Category Archives: News

Ratos company Speed Group achieves climate neutrality in 2023 – two years ahead of target

Ratos

Speed Group (Speed) achieved its goal of becoming climate neutral in its own operations in 2023. Through a combination of large-scale initiatives and small changes, the company has made great strides towards reducing its carbon footprint and thus contributing to a more sustainable future.

Speed Group’s target was to become climate neutral by 2025. This target was reached ahead of schedule in 2023. The company has been actively working to reduce its carbon footprint for many years.

A central part of this effort has been the installation of the largest rooftop photovoltaic system in the Nordic region on the roof of its head office and warehouse in Borås. The rooftop facility, with a maximum electricity production capacity of 4GWh, has been a key factor in the company’s success in achieving climate neutrality. However, large-scale projects were not the only factors contributing to the company’s achievement of its target. Smaller changes in everyday operations also played a role. Some examples include weatherproofing cargo doors, switching to digital delivery notices, and reducing the use of shrink wrap.

“Speed Group’s journey towards climate neutrality in its own operations is inspiring. Assuming responsibility for your carbon footprint is an important aspect of developing existing and new customer relationships and business. This is important today and will become even more significant in the future,” says Christian Johansson Gebauer, Chairman of the Board of Speed Group and President, Business Area Construction & Services, Ratos.

“We are incredibly proud to have achieved our climate neutrality target two years ahead of schedule. It’s a challenge for a logistics company like ours, but we’ve focused hard on reducing our environmental impact and driving positive change. We continue to strive to be a leader in sustainability and look forward to continuing to make a difference for our planet and society,” says Jesper Andersson, CEO of Speed Group.

Speed Group’s efforts to reduce its climate impact are continuing. The next step will involve installing additional solar panels at other Speed Group sites and investing in battery storage solutions and charging infrastructure for tomorrow’s freight transport.

About Speed Group
Speed offers sustainable, flexible and innovative solutions to complex logistics and staffing challenges. Speed has its head office in Borås, Sweden, and logistics centres in Borås, Gothenburg, Stenungsund and Stockholm covering a combined total of more than 220,000 square metres. The company has sales of SEK 1 billion and approximately 1,000 employees.

For further information, please contact:
Josefine Uppling, VP Communication & Sustainability, Ratos, +46 76 114 54 21
Jesper Andersson, CEO, Speed Group, +46 708 16 68 37

About Ratos
Ratos is a Swedish business group focusing on technology and infrastructure solutions, consisting of 17 companies divided into three business areas: Construction & Services, Industry and consumer. The companies have approximately SEK 34 billion in net sales (LTM). 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 subsidiaries to excel by being part of something larger. People, leadership, culture and values are key focus areas.

Categories: News

Kinnevik agrees to sell its entire shareholding in Tele2 to an investment vehicle jointly controlled by iliad and NJJ

Kinnevik
Kinnevik AB (publ) (“Kinnevik”) today announced that it has agreed to sell its entire shareholding in Tele2 AB (publ) (“Tele2”) to Freya Investissement, an investment vehicle jointly controlled by the European telecommunications group iliad and its Chairman and founder Xavier Niel through NJJ Holding (“iliad/NJJ”) for a total consideration of SEK 13bn. The shareholding in Tele2 will complement iliad/NJJ’s existing European telecommunications operations across France, Italy, Poland, Switzerland, Monaco, Ireland, Cyprus and Malta. The transaction will be completed in three steps with a first close of SEK 2.9bn. The two remaining steps are subject to iliad/NJJ receiving necessary regulatory clearances and in relation to the third step also to iliad/NJJ reclassifying Tele2 Class A shares to Class B shares to the effect that iliad/NJJ following completion of the transaction will hold less than 30 percent of the voting interest in Tele2.

