Category Archives: News

Ardian acquires stake in Mimacom Flowable Group, a specialist in digitalization services, hyperautomation and low code software

Ardian

Together with the strong investor, the services, software and digitalization group aims to accelerate its growth strategy by accessing new markets and customers

Ardian, a world-leading private investment house, has agreed to invest in the Swiss Flowable Holding AG (“Mimacom Flowable Group”) alongside the management team, led by CEO Agim Emruli, to support the Company in implementing its growth strategy.

Headquartered in Bern, Switzerland, the Mimacom Flowable Group specializes in services, software development and digital transformation, cloud, and data consultancy for well-known blue-chip customers in the manufacturing, finance, insurance and life sciences sectors. With Flowable, the Company also offers its own low-code software platform for the automation and digitalization of business processes. The Group has more than 500 employees across 10 locations worldwide, including in Switzerland, Germany, Spain, the US, and Poland.

Hyperautomation involves the systematic and holistic automation of a company’s entire business processes using a wide range of technologies and methods. One of Mimacom Flowable Group’s core products is the low-code software application, Flowable Work, that enables customers to create software applications to automate processes largely without software development knowledge using intuitive interfaces that feature drag-and-drop tools. This reduces the customer’s reliance on developer capacity and lowers costs for project planning, and staff training and development, while significantly shortening the time to market for new digital services and products.

The management team – led by Agim Emruli (Group CEO and CEO Flowable), Alain Sahli (CEO mimacom), Tim Weinmann (CRO mimacom) and Micha Kiener (Founder and CTO) – will continue to manage the company’s operations. With the support of Ardian, the Group plans to drive its growth through entering new markets, growing its customer base and targeted acquisitions of IT service and business process automation companies.

“The Mimacom Flowable Group combines the technology of a strong software platform for automation processes with the expertise of an experienced digitalization expert in the implementation of software projects. This offers our customers a comprehensive one-stop solution that can be integrated into any company environment. With Ardian, we have found a partner that understands our market and our business model and will support our international expansion. Together, we are excited to further accelerate our growth strategy.” Agim Emruli, Group CEO Mimacom Flowable Group

“Digital transformation continues to be one of the major challenges facing companies worldwide. The markets for digitization, hyperautomation and low-code platforms are generating double-digit annual growth rates, but at the same time they are still highly fragmented. As a leader in these areas, Mimacom Flowable Group has fast growth potential and will actively participate in the industry’s consolidation thanks to its excellent management team, compelling strategy and strong customer base. We look forward to working with the management team.” Marc Abadir, Managing Director Expansion, Ardian

List of participants

  • Ardian

    • Marc Abadir, Max Dolata, Nicolas Münzer, Marlon Sandvoss, Janine Paustian
    • Financial: Deloitte (E. Sachsalber / N. Nobereit)
    • Commercial / Technical: Singulier (K. Symes / R. Tomusk)
    • Legal Corporate M&A: Milbank (M. Bernhardt, S.-M. Resch) / Advestra (A. von Jeinsen / B. Kaufmann)
    • Legal Financing: Milbank (T. Ingenhoven, G. Merkel) / Advestra (A. von Jeinsen, A. Hammer)
    • Tax Structuring: Milbank (M. Schell) / Advestra (P. Riedweg / L. Riedweg)
    • Tax Due Diligence: EY (N. Hahn / R. Obrist / S. Niemeyer)
    • M&A and Debt Advisory: Lincoln International (Ø. Bjordal / C. Gilgenberg)

ABOUT MIMACOM-FLOWABLE GROUP

Headquartered in Bern, Switzerland, Mimacom Flowable Group specializes in software development and consulting projects in the field of digitization as well as cloud and data. With Flowable, it also offers its own low-code software platform for the automation of business processes. Today, the Group has more than 500 employees and advises well-known blue-chip customers in the fields of manufacturing, finance, insurance and life science on their digital transformation. The Group has 10 locations worldwide, including Switzerland, Germany, Spain, the USA, Poland and Singapore.
Founded in 2010, Flowable is a leading provider of Gartner-certified open-source intelligent business automation platforms used by many of the world’s leading companies including SAP, Dow Jones and many other Fortune 500 companies. This enables users to quickly set up and roll out efficiency-enhancing business applications, deliver an outstanding customer experience, and increase profitability.
Founded in 1999, mimacom advises companies on digital transformation and supports the creation of innovative software products. Together with Flowable, mimacom offers innovative solutions for Intelligent Automation (iBPM), Business Process Management (BPM) and Adaptive Case Management (ACM) that enable the digital transformation of business processes.

