Category Archives: News

Axon Partners Group Invests in Novatron Fusion Group to Drive the Future of EnergyA

Axon

Axon Partners Group, together with St1 and a consortium of investors, has participated in the Series A1 funding round of Novatron Fusion Group (NFG), a pioneering company developing fusion energy solutions. This investment marks a major step forward in accelerating the development of fusion technology—an abundant, clean, and virtually limitless energy source.
Through its Next Technology Ventures II fund, which specializes in energy transition and sustainability, Axon reinforces its commitment to breakthrough innovation in the energy sector. This funding round also establishes a long-term strategic partnership between Novatron and St1, a relevant energy corporation from Finland. Leveraging its global network and expertise, St1 will play a key role in driving the project forward and reducing the world’s dependence on fossil fuels.

As we start preparing for industrialization, we need to secure these types of partners that can contribute with experience, an extensive global network, and a strong position in the energy market,´says Peter Roos, CEO of Novatron Fusion Group.

With this investment, Axon strengthens its focus on financing disruptive technologies that drive sustainability and social impact.

At Axon, we seek to back game-changing technologies that redefine industries. Fusion energy is the holy grail of the energy transition, and Novatron’s approach has the potential to make it a reality. This investment is not just about funding innovation—it’s about shaping the future of global energy, said Álvaro Pascual, member of Axon’s investment team.

Developed by leading scientists and engineers, NOVATRON’s technology is positioned as a game-changing concept with the potential to revolutionize the energy industry. With this new funding, Novatron Fusion Group will accelerate the development of its prototype and advance to the next stage—bringing the future of clean energy closer to reality.

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Fortitude Re Announces $4 Billion Annuity Reinsurance Agreement with Taiyo Life Insurance Company

Carlyle

HAMILTON, Bermuda, March, 21, 2025–FGH Parent, L.P., (together with its subsidiaries, “Fortitude Re”), a leading global reinsurance company, today announced the signing and closing of a $4 billion reinsurance transaction between its subsidiary, Fortitude International Reinsurance Company Ltd. (“FIRL”) and Taiyo Life Insurance Company (“Taiyo Life”), a wholly owned subsidiary of T&D Holdings, Inc (“T&D”).

Under the transaction, which is effective as of February 28, 2025, Taiyo Life has reinsured a significant portion of its whole life annuity business to Fortitude Re. Taiyo Life will continue to service and administer the reinsured policies.

This transaction marks Fortitude Re’s second reinsurance transaction with Taiyo Life and Fortitude Re’s sixth deal in Japan.

“We are honored that Taiyo Life continues to place their trust in us and we look forward to building on our successful partnership,” said Leonard Lin, Head of Asia, Fortitude Re. “This transaction further demonstrates our deep commitment to the Japan market and to helping our partners achieve their risk, capital and growth aspirations.”

“The track record Fortitude Re has built in Japan underscores the power of the partnership between Fortitude Re and its shareholders,” said Alon Neches, CEO, Fortitude Re. “T&D’s origins and extensive activities in Japan combined with Carlyle’s 25-year track record in the country and leading asset origination capabilities, have helped grow our business ensuring that our policyholders benefit from the compelling value proposition we have built. Together, we are delivering innovative solutions that provide long-term value for insurers in Japan and around the world.”

The transaction with Taiyo Life comes on the heels of the announcement of the signing of Fortitude Re’s long-term care and individual disability insurance reinsurance agreement with a subsidiary of Unum Group last month in the U.S. Upon closing of that transaction, Fortitude Re will have originated over $8 billion in reserves this year, reinforcing Fortitude Re’s industry-leading capabilities.

Sidley Austin LLP and Mori Hamada & Matsumoto served as legal counsel to Fortitude Re on the Taiyo Life transaction.

Media Contact

Mary Beth Conklin

Marybeth.conklin@fortitude-re.com

423-596-1449

About Fortitude Re
Fortitude Re is a leading provider of reinsurance solutions with $106 billion in total assets as of Dec. 31, 2024. The foundations of our business model are our exceptional insurance professionals and the support of the world’s most sophisticated insurance investors, including Carlyle and T&D Insurance Group. Our people, our capital strength and our capabilities drive strategic reinsurance solutions designed to meet our clients’ highest priority goals and to create sustainable, long-term value for our shareholders, our teammates, and the communities in which we operate. For more information visit, www.fortitude-re.com and follow Fortitude Re on LinkedIn.

