timing of completion of the transactions contemplated by the merger agreement including the parties’ ability to satisfy the conditions to the consummation of the tender offer and the other conditions set forth in the merger agreement and the possibility of any termination of the merger agreement. Actual results may differ materially from current expectations because of numerous risks and uncertainties including, among others: (i) the risk that the proposed transaction may not be completed in a timely manner or at all; (ii) uncertainty surrounding the number of shares of Paya’s common stock that will be tendered in the tender offer; (iii) the risk of legal proceedings that may be instituted related to the merger agreement, which may result in significant costs of defense, indemnification and liability; (iv) the possibility that competing offers or acquisition proposals for Paya will be made; (v) the possibility that any or all of the various conditions to the consummation of the offer or the merger may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the offer or the merger; (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; and (vii) the effects of disruption from the transactions of Paya’s business and the fact that the announcement and pendency of the transactions may make it more difficult to establish or maintain relationships with employees and business partners. The risks and uncertainties may be impacted by the COVID-19 pandemic (including supply chain constraints, labor shortages and inflationary pressure). The foregoing factors should be read in conjunction with the risks and cautionary statements discussed or identified in Paya’s public filings with the SEC from time to time, including Paya’s most recent Annual Report on Form 10-K for the year ended December 31, 2021 and Quarterly Reports on Form 10-Q. Paya’s stockholders and investors are cautioned not to unduly rely on these forward-looking statements. The forward-looking statements speak only as of the date hereof and, other than as required by applicable law, Paya expressly disclaims any intent or obligation to update or revise publicly these forward-looking information or statements.

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Carwash Clean In 60 Meters joins Torqx Capital Partners’ carwash initiative

Torqx Capital

Torqx Capital Partners (“Torqx”) and Oscar Dackus have come to an agreement concerning the acquisition of Clean In 60 Meters by Torqx. Clean In 60 Meters is a premium car wash located in Heerlen and is known for its high quality wash process, exceptional customer experience and enthusiastic team of employees. Clean In 60 Meters is an important stepping stone to further build the leading Benelux network of premium carwashes. Following the acquisition, Torqx will further invest in its facilities by implementing an upgrade plan for which Clean In 60 Meters was recently granted a permit. The upgrade will further increase its capacity and expand washing capabilities, allowing customers to count on an even faster and more comprehensive service.

Oscar, the founder of Clean In 60 Meters, is very pleased with the acquisition by Torqx and sees strong potential for Clean in 60 Meters as a core member of the Carwash Group. “I founded Clean In 60 Meters 13 years ago and I am very proud of what we have achieved with the team. Now that the time has come for me to take a step back, I am happy that I can hand over my business to a group of young, enthusiastic and highly professional people who share with me the same passion for carwash. The acquisition also ensures a bright future for my employees and the company itself, as part of a strong group of premium car washes that has the relevant capabilities as well as the required capital and willingness to invest further in this company and its people.”

Hein Castelijns, Managing Director of the Carwash Group, is looking forward to further developing the carwash together with the current team: “We are very pleased with our expansion towards the southern region of The Netherlands. Oscar has built a wonderful company with a great reputation, characterised by a high-quality washing process, a strong team and premium customer experience. This makes Clean In 60 Meters a very valuable and fitting addition to the rest of the group. Furthermore, I am greatly enthused about the renovation plans that will allow us to improve the customer experience even further and, at the same time make the washing process more sustainable.”

With the acquisition of Clean In 60 Meters, Torqx continues to build on its goal of developing a leading network of premium carwash locations in the Benelux region. David van Hasselt, Partner at Torqx sees the acquisition as an important step: “The acquisition of Clean In 60 Meters enables us to further expand our network of premium carwash locations and brings us closer to achieving network coverage throughout the Benelux region. It also means that we have once again gained the trust of a respected and successful carwash entrepreneur like Oscar, which is a strong confirmation that we are on the right track.”

