Portfolio reaches a record level in a challenging economic environment
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GPR Announces Series A Funding on Back of Customer Traction
SOMERVILLE, Mass., May 18, 2023–(BUSINESS WIRE)–GPR, the world’s only provider of Ground Positioning Radar™, today announced it has secured an undisclosed amount of Series A funding led by top technology investor Rhapsody Venture Partners.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230518005231/en/
As the world’s most reliable vehicle positioning system, GPR allows vehicles to determine their precise location with centimeter-level accuracy, no matter how challenging road conditions become. (Photo: Business Wire)
GPR’s technology enables precise – centimeter level – vehicle localization in all visibility circumstances. Precise localization is an unresolved issue for vehicles in limited visibility environments such as snow, heavy rain and fog, and in unstructured environments such as mining sites, sidewalks, ports, tarmacs, etc. Currently, Global Navigation Satellite Systems (GNSS) sensors are complimented with cameras and Lidar systems to overcome the GPS limitations, but these systems rely on clear above ground visibility. GPR is unique in its approach to look underground, scanning the ground below the road and creating a 3-D map of the road’s unique subsurface signatures. This map then allows reliable and precise localization, no matter the aboveground visibility conditions.
“Over the past months, we’ve seen an exciting influx of customer demand for our solution,” said Moran David, Chief Executive Officer of GPR. “Customers from all sectors are recognizing that the past approach to localization produces too many blackouts. There’s always been a great deal of curiosity for our solution and the recent completion of our MVP has now unlocked a swath of customer projects. Securing this Series-A allows GPR to serve its lighthouse customers and meet demand through the commercialization and industrialization of our technology. We are planning to be on thousands of vehicles in 2024.”
“GPR is fundamental to create safe advanced driving systems,” said Carsten Boers, Managing Partner at Rhapsody Venture Partners. “You can’t have reliable self-driving without knowing your precise location. The market was betting that localization would solve itself with enough computation of miles, but that bet is lost. The complexity of above ground data, paired with imperfect visibility conditions in the real world make the past approach not reliable enough. We’re excited about the potential for GPR’s first commercial deployment and for it eventually to become a safety standard.”
About GPR
Founded in 2017, GPR, formerly known as WaveSense, is pioneering the highest-performing localization solution for autonomous capabilities through its Ground Positioning Radar™. As the world’s most reliable vehicle positioning system, GPR allows vehicles to determine their precise location with centimeter-level accuracy, no matter how challenging road conditions become. Whether on-road in conditions such as unmarked roads, poor weather, urban canyons, off-road, or even underground, vehicles fitted with Ground Positioning Radar™ deliver a more robust, higher quality assisted, and autonomous driving experience that other sensors can’t. GPR works closely with OEMs and Tier 1 partners to help vehicles safely navigate where current ADAS sensors, including lidar and camera-based systems, fall short. For more information, visit www.GPR.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230518005231/en/
Contacts
Kathryn Blackwell +1(248)210-8310
kathrynblackwell@yahoo.com
Ardian signs agreement to sell ASR Wind to Naturgy
Ardian, a world-leading private investment house, has agreed to sell ASR Wind, a portfolio of 12 wind farms, to Naturgy, the Spanish renewable energy group. The wind farms are in different regions across Spain. Commissioned between 2005 and 2012, the farms have an installed capacity of 422 MW.
Ardian has used the ASR Wind platform to manage other renewable energy projects in Spain and Italy, totaling 1GW, which were excluded from this transaction.
Ardian acquired 95% of the ASR Wind portfolio in 2019, representing the first investment of its fifth-generation fund, Ardian Infrastructure Fund V. The remaining percentage is held by Exus Management Partners, which will also exit the company’s ownership following the transaction.
“This transaction marks a milestone moment for Ardian’s Infrastructure strategy. Our team is now a pioneer in Spain in developing wind-solar hybrid systems, optimizing their production capacity and improving their industrial value. The attractiveness of this type of asset has also been demonstrated by the strong interest it has received in the market. Furthermore, we will continue to develop our remaining 1GW portfolio with AGR-AM and continue to create value.” Juan Angoitia, Co-Head of Infrastructure Europe, Ardian
The closing of the transaction is scheduled for the end of July, once Naturgy has completed the competition procedures required by the authorities.
