Category Archives: News

CapMan Growth invests in fast growing financial management software company Fennoa

Capman

CapMan Growth invests in fast growing financial management software company Fennoa

CapMan Growth invests in fast growing software company Fennoa which develops and provides cloud-based financial management software. During the last few years, the company’s revenue and profitability has increased tenfold.

In addition to CapMan Growth, Finnish pension insurance company Ilmarinen also invests in the company. The company’s current CEO and founding partner Mikko Kalliovaara as well as the company’s CTO and founding partner Lasse Elfving continue in their current positions and as significant majority shareholders.

Fennoa develops and sells cloud-based financial administration solution used by accounting firms and their customers. The company, founded in 2014, employs 32 people and serves about 500 accounting firms including tens of thousands of their customer companies.

Since its foundation, Fennoa has grown at an exponential pace; throughout the last three years the company has grown at a compound annual growth rate exceeding 100%. The growth has first and foremost been driven by the high quality solution which the company develops continuously. The solution offers, amongst other things, the most highly developed automation of financial administration workflow and processes. In a survey conducted by the Finnish Financial Administration Association, Fennoa consistently received top scores, including the highest NPS-score.

”We are very excited about the opportunity to partner up with the Fennoa team and continue building the company’s future growth. The team has already built a first-class solution by focusing on the customer and end-user. This is reflected in customer feedback as well as in the company’s fast growth,” says Heikki Juntti, Partner at CapMan Growth.

”We are happy to have CapMan and Ilmarinen join us on the next stages of our growth journey. They are strong Finnish investment partners who support Fennoa’s growth towards a market leader positioning in the ongoing digital disruption of the financial administration industry. For us and our customers it is especially important that we can continue our growth as an independent company in line with our values,” comments Mikko Kalliovaara, CEO at Fennoa.

For more information, please contact:

Heikki Juntti, Partner, CapMan Growth, +358 40 556 8899

Mikko Kalliovaara, Founder and CEO, Fennoa Oy, +358 40 763 6347

CapMan Growth is a leading Nordic growth investor making significant minority investments in companies targeting strong growth and internationalisation. CapMan Growth is part of CapMan, a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over €4.8 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. CapMan has been listed on the Nasdaq Helsinki since 2001. Read more at growth.capman.com and www.capman.com.

Fennoa is a Finnish company founded in 2014 that develops and sells cloud based financial administration software for accounting firms and their customers. Over 500 accounting firms already use Fennoa and tens of thousands of companies and communities around Finland utilise their services through them. For more information go to  www.fennoa.com

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DIF partners with Deutsche Bahn on public transport concession in Germany

DIF

DIF Capital Partners is pleased to announce that it has signed a sale and lease back agreement regarding the acquisition of 29 new-build and electrical multiple-unit trains with DB Regio AG, a subsidiary of Deutsche Bahn AG. The investment will be made through DIF Infrastructure VI fund. MEAG acted as exclusive arranger for the senior debt financing.

DB Regio will sell 29 multiple-unit trains (Coradia Stream HC series), manufactured by Alstom Transport Deutschland, to DIF and lease them via an initial 15-year term to operate the “Kinzigtal” concession. This will connect the German cities Frankfurt am Main, Hanau, Fulda, Bebra as well as Wächtersbach.

Gijs Voskuyl, Partner and Head of Investments for the DIF VI strategy : “DIF is pleased to partner with Deutsche Bahn and our project lender MEAG on this project. Our investment is a component of a wider plan to extend and modernise the public transport services around Frankfurt. The aim is to make it more attractive, by contributing to the customer satisfaction as well as to increase sustainability of – especially – commuter transport from the suburbs to the city center.”

Benjamin Hemming, Head of Infrastructure Debt at MEAG, adds: “We are very pleased to make an important contribution to the modernisation of public transport in Germany with our exclusive debt arrangement for the Kinzigtal network. The new trains which will operate on the line will not only make commuting by train more convenient, but will also contribute to reducing emissions. With this innovative private placement we enable our institutional clients to participate in a long-term and sustainable financing at attractive terms.”

