Category Archives: News

ProMart Oy, a portfolio company of the Folmer Equity Fund II, has acquired Ruuvilinja Oy

Folmer

ProMart Oy, a platform company of Folmer Equity Fund II Ky, has completed acquisition of Ruuvilinja Oy. The
completed transaction expands product and service portfolio of ProMart Oy and further strengthens the group’s
capabilities especially within fastening products.

ProMart Oy is specialized in technical wholesale and distribution with a product range consisting of well-known items
that meet the requirements of professionals across industries. Company’s comprehensive product range includes
tools and supplies, fasteners, protective equipment and chemicals. ProMart employs c. 80 professionals and the
expected revenue for the current fiscal is c. 30 MEUR.

Ruuvilinja Oy, founded in 1983, is technical wholesaler specialized in fastening products and tools. The company is
located in Ylöjärvi, near Tampere. As a result of the transaction, the product offering of Ruuvilinja will expand
significantly. The expected revenue of Ruuvilinja for the current fiscal is c. 1 MEUR.
Folmer

Categories: News

IK Partners invests in Wishcard alongside EMZ Partners and Oakley Capital

IK Partners

IK Partners (“IK”) is pleased to announce that the IK Partnership Fund II has, as part of an investment consortium comprising EMZ Partners and Oakley Capital, acquired a minority stake in Wishcard Technologies Group (“Wishcard” or “the Company”). Founded in 2014 and headquartered in Germany, Wishcard is a leading gift and rewards platform operating in Germany, Austria, Switzerland and Italy, providing multi-brand vouchers for personal gifting and for businesses.

Founded in 2014 and headquartered in Brilon, Germany, the Company has grown to become the leading provider of business-to-consumer (“B2C”) multi-brand gift vouchers and business-to-business (“B2B”) gift cards in the DACH region. At present, Wishcard offers one of the largest brand selections on the market with a network of over 500 highly regarded redemption partners, including Amazon, Google, Apple, IKEA, and Zalando. The Company distributes its cards through various sales channels which include a network of more than 110,000 retail outlets and its own e-commerce store. It also sells directly to its sizeable B2B customer base.

IK and its co-investors will hold a minority stake and support Wishcard’s future growth by jointly focusing on expanding its service and product offering as well as pursuing further international expansion. The transaction enables both the founding and broader management teams to regain a majority position in the Company after a successful partnership with Oakley Capital. As part of the change in ownership, Dr Andreas Betzer will be established as the new CEO. He brings extensive expertise in the retail sector to the business alongside his experience in areas such as digitalisation.

Financial details of the transaction are not being disclosed.

Verena Argauer, COO of Wishcard, commented: “We are immensely proud of the development Wishcard has undergone in recent years and we have even more ambitious plans for the future. In this context, we are convinced that this consortium of experienced investors has the skills and know-how to support our continued international and portfolio expansion. We are very pleased to welcome IK, EMZ and Oakley Capital as our new long-term partners.”

Detlef Dinsel, Managing Partner at IK and Advisor to the IK Partnership Fund II, said: “With the help of Oakley Capital, the management team has successfully established Wishcard as the leading provider of personal and business gift cards in the DACH region. We expect the market to continue to grow at an attractive rate and look forward to working with our co-investors and new CEO Andreas Betzer to develop the Company’s international footprint with a sustainable product offering.”

For further questions, please contact:

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

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KnowBe4 to be Acquired by Vista Equity Partners For $4.6 Billion

TAMPA BAY, Fla.–(BUSINESS WIRE)–KnowBe4, Inc. (the “Company” or “KnowBe4”) (Nasdaq: KNBE), the provider of the world’s largest security awareness training and simulated phishing platform, today announced that it has entered into a definitive agreement to be acquired by Vista Equity Partners (“Vista”) in an all-cash transaction valued at approximately $4.6 billion on an equity value basis.

“As a significant investor in KnowBe4, we could not be more excited to take this next step in our journey together”

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Under the terms of the merger agreement, KnowBe4 stockholders will receive $24.90 per share in cash upon completion of the proposed transaction. The per share purchase price represents a 44 percent premium to the Company’s unaffected closing price on September 16, 2022, the last full trading day before Vista publicly disclosed its initial non-binding acquisition proposal on its Schedule 13-D. As disclosed by KnowBe4 in a press release dated September 19, 2022, an independent Special Committee of KnowBe4’s Board of Directors (the “Special Committee”) was formed to review this proposal and other potential value creation opportunities.

