Category Archives: News

Change of ownership at EPC service specialist OTTO LSE: Equistone funds sell majority stake to listed SPIE Group

Equistone

Funds advised by Equistone Partners Europe (“Equistone”) today announce the sale of their majority stake in OTTO Life Science Engineering GmbH (“OTTO LSE”) to the listed SPIE Group (“SPIE”). With the acquisition of OTTO LSE, SPIE, a European market leader in multi-technical services focused on energy infrastructure and communications, is further expanding its presence in the pharmaceutical and biotech sector. OTTO LSE’s management team, led by founders Alf Kain and Sascha Herz, will acquire a minority stake in the business. Completion of the transaction is subject to the customary approval by the relevant competition authorities and is expected to take place in the second half of 2024.

OTTO LSE is a specialised provider of EPC (Engineering, Procurement and Construction) services for pharmaceutical and biotechnology production facilities and laboratories. The company is an established player in the market, providing turnkey solutions which cover the entire value chain, from planning, designing, and delivering to re-qualifying. OTTO LSE’s 140 experienced employees serve a high-calibre international customer base, particularly in the areas of process design, pure media, cleanrooms and building technology. In addition to its headquarters in Nuremberg, OTTO LSE operates five other locations throughout Germany, and in 2023 generated annual sales of c.€75 million.

In 2017, the Equistone funds acquired a majority stake in OTTO Life Science Engineering, in a targeted expansion of their previous shareholding in OTTO Luft- und Klimatechnik into the business areas of pharmaceutical, biotechnology and cleanroom technology. Following the successful sale of OTTO Luft- und Klimatechnik to Engie GmbH in January 2019, the Equistone funds supported the management team in the further development of OTTO LSE, resulting in exceptionally high organic growth, profitability, and an overall money multiple of 9.7x.

With the sale to SPIE, OTTO LSE’s comprehensive EPC service competencies in pharmaceutical and biotech will be integrated into the listed group, significantly expanding its presence in these sectors. SPIE, with its subsidiary SPIE Germany & Central Europe and more than 50,000 employees in total, operates as an independent market leader for multi-technical services in the energy and communications sector.

“With the support of the Equistone funds and a total of 400 projects implemented since 2017, we have been able to build a strong foundation for our future growth in recent years. We want to build on this success with our new partner and use our comprehensive knowledge of the pharmaceutical and biotechnology sector to help drive SPIE’s growth,” said Alf Kain and Sascha Herz, founders of OTTO LSE.

Markus Holzke, Managing Director and CEO of SPIE Germany & Central Europe, said: “With OTTO LSE we continue the development of our expertise in Germany in very attractive markets and we are delighted to welcome the Management and its highly skilled collaborators. This combination will allow to further develop the business and reinforce our market position across Germany.”

Oskar Schilcher, Senior Partner in the Munich office and Chief Investment Officer at Equistone Partners Europe, commented: “OTTO LSE has developed excellently during the more than five years of our partnership, growing into a significant player in the EPC services market. This result testifies to the outstanding entrepreneurial performance of the entire management and the rest of the OTTO LSE team, who have built the company from the ground up.”

OTTO LSE marks the sixth full sale of a portfolio company by the Equistone funds in 2024, continuing the firm’s series of successful exits.

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Equistone sells Heras to Garda Group

Equistone

Equistone Partners Europe (“Equistone”), one of Europe’s most active mid-market private equity investors, today announces that it has reached a conditional agreement to sell the Funds’ investment in Heras, an established European end-to-end supplier of permanent and mobile perimeter protection solutions, to European perimeter and technical security company Garda Group.

Headquartered in Oirschot in the Netherlands, Heras has operations in eight countries, offering customers in more than 20 markets end-to-end perimeter security solutions that cover all aspects from design, manufacturing, installation to maintenance and repairs. Today, the company employs around 1,000 people. Through the agreed transaction, Heras will become part of Garda Group, which currently operates in the Nordics and Germany and includes brands such as Garda Sikring, Heda Security, KIBO Security, Great Security, Freihoff Gruppe, Gleich Gruppe, Schmid Alarm and vi2vi.

Since Equistone invested in the business in 2019, Heras has pursued a strategic focus on providing high-security solutions and recurring services to public- and private-sector clients operating critical infrastructure, supported by two bolt-on acquisitions in the Nordic and German markets. Equistone has also supported the implementation of a group-wide ESG strategy and significant investment into Heras’ production sites, for both permanent and mobile products, across the Netherlands, Belgium and France.

Hubert van Wolfswinkel, Partner at Equistone, said: “It has been a pleasure for the Equistone Funds to have supported Heras with the strategic development of its business and its team over the past five years. In partnership with the Equistone Funds, the company has refined its strategic focus on high-security solutions and recurring services, while upgrading its production sites and delivering a comprehensive ESG strategy. Heras is a renowned and expert provider of security solutions, and I am confident that the company will continue to prosper as part of the Garda Group.”

Moritz Treude, Director at Equistone, said: “Heras has performed very strongly during the ownership of the Equistone Funds, enabled by the strategic repositioning of the business. The Equistone Funds have supported the company’s investment in state-of-the-art production facilities, including automated machinery and equipment as well as robotisation – resulting in increased quality, greater capacity, and more efficient and sustainable production.”

