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Ardian raises $3.2 billion for sixth-generation Co-Investment platform

Ardian

The fundraise represents a 23% increase on the previous fund generation.
• Ardian Co-Investment Fund VI attracted commitments from 188 investors across the North America, South America, Europe, the Middle East and Asia.

Ardian, a world-leading private investment house, today announces it has raised $3.2 billion for the sixth generation of its global Co-Investment platform, Ardian Co-Investment Fund VI, including Fund commitments and mandates from Ardian Customized Solutions.

This represents a 23% increase on funds raised by Ardian’s fifth generation Co-Investment Fund, Ardian Co-Investment Fund V, in 2019.

The new Fund attracted 188 investors globally, including from Europe, the Americas, the Middle East, and Asia. Investors in the Fund comprise pensions funds, HNWIs, insurance companies and sovereign wealth funds, with Ardian’s Co-Investment strategy continuing to see strong growth amongst HNWIs in this latest generation.

Fund VI builds on the success of Ardian’s established Co-Investment strategy, offering access to minority investments in companies alongside top-tier private equity sponsors. These GPs rely on Ardian’s scale, expertise, local presence, and the team’s dedication to partnering with them, as demonstrated by GPs offering Ardian to co-underwrite most transactions. Fund VI investments are diversified across strategies, industries, company size, GPs, and geographies – including North America, Europe, and Asia. The team will continue to leverage Ardian’s market-leading Secondaries and Primaries platform, one of the largest in the world with deep roots in North America, and access to a global network of 600+ GPs, to drive its unique approach to deal sourcing.

The Fund is already around 40% invested through 18 transactions. These include investments in Potter Global Technologies, a leading manufacturer of fire and life safety equipment in the US, alongside KKR, as well as Schwind, a leading provider of eye laser systems, alongside Adagia Partners.

“This successful close for our sixth-generation platform is testament to both Ardian’s strong track record in delivering returns from co-investment and the attractiveness of the asset class for delivering stable returns, particularly against a more challenging macroeconomic backdrop. Investors are drawn to the diversification and cost advantages of our strategy, offering exposure to a well-balanced portfolio alongside some of the best GPs in the world. As the co-investment market continues to grow, it is not surprising that we have seen strong interest in this latest Fund from both institutional investors and HNWIs looking to capitalize on the diversification that co-investment provides.” Alexandre Motte, Co-Head of Co-Investment and Senior Managing Director, Ardian

“As the private markets mature and deal sizes grow, GPs increasingly turn to professional co-investors to provide equity in their deals, no matter the geography. That certainly applies to North America where, with the support of Ardian’s leading Secondaries and Primaries platform, our co-investment strategy has a proven track record of identifying top-quartile deals from US and Canadian GPs. This exceptional deal pipeline allows us to select high-quality assets and GPs, generating robust and stable returns for our limited partners. A growing number of compelling deals have come to market since our previous fund generation, and we expect these opportunities to not only increase in Europe but also in North America.” Patrick Kocsi, Co-Head of Co-Investment and Senior Managing Director, Ardian

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

MEDIA CONTACTS

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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New Mountain Capital Closes on $15.4 Billion for New Mountain Partners VII

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New Mountain Capital
  • Growth-oriented firm raises $15.4 billion for private equity fund focused on control and control-oriented investments
  • $14 billion “hard cap” reached from its Limited Partners: Investors include approximately 400 institutions, nearly 100 of which are new investors to New Mountain; fund was oversubscribed
  • $1.4 billion GP commitment from over 130 internal team members
  • New Mountain is dedicated to “building great businesses” within carefully selected acyclical growth sectors, focusing on the middle market
  • Over $85 billion of enterprise value created for all shareholders since firm’s inception, with no PE bankruptcies or missed interest payments
  • Firm’s total assets under management are now nearly $55 billion, with a team of 250 professionals, across four strategies: private equity, strategic equity, credit and net lease

New York, NY – (BUSINESS WIRE) – July 1, 2024 – New Mountain Capital, LLC (“New Mountain”), a leading growth-oriented alternative investment firm headquartered in New York, announced the $15.4 billion closing of its seventh control/control-oriented fund, New Mountain Partners VII, L.P. and its related vehicles (collectively, “Fund VII” or the “Fund”). New Mountain describes itself as “a business that builds businesses,” and has generated over $85 billion of enterprise value gains in its private equity companies since the firm’s inception, without one PE bankruptcy or missed interest payment.

Investor demand for Fund VII substantially exceeded the Fund’s supply, and the Fund closed at its “hard cap” amount of $14.0 billion of Limited Partner commitments, plus approximately $1.4 billion of General Partner commitments.  This was the firm’s largest General Partner commitment to date and exceeded the contractual amount by more than 2x.