“Today’s announcement is a testament to the success of our strategy and the strength of our incredible team. This acquisition by Vista represents the next phase of our journey,” said Stu Sjouwerman, founder, Chairman and Chief Executive Officer of KnowBe4. “KnowBe4 has a strong record of performance, as evidenced by our market-leading platform and global customer base. Under Vista’s ownership, we will have access to additional resources and support, which will help us achieve our goals and deliver enhanced value to our customers. We look forward to partnering with Vista’s team to continue empowering businesses worldwide to strengthen their human firewall and make smarter security decisions every day.”

“As a trusted partner to enterprise software companies around the world, we make a point to invest in businesses that make a difference and have a demonstrated track record of success,” said Michael Fosnaugh, Co-Head of Vista’s Flagship Fund and Senior Managing Director. “We look forward to leveraging our deep understanding of the business to help Stu and his talented and experienced team address the human element of cybersecurity.”

“As a significant investor in KnowBe4, we could not be more excited to take this next step in our journey together,” commented Rod Aliabadi, Managing Director at Vista. “We have long appreciated the work that KnowBe4 does in strengthening the human layer of cybersecurity through educating employees on how to identify social engineering and related cyber threats.”

Certain Terms, Approvals and Timing

Under the terms of the agreement, which was unanimously approved and recommended to the Board by the Special Committee and then unanimously approved and recommended for approval by the stockholders by KnowBe4’s Board of Directors, KnowBe4 stockholders will receive $24.90 in cash for each share of common stock that they own.

In connection with Vista’s initial acquisition proposal, KnowBe4, under the supervision of the Special Committee and its legal and financial advisors, engaged in a robust process, including evaluating transaction alternatives against KnowBe4’s standalone plan and other strategic alternatives. Following this process, the Special Committee and KnowBe4’s Board of Directors each unanimously determined that the transaction with Vista is in the best interests of KnowBe4 and its stockholders.

In connection with the transaction, Vista has entered into support agreements with Mr. Sjouwerman and investment funds affiliated with KKR and Elephant Partners. Under these agreements, which collectively account for approximately 83 percent of KnowBe4’s outstanding voting power, the applicable stockholders have agreed to vote all of their shares of KnowBe4 common stock in favor of the transaction, subject to certain terms and conditions contained therein, and to roll some of their existing equity into the acquiring company or purchase equity in the acquiring company. Vista intends to finance the transaction through a combination of debt and equity financing, including the rollover and investment contemplated by the support agreements.

The transaction is expected to close in the first half of 2023, subject to customary closing conditions, including receipt of regulatory approvals and approval by KnowBe4 stockholders. The transaction is subject to approval by the holders of (i) a majority of the voting power of KnowBe4’s outstanding common stock, (ii) a majority of the voting power of KnowBe4’s outstanding common stock not owned by Vista, certain members of KnowBe4’s management and stockholders rolling some or all of their existing equity in KnowBe4, and certain of their respective affiliates, including, but not limited to, Mr. Sjouwerman and investment funds affiliated with KKR and Elephant Partners, and (iii) a majority of the outstanding shares of each of KnowBe4’s Class A common stock and Class B common stock, voting as separate classes. Upon completion of the transaction, KnowBe4’s shares will no longer trade on the Nasdaq Global Select Market, and KnowBe4 will become a private company.

The foregoing description of the merger agreement and the transactions contemplated thereby is subject to, and is qualified in its entirety by reference to, the full terms of the merger agreement, which KnowBe4 will be filing on Form 8-K.

Advisors

Morgan Stanley & Co. LLC is serving as financial advisor to the Special Committee, Wilson Sonsini Goodrich & Rosati, Professional Corporation is serving as KnowBe4’s legal advisor and Potter Anderson & Corroon is serving as the Special Committee’s legal advisor.

Kirkland & Ellis LLP is serving as legal counsel and Guggenheim Securities, LLC is serving as financial advisor for Vista.

Gibson, Dunn & Crutcher LLP is serving as legal counsel to KKR, Latham & Watkins LLP is serving as legal counsel to Elephant Partners and Moulton Moore Stella LLP is serving as legal counsel to Mr. Sjouwerman.