Kinnevik has agreed to sell its entire shareholding in Tele2 consisting of 20.7 million Class A shares and 116.9 million Class B shares to iliad/NJJ. Proceeds amount to a total of SEK 13bn, corresponding to SEK 93.0 per Tele2 Class B share and SEK 101.0 per Tele2 Class A share, an average blended purchase price of SEK 94.2 per Tele2 share that implies a 13 percent premium in relation to the closing price of the Tele2 Class B share on Nasdaq Stockholm as per 23 February 2024.

The transaction will be completed in three steps:

1.    iliad/NJJ will acquire 31.3 million Class B shares in Tele2. After completion of this first step iliad/NJJ holds 4.5 percent of the economic interest and 3.5 percent of the voting interest in Tele2. Proceeds to Kinnevik in this first step amount to SEK 2.9bn.

2.    iliad/NJJ will acquire 14.2 million Class A shares and 85.5 million Class B shares in Tele2 following foreign direct investment clearances in Sweden, Latvia and Lithuania, which are expected to be received during the second quarter of 2024. After this second step, iliad/NJJ will hold 18.8 percent of the economic interest and 28.8 percent of the voting interest in Tele2. Proceeds to Kinnevik in this second step amount to SEK 9.4bn.

3.    iliad/NJJ will acquire Kinnevik’s remaining 6.5 million Tele2 Class A shares after receipt of necessary regulatory clearances, and subject to reclassifying Tele2 Class A shares into Class B shares to the effect that iliad/NJJ following completion of the transaction will hold less than 30 percent of the voting interest in Tele2. Such clearances and reclassification are expected to be received and completed during the third quarter of 2024. After this third step, iliad/NJJ will hold 19.8 percent of the economic interest and less than 30 percent of the voting interest in Tele2. Proceeds to Kinnevik in this third step amount to SEK 0.7bn.

As a result of the transaction, Kinnevik’s cash position will be significantly strengthened, and Kinnevik’s Board of Directors will undertake a capital structure review in consultation with major shareholders.

Georgi Ganev, CEO of Kinnevik, commented: “Through this transaction, Tele2 gains a new lead shareholder in the combination of iliad and NJJ, with a longstanding track record in the European telecoms sector as an early pioneer in France and as a business builder at scale across multiple European markets. Founded by Jan Stenbeck in the early 1980’s, Tele2’s strong value creation has been instrumental in building the Kinnevik of today, fuelling its historic dividend flow to shareholders as well as Kinnevik’s strategic pivot into a leading European growth investor for which we are proud and grateful.”

Georgi Ganev continued: “After completion of this transaction, Kinnevik will hold a very strong net cash position. We will deploy the capital with patience and focus to bring further clarity to our equity story and value creation to our shareholders. We will continue executing on our priority to concentrate our portfolio towards our most promising and resilient companies, and review our capital structure in consultation with major shareholders.”

Thomas Reynaud, Group CEO of iliad and director of Freya Investissement, commented: “The iliad Group and the Tele2 Group have a lot in common. We both believe in the power of innovation and the importance of an entrepreneurial mindset. Our business sector in Europe is highly demanding. So, we have a great deal of respect for what Tele2’s shareholders, management and teams have achieved, and we’re delighted that Kinnevik has chosen Freya as Tele2’s new reference shareholder. We look forward to contributing to the next chapter of Tele2’s growth story.”
This communication contains certain forward-looking statements concerning our intentions, beliefs or current expectations. Such statements are identified by including terms such as “intent”, or similar expressions. Such statements are subject to a number of important risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements. Factors, including risks and uncertainties, that could cause these differences include, but are not limited to: market growth and volatility and regulatory changes and developments. Any forward-looking statements speak only as of the date hereof. Neither Kinnevik nor Tele2 undertake any obligation to update any forward-looking statements.

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014). The information was submitted for publication, through the agency of the contact person set out below, at 2024-02-26 07:45 CET.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor. We back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthcare, software, marketplaces and climate tech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe and the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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Renta Acquires Rondellen

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement to acquire Näs Rondellen AB (“Rondellen” or “the Company”). Rondellen is a Swedish general rental company operating in the greater Gothenburg area. The Company also provides traffic safety solutions to its customers. The Company has four depots, more than 45 employees and annual revenues of more than SEK 130 million.

