Category Archives: News

Ratos AB: Adjusted EBITA up 41% in the fourth quarter – continued good demand

Ratos

Q4 2022

  • Adjusted1) EBITA amounted to SEK 318m (226)
  • Operating profit amounted to SEK 282m (379)
  • Profit for the period last year was impacted positively by an unrealised gain of SEK 164m related to the revaluation of shares in Dun & Bradstreet Holding Inc.
  • Diluted earnings per share amounted to SEK -0.11 (0.94)2)
  • Cash flow from operations amounted to SEK -175m (75)

 

Full-year 2022

  • Adjusted1) EBITA amounted to SEK 1,966m (1,802)
  • Operating profit amounted to SEK 1,618m (1,656)
  • Diluted earnings per share amounted to SEK 1.68 (2.83) for continuing operations
  • Cash flow from operations amounted to SEK 723m (425)
  • Leverage excluding finance leases was 2.5x (0.1x)
  • The Board of Ratos proposes a dividend for full-year 2022 of SEK 0.84 per share (1.20)

 

Significant events during and after the end of the quarter

  • On 27 October, Ratos completed the acquisition of Semcon, which is now part of the Industry business area
  • On 1 December, HL Display, which is part of the Industry business area, acquired the company Allied POS
  • On 23 December, TFS, which is part of the Industry business area, acquired the contract research organization (CRO) Appletree CI Group AG

1) For definition see page 24 in the report. EBITA for Q4 2021 is adjusted with revaluation of listed shares SEK 164m. EBITA for Q1-4 2022 is adjusted with revaluation of listed shares SEK -118m (-116) and restructuring costs of SEK -130m attributable to Diab.

2) Earnings per share declined as a result of the fact that the profit for the period in the fourth quarter declined SEK -338m as a result of that the preceding year was impacted positively by the revaluation of the shares in D&B that were divested in 2022 (SEK 164m) and due to the recognition of a deferred tax asset (SEK 94m). Net financial items for the period declined due to financing of acquisitions and higher interest rates (SEK -45m) as well as negative currency effects (SEK -40m).

“Adjusted EBITA amounted to SEK 318m for the quarter and SEK 1,966m accumulated for the full year, up 41% and 9%, respectively. Sales for the quarter amounted to SEK 8,195m, up 42% year on year, of which 12% was organic growth. The efforts to create a more homogeneous group continued during the fourth quarter with the acquisition of the consulting company Semcon. During the year, we continued to acquire infrastructure companies as well as companies in the Industry business area. These areas will also be our focus going forward. The path towards a more unified structure will involve both sales of Group companies and acquisitions and will enable us to maintain a strong balance sheet.”

Jonas Wiström, President and CEO, Ratos

A presentation of the interim report will be held today at 09.00 CET. The presentation will be held in English and will also be available as a webcast on Ratos website, www.ratos.com.

The presentation can be followed on Youtube via the following link; https://youtu.be/6rBHv2vp6t4

Participants who wish to ask questions live are asked to pre-register, please send an e-mail to helena.jansson@ratos.com in advance for a personal invitation.

Representatives of the media are welcome to contact Josefine Uppling, Vice President Communication, for interview requests.

Stockholm 13 February 2023
Jonas Wiström
President and CEO

For further information, please visit www.ratos.com or contact:
Josefine Uppling, Vice President Communication and Sustainability
+46 76 114 54 21
josefine.uppling@ratos.com

Jonas Ågrup, CFO and IR
+46 8 700 17 00

Jonas Wiström, President and CEO
+46 8 700 17 00

This is information that Ratos AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:00 a.m. CET on 13 February 2023.

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. The companies have approximately SEK 32 billion in net sales (LTM). Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

Categories: News

Transit tech company Via raises $110M at $3.5B valuation

83North logo

On-demand shuttle service and transit tech company Via has raised another $110 million, bringing the company’s total funding to around $1 billion. The fresh capital pushes Via’s valuation up to $3.5 billion at the same price per share as the company’s previous financing in November of 2021.

Via intends to use the funds to further its vision of being “able to provide every city in the world access to this end-to-end digital infrastructure, where they can plan, operate, analyze and continue to optimize their transit networks across every vertical in that transit network,” Daniel Ramot, Via’s CEO and co-founder, told TechCrunch.

Via’s transit tech software helps public transportation agencies, municipalities and school districts optimize fixed bus routes, strategize placements of new bike lanes, plan paratransit and school bus services, and holistically incorporate private on-demand ridesharing services into a city’s entire transportation ecosystem. The company has already scaled to 600 communities and more than 35 countries.