About KnowBe4

KnowBe4, the provider of the world’s largest security awareness training and simulated phishing platform, is used by more than 52,000 organizations around the globe. Founded by IT and data security specialist Stu Sjouwerman, KnowBe4 helps organizations address the human element of security by raising awareness about ransomware, CEO fraud and other social engineering tactics through a new-school approach to awareness training on security. Kevin Mitnick, an internationally recognized cybersecurity specialist and KnowBe4’s Chief Hacking Officer, helped design the KnowBe4 training based on his well-documented social engineering tactics. Tens of thousands of organizations rely on KnowBe4 to mobilize their end users as their last line of defense.

About Vista Equity Partners

Vista is a leading global investment firm with $94 billion in assets under management as of June 30, 2022. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on Twitter, @Vista_Equity.

Additional Information and Where to Find It

KnowBe4, its directors and certain executive officers are participants in the solicitation of proxies from stockholders in connection with the pending acquisition of KnowBe4 (the “Transaction”). In connection with the Transaction, KnowBe4 will file a proxy statement (the “Transaction Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) and the Company, certain of its affiliates and certain affiliates of Vista will jointly file a transaction statement on Schedule 13e-3 (the “Schedule 13e-3”). Additional information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the Transaction Proxy Statement and other relevant documents to be filed with the SEC in connection with the Transaction. Information relating to the foregoing can also be found in KnowBe4’s definitive proxy statement for its 2022 Annual Meeting of Stockholders (the “2022 Proxy Statement”), which was filed with the SEC on April 6, 2022. To the extent that holdings of KnowBe4’s securities have changed since the amounts printed in the 2022 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.

Promptly after filing the definitive Transaction Proxy Statement and the Schedule 13e-3 with the SEC, KnowBe4 will mail such materials and a WHITE proxy card to each stockholder entitled to vote at the special meeting to consider the Transaction. STOCKHOLDERS ARE URGED TO READ THE TRANSACTION PROXY STATEMENT AND THE SCHEDULE 13E-3 (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT KNOWBE4 WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, the preliminary and definitive versions of the Transaction Proxy Statement and the Schedule 13e-3, any amendments or supplements thereto, and any other relevant documents filed by KnowBe4 with the SEC in connection with the Transaction at the SEC’s website (http://www.sec.gov). Copies of KnowBe4’s definitive Transaction Proxy Statement and the Schedule 13e-3, any amendments or supplements thereto, and any other relevant documents filed by KnowBe4 with the SEC in connection with the Transaction will also be available, free of charge, at KnowBe4’s investor relations website (https://investors.KnowBe4.com) or by emailing IR@knowbe4.com.

Forward-Looking Statements

This communication contains forward-looking statements that involve risks and uncertainties, including statements regarding the Transaction, including the expected timing of the closing of the Transaction; considerations taken into account by KnowBe4’s Special Committee and its Board of Directors in recommending the Transaction for approval and approving the Transaction; and expectations for KnowBe4 following the closing of the Transaction. Such forward looking statements are subject to inherent risks and uncertainties, including those associated with: the possibility that the conditions to the closing of the Transaction are not satisfied, including the risk that required regulatory approvals to consummate the Transaction are not obtained and that KnowBe4’s stockholders do not approve the merger agreement; the occurrence of any event, change or other circumstances that could result in the merger agreement being terminated or the merger not being completed on the terms reflected in the merger agreement, or at all, and the risk that the merger agreement may be terminated in circumstances that require us to pay a termination fee; potential litigation relating to the Transaction; uncertainties as to the timing of the consummation of the Transaction; the ability of each party to consummate the Transaction; possible disruption related to the Transaction to KnowBe4’s current plans and operations, including through the loss of customers and employees; and other risks and uncertainties detailed in the periodic reports that KnowBe4 files with the SEC, including KnowBe4’s Annual Report on Form 10-K filed with the SEC on March 10, 2022 and Quarterly Reports on Form 10-Q filed with the SEC on May 10, 2022 and August 4, 2022, each of which may be obtained on the investor relations section of KnowBe4’s website (https://investors.knowbe4.com). If any of these risks or uncertainties materialize, or if any of KnowBe4’s assumptions prove incorrect, KnowBe4’s actual results could differ materially from the results expressed or implied by these forward-looking statements. All forward-looking statements in this communication are based on information available to KnowBe4 as of the date of this communication, and KnowBe4 does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.