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Fortitude Re Announces $4 Billion Annuity Reinsurance Agreement with Taiyo Life Insurance Company

Carlyle

HAMILTON, Bermuda, March, 21, 2025–FGH Parent, L.P., (together with its subsidiaries, “Fortitude Re”), a leading global reinsurance company, today announced the signing and closing of a $4 billion reinsurance transaction between its subsidiary, Fortitude International Reinsurance Company Ltd. (“FIRL”) and Taiyo Life Insurance Company (“Taiyo Life”), a wholly owned subsidiary of T&D Holdings, Inc (“T&D”).

Under the transaction, which is effective as of February 28, 2025, Taiyo Life has reinsured a significant portion of its whole life annuity business to Fortitude Re. Taiyo Life will continue to service and administer the reinsured policies.

This transaction marks Fortitude Re’s second reinsurance transaction with Taiyo Life and Fortitude Re’s sixth deal in Japan.

“We are honored that Taiyo Life continues to place their trust in us and we look forward to building on our successful partnership,” said Leonard Lin, Head of Asia, Fortitude Re. “This transaction further demonstrates our deep commitment to the Japan market and to helping our partners achieve their risk, capital and growth aspirations.”

“The track record Fortitude Re has built in Japan underscores the power of the partnership between Fortitude Re and its shareholders,” said Alon Neches, CEO, Fortitude Re. “T&D’s origins and extensive activities in Japan combined with Carlyle’s 25-year track record in the country and leading asset origination capabilities, have helped grow our business ensuring that our policyholders benefit from the compelling value proposition we have built. Together, we are delivering innovative solutions that provide long-term value for insurers in Japan and around the world.”

The transaction with Taiyo Life comes on the heels of the announcement of the signing of Fortitude Re’s long-term care and individual disability insurance reinsurance agreement with a subsidiary of Unum Group last month in the U.S. Upon closing of that transaction, Fortitude Re will have originated over $8 billion in reserves this year, reinforcing Fortitude Re’s industry-leading capabilities.

Sidley Austin LLP and Mori Hamada & Matsumoto served as legal counsel to Fortitude Re on the Taiyo Life transaction.

Media Contact

Mary Beth Conklin

Marybeth.conklin@fortitude-re.com

423-596-1449

About Fortitude Re
Fortitude Re is a leading provider of reinsurance solutions with $106 billion in total assets as of Dec. 31, 2024. The foundations of our business model are our exceptional insurance professionals and the support of the world’s most sophisticated insurance investors, including Carlyle and T&D Insurance Group. Our people, our capital strength and our capabilities drive strategic reinsurance solutions designed to meet our clients’ highest priority goals and to create sustainable, long-term value for our shareholders, our teammates, and the communities in which we operate. For more information visit, www.fortitude-re.com and follow Fortitude Re on LinkedIn.

Categories: News

Meridian Adhesives Group Expands Technical Capabilities in Asia with the Launch of the Penang Application Development Center

Arsenal Capital Partners

Penang, Malaysia – Meridian Adhesives Group (Meridian) is proud to announce the grand opening of the Penang Application Development Center (ADC), a state-of-the-art facility designed to enhance technical capabilities and innovation in Asia. This strategic investment strengthens Meridian’s presence in the region by expanding Pacific Adhesive Systems, a key brand within its Electronics Division, while delivering cutting-edge solutions to customers and partners across the industry.

Driving Innovation Across Meridian’s Electronics Division

Meridian’s Electronics Division is a global leader in high-performance adhesive solutions, serving industries such as semiconductors, consumer electronics, automotive, and aerospace. The division encompasses leading brands Epoxy Technology Inc., manufacturer of Epo-Tek®; Epoxies, Etc.; and Pacific Adhesive Systems.

As an extension of Pacific Adhesive Systems, the new Penang ADC will serve as a technical hub for all Electronics Division customers in Asia, providing advanced application development, material testing, and process optimization support.

A New Hub for Research, Development, and Technical Support

Equipped with cutting-edge technology and advanced testing facilities, the Penang ADC is dedicated to enhancing material performance and manufacturing efficiencies. The center will provide specialized services, including:

  • Thermal & Mechanical Testing – Instruments such as UV-DSC, TGA, DMA, and TMA for detailed material analysis.
  • Environmental Testing & Durability Assessments – Chambers for humidity, temperature cycling, and aging simulations.
  • Advanced Measurement & Analysis – Die shear testing, rheometry, and viscometry for quality control and R&D.
  • Precision Dispensing & Mixing Technologies – Automated dispensing, plasma treatment, and UV curing systems for manufacturing optimization.
  • State-of-the-Art Cleanroom & Thermal Processing – A Class 10K cleanroom for contamination-sensitive applications.