As new mobility segments continue to emerge, threatening to cramp already congested streets and decimate already tight budgets, Ramot thinks the startup can do more.

Either through in-house development or mergers and acquisitions, Via wants to use the funds to add more products to its suite of tools. The company is still considering its options, but a few ideas Ramot and I tossed around the idea of expanding Via’s street map making software to include planning for traffic lights and speed bumps; adding parking and curb management software; managing fleets of electric vehicles and their many chargers; integrating micromobility planning; and incorporating autonomous vehicles into the mix.

Via is currently working with AV companies Motional and May Mobility to deploy autonomous ridesharing shuttles in Las Vegas, Nevada and Grand Rapids, Minnesota, respectively.

“The idea would be that you’d use our tools to plan the infrastructure in the most effective, safest, most efficient way, and then design the transit network that sits on top of that infrastructure,” Ramot told TechCrunch. “Potentially we’d be interested in control access, also. Right of way through traffic lights, for example — if you have a bus show up at a traffic light with 50 people on it, and then a car with one person, the traffic light’s not smart enough to give the bus right of way, but you would probably want it to do that. And those are just supply/demand-matching algorithms, which our system is very good at doing.”

Via’s fundraise comes at a time when startups are thirsty for fresh cash and investors are being picky. Ramot says Via is, in some ways, at the right place at the right time — transit agencies are still reeling from the effects of COVID-19 on ridership patterns, and they’re more amenable to being ushered into the 21st century with digital tools and datasets.

“In the past, it’s been very difficult to convince cities and transit agencies to adopt new technology, to transition to more dynamically routed or data-driven services,” said Ramot. “I won’t say it’s easy, but it’s become easier.”

Via has also been able to show investors that it’s got a sustainable business. The company said it ended 2022 with an annualized revenue run-rate surpassing $200 million, which is more than double since its previous $130 million financing round in November 2021.

That’s around the time Via confidentially filed to go public. The company has yet to move forward on that given the market volatility of the past year, but Ramot said Via is very much prepared to make its debut once the market opens up and if it makes sense to do so. While Via didn’t need to raise more funds to continue operating at its current clip, the funds also give the startup the “optionality” to go public when the timing is right, says Ramot.

The $110 million came from a combination of new and existing investors. 83North led the round, with participation from Exor N.V., Pitango, Janus Henderson, CF Private Equity, Planven Entrepreneur Ventures, Riverpark Ventures and ION Crossover Partners.

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AURELIUS portfolio company CTD Tiles Limited acquires 13 branches from Tile Giant

Aurelius Capital

Munich / Newcastle, February 13, 2023 – AURELIUS announces the add-on acquisition of 13 UK branches from Tile Giant to CTD Tiles Limited. The transaction will expand CTD’s nationwide network of branches and bolster its commitment to being one of the UK’s leading omni-channel specialist tile distributors.

CTD’s core philosophy of placing customer service at the centre of its business will be extended to these new branches. CTD, with AURELIUS´ support, will seek to manage the transition in ownership and rebranding with minimal disruption to customers.

CTD Tiles Limited is a UK-based specialist supplier of high-quality ceramic tiles operating across 89 branches and 4 trading distribution hubs. The company predominantly sells tiles, tile adhesives, grout as well as associated tools and consumables for the preparation, laying, cutting and drilling of tiles. CTD’s leading B2B market position is supported by strong brand awareness of its Gemini product line.

Tile Giant Limited is a multi-channel trade supplier and retailer of ceramic tiles, tools, accessories and underfloor heating products to both trade and retail customers through its network of branches and its website.

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Altor to build the leading green transition bank by acquiring a majority stake in Kommunalkredit

Altor Funds (“Altor”) have signed an agreement to acquire an 80% majority stake in Kommunalkredit Austria AG (“Kommunalkredit”) and enter a partnership with the existing owners and the management of the bank. Altor will support Kommunalkredit with incremental capital and expertise to continue its growth trajectory towards becoming the leading sustainable infrastructure bank in Europe. The existing long-term oriented shareholders, Interritus, Trinity Investments DAC and the Austrian Association of Municipalities will remain minority shareholders.

