Category Archives: News

CVC Credit raises its third European direct lending fund

CVC Capital Partners

CVC Credit, the global credit management business of CVC, is pleased to announce the final close of its third European Direct Lending fund (“EUDL III”).

CVC has raised €6.3 billion1 to deploy across the European Direct Lending opportunity, representing a significant increase over CVC’s prior European Direct Lending fund.

The growth of CVC’s European Direct lending platform has been underpinned by CVC’s deep local relationships across its network of thirteen European offices, and CVC’s focus on Europe for over forty years.

Quotes

The strength and depth of the CVC platform enables us to act as a reliable long term partner and we are excited by the opportunity.

John Empson Partner and Co-Head of Private Credit

Andrew Davies, Partner and Co-Head of Private Credit, commented: “John and I are delighted by the trust and support shown in us across CVC’s global investor base. The European private credit market is undergoing profound secular growth and with the support of the CVC Network, we are ideally placed to capitalise on that opportunity.”

John Empson, Partner and Co-Head of Private Credit, added: “CVC Credit is incredibly focussed on delivering attractive financing solutions for European financial sponsors, many of whom have been impacted by the pull back in bank lending. The strength and depth of the CVC platform enables us to act as a reliable long term partner and we are excited by the opportunity.”

Chloe Sanders, Head of ESG at CVC said: “EUDL III is at the centre of CVC’s belief that embedding environmental and social responsibility, creates stronger and more resilient businesses. Andrew and John understand this, which is why they are providing loans with lower financing costs, if borrowers deliver sustainable value. We believe this is a great way of encouraging businesses to embrace change.”

Recent transactions completed by EUDL III include: Advent’s buyout of IRCA; Astorg’s investment in OPEN Health; Cinven’s acquisition of Euro Techno Com; Partners Group’s acquisition of Version 1; and, TPG’s partnership with DOC Generici.

CVC Credit now manages total assets of more than €35 billion across its Performing Credit and Private Credit businesses. The Private Credit platform comprises its European Direct Lending and Capital Solutions strategies with assets of more than €10 billion.

1 Taken together with parallel investment funds and accounts

Categories: News

EdTech unicorn GoStudent to acquire DACH’s leading, centre-based tutoring company, Studienkreis, from IK Partners in landmark deal

IK Partners

GoStudent accelerates hybrid learning strategy to fuel future growth

Global tutoring market projected to reach USD 278 billion by 2026

Vienna / Berlin – December 2, 2022 – GoStudent, Europe’s leading EdTech company and one of the world’s largest online tutoring agents, today announced the acquisition of Studienkreis, the market leader in centre-based tutoring in the DACH region, from IK Partners (“IK”). The transaction accelerates GoStudent’s strategy to combine the best of both the online and offline world and to give people access to quality education through technology.

The global online tutoring market, valued at USD 150 billion in 2020, is projected to reach USD 278 billion by 2026[1]. Coupled with a global learning crisis that includes teacher shortages, learning gaps and access to education, GoStudent is leading the conversation on the future of learning that will deliver more value to families across Europe.

Over the past 12 months the company made a number of strategic acquisitions including UK-based Seneca Learning, Tus Media Group from Spain and Fox Education from Austria. These acquisitions allowed the company to extend into AI-based learning content, improve and increase access to tutors and the addressable market and offer communication solutions for schools and families. With the integration of Studienkreis, the company can now address families with a preference for centre-based learning or group classes. This positions GoStudent firmly at the forefront of the morning, afternoon and content education market.

“Over 1.5 million online tutoring sessions are booked each month at GoStudent, but we believe the future of learning is hybrid. Combining online and offline creates an omnichannel model which brings maximum value to families and builds a barrier for competitors,” explained Felix Ohswald, CEO and co-founder of GoStudent. “With today’s announcement, GoStudent now offers a full spectrum of learning solutions for every type of student and budget. In addition to our core, 1:1, online tutoring, we offer everything from freemium products to group classes. It’s this winning combination that will fuel our future growth while at the same time boosting profitability.”

Established in 1974, Studienkreis is Germany’s leading tutoring company with over 1,000 learning centres across the country. A pioneer in online learning since 2012, the company serves 125,000 families every year in the DACH region. Under the ownership of IK since 2017, Studienkreis expanded to Austria through the acquisition of LernQuadrat in 2018 and strengthened its market-leading position in DACH through increased brand awareness and the provision of high-quality tutoring services. By combining offline tutoring with online services as well as own-developed digital tools, Studienkreis shares a vision for developing a blended learning experience.