Commitment to Spain
Alongside the management of wind farms, the company is driving several other value-creating initiatives, including the hybridization of wind assets with solar photovoltaic power generation systems led by AGR-AM, the renewable asset manager dedicated exclusively to Ardian’s portfolio in Spain and Latin America.
The hybridization of wind assets with solar photovoltaic production systems is particularly noteworthy. The 435 MW of hybrid photovoltaic farms included in the sale are currently being developed as part of a pioneering project in Spain, maximizing the quality of connection points and stabilizing the energy production of the assets once hybridized.
Participants
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ARDIAN
- Financial advisors: Santander CIB and BBVA CIB
- Legal advisor: Clifford Chance
ABOUT ARDIAN
Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last
Apax Funds make approximately $450m investment in travel tech company IBS Software
Funds advised by Apax Partners LLP (“Apax”) announced today that they have reached a definitive agreement to invest approximately $450m to acquire a significant minority stake in IBS Software, a leading provider of modern Software-as-a-Service (SaaS) solutions to the global travel and logistics industry, from Blackstone. Following the transaction, Apax will partner closely with IBS Software’s Founder and Executive Chairman, V K Mathews, who will remain the majority shareholder.
Founded in 1997 with a vision of redefining the future of travel through technology innovation, IBS Software provides next-generation SaaS solutions that power the most mission-critical operations at the world’s leading aviation, tour and cruise, hospitality and logistics companies. With a comprehensive portfolio of modular, cloud-based solutions purpose-built for the travel industry, IBS Software helps travel companies accelerate innovation and drive efficiency across a broad set of core business processes, including cargo and logistics, flight operations, passenger services, loyalty programs, cruise operations, energy & resource logistics and hospitality distribution platforms. Backed by a team of 4000 professionals across the world with more than 25 years of deep domain expertise, IBS Software’s scalable, cloud-native platform and demonstrated market leadership, position it to define the future of mission-critical technology for the travel industry.
V K Mathews, Founder and Executive Chairman of IBS Software said: “We’re excited to partner with Apax as we enter a new phase in our mission to transform how travel companies operate in a digital world. This investment is an endorsement of our strategy and our commitment and contribution to the industry, and we have a shared vision with Apax for the future of the business. We thank our customers and employees who have been instrumental in our success so far. We’re grateful to the Blackstone team for their invaluable support over the years and we look forward to an exciting and fulfilling journey ahead with Apax.”
Anand Krishnan, CEO, IBS Software, added: “As the travel industry rapidly embraces digitalisation, we have a vital role to play in helping our customers accelerate revenues, drive efficiency and create differentiated customer experiences. Apax has deep experience in partnering with leading SaaS providers and will be a strategic partner for IBS Software as we embark on a new phase of growth. We thank Blackstone for helping us create real value and a true partnership.”
Jason Wright, Partner, Apax, commented: “We are thrilled to partner with VK and the management team at IBS Software. Having closely monitored the travel software sector over the last several years, IBS Software stood out to us as uniquely positioned in the industry, offering a next-gen software suite that we believe is truly unrivalled. Over the last two decades, IBS Software has invested in products, innovation, and culture, while continuing to scale the business. We believe there is tremendous growth potential ahead and look forward to leveraging our software experience to help IBS Software become a world leader in travel and logistics software.”
Amit Dixit, Head of Asia Private Equity, Blackstone, said: “We are happy to have played an important role in IBS Software’s transformation to a SaaS company with global leadership in Travel and Logistics. IBS is already one of the largest enterprise SaaS companies out of India. We thank VK for his strategic vision and for being a terrific partner, and Anand and the management team for their impeccable execution. Value creation at IBS Software demonstrates our business-building approach to investing and reinforces our conviction in Technology as a sectoral theme.”
The transaction is subject to customary closing conditions and is expected to close end of Q2 2023. Financial terms were not disclosed.
J.P. Morgan is acting as financial advisor to IBS Software and Blackstone, Drew & Napier LLC is acting as legal counsel to IBS Software and Simpson Thacher & Bartlett LLP is acting as legal counsel to Blackstone.