Stockholm/Vienna, 07/02/2023

Founded in 1958, Kommunalkredit is a provider of financing solutions to infrastructure and energy projects across Europe. Headquartered in Austria with a team of 350 FTEs, Kommunalkredit has transformed into a leading specialized infrastructure bank, having provided financing to around 200 projects with a core focus on the green transition and renewable energy over the last seven years. With EUR 4.4bn of assets, Kommunalkredit is expected to generate over EUR 120m in net interest income in 2022 with an impressive compound annual growth rate in excess of 50% over the past years.  Kommunalkredit’s success is founded on its strong management team and organisation, highly efficient operating model, stringent risk management and entrepreneurial culture, which have enabled Kommunalkredit to consistently outperform its strategic targets. A Return on Equity (RoE) of 20% and bank stand-alone cost/income ratio of around 45% corroborate its powerful track record.

Kommunalkredit and Altor are united in their vision of promoting the transition towards a green and sustainable future. Both institutions have accumulated extensive expertise within green transition financing through their investments and involvement in sustainable infrastructure and energy projects across Europe.

Bernd Fislage, CEO of Kommunalkredit, said:” This is a major step towards our jointly envisioned growth path as well as confirmation of our successful business strategy which will be further strengthened by this transaction and the targeted EUR 100m capital increase. It will enable us to maintain our momentum and further the development of Kommunalkredit and its role in tackling the challenges that Europe and the rest of the world is facing. Be it accelerating the energy transition, green transition or implementation and modernisation of social infrastructure. We will continue to address energy solutions, e-mobility, digitalisation and social infrastructure with a strong focus on sustainability and compliance with ESG criteria. We have a clear goal: Create value. For our customers, our shareholders, our stakeholders – our community.”

Paal Weberg, Co-Managing Partner at Altor, said: “We are proud and excited to partner with management and current owners of Kommunalkredit. Kommunalkredit has a unique position as financing partner to some of the most prominent green transition ventures and we believe that we jointly can build the European champion within sustainable infrastructure financing. Altor will support Kommunalkredit with capital and resources to strengthen its capabilities, building on our experiences from investing in other leading financial institutions and green transition champions. Altor with our long-term perspective shares a common view with the company and current owners on how to scale the business and pursue quality-led growth opportunities.”

 

 

Contact

Kommunalkredit Austria AG
Vera Mikula
Head of Communications
P + 43 1 31631 593
M v.mikula@kommunalkredit.at

Altor
Tor Krusell
Head of Communications
P + 46 705 43 87 47
M tor.krusell@altor.com

About Altor

Since inception, the family of Altor funds has raised EUR 8.3 billion in total commitments. The funds have invested in more than 85 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Carnegie, C WorldWide, Sbanken, OX2, H2 Green Steel, Vianode and Svea Solar.

For more information visit www.altor.com

About Kommunalkredit

Kommunalkredit is a specialist for infrastructure and energy financing. Together with its customers as partners, the bank creates values that continuously improve people’s lives. In doing so, it facilitates the construction and operation of infrastructure facilities by balancing the financing needs of project sponsors and developers with the growing number of investors looking for sustainable investment opportunities. Main investment segments are energy & environment | communications & digitalisation | transportation | social infrastructure | natural resources.

The bank offers a comprehensive product range covering everything from financial advisory services to structuring, arranging and providing borrowed capital and subordinated capital, as well as asset management via the Fidelio KA Infrastructure debt fund platform.

For more information visit www.kommunalkredit.at

Press contact

Tor Krusell

Head of Communications

tor.krusell@altor.com

+46 705 43 87 47

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CapMan Buyout exits Malte Månson to Accent Equity

Capman

CapMan Buyout press release
10 February 2023 at 18:30 p.m. EET

CapMan Buyout exits Malte Månson to Accent Equity

Funds managed by CapMan Buyout have agreed to sell their holdings in Malte Månson, the largest independent service and repair provider for trucks and transportation vehicles in Sweden, to Accent Equity.

CapMan invested in Malte Månson in 2014 and has since focused on growing the company’s workshop chain organically and through acquisitions. Today, the company operates 17 workshops across Sweden and employs 180 people. The company’s turnover and profitability have developed favourably in recent years and the company is well-positioned to continue the consolidation of the fragmented Swedish and Nordic truck workshop markets.

“Over the past few year’s Malte Månson has embraced a growth-oriented winning culture rooted in customer satisfaction. The company has an exceptionally satisfied customer base with frequently returning customers and a high propensity to recommend Malte Månson to others. I would like to thank Malte Månson’s management team and employees for an excellent co-operation over the years. The company is now well-positioned to continue on its growth trajectory together with its new owner Accent Equity,” says Tobias Karte, Partner at CapMan Buyout.