Contacts

For KnowBe4:

Ken Talanian
Investor Relations
IR@Knowbe4.com
(727) 286-3584

Kathy Wattman
Public Relations
PR@KnowBe4.com
(727) 474-9950

OR

Eric Brielmann / Caroline Lipe
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

For Vista Equity Partners:

Brian W. Steel
Vista Equity Partners
media@vistaequitypartners.com
(212) 804-9170

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Next impact investment from Cottonwood Technology Fund: Green Theme Technologies raises $5.4 million to push its water free textile technology

Green Theme’s water free technology removes PFAS and other harmful chemicals from textile manufacturing to provide better performance with less pollution

Albuquerque, New Mexico:Green Theme Technologies Inc (GTT), the global leader in water-free and PFAS-free textile finishing, is proud to announce $5.4 million dollars raised in its series B2 financing.

This influx of capital will be used to grow GTT’s revolutionary water-free EMPEL™ performance technologies, which now include the best durable water repellent (DWR) finish in the market, stain protection, a new technology to keep footwear dry, and the ongoing joint development of water-free dye (WFD) with market leading mill and brand partners. The unique technology uniformly fuses PFAS-free chemistries to each fiber in a fabric. EMPEL™ treated fabrics far exceed the performance of other competitive C0 and C6 products in the market.

“We are very pleased with the engaged support from a knowledgeable investment team like Cottonwood Technology Fund that understands GTT technology and wants to create solutions for the growing environmental pollution created by textile manufacturing,” said Martin Flora, VP of Business Development with GTT. “Legislation like the recent California Bill (AB 1817) signed into law last month banning PFAS chemistries in textiles by 2025 are driving mills and brands to adopt the GTT EMPEL™ solution more rapidly. In addition to legislative pressure, textile manufacturers and apparel brands are starting to realize that inefficient traditional water-based textile dyeing and finishing methods are extremely wasteful in energy, create huge amounts of water pollution, remediation costs and deliver inferior performance compared to GTT’s EMPEL ™ water-free processes.”

The lead investor in the series B2 round; Cottonwood Technology Fund focuses on disruptive science-based inventions. “Cottonwood invests in hard science and deep tech start-ups that are poised to disrupt large markets,” said David Blivin, Managing Partner with Cottonwood. “We see real opportunity with Green Theme to become the new global industry standard for high performance, low impact textile finishing, which is why we are proud to invest in them.”

GTT also has the support from other expert investment groups like Phoenix Venture Partners that targets advanced material science technologies, Safer Made focused on cleaner chemistry technologies to bring safer products to the market and Sun Mountain Capital, a leading private investment firm in the Southwest and Rocky Mountain regions, also participated in the round. The fast-growing textile and fashion industries are currently the second largest water polluters on Earth and Green Theme’s business model intends to change that. By replacing traditional water-based wet textile finishing processes with efficient and water-free and PFAS -free EMPEL technology, GTT and their licensing partners are directly reducing the amount of water pollution in the world. The result is cleaner, better performing, and more sustainable textile products.

About Green Theme Technologies
Green Theme Technologies, Inc. is a textile innovation company with the mission to create products that out-perform existing technologies while eliminating toxic chemicals, water usage, and pollution. Visit https://greenthemetek.com/ for more information.

About Cottonwood Technology Fund
Cottonwood Technology Fund is a top-decile performing early-stage venture capital fund. Its investment focus is on hard science and deep tech, providing (pre-)seed and early-stage funding to IP-driven companies. Cottonwood makes impact investments in Key Enabling Technologies such as Photonics, Micro- & Nanoelectronics, Advanced Materials, Nanotechnology, Medical Technology, Climate Tech, Advanced Manufacturing and Robotics. Cottonwood recently launched its third fund focused on startups from Northwest Europe and Southwest USA, regions with numerous national laboratories, major research universities and research centers.

Current and prior investments include Skorpios Technologies, Sarcos Robotics (NASDAQ: STRC), Exagen (NASDAQ: XGN), BayoTech, Sencure, Infinitum Electric, Flexiramics, FibeRio (acquired by Clarcor), xF Technologies, TriLumina (acquired by Lumentum), SoundEnergy, OPNT, BioFlyte, Circular Genomics and SmartNanotubes Technologies.
Visit https://www.cottonwood.vc for more information.

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Argos Wityu invests in SB Italia

argos wityu

Founder Massimo Missaglia reinvests alongside Argos Wityu and remains as CEO, Pietro Scott Jovane becomes Chairman of SB Italia, and Paolo Scaroni joins the Board of Directors.