Enabling Customers to Innovate, One Bond at a Time

The launch of the Penang ADC reinforces Meridian’s commitment to delivering localized technical expertise and tailored solutions to its customers across the region. By integrating the capabilities of Pacific Adhesive Systems with the global resources of Meridian’s Electronics Division, the new facility will accelerate product innovation, improve application performance, and foster closer collaboration with industry partners.

“We are thrilled to establish the Penang Application Development Center as a cornerstone of our growth in Asia,” said Charles Lai, APAC Managing Director at Meridian Electronics. “This new facility not only strengthens our R&D capabilities but also allows us to better serve our customers with cutting-edge solutions tailored to their evolving needs.”

With the Penang ADC, Meridian, Pacific Adhesive Systems, and its Electronics Division brands continue to push the boundaries of innovation and excellence, delivering next-generation technologies that empower industries worldwide.

About Meridian Adhesives Group:

Meridian Adhesives Group is a leading manufacturer of high-performance adhesives, providing cutting-edge solutions across electronics, flooring, infrastructure, packaging, and product assembly markets. With a strong portfolio of innovative brands, Meridian is dedicated to delivering superior adhesive technologies to meet the evolving needs of global customers.

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QuattroR joins BC Partners to support Cigierre’s growth

BC Partners Logo

BC Partners, a leading international investment firm, and QuattroR, a private equity fund distinguished by its strong commitment to fostering the growth of outstanding Italian companies with solid industrial and technological fundamentals, announce QuattroR’s minority investment in Cigierre – Compagnia Generale Ristorazione S.p.A., a leading player in the Italian casual dining sector.

The investment in Cigierre was executed through the subscription of a substantial capital increase with co-investments from Anthilia Capital Partners SGR and the Company’s management. Following this operation, funds advised by BC Partners will retain the Group’s majority ownership.

This transaction marks the beginning of a strategic partnership among QuattroR, BC Partners, and the founder and CEO, Marco Di Giusto, with the objective of supporting Cigierre’s next phase of growth. By leveraging complementary expertise, a shared vision, and dedicated resources, the partnership aims to strengthen the company’s presence in Italy while optimizing its financial structure. Concurrently with QuattroR’s entry into the company’s capital, Cigierre has successfully completed the refinancing of its long-term capital structure, benefiting from the strong support of both existing creditors and new investors. Founded in 1995, Cigierre – Compagnia Generale Ristorazione S.p.A. is the leading company in Italy’s chain restaurant sector, particularly in the Casual Dining segment. The Group boasts a network of over 360 locations, including 230 directly operated restaurants and more than 130 franchised establishments, under well-known brands such as Old Wild West, Wiener Haus, America Graffiti, Smashie, and Pizzikotto. Throughout its history, Cigierre has demonstrated a strong and consistent growth trajectory, supported by a solid organizational structure. Following a swift recovery from the challenges posed by the Covid-19 pandemic, the company has achieved over €400 million in revenue and €65 million in EBITDA.

Nikos Stathopoulos, Chairman of Europe at BC Partners and Chairman of the Board of Directors of Cigierre, remarked: “We are pleased to welcome QuattroR SGR as a new shareholder in Cigierre. We share a common vision for the Group’s growth potential and, most importantly, a deep confidence in the management team, as we continue to support the founder and CEO, Marco Di Giusto”.

Stefano Ferraresi, Partner and Head of Italy at BC Partners, added: “QuattroR’s investment in Cigierre represents a significant opportunity for the Group, providing not only additional capital to support its growth strategy but also valuable expertise in the Italian market. This will complement BC Partners’ track record and the capabilities of the company’s management team”.

Flavio Valeri, Chairman of QuattroR SGR, commented: “Our investment in Cigierre represents the ideal launch of the deployment phase of the new QuattroR Mid Cap fund. This initiative underscores our commitment to supporting Italian excellence—companies with solid fundamentals and highly recognizable brands—over the medium to long term”.

Francesco Conte, CEO of QuattroR SGR, stated: “We are pleased with our investment in Cigierre and the growth plan, developed in full alignment with BC Partners, founder and CEO Marco Di Giusto, and the financial institutions. We firmly believe in the value of collaboration and the importance of building synergies to drive sustainable growth. We are confident that our partnership with BC Partners will enable Cigierre to accelerate its consolidation strategy in Italy, through the expansion of its well-established brands and the development of high-potential new formats, with the ultimate goal of generating long-term value for all stakeholders”.