“I would like to extend my warmest thanks to CapMan and our Board of Directors for the positive support over many years. We have demonstrated strong performance over the past three years as we almost doubled our turnover. Profitability has increased radically and Malte Månson has a solid foundation in strategically located workshops and a market-leading position among independent service and repair providers for commercial vehicles in Sweden. I am very proud of what we have accomplished and thrilled with the opportunity to be part of this exciting journey,” says Staffan Lindewald, CEO of Malte Månson.

Closing of the transaction is expected during the spring of 2023 and is subject to regulatory approvals and customary closing conditions.

For more information, please contact:

Tobias Karte, Partner, CapMan Buyout, +46 73 344 28 96

Staffan Lindewald, CEO, Malte Månson +46 70 829 91 21

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services. Altogether, CapMan employs around 190 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

About Malte Månson

Malte Månson is the largest independent service and repair provider of commercial vehicles in Sweden where the essence of operations is quality and a strong customer focus. The company has during the past years experienced significant growth through a combination of organic growth initiatives and add-on acquisitions and is now operating 17 workshops. The company employs c. 180 FTE and is expected to generate sales of c. SEK 400m during 2023.

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BlueBrixx consolidates its strong position in the German building blocks market through the acquisition of Modbrix

Vendis Capital

BlueBrixx, the fast growing  German brand of building blocks for adults, has acquired Modbrix, a platform for building blocks enthusiasts served through Amazon and its own webshop

Modbrix, founded in 2018 by Ralf Brinschwitz and Michael Gassmann, designs, markets and distributes a broad range of building blocks sets under the own brand but also third party brands. The product portfolio covers attractive categories such as architecture, science fiction, cars and trains. Initially the company focused on selling its products  over Amazon; since 2021 it has also successfully built out its own webshop, which now generates the majority of the company’s revenues.

BlueBrixx is a direct-to-consumer brand, founded in 2017 by Klaus Kiunke with the idea to offer an alternative portfolio of building block sets, targeting an adult community of enthusiasts by covering multiple special interest themes. Under its own as well as third-party brands, BlueBrixx distributes its products mainly through its own webshop, alongside 22 own stores in Germany, supporting its omnichannel strategy. Driven by consistent product innovation and direct customer engagement via social media, the brand has created a strong community fanbase and delivered considerable growth since its inception.

Since the investment of Vendis Capital in September 2021, BlueBrixx has maintained its rapid pace of growth, driven primarily by continuous new product launches as well as store openings. The Modbrix acquisition will enable BlueBrixx to accelerate its strategic agenda particularly by i) leveraging the entry-level positioning of the Modbrix brand in its product architecture, ii) gaining additional product design experience and know-how, and iii) reinforcing its presence on additional sales channels (i.e. Amazon).

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GreenSlate Announces Strategic Growth Investment from Francisco Partners

Franciso Partners

NEW YORK & SAN FRANCISCO – GreenSlate, a leading provider of payroll and production accounting solutions for the entertainment industry, today announced a strategic growth investment from Francisco Partners (“FP”), a leading global investment firm that specializes in partnering with technology businesses. GreenSlate’s Founder and CEO, John Finn, will remain a significant equity holder. As part of the transaction, VSS Capital Partners (“VSS”), a private investment firm and an existing investor in the business, will make a new equity investment into the Company.

Established in 2004, GreenSlate has transformed the payroll and accounting process for content producers with its technology-driven solutions. With its comprehensive all-in-one platform, production accountants can more efficiently track production expenses and pay their crew. Today, GreenSlate manages some of the largest episodic budgets in production and supports some of the biggest names in the entertainment industry, including Netflix, Paramount, Imagine Entertainment, Tyler Perry Studios, and many others. With its proven track record, scalable and modern solution, GreenSlate is elevating the standard of productivity and service for production finance professionals.

John Finn, GreenSlate Founder and CEO, said, “We are very excited to announce this new investment from Francisco Partners, which will allow us to accelerate our innovation and continue to focus on providing best-in-class service and state-of-the-art technology to our customers. Our approach to supporting production teams and production accountants specifically has been unique from the get-go. We’ve designed our platform from the ground up with digital workflows at the core and a mission to use technology to make every aspect of payroll and production accounting easier, more accurate, and more secure for every customer and the crews they employ. This new investment and partnership with FP will enable us to further advance that mission.”

“We are thrilled to partner with John and GreenSlate on the next phase of the Company’s growth journey. John and his team have done an exceptional job building a market-leading platform in the entertainment industry and their roadmap for future innovation is especially exciting,” said Ashley Evans, Partner at Francisco Partners.
“The GreenSlate platform is highly differentiated in its category and is uniquely positioned to help content producers streamline their financial workflows and better leverage their data. We are very excited to partner with GreenSlate to continue to extend its technology leadership in the industry,” added Kevin Wei, Principal at Francisco Partners.