Emmanuel Rigaux, CEO of Heras, said: “In partnership with Equistone, Heras has undergone a significant transformation since 2019 and is now in an exceptionally strong position in the European market. We share a strong alignment with the Garda Group in terms of corporate strategy, vision and values, and we are fully confident that they are the right partner to support us in the next phase of our development and continue the successful development of the past five years.”

Jon Ola Stokke, CEO of Garda Group, said: “We are delighted to welcome Heras and its skilled team to the Garda Group. Heras is a well-run, innovative company and our customers will benefit greatly from its recent investments in the capacity, quality and efficiency of its facilities. Heras also shares our focus on sustainability, working with partners throughout the value chain to reduce CO2 emissions and implement a more circular economy. This acquisition provides us with new expertise, a broader product range and modern technical solutions, while complementing our Nordic presence, expanding our footprint into new territories such as the UK, Benelux and France and providing our customers in Germany with perimeter security solutions alongside our existing technical security solutions.”

The agreed transaction is subject to certain closing conditions, including completion of the Dutch works council consultation process and obtaining relevant regulatory clearances. Once completed, the transaction would extend a period of significant exit activity for Equistone, with today’s announcement marking Equistone’s fifth full exit of 2024.

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Carlyle and KKR Strategic Partnerships Agree to Acquire Approximately $10.1 Billion Prime Student Loan Portfolio from Discover Financial Services

Carlyle

NEW YORK – July 17, 2024 – Global investment firms Carlyle (NASDAQ: CG) and KKR (NYSE: KKR) today announced that one or more strategic partnerships comprised of funds and accounts managed by Carlyle and KKR’s respective credit businesses have agreed to purchase an approximately $10.1 billion portfolio of prime student loans from Discover Financial Services (NYSE: DFS).

“This acquisition highlights Carlyle’s proven expertise in private student loans and asset-backed finance, demonstrating our Global Credit business’s ability to provide scaled, tailored solutions to meet our clients’ dynamic needs,” said Akhil Bansal, Head of Credit Strategic Solutions at Carlyle. “As the lending space evolves, we believe private markets are well-positioned to offer financial institutions increased flexibility amidst this transformation.”

“We are pleased to leverage our scale, deep experience in ABF investing and capital markets capabilities to be a capital solutions provider of choice to financial institutions that are focusing on optimizing their balance sheets,” said RJ Madden, a Managing Director at KKR. “This transaction demonstrates the value that scaled private lenders can bring to key areas of the economy as the priorities of traditional lenders continue to evolve.”

“We’re very pleased to consummate this transaction with two outstanding strategic partners in Carlyle and KKR,” said Dan Capozzi, Executive Vice President and President of Consumer Banking at Discover. “This agreement represents an important milestone in our journey to simplify our operations and business mix.”

Carlyle’s investment in the portfolio was led by its Credit Strategic Solutions (“CSS”) team, a group within its Global Credit business focused on asset-backed investments. The highly experienced team seeks to leverage the knowledge, sourcing, structuring, and breadth of the entire Carlyle investment platform to deliver tailored asset-focused financing solutions to businesses, specialty finance companies, banks, asset managers, and other originators and owners of diversified pools of assets.

KKR’s investment in the portfolio comes primarily from its asset-based finance strategy and other credit vehicles and accounts.  KKR has made more than 80 ABF investments globally since 2016 through a combination of portfolio acquisitions, platform investments and structured investments. The firm has approximately $54 billion in ABF assets under management and a team of more than 50 professionals directly involved in the ABF effort globally.

The transaction is expected to close by the end of 2024 subject to customary closing conditions.

KKR Capital Markets and TCG Capital Markets structured and arranged the debt for the transaction. Monogram LLC, a portfolio company of Carlyle, will serve as portfolio manager for the student loan portfolio. Firstmark Services, a subsidiary of Nelnet, Inc. will service the loans in the portfolio. Sidley Austin LLP served as legal advisor to KKR and Carlyle. Paul Hastings LLP also served as a legal advisor to Carlyle and Clifford Chance LLP also served as a legal advisor to KKR. Wells Fargo served as exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel, to Discover Financial Services in connection with the transaction.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $425 billion of assets under management as of March 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. For more, follow Carlyle on X and LinkedIn.

About KKR

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

 

About Discover Financial 

Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover® card, America’s cash rewards pioneer, and offers personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network® comprised of Discover Network, with millions of merchants and cash access locations; PULSE®, one of the nation’s leading ATM/debit networks; and Diners Club International®, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.

 

 

Media Contacts:

For Carlyle:

Kristen Ashton

212-813-4763

Kristen.ashton@carlyle.com

 

For KKR:

Julia Kosygina

212-230-9722

media@kkr.com

 

For Discover Financial: 

Matthew Towson

224-405-5649

matthewtowson@discover.com

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Beyond Law Group forms strategic partnership with Waterland Private Equity to further disrupt UK legal market

Waterland

London, 17 July 2024 – Beyond Law Group has secured investment from Waterland Private Equity to build yet further momentum in delivering its long-term vision to become the UK’s leading law firm for corporate and consumer legal services.