DIF was advised by Herbert Smith Freehills (legal), railistics (technical and commercial), Mazars (model audit and tax), ReedSmith and Loyens & Loeff (tax), Euro transaction Solutions (insurance) and Northrail (transaction structuring as well as long term asset management provider).

(Picture: © Alstom Advanced Design & Styling)

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).
  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.

DIF Capital Partners has a team of over 200 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact DIF: Diederik Heinink, d.heinink@dif.eu

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CVC Funds and Nordic Capital completes the acquisition of Cary Group to support its accelerated European growth journey

Cary Group, formerly Ryds Bilglas, is a leading vehicle glass repair and replacement provider, helping to prolong the life cycle of vehicles and maintain their safety features. The company provides its services with proximity to customers in Sweden, Denmark, Norway, the UK, Spain, Portugal, Germany, Luxembourg and Austria, aiming for a high quality, superior customer experience, whilst applying smart solutions to make sustainable car care easier.

Quotes

We have followed Cary Group and its progress in the industry for some time and have been impressed by the growth that the company has achieved in recent years.

Gustaf Martin-LöfPartner, CVC

Andreas Näsvik, Partner and Head of Industrial & Business Services, Nordic Capital Advisors, commented: “Having been the principal shareholder of Cary Group for over four years, Nordic Capital has a strong commitment to this fantastic business. Together, CVC and Nordic Capital are ensuring Cary Group’s continued European growth journey and ability to keep pioneering the market for vehicle glass repair and replacement with a leading sustainability focus.”

Gustaf Martin-Löf, Partner, CVC, added: “We have followed Cary Group and its progress in the industry for some time and have been impressed by the growth that the company has achieved in recent years. Looking ahead, we see significant potential for Cary Group to accelerate this expansion, whilst driving operational excellence further. Together with Nordic Capital, we now look forward to providing the company with the right funding conditions, business know-how and geographical reach to strengthen its role on the European market.”

Anders Jensen, CEO Cary Group, said: “Our mission is to provide our customers with smarter solutions for sustainable car care, by offering services that sustain the life, value and safety features of vehicles. We have steadily expanded our business offering over the last five years and now, having partnered with two of the world’s most experienced investors, we are well-placed to accelerate our growth trajectory.”

Between 2018 and 2021, Cary Group invested significantly in initiatives to drive operational excellence and improve the sustainability of its operations, while also deploying an accelerated M&A strategy to expand outside Sweden with the ambition of becoming a leading provider in the Nordics.

CVC and Nordic Capital see a great opportunity across the fragmented European market for Cary Group to expedite its expansion and by staying at the forefront of digitalisation and sustainability within car care. With deep experience of growing businesses both organically and by acquisitions, combined with a broad global network of relationships, CVC and Nordic Capital will enable an accelerated execution in relation to Cary Group’s strategy.

The acquisition follows a public offer to the shareholders on Cary Group, unanimously recommended by the company’s Board of Directors. On 10 October 2022, CVC Funds and Nordic Capital owned 99.9 percent of the shares in Cary Group, through the commonly owned company Teniralc BidCo AB, and the offer was subsequently closed. The last day of trading in Cary Group’s shares on Nasdaq Stockholm was 18 October 2022.

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With the support of Gimv, Groupe Claire acquires E.I.E. from Sade, a subsidiary of Veolia

GIMV

18/10/2022 – 07:30 | Portfolio

Specialist in the supply of equipment and solutions for drinking water networks, Groupe Claire, in which the investment company Gimv became the majority shareholder in December 2018, is accelerating the development of its traditional product range with the acquisition of Equipement Industriel Européen (“E.I.E.”) from Sade, a subsidiary of the Veolia Group. By taking this new step, Groupe Claire, which has been growing steadily for several years, is strengthening its position as market leader in France.

Groupe Claire (www.groupe-claire.com) designs, develops and supplies solutions for equipment for metering, connection and control of drinking water networks. The group, which places the preservation of water resources at the heart of its concerns, has both :

  • a range of equipment for the construction, maintenance and repair of water distribution networks (home connection, connection, metering environment, equipment, operating tools) and irrigation networks via its Sainte-Lizaigne brand references and Hydroméca;
  • a range of products and solutions designed to improve network performance (diagnosis, monitoring, leak detection, remote control) with its Fast, Ijinus and Wayve brands.