“Since our first meeting, it was clear the two companies shared a passion and belief that the future of learning is hybrid, and we believe technology is key to enabling that. GoStudent’s position in the online world, together with our strong brand and physical position in Germany, will create a blueprint for building individual, dynamic learning paths so each student can not only improve their grades but unlock their full potential,” added Lorenz Haase, CEO, Studienkreis. “We are very excited to be part of this next phase of growth.”

Nils Pohlmann, Partner at IK, added: “It has been a pleasure working with Lorenz and his team at Studienkreis. Education and people are the essence of our modern society and Studienkreis and GoStudent are leading players for tutoring services. We wish them the very best for their joint journey.”

Studienkreis will continue operating independently under its current leadership team while the two companies aim to identify synergies over time.

-ENDS-

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Ratos company HL Display acquires Allied POS

Ratos

2022-12-02

HL Display is acquiring Allied POS, a leading provider of Point of Sale (POS) solutions in Ireland. With the acquisition, HL Display consolidates its market position, and it will expand HL’s footprint and route to market in Ireland and further strengthen its position as the leading supplier for in-store merchandising and communication solutions to grocery retailers in Europe.

Established in 2004, Allied POS is based in Dublin, Ireland and has annual sales of €2m. Since its founding, Allied POS has catered to a wide range of customers within grocery retail, pharmacies, and shopfitters, building on vast knowledge of the retail environment and strong service credentials.

“It is pleasing that HL Display continues its European expansion. This acquisition is fully in line with Ratos’ acquisition strategy, where add-on acquisitions in existing companies are an important part. We welcome the new company into the family and look forward to HL Display’s continued growth journey”, says Anders Slettengren, Chairman of the Board at HL Display and Executive Vice President, Ratos.

“With its strong footprint in the Irish market, its customer base and product offer, Allied POS is a great fit for HL”, says Björn Borgman, CEO of HL Display. “This acquisition will help us to gain broader distribution in the dynamic grocery and convenience markets in Ireland and strengthen our position as the leading supplier for in-store merchandising and communication solutions across Europe. I believe together we are creating an even stronger offer for Irish retailers, and I am delighted to welcome Allied POS to HL.”

About HL Display
HL is a global leader in in-store merchandising and communication solutions, helping customers to create a better shopping experience around the world. Founded in 1954, HL today is present in more than 70 countries and solutions can be found in 295,000 stores. The HL Display Group has its headquarters in Stockholm, Sweden and sales companies covering 26 markets as well as distributor partners covering the remaining markets globally. The five production facilities are located in Sweden, Poland, the UK and China. HL Display has 1,100 employees and net sales of 1,700 MSEK.

http://www.hl-display.com

For further questions, please contact:
Anders Slettengren, Chairman of the Board, HL Display and Executive Vice President, Ratos
+46 72 589 89 00

Josefine Uppling, VP Communication, Ratos
+46 76 114 54 21

Björn Borgman, CEO, HL Display
+46 72 264 17 90

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2021, the companies have approximately SEK 28 billion in net sales. Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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EQT partners with Nobel Prize Outreach to inspire and engage global audiences on societal challenges

eqt

Sharing a Nordic heritage and the passion for cross-disciplinary dialogue and engagement in issues that are crucial to our world and our future, EQT AB (“EQT”) today announced a global partnership with Nobel Prize Outreach.  

Since its founding in Stockholm in 1994, EQT has been purpose-driven through a conviction that sustainable business is good business. As a global investment organization with a thirty-year track record of focusing on more than capital, EQT has delivered value to both investors and the wider society. EQT is determined to drive transformative change not only across our portfolio companies, but also within the industries in which it operates.

Today EQT announces that it joins a select group of Nobel International partners. As a Nobel International Partner, EQT is committed to sharing knowledge, science and research, by encouraging cross-disciplinary engagement with Nobel Prize Laureates.

“EQT is committed to driving discussion, and more importantly action, on issues crucial to our future. Through this partnership and along with our best talent, expansive network, and mission to future-proof companies we must challenge the status quo to help solve society’s problems,” said Conni Jonsson, Founder & Chairperson at EQT. “EQT looks forward to engaging international audiences in cross-disciplinary dialogue with Nobel Prize Laureates and the scientific community. Through the partnership, we will be able to promote fact- and science-based decision-making, stimulate dialogue between different sectors in society and inspire young minds to learn.”

“Nobel Prize Outreach is thrilled to invite EQT to join a select group of Nobel International Partners. Education, climate change, health and digitization are major challenges for all of us and especially for the young generation. Our partnership will provide opportunities for students, world-leading scientists and thought leaders from various disciplines to engage with some of the world’s foremost thinkers for the greatest benefit to humankind,” says Laura Sprechmann, CEO of Nobel Prize Outreach.