The partnership between Beyond Law Group and Waterland Private Equity will support the Group’s strategic growth ambitions, which will be achieved through both organic growth and a precise and strategic approach to acquisitions.

Widely regarded as a disrupter to the traditional legal industry, Beyond Law Group creates, builds and grows specialist legal practices each with individual client propositions. Through its entrepreneurial management team, strategy and distinctive brand, the Group offers a more disruptive, innovative, culture centric approach to legal services; a very real alternative option to lawyers and clients who are looking for something different to “big firm” law.

Established in 2017, Beyond Law Group has seen rapid growth through all its specialist practices which include Beyond Corporate, McAlister Family Law and the recently established Home Property Law. With “beyond traditional” offices in Manchester, Cheshire and London, the Group now employs over 100 people, has grown organically by 20% year on year and has been recognised by The Financial Times as one of the fastest growing companies in Europe.

The Group’s strategy is to expand its niche practice portfolio and further develop its existing practices in primary locations across the UK having an identified a pipeline of new partner hires, team lifts and strategic acquisitions which will not only strengthen existing services but will add new specialist capabilities.

As part of its strategy, the Group is focusing on high-quality acquisitions as well as organic growth opportunities and to support that vision, the management team have appointed Steve Smith, former Daisy Group CFO, to join the board as a non-executive Director, enabling the Group to bring acquisition capabilities in house.

The investment from Waterland further underpins Beyond Law Group’s strategy and vision, as well as ensuring the continued recruitment and retention of top talent across all locations. Matt Fleetwood, Beyond Law Group’s Founder and Chief Executive, will continue to lead the business supported by McAlister Family Law Managing Partner, Amanda McAlister, and Beyond Corporate Managing Partner, James Corlett.

James Fitzgibbon of Squire Patton Boggs acted for the Company whilst Kieran Toal led the corporate team at Pinsent Masons acting for Waterland.

Other professional services businesses recently backed by Waterland include Cooper Parry, AFO Group, Moore Belgium and Horn & Company.

Matt Fleetwood, Beyond Law Group’s Founder and Chief Executive, comments: “In Waterland we have found an experienced and supportive partner to help us achieve our growth ambitions and vision of being the UK’s leading provider of corporate and consumer legal services. We see strong potential to expand nationally, particularly in London, and Waterland’s experience as a specialist buy and build investor will help us to deliver our ambitious acquisition strategy, finding high-quality businesses to partner with and integrate into our growing network.”

Wendy McMillan, Partner at Waterland Private Equity, comments: “Beyond Law Group is a stand-out professional services business which is disrupting the legal industry and setting itself apart from its competitors. We are looking forward to working closely with Matt and the management team to support their vision for the future and enable Beyond Law Group to continue to expand its portfolio through a combination of buy and build and organic growth. Together we will continue to accelerate Beyond Law Group’s journey of sustained success, and we are delighted to be supporting the business in this way.”

Notes to Editors
For further information, please contact:
Beth Cregan | beth.cregan@beyondlawgroup.co.uk
Antonia Brook | Antonia@wearehollr.com | 07900 778604

About Beyond Law Group
Beyond Law Group is a disruptive, non-traditional legal business which creates, owns and builds specialist legal practices. It currently has a portfolio of three well known, award-winning practices: Beyond Corporate, McAlister Family Law and Home Property Law. The Group manages its practices independently so that its clients have a sense of the personal service associated with a high-quality specialist practice, at the same time being confident that they are working with a wider, modern legal business. The Group has revolutionised the industry by being one of the only legal businesses which has successfully established an equal presence and reputation across both corporate/commercial and consumer legal services. As a result, it offers a vibrant and dynamic team culture and diverse environment for its people.

www.beyondlawgroup.co.uk

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Genstar Capital & TA Partner with AffiniPay Management to Drive Next Chapter of Growth

TA associates

Additional Investment and Resources to Accelerate AffiniPay’s Expansion and Growth in Practice Management Software and Embedded Financial Services

SAN FRANCISCO and BOSTON – Genstar Capital (“Genstar”) and TA Associates (“TA”) announced today that the parties have entered into an agreement for Genstar to make a significant investment in AffiniPay, a leading provider of practice management software, integrated payments and embedded fintech for professionals across the legal, accounting, and professional services end markets. TA has been an investor in AffiniPay since 2020 and will continue to retain a meaningful stake in the company. Upon completion of the transaction, funds advised by Apax, which currently hold a minority position in AffiniPay, will fully exit their investment.

Headquartered in Austin, TX, AffiniPay has more than 500 employees and serves over 245,000 customers through industry-specific solutions, including: MyCase, CASEpeer, and Docketwise, leading practice management software applications for the legal industry; LawPay, a marquee payments platform for the legal industry; and CPACharge, a leading payments platform for the accounting industry. With this incremental investment, AffiniPay plans to continue its commitment to innovation and excellence by extending its already comprehensive suite of practice management software and embedded fintech solutions.

“We are thrilled for this next chapter with TA and Genstar,” said Dru Armstrong, CEO of AffiniPay. “Since I joined AffiniPay in 2021, we’ve had incredible momentum and it’s been so rewarding to influence how core system of record software combined with financial technology can benefit our customers and push the operations of the legal and accounting industries forward. The support of Genstar and TA will allow us to continue investing in our practice management software and embedded financial services platform for professionals.”