mimacomflowable.com

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our1,000+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Press contact

Ardian

HEADLAND

ardian@headlandconsultancy.com

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EQT Value-Add Infrastructure to acquire Lazer Logistics, a leading North American provider of outsourced yard management and spotting services

eqt
  • Transaction builds on EQT’s thematic investment strategy in the Transportation and Logistics sector, which supports the safe, efficient, and low-carbon movement of goods through the supply chain
  • EQT will leverage its significant experience in fleet electrification and digitalization to support management in executing the Company’s growth initiatives while remaining focused on providing exceptional service and differentiated value to customers

 

EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT Value-Add Infrastructure”) has agreed to acquire Lazer Logistics (the “Company”) from funds managed by Harvest Partners. Financial terms of the transaction were not disclosed.

Founded in 1996 and headquartered in Atlanta, GA, Lazer Logistics is North America’s largest provider of outsourced yard management and trailer spotting services. With 5,000 employees and 6,000 fleet assets – including the largest North American fleet of electric spotters – the Company runs 9 million annual service hours for a diverse set of blue-chip customers across 39 states and territories.

Outsourced yard management is a mission-critical service, which facilitates the safe, efficient, and low-carbon movement of goods through the supply chain. The sector is highly resilient and growing due to various thematic tailwinds affecting the logistics value chain. The importance of the service and the value to customers is increasing as precision logistics continues to become a source of differentiation for companies, domestic manufacturing and eCommerce penetration grow, and supply chain decarbonization proliferates.

As a leading North American provider of these services, Lazer Logistics is well-positioned to continue to support customers as they grow and evolve, while remaining focused on the Company’s core values that include a commitment to service quality, safety, and a strong entrepreneurial culture, which make Lazer Logistics the employer of choice across the industry.

EQT will work with management to future proof the company and position it for long-term success by leveraging its strong track record of investing in North American Transportation and Logistics assets and its extensive expertise in fleet electrification and digital acceleration initiatives.

Crosby Cook, Partner within EQT’s Value-Add Infrastructure Advisory Team, said, “We have followed the progress of the Company for several years and have been impressed by management’s track record of exceptional customer service, year-over-year growth, and leadership in areas like electrification and data analytics. We are excited to support management and the Company through its next phase of growth and believe EQT’s significant experience in the sector and expertise in electrification and digitalization will be highly complementary to what is already an exceptional platform.”

Adam Newsome, CEO of Lazer Logistics, said, “This represents a new and exciting phase for Lazer Logistics. We have prided ourselves on our relentless focus on our customer’s needs, commitment to safety, and treating all our employees as family. With EQT’s expertise in logistics, fleet electrification and digital acceleration, we are poised for continued growth as we further enhance our product and service offerings for our customers while maintaining focus on our core business solutions of outsourced yard management and trailer spotting services.”

The transaction is subject to customary conditions and approvals. It is expected to close in in 2Q 2023. With the acquisition of Lazer Logistics, EQT Infrastructure VI (target fund size of EUR 20.0 billion) is expected to be 10-15 percent invested based on its target fund size (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

EQT Value-Add Infrastructure was advised by Jefferies LLC and Paul, Weiss, Rifkind, Wharton & Garrison LLP. Harvest Partners and Lazer Logistics were advised by Harris Williams, William Blair, and Ropes & Gray LLP.

Contact
US inquiries: Stephanie Greengarten, +1 646 687 6810, stephanie.greengarten@eqtpartners.com

International inquiries: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

About EQT
EQT is a purpose-driven global investment organization with EUR 113 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence, and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Lazer Logistics
For more information about Lazer Logistics, please visit www.lazerlogistics.com.