The Nobel International Partner program is led by Nobel Prize Outreach, which extends the reach of the Nobel Prize to millions of people around the world through inspirational events, digital media and special exhibitions and activities related to the legacy of Alfred Nobel and the achievements of the Nobel Prize laureates. EQT hopes to encourage more innovative thinking and to spur interactive discussions, especially among investors, students, and the younger generations. By engaging diverse audiences through a mutual exchange of ideas and information, EQT can help address the major challenges facing our collective future.

As a Nobel International Partner, EQT will collaborate with Nobel Prize Outreach over several years to foster dialogue on our most important challenges – the future of education, sustainability, digitization, diversity in science and more – involving students, Nobel Prize laureates, thought-leaders and society at large. In 2023, EQT will participate in Nobel Prize Outreach events in Sweden, Brazil, United States and South Korea.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

 

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. As of the closing of the combination with BPEA, EQT has EUR 114 billion in assets under management, within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia and the Americas and has more than 1,750 employees.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Nobel Prize Outreach
Nobel Prize Outreach develops ambitious international outreach activities – conferences, education programs, student lectures, podcasts, documentaries – including large science-based conferences gathering Nobel Prize laureates and other leading experts, discussing and acting on our time’s greatest challenges. Previous topics include The Future of Work, The City of the Future, The Future of Ageing, Risk and Uncertainty, Your Plate, Our Planet – The Future of Food, Water Matters, etc. Nobel Prize Outreach events are open to the public, free to attend, live streamed, interactive, and primarily targeted towards students, decision- makers and the general public. To achieve this, Nobel Prize Outreach works with a limited number of exclusively selected long-term corporate partners referred to as the “Nobel International Partners.”

More info: https://www.nobelprize.org

Categories: News

VICI Properties Inc. to Acquire Remaining 49.9% Interest in MGM Grand Las Vegas and Mandalay Bay Joint Venture from Blackstone Real Estate Income Trust, Inc.

Blackstone

New York – December 1, 2022 – Blackstone Real Estate Income Trust, Inc. (“BREIT”) and VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”) announced jointly today that they have entered into a definitive agreement in which VICI, currently owner of a 50.1% interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort, will acquire BREIT’s 49.9% interest in the joint venture for cash consideration of approximately $1.27 billion and VICI’s assumption of BREIT’s pro-rata share of the existing property-level debt. The property-level debt has a principal balance of $3.0 billion, matures in 2032, and bears interest at a fixed rate of 3.558% per annum through March 2030.

The properties, situated at the south end of the Las Vegas Strip in Las Vegas, Nevada, are subject to an existing triple-net lease agreement between the joint venture and MGM Resorts International (NYSE: MGM). The lease will generate annual rent of approximately $310 million upon the commencement of the next rental escalation on March 1, 2023.

Jon Gray, President and Chief Operating Officer of Blackstone, said, “VICI Properties has been an outstanding partner on these assets and we are incredibly pleased to have delivered such exceptional returns for our BREIT investors. Las Vegas continues to be a high conviction market for Blackstone.”

Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “We have been honored to be BREIT’s partner in the MGM Grand Las Vegas / Mandalay Bay joint venture and this transaction further demonstrates the ability of Blackstone and VICI to work together productively, now and in the future. We’re excited to further our investment in MGM Grand Las Vegas and Mandalay Bay, two of the largest and highest-quality resorts in what we believe is the leisure and convention destination with the most compelling future demand outlook. This transaction also provides us with the opportunity to further grow our partnership with MGM Resorts International as they look to capitalize on the growing vitality of the South Strip.”

Scott Trebilco, Senior Managing Director of Blackstone Real Estate, said, “The sale of these assets is an excellent outcome for our BREIT investors and enables us to further concentrate BREIT’s portfolio in its highest growth sectors, including logistics and rental housing.”

The MGM Grand Las Vegas / Mandalay Bay triple-net lease has a remaining initial lease term of approximately 27 years (expiring in 2050) with two ten-year tenant renewal options. Rent under the lease agreement escalates annually at 2.0% through 2035 (year 15 of the initial lease term) and thereafter at the greater of 2.0% or CPI (subject to a 3.0% ceiling).

VICI Properties intends to fund the transaction through a combination of cash on hand, proceeds from the settlement of existing outstanding forward equity sale agreements and assumption of the remaining 49.9% of the existing property-level debt. VICI expects the transaction to be immediately accretive to AFFO per share upon closing.

