Category Archives: News

CVC Credit supports the acquisition of IRCA by Advent International

CVC Capital Partners

CVC Credit is pleased to announce that it has committed senior and acquisition facilities to support Advent International’s acquisition of IRCA, a leading Italian producer of specialty ingredients for artisanal pastries, cakes and gelato.

For over 100 years, IRCA has been supplying a broad portfolio of products to patisseries, gelato parlours, hotels, restaurants, and confectionery manufacturers. IRCA occupies a niche space in the industry as a result of its “one-stop-shop” strategy, providing simple, complete, and expert solutions for the preparation of products, which would otherwise be far more costly, time-consuming, and complex to produce. Headquartered in Italy, IRCA supports artisan chefs in over 100 countries and employs more than 1,000 people across seven production plants and four innovation and demonstration kitchens in Europe, North America and Asia.

Quotes

IRCA’s track-record demonstrates the group’s ability at identifying and executing on opportunities in the sector, and with Advent’s guidance we expect the business to continue on its impressive growth trajectory.

John EmpsonPartner and Co-Head of Private Credit at CVC Credit

Alessio Di Vito, Director at CVC Credit said: “IRCA is the undisputed leading player in speciality ingredients in Italy. Its market position, achieved through investments in product innovation and geographic expansion, have enabled it to grow through market cycles, furthermore it is expected to continue to benefit from attractive market tailwinds due to growing demand of semi-finished ingredients solutions.”

John Empson, Partner and Co-Head of Private Credit at CVC Credit added: “IRCA’s track-record demonstrates the group’s ability at identifying and executing on opportunities in the sector, and with Advent’s guidance we expect the business to continue on its impressive growth trajectory. We look forward to utilising the expertise and resources of our collective network to support this further development over the coming years.”

Francesco Casiraghi, Managing Director at Advent International, commented: “We have identified IRCA as a structural winner in a sector with secular growth tailwinds. IRCA’s long-term growth track record comes from a consistent focus on understanding customer needs, creative innovation, and Italian excellence in high-quality food ingredients. We believe IRCA is perfectly placed for further expansion, reaching a growing number of chefs globally with increasingly innovative solutions. We are very excited to support the management team in the next phase of IRCA’s journey.”

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KKR to Acquire Ness Digital Engineering

KKR

October 27, 2022 – KKR, a leading global investment firm, today announced the signing of definitive agreements under which KKR will acquire 100% of Ness Digital Engineering (“Ness” or “the “Company”), a global full-lifecycle digital services transformation company, from The Rohatyn Group (“TRG”).

Founded in 1998 and headquartered in Teaneck, New Jersey, Ness is a leading provider of end-to-end digital transformation services that specializes in building digital software products and platforms. Ness helps organizations envision, build, and continually evolve their digital platforms to enter new markets, capture new revenue, and gain operational efficiencies. The Company offers a wide range of digital practices that include cloud engineering, data and analytics, experience design, intelligence engineering, and salesforce for businesses across sectors. Today, Ness has a presence in North America, Europe, the Middle East, and Asia, with a globally diversified talent pool across India, Eastern Europe, and the United States.

Gaurav Trehan, Partner and CEO of KKR India, said, “Digital transformation and adoption is a critical strategy for businesses of all sizes worldwide. Against this backdrop, KKR believes that Ness is well-positioned for growth, supported by its exceptional, experience-led product engineering heritage. KKR is pleased to invest in Ness’ capabilities and looks forward to working alongside its talented team to further scale Ness’ digital-first platform, achieve its global ambitions, and better enable its customers to compete in the digital economy.”

Ranjit Tinaikar, CEO of Ness, said, “We are thrilled to welcome an investor of KKR’s caliber in Ness. We believe this transaction will help us turbocharge our growth plans and further strengthen our competitive market position. We look forward to leveraging KKR’s global platform and strong investment and operational expertise to deliver more innovative solutions to help our customers keep up with the pace of digitalization required by the accelerated online economy. I want to thank TRG for their consistent stewardship throughout the years. They have been great strategic partners to the management team and helped us to execute our growth strategy.”

Nicolas Rohatyn, chief executive officer and founder of The Rohatyn Group, said, “We are proud to have tapped into TRG’s technology services expertise and extensive global experience to help Ness become a unique, global leader in the digital space. We wish the Company the best in its next chapter.” Tom Kucera, Managing Director at TRG, added “I am grateful to Ranjit, the management team and Ness’ more than 4,000 employees for their partnership, dedication and support over the years. It has been a privilege working closely with them to build Ness into a premier digital transformation platform and I wish them continued success.”