New Mountain’s previous flagship fund, Fund VI, was also oversubscribed and closed with approximately $9.6 billion of commitments in 2020. That fund is now fully invested in platform companies, with the remaining capital reserved for follow-on growth investments.

Investors in Fund VII include approximately 400 of the world’s leading pension funds, insurance companies, sovereign wealth funds, asset managers, foundations, endowments, family offices, RIAs, and high net worth individuals, among others. In addition, the General Partner is itself the largest investor in the Fund, representing strong GP/LP alignment. The vast majority of Fund VI investors returned as investors for Fund VII, and the firm also added approximately 100 new investors globally.

“We thank our Limited Partners for their friendship and support,” said Steve Klinsky, Founder and CEO of New Mountain. “Since our founding nearly 25 years ago, New Mountain has sought to consistently ‘build great businesses’ in carefully chosen acyclical growth sectors. We are proud of the firm and team we have built, as we seek to build and improve businesses across market cycles. We strive to continuously improve in the years ahead.”

Consistent Execution of Strategy

Fund VII intends to continue to pursue New Mountain’s long-standing strategy emphasizing non-cyclical growth and business building for companies in carefully chosen “defensive growth” industries. New Mountain proactively develops operational expertise in these targeted, acyclical sectors through deep, fundamental research, resulting in what the firm believes are differentiated sourcing and value creation capabilities. It seeks to combine financial skills with operational and strategic skills at every step of the process, and primarily invests in “middle market” businesses.

Specific areas of focus for the firm, and Fund VII, include life sciences and advanced materials, healthcare technologies, advanced data and analytics, infrastructure services, digital transformation services, software, financial and insurance services, technology enabled business services, “future of work” enterprises, and others.

Fund VII has already acquired two companies ahead of its final close. These investments are Consor Holdings, a leading provider of transportation and waste water engineering, and Grant Thornton Advisors LLC, a leading US accounting, tax and advisory firm.

“New Mountain will continue to execute on our strategy of being a top ‘specialist’ in market niches we proactively select for investment,” said Matt Holt, Managing Director and President, Private Equity. “Our team intends to continue executing, refining and systemizing our approach to identifying and backing market leading platform companies with world class leadership teams in their respective sectors.”

“New Mountain has continued to focus on growing our team to support business building and value creation, which are core tenets of our strategy,” said Adam Weinstein, Managing Director, Chief Operating Officer and CFO. “We have also continued to scale and strengthen our internal systems and processes and build what we believe is a best in class non-investment team including compliance, finance and operations.”

New Mountain strives to be consistently successful through all market cycles and has had a strong period of results even during the challenging macro environment of recent years. Key recent events include:

  • Since January 2021, New Mountain has exited roughly 20 companies. It has deployed nearly $10 billion in approximately 30 new platform and add-on acquisitions. The firm’s investment pace has remained steady and predictable.  Realizations have outpaced deployment and have been consistent over the same period.
  • Based on the firm’s last “social dashboard,” as of December 31, 2023, New Mountain had added or created over 72,000 jobs at its private equity companies net of any job losses, with a median income of ~76% above the national average individual median income. In addition, these companies invested $8.3 billion in R&D, software development, and capital expenditures, and generated over $85 billion of enterprise value gains for all shareholders. In addition, work force members at NMC companies (not counting the C-suite and boards) received over $1.3 billion of equity gains, on companies sold since 2018.

Continued Investment in NMC Team and Client Service

New Mountain’s team has grown to over 250 investment professionals and staff with 20 private equity transaction leaders, and approximately 40 Operating Partners and Senior Advisors/Project Partners on its masthead, plus approximately 55 operating executives (Executive Advisory Council members) that are in addition to the team count.

New Mountain has also significantly expanded its local coverage supporting investors and consultants in different regions around the world.  The firm has expanded its London office and recently opened offices in Tokyo and Los Angeles. New Mountain has also sought to continuously build its own investment team, operating partner team, internal compliance, accounting, and operational team in a similar way.

“We thank our investors for their outstanding support of New Mountain, even in the face of a severely capital constrained period for the private equity industry,” said David Coquillette, Managing Director and Head of Business Development. “We look forward to working closely with our limited partners in the years ahead.”

Simpson Thacher & Bartlett serves as legal advisor for the Fund.

About New Mountain Capital

New Mountain Capital is a New York-based investment firm that emphasizes business building and growth, rather than excessive risk, as it pursues long-term capital appreciation. The firm currently manages private equity, strategic equity, credit, and net lease real estate funds with nearly $55 billion in assets under management. New Mountain seeks out what it believes to be the highest quality growth leaders in carefully selected industry sectors and then works intensively with management to build the value of these companies. For more information, visit: www.newmountaincapital.com.