Eli Weiss, Managing Partner of Genstar, commented, “Genstar has a long history of investing in industry-leading vertical software and payments companies. We are excited about AffiniPay’s growth trajectory given its leading market position, commitment to innovation, and, we believe, strong management team. Alongside TA, Genstar looks forward to helping the Company extend its leadership in software and fintech while enabling new avenues of growth, through investments in new products and verticals.”

“Since our investment in 2020, AffiniPay has realized meaningful organic growth and strategically enhanced its offerings, empowering professionals with solutions that increase productivity and reinforcing its position as an industry leader. Genstar’s new investment demonstrates the strength of AffiniPay’s strategy and the continued opportunity that lies ahead. We look forward to deepening our partnership with the AffiniPay management team and collaborating closely with Genstar to further accelerate the Company’s growth journey,” said Roy Burns, Managing Director of TA and Clara Jackson, Director of TA.

Lazard and Raymond James served as financial advisors to AffiniPay and TA. Goodwin Procter LLP, provided legal counsel to TA. Ropes & Gray LLP, provided legal counsel to Genstar.

About AffiniPay
AffiniPay is a market leader in practice management software and online payments for professionals serving legal, accounting, architectural, engineering, and construction firms. AffiniPay has been recognized as one of Inc. 5000’s fastest-growing companies for 12 years in a row. Each of its brands leads the market it serves with solutions purpose-built by industry including LawPay, MyCase, CASEpeer, Docketwise, CPACharge, and AffiniPay for Associations. AffiniPay’s solutions are trusted by more than 245,000 legal & accounting professionals with more than 150 strategic partnerships and endorsements, including the American Bar Association and the American Institute of Certified Public Accountants. Visit affinipay.com to learn more.

About Genstar Capital
Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $49 billion of assets under management and targets investments focused on targeted segments of the financial services, industrials, software, and healthcare industries.

About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and business services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has over 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong.

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Carlyle And KKR Strategic Partnerships Agree To Acquire Approximately $10.1 Billion Prime Student Loan Portfolio From Discover Financial Services

KKR

NEW YORK–(BUSINESS WIRE)– Global investment firms Carlyle (NASDAQ: CG) and KKR (NYSE: KKR) today announced that one or more strategic partnerships comprised of funds and accounts managed by Carlyle and KKR’s respective credit businesses have agreed to purchase an approximately $10.1 billion portfolio of prime student loans from Discover Financial Services (NYSE: DFS).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240717003713/en/

“This acquisition highlights Carlyle’s proven expertise in private student loans and asset-backed finance, demonstrating our Global Credit business’s ability to provide scaled, tailored solutions to meet our clients’ dynamic needs,” said Akhil Bansal, Head of Credit Strategic Solutions at Carlyle. “As the lending space evolves, we believe private markets are well-positioned to offer financial institutions increased flexibility amidst this transformation.”

“We are pleased to leverage our scale, deep experience in ABF investing and capital markets capabilities to be a capital solutions provider of choice to financial institutions that are focusing on optimizing their balance sheets,” said RJ Madden, a Managing Director at KKR. “This transaction demonstrates the value that scaled private lenders can bring to key areas of the economy as the priorities of traditional lenders continue to evolve.”

“We’re very pleased to consummate this transaction with two outstanding strategic partners in Carlyle and KKR,” said Dan Capozzi, Executive Vice President and President of Consumer Banking at Discover. “This agreement represents an important milestone in our journey to simplify our operations and business mix.”

Carlyle’s investment in the portfolio was led by its Credit Strategic Solutions (“CSS”) team, a group within its Global Credit business focused on asset-backed investments. The highly experienced team seeks to leverage the knowledge, sourcing, structuring, and breadth of the entire Carlyle investment platform to deliver tailored asset-focused financing solutions to businesses, specialty finance companies, banks, asset managers, and other originators and owners of diversified pools of assets.

KKR’s investment in the portfolio comes primarily from its asset-based finance strategy and other credit vehicles and accounts. KKR has made more than 80 ABF investments globally since 2016 through a combination of portfolio acquisitions, platform investments and structured investments. The firm has approximately $54 billion in ABF assets under management and a team of more than 50 professionals directly involved in the ABF effort globally.

The transaction is expected to close by the end of 2024 subject to customary closing conditions.

KKR Capital Markets and TCG Capital Markets structured and arranged the debt for the transaction. Monogram LLC, a portfolio company of Carlyle, will serve as portfolio manager for the student loan portfolio. Firstmark Services, a subsidiary of Nelnet, Inc. will service the loans in the portfolio. Sidley Austin LLP served as legal advisor to KKR and Carlyle. Paul Hastings LLP also served as a legal advisor to Carlyle and Clifford Chance LLP also served as a legal advisor to KKR. Wells Fargo served as exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Discover Financial Services in connection with the transaction.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $425 billion of assets under management as of March 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. For more, follow Carlyle on X and LinkedIn.

About KKR

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

About Discover Financial

Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover® card, America’s cash rewards pioneer, and offers personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network® comprised of Discover Network, with millions of merchants and cash access locations; PULSE®, one of the nation’s leading ATM/debit networks; and Diners Club International®, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.