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Bluegem partners with Suavinex

Bleugem

Consumer specialist private equity firm Bluegem Capital Partners today announces that Bluegem III, through its portfolio company Béaba, has acquired a majority stake in Suavinex, a premium Spanish baby care brand.

Headquartered in Spain, the group is recognised for high quality and innovative baby products focused on baby bottles, soothers and personal care for babies and mothers. The business has manufacturing operations in Slovakia and Spain as well as an in-house team of engineers and technicians who have developed a wide range of worldwide patented products.

Suavinex was established in 1980 and in 1988 pioneered the launch of a revolutionary weaning product, the three position teat system, making it possible to adapt the flow of liquid from the bottle to the baby’s rate of sucking and type of food. In 2018 the business released Zero-Zero, an innovative product range of anti-colic baby bottles and soothers utilising patented technology and founded on the principles of medical benefits.

While most of the sales are in Spain, via a team of direct sales agents locally, the business has dedicated sales teams also in Italy, France and China, in addition to sales through distributors globally. In tandem the business has a strong and growing digital presence and a loyal customer base willing to repurchase and recommend the brand. The business benefits from an end to end vertically integrated business model allowing for full control over the entire value chain.

Suavinex is acquired by Bluegem’s third generation fund which held its final close in February of this year and has already made five investments in a diversified portfolio of resilient consumer subsectors. The combination of Suavinex and Béaba will establish a leading European company in the baby care sector, with a global footprint and a strong focus on feeding newborns to 24-month-old babies.

Commenting on the acquisition, Julien Laporte, CEO at Beaba and Operating Partner at Bluegem said:

“We firmly believe in the quality of Suavinex products and in its leadership position in the Spanish market. We are excited by the opportunity to consolidate two fantastic brands and look forward to creating a European leader in the baby care sector, focused on feeding and personal care.”

Mathieu Develay, Partner at Bluegem said:

“Suavinex is a great addition to Bluegem III and our portfolio of resilient consumer brands. We see premium baby care, especially the feeding and personal care segments, as core components of non-discretionary demand: parents don’t compromise on quality when providing for their babies. By combining two premium brands in this space, Béaba and Suavinex, we see a strong opportunity to drive growth and value, from a safe and stable base.”

Juan Ramón García, CEO at Suavinex commented:

“Suavinex is a leading “love brand” in the Spanish newborn and personal care market, developing and marketing high quality and innovative products. The integration into the Peek-a-Boo Group (Beaba) will strengthen Suavinex presence in international markets, continuing the company’s strategy initiated 10 years ago, and will enhance the value of its manufacturing facilities located in Spain and Slovakia. Our aim, with this alliance, is to create one of the most important European groups in baby care and personal care.”

About Bluegem Capital Partners LLP

Bluegem is a specialist private equity firm investing in brands underpinned by non-discretionary demand and megatrend tailwinds.  Bluegem utilise a proprietary artificial intelligence toolkit alongside an experienced team of investment professionals to accelerate business growth.  Bluegem have a track record of partnering with management teams across Europe through different economic cycles and market conditions, focusing on resilient consumer segments including: Beauty and Personal Care; Household Care; Food and Beverage; Baby Care; Pet Care; and Hobby and Craft. More information about Bluegem can be found at www.bluegemcp.com.

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EQT combines with BPEA to capture growth opportunities in Asia

eqt

EQT AB (“EQT”) has today completed its combination with Baring Private Equity Asia (“BPEA”). This brings together one of the world’s largest1 private markets firms, EQT, with the third largest in Asia2, BPEA, creating a global leader in active ownership strategies.

The combination delivers on EQT’s strategic ambition to expand its presence in Asia, a market that is expected to outgrow global private markets3 and EQT believes will be a key contributor to EQT delivering strong long-term returns for its clients. It brings together BPEA’s strong track record and extensive experience of investing across Asia with EQT’s expertise in areas such as sustainability and digitalization. EQT will be “local-with-locals” in countries representing 80 percent of global GDP, enabling it to better leverage insights on a global scale and execute on a broader range of investments, while attracting some of the best talent.