Ness adds to KKR’s global portfolio of technology investments, which includes, but is not limited to, Cloudera, a leading provider of enterprise-grade, hybrid data management software in the United States; Yayoi, a software developer, distributor, and support service provider for small-and-medium-sized enterprises in Japan; Probe CX, a provider of outsourced customer experience and business process outsourcing solutions in Australia; MYOB, a leading Australian online business management company; and Jio, a next-generation technology platform that provides digital services across India.

KKR makes its investment from its Asian Fund IV. Additional terms of the transaction, which is subject to customary closing conditions, were not disclosed.

 

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About Ness Digital Engineering

Ness is a full lifecycle digital engineering firm offering digital advisory through scaled engineering services. Combining our core competence in engineering with the latest in digital strategy and technology, we seamlessly manage Digital Transformation journeys from strategy through execution to help businesses thrive in the digital economy. As your tech partner, we help engineer your company’s future with cloud and data. For more information, visit ness.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 TRG

Founded in 2002, The Rohatyn Group is an asset management firm focused on emerging markets and real assets, headquartered in New York, with a global presence in 16 cities across the US, Latin America, Europe, the Middle East, India and Southeast Asia. For more information, please visit www.rohatyngroup.com.

 

Media Contacts

For KKR:

KKR Asia Pacific

Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

 For Ness:

Vivek Kangath

+91 9742565583
Vivek.Kangath@ness.com

 For TRG:

Julia-Ambra Verlaine

+1 212 984 3539
Julia.Verlaine@rohatyngroup.com

 

KKR Americas
Julia Kosygina and Miles Radcliffe-Trenner
+1 212 750 8300
Media@kkr.com

AdFactors (for KKR India)

George Smith Alexander

+91 98213 56867

George.Smith@adfactorspr.com

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KKR Completes Sale of Minnesota Rubber and Plastics

KKR
October 27, 2022

All 1,450+ employees across six countries are receiving substantial cash payouts for their ownership in the Company

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR has completed the previously announced sale of Minnesota Rubber and Plastics (“MRP” or “the Company”), a leading provider of materials science-based elastomer and thermoplastic solutions, to Trelleborg Group (“Trelleborg”), a leader in engineered polymer solutions.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221027005930/en/

All of MRP’s more than 1,450 employees across six countries and four U.S. states, including hourly manufacturing production, technical and administrative employees, are receiving substantial cash payouts in connection with the closing as a result of the employee ownership plan implemented by KKR in 2018. Payments vary based on tenure and employment status, with employees who joined MRP in late 2018 and 2019 receiving payouts on average equivalent to over 12 months of annual income and longer-tenured employees receiving up to twice as much.

“I am incredibly proud of the entire MRP team’s accomplishments throughout our time together,” said Josh Weisenbeck, Partner at KKR who leads KKR’s Industrials private equity team. “With Trelleborg, MRP will continue to have an employee-centric culture, and we are looking forward to seeing their many successes to come.”

Along with the sale and substantial cash payments made to employee owners, MRP employees are also receiving access to pre-paid personal financial coaching and tax preparation services. Financial planning advice is being provided by Goldman Sachs Ayco Personal Financial Management in the U.S. and by RSM Global for international employees. Deloitte is providing tax services globally.

Since 2011, KKR has implemented broad-based employee ownership and alignment programs, first pioneered by KKR’s U.S. Industrials private equity team and more recently expanding across all control investments within KKR’s Americas Private Equity franchise. To date, KKR has awarded billions of total value through broad-based equity programs to over 45,000 non-senior employees across over 25 companies. KKR currently has 30 portfolio companies with ownership programs. In April 2022, KKR joined more than 60 leading organizations in becoming a founding partner of Ownership Works, a nonprofit created to support public and private companies transitioning to shared ownership models.

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.

Miles Radcliffe-Trenner and Emily Cummings
212-750-8300
media@kkr.com

Source: KKR

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Ardian announces the sale of its stake in Unither Pharmaceuticals to a consortium led by the CEO Eric Goupil and comprising GIC, IK Partners, Keensight and Parquest

Ardian

  • 26 October 2022 Buyout France, Paris

Ardian, a world leading private investment house, today announces the sale of its majority stake in Unither Pharmaceuticals (“Unither”), a global leader in the development and manufacturing of sterile unit-doses, to a consortium of new and existing investors comprised of GIC, IK Partners, Keensight and Parquest and led by Eric Goupil, CEO of Unither.

Founded in 1993, Unither is a global player in the development and manufacturing of sterile unit-doses (Blow-Fill-Seal technology) for the pharmaceutical industry addressing the ophthalmology, respiratory and rhinology markets. The company runs seven manufacturing sites in addition to its Research and Development center, and is present in France, the United States, China and Brazil.