Media Contacts:
For Carlyle:
Kristen Ashton
212-813-4763
Kristen.ashton@carlyle.com

For KKR:
Julia Kosygina
212-230-9722
media@kkr.com

For Discover Financial:
Matthew Towson
224-405-5649
matthewtowson@discover.com

Source: KKR

 

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EQT Life Sciences invests in Asceneuron, a neurodegeneration therapeutics company, as part of USD 100 million Series C financing round

EQT Life Science
  • EQT Life Sciences has invested in Asceneuron’s oversubscribed Series C and Prof. Philip Scheltens will join the Asceneuron Board of Directors
  • Asceneuron – which is developing small molecules targeting tau protein aggregation, a root cause of neurodegenerative disease – will use the funds to progress its lead asset ASN51 into Phase 2 clinical development for the treatment of Alzheimer’s disease

EQT Life Sciences is pleased to share that the LSP Dementia Fund has invested in Asceneuron SA (“Asceneuron” or “the Company”), a clinical stage biotech company developing small molecules, targeting tau protein aggregation, a root cause of neurodegenerative disease. New investors in the oversubscribed USD 100 million Series C also include Novo Holdings – which led the round – OrbiMed and SR One. Existing investors M Ventures, Sofinnova Partners, GSK Equities Investments Limited and Johnson & Johnson Innovation also participated. Prof. Philip Scheltens, Partner and Head of the LSP Dementia Fund, will join the Asceneuron Board of Directors, and Dr. Arno de Wilde, Director at the Fund will join as board observer.

The financing will be used to advance the clinical development of Asceneuron’s clinical pipeline of OGA inhibitors for the treatment of neurodegenerative diseases. Primarily, Asceneuron plans to take its lead asset, known as ASN51, into Phase 2 clinical development for the treatment of Alzheimer’s disease. ASN51 is an oral small molecule drug designed to inhibit OGA, an enzyme implicated in protein aggregation. By preventing the aggregation of tau proteins, ASN51 aims to slow the progression of Alzheimer’s disease. OGA inhibition has also shown promise in the prevention of other neurodegenerative diseases, including Parkinson’s disease and amyotrophic lateral sclerosis.

Asceneuron has completed five early-stage clinical trials, showing that their treatment effectively reaches the brain and targets the OGA enzyme. Asceneuron plans to initiate its first Phase 2 clinical study later this year.

Barbara Angehrn Pavik, Chief Executive Officer of Asceneuron, said: “This high caliber life sciences investor syndicate further validates the potential of our OGA inhibitor pipeline and leadership in the field of tauopathies. We are excited to be working with the LSP Dementia Fund given their outstanding track record in the field of Alzheimer’s disease as we advance our lead asset ASN51 into Phase 2 clinical development, recognizing its potential to significantly expand treatment options for patients with Alzheimer’s disease”.

New Asceneuron Board Member and Head of the LSP Dementia Fund Prof. Philip Scheltens added: “Dementia and other neurodegenerative diseases are some of the greatest healthcare challenges of our time. With our LSP Dementia Fund, EQT Life Sciences can invest in innovative companies across the neurodegenerative spectrum. Asceneuron is exactly this kind of company. Its clinical pipeline has breakthrough potential to change patients’ lives for the better and we’re delighted to be joining Asceneuron on its journey.”

Contact
EQT Press Office, press@eqtpartners.com 

About EQT Life Sciences
EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients. The LSP Dementia Fund (USD 297Million) started in 2020 and has a dedicated team of neurologists and neuroscientists focused on investing in therapeutics targeting neurodegenerative diseases.

For more information, go to https://eqtgroup.com/private-capital/life-sciences/      

About Asceneuron
Asceneuron is a clinical stage biotech company focused on the development of orally bioavailable therapeutics for debilitating neurodegenerative disorders with high unmet medical need. The company’s pipeline reflects its ambition and commitment to developing treatments for a wide range of neurodegenerative diseases. Asceneuron has two clinical-stage small molecule OGA inhibitors in development: ASN90 (licensed to Ferrer Pharmaceuticals) for the treatment of progressive supranuclear palsy (PSP) and a potential best-in-class molecule, ASN51, for Alzheimer’s disease. The company is also planning to advance its pre-clinical development pipeline in Parkinson’s disease, amyotrophic lateral sclerosis (ALS) and other neurodegenerative indications. Asceneuron is backed by a renowned syndicate of investors consisting of Alzheimer’s Drug Discovery Foundation (ADDF), LSP Dementia Fund, GSK Equities Investments Limited, Johnson & Johnson Innovation – JJDC, Inc. (JJDC), Kurma Partners, M Ventures, Novo Holdings, OrbiMed, Sofinnova Partners and SR One. For more information, please visit www.asceneuron.com 

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Ardian enters in exclusive discussions to acquire a majority stake in Robot-Coupe and Magimix

Ardian

Ardian will invest in the two iconic and leading brands alongside the Hameur Group, who is the Group’s historic shareholder

Ardian, a world-leading private equity house, announces that it has entered into exclusive discussions to acquire a majority stake in Robot-Coupe and Magimix, alongside Hameur Group.