Kirkland & Ellis LLP is acting as legal counsel and Jefferies LLC is acting as financial advisor to Apax.
-ENDS-
ABOUT IBS SOFTWARE
IBS Software is a leading SaaS solutions provider to the travel industry globally, managing mission-critical operations for customers in the aviation, tour & cruise, hospitality, and energy resources industries. IBS Software’s solutions for the aviation industry cover fleet & crew operations, aircraft maintenance, passenger services, loyalty programs, staff travel and air-cargo management. IBS Software also runs a real time B2B and B2C distribution platform providing hotel room inventory, rates and availability to a global network of hospitality companies and channels. For the tour and cruise industry, IBS provides a comprehensive, customer-centric, digital platform that covers onshore, online and on-board solutions. Across the energy & resources industry, we provide logistics management solutions that cover logistics planning, operations & accommodation management. The Consulting and Digital Transformation (CDx) business focuses on driving digital transformation initiatives of its customers, leveraging its domain knowledge, digital technologies and engineering excellence. IBS Software operates from 16 offices across the world. Further information at www.ibsplc.com. Follow us: Blog | Twitter | LinkedIn | Facebook | Instagram
ABOUT APAX
Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $65 billion. The Apax Funds invest in companies across four global sectors of Internet/Consumer, Tech, Services, and Healthcare. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.
Apax Partners is authorised and regulated by the Financial Conduct Authority in the UK.
Kirkman Company, YSE and Dialogue join forces in new venture: Kyden
Full-service provider focuses on Environmental , Social and Governance (ESG)
AMSTERDAM, Wednesday, May 17, 2023 – Kirkman Company, YSE and Dialogue today announced that they will continue under the name Kyden . This new organization has the mission to accelerate the transition to a sustainable society. By joining forces, the founders expect to be able to make an even greater impact. The partly B Corp-certified companies have the in-house expertise to accelerate the transformation of organizations on ESG-related themes (Environmental, Social and Governance). It is Kyden’s ambition to gain a prominent position in the European market as an ESG specialist. Investor FIELDS Group, with offices in Amsterdam and Munich, has joined as a shareholder.
Full-service ESG service provider
Kirkman Company, YSE and Dialogue are established names in their specific fields and areas of expertise. Organizational consultancy firm Kirkman Company has been successfully transforming organizations for 23 years in order to achieve their objectives in harmony with people, society and nature. YSE specializes in the interim deployment of young professionals, recruitment, selection, training and coaching of individuals and organizations. As a training agency, Dialogue specializes in training, mediation, coaching and intervision. The three organizations have been working closely together for some time. Joining forces in Kyden is therefore a logical next step, creating a unique full-service ESG service provider. Kyden offers services within the following three domains: consultancy & transformation, education & talent and technology & data. The executive team consists of Harry de Haas (Dialogue), Stefanie van de Griendt (YSE), Roy Klaassen (Kirkman Company) and Joris van Gils (FIELDS). The non-executives will be Monique van de Griendt (owner of Dialogue), Erik van der Meulen and Han Hendriks (co-owners of the Kirkman Company and YSE).
Full steam ahead
Roy Klaassen, member of Kyden’s executive team, sees the accelerated transition to a sustainable society as the most important challenge of our time. “Organizations are all, to a greater or lesser extent, concerned with guidelines on the environment, social conditions and governance. Fortunately, a lot is already happening to increase the positive impact on people and the planet, but the pace must and can be increased. We must go full steam ahead. Due to radical changes in the field of environmental, social and governance requirements and an increasing intrinsic motivation from consumers, employees and directors, we guide companies at all levels in the organization towards future-proof business operations. At Kyden, we believe in the power of positive change of individuals and teams to improve the performance of both individual organizations and entire ecosystems.”
Strengthen market position
To accelerate Kyden’s positioning and growth as a leading ESG player, investor FIELDS Group joins as a shareholder. Kyden has had around 175 employees since its launch, positioning itself as a full-service provider within the growing ESG domain. Kyden is also actively looking for companies that fit within its strategy to further strengthen its market position and make a greater impact. The company has the ambition to become a prominent player in the ESG domain at European level and to accelerate the transition to a sustainable society. Kirkman Company, YSE (including the SKLLS and Connectors labels) and Dialogue brands will continue to exist alongside Kyden for the time being. In time, these brands will transition into the new company.
