Category Archives: News

Adelis to become controlling shareholder in Hedvig – SEB and Nicklas Storåkers to co-invest

Adelis Equity

The fast-growing insurance company Hedvig raises SEK 333 million in an investment round led by Adelis Equity Partners as new controlling shareholder, with Swedish bank SEB and Nicklas Storåkers as co-investors. In conjunction with the transaction, SEB initiates a strategic distribution partnership with Hedvig. The new board of directors will be led by Nicklas Storåkers as chairman and include Michael Wolf as board member.

Only five years from inception, Swedish insurance company Hedvig has set a new standard in terms of customer service and availability, which has led to 10% of the Swedes choosing Hedvig when signing up for a new home insurance. As a result, Hedvig today has 130,000 members and a total GWP volume of SEK 200 million. To further accelerate the journey, Hedvig now raises SEK 333 million in a round led by new controlling shareholder Adelis, with SEB and Nicklas Storåkers as co-investors.

“Following this transaction, Hedvig will leave the startup phase, and with a fully capitalized business plan we will execute on a more focused growth strategy whilst reaching profitability. As part of the strategy, I am very happy to welcome Adelis as a strong and experienced growth partner”, says Lucas Carlsén, CEO and co-founder at Hedvig.

“Hedvig has built a unique position as challenger in the Swedish insurance market, with its market share growing fast and consistently every month. Over the past months, Hedvig has also proven its ability to grow in a cost-efficient manner, thanks to its successful partnership model as main growth driver. With a stronger capital base and an experienced board, we look forward to supporting Hedvig to become a leading insurance company in Sweden”, says Erik Hallert, partner at Adelis.

In conjunction with Adelis becoming the new controlling shareholder, SEB will co-invest and simultaneously initiate a strategic distribution partnership with Hedvig. Nicklas Storåkers, ex CEO of Avanza and Hedvig’s first investor in 2017, will also invest and become chairman of the board.

“I have followed Hedvig for six years, they offer an outstanding customer experience and are growing rapidly, not the least through partnerships. SEB is an example of a partner that will be able to distribute Hedvig’s products along with its core offering. Going forward, I am convinced that future partners to Hedvig will encompass everything from banks to car dealers, who will strengthen their offering with Hedvig insurances as an add-on”, says Nicklas Storåkers, incoming chairman at Hedvig.

The new board of directors will represent significant industry experience and include Michael Wolf (ex CEO of Swedbank), Henrik Rättzén (ex CFO of Trygg-Hansa) and Torgny Johansson (CEO of Futur Pension).

The transaction is subject to customary regulatory approval from the Swedish Financial Supervisory Authority and expected to close in the coming months.

For further information:

Lucas Carlsén, CEO and Co-founder at Hedvig AB

Phone: 072-529 88 65

E-mail: lucas@hedvig.com

Erik Hallert, Adelis Equity Partners

Phone: 070-936 80 41

E-mail: erik.hallert@adelisequity.com

About Hedvig

Hedvig is a Swedish insurance company on a mission to make it effortless to bounce back from loss. Launched in Sweden in 2018, Hedvig now insures 130,000+ people through home, accident, travel, and car insurance. Through stellar service and fast in-app claims handling, Hedvig defines a new type of insurance experience. For more information, please visit www.hedvig.com

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 38 platform investments and more than 180 add-on acquisitions. Adelis today manages approximately €2.5 billion in capital. For more information, please visit www.adelisequity.com

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Adams Street Opens Office in Australia

Adams Street

The move follows strong growth from APAC; Shaun Thomas appointed to manage the Australian Market

CHICAGO/SYDNEY – March 9, 2023 – Adams Street Partners, LLC, a private markets investment management firm with more than $52 billion of assets under management, announced today it has opened an office in Sydney, Australia. The office, located in Quay Quarter Tower, will be managed by Shaun Thomas, newly appointed Principal, Investor Relations, who joined Adams Street in November.

With a superannuation market of approximately AUD3.4 trillion, Australia is the fourth largest pension fund market in the world. It also represents a major wholesale market with a sizeable private wealth and high-net worth segment of clients. Adams Street is favorably positioned to serve this segment by building strong relationships on the ground and introducing its investment professionals and their private markets capabilities to the Australian private markets community.

Sydney is Adams Street’s first location in Australia and fifth in the Asia Pacific region, joining Tokyo, Singapore, Seoul, and Beijing. Adams Street now operates 12 offices globally.

The Sydney office will provide the local private markets community with seamless access to Adams Street’s investment professionals and their expertise in private markets investment strategies covering primaries, secondaries, co-investments, growth equity, and private credit.

“Institutional investors in Australia are increasingly focused on allocating to private markets,” said Ben Hart, Partner & Head of Investor Relations (Asia) at Adams Street. “We are seeing considerable demand from the Australian private markets community for solutions, including custom accounts and evergreen structured products. Shaun’s unique experience and on-ground-access will allow us to better serve this growing market by strengthening our ties with existing clients and the Australian private markets community as a whole, helping us to continue to expand our existing relationships and create new ones as well.”

Shaun, who will report to Ben, brings nearly 20 years of experience in financial services and product distribution to Adams Street. Shaun was previously a Vice President at Partners Group Australia, where he managed the distribution of Partners Group private markets strategies for the private wealth, family office and wholesale market with a focus on both evergreen and closed-ended offerings. His prior experience includes seven years at Grant Samuel Funds Management where he was Head of Research and Strategic Accounts.

Shaun will continue to leverage his relationships in the wholesale market, whilst supporting institutional clients and consultant relationships across both Australia and New Zealand. He will also work closely with clients and aid in the development and monitoring of their private equity programs.

“The Adams Street platform is built upon 50 years of knowledge and relationships, and I look forward to developing and maintaining institutional client and consultant relationships in Australia as we continue to consolidate our presence in this market,” said Shaun Thomas, Principal, Investor Relations.