Founded in 1961 in the French region of Burgundy, Robot-Coupe is the undisputed global market leader in premium benchtop equipment for professional use. Robot-Coupe has become a must-have in all professional kitchens, leveraging its superior brand image and value proposition. Its products are known for their reliability, durability, adaptability, reparability, easy-to-use features and Made-in-France quality.

The company is present in over 130 countries and serves more than 7,000 distributors and importers across the world, with leading market shares in its core geographies (namely the US, France, Australia and the UK). Robot-Coupe’s expansion is supported by a unique sales & marketing strategy, which benefits from a large and proactive on-the-ground sales team.

Over the past 60 years, Robot-Coupe has developed an attractive and innovative product portfolio covering most food preparation, from chopping and mixing to whisking and emulsifying. Its main product groups are food processors, vegetable preparators, juicers, and blenders, with each model designed in a wide range of sizes and functions for greater capacity and versatility.

Magimix was created in 1971 by leveraging Robot-Coupe’s expertise and focuses on premium small kitchen appliances for domestic use. This iconic brand is an industry leader in food preparation equipment such as food processors, blenders, juicers and coffee machines (via a strategic partnership with Nespresso initiated in 1997). The company primarily operates in France, the UK and the Netherlands, and serves a diversified customer base of specialized retailers, department stores and independent retailers, supported by a strong online presence.
Through this partnership, Ardian and the Hameur Group will support the Robot-Coupe and Magimix’s management teams plan to consolidate their market leadership position through accelerated organic growth and internationalization. This growth is expected to be delivered by the continued success of their existing products, a pipeline of new innovative solutions and potentially seizing external growth opportunities. Ardian is well placed to support the group’s ambitious strategic plan given its track record, expertise and international network in the Food Value Chain sector.

The completion of the transaction is subject to the legal usual conditions and the approval of the relevant regulatory authorities.

“Given our common DNA, based on French roots combined with international reach, we are convinced that Ardian is the right partner to begin a new chapter for the Group. We would like to welcome the Ardian team, who share our values, our vision and our ambition to accelerate the development of the company. Together, we will focus on enhancing Robot-Coupe and Magimix’s leadership position by combining our resources, know-how and strategic vision. We are delighted with this partnership, which marks a new momentum for our group.” Gilbert Verdun, CEO of Robot-Coupe and Magimix

“We are very pleased by this ambitious partnership with the Hameur Group, based on shared values and mutual trust. This partnership allows us to invest in a unique Group combining two iconic brands in a sector we know well and in which we have a strong network. This transaction is another example of how Ardian is the partner of choice in accompanying a family-owned group in its next development phase.” Thibault Basquin, Co-Head of Buyout and Member of the Executive Committee, Ardian

“With their renowned expertise and their long-term vision, the Hameur Group representatives, Gilbert Verdun and his teams have created global market leaders, offering innovative and unrivalled products targeting the attractive Food-Service industry. We are glad to partner with them in this new chapter and to accompany them in their accelerated growth and diversification strategy.” Emmanuel Miquel, Co-Head of Buyout France & Managing Director, Ardian

Over the course of our interactions, we have been very impressed by the quality of Robot-Coupe and Magimix’s management and their passion to create the best and most efficient food preparation products. We look forward to supporting them in the next development phase.” Alexis Manet, Managing Director Buyout, Ardian

LIST OF PARTICIPANTS

  • ARDIAN

    • ARDIAN: THIBAULT BASQUIN, EMMANUEL MIQUEL, ALEXIS MANET, NICOLAS KASSAB, ANOUK DAOUDAL, MARTIN BLANC
    • ARDIAN FINANCING TEAM: GREGORY BUSCAYRET, ARIS TORANIAN
    • BUYER M&A ADVISORS: AMALA PARTNERS (JEAN-BAPTISTE MARCHAND, VINCENT VILLE, CHLOÉ SPIGOLON), J.P. MORGAN (KYRIL COURBOIN, ROGIER POP, MOUNIR CHAHINE), SYCOMORE CORPORATE FINANCE (FRANÇOIS VIGNE), PC ASSOCIÉS (ANDRÉ FRANÇOIS-PONCET)
    • BUYER LEGAL ADVISOR: LATHAM & WATKINS (GAETAN GIANASSO, MICHAEL COLLE, AYMERIC DERRIEN-AKAGAWA (CORPORATE), XAVIER FARDE, CARLA-SOPHIE IMPERADEIRO (FINANCING), XAVIER RENARD, CAMILLE PONS (STRUCTURING))
    • BUYER STRATEGIC DD: BAIN & COMPANY (DAPHNÉ VATTIER, ANDREA GONDEKOVA, PAUL QUIPOURT)
    • BUYER FINANCIAL DD: ALVAREZ & MARSAL (FRÉDÉRIC STEINER, BAPTISTE RIDEAU)
    • BUYER OPS DD: ALVAREZ & MARSAL (RENALD BEJAOUI, MEHDI TAHRI)
    • BUYER LEGAL & SOCIAL DD: LATHAM & WATKINS (GAETAN GIANASSO, MICHAEL COLLE, AYMERIC DERIEN-AKAGAWA)
    • BUYER TAX DD: DELOITTE (OLIVIER VENZAL, JEAN-CHRISTOPHE TEORE-BORASCHI)
    • BUYER ENVIRONMENT & ESG DD: DELOITTE (LAURIANE MAROUZE, CHARLOTTE BANCILHON)
    • BUYER DIGITAL DD: SINGULIER X INDEFI (RÉMI PESSEGUIER, DAVID TOLEDANO)
    • BUYER INSURANCE DD: MARSH (JEAN-MARIE DARGAIGNARATZ, CLARA NOT)