About Clean In 60 Meters
Carwash Clean In 60 Meters is widely recognised in the carwash industry as a high-quality carwash in Limburg with a strong and recognisable brand. Oscar started the carwash in 2009, due to its high-end machinery and excellent maintenance, Clean In 60 Meters is known for its high-quality washing process. In addition, an energetic and customer-oriented way of working of the employees ensures that Clean In 60 Meters offers every customer an excellent and premium wash experience. For more information, please visit: www.carwashcleanin60meters.nl 

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Tadaweb, Wendel Growth’s First Direct Investment in Europe

Wendel

Wendel (Euronext: MF.FP), through its investment arm Wendel Growth1, announced today
that it has entered into a definitive agreement to acquire a minority interest of Tadaweb.
Wendel will make an equity investment of €15 million to support Tadaweb’s growth. The
transaction is expected to close in the first quarter of 2023, subject to customary conditions
and regulatory approvals.
Tadaweb delivers open-source intelligence (OSINT) platforms that enable organizations to
generate actionable intelligence by making analysts’ investigative methods hyper-efficient,
reducing time to insight from days to minutes. Tadaweb’s platforms scale analysts’ expertise
across the vast, volatile reaches of the internet. This fast growth company, employing over
120 people, is headquartered in Luxembourg with offices in Paris, London, and Ottawa.
Jérôme Michiels, EVP, CFO and Head of Wendel Growth, said: “I am very pleased to
welcome Tadaweb into Wendel’s portfolio. This first direct investment in Europe by the
Wendel Growth investment team, led by Antoine Izsak, is fully in line with what we want to
target: innovative companies with high growth and leadership potential, led by committed
entrepreneurs.”

Antoine Izsak, Head of Growth Equity said: “We are delighted to make our first investment
in Tadaweb, a leader in the fast-growing OSINT market, where the company offers a unique
set of services and features as well as a world-class team. I’m looking forward to
implementing the partnership that we’re creating with François Gaspard and Genna Elvin
and their teams.”
Genna Elvin, Chief Tada Officer and cofounder stated: “This investment marks another
major milestone in our history. It will accelerate our expansion globally, including our entry
into the United States and additional European markets. We have been a profitable
company for over 5 years, and this represents a pivotal step for the company. Our recently
expanded leadership team, along with this relationship, significantly shifts our ability to scale
our products and the global markets we serve.”
1 Formerly Wendel Lab

François Gaspard, Chief Executive Officer and cofounder, shared: “Becoming part of
the Wendel portfolio, is another step in our long-term growth plans worldwide. We have a
shared history in Luxembourg as well as France and have a shared commitment to building
enduring businesses. At Tadaweb, we continue to be deeply steeped in our European roots.
This opportunity to partner with Antoine and the Wendel Growth team, is truly a special
moment in our story.”

Ted Hickey, Head of Strategy: “Our leadership team is excited to leverage the expertise
and global access Wendel Growth provides to their portfolio companies, which will be
important as we expand into new markets and scale our open-source intelligence platforms.”

About Wendel Growth:
With Wendel Growth (formerly Wendel Lab), Wendel invests via funds or directly in innovative, high-growth companies.
With close to €170 million already committed through the initiative in recent years, Wendel Growth seeks direct investment and coinvestment opportunities in startups. To make these direct investments, like the 2019 investment in AlphaSense, Wendel Growth is supported by a new team made up of two professionals experienced in this asset class, including Antoine Izsak, who joined Wendel in early February as Head of Growth Equity. Mr. Izsak was previously Investment Director at Bpifrance. Wendel’s ambition is to invest up to €50 million in scale ups in Europe and North America and will continue to invest in funds and funds of funds.

About Tadaweb:
Tadaweb reshapes how organizations generate intelligence from publicly available information, helping them detect critical trends and accelerate their investigations, mirroring analysts methods in a hyper-efficient and scalable process, reducing time to actionable insight from weeks to minutes. Learn more at tadaweb.com

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Alpha Dhabi and Mubadala Form Partnership to Co-invest in Global Credit Opportunities

Apollo

Abu Dhabi, UAE; 05 January 2023: Alpha Dhabi Holding PJSC (“Alpha Dhabi”) and Mubadala Investment Company (“Mubadala”) today announced the formation of a joint venture to co-invest in credit opportunities. Alpha Dhabi and Mubadala aim to collectively deploy up to ~AED 9 billion (approximately US $2.5 billion) over the next five years, leveraging Mubadala’s long-term and strategic partnership with Apollo (NYSE: APO), one of the world’s largest alternative asset managers, to access high-quality private credit investment opportunities.