About Adams Street Partners

Adams Street Partners is a global private markets investment manager with investments in more than 30 countries across five continents. The firm is 100% employee-owned and has over $52 billion in assets under management. Adams Street strives to generate actionable investment insights across market cycles by drawing on 50 years of private markets experience, proprietary intelligence, and trusted relationships. Adams Street has offices in Austin, Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore, Sydney, and Tokyo. Visit www.adamsstreetpartners.com

Adams Street Partners, LLC is a limited liability company formed in Delaware; Australian Registered Body Number 665 655 738

Media Inquiries:
Charlie Drayton
0432 724 165 mobile
charlie.drayton@secnewgate.com.au

Categories: News

Bencis and management have acquired all shares in the technical textiles specialist HEYtex

Bencis

Bramsche, February 2023 – Bencis and management acquired HEYtex

Stella Holding GmbH, an entity owned by BBOF VI Holding C.V., has acquired all shares in Heytex Holding GmbH from Deutsche Beteiligungs AG and funds advised by them.

HEYtex is a European leader for engineering and manufacturing of technical textiles for transportation & logistics , safety, environmental, leisure, graphics, governmental and other applications. HEYtex operates five production facilities globally, in Bramsche and Ebersbach-Neugersdorf (Germany), in Nijverdal (the Netherlands), in Zhangjiagang (China) and in Pulaski, VA (USA) with a total of 550 employees. HEYtex experienced a remarkable growth under the ownership of DBAG and funds advised by them more than doubling its revenues. HEYtex’s management and Bencis plan to continue this growth path.

Hans-Dieter Kohake, CEO of HEYtex, highlights: “Heytex has proven to be very resilient in recent years, among other things by strengthening its global competitive position. This is also due to the good cooperation with DBAG as the previous owner. As a management team, we are now looking forward to the partnership with Bencis, in order to continue the path we have taken with new ideas. In addition to growth topics, strategic initiatives such as sustainability and automation will play an increasingly important role. In the new constellation, we are very well positioned to meet these challenges.”

Dick Moeke, partner at Bencis, comments: “We are very happy to support an ambitious Heytex’s management team in the next phase of growth. Our investment in Heytex underlines our continued commitment and interest in the German market with many high quality teams and businesses. ”

 

About Bencis

Bencis is an independent investment company supporting business owners and management teams in realizing their growth ambitions. Bencis was founded in 1999 by Zoran van Gessel and Jeroen Pit, and has invested through six funds with a total equity volume of EUR 2.2 billion. Since 2021, Bencis Fund VI is invested with a volume of EUR 575 million. The Bencis advisory team consists of 32 professionals based in Düsseldorf, Amsterdam and Brussels. Bencis’ current portfolio of 31 companies generates combined sales of around EUR 1.8 billion and employs 9,500 people.

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Beyond Ventures’ Portfolio Company Mapxus Raised US$5M in its Series B’s 1st closing Led by Kawasaki Heavy Industries

Beyond Ventures

ommitted to innovating and developing technology solutions for the future of indoor mapping and location-based services

(HONG KONG – March 8, 2023) – Hong Kong-based venture capital firm Beyond Ventures is pleased to announce that its portfolio company Mapxus, the leading indoor Geographic Information System (GIS) platform that provides global indoor mapping and navigation services, has successfully completed the 1st closing of its Series B funding round, raising over US$5 million despite the economic doldrums. The funding round was led by Kawasaki Heavy Industries, a leading Japanese corporation with a diverse business portfolio spanning various industries centered around technology.

Starting in August 2021, Mapxus collaborated exclusively with Kawasaki Heavy Industries to provide indoor technology such as digital maps, Wi-Fi fingerprint positioning and SDK for indoor map data infrastructure service in Japan, which is named iPNT-K. According to market research and consulting company Seed Planning, Japan’s indoor location-based services market size is expected to grow to JPY 1,170 billion by 2035. With the iPNT-K solution, businesses can apply indoor navigation in commercial facilities such as shopping centres, train stations, and airports to perform location-based marketing, traffic analysis, barrier-free navigation, manage and track operations, facilitate the management, and improve the work efficiency of employees in offices and warehouses.

With the new investment, Mapxus is well-positioned to continue to innovate and develop technology solutions for the future of indoor mapping and location-based services. The potential applications of Mapxus’s technology are wide-ranging, with opportunities for both government and factory use.

Lap Man, Co-founder and Managing Partner of Beyond Ventures said: “We are so proud to be the first equity investor to support Mapxus since its early stages in 2019, and have witnessed its growth journey despite the social movement in Hong Kong in 2019-2020 and the Covid-19 pandemic over 3 years, driven by the management team’s unwavering passion to offer the best-in-class indoor mapping and location-based services. We are also amazed at the courage and execution capability of John and Ocean when we proposed them entering the Japanese market in 2019 with the support of our mentor, which helped them overcome significant challenges in Hong Kong. Since then, they have successfully gained a strong foothold in Japan and expanded to other Asian markets such as Singapore and Taiwan. We strongly believe that the support of the global conglomerate Kawasaki will undoubtedly propel Mapxus to the next level.”

“We are grateful to have had the investment and advice of Hong Kong-based venture capital firm Beyond Ventures, supporting Mapxus’ growth journey since 2019. At Mapxus, we are dedicated to making indoor mapping more accessible and user-friendly and creating a truly inclusive city experience. Our innovative indoor map data infrastructure is designed to empower businesses and individuals, enabling them to improve work efficiency and enhance daily experiences. With the support of Kawasaki Heavy Industries, we are excited to continue innovating and developing technology solutions that will shape the future of indoor mapping and location-based services.” said Ocean Ng, Founder and Chief Operation Officer of Mapxus.