  • ROBOT-COUPE & MAGIMIX

    • MANAGEMENT: GILBERT VERDUN, MARC DE SAINTE-CROIX, MAXIME DE JENLIS, PATRICK MARIANI, JEAN-MARIE LOZANO
    • VENDOR M&A ADVISORS: BNP PARIBAS (MARC WALBAUM, SÉBASTIEN REBEIX), SOCIÉTÉ GÉNÉRALE (CYRIL PAOLANTONI, MARCO BESSONE)
    • VENDOR LEGAL ADVISORS: WHITE & CASE (THIERRY BOSLY, THOMAS GLAUDEN, LAURE BAUDURET)
    • VENDOR STRATEGIC DD: ROLAND BERGER (STÉPHANE TUBIANA, LOUIS CHUPIN)
    • VENDOR FINANCIAL DD: EY (GILLES MARCHADIER, ELSA ABOU MRAD, FRANÇOIS ESTIN)
    • VENDOR LEGAL & SOCIAL DD: EY (FRÉDÉRIC RELIQUET, ANNE-ELISABETH COMBES), DE GAULLE FLEURANCE & ASSOCIÉS (HENRI-NICOLAS FLEURANCE, JEAN-CHRISTOPHE AMY), STEVENS & BOLTON
    • VENDOR TAX DD: EY (CÉDRIC DEVOUGES), RSM (LEONID KHRISTOFOROV)
    • VENDOR ENVIRONMENT DD: AECOM (BENOIT SOUFFRE)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT ROBOT-COUPE

Founded in 1961 in Burgundy, Robot-Coupe is the undisputed global market leader of premium benchtop equipment for professional kitchens. Its early success relied on innovation solutions, directly addressing the chefs’ needs for a robust, efficient, reliable, safe and easy-to-use product. Robot-Coupe has quickly expended globally leveraging its strong brand image associated with Made-in-France excellence in gastronomy, becoming the common name for professional food processors, while diversifying into other benchtop product categories (e.g. juicers, immersion blenders, etc.). The company is present in more than 130 countries where it serves more than 7,000 distributors and importers, with leading market shares in its core geographies (namely the US, France, Australia and the UK). Robot-Coupe is operating through a global footprint with three manufacturing and assembly sites located in France, the US, and Sweden.

www.robot-coupe.com

ABOUT MAGIMIX

Created in 1971 leveraging Robot-Coupe’s expertise, Magimix focuses on premium small kitchen appliances for domestic use, with a clear leadership in food preparation equipment and coffee machines. Magimix offers a wide range of products consisting of food processors (notably its flagship product, the Cook Expert), blenders, juicers, co-branded coffee machines through a strategic long-term partnership with Nespresso, and other products (e.g. ice-cream machines, toasters, steamers). Primarily operating in France, the UK and the Netherlands, the company serves a diversified customer base of specialized retailers while benefitting from strong online presence.

www.magimix.com

MEDIA CONTACTS

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Legend Capital’s Portfolio Company Singfilm Solar Achieves Breakthrough in Perovskite Solar Cell Efficiency

Legend Capital

HONG KONG, July 15, 2024 – (ACN Newswire) – Legend Capital’s portfolio company, Singfilm Solar, a leading innovator in the research and manufacturing of high-efficiency perovskite solar cells, has announced that its self-developed perovskite solar module has achieved a steady-state conversion efficiency of 22.6%, certified by authoritative institutions. This breakthrough has earned a place in the esteemed Martin Green Efficiency Table (Version 64), marking the third time Singfilm Solar’s innovations have been recognized by this authority. This achievement underscores Singfilm Solar’s pioneering status in the global perovskite field and highlights the potential for transitioning from laboratory research to commercial production.

Founded in July 2023 in Singapore, Singfilm Solar’s team brings over a decade of experience in perovskite materials, processes, and equipment. The company is focused on developing and producing highly efficient and stable perovskite cells.

The improvement of photovoltaic conversion efficiency is crucial, as each 1% increase can result in a 4% rise in power generation and revenue. Perovskite cells, with their ideal band gap width, offer theoretical efficiencies of over 33% for single-junction and 43% for tandem cells, far exceeding traditional crystalline silicon cells. This positions perovskite as the next-generation photovoltaic material.

Despite its potential, the widespread adoption of perovskite in the photovoltaic industry has been hindered by stability challenges. Achieving a balance between power conversion efficiency and operational stability under complex conditions, while also ensuring manufacturing scalability, remains a critical hurdle. Moreover, exploiting the unique properties of perovskite, such as adjustable band gap, lightweight, high efficiency, and simple raw materials, to develop various photovoltaic products for different applications is a significant challenge in its commercialization.