The AAA Four Diamond Resorts, MGM Grand Las Vegas and Mandalay Bay, feature:

  • Over 18 million building square feet
  • Approximately 11,000 guestrooms and suites (including Four Seasons and Delano hotels) across the two iconic properties
  • Approximately 321,000 square feet of gaming space and 191 table games and 2,235 slot machines and electronic table games
  • Approximately 3.0 million gross square feet of state-of-the-art exhibition and meeting facilities
  • A variety of amenities for its guests, including multiple Michelin Star winning restaurants, The Mansion at MGM Grand, numerous entertainment venues, the MGM Grand Garden Arena (with approximately 17,000 seat capacity), Hakkasan Night Club, Topgolf, and destination pools and spas
  • Situated on 226 well-located acres on the Las Vegas Strip

The transaction is subject to customary closing conditions and is expected to be completed early in the first quarter of 2023.

PJT Partners and Barclays are serving as BREIT’s financial advisors, and Simpson Thacher & Bartlett LLP is acting as BREIT’s legal counsel. Morgan Stanley & Co. LLC is acting as exclusive financial advisor to VICI Properties, and Hogan Lovells is serving as legal advisor to VICI Properties.

About Blackstone Real Estate Income Trust
Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $319 billion in investor capital under management. Further information is available at www.breit.com.

About VICI Properties
VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties’ national, geographically diverse portfolio consists of 43 gaming facilities comprising over 122 million square feet and features approximately 58,700 hotel rooms and more than 450 restaurants, bars, nightclubs and sportsbooks. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC, MGM Resorts International, Penn Entertainment, Inc., and The Venetian Las Vegas. The Company has a growing array of investing and financing partnerships with leading non-gaming experiential operators, including Great Wolf Resorts, Cabot, Canyon Ranch and Chelsea Piers. VICI Properties also owns four championship golf courses and 34 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.

Forward-Looking Statements
This press release includes “forward-looking” statements and “safe harbor statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in VICI’s and BREIT’s public filings with the Securities and Exchange Commission (the “SEC”). VICI and BREIT have based forward-looking statements on current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, expectations regarding the closing of the transaction, any benefits expected to be achieved as a result of the transaction and statements regarding future performance, including VICI’s expected accretion following completion of the transaction. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to delays or impediments to completing the transaction and other factors described in VICI’s periodic reports filed with the SEC as well as those described under the section entitled “Risk Factors” in BREIT’s prospectus and its annual report for the most recent fiscal year and any such updated factors included in its periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. In providing forward-looking statements, neither VICI nor BREIT is undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If VICI or BREIT updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

Contacts

Blackstone
Jeffrey Kauth
Jeffrey.kauth@Blackstone.com
(212) 583-5395

VICI
David Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.com

Danny Valoy
Vice President, Acquisitions & Finance
DValoy@viciproperties.com

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Gaw Capital Partners Completes Acquisition of Logistics Portfolio in Japan

December 1, 2022, Hong Kong – Real estate private equity firm Gaw Capital Partners announced today that the firm, through a fund under its management, has acquired a logistics portfolio with seven fully-let assets across Greater Tokyo, Japan.

The portfolio comprises of seven high-quality logistics assets with 76,593 tsubo (253,200 sqm) net rentable area, covering the circa 37 million population of Metropolitan Tokyo. All assets are located in popular logistics hubs across Greater Tokyo, offering a combination of excellent access to major cities nearby, attractive employment environment, and strong business continuity plan support.

The assets are located in Chiba, Joso, Hasuda, Hashimoto, Atsugi and Ashikaga, with most of the assets within a one-hour drive of central Tokyo. By leveraging Gaw Capital’s in-depth understanding of the logistics sector and local market knowledge, the firm plans to unlock the hidden value of the portfolio by carrying out a series of value-add strategies including cold storage conversion, and proactive asset management and ESG initiatives.

Isabella Lo, Managing Director and Head of Japan at Gaw Capital, said, “We are delighted to have completed our first logistics portfolio in Japan. With rising demand driven by continued urbanization and e-commerce, logistics assets in Japan continue to mature as an institutional asset class, increasingly attracting capital from both domestic and international investors. With the support from our experienced in-house team and local logistics partners, I believe we would fully unlock the returns.”