“We are thrilled to have Kawasaki Heavy Industries lead this round of investment in Mapxus,” said Dr John Chan, Founder and CEO of Mapxus. “With this new funding, we will accelerate our indoor map data infrastructure development in Japan (iPNT-K) with Kawasaki and expand our service coverage in Southeast Asia. We aim to enable businesses to revolutionise their interactions with physical spaces and deliver a comfortable, intuitive, and seamless indoor-outdoor experience for everyone.”

Furthermore, Mapxus has recently joined hands with NOIZChain to co-create Honio, the world’s first indoor location-based Game-Fi metaverse. Honio aims to connect the virtual and physical worlds through a mobile app that rewards users for spending time in physical stores. It is expected to launch in Japan by 2023 and in other Southeast Asian markets by 2024.

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Advent International agrees to sell Tag, a leading global marketing production company, to dentsu

Advent International

London, 7 March 2023 – Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, has entered into an agreement to sell Tag, a leading global omnichannel marketing production company, to Dentsu Group Inc. (Tokyo: 4324; ISIN: JP3551520004), one of world’s largest global marketing and advertising agency networks.

In the past five years, Advent has invested more than €100 million in Tag, which has grown to become a leading global end-to-end, tech enabled marketing activation platform. Tag’s global footprint and offerings have expanded substantially, it has developed an end to end proprietary marketing execution platform called Digital Interact (Di) and acquired six strategic businesses, enhancing Tag’s CGI, e-commerce, content origination, and data analytics capabilities. Tag now has a truly global presence, with a world class diverse leadership team who oversee 2,800 employees in over 29 countries across EMEA, APAC and the Americas. Tag’s end-to-end platform provides digital, personalised marketing for many of the world’s leading brands.

James Brocklebank, Managing Partner at Advent International, said, “Since acquiring Tag in 2017, and following more than €100 million of investment, the business has been transformed to become a highly successful standalone entity that is now one of the world’s leading omnichannel digital marketing production companies.”

Chris Benson, Director at Advent International, said, “We have worked in partnership with Tag’s leadership team to build a world leader in marketing activation. Under Advent’s ownership, the company has grown significantly and continues to achieve double digit organic revenue growth. We are excited for Tag and dentsu to build on this success and we wish David Kassler and his team all the best as they start this next phase of their journey.”

David Kassler, Global CEO, Tag, said, “We can’t wait to start this next phase of our journey and couldn’t be happier to be joining the dentsu family. The market is moving incredibly fast towards integrated services – the combination of Tag’s global technology-enabled content production with dentsu’s broader marketing, technology and consulting skills will be tremendously additive for both sets of our wonderful clients.”

Advent acquired Williams Lea Tag from Deutsche Post DHL Group in December 2017, before successfully separating Williams Lea and Tag into standalone businesses. Williams Lea, a high growth provider of tech-enabled business support services for a hybrid workforce, serving some of the world’s largest financial, legal and consulting firms, remains under Advent’s ownership.

Evercore, UBS, Weil, EY, and PWC acted as advisors to Advent.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 400 private equity investments across 41 countries, and as of September 30, 2022, had $89 billion in assets under management. With 14 offices in 12 countries, Advent has established a globally integrated team of over 285 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology.

For more information, please visit www.adventinternational.com and follow Advent on LinkedIn.

 

About Tag

Tag works with leading brands to transform their business and marketing capabilities to deliver content at speed and scale across channels, cultures, and regions. With intelligent, sustainable, and technology-driven solutions (including their own end to end proprietary marketing execution platform called Digital Interact) at the heart of everything it does, Tag enables brands to operate more efficiently and effectively to stand out, grow and waste less. The organization will become dentsu’s sixth network brand and will retain the Tag brand for the foreseeable future.

www.tagww.com

 

About dentsu

Dentsu is the network designed for what’s next, helping clients predict and plan for disruptive future opportunities and create new paths to growth in the sustainable economy. Taking a people-centered approach to business transformation, we use insights to connect brand, content, commerce and experience, underpinned by modern creativity. As part of Dentsu Group Inc. (Tokyo: 4324; ISIN: JP3551520004), we are headquartered in Tokyo, Japan and our 65,000-strong employee-base of dedicated professionals work across four regions (Japan, Americas, EMEA and APAC). Dentsu combines Japanese innovation with a diverse, global perspective to drive client growth and to shape society.

dentsu website:
www.dentsu.com

Dentsu Group Inc. website:
www.group.dentsu.com/en

 

Media contacts

Tulchan
Graeme Wilson or Harry Cameron
Advent@tulchangroup.com
+44 (0)20 7353 4200

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Jeito Capital Co-Leads a EUR 104 million financing in Noema Pharma, a clinical-stage biopharma company targeting debilitating central nervous system disorders

Jeito Capital
  • Noema Pharma’s clinical-stage assets and diversified pipeline hold significant potential in developing effective therapeutic options for patients with debilitating central nervous system (CNS) disorders, addressing high unmet medical needs
  • Jeito Capital’s investment in Noema Pharma marks its second in the field of neurological disorders and represents a significant opportunity to support this promising therapeutic area with high growth potential
  • Through its investment, Jeito Capital aims to promote the expansion and acceleration of Noema’s development activities and bolster value creation in France and in Europe, reinforcing its dedication to fostering the growth of biopharmaceutical champions in the region

Paris, France, March 7th 2023 – Jeito Capital (“Jeito”), the largest fully independent private equity firm dedicated to healthcare and biopharma in Europe, announced today that it has co-led a EUR 104 million (CHF 103 million, approx. USD 112 million) financing in Noema Pharma (the “Company”), a clinical-stage biopharma company targeting debilitating central nervous system (CNS) disorders. Noema Pharma has offices in Switzerland, France, and in the US.

The oversubscribed financing was co-led by Jeito and Forbion with participation from new investors such as the UPMC Enterprises joined by existing investors Sofinnova Partners, Polaris Partners, Gilde Healthcare and Invus.