With the acquisition Renta further strengthens its position in the greater Gothenburg area. Rondellen complements Renta’s geographical presence and adds to Renta’s capabilities in the region within infrastructure customers and in traffic safety solutions. The Company has a solid profitability and enjoys a good reputation among its customers. As part of Renta, Rondellen will continue to serve its customers with the same high-quality services as before and further benefit from leveraging Renta’s full product range and from implementing Renta’s digital solutions.

The acquisition is expected to be completed in March 2024.

Kari Aulasmaa, CEO of Renta Group, said: “The acquisition of Rondellen marks a continuation of our strategic agenda to build nationwide rental networks in our core markets. Rondellen is an excellent fit to Renta thanks to its complementary presence around Gothenburg and its capabilities in traffic safety. With the acquisition Renta’s position in the region will be further strengthened. We are very pleased to join forces and look forward to working together with the professionals of Rondellen. “

Samuel Lundberg, CEO of Rondellen, said: “We are excited about becoming a part of Renta, a company that shares our ambition to grow and develop the business further. Joining forces with Renta will extend our product offering to site modules, tunnelling equipment and pumps, enabling us to serve our customers with a broader offering than before. In addition, our customers will benefit from the digital solutions that Renta has developed, such as Renta Easy. I am confident that Renta will provide a good home for our employees, and that we will together be able to accelerate growth in the region.”

Enquiries: ir@renta.com

About Renta Group

Renta Group is a Northern European full-service equipment rental company founded in 2015. The Company has operations in Denmark, Sweden, Norway, Denmark, Poland, and the Baltics, with 175 depots and more than 2,000 employees. Renta is a general rental company with a wide range of construction machines and equipment along with related services. In addition to operating a network of rental depots, Renta is a significant supplier of scaffolding and weather-protection services. For more information, visit www.renta.com

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About Rondellen

Näs Rondellen AB is a Swedish general rental company, founded in 2011. The Company has four depots located in Landvetter, Kinna, Varberg and Partille. For more information, visit https://rondellenmaskin.se/

Categories: News

KKR To Acquire Broadcom’s End-User Computing Division

KKR

MENLO PARK, Calif.–(BUSINESS WIRE)– KKR today announced the signing of a definitive agreement with Broadcom Inc. (NASDAQ: AVGO) to acquire its End-User Computing Division (the “EUC Division”) in a transaction valued at approximately $4 billion. Upon closing of the transaction, the EUC Division will become a standalone company, with greater access to growth capital and a dedicated strategic focus on empowering customers and partners worldwide with innovative digital workspace solutions.

Originally a division of VMware prior to Broadcom’s acquisition, the EUC Division provides a leading suite of digital workspace solutions that allow organizations to securely deliver and manage applications, desktops and data across any device or platform. Its flagship products include Horizon, a leading desktop and application Virtualization platform, and Workspace ONE, a marquee Unified Endpoint Management (“UEM”) platform for the enterprise, along with common platform services of data, identity and workflows. The EUC Division leverages advanced data and intelligence in order to drive greater scale, speed and effectiveness for today’s modern, digital workspace.

“Workspace ONE and Horizon are best-in-class platforms chosen by many of the world’s leading enterprises to create seamless and secure digital workspaces with interoperability across increasingly complicated technology stacks,” said Bradley Brown, Managing Director at KKR. “We see great potential to grow the EUC Division by empowering this talented team and investing in product innovation, delivering excellence for customers and building strategic partnerships.”

As a standalone company, the EUC Division will continue to be run by its existing management team led by Shankar Iyer. In addition to expanding R&D and pursuing new strategic partnerships, KKR plans to support the EUC Division’s focus on customer relationships through significant investments across go-to-market functions. The standalone business will be positioned to make long-term investments in resourcing for customer success, partner support and an expanded, dedicated sales team.