“Asia is home to more than half of the world’s population and predicted to generate over 40 percent of global GDP within ten years – as a result, it’s expected that the growth of the Asian private market will accelerate at nearly double the pace of global markets through 2025,” said Christian Sinding, CEO and Managing Partner of EQT. “As a combined firm, we offer local experience and global capabilities – underlined by shared values – that puts EQT in an even stronger position to capture the opportunity through our leading investment strategies across private equity, infrastructure and real estate.”

BPEA EQT private capital: an enhanced platform
BPEA EQT combines the private equity teams from BPEA and EQT Asia, with teams based in Beijing, Hong Kong, Mumbai, Seoul, Shanghai, Singapore, Sydney and Tokyo. It builds on 25 years of success in which it has invested in companies such as Hexaware Technologies, Virtusa, and Nord Anglia Education. Prior to completion, BPEA held the final close of the Baring Asia Private Equity Fund VIII at USD 11.2 billion4, making it one of the largest private equity funds ever raised in Asia. BPEA’s success is reflected through its 2.4x gross fully and partially realized MOIC since inception5.

Jean Eric Salata, Chairman of EQT Asia, Head of BPEA EQT and member of EQT’s Executive Committee, commented: “To succeed in a diverse region like Asia requires strong local relationships as well as global sector and operational capabilities. The combined BPEA EQT platform gives us exactly this, with teams on the ground in eight cities, a thematic investment strategy underpinned by global sector teams, and an active ownership approach driven by deep global networks of industrial advisors and digital capabilities. By joining forces with EQT, we believe we are strengthening our competitive position and ratcheting up our ability to continue delivering strong returns for our clients.”

EQT Exeter doubles down on Asia
EQT’s real estate division, EQT Exeter, is bolstered by the integration of BPEA’s regional Asian real estate business, BPEA Real Estate. The business will continue to operate as one global platform, while benefiting from enhanced talent, skills, knowledge, and capabilities in Asia. It will expand its investments in logistics, office, multi-family, and life sciences, in parallel with EQT Exeter’s global geo-sector specialist strategy.

Ward Fitzgerald, Partner and Head of EQT Exeter, said: “This combination is the third leg of global expansion for EQT Exeter. With EQT Exeter’s existing expertise, we are now completing the puzzle to create a major player in sheds, beds and meds. The opportunity in Asia is vast and we look forward to bringing our operating model to the region with the aim to enhance returns for our investors.”

Mark Fogle, who now leads the EQT Exeter business in Asia, added: “Ward and team have built an amazing business in North America and Europe, and we are truly excited about the new partnership. The combined platform provides an enhanced ability to be local in all our investment decisions, which has been a core strength of ours and which we believe is critical to succeeding in Asia.”

Key transaction details

  • Following the signing of a definitive agreement to acquire BPEA (the “Transaction”), as announced on 16 March 2022, the Transaction was completed on 18 October 2022
  • BPEA and EQT’s Private Equity teams in Asia have combined to form BPEA EQT, and EQT Exeter has integrated BPEA’s Real Estate business. EQT Infrastructure continues to operate globally, while benefiting from BPEA’s pan-regional presence and networks
  • EQT acquires 100% of the BPEA management company, the BPEA general partner entities which control selected BPEA funds, and the right to carried interest in selected existing funds (including 25% in BPEA Fund VI and 35% in BPEA Fund VII). EQT will invest in and be entitled to 35% of the carried interest in future BPEA EQT funds, starting with BPEA Fund VIII, in line with existing EQT policies
  • The transaction consideration consists of 191.2mn new EQT ordinary shares (corresponding to a dilution of approximately 16%), plus EUR 1.6bn in cash6
  • The cash consideration and transaction expenses related to the combination are funded by cash and the net proceeds from a EUR 1.5bn sustainability-linked bond issuance in April 2022
  • BPEA has, as of 30 September 2022, EUR 22.1bn in fee-generating assets under management and 225 employees

Notes

1 Source: PEI 300 2022
2 By AUM, excluding international private markets peers with presence in Asia
3 1.8x AUM growth in private markets in Asia vs global expected between 2020 – 2025, Source: Preqin
4 USD 11.2 billion in total commitments, with USD 10.5 billion in fee-paying assets under management
5 As of June 30, 2022. Since inception is defined as the timing of creation of the independent firm (from Fund III and onwards)
6 Corresponding to USD 1.6 billion

Contact

Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. As of 30 June 2022, EQT had EUR 77 billion in assets under management within two business segments – Private Capital and Real Assets and BPEA had EUR 20 billion in assets under management. 