Founded in 2019 in Paris, France, Noema Pharma currently has multiple active Phase 2b clinical trials in highly undertreated CNS conditions including seizures in Tuberous Sclerosis Complex, severe pain in Trigeminal Neuralgia and Childhood Onset Fluency Disorder. The Company has also completed a Phase 2a clinical trial in adult patients with Tourette Syndrome that is currently being extended to adolescents. As part of its indication expansion strategy, the Company also anticipates initiating clinical development in Atypical Depression and Binge Eating Disorders.

Proceeds from the financing will primarily be used to advance the Company’s clinical-stage assets.

Jeito selected Noema Pharma in line with its investment strategy of supporting the development of the most promising European biopharma companies with high growth and acceleration potential. As Jeito’s second investment in a biopharma company targeting neurological diseases, Noema Pharma’s maturing clinical-stage pipeline shows great promise for helping patients who currently lack effective treatments or face unmet medical needs.

In addition, Jeito will invest in Noema Pharma SAS (France), enabling it to expand its clinical trials and safety monitoring efforts in France and in Europe. This is expected to create new job opportunities and provide support for French and European suppliers in the manufacturing process. Rachel Mears, Partner at Jeito Capital, will join Noema Pharma’s Board of Directors.

Dr Rafaèle Tordjman, MD, PhD, Founder and CEO of Jeito Capital, commented : “We are excited to partner with Noema Pharma in their mission to accelerate the development of innovative treatments for debilitating CNS disorders. I am particularly proud that the company born in Paris three years ago, which developed in Switzerland and the US, continues to create value in France and Europe. This reflects Jeito Capital’s strong commitment to fostering the emergence of potential global biopharma leaders from Europe. As Jeito Capital’s second investment in a neurology company, Noema Pharma with its clinical-stage assets and diversified pipeline has shown significant potential for the development of effective innovative therapies for the benefit of patients.”

Rachel Mears, Partner at Jeito Capital, added: “One of the pillars of our investment strategy is to deploy capital in truly differentiated and innovative therapies with high unmet medical need. The clinical work being undertaken by Noema Pharma fit these criteria exactly. The expertise, quality and dedication of the Noema team are clear to see in their development work and position the Company as an upcoming global CNS leader. We are excited to partner with Noema Pharma to accelerate its mission of developing effective solutions for patients with CNS disorders and are committed to supporting their continued growth and success.”

Luigi Costa, Chief Executive Officer of Noema Pharma, said: “We are excited to announce the successful completion of this oversubscribed Series B financing round and very pleased to have a world-class group of investors supporting our vision of bringing much-needed treatments to those living with debilitating central nervous system disorders. We welcome our new investors who bring extensive expertise and knowledge of drug development and company building and add further strength to our robust investor base. This financing comes at a key time for Noema Pharma as we look forward to extensive news flow over the next 24 months.”

About Jeito Capital

Jeito Capital is a global leading Private Equity company with a patient benefit driven approach that finances and accelerates the development and growth of ground-breaking medical innovation. Jeito empowers and supports managers through its expert, integrated, multi-talented team and through the investment of significant capital to ensure the growth of companies, building market leaders in their respective therapeutic areas with accelerated patients’ access globally, especially in Europe and the United States. Jeito Capital has €534 million under management and a rapidly growing portfolio of investments. Jeito Capital is based in Paris with a presence in Europe and the United States.

For more information, please visit www.jeito.life or follow us on Twitter or LinkedIn.

About Noema Pharma

Noema Pharma (www.noemapharma.com) is a clinical-stage biotech company targeting debilitating central nervous system (CNS) disorders characterized by imbalanced neuronal networks. The Company has a well differentiated pipeline with four mid clinical-stage therapeutic product candidates in-licensed from Roche. Noema currently has 3 active Phase 2b clinical trials in highly undertreated CNS conditions: seizures in Tuberous Sclerosis Complex, severe pain in Trigeminal Neuralgia and Childhood Onset Fluency Disorder. The Company has completed a Phase 2a clinical trial in adult patients with Tourette Syndrome that is currently being extended with an adolescent cohort. The Company has also completed preclinical validation studies in Atypical Depression and Binge Eating Disorder. Noema Pharma was founded in 2019 by the leading venture capital firm Sofinnova Partners. Additional investors include Biomed Partners, Forbion, Gilde Healthcare, Invus, Jeito Capital, Polaris Partners, UPMC Enterprises, and an undisclosed investor.

For further information please contact:

Jeito Capital
Rafaèle Tordjman
Assia Mouhout, EA
assia@jeito.life
Tel: +33 6 76 49 37 94

Consilium Strategic Communications
Mary-Jane Elliott /
Davide Salvi / Kris Lam
Jeito@consilium-comms.com
Tél. : +44 (0) 20 3709 5700 

Press
Marion Bougeard
marion@achto-conseil.fr
Tél. : +33 6 76 73 57 31 

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Wireless Logic continues global expansion with acquisition of Blue Wireless

Montagu

Wireless Logic strengthens geographical reach across Asia Pacific and the United States, and bolsters global service offering through a managed service provider for wireless network solutions.

Wireless Logic, the leading global IoT connectivity platform provider has acquired Singapore-headquartered Blue Wireless, a global service provider for managed wireless solutions. This agreement follows the company’s 2022 acquisitions of IoThink Solutions, Mobius Networks and Jola, continuing Wireless Logic’s strategy of strengthening its global footprint, service offering and routes to market.

Blue Wireless was founded in late 2015 in Singapore with the single focus of delivering Wireless WAN Solutions to the enterprise. Since then, it has rapidly expanded in coverage and capabilities, becoming the first provider of Fixed Wireless Access services on a global scale. Its team of 70 professionals operates across six offices in Asia Pacific, Europe and the United States, offering 24/7 managed network connectivity for businesses across all industries – including energy, retail, logistics and the maritime sector.

With the acquisition, Wireless Logic not only strengthens its presence in Asia Pacific and the United States, but also enhances its product and service offering around fixed wireless access. Blue Wireless offers fixed-price LTE/5G connectivity in over 80 countries, underpinned by speed guarantees and service SLAs, making it an ideal underlay alternative for global SD-WAN deployments.