Mubadala will hold 80% ownership in the Abu Dhabi Global Market-based joint venture entity, with the remaining 20% to be held by Alpha Dhabi.

Commenting on the announcement, Hamad Salem Al Ameri, Chief Executive Officer and Managing Director of Alpha Dhabi, said: “We have continued to assess the private credit market asset class recently with a keen interest, particularly given the current global market environment. We are proud to partner with Mubadala and Apollo – both of which are renowned in this space – to address the global market need for alternative forms of liquidity and credit. The asset class provides further diversification to our portfolio and attractive risk adjusted returns.”

Hani Barhoush, CEO of Disruptive Investments at Mubadala, added: “We are excited to form this partnership with Alpha Dhabi at a time when global private credit markets are entering a period of significant growth. By leveraging our strong existing relationship with Apollo, and combining Mubadala and Alpha Dhabi’s investment expertise and capital, we have created a powerful platform to access investment opportunities around the world while driving synergies across Abu Dhabi’s ecosystem.”

“At Apollo, we believe this is an attractive time to deploy capital across private credit markets and are excited to continue building our relationships with Mubadala and Alpha Dhabi, coming together at a time when private markets are prime for investment against a backdrop of broader public market stress.” said Craig Farr, Apollo Partner and Head of Apollo Capital Solutions.

Allocations to the private credit asset class have continued to gain traction and increase regionally and are seen as a route to generate strong returns while providing effective downside protection. This is particularly pertinent in the context of the current operating macroenvironment with rising interest rates and inflationary pressures. Private credit investments are well placed to perform across market cycles, despite the current uncertain and volatile global capital markets landscape.

—ENDS—

About Mubadala

Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.

Mubadala’s $284 billion (AED 1,045 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.

For more information about Mubadala Investment Company, please visit: www.mubadala.com

About Alpha Dhabi

Alpha Dhabi Holding (ADH), the UAE listed conglomerate, was established in 2013 and is one of the fastest growing Abu Dhabi based investment holding companies, with more than 100 businesses spread across healthcare, renewable energy, petrochemical and other industries as well as real estate, construction and hospitality. With over 85,000 employees, ADH is a strategic contributor to the UAE economy and is committed to drive continuous growth for its stakeholders through investments in emerging businesses, supporting innovation and diversity.

About Apollo

Apollo is a global, high-growth alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three business strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2022, Apollo had approximately $523 billion of assets under management. To learn more, please visit www.apollo.com.

Media Contacts

Alpha Dhabi Holding
Archana Koka
IR@alphadhabi.com

Mubadala
Salam Kitmitto
sakitmitto@mubadala.ae

Apollo
Noah Gunn
IR@apollo.com

Joanna Rose
Communications@apollo.com

Brunswick Group
Omar Abu Khadra / Jade Mamarbachi
alphadhabi@brunswickgroup.com

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Opsys Tech tops up latest venture effort with additional $36.5M

83North logo

Israeli developer of automotive lidar eyes production ramp after closing $51.5M series C round.

 

VCSEL array lidarVCSEL array lidar

Opsys Tech, one of several startups developing automotive lidar technology out of Israel, says it has raised an additional $36.5 million in its latest venture funding round.

 

The additional cash, which brought total series C funding to $51.5 million, will be used to ramp production of commercial devices built around its solid-state platform.

Last year the company agreed deals with major auto part suppliers including China’s Hasco and SL Corporation in South Korea.

A recent update to the Hasco collaboration is expected to see the Chinese firm manufacture the Opsys lidar units domestically, with mass production slated to start in 2024.