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does. 

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 23 countries across Europe, Asia-Pacific and the Americas and has close to 1,500 employees.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagra

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Breakthrough Energy Announces First Catalyst Project Funding in $50 Million Grant to LanzaJet

For the World’s First Alcohol-to-Jet Sustainable Aviation Fuel (SAF) Plant

Seattle, Washington—Breakthrough Energy announced that its first Catalyst project funding will go to LanzaJet’s Freedom Pines Fuels sustainable aviation fuel (SAF) plant in Soperton, GA in the form of a $50 million grant. Breakthrough Energy Catalyst is a unique program that brings together corporate and philanthropic organizations to accelerate the deployment of essential technologies by funding key first-of-a-kind commercial-scale projects.

Projected to be operational in 2023, LanzaJet’s Freedom Pines Fuels project is the firm’s first commercial-scale SAF plant and will be the first in the world to produce Alcohol-to-Jet SAF, which will lower emissions by at least 70% compared to fossil jet fuel. Once fully operational, this plant will play a critical role in scaling SAF production and bringing lower-cost sustainable fuels to market. The plant is expected to produce nine million gallons of SAF and one million gallons of renewable diesel annually, roughly doubling current SAF production in the U.S. Construction of the plant will enable the significant scale-up of LanzaJet’s technology within the U.S. and globally, with subsequent projects already in the planning phase in North America, Europe, and Asia that, together, would produce more than one billion gallons of SAF annually.

First-of-a-kind projects for emerging technologies often struggle to access low-cost capital because they have high green premiums and frequently face unforeseen challenges and costs, especially in the current inflationary environment. By providing capital to these types of early commercial facilities, Catalyst funding can reduce risk for follow-on investments and accelerate the deployment of clean technologies. In this case, Freedom Pines Fuels’ Catalyst grant filled a funding gap and will enable the plant to maintain its current development timeline.

Importantly, the grant will also spur further SAF innovation by helping create a new market for scalable, low-carbon ethanol from sustainable sources by setting the expectation that the plant will transition to second-generation ethanol, including from waste-based feedstocks, by its fifth year. This transition will complement work LanzaJet is already doing to build SAF plants using second-generation ethanol in the U.K. and develop strategic partnerships to accelerate the advanced fuel’s development, of which there is currently little supply in the market.

“Breakthrough Energy Catalyst is a new way for the private sector to accelerate the clean energy transition by funding projects that will ensure essential climate solutions get to market on the timeline the world needs,” said Rodi Guidero, Executive Director, Breakthrough Energy & Managing Partner, Breakthrough Energy Ventures. “LanzaJet’s new sustainable aviation fuel plant could play a vital role in decarbonizing aviation while demonstrating how the jobs and businesses of the clean energy economy can power communities. We’re grateful to Catalyst’s partners, who understand climate leadership means supporting the technologies that will eliminate emissions and that solving our climate challenges will require nothing less than mobilizing the world’s economic engine to build a net-zero future.”

“LanzaJet is grounded in innovation, and we work every day with a sense of urgency to address our global climate challenge,” said Jimmy Samartzis, LanzaJet CEO. “To maximize our impact and scale our technology to deliver significant quantities of sustainable aviation fuel worldwide, partnerships matter. We have a real opportunity on our doorstep to significantly scale-up and globally deploy our technology, and we wouldn’t be able to build this plant as quickly or affordably without Breakthrough Energy’s Catalyst grant, which reduced our total cost of capital and is critical to reducing emissions and accelerating the pace of bringing SAF to the global market.”