Joseph Chan, Managing Director, Principal – Investments at Gaw Capital, said, “We are delighted to have acquired the seven fully let logistics assets in Japan. We will integrate ESG elements, such as adding solar panels across the portfolio to reduce the carbon footprint of daily warehouse operations, obtain certification in green building rating programs such as LEED, CASBEE and WELL Building Standard, and ensure the logistics assets fulfil the ESG requirements of international logistics tenants. We also see strong value-add potential in several properties across the portfolio, which will be unleashed by Gaw Capital with our experience and track record across other APAC regions. Responding to Japan’s rising demand for cold storage facilities, our value-add strategy will include capturing the opportunity in this niche market by bringing in our expertise in recent successful cold storage conversions regionally.”

The population in Tokyo continues to grow, driving demand for various goods consumption and the subsequent demand for logistics. The e-commerce market in Japan saw impressive growth during the pandemic, reaching JPY 20 trillion in 2021, and this rapid change consequently increased the demand for logistics facilities. Despite this strong growth, e-commerce penetration in Japan continues to lag other developed markets, and the strong growth potential is fueling the future demand for logistics.

Gaw Capital Partners was named ‘Alternatives Investor of the Year: Asia’ at the PERE Awards 2021 after receiving the largest number of votes in a public ballot of the real estate industry. The company started to acquire, develop and manage modern logistics facilities with local partners in China since 2014. The logistics platform has circa 100 professionals with strong in-house expertise covering the full spectrum of business development, investment, construction, leasing and property management. Over the past eight years, the platform has invested in nearly 40 projects with circa 4 million sqm in China. Through funds under its management, Gaw Capital also acquired and managed logistics projects in Australia and Vietnam.

-END-

 

About Gaw Capital Partners

Gaw Capital Partners is a uniquely positioned private equity fund management company focusing on real estate markets in Asia Pacific and other high barrier-to-entry markets globally.

Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with its own in-house asset management operating platforms in commercial, hospitality, property development, logistics, IDC and education. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, serviced apartments, hotels, logistics warehouses and IDC projects.

Gaw Capital has raised seven commingled funds targeting the Greater China and APAC regions since 2005. The firm also manages value-add/opportunistic funds in the US, a Pan-Asia Hospitality Fund, a European Hospitality Fund and a Growth Equity Fund, and it also provides services for credit investments and separate account direct investments globally.

Since 2005, Gaw Capital has commanded assets of US$34.3 billion under management as of Q2 2022.

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HYPR, the Leader in Phishing-Resistant MFA, Raises $25M

.406 Venture

NEW YORK, NY – December 1, 2022 — HYPR, the Passwordless Company, today announced a $25 million Series C1 led by Advent International through Advent Tech, the firm’s dedicated global technology fund. The investment brings HYPR’s total funds raised to $97 million and includes participation from existing investors including .406 Ventures, RRE Ventures, Top Tier Capital, and Comcast Ventures. The new injection of capital will be used to expand HYPR’s go-to-market strategy and R&D efforts and to accelerate its mission Fix the Way the World Logs In.

Recent HYPR research revealed that 89% of organizations experienced at least one phishing attack within the past year at an average cost of $2.19M. Legacy authentication solutions have failed to keep pace with the industrial-grade tooling easily available to attackers. In response, industry officials, including CISA, have urgently advised organizations to eliminate passwords and adopt phishing-resistant MFA such as HYPR’s passwordless solution.

“Passwords and Legacy MFA solutions that are supposed to keep organizations safe are actually putting them at tremendous risk, “ said Bojan Simic, CEO of HYPR.  “These outdated technologies make organizations an easy target for hackers using readily-available online tools to automate and scale attacks. Furthermore, the user experience with these legacy methods is so frustrating that users bypass the security controls, which gives hackers further vulnerabilities to exploit.  The new investments will advance our efforts to help organizations keep their employees and customers safe while significantly reducing the astronomical costs of passwords.”

HYPR is a pioneer in passwordless authentication and has demonstrated tremendous momentum over the past 24 months.  HYPR’s solution offers a consistent passwordless authentication experience regardless of the heterogeneity of a customer’s infrastructure. Enterprises who have deployed HYPR’s phishing-resistant MFA on a worldwide basis include 2 of the 4 largest US banks, Fortune 500 manufacturing conglomerates, and global insurance providers.

“As a Fintech institution, we face an increasingly complicated threat landscape,” said Dawn Watters, SVP of Identity & Data Protection at Fiserv.  “We selected HYPR for the completeness of their passwordless authentication solution and the overall user experience. Working with HYPR will significantly reduce our exposure to phishing attacks and improve our overall enterprise security while using the latest FIDO standards.”

HYPR is deploying passwordless solutions to hundreds of thousands workforce users per quarter while also rapidly enabling the adoption of passwordless technologies in the consumer identity space.