VCSEL array
Taking part in Opsys’ latest round of financing round were the likes of 83North, Osage University Partners, Translink Capital, and Saban Ventures.

“The series C financing will support the ramp of commercial automotive production quantities of Opsys Tech’s lidar sensor solutions,” announced the Israeli startup.

The firm claims to have developed a lidar sensor that is uniquely capable of high performance and reliability coupled with low cost that is able to meet all user requirements and requires no moving parts.

Opsys also claims a detection range of 300 meters at 10 per cent object reflectivity with its sensors, which are based around an array of vertical-cavity surface-emitting lasers (VCSELs) operating at 850-980 nm and single-photon avalanche diode (SPAD) detectors.

Gertel, the former CEO of major VCSEL manufacturer Finisar (now part of the giant Coherent photonics company), co-founded the startup and is now its executive chairman.

Commenting on the latest funding round, he said: “We are gratified by the validation of our unique technology and our demonstrated commercialization progress.

“Customer feedback on the best-in-class overall performance of our sensor has been incredible and our customer engagement levels have never been higher.

“Based on customer feedback, we believe we have developed the only lidar sensor available on the market that can meet all customer requirements at all times to enable a complete automotive lidar solution.”

Mass production in Asia
Gertel believes that the solid-state sensor is capable of meeting all automotive reliability requirements and performance specifications required for every level of advanced driver assistance systems (ADAS) and autonomy, adding:

“With the closing of this financing round, we can complete the full production ramp of our True Solid-State Scanning lidar product line, and we are looking forward to supplying our customers with production quantities of our lidar sensors.”

Opsys is also exhibiting at this week’s CES 2023 in Las Vegas – now a key event for automotive lidar companies – and used the occasion to announce the update to its agreement with Hasco.

Company CEO Rafi Harel, who was the general manager of Finisar Israel for several years, said of that deal:

“This major milestone…marks our entrance into the market for mass production quantities of automotive lidar systems in Asia.

“The use of Opsys lidar technology will increase the safety of vehicles on the road while enabling the evolution of autonomous functionality at all levels, including L5.”

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Partners Group acquires SureWerx, a leading North American supplier of personal protective equipment, safety gear, and tool solutions

Partners Group
  • SureWerx owns 18 well-established brands across 27 product categories
  • SureWerx is positioned to benefit from tailwinds in the safety equipment market
  • Partners Group aims to transform SureWerx through targeted value creation initiatives that will drive improved product offering, customer engagement, and stakeholder benefits

Partners Group, a leading global private markets firm, has, on behalf of its clients, acquired SureWerx (or “the Company”), a leading supplier of personal protective equipment, safety gear, and tool solutions across North America, from The Riverside Company.

Co-headquartered in Vancouver, BC, and Chicago, IL, SureWerx is a leading supplier of technical safety equipment and safety tools that help improve employee wellbeing, working conditions, and productivity. SureWerx owns 18 well-established safety brands across 27 product categories, including welding safety head protection, safety footwear and traction aids, arc flash apparel, detectable warning equipment, and abrasive and cutting tools. The Company serves diverse end-markets, including infrastructure and utilities, manufacturing, transportation and logistics, and warehousing, where customers typically purchase multiple product categories and regularly replenish stock, generating strong recurring demand. SureWerx has around 350 employees across 12 distribution centers, with the majority of its sales in the US and Canada. SureWerx is positioned to benefit from tailwinds in the safety equipment market, such as increasing regulatory requirements on worker safety, a proliferating culture of safety across industries and geographies, and new use-case scenarios for innovative safety equipment.

Partners Group will work with SureWerx management to build on its leading position in the North American safety market. Key value creation initiatives include making strategic acquisitions of targeted product lines, launching an operational excellence program, expanding the Company’s e-commerce capabilities, and transforming sales and product development processes. Chris Baby, Chief Executive Officer of SureWerx, will continue to lead the Company.