Marco Di Giusto, founder and CEO of Cigierre, added: “The entry of QuattroR alongside BC Partners, together with the refinancing of our long-term capital structure, reaffirms the strong value and growth potential of our company, which has been present in the market for 30 years. We face significant challenges and ambitious growth objectives, but my team and I are ready to tackle them with the same determination that has defined our journey so far. We warmly welcome QuattroR”.

In this transaction, BC Partners was advised by Latham & Watkins and Facchini Rossi Michelutti – Studio Tributario. QuattroR was assisted by Chiomenti, KPMG, and Studio Spada, while Cigierre received counsel from Studio MPRD Molaro, Pezzetta, Romanelli, Del Fabbro, and BCG. The EY Capital & Debt Advisory team supported Cigierre in the refinancing process.

ABOUT BC PARTNERS BC Partners is a leading investment firm with circa €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today BC Partners integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Food. Since its foundation, BC Partners has completed over 128 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund. For further information, please visit https://www.bcpartners.com/

ABOUT CIGIERRE Founded in 1995, Cigierre – Compagnia Generale Ristorazione S.p.A. is the Italian leader in the chain restaurant sector and in particular in Casual Dining, with over 360 points of sale (230 directly operated and more than 130 in franchising) and brands Old Wild West, Wiener Haus, America Graffiti, Smashie and Pizzikotto. Throughout its history, Cigierre has demonstrated a strong growth trend thanks to a consolidated organizational structure and, after the rapid recovery from the years affected by the Covid-19 pandemic, today it expresses a turnover of over Euro 400 million with Euro 65 million of EBITDA.

Categories: News

3i Group plc Action Capital Markets Seminar and portfolio update

3I

3i Group plc (“3i”, or “the Group”) will be holding a capital markets seminar this morning, involving presentations from the management team of Action, our largest portfolio company. A live webcast of the seminar will take place at 10:00 (UK time). To register for the webcast, please visit  https://www.3i.com/investor-relations. An on-demand webcast of the seminar will also be available by the end of the day.

In its 2024 financial year Action generated net sales of €13,781 million and operating EBITDA of €2,076 million, 22% and 29% respectively higher than in 2023. Like-for-like sales growth was 10.3% and the business added 352 stores in the year. Operating leverage and good cost discipline were the main drivers behind the increased EBITDA margin of 15.1%.

Action has made a good start to 2025. In the period to the end of week 11, Action’s net sales were €2.95 billion, 17% ahead of the same period in 2024. Like-for-like sales growth in the first 11 weeks of the year was 6.1%, with growth in transactions being 6.5%. The YTD like-for-like sales have been affected by temporary availability issues in certain stores and DCs as a result of the changeover of Action’s ERP system at the turn of the year. These issues have now been dealt with. The business has added 38 stores in the year to date. Cash and cash equivalents as at 16 March 2025 was €927 million. Action is planning to make another dividend payment to shareholders in the last week of March.

The following guidance for Action’s year to December 2025 will be set out during the presentation.

Like-for-like sales growth  Above YTD like-for-like sales and in the mid to high single digit range
Net store opening target c.370
EBITDA margin expansion +c.10-20 bps from 15.1% for the 12 months to 29 December 2024

Action’s estimate of white space potential in existing and identified in-scope countries in Europe will be updated to 4,850 stores in addition to the 2,918 existing stores at the end of 2024. This represents an increase of c.500 from the white space estimate given last year.

In March 2025, Action completed a successful, leverage neutral repricing of c.53% of its debt facilities, generating an annual interest cost saving of c.€19 million, in addition to the c.€14 million of annual interest savings generated through the amend, extend and repricing transaction executed in November 2024.

We have recently completed our semi-annual portfolio company review meetings.  Our other long term hold asset Royal Sanders continues to trade well. The PE portfolio more generally continues to make good progress against a difficult macro and uncertain geo-political environment with good performance across a number of 3i’s larger investments. Overall, across the whole portfolio the performance in the initial weeks of 2025 was encouraging with only a small number still facing material headwinds. Our full year results will be published in May.