Aviation accounts for approximately 2-3% of global greenhouse gas emissions annually, and as a “drop-in” fuel, sustainable aviation fuels offer an important way to quickly decarbonize aviation with existing aircraft currently in use around the world. Produced from a variety of low-carbon, sustainable feedstocks such as agricultural waste, municipal solid waste, energy crops, or carbon captured from industrial processes or ambient air, SAF is a like-kind replacement for traditional jet fuel and is compatible with existing aircraft and infrastructure. SAF can dramatically reduce lifecycle greenhouse gas emissions (GHGs) compared to conventional fuel made from crude oil, while also significantly improving local air quality by reducing conventional air pollutants like particulate matter.

Breakthrough Energy’s Catalyst grant joins earlier supporters of LanzaJet’s Freedom Pines Fuels plant, which has received funding from the U.S. Department of Energy and the Microsoft Climate Innovation Fund, as well as investments from LanzaJet’s shareholders Mitsui & Co., Suncor Energy, LanzaTech, British Airways, and Shell. The plant is being built at a unique moment of opportunity for SAF. The recently signed Inflation Reduction Act includes tax credits that will help jumpstart production of SAF in the U.S. and make clean jet fuels more price competitive. It also includes $297 million for a grant program dedicated to scaling up clean aviation technologies, including SAF.

Learn More about LanzaJet

Download an overview

“The use of sustainable aviation fuel (SAF) is a cornerstone of our strategy to decarbonize air travel, and our partners at Breakthrough Energy Catalyst are helping to accelerate promising new technologies to scale SAF for broader use throughout the aviation industry,” said Robert Isom, CEO, American Airlines. “We’ve been aggressive in our pursuit to acquire and utilize SAF, but the marketplace requires additional innovation and investment to reach the scale we need. Thanks to Breakthrough Energy Catalyst’s investment in LanzaJet, American Airlines—and the aviation industry as a whole—is one step closer to reaching destination net-zero.”

“As one of the first global financial institutions to set a sustainable aviation fuel usage and capital deployment goal, Bank of America and Breakthrough Energy are helping catalyze a SAF market to accelerate the transition to a low-carbon economy,” said Brian Moynihan, Chairman and CEO of Bank of America.

“Decarbonizing the aviation industry using sustainable aviation fuel is a critical part of the global path to net zero,” said Christoph Schweizer, CEO of Boston Consulting Group. “And as a founding partner of Breakthrough Energy Catalyst we believe this investment to expand LanzaJet’s plant is a vital step toward that goal.”

 

About LanzaJet Inc.
LanzaJet is a leading sustainable fuels technology company dedicated to accelerating the energy transition by embracing the circular economy. As a Sustainable Aviation Fuel (SAF) technology provider and a sustainable fuels producer with patented technology, LanzaJet is creating an opportunity for future generations by accelerating the deployment of sustainable aviation fuel and other clean technology which is critical in addressing the climate crisis and transform the global economy. Further information is available at lanzajet.com.

 

 

About Breakthrough Energy & Catalyst
Breakthrough Energy was founded by Bill Gates in 2015 to accelerate the clean energy transition and help the world reach net-zero emissions by 2050. Through investment vehicles, philanthropic programs, policy advocacy and other activities, Breakthrough Energy is committed to scaling the technologies the world needs to meet its climate goals. Breakthrough Energy Catalyst is a first-of-its-kind model to finance the new solutions that will underpin a zero-carbon economy, focused initially on four technology areas: sustainable aviation fuel, long-duration energy storage, green hydrogen, and direct air capture. Learn more about Breakthrough Energy and Catalyst at breakthroughenergy.org.

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Data Fabric leader, Stratio BD, secures €65m Series C investment

Adara

Stradio BD has announced a new round of investment to continue fueling its international expansion. The €65m Series C investment was led by InfraVia Growth, with participation from Adara Ventures and the Stratio founders.

Founded in 2014 and headquartered in Madrid, Stratio has successfully positioned itself as the global leader in the new category defined by Gartner and Forrester as “Data Fabric.” The company has developed a unique software solution for orchestrating disparate data sources, intelligently and securely, in a self-service and automated manner.

Over the past eight years, Stratio has expanded beyond Spain to the US, Latin America, the UK, and France, growing its team to over 400 employees and working with more than 50 enterprises – including BBVA, Santander, HSBC, Barclays, Mutua Madrileña, Sanitas, El Corte Inglés, and more.