Through its partnership with the Ardian Buyout team, and under Eric Goupil’s leadership, the company significantly consolidated its position as a leader in BFS technology in Europe thanks to substantial industrial investments. Unither also reinforced its global leadership through capacity developments in the United States as well as acquisitions in China and Brazil. During the COVID-19 crisis, Unither demonstrated its strong capacity for innovation by developing a device based on BFS technology that enables single-dose injection of therapeutic products, including vaccines (Euroject).
With the backing of GIC, IK Partners, Keensight, Parquest and the management team, Unither is ideally positioned to achieve further growth in its targeted markets and continue to innovate to facilitate patients’ lives.

“We are very pleased to have been part of Unither’s growth for the past five years. Our strong relationship with Eric Goupil allowed us to help the group develop and consolidate its position as global leader. We would like to thank the whole Unither team and wish them a successful future alongside GIC, IK Partners, Keensight and Parquest.” Philippe Poletti, CEO Ardian France, Member of the Executive Committee and Head of Buyout Activity

“With Ardian’s support, we have been able to strengthen our business in the US, expand into China and continue investing significantly to cope with our customers’ strong demand and fuel our future organic growth. In collaboration with our new partners, GIC and IK and with the support of our historic partners Keensight and Parquest, we are seeking to build on this strong foundation, to continue satisfying our customers and leverage our global footprint. ” Eric Goupil, CEO of Unither

The transaction remains subject to the approval of the regulatory and competition authorities.

 

ABOUT ARDIAN

Ardian is a world leading private investment house, managing or advising $141bn of assets on behalf of more than 1,300 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. We also provide a specialist service for private clients through Ardian Private Wealth Solutions. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 980+ employees, spread across 15 offices in Europe, the Americas and Asia, 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.

www.ardian.com

 

ABOUT UNITHER

Founded in Amiens, France, in 1993, Unither Pharmaceuticals is a global player in the manufacture of single-dose galenic forms for pharmaceutical companies and generics manufacturers (notably eye drops, saline solutions and anti-asthma medications in sterile unit doses and stick packs). With seven manufacturing sites and an innovation and development center based in France, the United States, Brazil and China, Unither Pharmaceuticals employs over 1,600 people.

Media contact

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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The Management led by Eric Goupil gathers a consortium to acquire Unither Pharmaceuticals from Ardian

IK Partners

The consortium comprises GIC and IK Partners (“IK”), entering the equity, as well as Keensight Capital (“Keensight”) and Parquest, reinforcing their existing positions. It will become the new shareholder of Unither Pharmaceuticals (“Unither” or “The Company”) alongside the management team.

Spun out of Sanofi in 1993, Unither is a leading European pharmaceutical contract development and manufacturing organisation (“CDMO”) producing complex sterile liquid formulations for medical use and is currently the global market leader in the Blow-Fill-Seal (“BFS”) technology, a sterile single-unit dosage format.

Headquartered in Amiens, France, Unither employs more than 1,600 people across seven manufacturing facilities in France, the US, Brazil, and China, as well as an additional R&D centre in Bordeaux, France. Its products are sold in over 100 countries demonstrating a well-established global footprint. The Company benefits from a long-standing and loyal customer base made up of medium to large pharmaceutical companies, biotechnology, generics and over-the-counter (“OTC”) players and is recognised for its technical expertise and industrial performance. It has a strong track record of organic growth and with the support of Ardian, Unither has enlarged its footprint to China to serve a growing global demand for its high-quality BFS products.

Together, GIC, IK, Keensight and Parquest will leverage the strong local footprint of their respective international platforms to support Unither’s future growth by: continuing to support new and existing customers in launching new products; further penetrating the US market; taking advantage of the significant growth expected in China; and expanding into BFS adjacencies such as vaccines and multi-dose preservative free dosage forms. The management team is significantly reinvesting its proceeds and the Company will continue to operate under Eric Goupil’s leadership as he transitions to the newly created role of Executive Chairman.

Financial details of the transaction are not being disclosed.

Eric Goupil, Executive Chairman at Unither Pharmaceuticals, said: “With Ardian’s support, we have been able to strengthen our business in the US, expand into China and continue investing significantly to cope with our customers’ strong demand and fuel our future organic growth. In collaboration with our new partners, GIC and IK and with the support of our historic partners Keensight and Parquest, we are seeking to build on this strong foundation, to continue satisfying our customers and leverage our global footprint.”

Philippe Poletti, CEO at Ardian France, Member of the Executive Committee and Head of Buyout Activity, said: “We are very pleased to have been part of Unither’s growth for the past five years. Our strong relationship with Eric Goupil allowed us to help the group develop and consolidate its position as a global leader. We would like to thank the whole Unither team and wish them a successful future alongside GIC, IK, Keensight and Parquest.”

Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC, said: “We are excited to invest in Unither alongside Eric Goupil, IK and existing shareholders Keensight and Parquest. Unither is a clear market leader in the BFS business space with its innovative and diversified product portfolio, a steady customer base and highly resilient revenue model. We are confident in Unither’s long-term growth potential as the global CDMO market continues to benefit from an increase in pharma drug production and outsourcing trends. We look forward to partnering with the Company’s outstanding management team and our consortium to take Unither to its next phase of growth.”

Magdalena Svensson, Partner at IK and Advisor to the IK Partnership Fund II, said: “Under the leadership of Eric Goupil and with Ardian’s backing, Unither has established itself as a global market leader in sterile liquid formulations and the BFS segment. Having stolen a march on the rest of the sector, Unither holds a unique position which, thanks to the high barriers to entry and strong underlying markets, warrant high growth expectations. We look forward to actively contributing to the strengthening of Unither’s global industrial footprint and operations, with the support of our in-house platform teams. Together with management, GIC, Keensight and Parquest, we plan to pursue existing growth strategies and explore new avenues in the BFS field as well as in adjacent technologies.”

Pierre Remy, Managing Partner at Keensight, said: “We are extremely pleased to continue our strong partnership with Unither and its very talented management team, in an exciting new phase of the Company’s development. During our tenure as shareholder, the Company strengthened its leadership position globally and undertook a significant operational expansion in China and Brazil via two major acquisitions. By reinvesting in Unither, we remain committed to supporting the management team in helping them execute on their continued growth strategy, both organically in the rapidly expanding BFS market and through selective strategic acquisitions. We are very happy to continue the journey with Parquest and to be joined by GIC and IK.”

Denis Le Chevallier, Managing Partner at Parquest, said: “We are delighted to have supported a new stage of development alongside Eric Goupil and his teams. Since our first investment in 2006, Unither has enjoyed uninterrupted growth and is now the undisputed leader in BFS. We are convinced that this new chapter to be written alongside GIC, IK and Keensight will enable the group to continue and accelerate its development, particularly internationally.”

Completion of the transaction is subject to relevant legal and regulatory approvals.

PR Contacts

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar @ikpartners.com

Ardian
Headland
Ardian@headlandconsultancy.com

GIC
Samantha Chiene
Phone: +44 (0) 207 725 3557
samanthachiene@gic.com.sg

Mah Lay Choon
Phone: +65 6889 6841
mahlaychoon@gic.com.sg

Keensight Capital
Tim Lee
Phone: +44 (0) 7785 345 250
tlee@keensightcapital.com

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Kinnevik leads USD 150 million private placement in Recursion with USD 75 million investment

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that it has invested USD 75m in Recursion, a US-based clinical-stage biotechnology company industrializing drug discovery by decoding biology. Recursion is listed on NASDAQ under the ticker RXRX.

Recursion is a biopharma company mapping and navigating biology and chemistry with the goal of bringing better medicines to patients faster and at lower cost. Recursion leverages sophisticated machine-learning algorithms to analyse a collection of trillions of searchable relationships across biology and chemistry. With its massive experimental and computational scale, Recursion is uniting technology, biology and chemistry to advance the future of medicine.

Kinnevik has deepened its exposure and expertise in healthcare substantially over the last several years and remains committed to solving some of the most pressing challenges. One area Kinnevik had yet to address was the declining productivity in drug discovery and development, which leads to rising costs, lower efficiency, and unmet patient needs. It is, therefore, a natural extension of our healthcare strategy to invest in companies building and utilising a combination of AI and biotech to discover drugs that can treat or cure diseases in a faster, cheaper, and more effective way.

Kinnevik led the USD 150m private placement with its investment of USD 75m. Kinnevik will hold 7,653,061 shares of class A common stock of the company, corresponding to an economic ownership stake of approximately 4.2 percent.

Natalie Tydeman, Senior Investment Director at Kinnevik, commented: “Recursion represents an exciting combination of highly sophisticated biotechnology, a vast and valuable proprietary database of relatable biological and chemical data, together with an advanced machine learning platform, resulting in a superior drug discovery process. We are excited by Recursion’s mission to decode biology to radically improve lives, and we look forward to being long term partners to Recursion’s visionary and ambitious management team on this journey.”