Ivan Landen, CEO of Blue Wireless, said: “This is a major milestone, and we are truly excited for the journey ahead. With the support of Wireless Logic, we will be able to accelerate our innovation and connectivity roadmap to benefit our customers and teams around the world, supporting new use cases while maintaining our hands-on service culture.”

With the support of Wireless Logic, we will be able to accelerate our innovation and connectivity roadmap to benefit our customers and teams around the world, supporting new use cases while maintaining our hands-on service culture.

Ivan Landen, CEO, Blue Wireless

Joop Gerlach, COO of Blue Wireless, said: “We will continue to deliver wireless network solutions to our global enterprise customers, only now it will be backed by Wireless Logic’s strong position in core Mobile IoT networking.”

We will continue to deliver wireless network solutions to our global enterprise customers, only now it will be backed by Wireless Logic’s strong position in core Mobile IoT networking.

Joop Gerlach, COO, Blue Wireless

Oliver Tucker, CEO of Wireless Logic commented: “We are hugely excited to announce our ninth acquisition in two years, as we continue to strengthen our global footprint and routes to market through the global service provider channel. We welcome the talented Blue Wireless team and look forward to setting new standards in the connectivity marketplace.”

We welcome the talented Blue Wireless team and look forward to setting new standards in the connectivity marketplace.

Oliver Tucker, CEO, Wireless Logic

 

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Carlyle Agrees to Sell PrimeFlight Aviation Services to The Sterling Group and Capitol Meridian Partners

Carlyle

Large and growing market, breadth of service offerings and customers served, and strong operating performance all position PrimeFlight to drive continued growth

Washington, DC and Houston, TX – Funds managed by global investment firm Carlyle (NASDAQ: CG) today announced a definitive agreement to sell PrimeFlight Aviation Services (“PrimeFlight” or the “Company”) to Capitol Meridian Partners and The Sterling Group. PrimeFlight is a global provider of essential aircraft, passenger, and security-related services to commercial airline, airport, cargo, and general aviation customers.

The transaction will close upon satisfaction of customary closing conditions. Financial terms were not disclosed. The acquisition of PrimeFlight will represent a 50/50 partnership between The Sterling Group and Capitol Meridian Partners.

Headquartered in Sugar Land, TX, PrimeFlight has operations across approximately 235 stations globally. It provides a full suite of services through its network of subsidiaries, including PrimeFlight Cargo, PrimeFlight GSE Maintenance, Prime Appearance, ProFlo Industries, Skytanking, and Aviation Cleaning Supply. PrimeFlight has more than 20 years of service excellence in the aviation industry, offering customers broad and reliable support, including mission-critical fueling, deicing, and ground handling services. The Company has approximately 12,000 employees across its global footprint, with primary operations in North America and Europe.

Doug Brandely, Managing Director at Carlyle, said: “We are grateful to have had the opportunity to partner with the management team to lead the transformation of PrimeFlight. The PrimeFlight team expertly navigated an unprecedented time in the commercial aerospace industry to deliver substantial growth. Over the course of our partnership, we completed 20 acquisitions to build a global aviation services platform. PrimeFlight has an impressive runway for future growth, and we look forward to seeing the Company’s continued success.”

“We’re thankful to Carlyle for the tremendous support over the years,” said Dan Bucaro, PrimeFlight Chief Executive Officer. “This is an exciting time for PrimeFlight as we have significantly expanded our operations outside of North America, continue to execute on new business wins, and we have a strong pipeline of continued growth through our global footprint. We look forward to partnering with Capitol Meridian Partners and The Sterling Group in this evolution.”

Adam Palmer, Partner and Co-Founder of Capitol Meridian Partners, said: “We are thrilled to once again partner with the PrimeFlight management team in support of the Company’s next phase of growth. PrimeFlight represents a unique opportunity to partner with a management team for a second time on the same platform. We are excited to invest behind the Company in support of their organic and inorganic growth strategy, during a time in which the aviation industry is continuing its strong recovery from the pandemic.”

Greg Elliott, Partner of The Sterling Group, added: “We have partnered with Dan Bucaro as either CEO or Chairman on nine companies over the past twenty years. Dan and his team of industry veterans have built a tremendous platform for growth in PrimeFlight. We look forward to our continued partnership.”

Latham & Watkins, LLP is serving as legal counsel to PrimeFlight and Carlyle, and Morgan Stanley & Co LLC and Jefferies, LLC served as financial advisors to PrimeFlight. McDermott Will & Emery is serving as legal counsel to Capitol Meridian Partners and The Sterling Group.

About The Sterling Group
Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 64 platform companies and numerous add-on acquisitions for a total transaction value of over $14.0 billion. Sterling currently has over $5.1 billion of assets under management. For further information, please visit www.sterling-group.com.

About Capitol Meridian Partners
Capitol Meridian Partners is a Washington, DC-based private investment firm formed in 2021 to invest in businesses operating at the nexus of government and commercial markets. The firm targets businesses where it can drive growth and value creation through active engagement and strategic transformation. The firm draws upon deep sector expertise and 70+ years of its principals’ investing experience. For further information, please visit www.capitolmeridian.com.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $373 billion of assets under management as of December 31, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About PrimeFlight Aviation Services
Headquartered in Sugar Land, Texas, PrimeFlight Aviation Services provides major airlines, airports, cargo and general aviation customers with GSE maintenance, ground handling services, aircraft services, into-plane fueling, deicing, aviation cleaning supplies, and terminal services, across a global footprint.
For more information, visit www.primeflight.com.