 

– Ends – 

Categories: News

EQT Consortium Completes Acquisition of Nord Anglia Education

eqt

Avenues New York - NAE

  • Expanded shareholder group, led by global investors including Neuberger Berman Private Markets, CPP Investments, CF Alba and Dubai Holding, brings deep expertise and long-term capital to support Nord Anglia’s continued expansion and innovation in premium education
  • USD 14.5 billion transaction reflects Nord Anglia’s leadership in delivering world-class education and its position as a premier global institution
  • The depth and diversity of global financial asset managers and institutions in Nord Anglia’s expanded shareholder base enhance its long-term resilience, introduce fresh strategic capital and create new pathways for innovation and growth

LONDON – March 20, 2025 – EQT, as part of a global consortium of premier institutional investors including Neuberger Berman Private Markets, Canada Pension Plan Investment Board (“CPP Investments”), Corporación Financiera Alba, S.A. (“CF Alba”) and Dubai Holding Investments (“Dubai Holding”) (collectively the “Consortium”), today announced the successful completion of the Consortium’s acquisition of Nord Anglia Education (“Nord Anglia” or the “Company”), valuing the business at USD 14.5 billion.

This transaction marks a significant milestone in Nord Anglia’s evolution as a global leader in private international education. Operating over 80 schools in 33 countries, Nord Anglia educates more than 90,000 students from ages 2 to 18.  Its students consistently achieve excellent academic results, with Year 12 graduates frequently accepted into the world’s top 100 universities. Central to Nord Anglia’s educational philosophy is its personalized learning approach, where classroom teaching is tailored to each student’s unique learning style.

Alongside EQT, Neuberger Berman Private Markets, CPP Investments, CF Alba and Dubai Holding, the completion of Nord Anglia’s acquisition also introduces a distinguished group of global financial asset managers or institutions which significantly broadens and strengthens the Company’s ownership structure. This group includes sovereign wealth funds, insurers, and family offices across Asia, the Middle East, Europe, and North America, which not only enhances Nord Anglia’s long-term stability as a private company but also brings new strategic perspectives, resources, and capital to drive its continued growth. The strong momentum and commitment from these investors reflect the exceptional quality of the organization and confidence in its long-term trajectory.

EQT has been a dedicated partner to Nord Anglia since 2008 and further strengthened its commitment in 2017, when CPP Investments joined as an investor. Over this period, EQT has played a central role in strategic M&A, helping Nord Anglia successfully execute more than 21 acquisitions since 2017 that have significantly expanded its footprint and earnings. Additionally, EQT has worked closely with Nord Anglia to invest in digital initiatives, enhancing both the student learning experience and operational efficiencies. Under EQT’s ownership, Nord Anglia has also established an innovative collaboration model with world-renowned institutions, further elevating its reputation for academic excellence. Its partners include UNICEF, Juilliard, MIT, IMG Academy, King’s College London, and Project Zero, a research center at the Harvard Graduate School of Education.

Neuberger Berman, CF Alba, Dubai Holding and other leading global investors now join EQT and CPP Investments to further strengthen Nord Anglia’s position as a sophisticated, globally integrated premium education group. With a commitment to supporting both organic growth and strategic acquisitions, the Consortium ensures Nord Anglia remains well-positioned for continued innovation, expansion, and leadership in the evolving global education landscape.

Jean Eric Salata, Chairperson of EQT Asia and Head of Private Capital Asia, said, “EQT is proud to be a long-term partner to Nord Anglia and to continue supporting its evolution as a world-leading premium education platform. This transaction not only delivers a strong outcome and a successful exit for BPEA Private Equity Fund VI but also marks a defining moment for EQT, as we align with a distinguished group of global investors who share a deep commitment to Nord Anglia’s mission. The strength and diversity of this expanded shareholder base will reinforce the company’s long-term stability, provide additional strategic capital, and unlock new opportunities for innovation. We look forward to this next chapter and to seeing Nord Anglia continue to set new benchmarks in academic excellence and global impact.”

Jack Hennessy, Partner at EQT Private Equity, said, “Nord Anglia is an outstanding institution that has set new standards for excellence in global private education. For more than 16 years, we’ve worked closely with the company’s exceptional management team to expand its reach and elevate its academic offering. With the completion of this transaction, we are excited to continue this journey with Neuberger Berman, CPP Investments, CF Alba, Dubai Holding and a world-class group of long-term institutional investors, ensuring Nord Anglia is well-positioned for its next stage of growth.”

Andrew Fitzmaurice, Chief Executive Officer of Nord Anglia Education, added, “We are delighted to partner with some of the world’s most respected investors, who share our commitment to educational excellence. EQT has been an exceptional partner over the years, helping to strengthen our academic programs, invest in research and innovation, and expand our family of schools globally. With the support of our investor group, we are excited about the future and the opportunities this will create to further improve students’ outcomes.”