“We are confident that this pending transaction marks an exciting next chapter for the EUC Division and one that will create enormous opportunities and benefits for our customers, partners and employees,” said Shankar Iyer, Senior Vice President and General Manager, End-User Computing Division, Broadcom. “The KKR team knows our industry well and is the ideal strategic partner to help us become a standalone company with an exclusive focus on delivering powerful tools for the digital workspace.”

“EUC is a leader within large, high growth categories and demand for the business’s marquee offerings continues to grow as the workplace and the needs at the front-line evolve rapidly,” said John Park, Partner at KKR. “We are excited to deploy our experience and toolkit at KKR to back a world-class company in its next chapter as a standalone business, with accelerated investment and a continued focus on product and customer-centricity.”

After becoming a standalone company, the EUC Division will implement KKR’s broad-based employee ownership program, which makes all employees owners in their respective businesses alongside KKR. This strategy is based on the belief that employee engagement and a strong ownership culture are key drivers in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-senior management employees across more than 40 portfolio companies.

KKR is making its investment primarily through its North America Fund XIII. The transaction is expected to close in 2024, subject to customary closing conditions, including regulatory approvals.

Evercore, Deutsche Bank Securities Inc. and Jefferies LLC are acting as financial advisors and Simpson Thacher & Bartlett LLP is acting as legal advisor to KKR. Citi is serving as exclusive financial advisor to Broadcom.

About End-User Computing (EUC) Division

End-User Computing Division is the digital work platform leader, trusted by thousands of organizations worldwide as the former VMware EUC business. The EUC digital work platform unifies, automates, and efficiently scales the digital workspace. The intelligence-driven platform enables IT to deliver a secure and productive experience for all employees, across their devices, efficiently at scale. By empowering employees to do their best work, anywhere, we help workforces everywhere unlock exponential business value.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media
Miles Radcliffe-Trenner
+1 212-750-8300
Media@kkr.com

Source: KKR

 

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Ontario Teachers’ and Nordic Capital to invest together in Advanz Pharma to drive future growth

Nordic Capital
  • The joint investment will foster future growth and innovation in the near-and long-term
  • During Nordic Capital’s ownership to date, Advanz Pharma has transformed into a leading European specialty pharmaceutical platform

 

Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”), a leading global institutional investor, and Nordic Capital, one of the most active and experienced investors in healthcare globally, have agreed to jointly invest in Advanz Pharma (“Advanz”), a global pharmaceutical company, to support Advanz’s development and further fuel its strong growth potential in the years to come.

Advanz is a global pharmaceutical company with a strategic focus on specialty, hospital and rare diseases pharmaceuticals. It has commercial sales in more than 90 countries globally with a direct presence in key countries in Europe, the US, Canada, and Australia, and a Centre of Excellence for business support in Mumbai, India.

Advanz’s product portfolio and pipeline comprise innovative medicines, specialty generics & biosimilars and originator brands. Advanz addresses a broad range of therapeutic areas, including hepatology, gastroenterology, anti-infectives, critical care, endocrinology, CNS, and, more broadly, rare diseases. Following Nordic Capital’s initial investment in 2021, Advanz scaled its European presence significantly and built a strong pipeline including innovative rare disease medicines and biosimilars.

Jean-Charles Douin, Senior Managing Director and co-Head of EMEA Private Capital at Ontario Teachers’, said: “Advanz aligns well with our strategy of backing proven management teams in businesses with strong growth potential. With speciality pharmaceuticals a key area of focus for us in healthcare, we look forward to working together with Nordic Capital and the Advanz management team to support its existing and future pipeline, and drive innovation and growth across its global platform.”