Under no circumstances does the information contained herein constitute an offer to sell or a solicitation of an offer to buy any security or interest in an investment vehicle managed by New Mountain Capital. Any such offer or solicitation can only be made through a definitive private placement memorandum describing the terms and risks of an investment to sophisticated persons who meet certain qualifications under the federal securities laws and are capable of evaluating the merits and risks of the investment. Nothing presented herein is intended to constitute investment advice, and no investment decision should be made based on any information provided herein. It should not be assumed that an investment will be profitable or that the performance of any particular investment will equal its past performance.  No guarantee of investment performance is being provided and no inference to the contrary should be made.  There is a risk of loss from an investment in securities, including the potential loss of principal. Past performance is not indicative of future results.

Media Contact:

Prosek Partners | Josh Clarkson

pro-nmc@prosek.com

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Dealmaker Steven Klinsky quietly hits home runs away from ’80s limelight

New Mountain Capital

New Mountain Capital founder played minor role in brawl for RJR Nabisco — and spent rest of career avoiding deals like it

Antoine Gara in New York, NY – (FINANCIAL TIMES) – June 30, 2024 – Dealmaker Steven Klinsky had a front-row seat to the most operatic takeover drama Wall Street has ever seen, the knives-out multibillion-dollar battle for control of RJR Nabisco.

From that 1980s contest he learned a formative lesson: stay far away from the highly leveraged takeovers orchestrated by swashbuckling debt junkies. The results have been a quiet success.

His New Mountain Capital has focused on building up mid-sized companies in predictable industries using modest amounts of debt. Returns have been robust and investors are rewarding the results, with the New York-based group raising $15.4bn for its seventh buyout fund, exceeding a $12bn target set last year — and bucking a recent trend of poor industry-wide fundraising.

New Mountain joins private equity groups such as CVC Capital Partners, Clayton, Dubilier & Rice, Warburg Pincus and EQT that have exceeded their fund targets at a time when many rivals have fallen short of their goals.

It is part of a rare successful streak of the past few years among buyout groups that steered away from pursuing peak-valuation deals during the frenzied markets of 2021 and instead consistently returned cash to investors.

“I preach against the old private equity model of 40 years ago where people think you borrow as much as you can, go play golf, and see if it all worked out in five years,” Klinsky said in an interview with the Financial Times.

The group is known for its ability to build small businesses in sectors including healthcare services, software and manufacturing into industry leaders by pushing their products into new markets, or by identifying acquisitions.

“New Mountain’s judicious use of leverage and its focus on building businesses in faster-growing parts of the economy have insulated the firm from the brunt of the Federal Reserve’s interest rate hikes,” said Maxwell Snyder, vice-president of alternatives at NewEdge Wealth, an investor in its funds.

Fundraising for the private equity industry slowed dramatically in 2022 when interest rates rose quickly and public stock valuations fell, causing large investors to become overexposed to private assets and pull back from investing in new funds.

The industry’s challenges have been exacerbated by a slowdown in dealmaking and initial public offering activity that has made it hard for PE groups to exit their investments even as public markets reach new highs. In 2023, buyout firms distributed the lowest amount of cash versus what they called from investors since the 2008 financial crisis, according to Bain & Co.

New Mountain, however, has returned more capital than it has invested in recent years. Since January 2021, the firm has sold more than 20 companies, returning well over $10bn in cash to its investors because of successful deals such as Signify Health, a healthcare IT company.

Its 2017-era buyout fund returned 1.16 times what investors had committed by the end of 2023, making it the rare fund from that year to have returned a surplus of cash to investors, according to documents published by public pension funds. When including the fund’s remaining unsold investments, it has generated a 2.4 times gain.

New Mountain’s assets under management have more than doubled to $55bn since 2018, when Klinsky sold a minority stake in the group to Blackstone that cemented his billionaire status. The investment allowed him and his partners to invest $1.4bn into their new fund. It has also given them the financial heft to remain private and resist seeking a tie-up with a larger asset manager, Klinsky added.

As a partner in his early 30s at Forstmann Little, an early pioneer of the $4tn private equity industry, Klinsky became a top lieutenant to Ted Forstmann as the prolific financier studied a bid for RJR Nabisco. It was the seminal deal of the go-go 1980s, later chronicled in the book Barbarians at the Gate.

Klinsky had a memorable bit part in the saga.

Ross Johnson, the chief executive of RJR, had approached Forstmann about teaming up as a “white knight” to counter a takeover effort led by KKR. After hearing Johnson’s pitch, Forstmann consulted Klinsky, a trusted number cruncher, to see whether it was workable. “I think he’s totally insane,” Klinsky is quoted as saying in the book.

Forstmann never bid on RJR, which was sold to KKR for $29bn, but quickly became an emblem of the private equity industry’s hubris as it struggled under the crippling weight of its takeover debt.

When he left Forstmann Little in 1999 to create his own private equity outfit, Klinsky decided on a different approach.