Derek Lim, Managing Director, Private Equity Goods & Products Industry Vertical, Partners Group, says: “SureWerx is a leading technical safety equipment supplier with a stable of strong brand names and a history of successful product innovation for its customers and end-users across multiple distribution channels. Industrial safety has been a thematic focus area of ours for over four years, and we have conviction in SureWerx’s growth potential due to its broad product portfolio, end-market diversification and compelling industry tailwinds. SureWerx’s products play an important role in ensuring worker safety, which fits with our commitment to invest in companies that achieve positive stakeholder impact. We are excited to partner with Chris and the team to execute on our shared value creation growth initiatives.”

Chris Baby, Chief Executive Officer, SureWerx, comments: “Our brands have a long history of high performance and technical superiority, which clearly differentiate them from competitors. At SureWerx, we incorporate input from end-users during our internal product innovation and manufacturing review processes, which allows us to develop unique and tailored solutions. We are now looking to cement our market leading position and institutionalize our vision. Partners Group’s operational expertise and financial resources make the firm an ideal long-term partner to help us achieve our goals.”

Henry Elefter, Member of Management, Private Equity Goods & Products Industry Vertical, Partners Group, adds: “SureWerx is a key player in the safety PPE industry, which is characterized by cycle resilience and growth due to regulations on worker safety. There is an increasing focus on established brands due to the high cost of product failure. The Company offers a compelling value proposition for its distributor partners, including flexible fulfillment, which ensures long-term, sticky customer relationships. We look forward to working with management on our value creation plan that aims to further build the business on its foundation of success.”

Latham and Watkins represented Partners Group on the transaction.

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CVC has signed a preliminary agreement for the sale of PKP Energetyka

CVC Capital Partners

CVC Capital Partners Fund VI (“CVC”) has signed a preliminary agreement for the sale of PKP Energetyka, an energy distributor for the Polish railway sector and provider of traction network maintenance services, to PGE, the state-controlled- public power company and the largest power producing company in Poland for an EV of PLN 5,944.5 million. The transaction is subject to the standard regulatory approvals and depends on the conclusion of the legal dispute regarding the privatization of PKP Energetyka and obtaining consents from entities providing financing.

PKP Energetyka is one of the largest energy companies in Poland, responsible for the distribution of over 4 TWh of electricity annually, which is 2.9% of all energy in Poland. The company manages and develops critical infrastructure for Polish rail transport has and maintains 21.5 thousand km of power lines and owns over 800 substations, employing over 4,000 people.

During CVC’s ownership over the last seven years PKP Energetyka has been consistently implementing cutting-edge technology to improve the quality, safety and efficiency of its operations. The company operates a Workforce Management system, advanced data analytics systems, artificial intelligence-based algorithms to support the safety of the distribution network and rail traffic, as well as mobile and virtual training solutions. PKP Energetyka is highly technologically advanced, as exemplified by Europe’s largest traction energy storage facility in Garbce near Wroclaw, further supported by innovative hydrogen technology developed jointly with Polish scientists. The company’s transformation would not have been possible without the commitment of its employees, which is currently at almost 70% (with the Polish average at 48%). This is confirmed by receiving the Top Employer certificate four years in a row (2019-2022).

Quotes

We have carried out a complex transformation of the company over the past seven years. Through c.PLN 4 billion capex investments and value-creation programs, we have transitioned it from an analogue world to a digital one.

Krzysztof KrawczykPartner, CVC Capital Partners

Krzysztof Krawczyk, Partner at CVC Capital Partners, commented: “We have carried out a complex transformation of the company over the past seven years. Through c.PLN 4 billion capex investments and value-creation programs, we have transitioned it from an analog world to a digital one. This has allowed us to improve operational parameters, such as reducing the network outages from 331 in 2015 to 14 in 2021 and improving SAIDI power outage index by more than 3 times.

István Szőke, Managing Partner at CVC Capital Partners, added: “We are handing over the company in an excellent condition – today PKP Energetyka is fully ready to be the backbone of the transformation of the railroad power industry, crucial for the development of the entire sector, and has huge potential for further long-term development.”