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EQT Life Sciences closes Dementia Fund at the hard cap

eqt
  • The LSP Dementia Fund has held its final close at approximately EUR 260 million, at the hard cap and above its original target fund size of EUR 100 million
  • Investors include the Alzheimer’s Association, the European Investment Fund, several global pharmaceutical companies, and insurance companies, amongst other
  • The Fund aims to bring new treatments to patients suffering from Dementia, which is one of the greatest healthcare challenges of our time
  • Led by Professor Philip Scheltens, one of the world’s leading experts on dementia, the LSP Dementia Fund further strengthens EQT’s position as one of the leading and most active private markets investors in the healthcare sector

EQT Life Sciences has held the final close of its inaugural LSP Dementia Fund (“the Fund”), raising approximately EUR 260 million in fee-generating assets under management, meeting the hard cap and surpassing the target fund size of EUR 100 million. The fund is dedicated to investing in companies that are developing breakthrough drug therapies and medical technologies across the spectrum of neurodegenerative diseases.

Dementia is the greatest health challenge of our time: there are 54 million patients with the disease worldwide, and without significant time and investment in battling the disease, this number is predicted to triple by 20501. Despite the graveness of the situation, investment in dementia research and development is substantially lower compared to other major healthcare challenges such as cancer, HIV/AIDS, and cardiovascular disease. The LSP Dementia Fund has been created to help bridge this gap by advancing breakthrough dementia innovation to bring new drugs to patients, while simultaneously seeking to generate strong financial returns for its investors.

The LSP Dementia Fund investment team is led by Philip Scheltens, MD, PhD, professor emeritus at Amsterdam University Medical Center and one of the world’s most renowned dementia researchers, having (co)authored over 1100 scientific publications. The other partners in the investment team are Felice Verduyn-van Weegen, MBA, Cillian King, PhD, and Arno de Wilde, MD, PhD, MBA. The team is supported by the expertise and network of EQT Life Sciences, which has over 30 years of investing experience and closed its flagship LSP 7 fund at over EUR 1 billion in fee-generating assets under management in 2022. It will also become an integral part of EQT’s Healthcare sector platform, further strengthening EQT’s global expertise in the sector and ability to support companies from venture-stage to mature, market leaders.

The Fund is supported by a broad range of investors including the Alzheimer’s Association, the world’s largest charity and advocacy organization in the field, insurance companies, the European Investment Fund, and several global pharmaceutical companies – including from Asia and the US – which underlines the industry’s interest in European life sciences venture opportunities. Other investors include endowments, foundations, and other private wealth investors.

The Fund intends to invest in 10 to 15 companies in total. Having made its first investment in NewAmsterdam Pharma (Nasdaq: NAMS), which focuses on cardiovascular and Alzheimer’s disease, in January 2021, the fund has since invested in four companies: Muna Therapeutics (Alzheimer’s disease and Parkinson’s disease), AviadoBio (Frontotemporal Dementia (FTD) and Amyotrophic lateral sclerosis (ALS)), Nobi (smart care solutions in nursing homes) and QurAlis (FTD and ALS).

Prof. Philip Scheltens, Partner and Head of the LSP Dementia Fund commented: “The final close marks the end of a very successful fundraising journey in which we have experienced strong interest and commitment. This gives us the confidence to invest in groundbreaking science and entrepreneurship, which this field so urgently needs. I am very proud to be leading such an experienced team of neuroscientists and investors and being part of an organization with such a high standing in the field of life sciences.”

Dr. René Kuijten MD, PhD, MBA, Partner and Head of EQT Life Sciences, said: “EQT Life Sciences aims to improve patient’s lives by supporting the development of breakthrough therapies. We strongly believe that neurodegenerative diseases are the next big challenge after oncology and cardiovascular diseases. With this fund, EQT Life Sciences is now in a strong position to support companies at the cutting-edge of battling this disease.”

Michael Bauer, Partner and Co-Head of EQT’s Global Healthcare sector team, concluded: “EQT is already one of the world’s most active and leading healthcare investors and the close of this fund further strengthens this position. From the earliest stages all the way through to global market leaders, EQT has the experience, expertise, and firepower to support companies in every phase of their development.”