Many of the companies New Mountain buys are family-owned businesses that have never made an acquisition or built operations outside of the US. In many deals, New Mountain forges novel corporate strategies.

The style has helped the firm earn large windfalls at a time when many rivals are contending with an industry reckoning.

In 2017 New Mountain made a push into so-called “value-added care”, with companies focused on preventive health measures to lower costs. It acquired and merged two small companies in the sector for less than $500mn and renamed the group Signify Health. Last year, New Mountain sold the company to CVS for $8bn.

It also had success in technology investments. Klinsky’s firm acquired a small logistics software company called RedPrairie in 2010 for $550mn. Under new management, the company plotted acquisitions and built artificial intelligence tools that propelled it into a leader in identifying supply chain bottlenecks. In 2021, it sold the rebranded company, Blue Yonder, to Panasonic for $8bn, generating more than $5bn for its investors and employees at the company.

Another big windfall has been Avantor, a pharmaceutical chemicals company that New Mountain acquired from Mallinckrodt for less than $300mn in 2010. Klinsky’s firm pushed Avantor into specialised chemicals that earn higher margins. In 2019, it listed Avantor, which now trades at a $15bn valuation. New Mountain has earned gains exceeding $3bn, according to the FT’s calculations.

Klinsky said he prefers investing in these midsized companies partially because they offer many more growth opportunities for his 200-plus dealmakers and consultants to pursue.

“[A] $500mn company could be a leader in an important niche industry, but there are so many things that the management hasn’t done yet . . . If you are a $10bn company, you probably have done almost everything smart there is to do,” he said. Such businesses are easier to sell to corporate buyers and other buyout firms, he added.

Though private equity is under pressure from the slowdown in dealmaking, Klinsky does not see a coming industry washout. He said the sector has become more professional with less-cavalier capital structures.

“I don’t see a hard landing or crisis in private equity,” he said. “The companies are much less leveraged than they were in the old days. In 1981, a buyout had 19 parts debt and just one part equity. So people threw away the keys on bad deals.”

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EQT to sell majority stake in real estate platform idealista in EUR 2.9 billion transaction

eqt
  • EQT, which acquired idealista in 2020 at a EUR 1.3 billion valuation, will retain an 18 percent stake
  • Cinven will acquire 70 percent of idealista; funds advised by Apax and Oakley will sell their shareholdings
  • Jesus Encinar, founder and Chairman of idealista, will also retain his stake and continue to lead the Company alongside the management team

EQT is pleased to share that the EQT IX fund (“EQT”) has sold its majority stake in idealista (the “Company”). The transaction values idealista, which is the leading real estate platform in Spain, Italy, and Portugal, at EUR 2.9 billion. Cinven has signed an agreement to acquire a 70% stake in the Company. EQT originally acquired idealista in 2020 in a deal that valued the firm at EUR 1.3 billion and will retain an 18 percent share in the Company following the transaction.

Bert Janssens, Partner and Head of the Private Equity Europe advisory team, said: “Over the past four years idealista has entrenched its leading position in the Spanish and Portuguese market and strengthened its presence in Italy, all while implementing new digital and sustainability initiatives that create a foundation for further growth. We believe strongly in idealista’s future potential and are excited to remain invested.”

Jesus Encinar, founder and Chairman of idealista, will continue to lead the Company alongside the existing team, added: “This is excellent news for idealista and our team. We’re pleased that EQT will remain a minority shareholder and look forward to continuing our successful partnership for the coming years.”

The transaction is subject to customary conditions and approval.

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 242 billion in total assets under management (EUR 132 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

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Axelera AI Raises $68 Million Series B Funding to Accelerate Next-Generation Artificial Intelligence

Innovation Industries

Axelera AI Raises $68 Million Series B Funding to Accelerate Next-Generation Artificial Intelligence

Silicon Valley, CA and Eindhoven, NL – June 27, 2024 – Axelera AI, the leading provider of purpose-built AI hardware acceleration technology for generative AI and computer vision inference, today announced its successful close of an oversubscribed $68 million Series B financing round, bringing the total amount raised to $120 million. In just three years, Axelera AI has built a world-class team of 180+ employees (including 55+ PhD’s with more than 40,000 citations), launched its Metis™ AI Platform which achieves a 3-5x increase in efficiency and performance, and has visibility into a strong business pipeline which exceeds $100 million. This success has attracted diverse, global funding from venture capital, sovereign wealth and pension funds.

Axelera AI’s Series B funding round is Europe’s largest oversubscribed Series B funding round in the fabless semiconductor industry. It is backed by major institutional investors, including Invest-NL Deep Tech Fund, the European Innovation Council Fund, Innovation Industries Strategic Partners Fund (backed by Dutch Pension Funds PMT and PME, administered by MN) and Samsung Catalyst Fund, along with existing investors Verve Ventures, Innovation Industries, Fractionelera and the Italian sovereign fund CDP Venture Capital SGR. The new capital adds to previously raised funds, including the innovation credit from RVO, and equity investment from Bitfury, CDP Venture Capital, Federal Holding and Investment Company of Belgium (SFPIM), imec, imec.xpand and Innovation Industries.