Wojciech Orzech, President of the Management Board of PKP Energetyka, said: “The recent years of PKP Energetyka’s continuous growth are no coincidence. This is the result of implementing a carefully planned company transformation process. It would not have been possible without the huge commitment of the entire team, which believed in the vision of development and joined its co-creation and implementation from the very beginning. Quality, safety, commitment, efficiency – these four values have accompanied us from the beginning of the transformation and have been the foundation for the development of PKP Energetyka.”

The digital transformation allows the company, and the entire sector, to realize the strategic Green Railway® program, which aims to change the sector’s energy mix to 85% clean energy from renewable sources in 2030, and ultimately to 100%.

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Equistone acquires a majority stake in BUKO Infrasupport and BUKO Waakt, leading providers of outsourced traffic and safety management solutions

Equistone

Funds advised by Equistone Partners Europe (“Equistone”) are acquiring a majority stake in BUKO Infrasupport and BUKO Waakt (“BUKO”), leading providers of outsourced traffic and safety management solutions in the Netherlands. Equistone will partner with the current shareholder Scheybeeck Participaties, the family office of the Burger family, and the wider management team, which will reinvest in the company as part of the transaction. It was important for Scheybeeck Participaties to find a highly experienced partner that can support the company’s growth ambitions with strong financial backing and a broad international network. Current CEO Robert Emmerich will continue to lead both companies going forward. The partnership with Equistone will focus primarily on further expanding BUKO’s market presence in the Netherlands as well as targeted expansion into neighbouring countries, supported by strong market dynamics. The financial terms of the transaction are undisclosed and completion remains subject to approval by the relevant competition authorities.

Founded in 1962 in the Netherlands, BUKO consists of three business units: BUKO Infrasupport, BUKO Transport and BUKO Waakt. BUKO Transport is not included in this transaction. BUKO Infrasupport specialises in offering end-to-end outsourced temporary traffic management solutions. With its comprehensive portfolio of services – from design, planning, approval, deployment and collection, as well as onsite management of road signage and safety equipment required for roadworks – Infrasupport primarily serves contractors and public authorities, active in utility-related and urban/rural roadworks. BUKO Waakt provides temporary remote security solutions with a focus on camera surveillance, intrusion detection systems and access control systems, which are used principally on construction sites of residential and public buildings.

The two business units BUKO Infrasupport and BUKO Waakt combine strong expertise with a customer-centric and result-oriented approach, high-quality equipment and dedication to the highest safety standards. This approach ensures prescribed safety measures and regulations for road and construction projects are comprehensively met. With several thousand projects delivered each year and established long-standing and trusted relationships with its customer base, the company is one of the largest providers of tailor-made traffic and safety solutions in the Netherlands. It currently employs more than 350 people and generates an annual turnover of c. €70 million.

The partnership with Equistone is intended to further support the company’s continued growth and development. Above all, the focus will be on capitalising on the strong market dynamics, mostly driven by further investments in digital and energy transition-related infrastructure and road maintenance, and increasing the company’s geographic footprint.

“I am very excited by this partnership with Equistone because of their deep sector expertise through investments in relevant portfolio companies, their footprint in relevant regions, and their collaborative and exceptionally strong team. I am looking forward to taking the growth of our company to the next level while maintaining our powerful family culture”, explains Robert Emmerich, CEO of BUKO Infrasupport and BUKO Waakt.

“BUKO is already very well positioned – we want to build on this and further strengthen its service offering and market position in the Netherlands through organic growth,” explains Hubert van Wolfswinkel, Partner at Equistone’s Amsterdam office. “In addition, we will focus on increasing market penetration in specific regions in the Netherlands, and also considering opportunities for expansion into neighbouring countries through strategic acquisitions,” adds Tanja Berg, Investment Director at Equistone.

Hubert van Wolfswinkel, Tanja Berg and Josh Aalbers led the transaction on Equistone’s behalf. Equistone was advised on the transaction by PwC (financial, tax, IT, debt advisory), DC Advisory (M&A), Roland Berger and Munich Strategy (Commercial), Vesper and Clifford Chance (Legal).

BUKO was advised on the transaction by Lincoln International (M&A), Deloitte (financial, tax advisory), Strategy& (Commercial) and De Brauw Blackstone Westbroek (Legal).