Singfilm Solar’s proprietary Quasi-Mono high-quality perovskite industrial preparation technology supports high-throughput continuous production on large rigid and flexible substrates. Accelerated aging tests have validated the commercial product’s lifespan, making Singfilm’s commercial-sized perovskite modules the first to combine high efficiency, stability, and manufacturability. The company holds several core technologies in perovskite materials, preparation methods, and cell and module structures.

The founder of Singfilm Solar, Professor Yi Hou, is a Presidential Young Professor at the National University of Singapore (NUS) and leads the Perovskite and Tandem Solar Cells group at the Solar Energy Research Institute of Singapore (SERIS). A pioneer in perovskite research, Professor Hou’s work has been published in top academic journals such as Science and Nature （https://blog.nus.edu.sg/yihoulab/). The establishment of Singfilm Solar has received substantial support from NUS, providing a strong scientific foundation for the company’s rapid development.

In early 2024, Legend Capital led a round of angel funding for Singfilm Solar. This financing aims to expand Singfilm’s pilot line in Singapore, enhance the R&D team, and develop a global client base.

Professor Yi Hou, founder of Singfilm Solar, stated:

We are standing at the pinnacle of a perovskite technology revolution, committed to transforming laboratory innovations into real-world applications. Singfilm has not only repeatedly broken the records of the power conversion efficiency of perovskite solar cells but has also continuously made significant progress in device stability and scalable manufacturability.

I am filled with anticipation and excitement for Singfilm’s first commercial project in Europe. This is not only a recognition of our team’s technological maturity but also an important step in showcasing innovative clean energy solutions to the world.

I would like to thank Legend Capital and all the partners who support Singfilm. It is your trust that allows us to keep moving forward. We look forward to welcoming a brighter future for perovskite technology together with you all.

Managing Director of Legend Capital, Wenlong Wang, commented:

Singfilm is dedicated to creating the next generation of mainstream photovoltaic products, attracting top experts in perovskite research and thin-film industrialization from around the world. The team possesses comprehensive and solid technical expertise, and what is even more commendable is their focus on addressing the challenges of mass production implementation from day one.

Legend Capital is fortunate to be part of this exciting entrepreneurial journey, actively providing support in equipment, materials, scenarios, and channels by leveraging its accumulated resources in the new energy industry. Congratulations to the company for breaking the world record in its debut, and I look forward to this young and high-potential team continuing to make breakthroughs and successfully achieving subsequent milestones.

About Legend Capital

Founded in 2001, Legend Capital is a leading VC&PE investor focusing on the early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, Seoul and Singapore.

It currently manages USD and RMB funds of over US$10 billion in commitments, and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Rooted in China, Legend Capital participated in the rise of many world-leading companies by solid investment coverage and systematic post-investment value-add. Over the years, Legend Capital has also become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors.

Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.

For more information, please visit www.legendcapital.com.cn/index_en.aspx and follow us on LinkedIn @Legend Capital.

The article is distributed by Ever Bloom (HK) Communications Consultants Group Limited on behalf of Legend Capital.

For further information, please contact:
Ms. Orianna Ou / Ms. Arina He
Tel: +852 3468 8171
Email: legendcapital.list@everbloom.com.cn

News URL: https://www.acnnewswire.com/press-release/english/91775/

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Marktlink Capital closes second Venture Capital Fund-of-Funds at €80 million

Marktlink Capital

Amsterdam 15 July 2024 – Marktlink Capital has successfully closed the subscription for its second venture capital fund-of-funds in six months, securing €80 million in capital commitments from approximately 150 private investors. This second fund follows the success of the first fund launched in 2022, which was fully subscribed within six months. A significant portion of the private investors in the new fund also invested in the first fund, attracted by the access to top venture capital funds in Europe and North America.

Unicorns and trends
The strategy, size, and diversification of the funds in the second venture capital fund-of-funds are largely similar to those in 2022. Based on extensive research, the Marktlink Capital team selects funds that perform exceptionally well. “There are thousands of VC funds, but only a few consistently perform well”, says Bouke Marsman, partner at Marktlink Capital. “In venture capital, good funds continue to perform well year after year. 85% of Unicorns (companies valued over a billion) are owned by just 5% of the funds.”

Marsman continues, “Only 0.5% of companies grow into Unicorns, but ten companies in our portfolio have achieved that status. This is relatively high, especially considering we’ve only been operating for a year and a half. The results so far are in line with our expectations.”

Marktlink Capital has taken broader technological trends into account when composing its portfolio, including Artificial Intelligence (AI). Marsman explains, “With an investment in Saga Ventures, a fund specialising in AI led by Max Altman, and in funds backing the European AI champion Mistral, we aim to reflect this trend in our portfolio.”

About Marktlink Capital
Marktlink Capital, born from the merger of Marktlink Investment Partners and Welt Ventures, is an investment company providing entrepreneurs and private investors with access to the best private equity and venture capital funds in Europe and North America. The team consists of approximately 35 FTEs with specialist knowledge and experience in private equity and venture capital. To date, more than €1.5 billion in committed capital has been secured, almost entirely from Dutch entrepreneurs. The initiator of Marktlink Capital is Marktlink, which has been advising entrepreneurs on the sale or purchase of companies in the upper mid-market segment since 1996. With more than 300 employees and 150 deals per year, Marktlink understands the critical role private equity and venture capital play in the development and growth of businesses.

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