This latest round of funding will allow the company to further accelerate its expansion into new European markets, focusing primarily on banking and insurance clients.

Stratio’s core software business is experiencing rapid growth in 2022 and is seeing an increase in annual recurring revenues (ARR  of over 70%, despite modest investments in marketing and sales. Moreover, the mix of new bookings, renewals, and upsells is improving – with scalable, high-margin software representing almost two-thirds of revenues.

We first met the Stratio founders in 2014 and led their €4m Series A round of funding. In 2018, we partnered again to lead their €13m Series B, and we are proud to continue backing Óscar Méndez, Ernesto Funes, and the entire Stratio team as they enter this next phase of growth.

“Stratio combines the technical depth to develop a leading-edge product with the hands-on experience to solve the challenges of large enterprises in leveraging data and using AI. We are impressed by Stratio’s customer base and commercial momentum of its Data Fabric offering, and we are excited to continue partnering with the team on their international scale-up journey.” – Alberto Gómez, Managing Partner, Adara Ventures

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Self-service Data Fabric: unlocking more value from data

Today’s global enterprises are managing immense volumes of data and deploying that data across on-premise and cloud environments. The sheer amount of data types and platforms makes it challenging to manage data’s access, security, and integrations efficiently.

As a result, many companies are still working under a monolithic silos structure and paying enormous costs to maintain legacy data systems. Developments within artificial intelligence (AI), hybrid cloud, the internet of things (IoT), and edge computing over the past decade have led to the exponential growth of big data, creating even more complexity for enterprises to manage.

Enterprise data fabric adoption has been on the rise as a solution to consolidate data coming from various sources and across distributed environments. Data fabric enables anyone in the organization to access and share data seamlessly, helping companies overcome data silos, drastically increase data understanding, and boost productivity amongst data teams.

Stratio accompanies businesses on their data fabric journey with a full-scale, self-service platform that helps with data exploration, governance, and monitoring. The augmented data fabric platform allows companies to create a unified environment where data is standardized, semantically defined, and within everyone’s reach.

Learn more here: https://www.stratio.com.

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EQT Infrastructure broadens investor base in GlobalConnect

eqt
  • EQT Infrastructure welcomes Mubadala as an investor in GlobalConnect
  • The broadened investor base adds new resources and expertise, supporting GlobalConnect’s long-term ambition to increase societies’ digital connectivity

EQT is pleased to announce that the EQT Infrastructure III and IV funds (“EQT Infrastructure”) have signed an agreement to sell a minority stake in GlobalConnect (the “Company”) to Mubadala Investment Company (“Mubadala”). Having been invested in the Company since 2017, EQT Infrastructure will remain as the largest owner following the closing of the transaction.

Headquartered in Stockholm, Sweden, GlobalConnect is a fiber-based data communication and data center services provider to enterprises, public institutions, and consumers in Northern Europe. The Company was created in 2019 through the combination of four independent fiber platforms in Denmark, Norway and Sweden, owned by EQT Infrastructure.

In times of increasing data volumes and ever-growing demand for fast and reliable connectivity, GlobalConnect plays an important role in providing essential digital infrastructure solutions to the societies it operates in. Today, GlobalConnect’s infrastructure carries more than 50 percent of all internet traffic generated in the Nordics across its network of 150,000 km of fiber infrastructure and 35,000 m2 data center space, and it employs around 1,800 people in the region.

Rooted in an ambition to provide fast and secure internet access to all, EQT Infrastructure has over the years invested significantly in GlobalConnect’s Fiber-to-the-Home deployment in underserved areas and remote parts of Sweden and Norway, enabling digital inclusion and bridging the divide between urban and rural regions. As made evident by the pandemic, having access to fast and robust bandwidth increases societies’ resilience and strengthens companies’ competitiveness.

By welcoming Mubadala as a minority investor in GlobalConnect, EQT Infrastructure aims to broaden the Company’s long-term shareholder base, while drawing on Mubadala’s prior investment experience in data center and Fiber-to-the-Home assets in numerous markets.