Rainer Lenhard, Partner, Nordic Capital Advisors added: “We are excited for Nordic Capital to continue its investment in Advanz together with Ontario Teachers’. This joint investment will support Advanz’s continued development in the years to come and allow the company to continue to scale its business model further and build on the market dynamics in its segment.”

Raj Shah, Partner and Head of Healthcare, Nordic Capital Advisors commented: “During Nordic Capital’s ownership, Advanz has been transformed into a leading European specialty pharma platform by building a best-in-class infrastructure and successfully launching pipeline products during the last few years, enabling future growth in innovative medicines, and a strong track-record of executing on M&A opportunities.”

Steffen Wagner, CEO, Advanz Pharma said: “We are excited to continue our growth journey together with Nordic Capital and Ontario Teachers’. To have them jointly backing our growth ambitions validates our strategy, the capabilities of our team, and increases the positive impact we can deliver for patients.”

Nordic Capital initially invested in Advanz Pharma in 2021 and will now invest via Nordic Capital XI, following the exit of its initial investment through Nordic Capital X.

Terms of the transaction were not disclosed, and the investment is subject to regulatory approvals.

Private Capital at Ontario Teachers’ has over C$60bn of assets globally and uses its deep industry expertise and global network to make control or co-control investments in focus sectors. With a dedicated global healthcare team, Ontario Teachers’ has deployed over C$5bn across 16 healthcare investments in its private capital portfolio, focusing on investments in life sciences, pharmaceutical services, medtech, and healthcare service providers.

Nordic Capital has assets under management of €30bn and invests in selected sectors and companies in Northern Europe and North America, offering partnership, deep sector knowledge, capital and experience to drive sustainable growth. It is one of the most active investors in healthcare globally, focusing on investing in in companies within Medtech, Pharma, Care services and Healthtech. To date, Nordic Capital has made 35 healthcare platform investments and has in total deployed €9.3bn of equity capital in the sector.

 

 

Contact Details

Ontario Teachers’
Henrietta Dehn
Email: Henrietta_dehn@otpp.com
Tel: +44 7407 795 960

Kekst CNC
Email: otpp@kcnc.com

Nordic Capital
Katarina Janerud, Communications Manager,
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

About Ontario Teachers’ 

Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of $249.8 billion as at June 30, 2023. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 336,000 working members and pensioners.

With offices in Toronto, London, Hong Kong, Singapore, Mumbai, San Francisco, New York, Dallas, and São Paulo, our more than 400 investment professionals bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.4% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn.


About Nordic Capital

Nordic Capital is a leading sector-specialised private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 23 billion in 140 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

 

About Advanz Pharma

Advanz Pharma is a global pharmaceutical company with the purpose to improve patients’ lives by providing and enhancing the specialty, hospital, and rare disease medicines they depend on. Our headquarters are in London, UK. We have commercial sales in more than 90 countries globally and have a direct commercial presence in more than 20 countries, including key countries in Europe, the US, Canada, and Australia, a Centre of Excellence in Mumbai, India, as well as an established global distribution and commercialisation partner network. Advanz’s product portfolio and pipeline comprise innovative medicines, specialty generics & biosimilars, and originator brands. Our products cover a broad range of therapeutic areas, including hepatology, gastroenterology, anti-infectives, critical care, endocrinology, oncology, CNS, and, more broadly, rare disease medicines. Our ambition is to be a partner of choice for the commercialisation of specialty, hospital, and rare disease medicines in Europe, Canada, and Australia. In line with our ambition, we are partnering with biopharma and development companies to bring medicines to patients. We can only achieve this due to our dedicated and highly qualified employees, acting in line with our company values of entrepreneurship, speed, and integrity. For more information, please visit https://www.advanzpharma.com

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Levine Leichtman Capital Partners Acquires USA Water

Levine Leichtman

Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced today that it has acquired USA Water (the “Company”) from Warren Equity Partners in partnership with management. Financial terms of the transaction were not disclosed.