Media Inquiries:
The Sterling Group – Franny Jones fjones@sterling-group.com
Capitol Meridian Partners – Chris Ullman | 202.641.2234 | chris@chrisullman.com
Carlyle – Brittany Berliner | 212.813.4839 | brittany.berliner@carlyle.com
PrimeFlight – Amanda Hoffman Byers | abyers@primeflight.com

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Aimia Announces Acquisition of Bozzetto Group for $328 Million

Aimia

GENERATED $47 MILLION IN ADJUSTED EBITDA IN 2022 WITH 14.5% ADJUSTED EBITDA
MARGIN

(All {gures in Canadian dollars unless otherwise noted and are subject to change due to currency |uctuations)
Toronto, March 6, 2023 – Aimia Inc. (TSX: AIM) has announced today that it has signed a de{nitive agreement to acquire
substantially all of the issued and outstanding shares of Giovanni Bozzetto S.p.A. (referred to as “Bozzetto Group”,
“Bozzetto”, the “Company”) from Chequers Capital and other minority shareholders.

Acquisition of Bozzetto
The purchase price will be based on an enterprise value of approximately $328 million . It is anticipated that the
acquisition will be {nanced with a combination of cash and debt, with an expected level of debt of around 3x Adjusted
EBITDA, or approximately $135 million. Bozzetto achieved annual revenue of approximately $326 million and
Adjusted EBITDA of $47 million with an Adjusted EBITDA margin of 14.5% for the {scal year ended December 31,
2022, with higher than 80% free-cash |ow conversion . Transaction closing, which is subject to regulatory approval and
other customary closing conditions, is expected to occur before the end of the second quarter of 2023. The executive
management team of Bozzetto will reinvest a material portion of their net proceeds from the sale representing a
minority position of up to 6%.

Founded in 1919 and headquartered in Filago, Italy, Bozzetto is a leading ESG-focused provider of specialty chemicals,
manufacturing over 2,000 proprietary chemicals to service its core textile, water solutions, and dispersion end markets.
With a product portfolio comprised of over 75% ESG-focused chemicals, Bozzetto has built a strong reputation as a
pioneer of developing ESG-focused solutions that align with secular purchasing criteria trends and key customers’
stated sustainability initiatives, including the bene{ts of a circular economy, and reduction in water, energy, and
hazardous chemicals.

Bozzetto currently operates with a global industrial footprint of 6 manufacturing facilities, servicing over 1,500 customers
in more than 90 countries. Sales are generated across EMEA (49%), South-East Asia (24%), Turkey (15%), the Americas (8%)
and China (4%). Under Aimia’s ownership, the Company will seek to substantially expand into the Americas and Asia
organically and through accretive acquisitions, further diversifying Bozzetto’s historically European presence.
Paladin Private Equity, LLC will act as Aimia’s partner on the transaction. In connection thereto, upon closing of the
transaction, Aimia and Paladin will enter into certain agreements on customary terms and conditions and providing for,
among other things, minority governance rights, preferred return for Aimia, certain carry related rights to the bene{t of
Paladin, and an option for Paladin to acquire up to a 19.9% minority equity position of Bozzetto within one year of
closing. Tariq Osman and Eric Hauser of the Paladin team will join the Board of Directors of Bozzetto and support its
strategic growth initiatives.

Phil Mittleman, CEO of Aimia, said: “With an over 100-year history of operations, high margins coupled with strong cash
|ow conversion, and an excellent management team, Bozzetto represents an outstanding opportunity for Aimia to
invest in an ESG-focused, global market leader. Over the past 18 months, the specialty chemicals industry has endured
one of the most dif{cult periods in its history—including a spike in raw material prices, Covid-induced supply chain
shortages and rapidly rising energy prices. Despite these challenges, Bozzetto remained resilient and maintained its
strong growth and free cash |ow pro{le. We see signi{cant opportunities to continue to grow this business both
organically and through accretive acquisitions, and we are in advanced discussions with several potential targets.”
Mr. Mittleman added, “Once both Bozzetto and our previously announced acquisition of Tufropes close, these two
subsidiaries will have generated approximately $72 million in Adjusted EBITDA for their most recent {scal years, with
high free cash |ow conversion, providing Aimia with a very strong foundation on which we will continue to build.”
Roberto Curreri, CEO of Bozzetto, said: “This is a great moment for the Bozzetto Group. Our company has built upon its
long-term heritage and over the last decade has been able to combine that with a renewed value proposition, which
has been the main factor enabling us to face a number of challenges with con{dence, and success. With the support of
Chequers, the Group has diversi{ed its product lines and geographical presence in its core markets through strategic
acquisitions. Aimia is presented with a unique opportunity to continue down this path and grow further, with a
particular focus on America. I am very excited about this new partnership and am fully committed to leading the
company to even greater heights.”

Philippe Guérin, Managing Partner of Chequers Capital declared: “Bozzetto is a perfect illustration of these highly
performing Italian companies with strong industrial know-how, sustained innovation, commercial dynamism and run by
high quality managers. With the support of Chequers, the Bozzetto team has been able to shift the portfolio of activities
of the group towards fully ESG-compliant products, enhance its operations and make acquisitions to double the sales of
the group within 5 years and almost triple its pro{ts. It was a pleasure to back Bozzetto during these 5 years of
uninterrupted growth and continued operational improvement and we wish all success to Aimia and the Bozzetto
management team in this new phase of development.”
Posted on March 6, 2023 by Aimia in News

Archives
26/04/2023 14:50 Aimia Announces Acquisition of Bozzetto Group for $328 Million – Aimia
https://www.aimia.com/aimia-announces-acquisition-of-bozzetto-group-for-328-million/ 2/3
Paladin’s founder and Managing Partner, Tariq Osman, added: “We are thrilled to partner with Aimia to support
Bozzetto’s outstanding management team for the Company’s next chapter of growth. Paladin is particularly excited to
support a growth strategy to expand into the Americas as we believe this aligns well with the reshoring trend in the
textile industry. Together with Aimia, Paladin intends to extend Bozzetto’s already excellent ESG credentials by
supporting a program of operational initiatives aimed at reducing greenhouse gas emissions, improving productivity,
reducing costs and generating new carbon offset revenue streams.”
Aimia and Paladin were advised by Latham & Watkins. Chequers was advised by ADVANT Nctm and Lazard and
Fineurop Soditic, while the Bozzetto management team was advised by GOP.
Conference Call Information
Aimia has {led presentation slides which are now available at www.aimia.com/investor-relations/events-presentations
and which will be {led on SEDAR and will be available at www.sedar.com. Aimia will discuss this acquisition on its
upcoming earnings call at 8:30 a.m. Eastern Standard Time on Thursday, March 16, 2023. The call will be webcast at the
following URL link: https://present.webinar.net/gkYLylQoWXv.