Carl Sjölund, Partner within EQT Infrastructure’s Advisory Team, said, “GlobalConnect is a perfect example of EQT Infrastructure’s strategy to back companies that provide essential services to society. As data usage and internet traffic continue to increase, it is vital that the underlying digital infrastructure keeps up to meet future demand. EQT Infrastructure remains committed to GlobalConnect’s ambition to increase societies’ digital connectivity and we are happy to welcome Mubadala to come along on this journey”.

Khaled Abdulla Al Qubaisi, Chief Executive Officer, Real Estate and Infrastructure Investments at Mubadala, said, “We are pleased to be investing with our long-term partner, EQT, in GlobalConnect. As a responsible investor, we highly prize those deals that enable us to invest in high conviction assets and sectors for value creation and to deliver a positive impact on communities. Investing in digital infrastructure allows us to achieve both these goals. We look forward to working with GlobalConnect and EQT to capitalize on growth opportunities in data center and Fiber-to-the-Home assets, and to support Europe’s digital infrastructure development, a vital enabler of digital inclusion and socioeconomic progress.”

The transaction is subject to customary conditions and approvals.

EQT Infrastructure was advised by Citigroup and Deutsche Bank.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with EUR 77 billion in assets under management as of 30 June 2022, across 36 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 280,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About GlobalConnect
GlobalConnect Group is one of the leading digital infrastructure and data communication providers in Northern Europe. The Group delivers end-to-end solutions across its own infrastructure consisting of 150,000 kilometers fiber network and 35,000 sqm data center space in Denmark, Norway, Sweden, Germany and Finland. GlobalConnect Group employs approximately 1,800 people, has 30,000 B2B customers and connects more than 700,000 households with a high-capacity fiber network. GlobalConnect Group is the result of 2019 and 2020 mergers between Broadnet, GlobalConnect and IP-Only. In the B2C segment, the group operates under the brands IP-Only, HomeNet and Onefiber, while operating as GlobalConnect in the B2B segment across all its markets.

More info: www.globalconnectgroup.com

About Mubadala Investment Company 
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.

Mubadala’s $284 billion (AED 1045 billion) portfolio spans six continents with interests in multiple sectors and asset classes. We leverage our 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   

For media enquiries, please contact: Danielle.Ferns@edelman.com ; Mazar.Masud@edelman.com

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Ratos company airteam acquires Grundströms Plåt i Kiruna

Ratos

Grundströms Plåt i Kiruna is a profitable ventilation company and sheet metal workshop. The company carries out ventilation projects in renovations, expansions and new construction for companies in the mining industry as well as for construction projects and existing properties. The acquisition has expanded airteam’s geographic presence and customer base, thereby broadening its offering to the industry.

The acquisition is in line with the Nordic ventilation giant airteam’s strategy to strengthen its presence in the Swedish market, and is in line with Ratos’s acquisition strategy, in which both smaller and larger add-on acquisitions in existing companies play an important role.

“airteam is continuing its journey of growth in Sweden, and with this acquisition it is taking an additional step towards the goal of being the Nordic region’s leading specialist in ventilation projects. It’s particularly exciting that the Ratos companies SSEA and NVBS, which operate in construction and infrastructure maintenance, respectively, already operate in the region. This will allow airteam to hit the ground running with excellent partnership opportunities,” says Christian Johansson Gebauer, Chairman of the Board of airteam and President, Business Area Construction & Services, Ratos.

“This acquisition is strategically important for airteam. We are convinced that there is a clear opening in the Swedish market for a leading, modern and sustainable ventilation company like airteam,” says Poul Pihlmann, President and CEO, airteam.

About airteam
airteam is a Nordic supplier of climate and ventilation solutions, with a market-leading position in the Danish home market and strong growth in the Swedish market. At airteam, value is created through a customer-oriented corporate culture with talented and dedicated employees who maintain strong relationships with customers and suppliers. Ratos is the majority owner.

For further information, please contact
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21
Poul Pihlmann, President and CEO, airteam, +45 40 64 09 71

About Ratos
Ratos is a business group consisting of 15 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2021, the companies have approximately SEK 26 billion in net sales. Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

 

 

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