Notes to Editors

The LSP Dementia Fund is a Dutch fund managed by a Dutch AIFM.

[1]Source: Prince, M. Prina, M & Guerchet, M. The Global Impact of Dementia: 2013 – 2050. Alzheimer’s disease international.

Contact
Prof Dr. Philip Scheltens, Partner and Head of the LSP Dementia Fund, philip.scheltens@eqtpartners.com

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

About EQT
EQT is a purpose-driven global investment organization with EUR 113 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram 

About EQT Life Sciences
EQT Life Sciences was formed in 2022 following the integration of LSP, a leading European life sciences venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients. The team combines deep sector knowledge, analytical skills, and investment experience to provide the added value that inventors seek.

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Open Payments closes 3 MEUR in growth capital

Industriefonden

The Swedish fintech company Open Payments has closed a 3 MEUR growth round. Industrifonden, Sweden’s venture capital fund, led the round, with participation from Sony Financial Ventures – Global Brain’s venture capital fund, as well as existing investors. The capital will be used for business-, product development and expansion.

Open Payments is one of the leading Open Banking platforms in the Nordics with focus on business to business (b2b) transactions. The company´s platform enables online banking functionality to be shifted from the online bank to the customers’ business systems and interfaces, so that the end user e.g. can approve and make secure, direct payments without having to login to their online bank. Open Payments platform connects to commercial banks (via API technology) to enable services such as payments, account reconciliation and cash management for embedding directly in client applications like ERP systems, payment providers and fintechs.

“We see an increasing demand from leading accounting and ERP systems and other financial systems that want to utilize Open Banking in their products in a secure and reliable way,” says Louise Brandt, CEO and founder of Open Payments. “Above all, they want to be able to provide various payments for their business customers, such as supplier payments and salary payouts. Open Payments has a cutting-edge expertise in this area and there are vast business opportunities for both us and our customers. We see that b2b payments are part of the Open Banking space where we have a first mover advantage and can take the lead internationally.”

Industrifonden was the lead investor in Open Payments latest round in 2020, and welcomes Sony Financial Ventures and Global Brain, as a co-investors.

“There are great opportunities with Open Banking since companies don’t need to be banks to provide secure banking functionality within their own systems,” says Anna Ljungdahl, Senior Investment Director at Industrifonden. “What they do need though is a player like Open Payments whose technology lowers the entry barriers to these opportunities. We’re happy to keep supporting the team and also welcoming global investors to Open Payment’s list of owners.”

Open Payments platform is developed based on the European directive PSD2. This regulatory framework is forcing banks to make account information and payment initiation services available to third parties, with the aim of opening up the market to players other than the banks to bring about new and innovative solutions for financial services.

Open Payment’s customer base consists of accounting and ERP systems providers and tech companies, who have integrated Open Payment’s platform in order to provide their own Open Banking solutions. What the customers have in common is that they have high demands for stability, security and reliability for the millions of business-critical transactions that are being processed. The company’s platform has been extremely well-received so far, with several new collaborations underway and Open Payments is looking to expand into new countries with both existing and new customers. In order to continue to be at the forefront of the Open Banking movement, Open Payments will continue to scale the product and develop the platform further during this year.

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Bencis announces closing of Bencis IV Continuation Fund

Bencis

Amsterdam, Brussels, Düsseldorf, 29 March 2023

Bencis Capital Partners B.V. (“Bencis”) is pleased to announce the closing of Bencis IV Continuation Fund (the “Continuation Fund”) at €123 million.

The Continuation Fund has been led by Committed Advisors SAS (“Committed Advisors”), who structured and priced the transfer of assets from Bencis’ existing funds. The Continuation Fund attracted strong support from existing investors alongside several new institutional investors, private investors, family offices, founders and managers of (former) portfolio companies, and the Bencis team.

Bencis identified the opportunity to continue to manage, invest in, and support its portfolio companies in Bencis Buyout Fund IV. The Continuation Fund will provide additional capital to support four portfolio companies from Bencis Fund IV: CurTec, The European Candy Group, Pressure Thermal Dynamics and Prinsen Berning in their further expansion and growth initiatives.