About Kyden
Three established impact companies with years of experience in various fields join forces: Kirkman Company, YSE (including labels SKLLS and Connectors) and Dialogue. We have been working together for a long time and complement each other in terms of services, skills, network and capacity. The merger gives us, as a full-service ESG service provider, a strong position in the market. This way we can help organizations even better with their sustainable transformation.
www.kyden.com
About Kirkman Company
Kirkman Company – founded in 2000 by Han Hendriks, Cas van Arendonk and Ivar Davids – is a consultancy firm that helps organizations to successfully transform in order to achieve their goals in harmony with people, society and nature. We hold the key to a more beautiful world ourselves by not only talking about it, but above all by doing it. Kirkman Company is a certified B Corp since 2016.
www.kirkmancompany.com
About YSE
Since 2007, YSE has been there for those who want to grow and for projects that need a boost with the temporary deployment of young professionals. These young professionals follow a two-year development program and help organizations during this period through interim assignments to change, accelerate and innovate within the organization.
www.yse.nl
About Dialogue
Dialogue , founded in 2003 by Monique van de Griendt, is a training and consultancy agency specialized in mediation and training, coaching and intervision in the field of professional and personal development. Dialogue’s mission is to develop sustainable organizations by strengthening people and teams in the organizations and to make dialogue the norm in society. Dialogue is a certified B Corp since 2019.
www.dialoguebv.nl
About FIELDS Group
FIELDS Group is an entrepreneurial hands-on investor that focuses on the sustainable development of companies with potential. FIELDS Group invests in companies with headquarters in the Benelux and the DACH region and realizes real transformations with its team.
www.fields.nl
BGF leads £19 million investment in Brompton Bicycle
BGF has led a £19 million investment into Brompton, to further accelerate the growth of the iconic folding bike brand.
Since 1975, Brompton has been independent, owned by the founder Andrew Ritchie, current CEO Will Butler-Adams, their friends and family, and its staff. Following the investment, BGF has taken a minority stake to support Brompton’s ambition to create urban freedom for happier lives.
Will Butler-Adams, CEO at Brompton, said: “Over the last two decades, Brompton has grown organically at circa 20% a year, funded by reinvesting our profits. For the year ended March 2023, turnover grew 21% to £130 million, supported by the launch of the Superlight T Line and Electric P Line products.”
“We export 80% of our bikes to 46 countries and, in November 2022, made our one-millionth bike, a great achievement. But this is not enough, we need to move faster. The impact of climate change is being felt by us all and the greatest carbon emissions come from our cities where most of the world’s population now lives.”
Our team at Brompton is brimming with ideas to accelerate our growth through product innovation, storytelling, outstanding stores, and having fun with our amazing community. But if we are really going to go for it, we need to strengthen our balance sheet to give us the confidence to be more ambitious.
Will Butler-Adams, CEO, Brompton
Daina Spedding, investor at BGF, said: “We are incredibly excited to be backing an iconic British brand that is rich in heritage and engineering prowess, with an outstanding track record of profitable, global growth.”
“From the outset, there has been a clear synergy between Brompton and BGF, with shared long-term goals and a focus on sustainable growth that is good for both people and planet. We look forward to supporting the business as it continues to expand into new markets and invest in new technologies and manufacturing capabilities to meet ever-growing demand for its revolutionary cycling range.”
EQT launches EQT Nexus: Enabling individuals’ access to the world of EQT
- EQT’s first strategy for individual investors, EQT Nexus, enables access to EQT’s diverse range of investment strategies through a single investment
- Individual investors will be able to benefit from the same distinct investment approach that EQT’s institutional clients have benefited from for nearly thirty years
EQT has today launched EQT Nexus (or “the strategy”). Through this semi-liquid strategy, EQT will broaden its investor base and, for the first time, offer individuals the opportunity to access EQT’s wide range of strategies through a single investment.