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, and 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 healthtech, consumer services, foodtech and fintech. 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, with a focus on the Nordics, and in 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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Nordic Capital completes one of the largest fundraises in Europe this year, closing Nordic Capital Fund XI at EUR 9 billion hard cap

Nordic Capital
  • Nordic Capital’s eleventh large cap fund is the largest fund raised in the firm’s history, over 45% larger than its predecessor

  • Strong demand from a globally diversified base of new and returning investors attracted to Nordic Capital’s investment strategy and strong portfolio performance and track record

OCTOBER 25 2022

Nordic Capital today announced the completion of its largest ever fund raise with the successful closing of Nordic Capital Fund XI (“the Fund”) at its hard cap of EUR 9 billion, exceeding its EUR 8 billion target. The Fund, one of the largest and fastest private equity funds to be raised in Europe this year to date, closed in nine months in some of the most challenging fundraising conditions in private equity history. With a c.100% re-up rate and increased GP commitment, Nordic Capital Fund XI is over 45% bigger than its predecessor large-cap fund (Nordic Capital Fund X), which raised EUR 6.1 billion in October 2020.

 

“The close of Nordic Capital’s largest ever fund is a significant milestone for Nordic Capital. To have secured such strong commitments from both new and returning investors and robustly exceeded the fund target size in some of the most challenging fundraising conditions in private equity history is a great achievement for the team. Nordic Capital has consciously grown the fund size over the last five years in tandem with its evolving and highly focused investment strategy and strong pipeline of opportunities. The quality of a GP’s strategy and its ability to achieve true value creation at the company level is put to the absolute test in challenging economic conditions. With this successful close, investors have given a very strong vote of confidence in Nordic Capital’s strategy, our sector expertise, focus on operational and sustainable improvements and ability to deliver highly attractive returns. Nordic Capital thanks them for their great support,” commented Kristoffer Melinder, Managing Partner, Nordic Capital Advisors.

 

Nordic Capital Fund XI saw strong demand from a diversified global base of new and returning blue-chip investors that were attracted to Nordic Capital’s focused investment strategy, including its niche-sourcing and subsector expertise, and its track record of creating value through business transformation and solid earnings growth. Nordic Capital’s strategy of focusing on non-cyclical growth businesses in partnership with management and with a focus on operational improvement, has been validated by the strong performance and resilience of the existing portfolio in challenging macro-economic conditions. Its record of portfolio growth, deal generation and execution capabilities, as well its clear commitment to ESG were highly attractive to investors. Nordic Capital’s current portfolio companies have on average achieved 11% organic employment growth in 2021. Portfolio companies have on average secured an 12% increase in annual sales and a 15% increase in EBITDA per year since Nordic Capital’s inception.

 

Kristoffer added: “Nordic Capital Fund XI has already made three investments, partnering with great companies and talented management teams. Each is a perfect fit for the Nordic Capital strategy, operating in segments that have been identified as strong areas of growth by our sector focused investment advisory teams. In times of market volatility, this deep expertise serves Nordic Capital and its investors well, and the Funds can invest selectively in the right opportunities through a robust Shadow Portfolio. We look forward to maintaining this disciplined approach with Nordic Capital Fund XI.”

 

Nordic Capital Fund XI will continue to apply deep and specialist experience to its core sectors including Healthcare, Technology & Payments and Financial Services, and selectively, in Industrial & Business Services. Its mandate includes investment in mid to large companies within these sectors in Europe; and within Healthcare and Technology & Payments globally.

 

Pär Norberg, Partner and Head of Investor Relations, Nordic Capital Advisors, commented:

“We would like to express our sincere gratitude to Nordic Capital’s truly global investor base. The fundraise of EUR 9 billion over nine months for Fund XI was made possible with the overwhelming continued support from our long-standing existing investors, with a c.100% re-up rate and strong backing from new investors, many of whom have chosen Nordic Capital as their only new relationship this year. We are humbled that in a busy year with volatile market conditions, investors have prioritised and partnered with Nordic Capital and we are enthusiastic about continuing to nurture and strengthen these relationships.”

 

Nordic Capital has built a tested sector-based sourcing process which has been refined over three decades. This has already enabled the Fund to make three investments:  RiskPoint Group, a global independent specialty insurance underwriter based in Copenhagen, with offices in Stockholm, Oslo, Helsinki, Amsterdam, Frankfurt, Zurich, Madrid, London and New York; Equashield, a leading global provider of hazardous drug compounding technologies, with products sold across five continents and the most used Closed System Drug-Transfer Device (“CSTD”) in the US, and in addition, it invested alongside CVC Funds in the public to private acquisition of Cary Group, a European leader in the repair and replacement of vehicle glass and automotive bodywork.

 

Over the last twelve months, Nordic Capital has enjoyed a strong deal pipeline, and its sourcing strategy has enabled it to invest in high quality assets such as Equashield, Cary Group, RiskPoint, ProGlove, Ascot Lloyd, Bilthouse, Care Fertility, RLDatix, Vizrt and Inovalon. It has also continued to drive an active buy-and-build strategy for its portfolio companies. Nordic Capital has also made full exits of three portfolio companies, as well as partial sell downs in publicly listed companies.