EQT is investing in Nord Anglia through its BPEA Private Equity Fund VIII.

Contact
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating 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, X, YouTube and Instagram

About Nord Anglia Education
As a leading international schools organization, we’re shaping a generation of creative and resilient global citizens who graduate from our schools with everything they need for success, whatever they choose to be or do in life.

Our strong academic foundations combine world-class teaching and curricula with cutting-edge technology and facilities, creating learning experiences like no other. Inside and outside of the classroom, we inspire our students to achieve more than they ever thought possible.

No two children learn the same way, which is why our schools around the world personalize learning to what works best for every student. Inspired by our high-quality teachers, our students achieve outstanding academic results and go on to study at the world’s top universities.

Our Nord Anglia global family includes 80+ day and boarding schools in 33 countries, teaching over 90,000 students from ages 3 to 18. 

To learn more: nordangliaeducation.com.

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Bain Capital to Acquire Joint Control and Invest in Manappuram Finance’s Next Phase of Growth

BainCapital

Investment to drive expansion of the company’s renowned non-banking financial services platform building on Bain Capital’s deep financial services experience in India, as well as Manappuram Finance’s 75-year track record of excellence 

Mumbai / Thrissur – March 20, 2025 – Bain Capital, a leading global private investment firm, today announced that it has entered into definitive agreements to acquire joint control in Manappuram Finance, a Kerala-based non-banking financial company and the 2nd largest gold financier in India through its affiliates i.e., BC Asia Investments XXV Limited and BC Asia Investments XIV Limited (Bain Capital) in partnership with the Existing Promoters who will continue to stay fully invested. This strategic investment aims to fuel the company’s next phase of growth and drive transformation by enhancing operational excellence, strengthening leadership, and expanding its presence across key segments.

As part of the transaction, Bain Capital will be investing ~INR 4,385 cr to acquire an 18.0% stake on a fully diluted basis via preferential allotment of equity & warrants at a price of INR 236 per share which is at a premium of ~30% over the 6 month average trading price. The transaction will trigger a mandatory open offer for the purchase of an additional 26.0% stake in the company on an expanded capital basis (excluding warrants). The open offer price has been fixed at INR 236 per share. Based on the open offer subscription, Bain Capital’s stake post the investment will vary between 18.0% to 41.7% on a fully diluted basis (including shares to be issued pursuant to exercise of warrants). Existing Promoters will hold a 28.9% stake in the company post the investment on a fully diluted basis (including shares to be issued pursuant to exercise of warrants). The transaction is subject to customary closing conditions and regulatory approvals.

Founded in 1949, Manappuram Finance is a leading non-banking financial institution and the 2nd largest financier in the gold loan segment in India. It has grown to serve over 6.59 million customers through an extensive network of 5,357 branches and a workforce of 50,795 employees, who uphold its “customer-first” culture. With strong brand recognition, deep customer relationships, and a widespread presence across India, the company has successfully expanded beyond gold loans into microfinance, vehicle finance, housing finance and SME lending, establishing itself as a diversified financial services provider with significant scale and strong growth momentum.

Mr. V.P. Nandakumar, MD & CEO at Manappuram Finance, said, “The journey of Manappuram Finance has been a long and rewarding one, delivering rich dividends to all stakeholders and investors. For me personally, it has been a privilege to lead such a dynamic company that continues to set gold standards in the NBFC sector. As we embark on the next phase of our growth, we are delighted to welcome Bain Capital as our new partner. Their leadership team is renowned for its commitment to excellence, and their sharp focus on growth will unlock fresh opportunities for Manappuram Finance. We look forward to a successful partnership that drives innovation and sustained success”

“We are thrilled to partner with Mr. Nandakumar and his team to support Manappuram Finance in its next phase of growth. This collaboration leverages our deep expertise and commitment to sustainably expanding India’s financial services sector, while democratizing access to financial products that foster entrepreneurship and wealth creation across the country,” said Pavninder Singh, Partner at Bain Capital. “Manappuram has developed a robust, diversified platform, and we look forward to providing the necessary capital, strategic resources, and operational expertise to help the company accelerate its growth and continue to lead in the industry.”

“Manappuram Finance is a leader in the non-banking financial sector, with deep expertise and a strong market presence. Manappuram’s commitment to integrity, customer-centricity, and technology-driven innovation has been key to its success, and we are excited to build on these values to further solidify its leadership in the industry,” said Rishi Mandawat, Partner at Bain Capital. “There continues to be a huge opportunity for the company to accelerate growth in the core segments. We are partnering with the family to provide capital for growth and help the company on a professionalization journey that will enable it to drive better operational efficiency and risk management.”