The Continuation Fund will be managed by the same team that has successfully managed Bencis’ other funds. The Bencis team will continue to work closely with the management teams of the portfolio companies to identify growth opportunities and provide them with the necessary capital and resources to achieve their goals.

“We recognized the opportunity to create a dedicated fund to help existing portfolio companies continue their growth trajectory beyond the typical holding period and at the same time provide liquidity for existing investors. Therefore, we are excited to announce the closing of the Continuation Fund, which represents a natural extension of our strategy,” said Robert Falk, Partner at Bencis.

Alexis Ruiz, Partner at Committed Advisors added: ”We are thrilled to partner with Bencis on this new chapter of value creation for these four companies, and to have contributed to providing a liquidity option to existing investors.”

Rede Partners served as the exclusive financial advisor for this transaction, from its newly opened Amsterdam office. Bencis was advised by Proskauer Rose LLP and Loyens & Loeff NV. Committed Advisors was advised by Hogan Lovells LLP.

Categories: News

pH7 Technologies closes successful series A financing round

Basf Ventures

Vancouver, BC – pH7 Technologies Inc, a pioneer in clean and sustainable critical metal extraction solutions, is pleased to announce the successful closing of its series A financing round.

The round was oversubscribed, raising $16 million USD from major investors such as TDK Ventures, Pangea Ventures, BASF venture Capital, FM Capital, Collaborative Fund, and Rhapsody ventures.

PH7 Technologies, a new Canadian sustainable startup, has developed a game changing metal extraction process that will reduce the environmental impact of the mining and convectional recycling process. The funding will be used to accelerate the development and commercialization of PH7’s innovative clean tech recycling solutions and scaling the company.

PH7’s proprietary closed-loop process provides near net-zero environmental impact in the extraction of key minerals and will serve as an enabler allowing metal supply to support the massive electrification movement.

“Our team is thrilled to have the support of our co-lead investors, TDK Ventures and Pangaea Ventures, as well as other new investors like Rhapsody Ventures, Collaborative Fund, FM Capital, and BASF Venture Capital, who will work with us to scale our sustainable metal-extraction process,” said Mohammad Doostmohammadi, CEO of pH7 Technologies.” We are committed to developing environmentally responsible solutions that address the challenges in the metal supply chain, and we believe that our technology can help accelerate the global transition to a more sustainable energy future.”

TDK Ventures, a subsidiary of TDK Corporation, is a leading corporate venture capital firm focused on investing in innovative technology startups. They co-lead the A series round with Pangea Ventures, a venture capital firm focused on investing in sustainability startups with a focus on materials and energy solutions.

“TDK Ventures will support pH7 Technologies in their mission to create a more sustainable and efficient metal-extraction process,” said Nicolas Sauvage, President of TDK Ventures.

“Environmentally-friendly metal extraction is a huge win for sustainability, as the process has demonstrated a net 95% reduction in CO2 emission, 95% increase in energy efficiency, absolutely no toxic emissions, and near-zero water consumption compared against current industry standards.”

“pH7 Technologies has created a path forward for key metals extraction and refining that will enable the transition to renewable energy in a much more clean and sustainable way,” said Sarah Applebaum, Partner with Pangaea Ventures. “We share pH7’s passion to create a more habitable and sustainable planet for future generations and are excited to be a part of this project.”

PH7 Technologies chemical process is gaining traction within industry OEMs, metal refiners, and suppliers due to its inherently scalable, high yield, and faster-than-acid-based solution. The new metal extraction process represents a practical solution to an industry pervasive problem while simultaneously creating a low-cost solution, with high environmental consideration, and a demonstrated technical maturity.

The successful closing of the A Series financing round is a significant milestone for pH7 Technologies, and the company is poised for growth and expansion in the coming years.

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Ratos Company HL Display to acquire Oechsle Display Systems and werba print & display

Ratos

HL Display has signed an agreement to acquire Oechsle Display Systems, a manufacturer of communication and shelf management solutions, and its sister company werba print & display, a provider of print and display solutions. The acquisitions are the sixth and seventh respectively since HL Display’s acquisition journey started in 2021, and they will create major industrial synergies.