EQT Nexus is a global portfolio that will invest in EQT’s strategies spanning mature buyouts to early-stage investing across geographies and industries, focusing on EQT’s flagship Private Equity and Infrastructure strategies. It will also co-invest in companies alongside EQT’s funds. The EQT Nexus Advisory team will be led by Advisory Head of Fund Strategy William Vettorato, who recently joined from Partners Group where he managed a global semi-liquid open-ended strategy. William joins a global advisory team that is driving EQT’s Private Wealth efforts, led by Partner Peter Beske Nielsen.
The launch of EQT Nexus comes at a time that institutional investors allocate significantly more to private markets than individuals. Historically, institutional investors have benefitted from superior access, lower liquidity needs and fewer regulatory constraints. This is changing, with individual investors’ allocations to private markets expected to grow 12 percent annually over the next decade. EQT believes that product innovations that aim to tackle the challenges for individuals looking to invest in private markets, such as EQT Nexus, will further accelerate this reallocation.
Suzanne Donohoe, Chief Commercial Officer at EQT, said: “EQT strives to be the most reputable investor and owner, creating attractive returns and making a positive impact for all. For three decades, more than a thousand institutional clients have entrusted EQT as we have grown to become one of the world’s leading private markets firms. With the launch of EQT Nexus, we are excited to finally be able to offer individual investors the opportunity to benefit from EQT’s approach and relentless focus on performance. Growing our efforts across Private Wealth is a key priority to us. EQT has created a team of about 50 people focusing on the area, and EQT Nexus is an important step on that journey.”
Gustav Segerberg, Head of Business Development at EQT, said: “To date, individual investors looking to access private markets have been faced with several barriers to entry, including significant investment thresholds, long lock-up periods and complex investment terms. EQT Nexus now addresses these challenges by allowing investors to gain access to EQT’s strategies through a single fully-funded investment and a simple, single layer of fees. We have been preparing for this launch for a long time and have made commitments to EQT funds and selected co-investments in advance to enable EQT Nexus to invest in an established portfolio from the outset, and we now look forward to what the future holds for the strategy.”
Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Nexus will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.
About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT today has EUR 119 billion in fee-generating assets under management with EUR 216 billion in total assets under management*, within two business segments – Private Capital and Real Assets.
With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.
The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 20 countries across Europe, Asia and the Americas and has close to 1,800 employees.
More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram
*Total assets under management represents the sum of (i) fee-paying assets under management (FAUM), (ii) value appreciation (depreciation) of investments in funds on which FAUM is calculated upon, (iii) fair market value of non-fee-generating co-investments as well as (iv) committed but undrawn capital from fund investors on which EQT AB Group is not currently entitled to receive management fees but that, following investment, would be fee generating.
EQT Infrastructure to acquire a majority stake in Italy’s largest mobile network from Wind Tre
EQT Infrastructure to acquire a majority stake in Italy’s largest mobile network from Wind Tre
- EQT Infrastructure to acquire a 60 percent stake in newly created company which will own and operate the Italian telecom provider Wind Tre’s mobile and fixed network. The transaction gives the new company an enterprise value of EUR 3.4 billion
- The Company will provide wholesale connectivity services to Wind Tre and other Italian mobile operators, becoming the country’s largest provider of mobile network coverage and capacity, and an essential part of its nation-wide digital infrastructure
- EQT Infrastructure will invest in the Company’s network and pursue innovative growth opportunities to better serve the Italian digital ecosystem, while executing on its sustainability agenda
EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT Infrastructure”) has signed an agreement to acquire a 60 percent stake in a newly created entity (the “Company”), which will own and operate Wind Tre’s mobile and fixed network infrastructure. Wind Tre’s current owner, CK Hutchison, will remain invested alongside EQT Infrastructure and own a 40 percent stake in the Company. The transaction gives the new company an enterprise value of EUR 3.4 billion.
There is a growing need for robust and reliable digital infrastructure all over Europe, accelerated by a surge in mobile data traffic, 5G densification of cell towers, IoT (Internet of Things), and new technologies. The Italian mobile network is in need for investments and expansion over the coming years to meet this increasing demand.
Following the carve-out from the Italian telecommunications provider Wind Tre, the Company will own and operate the country’s largest mobile network and a portfolio of assets, including radio antennas, base stations, transport network and associated contracts. The Company will be the first independent access network in Europe primarily focused on mobile and dedicated to the provision wholesale services to mobile operators through its state-of-the-art network, which at the end of 2022 covered approximately 67 percent of Italy with 5G reception.