Headquartered in Rosenberg, Texas, USA Water is a leading provider of operations and maintenance (“O&M”) services for water and wastewater systems across the Southeast United States. The Company’s non-discretionary services enable municipalities and utility districts to entrust their water infrastructure maintenance, asset management, and regulatory compliance needs to a professional partner of scale. USA Water’s industry-leading technical expertise and comprehensive service offering play a critical role in ensuring the integrity, safety, and reliability of clean, high-quality water access.

“We are delighted to partner with USA Water, one of the leading O&M providers of water infrastructure services,” said Matthew Rich, Partner at LLCP. “USA Water has built a stellar reputation due to its ‘customer first’ culture and best-in-class service capabilities, which have driven an incredibly loyal client base and a long-term track record of consistent growth. We are excited to work with Jeff and the USA Water team to broaden the Company’s service capabilities and geographic footprint through both organic initiatives and strategic acquisitions.”

USA Water will continue to be led by CEO Jeff Haley and the existing executive team, who will maintain significant equity ownership in the Company alongside LLCP.

“I am thrilled that USA Water is joining forces with LLCP as we embark on our next chapter of growth,” said Mr. Haley. “LLCP has an established track record as an excellent partner to management teams, and we are eager to leverage their deep industry knowledge and operational expertise in order to deliver more value to our customers through our essential services.”

Across its funds, LLCP has invested extensively in the technical and route-based services sectors, including Encore Fire Protection, Technical Safety Services, Trinity Consultants, In-Place Machining, and Select Exterminating.

LLCP was advised by Kirkland & Ellis LLP. USA Water was advised by Harris Williams and Holland & Knight LLP.

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bistroMD Acquired by Marley Spoon

AUA Private Equity

WEST PALM BEACH, FL. (FEBRUARY 21, 2024) — AUA Private Equity Partners, LLC (“AUA Private Equity”), is pleased to announce that it has taken a minority stake in Marley Spoon Group SE (“Marley Spoon Group” or “MSG”) following Marley Spoon Group’s acquisition of bistroMD, LLC (“bistroMD”), which was previously owned by AUA Private Equity, LLC (“AUA Private Equity”).

bistroMD is the leading doctor-designed ready-to-eat meal plan in the US, and since its founding in 2005 it has developed a national blueprint in the medically tailored weight loss industry. AUA Private Equity acquired bistroMD in March 2021. Since that investment, AUA Private Equity has worked closely with Founder & CEO Edward Cederquist and Dr. Caroline Cederquist to grow the business.

On January 31, 2024, MSG entered into a binding agreement to acquire bistroMD, with bistroMD shareholders receiving shares and warrants of MSG as well as the opportunity to receive additional shares based on the achievement of certain earn-out provisions. The transaction closed on February 9, 2024.

Fabian Siegel, CEO & Founder of Marley Spoon commented about the transaction: “We are impressed by the strong brand and customer-focused organization that founder Ed Cederquist and his team have built over the past 19 years. We are committed to ensuring that bistroMD continues to flourish and grow as part of the Marley Spoon platform, and we welcome Ed and his team to Marley Spoon.”

David Benyaminy, Partner of AUA Private Equity Partners, added: “bistroMD is a unique player in the U.S. meal plan market, and we’ve enjoyed collaborating with Ed and the management team to grow the business. We are excited about bistroMD’s next phase as a part of the Marley Spoon Platform.”

The transaction was led by Partner David Benyaminy and Senior Associate Jordana Cooper.

About AUA Private Equity Partners, LLC
AUA Private Equity Partners is a West Palm Beach, FL based, operationally focused, lower middle-market investment firm providing strategic capital to companies in the consumer products and services sectors with a particular focus on family-owned businesses. AUA Private Equity typically makes equity investments of $40 to $100 million in companies that generate in excess of $10 million in EBITDA. For more information on AUA Private Equity Partners, please visit www.auaequity.com.