 

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Categories: News

Blue Owl Capital Completes Acquisition of Oak Street Real Estate Capital

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New York, New York and Chicago, Illinois – December 30, 2021 – Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL) announced today the completion of its acquisition of Oak Street Real Estate Capital, LLC (“Oak Street”) and its investment advisory business. The transaction was previously announced in October of 2021.

Founded in 2009, Oak Street is a Chicago-based firm with over 35 employees and $12.4 billion of assets under management as of September 30, 2021. The firm focuses on structuring sale-leasebacks, which includes triple net leases, as well as providing seed and strategic capital. Oak Street, now a division of Blue Owl, will continue to be led by Marc Zahr who joins Blue Owl’s Board of Directors and Executive Committee. Oak Street’s Chicago office is now an additional office for Blue Owl.

Doug Ostrover, Co-Founder and CEO of Blue Owl, said: “We are thrilled to officially welcome Marc and the Oak Street team to Blue Owl. Oak Street is the industry’s preeminent net lease platform with meaningful capital, scale, and expertise that will further expand Blue Owl’s range of investment solutions. We look forward to working closely together and are excited for what the future holds.”

Marc Zahr, Co-Founder and CEO of Oak Street, said: “Through its direct lending and GP stakes solutions, Blue Owl has built a one-stop shop for alternative asset managers in solving capital needs. We are excited to join the Blue Owl team and add our flexible real estate solutions to the platform.”

Kirkland & Ellis LLP acted as legal counsel to Blue Owl. Berkshire Global Advisors served as financial advisor and Willkie Farr & Gallagher LLP acted as legal counsel to Oak Street.

About Blue Owl

Blue Owl Capital is an alternative asset manager that provides investors access to Direct Lending and GP Capital Solutions strategies through a variety of products. The firm’s breadth of offerings and permanent capital base enables it to offer a differentiated, holistic platform of capital solutions to participants throughout the private market ecosystem, including alternative asset managers and private middle market corporations. The firm had approximately $70.5 billion of assets under management as of September 30, 2021. Blue Owl Capital’s management team is comprised of seasoned investment professionals with more than 25 years of experience building alternative investment businesses. Blue Owl Capital has over 300 employees across its Direct Lending and GP Capital Solutions divisions and has nine offices globally. For more information, please visit us at www.blueowl.com.

About Oak Street

Oak Street Real Estate Capital is a diversified real estate investment firm. The firm was founded in 2009 and headquartered in Chicago, Illinois. Oak Street offers a unique platform combining direct and indirect real estate strategies across two lines of business, its Net Lease platform and its Seeding and Strategic Capital platform. The Net Lease platform is focused on acquiring properties net-leased to investment grade and creditworthy tenants. Oak Street specializes in providing flexible capital solutions to a variety of organizations including corporations, healthcare systems, universities and government entities.

The Seeding and Strategic Capital platform was founded with the focus of investing in early-stage real estate managers. The firm provides strategic institutional capital to managers enhanced by attractive general partnership economics and an active governance role. The platform seeks to work with strongly aligned management teams with leading investment capabilities, oftentimes led and controlled by women and minorities.

Investor Contact
Ann Dai
Head of Investor Relations
owlir@blueowl.com

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Prosek Partners
David Wells / Nick Theccanat
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DIF Capital Partners and PGGM enter exclusive negotiations with EQT Infrastructure to acquire 50 percent of its stake in Saur

DIF
  • A consortium composed of DIF Capital Partners and PGGM has entered exclusive negotiations with EQT Infrastructure to acquire 50 percent of its stake in Saur, a leading provider of water services management solutions in France and internationally
  • Saur plays an essential part in the societies it operates in, fueled by its mission to protect and preserve water availability and quality, while minimizing discharge through efficient wastewater recycling
  • The broadened shareholder base adds new resources and expertise to support the continued long-term development of Saur’s pure-play water infrastructure platform

DIF Capital Partners is pleased to announce to have formed a consortium with the Dutch pension fund service provider PGGM (together, “the Consortium”) to enter exclusive negotiations with EQT Infrastructure III and IV funds (together, “EQT Infrastructure”) to acquire 50 percent of its stake in Saur (the “Company”). The Consortium members will each acquire 25 percent of EQT Infrastructure’s shares.