EQT Infrastructure will leverage its long track record of developing digital infrastructure companies to support the Company’s strategy. This will primarily consist of developing the Company’s network and service offering, while pursuing additional growth opportunities in areas such as fixed wireless access, IoT and private networks.
Matthias Fackler, Partner and Head of Europe for EQT Infrastructure’s advisory team, said, “EQT Infrastructure is excited to partner with CK Hutchison and the Company’s management team in this bespoke transaction. We are committed to investing in the continued development of Italy’s digital backbone and leveraging the know-how we have developed in this unique transaction to explore similar partnership opportunities globally”.
Benoit Hanssen, incoming CEO of the Company, said “We are excited to partner with EQT Infrastructure to drive the development of one of the first independent multi-tenant radio access network owners and operators globally. We are proud to be one of the first operators in Europe to have designed such an innovative transaction in partnership with an experienced and reputed investment firm.”
The transaction is subject to customary regulatory approvals and is expected to close in six to nine months.
With this transaction, EQT Infrastructure VI is expected to be 15-20 percent invested based on target fund size (including closed and/or signed investments, announced public offers, if applicable and less any expected syndication).
The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.
Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
About EQT
EQT is a purpose-driven global investment organization with EUR 119 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.
More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram
Endless LLP rebrands as it reaffirms its ambitions to the market
Private equity firm, Endless LLP (‘Endless’), has undergone a strategic creative rebrand as the company nears its twentieth year in business.
The ambitious new branding is a statement of intent, as the firm asserts its position within the special situations market. It also signals Endless’ plans for further growth as the company looks to expand its offering following the successful growth of both the Endless and Enact funds.
Endless currently has over £1.5 billion under management, and a portfolio of businesses with turnover in excess of £3 billion and employing over 24,000 people.
The new brand and messaging brings to life the spirit and essence upon which Endless was founded and highlights the firm’s reputation for being able to see through complexity and challenging situations to make a long-lasting positive impact on UK businesses.
Aidan Robson, Managing Partner of the Endless funds, commented “Endless is moving onto its next chapter and we want to reflect our ongoing ambition for ourselves and all stakeholders.
“We have been operating in the special situations market for almost twenty years and the rebrand provides us with the opportunity to create fresh conversations and reaffirm our founding spirt to deliver growth and support to UK businesses.
“There continues to be a real drive within Endless to build for the future through more than just providing capital to businesses. The new brand reflects these ambitions and has aligned our internal and external messaging as well as inspiring a firm-wide approach to develop new products and channels that will deliver long-term value for all our stakeholders.”
In the last year Endless has acquired KTC Edibles, Yorkshire Premier Meats, Cardowan Creameries and Smithfield Murray, while also raising its third Enact fund, Enact III at £100 million.
KKR Increases Majority Stake in Seiyu With Acquisition of Rakuten Shares
- KKR’s increases its majority stake in the local innovative value retailer of choice to 85%
- Rakuten and Seiyu to continue leveraging retail expertise across online grocery delivery, cashless payments and data-driven marketing
TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, and Rakuten Group, Inc., (“Rakuten”) today announced the signing of definitive agreements under which a fund managed by KKR will purchase Rakuten’s stake in Seiyu (the “Company”), a leading, nationwide supermarket chain in Japan. With this purchase, KKR increases its stake in Seiyu from 65% to 85%1.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230511006023/en/
KKR and Rakuten, together with Seiyu’s third shareholder, Walmart, have collaborated to support Seiyu’s growth since KKR and Rakuten completed their investments in the Company in 2021. Support initiatives have included: improving product quality, user experiences, and store operations, and renovating and refurbishing stores, which have enabled Seiyu to deliver greater value and convenience. Customers have benefited from a range of initiatives, such as:
- The convenience of cashless payment methods in Seiyu stores, including Rakuten Pay and Rakuten Edy, as well as Japan’s leading membership loyalty program, Rakuten Points.2
- Improved quality and selection of products, especially for fresh produce and delicatessen
- Optimized and improved store operations and processes as a result of leveraging KKR’s operational expertise; and
- Enhanced online-merges-with-offline (OMO3) initiatives as a result of strategic collaboration amongst Seiyu’s shareholders
Following this transaction, Rakuten will continue to be an important strategic partner to Seiyu and will work closely with the Company’s management and shareholders to further strengthen Seiyu’s offering to customers, prioritizing value and convenience.