“The HYPR team has built one of the most significant phishing-resistant MFA solutions that is deployed at scale globally,” said Eric Noeth, Partner at Advent International. “The growing deployment momentum demonstrates HYPR’s ability to give organizations a proven passwordless alternative to replace failing systems based on the password. We continue to be impressed by the pace of HYPR’s innovation and leadership in the passwordless authentication space and we’re excited to continue our partnership with the HYPR team in this next phase of their journey.”

HYPR’s market leadership has grown based on the company’s early adoption of the FIDO (Fast IDentity Online) standard, which has garnered broad industry acceptance.  Earlier this year, platform leaders including Google, Apple and Microsoft committed to expand their support of the FIDO standards to accelerate the availability of passwordless logins.

“HYPR has been a long-time supporter of the FIDO Alliance, and their FIDO Certified products have underpinned some of the industry’s flagship FIDO implementations with leading enterprises around the world,” said Andrew Shikiar, Executive Director and CMO of the FIDO Alliance.  “As a member of FIDO’s Board of Directors for the past five years, HYPR has played a critical role in developing and advancing the FIDO standards – working alongside other leading companies in the Alliance to fulfill our collective mission of reducing reliance on passwords in favor of simpler, stronger user authentication.”

About HYPR

HYPR fixes the way the world logs in. HYPR’s True Passwordless™ MFA platform decouples authentication from the organization’s identity providers and eliminates the traditional trade-off between security and user experience by providing uncompromising assurance and consumer-grade experience. By eliminating the password and deployments taking hours rather than weeks or months, organizations decrease the risk of a cyber attack, increase positive user experience, and lower operational costs.

Welcome to The Passwordless Company®. Additional information is available at https://www.hypr.com

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 400 private equity investments across 41 countries, and as of June 30, 2022, had $96 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 285 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit

Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

Contact

Carol Dullmeyer
Vice President, Brand and Corporate Communications
carol.dullmeyer@hypr.com

Sophia Templin or Amanda Muccio
FGS Global for Advent International
AdventInternational-US@fgsglobal.com

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Tesi’s Growth Company Pulse Survey: Companies still forecasting growth – labour shortages a handicap

Tesi

Tesi’s survey, now conducted for the sixth time, covers unlisted companies comprising at least five people in Finland’s major business sectors.

The companies surveyed forecast average growth in net sales of 8.5% for 2022 and 5% for 2023, which roughly corresponds to the European Central Bank’s inflation forecasts. Corresponding growth estimates for strongly growth-oriented companies are many times higher than these averages.

“Our survey shows that strongly growth-oriented companies excelled themselves amidst multiple crises and have managed to realise their expectations in a difficult environment. This select group probably includes the stars, which define Finland’s future by transforming the country’s business ecosystem and boosting productivity,” points out CDO Henri Hakamo, who heads Tesi’s Development team.

Growth prospects are dampened, however, by major labour shortages. The survey indicates that almost 60% of the companies are suffering from labour shortages. Of these companies, one-sixth find the issue an obstacle to normal operation and almost one-half an obstacle to growth. The worst shortage is in the accommodation & food services sector. Across all sectors, at least one-half of the companies are suffering from labour shortages, and one-sixth report the shortage depressing their net sales by over one-tenth.

VC&PE-backed companies investing in growth

Companies backed by venture capital and/or private equity have bolder investment plans than their peers and also plan bigger increases in their R&D investments.

One-third of all the companies are planning to increase their investments compared to almost 60% of VC&PE-backed companies planning increases. These figures are broadly similar to last year’s level.

One-third of all the companies and some 80% of VC&PE-backed companies conduct R&D activities. One-fifth of all the companies and over one-half of VC&PE-backed companies plan to increase their R&D activities. These figures are broadly similar to those of one year ago.

“Companies have succeeded in adapting their operations in Finland and in battling through challenging times with commendable results. This is the big picture our questionnaire survey portrays. Venture capital and private equity-backed companies have performed well and even show surprisingly good prospects,” summarises Henri Hakamo.