 

Fund XI attracted investors from across the globe, with investors from every continent including 34% from North America, 31% Europe, 23% from Asia, 10% from the Middle East and 1% from RoW. The investor base comprises a well-diversified mix of institutional investors: public and private pension funds (c. 42%); sovereign wealth funds (c. 23%); fund of funds (c. 14%); endowments and family offices (c. 11%) and financial institutions (10%). The new Fund expands Nordic Capital’s blue-chip investor base with c. 30% of commitments deriving from new investors. The re-up rate by capital of Fund X LPs in Fund XI is c. 100%. The Fund also drew significant support from Nordic Capital’s own team, as well as portfolio company management teams and industrial advisors.

 

The fundraising was led by Nordic Capital’s Investor Relations team, supported by Rede Partners who acted as global placement agent, Transpacific in Asia, Ameris in South America, with Kirkland & Ellis as lead legal counsel, supported by Carey Olsen.

 

Press contact:

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

 

About Nordic Capital

Nordic Capital is a leading 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 selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 21 billion in 130 investments. The committed capital is 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”.

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Mubadala and KKR Enter into a Strategic Partnership to Invest in Private Credit in Asia Pacific

KKR

October 23, 2022

  • Partnership bolsters Mubadala’s presence in the large and growing APAC credit market
  • Enhanced capital significantly expands KKR’s credit platform and capabilities in APAC

HONG KONG & ABU DHABI, United Arab Emirates–(BUSINESS WIRE)– KKR, a leading global investment firm, and Mubadala Investment Company (“Mubadala”), a global sovereign investor, today announced the signing of a Strategic Partnership (the “Partnership”) that will see the two firms co-investing across performing private credit opportunities in the Asia Pacific (“APAC”) region.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221023005133/en/

The Partnership aims to deploy at least US$1 billion of long-term capital, providing bespoke credit solutions to companies and sponsors. Mubadala will deploy its capital alongside KKR’s existing pools of capital, including the recently raised KKR Asia Credit Opportunities Fund, a US$1.1 billion vehicle focused on performing, privately originated credit investments in the region.

The Partnership represents a key milestone for both organizations, as it strengthens Mubadala’s exposure in the rapidly growing APAC credit market, while enabling KKR to significantly scale its APAC credit platform. The Partnership commences at a time when the region’s growth has fueled an enormous demand for funding solutions, as many companies, sponsors, and entrepreneurs face challenges accessing flexible financing due to limited supply of capital from banks and non-bank lenders. The Partnership between Mubadala and KKR aims to address this shortage of flexible capital while supporting businesses in APAC in achieving their long-term growth ambitions.

Omar Eraiqaat, Co-Head of Credit Investments at Mubadala, said: “Expanding into the Asia Pacific region is a core pillar of our strategy as this market presents unique credit investment opportunities, driven by its rapid growth and high demand for non-bank capital. We are very pleased to collaborate with KKR, an experienced and high-caliber partner, and we look forward to leveraging their deep experience and capabilities in Asia Pacific to pursue credit opportunities and deliver value to our stakeholders.”

Brian Dillard, Partner & Head of Asia Pacific Credit at KKR, added, “We are excited to strengthen our deep and longstanding relationship with Mubadala through this strategic partnership. Alongside Mubadala, KKR will have the additional resources to materially increase the size of our investments, pursue more opportunities across Asia, and extend innovative capital solutions to meet the rising demand of borrowers. We look forward to playing an even larger role in helping to meet Asian businesses’ growing financing needs.”

In APAC, KKR has deployed nearly US$3 billion in credit capital since 2019. This has included providing acquisition financing and bespoke capital solutions for companies and financial sponsors in the environmental services, real estate, education, infrastructure, and healthcare sectors. KKR Credit has made investments across APAC, including Australia, Greater China, India, Korea, Malaysia, New Zealand, Singapore, and Vietnam. The APAC credit business is part of KKR’s approximately US$178 billion global credit platform.1

About Mubadala Investment Company

Mubadala Investment Company is a global sovereign investor managing a US $284 billion portfolio that spans six continents with interests in multiple sectors and asset classes. The company leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates. For more information about Mubadala Investment Company, please visit: www.mubadala.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.