Bain Capital has deep experience in investing to support the growth and leadership of a diversified set of financial services businesses in India and globally, including Axis Bank, 360One Wealth & Asset Management, L&T Finance Holdings, Lionbridge Capital, esure, among others.

Bain Capital was advised by Kotak Investment Banking, Boston Consulting Group India, Cyril Amarchand Mangaldas, Ernst & Young LLP, Kirkland & Ellis LLP and Unaprime Investment Advisors while Manappuram Finance, its affiliates and Existing Promoters were advised by Spark Capital and Khaitan & Co.

For more details, please refer to the investor presentation here.

***
About Bain Capital:
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 25 offices on 4 continents, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com.

About Manappuram Finance Limited:
Manappuram Finance Ltd. (BSE: 531213, NSE: MANAPPURAM) is one of India’s leading Non-Banking Financial Companies (NBFCs), with a rich legacy spanning over 75 years. Established in 1949 in Valapad, Kerala, the company has grown into a trusted financial institution, serving millions of customers across urban and rural India. From its roots as a gold loan provider, it has evolved into a diversified financial services company, extending vehicle finance, home loans, microfinance, and SME lending to the underbanked and underserved segments of Indian society.

On a consolidated basis, Manappuram Finance Ltd has a nationwide network of 5,357 branches across 28 states and union territories, employing 50,795 professionals committed to its mission of financial inclusion. The company serves a customer base exceeding 6.59 million, with assets under management (AUM) surpassing ₹44,218 crore. To learn more, visit www.manappuram.com.

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Cinven to Sell Viridium Group

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Cinven

International private equity firm, Cinven, today announces it has agreed to sell Viridium Group (‘Viridium’ or ‘the Company’) to a consortium comprising Allianz, BlackRock, T&D Holdings, Hannover Re and Generali Financial Holdings.1

With €67bn of assets under management, 3.4m policies and about 900 highly specialised employees, Viridium is a leading life insurance consolidator, making existing life policies more attractive and creating tangible value for its customers and shareholders.

In 2014, the Cinven Funds invested in Heidelberger Leben, a specialist provider of retirement and life insurance products in Germany with €5bn of assets under management, 600k policies and around 300 employees. Cinven identified an opportunity to better serve the market by consolidating the highly fragmented German life insurance sector and investing in best-in-class technology to create an industry-leading single, modern business platform.

Since the Cinven Funds’ investment, Cinven’s Financial Services Sector team and DACH Regional team have continued to partner closely together to drive considerable investment in, and growth at, the Company, that has since been renamed Viridium Group, reflecting the evolution of the business. Working closely with the management team, Cinven executed an ambitious growth plan that included acquiring Skandia, Entis and Proxalto, formerly Generali Leben. It developed a highly effective platform to position the Company for continued leadership in the European life insurance market.

With Cinven’s support, Viridium developed and successfully implemented various key strategic priorities:

  • Investing more than €700m in a single state-of-the-art business platform across technology and operations to ensure improved efficiency and future scalability;
  • Implementing a refined asset management strategy with improved returns to customers;
  • Enhancing the customer support function to deliver strong customer service levels;
  • Delivering operational excellence initiatives to enhance the productivity of the organisation; and
  • Appointing an industry-leading management team with significant experience, that has presided over a winning culture across the organisation.

As a result of Cinven’s significant investment in the Company, and the ambitious growth plan successfully implemented, Viridium has become one of the largest and most advanced life insurance consolidation platforms globally.

Bruno Schick, Co-Managing Partner and Head of the DACH team at Cinven, said:

“Cinven is proud to have built Viridium from the ground-up and developed it into Germany’s leading life insurance consolidation platform. This sale to a consortium of top-tier global insurers and asset managers, with the continued involvement of Hannover Re and Generali, provides an excellent foundation for continued growth and highlights the strategic value of Viridium. It’s a clear reflection of Cinven’s unparalleled leadership in the Financial Services Sector and the DACH region.”

Samy Jazaerli, Senior Principal in Cinven’s Financial Services Sector team added:

“The investment by Cinven Funds in Viridium is a testament to Cinven’s long-term vision, commitment to excellence and focus on sustainable value creation. Viridium is now perfectly positioned for continued growth. With numerous further strategic opportunities in the European life insurance sector and Viridium’s proven capabilities, the company is ideally placed, and we wish Viridium every success in the years to come.”