Hiro Hirano, Co-Head of Private Equity for KKR Asia Pacific and CEO of KKR Japan, said, “We are pleased to deepen our relationship with Seiyu, an iconic Japanese brand in which we continue to see strong promise. We look forward to unlocking the company’s full potential through the continued strategic partnership with Rakuten and Walmart, which brings together our respective expertise in investing behind a company’s growth, global best-in-class practices, and thoughtful customer experience. Together, we remain focused on helping Seiyu continue to deliver greater value and convenience to its customers across Japan and maintain its strong growth.”
Tsuneo Okubo, President and Representative Director of Seiyu Holdings Co. and Seiyu Co., Ltd., said, “Seiyu aims to become Japan’s No. 1 supermarket and online supermarket by 2025, in line with our medium-term management plan, building on the new management structure introduced in 2021. Seiyu is focused on building a virtuous cycle of investment in our human capital, information systems, and stores, with greater profits and value generated through better quality products and strengthened sales capability. While maintaining our philosophy of “Every Day Low Price,” we strive to provide services and products that increase customer satisfaction through improved freshness and quality. We are pleased that our operating income in FY22 saw a 50% year-on-year growth, which is evidence that our business transformation program is progressing well. Through our ongoing strategic partnership with Rakuten, we will continue to strengthen our digital marketing and aim to become the leading OMO retailer in Japan.”
Kazunori Takeda, Director and Group Executive Vice President and President of Commerce & Marketing Company, Rakuten Group, Inc., said, “With the strong support and retail expertise of KKR, our collaboration with Seiyu has been extremely fruitful, with strong growth in the popular Rakuten Seiyu Netsuper online grocery delivery service, introduction of Rakuten cashless payment options and strengthening customer acquisition programs and product promotions by utilizing Rakuten Points. We will continue working together to deliver greater levels of convenience to our customers.”
KKR is making its investment from its Asian Fund IV. Further details of the investment have not been disclosed.
About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
About Seiyu
Established in 1963, Seiyu is a nationwide supermarket chain in Japan with more than 300 retail units. Through its supermarket and hypermarket formats and Rakuten Seiyu Netsuper delivery service, Seiyu offers customers a broad assortment including fresh food, general merchandise, and apparel products across Japan from Hokkaido to Kyushu. In pursuit of our mission, “Making our customers’ everyday life better with Seiyu,” Seiyu continues to innovate to become a leading OMO retailer, enhancing its EDLP strategy by ensuring thorough operational efficiency & technological excellence powered by KKR, Rakuten and Walmart.
About Rakuten
Rakuten Group, Inc. (TSE: 4755) is a global leader in internet services that empower individuals, communities, businesses and society. Founded in Tokyo in 1997 as an online marketplace, Rakuten has expanded to offer services in e-commerce, fintech, digital content and communications to approximately 1.7 billion members around the world. The Rakuten Group has approximately 32,000 employees, and operations in 30 countries and regions. For more information visit https://global.rakuten.com/corp/.
1 On the basis of shares with voting rights.
2 Source: “Survey on Points Systems.” Valid responses: 1,000. Online survey conducted by MyVoice Communications, Inc., November 2022.
3 Online Merges with Offline” (OMO) refers to breaking down barriers between online services and offline brick-and-mortar stores in the retail space in order to provide customers with seamless, personalized experiences.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230511006023/en/
Media
Rakuten Group, Inc.
Corporate Communications Department
global-pr@mail.rakuten.com
Seiyu
Miyuki Moriguchi
miyuki_moriguchi@seiyu.com
KKR
KKR Asia Pacific
Wei Jun Ong
WeiJun.Ong@kkr.com
FGS Global (for KKR Japan)
Deborah Hayden, +81 70 2492 0463
Samuel Brustad, +81 70 3853 3284
KKR-TYO@fgsglobal.com
Source: KKR