The acquisition will expand HL Display’s footprint in Germany and further strengthen its position as the leading supplier for in-store merchandising and communication solutions to grocery retailers in Europe.

“HL Display’s growth journey is characterized by underlying good organic growth combined with a high acquisition rate of fine companies, precisely the type of deals that have great industrial synergies. Now HL Display is taking further big and important steps in Germany, and thereby strengthening its position as the leading European player. Furthermore, these ad-on acquisitions are numbers six and seven since HL’s acquisition journey started in 2021, it is impressive both in terms of quality and pace. We are very satisfied with the development so far and look forward to the next steps,” says Anders Slettengren, Chairman of the Board of HL Display and Executive Vice President, Ratos.

“I am glad to announce the acquisitions of Oechsle Display Systems and werba print & display. Both companies are a great addition to HL, given their impressive track record and strong footprint in Germany, a market where we are looking to expand our presence. As Oechsle’s product assortment is close to HL’s, the offering of both companies can be combined to provide a stronger proposition to our customers. werba on the other hand will enable us to provide printed and bespoke solutions to our customers in Central Europe, similar to our offer to customers in the UK today. I am confident this acquisition will set us up for a successful future together,” says Björn Borgman, CEO of HL Display.

Founded in 1956, Oechsle Display Systems is based in Leipheim, Germany and has 160 employees. The family-owned company has a track record of innovation, including the plastic poster frame introduced in the 1970ies. Today, Oechsle Display Systems has annual sales of €13M from a large assortment of solutions for shelf management, price labelling and sales promotion.

The Sister company werba print & display develops, designs and produces customised POS display solutions out of various materials but also offers high quality print products for grocery trade as well as non-food retailers such as drug stores and brand suppliers. Founded in 1975, the company has been owned by the Oechsle family since 2004 and generates an annual turnover of €13M. Its 140 employees are based in Buhl, Germany.

The acquisition is expected to be finalized by 3 April 2023.

About HL
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 330,000 stores, supporting customers to grow sales, inspire shoppers, drive automation, and reduce waste. The three customer segments are retail food, branded good suppliers and non-food retail.

The HL Display Group has its headquarters in Stockholm, Sweden and sales offices in 23 countries covering 39 markets as well as distribution partners covering the remaining markets globally. The five production facilities are located in Sweden, Poland, the UK and China and handle a variety of industrial processes, including plastics and metal fabrication, printing and assembly.

The company has 1,100 employees and net sales of 1,900 MSEK.

For more information, please contact:
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. The companies have approximately SEK 32 billion in net sales (LTM). 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 Growth to acquire GotPhoto, a leading vertical software platform helping photographers spend less time behind their desk and more time behind the lens

eqt
  • GotPhoto is dedicated to making photographers’ lives easier and more efficient. The Company provides an end-to-end workflow and e-commerce solution enabling its customers to digitalize key parts of their workflow, from photo management to payment and marketing automation, to order fulfilment, combining high functionality with a user-friendly platform
  • With over 4,000 customers in the US, UK and DACH, GotPhoto is already one of the largest players in the workflow and e-commerce solution market for volume photography, which is expected to grow 24% year-on-year through 2027
  • EQT Growth, in partnership with GotPhoto’s founders and management team, will support the Company’s continued organic and inorganic growth plans in its core markets and expansion into additional verticals and geographies, while further investing in the Company’s platform, product and commercial excellence

The EQT Growth fund (“EQT” or “EQT Growth”) has entered into an agreement to acquire a majority stake of GotPhoto Company (“GotPhoto” or “the Company”) from its founders, existing angel investors, and management team, who will remain minority owners. GotPhoto’s management team, including its CEO, Benedikt Greifenhofer, will continue to lead the Company, building on its strong track record of growth. As part of the transaction, EQT Growth will also invest additional primary capital into the business to further accelerate the company’s organic growth, including product & tech investments, as well as capitalize on attractive inorganic opportunities in the market.