Dr Tilo Dresig, CEO of Viridium Group commented:

“I would like to thank Cinven for its valuable support and partnership throughout its investment. Cinven’s entrepreneurial approach, insurance expertise, and our shared vision have been key to Viridium’s development as a leading German life insurer. As a result, the company is now strategically positioned to seize significant future growth. It has been a pleasure working together to reach this important milestone for Viridium. We look forward to the exciting opportunities ahead.”

The transaction is subject to regulatory approvals and other customary closing conditions.

Cinven was advised by Goldman Sachs International and Fenchurch Advisory (M&A), Freshfields (Legal), KPMG (Financial), Willis Towers Watson (Actuarial), Bearing Point (Operations), Capgemini (Technology), EY (Tax) and Deloitte (Structuring).

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1 Generali Financial Holdings FCP-FIS Sub-fund 2, a sub-fund of Generali Financial Holdings FCP-FIS.

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CDPQ becomes a shareholder of Norda Stelo: A partnership to accelerate sustainable innovation

Cdpq

Norda Stelo is proud to formalize CDPQ’s capital stake after two years as a lender. This strategic partnership is aligned with a shared vision of innovation, sustainability and global outreach, marking a key move for Norda Stelo, Québec leader in impact engineering.

Norda Stelo therefore announces the closing of $28.1 million in equity financing from CDPQ while remaining majority-held by its employee-shareholders. This partnership will enable the company to accelerate its growth in key sectors such as infrastructure, natural resources and strategic industries, while consolidating its leadership role in the transition to a greener economy. Driven by the ambition to become the world leader in asset durability, this financial backing will make it possible for Norda Stelo to increase its capacity for innovation, pursue its acquisition plan and amplify its positive impact on its clients and the communities where it operates, both in Canada and internationally.

“We are honoured to count on the support of CDPQ, a partner of choice that shares our vision of innovation and sustainability. At Norda Stelo, we strongly believe that a company’s strength lies in its ability to create a positive and lasting impact for individuals and communities alike. This partnership is tangible recognition of Norda Stelo’s expertise and the relevance of its mission. Together, we will continue to build concrete solutions to meet the major challenges of our time, not by becoming the best in the world, but the best for the world,” said Alex Brisson, President and CEO of Norda Stelo.

“This partnership with Norda Stelo reflects our ambition to support the growth of companies that place sustainability and innovation at the heart of their business model. After two years as a lender, during which we facilitated new local and national acquisitions, we are strengthening our commitment as a shareholder to invest in projects that will have a beneficial impact on our economy and our environment,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ.

This investment represents a historic turning point for Norda Stelo, representing its first equity offering in 60 years. This considered choice is based on a shared vision: Continue accessing larger markets and sharing Québec know-how. CDPQ’s collaboration, which began in 2023, was key to completing the integrations of CWA Engineers and InnovExplo. The partnership announced today is built on proven synergies and mutual trust.

AEC Advisors, through its registered broker-dealer affiliate AEC Transaction Services LLC, acted as financial advisor to Norda Stelo for the transaction.

ABOUT NORDA STELO

Established in 1963 and headquartered in Quebec, Canada, Norda Stelo stands as an esteemed independent engineering firm. For six decades, it has been distinguished for its comprehensive expertise in executing integrated projects across a spectrum of sectors. These include transportation infrastructures like roads, ports, and railways, as well as diverse industries such as mining and metals, energy, and manufacturing and processing. The firm’s enduring legacy is marked by its commitment to innovation, quality, and the successful delivery of complex projects. The company supports its customers at every stage of their projects, emphasizing its commitment to quality, innovation, and value creation.

Norda Stelo operates in Canada, the United States and New Caledonia, with projects completed in over 50 countries. A leading, B Corp-certified engineering firm in Canada, Norda Stelo demonstrates its commitment to the common good and sustainability in all its projects. For more information on Norda Stelo and its services, visit www.norda.com

ABOUT NORDA STELO’S INNOVATIONS AND SOLUTIONS GROUP

Norda Stelo’s Innovations and Solutions group develops and delivers innovative solutions and services to customers in road, port, and rail transport infrastructures, as well as in various industries including mining and metals, energy and manufacturing and processing. These solutions include asset management, ESG initiatives, decarbonization and the STELAR asset management technology platform. For more information, visit www.stelar.ai.

ABOUT CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, we work alongside our partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2024, CDPQ’s net assets totalled CAD 473 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

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