About Aimia
Aimia Inc. (TSX: AIM) is a holding company with a focus on making long-term investments in public and private
companies, on a global basis, through controlling or minority stakes.
The company owns a portfolio of investments which include: a 10.85% stake in Clear Media Limited, one of the largest
outdoor advertising {rms in China, a 48.8% equity stake in Kognitiv, a B2B technology company enabling collaborative
commerce, a 10.8% equity stake in TRADE X, a global B2B cross-border automotive trading platform as well as a wholly
owned investment advisory business, Mittleman Investment Management, LLC. Upon closing of the previously
announced acquisition of Tufropes Pvt Ltd. as well as certain business undertakings of India Nets (together referred to
as “Tufropes”), and the recently announced acquisition of Bozzetto; Tufropes and Bozzetto will be added to the
company’s portfolio of investments.
For more information about Aimia, visit www.aimia.com.

About Paladin Private Equity LLC
Paladin Private Equity LLC (“Paladin”) is a global private equity {rm based in the US (Los Angeles & New York) and
Germany (Hamburg) with a focus on investing in and building global market leaders within the industrial technology
sector. Paladin’s investment strategy targets unique companies that dominate highly attractive niche markets
encompassing highly-engineered, manufactured products and technology-enabled, business services. These
companies are distinguished by deep and sustainable competitive advantages and with as yet unful{lled global growth,
lean management and digital technology performance improvement potential. Paladin’s investment team, board of
directors and senior advisor network have extensive experience advising management teams on global sales &
marketing growth strategies (including new product development and geographic expansion), executing and
integrating global M&A, optimizing complex global manufacturing, procurement, and supply chains and pioneering the
use of lean management and cutting-edge digital technology to automate and modernize operations for maximum
ef{ciency, quality, innovation and safe operations.
Find out more at http://www.paladinprivateequity.com.

About Bozzetto
Founded in 1919 and headquartered in Filago, Italy, Bozzetto is one of the world’s largest ESG-focused providers of
specialty sustainable chemicals, offering sustainable textile, water and dispersion chemical solutions with applications in
several end-markets including the textile, home and personal care, plasterboard and agrochemical markets. Bozzetto
has over 1,500 long-standing clients in over 90 countries, an exceptionally vast portfolio of over 2,000 products and a
global production footprint with 6 manufacturing facilities and over 500 employees worldwide.
Find out more at www.bozzetto-group.com.

About Chequers
Founded in 1972, Chequers Capital is one of Europe’s leading mid-market buy-out {rms, focused on B2B sectors, in
particular on B2B Services and Asset Light Industrials, and active in the main Continental Europe economies including
Italy, France and DACH. Chequers team of 23 experienced investors support the managers of its portfolio companies in
their international development projects, organically and through acquisitions. Chequers is currently investing its 18th
investment vehicle which will follow this consistent strategy.
Find out more at www.chequerscapital.com.
Forward-Looking Statements
This press release contains statements that constitute “forward-looking information” within the meaning of Canadian
securities laws (“forward-looking statements”), which are based upon our current expectations, estimates, projections,
assumptions and beliefs. All information that is not clearly historical in nature may constitute forward-looking
statements. Forward-looking statements are typically identi{ed by the use of terms such phrases such as “anticipate”,
“believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would” and “should”, and similar
terms and phrases, including references to assumptions.

Forward-looking statements in this press release include, but are not limited to, statements with respect to the closing
of the Bozzetto acquisition (including its timing) and the Tufropes acquisition; Bozzetto’s executive management team
reinvestment of a material portion of their net proceeds from the sale, representing a minority position of up to 6%; the
expansion of Bozzetto’s operations in the Americas and Asia organically and through accretive acquisitions; the debt
{nancing with respect to the Bozzetto acquisition and the Tufropes acquisition (including the leverage ratio).
Forward-looking statements, by their nature, are based on assumptions and are subject to known and unknown risks
and uncertainties, both general and speci{c, that contribute to the possibility that the forward-looking statement will
not occur. The forward-looking statements in this press release speak only as of the date hereof and re|ect several
material factors, expectations and assumptions. Undue reliance should not be placed on any predictions or forwardlooking
statements as these may be affected by, among other things, changing external events and general
uncertainties of the business. A discussion of the material risks applicable to us can be found in our current
26/04/2023 14:50 Aimia Announces Acquisition of Bozzetto Group for $328 Million – Aimia
https://www.aimia.com/aimia-announces-acquisition-of-bozzetto-group-for-328-million/ 3/3
Management Discussion and Analysis and Annual Information Form, each of which have been or will be {led on SEDAR
and can be accessed at www.sedar.com. Except as required by applicable securities laws, forward-looking statements
speak only as of the date on which they are made and we disclaim any intention and assume no obligation to publicly
update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Non-IFRS Measures

Bozzetto

Reference to (i) “Adjusted EBITDA” is the unaudited earnings of Bozzetto before interest, taxes, depreciation and
amortization, (ii) “Adjusted EBITDA margins” is Bozzetto’s Adjusted EBITDA divided by its revenue, (iii) “free cash |ow” is
Adjusted EBITDA less capital expenditures and lease expenses, and (iv) “free-cash |ow conversion” is Bozzetto’s freecash
|ow divided by its Adjusted EBITDA. Adjusted EBITDA, Adjusted EBITDA margins, free cash |ow and free-cash |ow
conversion are non-standardized {nancial measures that are not calculated or presented in accordance with
International Financial Reporting Standards (“IFRS”). Accordingly, it may not be possible to compare Bozzetto’s Adjusted
EBITDA, Adjusted EBITDA margins, free cash |ow or free-cash |ow conversion with Adjusted EBITDA, Adjusted EBITDA
margins, free cash |ow, free cash |ow conversion or other {nancial measures of other companies having the same or
similar businesses.
In addition, all {nancial information regarding Bozzetto contained in this press release has been derived from Bozzetto’s
{nancial statements which are prepared in accordance with IFRS.