Trent Hickman, Managing Director at VSS, said, “When we initially invested in GreenSlate in 2018, we were very excited by GreenSlate’s vision and capacity to drive real change in its market sector. Since then, GreenSlate has delivered tremendous growth, led by its digital-first platform and commitment to the highest levels of customer service. With FP’s partnership, we are delighted to continue to support the Company through its next stage of growth.”

The transaction closed in February 2023. Financial terms are not being disclosed.

American Discovery Capital served as financial advisor and Ropes & Gray LLP served as legal advisor to GreenSlate. Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal adviser to Francisco Partners.

About GreenSlate

GreenSlate is a provider of technology-enabled payroll and accounting solutions for the entertainment industry. Leveraging nearly two decades of experience in the entertainment industry, GreenSlate advances the business of content production by seamlessly integrating people, processes, and technology to meet the essential business needs of content producers.
Simplifying what shouldn’t be complicated, GreenSlate builds the industry’s most intuitive production accounting software, paperless payroll processing, and digital workflow solutions, with more innovative applications and products on the way. From budget to delivery, GreenSlate’s technology, tax management, and benefits services enable production teams to focus more on what they do best – creating inspiring content. For more information on GreenSlate, please visit www.gslate.com.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in more than 400 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

About VSS

VSS is a private investment firm that invests in the healthcare, education, and business services industries. Headquartered in New York, VSS provides capital for growth financing, recapitalizations, strategic acquisitions, and buyouts to lower middle market companies and management teams with the goal of building companies organically as well as through a focused add-on acquisition program. VSS makes privately negotiated investments across the capital structure and invests in situations requiring control or non-control equity, mezzanine securities, and structured equity securities. VSS has over three decades of experience, made investments in 95 portfolio companies, with over 400 add-on acquisitions, and manages $4 billion in aggregate committed capital across 8 funds. For more information, please visit: www.vss.com.

Media Contacts

GreenSlate
Courtney Kulkarni
courtney.kulkarni@gslate.com

Francisco Partners
Whit Clay / Sarah Braunstein
wclay@sloanepr.com / sbraunstein@sloanepr.com

VSS
Katrin Lieberwirth
klieberwirth@stantonprm.com

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Boasso Global and Quala to Merge, Creating a Leading Infrastructure Service Provider for Liquid Bulk Logistics Industry

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Advent International

Tampa, FL – February 9, 2023 – Boasso Global, Inc. (“Boasso”) and Q Super Holdings, Inc. (“Quala”) today announced the signing of a definitive agreement under which the companies will merge their complementary businesses to create one of the leading infrastructure services solution providers for the liquid bulk logistics industry. The transaction is supported by a new investment from Boasso’s majority shareholder, KKR, through its KKR Global Infrastructure Investors IV fund. Under the terms of the agreement, KKR will inject further growth capital into Boasso to facilitate the merger with Quala via a purchase of shares from Advent International (“Advent”) and invest in the strategic combination of the two businesses.

Quala is one of the North American leaders in liquid bulk container cleaning and maintenance services, including tank trailer, ISO tank container, railcar and IBC cleaning, and Boasso is a leading provider of mission-critical infrastructure services for the ISO tank container industry in North America and Europe. Upon completion of the merger, the companies will combine their complementary geographical footprints and service offerings to deliver enhanced solutions for customers across the liquid bulk logistics industry in North America and Europe.

“Boasso and Quala are premier infrastructure service providers to the global liquid bulk logistics ecosystem with trusted reputations and highly complementary networks and service offerings,” said Dash Lane, Partner at KKR. “This transaction is about growth and empowering the two great teams led by Joe Troy and Scott Harrison to come together and make long-term investments in quality, safety and superior solutions for customers.”

Joe Troy, Chief Executive Officer of Boasso, said: “We are focused on meeting the needs of our global customers and the combination of Boasso and Quala makes perfect strategic sense. This transaction will enhance our ability to deliver safe, compliant and best-in-class services to our ISO tank container customers and meaningfully expand our access to more locations across North America to better serve their needs. This is a rare opportunity to put together two Tampa-based, complementary businesses and I am excited to work with Scott and his talented team to unite the best of our organizations with a focus on enhanced efficiency and growing our range of premium solutions for the liquid bulk logistics industry.”