1 As of June 30, 2022.

Media:

For Mubadala Investment Company:
Salam Kitmitto
sakitmitto@mubadala.ae
+971 50 276 9286

For KKR:

KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

or

Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

KKR Americas
Julia Kosygina and Miles Radcliffe-Trenner
+1 212-750-8300
Media@kkr.com

Source: KKR

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CVC Fund VIII to acquire 50% of Gridspertise, an Enel Group company focused on digital transformation of power grids

CVC Capital Partners Fund VIII is pleased to announce the signing of an agreement with Enel Group to acquire 50% of Gridspertise, a leading smart grid OEM serving electricity infrastructure operators owned by the Enel Group through Enel Grids.

Gridspertise is an energy transition enabler, providing essential hardware, software and services to electricity infrastructure operators. Its products help customers transform traditional electricity distribution grids into smart grids and respond to the steep growth in power consumption demands.

Thanks to its high-quality products and innovative technology, Gridspertise is well-positioned in a large and global market of around €30 billions, with market leader positions in Italy, Brazil, Latin America and Spain and with strong global ambitions.

The product offering of Gridspertise includes smart electricity meters, smart grid devices – namely devices installed at a higher level of the electricity value chain which record energy flows and automate energy dispatching decisions – and software and services to enable these systems to function.

Quotes

Gridspertise is a unique opportunity to leverage the growth of energy transition incentives offered by authorities worldwide

Jiri ZrustPartner, Head of Infrastructure at CVC

Andrea Ferrante, Senior Managing Director at CVC, said: “We are excited about this investment and look forward to working closely with Enel and the management team led by Robert Denda to further improve Gridspertise’s go-to-market capabilities, diversify the current geographical footprint and optimise operational performance.”

“Our global expertise in the space of energy infrastructure, with investments in Naturgy, PPC and PKP Energetyka, has been crucial to position ourselves as a reliable partner for Enel in Gridspertise. Gridspertise is a unique opportunity to leverage the growth of energy transition incentives offered by authorities worldwide”, added Jiri Zrust, Partner, Head of Infrastructure at CVC.

The transaction is expected to close in Q4 2022 and is subject to customary closing conditions.

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Advent International and Wilbur-Ellis announce the merger of their life sciences and specialty chemicals solutions businesses to form a leading global value-add distribution platform with unique positions in high-growth regions and combined sales of around EUR 3 billion

Advent International
  • Advent International and Wilbur-Ellis to merge Caldic and Connell, their life sciences and specialty chemicals solutions businesses focused on nutrition, pharma and industrial formulations
  • The combination creates a leading global platform with a substantial presence in two high-growth regions: in Asia-Pacific with Connell and in Latin America with Caldic-GTM
  • Extending their global reach, Caldic and Connell joining forces will accelerate growth opportunities for principals and customers by leveraging best-in-class labs, deep application know-how and global presence of the combined group

Rotterdam, 14 October, 2022/San Francisco, October 13, 2022 – Advent International (“Advent”), one of the largest and most experienced global private equity investors with a well-established track record in chemicals, and Wilbur-Ellis, one of the largest family-owned companies in the world, today announced that they have reached an agreement to merge their life sciences and specialty chemicals solutions businesses, Caldic B.V. (“Caldic”) and Connell, to create a global leader in its sector.

Caldic, a global provider of specialty ingredients and chemicals for the life sciences and industrial formulation markets with a major presence in Europe, North America and Latin America, will benefit by increasing its global presence through a merger with Connell, which is one of the major players in Asia-Pacific.

Under the ownership of Advent and Wilbur-Ellis, the combined company will benefit from two strong shareholders committed to build a leading global platform offering thorough expertise in specialty ingredients and chemicals solutions and distribution in two high-growth regions: in Asia-Pacific with Connell and in Latin America with Caldic-GTM, following Caldic’s merger with GTM in March 2022. By extending Caldic and Connell’s global footprint, the merger will accelerate growth opportunities for both principals and customers and drive further investments into people, technical labs, and sites. Together, Caldic and Connell will have more than 3,800 employees across 43 countries, which provide solutions to over 35,000 customers by leveraging 75 formulation centers and application labs and deep application know-how. The combination will generate sales of about EUR 3 billion.

Ronald Ayles, Managing Partner at Advent International, said: “By bringing together the highly complementary businesses of Caldic and Connell, we will form a truly global business with significant exposure to high-growth regions and very diversified end markets with a high value-add offering. In Wilbur-Ellis, we have found a committed partner who shares our long-term vision of building a fully integrated growth and innovation focused business. We look forward to working together with Wilbur-Ellis and the management teams of both Caldic and Connell in this exciting new chapter which brings synergistic business development opportunities for principals and customers alike.”

John Buckley, Wilbur-Ellis President and Chief Executive Officer, said: “We couldn’t be more excited about the partnership between Connell and Caldic. With Caldic’s strong global position, and Connell’s 125-year presence in Asia-Pacific, the partnership will immediately establish a global, privately-held specialty chemicals and ingredients distribution leader. The combined organization will provide a broad range of solutions for customers.”