About bistroMD
bistroMD is a national, direct to consumer doctor-designed and chef-prepared meal delivery subscription service that provides ready-to-eat, gourmet meals, specifically designed for weight loss and long-term weight management. Founded in 2005 by Edward Cederquist and Dr. Caroline Cederquist, bistroMD operates with the belief of “food as medicine”, providing weight loss meal programs that allow for customization and can accommodate special dietary needs including gluten free, heart healthy, diabetic, and low sodium diets. With over 150 meals to choose from, bistroMD provides a wide selection of options for individuals who are looking to lose weight but do not want to compromise on good quality food. For more information about bistroMD, please visit www.bistromd.com.

CONTACT

Michael Melamed
auaprivateequity@laurelstrategies.com

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Blackstone Charitable Foundation Commitment in Texas Reaches $10 Million for Entrepreneurial Skills and Career Exposure

Blackstone

Blackstone LaunchPad hubs at colleges and universities focus skill-building and internship opportunities for students

February 21, 2024, Houston – Blackstone today announced that the Blackstone Charitable Foundation has reached $10 million in funding in Texas through its signature program, LaunchPad. The program seeks to close the opportunity gap by equipping students with entrepreneurial skills and internship opportunities to help them build lasting careers.

LaunchPad has supported students at 12 schools across Texas, including Texas A&M University, University of Texas at Austin, UT Dallas, UT San Antonio, UT Rio Grande Valley, and UT El Paso. Prairie View A&M University (PVAMU) is the latest campus joining the program. With continued migration of Fortune 500 companies to Texas, initiatives like LaunchPad will continue to help prepare Texas students to compete and thrive in a dynamic job market.

LaunchPad and its partners seek to empower college students to secure sustainable, fulfilling careers and close the employment gap. Programming complements the academic curriculum with workshops, speaker sessions and networking opportunities. All participants gain experience at identifying opportunities, developing solutions, thinking critically and leading teams. In addition to campus-based programs, LaunchPad and its partners offer internship opportunities at Blackstone, the firm’s portfolio companies, partner organizations and select startups – meeting a continuous demand for high-quality talent pipelines.

The new LaunchPad center at PVAMU was unveiled on February 12 during an official ribbon cutting with Dr. Tomikia LeGrande, President of Prairie View A&M University, Dr. Michael McFrazier, Interim Provost and Senior Vice President for Academic Affairs, Maura Pally, Executive Director of the Blackstone Charitable Foundation, and Prairie View’s LaunchPad leadership.

“What the Blackstone Charitable Foundation is providing to our next generation of community and business leaders is truly remarkable,” said President LeGrande. “With the LaunchPad program at Prairie View A&M University, our talented students can develop an entrepreneurial mindset and access key resources that will improve their career outcomes.”

“Every student should have access to a place to cultivate ideas, develop skills and access job opportunities,” said Maura Pally. “Our goal is for all students who engage with Blackstone LaunchPad to be able to access quality job opportunities, expand their network and develop skills that will set them up for success in any career they pursue. We’re thrilled to have reached this $10 million commitment in Texas – programs like LaunchPad that train and develop all students will help keep Texas talent local and Texas companies strong.”

LaunchPad was formed with a focus on entrepreneurship and helping students become the job creators of tomorrow. Starting in 2021, the program’s new offerings aim to drive career skills and mobility for students. It provides tools for experiential learning where students can gain key skills that employers want to see.

About Blackstone LaunchPad
Blackstone LaunchPad works with colleges across the United States to help students launch successful careers through entrepreneurial skills-building programs and opportunities to intern at organizations in our network, including Blackstone, our portfolio companies and select startups. Since 2010, Blackstone LaunchPad has supported students on more than 75 college and university campuses, including Minority Serving Institutions and community colleges. In 2022, LaunchPad engaged more than 35,000 students.