Companies are embracing new and innovative ways to incorporate computer vision and generative AI capabilities into business models. However, challenges associated with energy consumption, cost, limited supply and scalability are inhibiting the true potential of AI. Axelera AI addresses these exact industry challenges by providing a solution that delivers unmatched performance and efficiency. This new capital enables Axelera AI to grow its high demand AI inference solutions based on its proprietary digital in-memory computing and RISC-V technology.

Axelera AI’s growth strategy also eyes opportunities across new geographies and market sectors. The Series B funding fosters global expansion for Axelera AI with a focus on growth opportunities in North America, Europe and Middle East. In addition, the capital facilitates expansion across key vertical markets such as automotive, digital healthcare, Industry 4.0, retail, robots & drones, surveillance and more. The funding also enables Axelera AI to broaden its future product offerings from the edge to the data center to address the growing computing needs for generative AI, large language models and large multi-modal models. This market expansion includes high-performance computing by designing high efficiency, high-performance and price-competitive AI accelerators to power future exa-scale and peta-scale HPC centers.

“There’s no denying that the AI industry has the potential to transform a multitude of sectors,” said Fabrizio Del Maffeo, Co-Founder and CEO at Axelera AI. “However, to truly harness the value of AI, organizations need a solution that delivers high-performance and efficiency while balancing cost. This funding supports our mission to democratize access to artificial intelligence, from the edge to the cloud. By expanding our product lines beyond the edge computing market, we are able to address industry challenges in AI inference and support current and future AI processing needs with our scalable, proven technology.”

IDC forecasts that IT infrastructure for AI semiconductors will reach $193 billion by the end of 2027. To address this market demand, Axelera AI’s Metis™ AI Platform, the industry’s most powerful, cost-effective and energy efficient AI processing unit for inference, will be in full production in the second half of 2024.

“We are very excited to support Axelera AI in their Series B financing. The company introduces a very innovative approach for high performance AI acceleration at the edge, by implementing Digital In-Memory Computing,” said Marco Chisari, Head of Samsung Semiconductor Innovation Center and Executive Vice President, Samsung Electronics. “Axelera AI’s architecture minimizes data movement between memory and compute elements, aiming to overcome the “Memory Wall” challenge. It also has the promise of significantly reducing power consumption, a critical attribute for AI applications at the edge and beyond.”

“Axelera AI’s Series B funding round, with backing from venture capital, sovereign and pension funds, underscores the company’s record of delivering industry defining solutions for customers to meet the growing demand for generative AI and computer vision,” said Inder Singh, Axelera AI board member and former CFO of Arm. “With this new funding, Axelera AI will be able to continue to build upon its product offerings and expand into additional markets, in alignment with the progression of the market for GenAI.”

The combination of Axelera AI’s experienced Board of Directors, the executive leadership team and this Series B investment positions Axelera AI to build upon its early customer momentum and further support the needs of AI innovators across vertical markets. Axelera AI customers are currently utilizing the Metis AI Platform within their cutting-edge products to differentiate the unique offerings they bring to their respective markets.

Axelera AI is currently shipping evaluation kits. Additional details can be found at at www.axelera.ai/metis-evaluation-kit.

For more information on Axelera AI, please visit www.axelera.ai.

About Axelera AI

Axelera AI is the leading provider of purpose-built AI hardware acceleration technology for AI inference, including computer vision and generative AI applications. Its first-generation product is the game-changing Metis™ AI platform – a holistic hardware and software solution for Edge AI inference which delivers world’s highest performance and power-efficiency at a fraction of the cost of alternative solutions. Headquartered in the AI Innovation Center of the High Tech Campus in Eindhoven, The Netherlands, Axelera AI has R&D offices in Belgium, Switzerland, Italy and the UK, with more than 180 employees in 18 countries. Its team of experts in AI software and hardware hail from top AI firms and Fortune 500 companies.

Media Contact:

Hanna Kang
Wireside Communications® for Axelera AI
axelera@wireside.com

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New IT platform joins Waterland Portfolio

Waterland
Growth partnership in the IT network and cybersecurity market: Waterland becomes dacoso majority shareholder

Hamburg/Langen, 26 June 2024 – As digitization continues, the ICT networks and cyber security markets will continue their rapid global growth in the coming years. dacoso – one of the leading IT service providers for networks and cybersecurity in the DACH region – is keen to take advantage of this. With European private equity fund Waterland, dacoso has brought a strong growth partner on board. International expansion will be advanced together with the new majority shareholder, and the successful trajectory of dacoso, which has its main headquarters in the Hessian town of Langen, will be further enhanced.