In recent years, Caldic has stood out as a rapidly growing, innovation-driven player. The company continuously invests into value-add capabilities and has established itself as a leading player in attractive and high-growth life science end-markets. Caldic’s management team has a track record of acquiring companies and subsequently integrating and accelerating their growth under its ownership.Alexander Wessels, CEO, Caldic, state

d: “We are thrilled that Advent is partnering with Wilbur-Ellis as this will create a unique opportunity to combine two major players, Caldic and Connell, each with a strong family heritage who are supported by a strong private shareholder base with extensive expertise in the sector. Bringing together similar entrepreneurial cultures and complementary geographies reinforces our ambition to establish Caldic as a global growth platform with a significant presence in two high-growth regions, Asia-Pacific and Latin America. This is an exciting moment to join forces as we accelerate our growth and firmly position the business as one of the major global players in our industry.”

Connell’s product portfolio includes specialty chemicals and ingredients for life science segments such as food, pharmaceuticals, and personal care, as well as industrial segments, such as coatings, rubber and lubricants. With a significant presence in Asia-Pacific, Connell’s strengths lie in its world-class network of principals, combined with technical and marketing expertise, and its extensive presence in local segments. These strengths enable Connell to meet customer-specific requirements through customized formulation and marketing support and dedicated, value-added blending capabilities, which it has built out over its 125 years of local presence across the Asia-Pacific region.

Azita Owlia, who will serve as CEO of the combined entities in Asia-Pacific, added: “In terms of value creation, this is a huge win for our customers, suppliers, and employees. We will be stronger than ever and able to bring reach and capabilities to the segments we serve, as well as global growth opportunities for our employees.”

The transaction is expected to close in the first quarter of 2023 subject to customary conditions and regulatory approvals. Terms of the agreement were not disclosed.

Wilbur-Ellis and Connell were advised in this transaction by Rabobank and Natrium Capital, joint financial advisors.

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 395 private equity investments across 41 countries, and as of June 30, 2022, had $96 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of 270 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including industrial & chemicals, business and financial services; technology; health care and retail, consumer and leisure. 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.

Apart from Caldic, Advent has invested in over 30 other companies in the chemicals industry over recent years. Examples include Röhm, one of the global market leaders in methacrylate chemicals, allnex, a global leader in resins for the paints and coatings industry, Oxea, a leading supplier of oxo alcohols and oxo derivatives, and VIAKEM, a leading manufacturer of fine chemicals.

Advent’s approach is to provide significant support to management teams by assisting with operating resources and expertise from its Portfolio Support Group and third-party Operating Partner program.
For more information, please visit: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

 

ABOUT THE WILBUR-ELLIS COMPANIES

Founded in 1921, the Wilbur-Ellis companies are leading international marketers, distributors and manufacturers of agricultural products, animal nutrients and specialty chemicals and ingredients. By developing strong relationships, making strategic market investments, and capitalizing on new opportunities, the Wilbur-Ellis companies have continued to grow the business with sales of over $3.5 billion. For more information, please visit www.wilburellis.com

 

ABOUT CALDIC

Because we care, we touch the lives of hundreds of thousands of people every day. We inspire innovative and sustainable solutions in life science and specialty chemicals for the food, pharma, personal care and industrial markets of the world. Our solutions, carefully sourced and customized to exacting specifications whenever required, are backed by outstanding research & development, customer service, and technical & regulatory support, ensuring that they meet precisely determined needs at every stage of the value chain.

Across Europe, North America and Asia-Pacific, our approximately 2,600 employees go the extra mile day in, day out, to deliver value-add solutions for our customers. In our activities we embrace the principles of sustainability designing products, services and processes with these in mind. From formulation to delivery, from ingredient to packing, from supplier to customer, we care about every detail of what we do. Because every detail is in our care.

For more information, please visit www.caldic.com

 

ABOUT CONNELL

Connell is a leading marketer and distributor of specialty chemicals and ingredients in Asia-Pacific, with 125 years of experience. Its extensive network across 48 locations in 18 countries is where big-business resources meet small business agility. Connell brings outstanding insights and service to the life and industrial science markets, while promoting a broad range of leading global manufacturers, its own formulated products, and extensive technical, marketing and supply chain expertise. With its intimate market knowledge and creative approach, Connell provides its business partners with unlimited opportunities to grow their businesses.

 

Media contacts

Advent International and Caldic
Ruben Cardol, CFF Communications
ruben.cardol@cffcommunications.nl
+31 655 358 427

Wilbur-Ellis and Connell
Jeanne Forbis
jforbis@wilburellis.com
628-224-3053

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