Headquartered in Paris, France, Saur is a leading innovator and service provider in the global water sector, working alongside thousands of municipalities across the globe to deliver drinking water and collect wastewater for more than 20 million people. In addition, through its Industrial Water division, the Company provides integrated water infrastructure solutions to hundreds of international blue-chip customers. Saur is present in more than 20 countries and enjoys strong market positions with long-term contracts in France, Portugal, Spain, and the Middle East.

Since the acquisition by EQT Infrastructure in 2018, Saur has undergone a successful commercial and operational transformation along with a refocus on core activities and geographical growth. EQT Infrastructure has supported the launch of a new organizational structure, accelerated organic and inorganic growth through the completion of 15 add-on acquisitions, while supporting expansion to Portugal and North America. Moreover, EQT Infrastructure has helped develop the Company’s new Industrial Water division, while implementing an ambitious ESG strategy and digitalization roadmap.

EQT Infrastructure, DIF and PGGM are committed to investing in Saur’s long-term development, providing the necessary resources and expertise to secure stability and continuous growth over the coming years. Saur is set to continue its strategic 2030 agenda focused on reinforcing its core water infrastructure activities in France and Iberia, while accelerating organic and inorganic geographic expansion and further developing its Industrial Water Solution division.

For PGGM Infrastructure Fund this acquisition contributes to the overall ambition of PGGM to invest its client PFZW’s pension capital in such a way that good and stable financial returns are combined with positive social benefits that improve livability. At the end of Q3 2022, PGGM had invested EUR 44.9 billion in Sustainable Development Investments across different asset classes, of which EUR 1.52 billion has been in water-related investments (SDG 6) in different parts of the world.

Delivering returns responsibly is one of the goals of DIF’s investment and asset management strategy, and the envisaged investment in Saur perfectly fits in this approach. DIF already has a strong footprint in water and energy transition investments as part of the more than EUR 15 billion in assets that it manages.

Matthias Fackler, Partner within EQT Infrastructure’s Advisory Team, said, “In times of rising concerns around water scarcity, Saur is a critical pillar in the societies it operates in, providing local municipalities and their citizens with clean drinking water and efficient wastewater treatment. EQT Infrastructure is proud of Saur’s development so far and we now look forward to entering its next phase of growth journey together with our new partners PGGM and DIF Capital Partners”.

Patrick Blethon, Executive Chairman of Saur Group, said, “EQT Infrastructure has been and will continue to be our partner in the construction and execution of the group’s transformation and growth acceleration strategy, mobilizing its platform to serve our corporate project. Welcoming PGGM and DIF Capital Partners onboard alongside EQT Infrastructure represents a great opportunity for Saur to develop faster and stronger.”

Dennis van Alphen, Head of Infrastructure at PGGM, said, “In today’s investment environment it is more and more important that pension capital is invested not just for financial return but to make an active contribution to society’s challenges. The envisaged investment in Saur is a seamless fit with that strategy, providing communities and companies across the world with access to clean water. We are excited to embark on this journey with our partner DIF Capital Partners and EQT Infrastructure.”

Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said, “DIF is very excited to partner with PGGM and EQT Infrastructure in this transaction in the water sector. Saur has a very sizable and largely concession-based position in the French and Iberian Peninsula water sector and has strong growth potential, especially in the industrial water space. DIF firmly believes in Saur’s management team and looks forward to jointly growing the company towards being a sustainable leader in the industry.”

The transaction is subject to customary conditions and approvals and is expected to close in Q2 2023.

EQT Infrastructure was advised by Rothschild & Co. PGGM and DIF were advised by UBS.

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds, of which DIF VII is the latest fund in the series, invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information please visit www.dif.eu.

 

Contact DIF: Thijs Verburg, t.verburg@dif.eu

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