Tufropes

Reference to “Adjusted EBITDA” is the unaudited earnings of Tufropes before interest, taxes, depreciation and
amortization and to “Adjusted EBITDA margins” is Tufropes’ Adjusted EBITDA divided by its revenue. Adjusted EBITDA
and Adjusted EBITDA margins are non-standardized {nancial measures that are not calculated or presented in
accordance with International Financial Reporting Standards (“IFRS”). Accordingly, it may not be possible to compare
Tufropes’ Adjusted EBITDA or Adjusted EBITDA margins with Adjusted EBITDA, Adjusted EBITDA margins or other
{nancial measures of other companies having the same or similar businesses.
In addition, all {nancial information regarding Tufropes contained in this press release has been derived from Tufropes’
{nancial statements which are prepared in accordance with Indian Generally Accepted Accounting Principles (“Indian
GAAP”). Aimia prepares its {nancial statements in accordance with IFRS. Indian GAAP differs in certain respects from
IFRS.

For more information, please contact:
Media, Analysts and Investors
Albert Matousek
Head, Investor Relations and Communications 438-881-8203
albert.matousek@aimia.com
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Categories: News

EQT Value-Add Infrastructure to acquire SK Shieldus, a leading South Korean integrated security operator

eqt
  • SK Shieldus provides central monitoring and dispatch services to 680,000 commercial customers, and market leading cyber security consulting and monitoring services
  • SK Shieldus, which marks EQT Value-Add Infrastructure’s first investment in South Korea, leverages digital and connected infrastructure to deliver services that make Korean society safer from both physical and cyber threats
  • SK Shieldus will be able to leverage EQT’s sector experience within physical and cyber security, and strong digitalization capabilities to enable more tailored and digitized security service offerings for its customers

EQT is pleased to announce that EQT Infrastructure VI (“EQT Value-Add Infrastructure”) has agreed to acquire SK Shieldus Co Ltd (“SK Shieldus” or the “Company”) from SK Square, an affiliate of South Korea’s second largest conglomerate SK Group, and Macquarie Asset Management’s Infrastructure business (“Macquarie”). Following the closing of the transaction, EQT Value-Add Infrastructure will own 68 percent in SK Shieldus, while its current shareholder, SK Square will remain as a minority shareholder with 32 percent.

Headquartered in Pangyo, South Korea, SK Shieldus is a scaled integrated physical security operator providing digital security infrastructure across 680,000 commercial customer sites and more than 100 central monitoring and dispatch centers across South Korea. The Company also provides a “closed loop offering”, covering both physical and cyber protection to strategic customer locations.

SK Shieldus is supported by strong secular tailwinds in South Korea, such as an aging population, increased digitization of traditional on-location guard services, and an increased focus on cyber security. The Company acts as a de facto extension of Korean public police and security services and is an embedded part of the country’s security network. The country’s security market is protected by high barriers of entry and stringent regulation requirements which require operators to have a dense network of dispatch and monitoring capabilities to deliver high-quality service to customers.

SK Shieldus is expected to leverage EQT’s strong sector expertise within physical and cyber security, and strong digitalization capabilities to enable more tailored and digitized security service offerings for each customer segment, with the ambition to make South Korea more safe in both physical and digital domains. Moreover, EQT Value-Add Infrastructure plans to decarbonize the Company’s vehicle fleet in favor of increased electrification and phasing out of fossil fuel. The Company will be supported by a new Board of Directors, with a combination of EQT’s Industrial Advisors, with backgrounds in leading security companies in Europe and North America, as well as prominent Korean business leaders.

Sang Jun Suh, Managing Director and Head of South Korea for EQT’s Infrastructure Advisory Team, said, “SK Shieldus marks EQT Value-Add Infrastructure’s first investment in Korea and comes just weeks after EQT opened a new office here in Seoul. The company is a clear leader in both the Korean physical and cyber security markets and EQT Value-Add Infrastructure is excited about partnering with SK Square to support SK Shieldus as it continues to roll out new digitized security solutions and invest in the decarbonization of its vehicle fleet.”

Park Jung-ho, Vice Chairman of SK Square, said, “Our joint management deal will provide us an opportunity to upgrade the global competitiveness of the Korean security industry. With the support from EQT, SK Square will further enhance the shareholder value, based on its first full-cycle investment performance since the launch of the company.”

The transaction is subject to customary conditions and approvals, including approval under the Foreign Investment Promotion Act. It is expected to close in Q3 2023.

EQT Value-Add Infrastructure was advised by Standard Chartered (financial), Kim & Chang (legal), PwC (financial, tax and technology) and BCG (commercial).

With this transaction, EQT Infrastructure VI is expected to be 5-10 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) and subject to customary regulatory approvals.

Contact
APAC media inquiries: daniel.ketema@eqtpartners.com, +65 9628 7576, mavis.ma@eqtpartners.com, +852 9280 9663
International media inquiries: 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 SK Shieldus
SK Shieldus is a corporation merged between ADT Caps, the physical security company launched as Korea Security Service in 1971, and SK Infosec, the cyber security company launched in 2000. The combined company delivers a leading package of security services to Korean customers across Physical Security, Cyber Security and Converged Security.

More info: www.skshieldus.co

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