Scott Harrison, Chief Executive Officer of Quala, said: “Our organizations not only have a strong commercial relationship, but also shared cultures of delivering excellence, innovation and safety for our customers. This combination with Boasso and new investment from KKR will allow us to advance our position as a leading provider of container cleaning and maintenance services while continuing to seamlessly meet our customers’ needs. Together Quala and Boasso will benefit from greater connectivity to our customers, an expanded global footprint and new opportunities for our team members as part of a larger combined organization.”

Since Advent’s investment in Quala in 2016, the company cemented its position as the largest independent tank wash, inspection, maintenance and repair solutions provider in North America. Through both organic and inorganic initiatives, Quala has grown significantly, expanding across services and markets to further enhance its customer offering. Under Advent’s ownership, the company invested heavily in building out the platform – including critical investments in safety, talent and technology. Quala’s accomplishments include developing a proprietary technology suite, OnTrax, to make Quala’s services more seamless for customers. Advent’s investment enabled Quala to scale its footprint from 60 locations and 500 employees to 119 locations and over 1,800 employees today and the company has achieved substantial profitable growth across key metrics while building and growing its employee stock ownership program.

Stephen Hoffmeister, Managing Director at Advent International, said: “We have been proud to partner with Scott and Quala’s senior leadership team as they have transformed their company into an industry leader. The Quala management team has delivered compelling performance by driving an employee first culture, technological innovation and customer excellence. Quala is a well invested platform strategically positioned to continue its success and make important investments for its people.”

The transaction, which is subject to the receipt of required regulatory approvals and satisfying other customary closing conditions, is expected to close in the first half of 2023. Boasso and KKR were advised by Simpson Thacher & Bartlett, LLP as legal counsel and by Citi as financial advisor. Quala and Advent were advised by Weil Gotshal & Manges, LLP as legal counsel and by Credit Suisse as lead financial advisor and Bank of America as financial advisor.

About Boasso Global

Headquartered in Tampa, Florida, Boasso Global is a leading international provider of depot and transportation services to a fast-growing, global ISO tank container industry. Boasso offers a multitude of mission-critical services through a network of 34 international depots, including 17 in North America, 8 in the United Kingdom, and 9 in Continental Europe. Boasso is a Responsible Care certified member within the American Chemistry Council. For more information, visit www.boassoglobal.com.

 

About Quala

Headquartered in Tampa, Florida, Quala is the largest independent provider of comprehensive cleaning, test, and repair services for Tank Trailers, ISO Containers, IBCs, and Railcars. Founded in 1986, the company began independent operations in 2009 and today has 119 locations. For more information about Quala, visit our website at www.quala.us.com.

 

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

 

About Advent International

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 405 private equity investments across 42 countries, and as of September 30, 2022, had €91 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 290 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

 

Media contacts

For Boasso:
Kyle Parks, B2 Communications
727-895-5030
kyle@b2communications.com

For Quala:
Paul Hofley
248-219-0012
Phofley@quala.us.com

For KKR:
Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

For Advent:
Zachary Tramonti / Anna Epstein
FGS Global
212-687-8080
adventinternational-us@fgsglobal.com

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Boasso Global and Quala to Merge, Creating a Leading Infrastructure Service Provider for Liquid Bulk Logistics Industry

KKR

TAMPA, Fla.–(BUSINESS WIRE)– Boasso Global, Inc. (“Boasso”) and Q Super Holdings, Inc. (“Quala”) today announced the signing of a definitive agreement under which the companies will merge their complementary businesses to create one of the leading infrastructure services solution providers for the liquid bulk logistics industry. The transaction is supported by a new investment from Boasso’s majority shareholder, KKR, through its KKR Global Infrastructure Investors IV fund. Under the terms of the agreement, KKR will inject further growth capital into Boasso to facilitate the merger with Quala via a purchase of shares from Advent International (“Advent”) and invest in the strategic combination of the two businesses.

Quala is one of the North American leaders in liquid bulk container cleaning and maintenance services, including tank trailer, ISO tank container, railcar and IBC cleaning, and Boasso is a leading provider of mission-critical infrastructure services for the ISO tank container industry in North America and Europe. Upon completion of the merger, the companies will combine their complementary geographical footprints and service offerings to deliver enhanced solutions for customers across the liquid bulk logistics industry in North America and Europe.

“Boasso and Quala are premier infrastructure service providers to the global liquid bulk logistics ecosystem with trusted reputations and highly complementary networks and service offerings,” said Dash Lane, Partner at KKR. “This transaction is about growth and empowering the two great teams led by Joe Troy and Scott Harrison to come together and make long-term investments in quality, safety and superior solutions for customers.”