Key Figures

  • Net sales are forecast to grow in 2023 at the same pace as inflation. All surveyed companies +5%, growth-oriented companies 26%, and VC&PE-backed companies 24%.
  • EBITDA is forecast to rise in 2023 by an average 2.7 percentage points to roughly 15%. The same level of 15% is also expected by VC&PE-backed companies.
  • Labour shortages are impacting 57% of the companies. Of these companies, labour shortages are an obstacle to normal operation for 17% and an obstacle to growth for 47%. The most acute labour shortage is in accommodation & food services (70%).
  • Electricity savings measures have been adopted by 50% of the companies, while 43% have made investments in saving energy.
  • Investment is forecast to increase in 32% of all the companies and in 57% of VC&PE-backed companies. Investment as a proportion of net sales is estimated as 8% in the former group, and 20% in the latter group.
  • R&D activities are currently conducted by 35% of all companies, 66% of strongly growth-oriented companies, and 81% of VC&PE-backed companies. An increase in R&D activities is planned by 20% of all companies, 40% of strongly growth-oriented companies, and 54% of VC&PE-backed companies.

The Growth Company Pulse Survey is a survey of small & medium-sized enterprises (SMEs) jointly conducted by Tesi and Taloustutkimus. The survey addresses pertinent issues such as growth, profitability, financing, investment, labour shortages and expertise. Altogether 1,575 companies participated in the survey during the response period of 11 October – 18 November 2022. The survey covers the most important sectors of Finland’s economy (8/16 sectors). Companies of less than five people were excluded from the survey, but no upper limit was set for net sales.

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More information

Henri Hakamo, +358 (0)40 050 2721, henri.hakamo@tesi.fi, CDO
Susanna Aaltonen, +358 (0)40 593 4221, susanna.aaltonen@tesi.fi, Director, Communications

Link to Henri Hakamo’s photo

Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds and directly in growth companies. We provide long-running support, reasoned insights, patient capital, and skilled ownership. tesi.fi | Twitter  | LinkedIn  | Newsletter

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Audax Private Equity Completes Investment in Salon Lofts

Audax Group

BOSTON & COLUMBUS, Ohio — Audax Private Equity (“Audax”) announced a strategic growth investment in Salon Lofts (“the Company”), one of the largest developers and operators of company-owned salon suites. This investment will support Salon Lofts in its mission to provide Beauty Care Professionals (“BCPs”) with the individual space and value-add services to support and grow their own businesses outside of the traditional salon model, allowing them to become Loft Owners.

Based in Columbus, Ohio, Salon Lofts has over 210 stores across 10 states, and provides nearly 5,500 Loft Owners access to private salon suites. The unique salon-suite model empowers BCPs to operate their own businesses, set their own hours and pricing, use their own preferred products, and ultimately retain more profits. Additionally, the salon-suite model provides BCPs with access to value-add services and support, including booking and client-management support, social media coaching, and educational events.

Steve Schillinger, CEO of Salon Lofts, said, “We are thrilled to partner with Audax and look forward to benefitting from their deep expertise with both consumer and multi-site business models. This partnership will allow us to meet the growing demand from BCPs to become their own business owners. With the support of Audax, we will continue to expand our salon footprint through acquisition, new unit openings and service offerings. Moreover, we will maintain our focus on the highest possible quality experience for our Loft Owners and their clients.”

“We commend Salon Lofts’ team on building an impressive brand while quickly scaling the business across multiple geographies,” said Jason Ellis, Managing Director at Audax Private Equity. “The business has experienced tremendous growth while providing unique services that enable BCPs to grow their own businesses. We look forward to partnering with Steve and the Salon Lofts team in their next phase of growth.”

Raymond James acted as financial advisor and Ledbetter Wanamaker Glass served as legal counsel to Salon Lofts. Ropes & Gray LLP served as legal counsel and North Point Advisors and Fifth Third Securities served as advisors to Audax. Terms of the transaction were not disclosed.

ABOUT AUDAX PRIVATE EQUITY

Audax Group is a leading alternative investment manager with offices in Boston, New York, San Francisco and London. Since its founding in 1999, the firm has raised over $32 billion in capital across its Private Equity and Private Debt businesses. Audax Private Equity has invested over $9 billion in more than 150 platforms and over 1,100 add-on companies, and is currently investing in add-ons out of its $3.5 billion, sixth private equity fund. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. With more than 360 employees and over 150 investment professionals, the firm is a leading capital partner for North American middle market companies. For more information, visit the Audax Private Equity website, at www.audaxprivateequity.com, or follow us on LinkedIn.

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Argos Wityu to acquire IJssel Technologie

argos wityu

The common objective is to reinforce IJssel Technologie’s robust market position in accelerating commercial developments, boosting innovation, contributing to the energy transition, and deploying a clear M&A strategy.

Argos Wityu has reached an agreement with the shareholders of IJssel Technologie to become majority shareholder of the Dutch industrial maintenance services provider. Wadinko will remain as a minority shareholder alongside Argos Wityu. This acquisition marks Argos Wityu’s fifth investment by its MidMarket fund VIII.