The stakes are sold by company founders Thomas Joswig and Horst Pohl as well as the two sons Felix Pohl and Robin Pohl; all will retain a stake in the future and Felix Pohl will continue to lead the group as CEO. The transaction remains subject to the usual official approvals; financial details have not been disclosed.

dacoso GmbH, which was founded in 2004 and has continually grown, is a leading IT network integrator and provider of data security in the DACH region. It focuses on managed services for optical networks, intelligent networks and cybersecurity, which dacoso operates in its own certified IT Network & Security Operations Center (SOC) for its customers. These are supplemented by services such as consulting, integration and rollout with a nationwide field service – an end-to-end portfolio where the focus is on performance, data security, and economic efficiency as well as customers’ critical infrastructure. The company’s well-established customer base includes numerous high-profile blue-chip companies (enterprise and carriers) that, with dacoso’s support, interconnect data centers, network different locations or develop carrier backbones while also identifying and fending off risks of attack. In addition to its headquarters near Frankfurt am Main, dacoso is also represented at eleven further locations in Germany, Austria, and Switzerland and generates sales revenue in the hundreds of millions of euros with its almost 300 employees.

Thomas Joswig and Horst Pohl agree: “After 20 years, it is the right time to entirely hand over management to the next generation and take the next organic and inorganic growth step – in Waterland, we are delighted to have found a partner who can closely accompany us on this path with its expertise and financial strength. Both our employees and our customers will benefit from this partnership.”

CEO Felix Pohl notes: “With Waterland we have found a partner for our continued journey that has both particular expertise in the development of growth companies as well as longstanding experience in the ICT sector. The chemistry is also right – with this optimal foundation, we are looking forward to developing an international, market-leading group.”

Dr. Carsten Rahlfs, Managing Partner at Waterland, adds: “A stable ICT infrastructure with high transfer volumes and the ability to fend off cyberattacks are becoming ever-more important. dacoso’s positioning in its industry is already outstanding in the DACH region; now we want to combine our strengths to develop a European market leader in the network integration and cybersecurity space.”

Waterland is one of Europe’s most active investment firms and has invested extensively in the digitization, IT, and telecommunications sector. The portfolio in the DACH region currently includes companies such as netgo (IT service provider), Hyand (software development), enreach (Unified Communications), Skaylink (managed enterprise platform) and Serrala (payment technologies).
ABOUT WATERLAND
Waterland is an independent private equity investment company that supports companies in realizing their growth plans. With substantial financial resources and industry expertise, Waterland enables its portfolio companies to achieve accelerated growth both organically and through acquisitions. Waterland has offices in the Netherlands, Belgium, France, Germany, Poland, the UK, Ireland, Denmark, Norway, Spain and Switzerland. The company currently has approximately EUR 14 billion in equity funds.  Since its foundation in 1999, Waterland has consistently achieved above-average performance with its investments. Globally, the company is ranked fourth in the HEC/Dow Jones Private Equity Performance Ranking (January 2023) and is ranked seventh among global private equity firms in the Preqin Consistent Performers in Global Private Equity & Venture Capital Report 2022.
www.waterland.de
Download press release
Press contact: 
IWK Communication Partner
Florian Bergman
+49 89 2000 30 30
waterland@iwk-cp.com
www.iwk-cp.com 

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Apollo Leads $700M Capital Solution for Sony Music Group

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Apollo logo

NEW YORK, July 26, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that, on behalf of its affiliated and third-party insurance clients and other investors, it has provided a $700 million capital solution to Sony Music Group, an affiliate of Sony Group Corporation (“Sony”), for investments in the music industry.

“We are pleased to provide a bespoke capital solution to an affiliate of one of the world’s leading companies. This investment allows our clients to invest in high grade securities while helping Sony to execute its business plans,” said Apollo Partner Jamshid Ehsani.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2024, Apollo had approximately $671 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Amanda Collins
Global Head of Corporate Communications
Sony Music
Amanda.collins@sonymusic.com

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Bure becomes a shareholder in Mentimeter

Bure

Bure Equity AB (publ), (“Bure”) has signed an agreement to acquire Alfvén & Didrikson’s shares in Mentimeter AB (publ) (“Mentimeter”), corresponding to an ownership stake of approximately 12%.

Mentimeter provides a global SaaS platform that enables leaders and organizations to increase engagement, thereby creating more effective and innovative organizations. The platform enables real-time collection of audience opinions and insights on specific issues, visualizes the results as part of the presentation, and supports the analysis of the information after the meeting.

Mentimeter has experienced exceptional organic growth. Annual recurring revenue (ARR) has increased at an average annual growth rate of 58% since 2019, and in 2023 Mentimeter reached an ARR of approximately 500 million SEK. Over 700 million meeting participants have made their voices heard through the product. The company has almost entirely self-financed its growth journey through its strong cash flow profile.