Joe Troy, Chief Executive Officer of Boasso, said: “We are focused on meeting the needs of our global customers and the combination of Boasso and Quala makes perfect strategic sense. This transaction will enhance our ability to deliver safe, compliant and best-in-class services to our ISO tank container customers and meaningfully expand our access to more locations across North America to better serve their needs. This is a rare opportunity to put together two Tampa-based, complementary businesses and I am excited to work with Scott and his talented team to unite the best of our organizations with a focus on enhanced efficiency and growing our range of premium solutions for the liquid bulk logistics industry.”

Scott Harrison, Chief Executive Officer of Quala, said: “Our organizations not only have a strong commercial relationship, but also shared cultures of delivering excellence, innovation and safety for our customers. This combination with Boasso and new investment from KKR will allow us to advance our position as a leading provider of container cleaning and maintenance services while continuing to seamlessly meet our customers’ needs. Together Quala and Boasso will benefit from greater connectivity to our customers, an expanded global footprint and new opportunities for our team members as part of a larger combined organization.”

Since Advent’s investment in Quala in 2016, the company cemented its position as the largest independent tank wash, inspection, maintenance and repair solutions provider in North America. Through both organic and inorganic initiatives, Quala has grown significantly, expanding across services and markets to further enhance its customer offering. Under Advent’s ownership, the company invested heavily in building out the platform – including critical investments in safety, talent and technology. Quala’s accomplishments include developing a proprietary technology suite, OnTrax, to make Quala’s services more seamless for customers. Advent’s investment enabled Quala to scale its footprint from 60 locations and 500 employees to 119 locations and over 1,800 employees today and the company has achieved substantial profitable growth across key metrics while building and growing its employee stock ownership program.

Stephen Hoffmeister, Managing Director at Advent International, said: “We have been proud to partner with Scott and Quala’s senior leadership team as they have transformed their company into an industry leader. The Quala management team has delivered compelling performance by driving an employee first culture, technological innovation and customer excellence. Quala is a well invested platform strategically positioned to continue its success and make important investments for its people.”

The transaction, which is subject to the receipt of required regulatory approvals and satisfying other customary closing conditions, is expected to close in the first half of 2023. Boasso and KKR were advised by Simpson Thacher & Bartlett, LLP as legal counsel and by Citi as financial advisor. Quala and Advent were advised by Weil Gotshal & Manges, LLP as legal counsel and by Credit Suisse as lead financial advisor and Bank of America as financial advisor.

About Boasso Global

Headquartered in Tampa, Florida, Boasso Global is a leading international provider of depot and transportation services to a fast-growing, global ISO tank container industry. Boasso offers a multitude of mission-critical services through a network of 34 international depots, including 17 in North America, 8 in the United Kingdom, and 9 in Continental Europe. Boasso is a Responsible Care certified member within the American Chemistry Council. For more information, visit www.boassoglobal.com.

About Quala

Headquartered in Tampa, Florida, Quala is the largest independent provider of comprehensive cleaning, test, and repair services for Tank Trailers, ISO Containers, IBCs, and Railcars. Founded in 1986, the company began independent operations in 2009 and today has 119 locations. For more information about Quala, visit our website at www.quala.us.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

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 405 private equity investments across 42 countries, and as of September 30, 2022, had €91 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 290 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

For Boasso:
Kyle Parks, B2 Communications
727-895-5030
kyle@b2communications.com

For Quala:
Paul Hofley
248-219-0012
Phofley@quala.us.com

For KKR:
Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

For Advent:
Zachary Tramonti / Anna Epstein
FGS Global
212-687-8080
adventinternational-us@fgsglobal.com

Source: KKR & Co. Inc.

Categories: News

BNP Paribas Cardif and BNP Paribas Banque Privée expand their private equity offer with Ardian

Ardian

09 February 2023 Private Wealth Solutions France, PARIS

• “Ardian Access Solution” is a new private equity unit-linked product launched by BNP Paribas Cardif and BNP Paribas Banque Privée.
•Clients of BNP Paribas Banque Privée enjoy exclusive access to the “Ardian Access Solution” unit-linked product until April 8, 2023.
•This new life insurance vehicle is suited for investors seeking long-term¹ performance as part of an asset diversification strategy.