Founded in 2012 and headquartered in Berlin, Germany, GotPhoto (and its German brand, fotograf.de) are dedicated to making the lives of photographers easier and more efficient, helping them spend less time behind their desk and more time behind the lens. By enabling photographers to digitalize key parts of their workflow, including photo management, photo editing, marketing automation, payment, and order fulfillment, GotPhoto effectively powers the daily operations of photographers, allowing them to save significant time and effort across photo shoots. The Company – which has over 4,000 customers, primarily SMBs and “solopreneur” photographers, across the US, UK and DACH – has managed to build a strong reputation as a leading vertical software solution within the people photography segment across its core markets, while being bootstrapped.

GotPhoto operates in a large but highly fragmented and antiquated market, in which digital services and products are not commonly used. As customers increasingly recognize the benefits of digital-native workflow management solutions like GotPhoto’s, it is expected that the underlying core market will grow 24% year-on-year through to 2027. Added to that, historically the volume photography market has proven to be more resilient than other parts of the wider photography market given people’s continued desire to purchase high quality photos as a way to “capture a moment” in time, like the first day of nursery or graduation day. GotPhoto is already well positioned in this market thanks to its seamless end-to-end functionality and user-friendly platform, which has allowed the Company to continue winning market share from legacy solutions, seeing consistent 50% year-over-year growth over the last five years.

EQT Growth will partner with GotPhoto’s founders and management team to further invest in the Company’s proprietary tech platform while it adds new product features. At the same time, as GotPhoto continues to build its commercial expertise it will benefit from access to EQT’s in-house digital team, EQT’s network of over 600 expert industrial advisors, and shared learnings across EQT’s global business, which is active in the Company’s core markets across in Europe and North America. With this support, GotPhoto plans to further expand its presence in areas such as sports and portrait photography as well as new attractive geographies, as it aims to strengthen its position as a leading global player in people photography. In addition to that, both EQT and GotPhoto believe there are a number of interesting M&A opportunities in the market, which should help complement the company’s organic strategy and accelerate the team’s ambitious growth plans.

Benedikt Greifenhofer, CEO of GotPhoto, remarked: “I’m very proud of everything that our team here at GotPhoto has achieved so far but, in many ways, this is just the beginning. Partnering with EQT Growth marks the beginning of an exciting new chapter for GotPhoto. It will enable us to accelerate our mission of driving the digitization of the people photography market and allowing photographers to do what they do best: taking photos. We look forward to leveraging EQT’s digital expertise and sector experience, combined with their local presence across Europe, the US, and Asia and their broad network of industrial advisors, to successfully take this next step on our journey.”

GotPhoto Co-Founder and former CEO Markus Posselt, who will transition to GotPhoto’s Advisory Board, commented: “I’m very happy that with EQT Growth we have found an ideal partner for GotPhoto’s next stage of growth. Not only was EQT our preferred partner of choice given their global scale, strong value-add capabilities, and sub-sector expertise across software and prosumer technology investments, but also given the great cultural fit with the EQT team and their alignment of vision and values with ours.”

Dominik Stein, Partner in the EQT Growth Investment Advisory Team who will also join GotPhoto’s Advisory Board, concluded: “GotPhoto is a prime example of a technology company supported by long-term macro trends and led by an excellent management team that is ready to embark on the next phase of its growth journey. Benedikt and the entire GotPhoto team have accomplished so much, having to-date been entirely bootstrapped, and we are delighted to partner with them as we continue to build on GotPhoto’s market-leading position in the US, UK, and DACH.”

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

BCG, PwC, Willkie, Awelin, Netlight, and Aon served as advisors to EQT Growth.
Stout, KPMG, and Springer Kuss served as advisors to GotPhoto.

Contacts

Finn McLaughlan, +44 77 1534 1608, finn.mclaughlan@eqtpartners.com
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT Growth
EQT Growth supports leading growth-stage technology companies as they take the next step to scale. The strategy seeks to invest around EUR 50 million to EUR 200 million, backing strong management teams of companies supported by secular macro trends primarily within four tech sub-sectors: enterprise, con/prosumer, health, and climate. Based in five countries across Europe, the EQT Growth team has extensive investing and operating experience that allows it to support its portfolio companies however called upon.