Bure’s CEO Henrik Blomquist comments:

“We are incredibly impressed by Mentimeter and the way the entrepreneurs have continuously developed the company’s offering and business model. Bure looks forward to becoming a long-term owner of Mentimeter and supporting its continued growth journey”.

Mentimeter’s CEO Johnny Warström comments:

“I am very pleased to welcome Bure as a shareholder in Mentimeter. Alfvén & Didrikson has been an active and supportive shareholder for a long time, and I look forward to a good and long-term collaboration with Bure”.

Halmar Didrikson from Alfvén & Didrikson comments:

“It is with great thankfulness and some sadness that we part ways with this wonderful company after seven wonderful years together. We hope that the funds generated through this divestment will enable us at A&D to invest in and support many upcoming Nordic star growth businesses. We would like to thank, from the bottom of our heart, the founders, management, the board, our co-owners and not least all the brilliant employees of Mentimeter. We are convinced that Mentimeter’s journey has just begun and that the company will achieve much more success worldwide in years to come.”

Following the acquisition, Bure will become the third largest owner of Mentimeter, after founders Johnny Warström and Niklas Ingvar. Bure will own approximately 9.5 million shares in the company, and the total transaction value is estimated to be ~450 million SEK. The transaction is conditional on, among other things, entry into the shareholder’s agreement.

For more information, contact

Henrik Blomquist, CEO
henrik.blomquist@bure.se
Telephone: +46 (0) 8-614 00 20

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Bure becomes a shareholder in Mentimeter

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EQT to acquire Constellation Cold Logistics, the third largest cold storage owner-operator in Europe

eqt
  • Constellation Cold Logistics (“Constellation”) provides temperature-controlled storage infrastructure to a wide-range of food producers via a network of 26 storage facilities across seven countries in Western Europe and the Nordics
  • The Company offers critical food preservation services that are essential to the modern food supply chain, helping to feed the world safely while reducing food waste
  • EQT will support Constellation as it looks to further entrench its market-leading position, execute identified M&A opportunities and deliver major expansion developments within Europe

EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT”) has agreed to acquire Constellation Cold Logistics (“Constellation” or the “Company”) from Arcus Infrastructure Partners. Financial details are not disclosed.

Constellation was established in 2020 by Arcus Infrastructure Partners, which brought together three businesses located in Belgium, Norway and the Netherlands. Just four years later, Constellation today owns and operates 26 large cold storage facilities across seven countries in Western Europe and the Nordics. The London headquartered firm employs 700 people and is expected to generate revenues over EUR 150 million in FY24.

Constellation provides temperature-controlled storage capacity and complementary services to a wide range of food producers, traders and retailers. Its sites are located either close to clients’ production and processing premises or near critical logistics routes to major cities, ports or food hubs. By offering warehousing and value-added services in these strategic locations in an efficient, flexible and responsive manner, Constellation provides a critical service to its customers that ensures their supply and logistics chains remain smooth and safe.

The European cold storage market features strong underlying growth of around seven percent per year, driven by multiple factors. For one, growing populations are leading to a greater demand for food. At the same time, the popularity of frozen and chilled foods is growing as the sector and customers recognize how these categories reduce food waste and improve quality. Producers are also increasingly adopting outsourcing, just-in-case supply chain strategies, and value-added services as the industry matures.

EQT will support Constellation as it works to capture this attractive market opportunity. Led by deeply experienced CEO Carlos Rodriguez, the Company has already proven its ability to successfully execute M&A, having completed ten deals in the past four years. With EQT, Constellation will be able to further expand within its existing catchment areas and enter new countries, both organically and through consolidation of the highly fragmented European market. Additional investment will be made into Constellation’s automation and digital capabilities to solidify a stronger foundation for growth.

Francesco Malvezzi, Managing Director within the EQT Value-Add Infrastructure Advisory Team, said: “Constellation is one of the leading cold storage providers in Europe with an excellent track record of growth, both organically and through M&A. It offers strong diversification across geographies, customers and end-markets and has impressive service offerings, customer focus and facilities. We’re excited to start working with Carlos and the team to help build an even stronger platform for continued growth. With EQT’s expertise in owning infrastructure companies that provide inherent essential services to society, we’ll be able to support Constellation as it works to deliver safe, quality food to people across Europe.”

Carlos Rodriguez, CEO of Constellation, said: “In four short years, Constellation, with support from Arcus, has expanded into one of the largest cold storage players in Europe, enabling our clients to benefit from enhanced accessibility and efficiency in their supply chains. We will maintain an absolute focus on responsiveness and customer service together with our commitment to sustainability on our path to net-zero. We’re excited to continue implementing our 2030 strategic plan with the support of EQT, which brings strong infrastructure experience, global scale, and deep expertise in areas like sustainability and digitalization. I’d like to thank the Arcus team for its dedication to this point but, most of all, I’d like to thank all Constellation’s employees for their hard work and continuous support as the company evolves.”