BNP Paribas Cardif and BNP Paribas Banque Privée are launching “Ardian Access Solution”, a private equity unit-linked product. The underlying asset is a venture capital fund (FCPR) managed by Ardian, a world-leading private investment house. Launched with an exclusive access period for clients of BNP Paribas Banque Privée, the “Ardian Access Solution” product will be available via life insurance and capitalization contracts and individual retirement savings plans distributed by BNP Paribas Cardif.

“Ardian Access Solution” is an evergreen² fund, which enables personal holding companies they might hold to access operations generally reserved to institutional investors while taking advantage of personalized support through life insurance and capitalization contracts and individual retirement savings plans distributed by BNP Paribas Cardif. To address growing demand for meaningful investment among savers, this unit-linked product provides opportunities to invest in the real economy by supporting the development and financing of unlisted businesses across a variety of sectors, located primarily in Europe and North America. The fund comprises a diversified portfolio of assets invested directly alongside Ardian institutional funds (co-investments, buyouts, growth capital), as well as indirectly, via secondary investments in funds that have previously completed investments.

N.B.: Potential investors should be aware of the fact that this investment involves a risk of loss of all or part of invested capital. Potential investors are advised to read the Key Investor Information Document and marketing materials for the FCPR fund before making any investment decision.

¹ Recommended investment horizon five years.
² Open-ended for 99 years

“We created this new solution to meet strong market demand. This initiative is in line with Ardian’s strategy. Our PWS activity is continually innovating, working with partners to build solutions that facilitate access to private equity.” Erwan Paugam, Head of Private Wealth Solutions and Managing Director, Ardian

“In an environment marked by inflation and high interest rates, this new fund underlines our commitment to bringing our clients solutions that target long-term performance, enabling them to focus their investments on the real economy, notably by investing in unlisted companies.” Fabrice Bagne, BNP Paribas Cardif Deputy Chief Executive Officer, France and Luxembourg

“We are delighted to launch exclusive access to “Ardian Access Solution”, a private equity unit-linked product. It will enable our clients to invest in unlisted companies, combining diversification of their assets with natural decorrelation from markets. BNP Paribas Banque Privée has solid internal expertise in private equity, enabling us to work with leading fund managers such as Ardian. We are extremely selective and we support our clients in proposing asset management solutions that take economic cycles into account.” Nicolas Otton, Head of BNP Paribas Banque Privée

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $140bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our1,000+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT BNP PARIBAS BANQUE PRIVÉE

As the leading private bank in France in terms of assets entrusted, BNP Paribas Banque Privée has nearly 121 billion euros in assets under management (end of December 2022). Present in all regions of France, Private Banking supports in all their wealth projects large families, business leaders, family shareholder managers, startups of Next 40 and French Tech 120, employees members of corporate management committees of the CAC 40 or stock optionaries.

https://mabanqueprivee.bnpparibas/

À PROPOS DE BNP PARIBAS CARDIF

The world leader in bancassurance partnerships* and creditor insurance**, BNP Paribas Cardif plays an essential role in the lives of its customers, providing them with savings and protection solutions that let them realize their goals while protecting themselves from unforeseen events. As a committed insurer, BNP Paribas Cardif works to have a positive impact on society and to make insurance more accessible. In a world that has been deeply transformed by the emergence of new uses and lifestyles, the company, a subsidiary of BNP Paribas, has a unique business model anchored in partnerships. It co-creates solutions with more than 500 partner distributors in a variety of sectors (including banks and financial institutions, automotive sector companies, retailers, telecommunications companies, energy companies among others), as well as financial advisors and brokers who market the products to their customers. With a presence in 33 countries and strong positions in three regions – Europe, Asia and Latin America – BNP Paribas Cardif is a global specialist in personal insurance and a major contributor to financing for the real economy. With nearly 8,000 employees worldwide, BNP Paribas Cardif had gross written premiums of €32.6 billion in 2021.
Follow the latest news about BNP Paribas Cardif on Twitter @bnpp_cardif
*Source : Finaccord – 2018
**Source : Finaccord – 2021

Press contacts

ARDIAN

IMAGE 7

ardian@image7.fr  

BNP PARIBAS BANQUE PRIVEE

Fatima El Allaly

fatima.elallaly@bnpparibas.com Tel : +33 7 65 66 79 53

BNP PARIBAS CARDIF

Géraldine Duprey

geraldine.duprey@bnpparibas.com Tel : +33 6 31 20 11 76

Amélie Rochette

amelie.rochette@bnpparibas.com Tel : +33 6 98 83 88 54

Charlotte Pietropoli

charlotte.pietropoli@bnpparibas.com Tel : +33 6 98 49 50 99

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