About Prairie View A&M University
PRAIRIE VIEW A&M UNIVERSITY (PVAMU), founded in 1876, is the second oldest public institution of higher education in the state of Texas and the third largest Historically Black College/University in the nation. Designated as an “institution of the first class” in the Texas Constitution, enrollment exceeds 9,000 students and over 80,000 graduates. PVAMU offers academic programs through its ten colleges and schools, boasting degree options leading to bachelor’s to doctoral-level degrees. A Carnegie-classified high-research (R2) University and a member of The Texas A&M University System, PVAMU is dedicated to fulfilling its land-grant mission of achieving excellence in teaching, research and service. For more information, visit www.pvamu.edu.

Contact
Emilie Stanton
Emilie.Stanton@Blackstone.com
347-331-9196

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Announcement of share buyback in the context of a share purchase plan for its personnel

GIMV

The Board of Directors of Gimv has decided, in application of Art. 7:215, §1, al. 3 of the Companies Code, to start a share buyback program of 30,000 shares in the framework of a share purchase plan for Gimv employees.

Gimv will start the buyback program on February 21st, 2024 until the targeted volume has been purchased with a final end date of March 15th, 2024.

The buyback program will be conducted in accordance with applicable regulations. For this purpose, Gimv will mandate an independent broker to execute the program through open market purchases on Euronext Brussels. The purchased shares will be held as treasury shares until they have been transferred to the personnel.

Gimv will inform the market on the progress of the program in line with the applicable regulations.

Today, Gimv holds 1,647 own shares.

Categories: News

GED executes its third divestment of its fund GED V Spain through the sale of Procubitos Europe

GED

Procubitos Europe is the largest manufacturer and marketer of premium ice for food consumption in Europe, with 4 factories in Spain, 1 in Germany, and another in Italy, as well as numerous distribution platforms throughout the Iberian Peninsula.

The Group emerges as a result of the integration of up to 10 different companies operating in the sector (buy and build strategy) implemented by GED since its first investment back in 2017 in the proyect. During GED’s investment period, the company work in the integration and profetionalization of teams, systems, branding positioning, international development, new producto launching, and many other.

Since GED’s first investment in 2017, the company has experienced substantial value enhancement demonstrated in remarkable growth metrics. Turnover has surged by over seven times. EBITDA has soared from €1 million to €8 million, underscoring robust financial performance and operational efficiency. Moreover, the infusion of GED’s expertise has catalyzed the creation of over 150 jobs, amplifying socio-economic impact.

Equally noteworthy is the expansion of international operations, with foreign business now constituting 45% of total revenue, compared to a 5% prior to GED’s involvement. This global reach spans key markets such as Germany, Italy, France, Belgium, Portugal, and the Nordic countries, signifying a strategic penetration into diverse regions.

 

At the forefront of product innovation and with a steadfast commitment to quality and food safety

Procubitos Europe, via its Ice Menu catalog, presents customers an extensive array of products, formats, and ice manufacturing processes that set it apart from competitors, catering to the demands of discerning consumers.

Utilizing cutting-edge technology, the company produces ice of unparalleled quality and durability. Moreover, it implements rigorous food safety protocols compliant with international ISO and IFS standards.

The sale garnered significant interest from top-tier parties, ultimately seeing Magnum Capital emerge as the preferred bidder and the ideal partner to drive Procubitos Europe’s growth in the forthcoming phase.

 

About GED (www.gedcapital.com)
GED is an independent asset management firm founded in 1996, specializing in the middle-market segment. It currently manages in excess of €1 billion across different Private Equity, Infrastructure, and Venture Capital vehicles. GED boasts a diverse investor base of over 50 domestic and international entities, predominantly comprised of pension funds, fund-of-funds, insurance companies, family offices, and financial institutions.

 

About Procubitos Europe (www.procubitoseurope.com)

Procubitos Europe, founded in Spain in 1989, has been satisfying the needs of the most demanding ice consumers for 30 years, and has grown based on a constant dedication to service and customer attention. With multiple plants distributed throughout Europe, its combined production capacity stands at approximately 800 tons per day.

Categories: News