EQT is a purpose-driven global investment organization with EUR 113 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About GotPhoto
For the past decade, GotPhoto has been the leader in supporting high-volume photographers with its easy-to-use, comprehensive workflow and sales software. With a mission to make school, sports, and dance photographers more successful, whether you photograph 100 students or 100,000, GotPhoto can help you save time and increase your sales.

More info: https://www.gotphoto.com

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Hazy raises $9m to power synthetic data usage in enterprises

AlbionVC

We are thrilled to share that Hazy, the leading synthetic data disruptor, announced today that it has raised $9 million in Series A funding round backed by UCL Technology Fund, including investors Conviction, M12 (Microsoft), Wells Fargo, Nationwide Building Society, ACT Venture Partners, Terra VC, Evenlode, Logo Ventures, Sarus Ventures and Neva SGR, the Intesa Sanpaolo bank venture capital company.

Originally a UCL AI spin out, London-based Hazy uses AI-generated smart synthetic data that preserves the statistical quality of the real data but contains no real information and therefore eliminates the privacy risk. Hazy’s synthetic data can be used as a drop-in replacement for real data with AI/ML development, software testing and data commercialisation use cases.

“The response from businesses to the capabilities of synthetic data has been huge. Enabling our customers to access and actually use their data unlocks real commercial value… we’re very excited to be right at the forefront of the synthetic data revolution.”

HARRY KEEN, CO-FOUNDER & CEO, HAZY

Hazy’s meteoric rise began with winning the $1 million Microsoft Innovate AI prize for the best AI startup in Europe, and has gone from strength to strength since. Customers include Nationwide Building Society, Vodafone Group and Wells Fargo. This raise will enable Hazy to continue to grow within the banking and telecom sectors in the UK, Europe and the US.

Having worked with Harry for many years now, David Grimm, Investment Director, UCL Technology Fund said:

“Generative AI has only recently exploded onto everyone’s radar, but Hazy has been pioneering the use of this type of AI to keep personal data safe for some time now.”

DAVID GRIMM, INVESTMENT DIRECTOR, UCL TECHNOLOGY FUND

More on UKTN here.

More from Hazy’s CEO, Harry Keen here.

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Vyaire Medical to Sell Consumables Business to SunMed

Apax

Vyaire Medical today announced an agreement for the sale of the Vyaire consumables business to SunMed, a leading North American manufacturer and distributor of consumable medical devices for anesthesia and respiratory care. The Vyaire consumables portfolio encompasses leading airway management and operative care technology, including well-known brands such as AirLife™ oxygen therapy, Vital Signs™ anesthesia circuits and SuperNO2VA™ nasal PAP ventilation. These established products offer a differentiated portfolio of products for patients.

0094 Vyaire Medical

“This divestiture allows Vyaire to focus on its industry-leading respiratory diagnostics and ventilation businesses and accelerate our strategic growth plans,” said Gaurav Agarwal, chief executive officer, Vyaire. “Uniting the industry-leading Vyaire consumables portfolio with SunMed’s compatible suite of products is a win-win for both companies, as well as customers and patients, and will enhance the potential for long-term growth of the combined consumables portfolio.”
“We are extremely pleased with this transaction, which will empower Vyaire to focus squarely on its specialty in respiratory diagnostics and ventilation moving forward, cementing its position as a market leader in this space,” said Steven Dyson, Partner at Apax. “We look forward to working with the Vyaire team on this exciting new chapter for the business.”

Upon completion of the transaction, the combined businesses will create a premier dedicated manufacturer of respiratory and anesthesia consumables. Together, these complementary product lines will enhance the overall product offering for SunMed’s customers and patients globally.

Terms of the agreement were not disclosed. Vyaire will continue to fully manage its consumables business and products until the transaction is finalized, with full support to customers, and will work to ensure continuity for partners and suppliers. The agreement is subject to antitrust regulatory clearance in the US. Pending such regulatory clearance and fulfillment of other conditions, Vyaire currently anticipates closing the transaction in the coming months.

Vyaire remains committed to its mission to empower the global respiratory community to enrich patients’ quality of breathing throughout their lives.

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