The transaction is subject to customary conditions and approval. It is expected to close in October 2024.

EQT was advised by UBS (M&A), Roland Berger (commercial), Milbank (legal), PwC (financial, tax).

With this transaction, EQT Infrastructure VI is expected to be 40 – 45 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size and subject to customary regulatory approvals.

Contact
EQT Press Office, press@eqtpartners.com

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 242 billion in total assets under management (EUR 132 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About Constellation Cold Logistics

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

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Take private of a leading digitalization enabler: Bregal Unternehmerkapital enters into a binding agreement to acquire Relatech

Bregal unternehmerkapital

Zug / Munich / Milan, June 20, 2024 – Funds advised by Bregal Unternehmerkapital (“BU”) execute a binding agreement aimed at acquiring a majority stake in Relatech S.p.A. (“Relatech” or “Company”), a leading B2B partner for digital transformation whose shares are listed on the Euronext Milan Growth. The acquisition is subject to customary closing conditions and regulatory approvals. Upon closing of the acquisition, a mandatory tender offer on the remaining shares of Relatech will be launched aimed at the delisting of the Company from the Euronext Growth Milan. The management will reinvest in the Company. 

Based in Italy, Relatech is a leading provider of digital enabler solutions operating in the fast-growing Digital Transformation, Industrial Automation and Cybersecurity markets. The Company supports customers in achieving their goals and redesigning their business models by providing innovative digital services and solutions leveraging key technologies, including Artificial Intelligence, Cloud, IoT, Cybersecurity, and Big Data. Relatech employs ~700 employees and serves a long list of Italian and International blue-chip customers in diversified end markets.

Relatech is the second platform investment of the new Bregal Unternehmerkapital IV fund, which closed in May 2024 at a record amount of €2.65 billion. In terms of fund volume and the number of partnerships with “hidden champions”, BU is one of the largest mid-cap investors in the DACH region and has also been active in Italy since 2021. BU has in-depth experience in working with growth-oriented business services and software companies. Together with Relatech, the aim is now to drive organic and inorganic growth. The focus will include new cross-selling initiatives, the increased expansion of cyber security offerings in the wake of new regulatory requirements for the industry as well as possible strategic acquisitions and process optimizations.

“Since our founding in 2001, Relatech has undergone a remarkable journey, and we are thrilled to announce the partnership with BU as a stepping stone in the Company’s continued success. With the support of BU, we look forward to accelerating growth organically and via acquisitions, extending our international reach and strengthening our position as customers’ partner of choice for digital innovation, thereby leading the Digital Renaissance. We look forward to the exciting opportunities that lie ahead and are confident that this new phase will bring unparalleled benefits to all our stakeholders”, said Pasquale Lambardi, Founder, Shareholder, Chairman and Chief Executive Officer of Relatech.

Valentina Pippolo, Partner and Country Head of BU Italy, added, “We are excited to partner with Pasquale Lambardi and Relatech’s management team to support its development through both organic and inorganic initiatives. The Company is a champion in digital innovation, as demonstrated by its growth over the past years. We intend to accelerate Relatech’s growth, both in Italy and abroad, strengthening its proposition to help customers become more competitive through digital solutions that boost efficiencies within their organizations.”

BU is assisted by Mediobanca, as financial advisor, Chiomenti, as legal advisor, A&M, as accounting advisor, Essentia, as debt advisor, Legance, as structuring advisor Deloitte, as tax advisor and Code & Co. as technology advisor.

About Bregal Unternehmerkapital
Bregal Unternehmerkapital (“BU”) is a leading investment firm with offices in Zug, Munich, and Milan. With €7.0bn in capital raised to date, BU is the largest mid-cap investor headquartered in the DACH region. The funds advised by BU invest in mid-sized companies based in Germany, Switzerland, Italy, and Austria. With the mission to be the partner of choice for entrepreneurs and family-owned businesses, BU seeks to partner with market leaders and “hidden champions” with strong management teams and outbreak potential. Since its founding in 2015, the funds advised by BU have invested in over 100 companies with more than 27,000 employees. Thereby, more than 7,700 jobs have been created. BU supports entrepreneurs and families as a strategic partner to develop, internationalize, and digitize their businesses, while helping them generate sustainable value on a responsible basis with the next generation in mind.For more information, please visit www.bregal.ch/ or follow us on LinkedIn.
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Press contact
Ira Wülfing / Florian Bergmann
IWK Communication Partner
bregal@iwk-cp.com
+49 89 2000 30 30Sandra Schäfer
Head of Marketing & Communications
sandra.schaefer@bregal.de
+49 89 435 715 007

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