Founded in 1992 from the process engineering department of Scania in Zwolle, Ijssel has been supported by the current shareholders since 2004. The business is active in (predictive) maintenance and optimization for industrial production and process industries. With its high reputation and its loyal workforce of over 400 employees, IJssel provides skilled services to clients active in basic materials, chemicals, food & beverages and transport. The company is known as a specialized maintenance provider with a high degree of technical knowledge, a customer-centric approach, and a brand strongly recognized in the Dutch industrial maintenance market.  In 2021, the company’s revenues were €59m.

The current shareholders are enthusiastic about this next step for the company and its employees. Argos Wityu was selected as partner for their understanding of the business, core skillsets in growth and operational excellence, and track record in successful (international) buy & build programs. Wadinko, a provincial fund focused on employment in the region, will remain as a minority shareholder alongside Argos Wityu.

IJssel will continue to provide its high-quality services and support its clients in the best manner.

The transaction is subject to conditions and approvals including but not limited to the Works Council and the Dutch market authorities.

Richard Reis, Partner at Argos Wityu said “Argos Wityu is proud to have been chosen by the historical shareholders of IJssel and glad to build this new partnership with this very successful Dutch company. We will strive to preserve the group’s DNA, develop its market-leader identity and structure its growth.”

Han Leemhuis, Investment Manager at Wadinko added: “We look forward to continue as shareholder alongside with Argos Wityu and unroll all the opportunities included in the business plan.”

Argos Wityu team: Gilles Mougenot, Richard Reis, Roel van Ark, Skyler van Wezel

Buyer advisors
Corporate Finance/M&A – Deloitte (Onno Vos, Jeroen van Leeuwen, Jeffrey Riesmeijer, Guy Valette)
Strategy & Commercial – Deloitte VCS (Karin de Sousa Nobre, Walter Lutz, Jig Sevinga)
Financial – PwC (Cornelis Smaal, Khayyam Butt, Nick de Leeuw)
Legal – Houthoff (Bram Caudri, Ivar Brouwer, Jeanne Beck, Sylvia Dikmans, Diede van der Voort)
Pension – HVG Law (Nicolette Opdam, Roderick Buijs, Inge Renes)
Tax – PwC (Bart Weijers, Joey Schellingerhout)
Insurance – Aon (Ingrid van Bussel, Richard Stemerdink)
ESG – Tauw (Hans Nieuwenhuis, Julian Stempher, Nick Distelbrink)

Seller advisors
Corporate Finance/M&A –  Oaklins (Arjen Kostelijk, Martijn de Win, Ruben Knooren, Baran Temur)
Strategy & Commerical – Roland Berger (David van der Does, Maarten Roelofsma, Bart Woltjes
Financial – Accuracy (Leontine Koens-Betz, Barry van der Vliet)
Legal – Loyens&Loeff (Herman Kaemingk, Eline de Ruijter, Frank Bambacht, Sandrine Lekkerkerker)

Argos Wityu

Coralie Cornet
Director of Communications
ccc@argos.fund
+33 1 53 67 20 63

Wadinko

Han Leemhuis
h.leemhuis@wadinko.nl
+31 6 51 84 55 81

About Argos Wityu / www.argos.wityu.fund
One firm, two strategies. Argos Wityu is an independent European private-equity group that supports the growth of mid-sized business and back their management teams.

With more than €1.4bn assets under management, over 30 years of experience and more than 90 businesses assisted, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan, and Paris. The group seeks to acquire majority stakes and invests between €10m and €100m in each investment of its two strategies:

  • The MidMarket fund helps companies implement ownership transitions to accelerate growth
  • The Climate Action fund aims at shaping European sustainable leaders by making their ‘grey-to-green’ transition.

About IJssel Technologie / www.ijssel.com

IJssel is a leading Dutch provider of engineering, installation, (predictive) maintenance and (production) optimization services for industrial customers and is involved in a significant part of the industrial services value chain. Via over 400 employees it offers its services via 7 locations in the Netherlands, both as professional service provider and outsourced technical department.

About Wadinko / www.wadinko.nl

Wadinko is a private equity company with social impact and an entrepreneurial approach. Wadinko offers risk capital, management support, and shares its knowledge and networks. In addition, Wadinko has adopted a social commitment to stimulate healthy local commercial activity and employment in the Dutch regions of Overijssel, the Noordoostpolder and south-west Drenthe. This manifests itself in substantial minority interests, realistic return requirements, and a focus on the continuity of shareholdings. As of 2022, Wadinko has holdings in 26 companies, employing 4,250 people.

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