SB Italia is launching an ambitious development plan aimed at strong organic growth, in line with the company’s performance, complemented by a focused acquisition plan.

Argos Wityu, an independent pan-European private equity group, has taken a majority stake in SB Italia, a digital innovation company specialized in IT solutions and services for the management, integration, and digitisation of business processes.

To maintain strategic and business continuity, Massimo Missaglia, SB Italia’s founder, and his team will reinvest in the company. Mr Missaglia will also remain at the helm of the company as its Chief Executive Officer.

To accelerate SB Italia’s expansion, Pietro Scott Jovane, former CEO of Microsoft Italy and RCS MediaGroup, will join the Board of Directors as Chairman, and Paolo Scaroni, former CEO of ENEL and ENI and currently Chairman of AC Milan, will also join the Board of Directors.

Argos Wityu’s investment lends strong support to Mr Missaglia’s development plans and adds impetus and significant resources to help the company fully realise its remarkable potential.

SB Italia’s five-year strategic growth plan is based on the following pillars:

  • Geographical expansion in Italy and abroad,
  • Strong development of proprietary solutions,
  • Focus on certain industries and verticals (e.g., HR, Procurement).

In addition to these pillars, specific initiatives are being developed to support Italy’s digitization plans, supported by the Italian Next Generation EU funds. Growth through acquisition is also planned.

SB Italia is one of the leaders in the Italian IT landscape, helping to create new business models, optimising day-to-day management of operations, and rationalising its customers’ IT spending, while accompanying those customers in their digital transformation.

The company’s range of services includes cutting-edge solutions, such as AgileSign (digital signature platform), DocsWeb (Document, Process & Workflow Management platform), SRM (Sustainability Relationship Management aimed at innovating corporate green practices) and CollaborAction (CRM). The Company also offers Analytics and Predictive Analysis solutions as well as projects related to ERP and system management services, laying the foundations of an efficient and secure IT system.

SB Italia, founded in 2004, has since experienced rapid growth. The company forecasts a 2022 turnover of over €38 million, with an increase of 30% in the first half, compared with 2021. For some years now, the company has ranked among IDC’s top 100 software and service operators in Italy.

Andrea Pavesi, Partner at Argos Wityu, said: “We are very pleased to announce our investment in SB Italia, in partnership with the current management team. We believe that the IT sector is among the most important ones to focus on now, with outstanding prospects, as identified by the Italian Next Generation EU funds. We have developed clear and ambitious growth plans, fully in line with Massimo Missaglia and his team, and we think we can be a value-added partner for this project. Furthermore, in line with our usual approach, we feel we have the responsibility to provide not only financial resources but also skills, vision, and leadership. To accomplish this, we are looking forward to benefiting from the extensive experience of Pietro Scott Jovane, the new Chairman, and Paolo Scaroni, as a new member of the Board of Directors.”

Massimo Missaglia, CEO of SB Italia, added: “This objective of this transaction is to provide the impetus for a new phase of growth and enhancement at SB Italia. Argos Wityu’s investment will enable us to achieve the expansion goals we are aiming for. We have always supported companies in their digitisation; thanks to this new structure, we will be able to offer increasingly innovative, bespoke and valuable solutions for our customers in Italy and abroad. I am sure that this path is the right one and all of our customers recognise this daily. For this reason, my team and I have decided to reinvest in the company as part of the transaction.”

Pietro Scott Jovane, new President of SB Italia, commented: “I am honoured to be part of the successful SB Italia team and to be able to contribute in my role to the ambitious strategic plan for the coming years. SB Italia has been able to digitise key processes at some of the largest Italian companies in recent years, and I am confident that these skills and credibility, paired with the decisive support of Argos Wityu, can now be accelerated on a large scale and support even more customers in their digital transformation.”

Argos Wityu team: Jean-Pierre Di Benedetto, Andrea Pavesi, Veronica Digoncelli, Gabriele Scalco, Luca Settanni and Alberto Hallac.

Argos Wityu

Coralie Cornet
Director of Communications
ccc@argos.fund
+33 1 53 67 20 63

SB Italia Press Office

Meridian Communications
Silvia Ceriotti
silvia.ceriotti@meridiancommunications.it

 

About Argos Wityu / www.argos.wityu.fund
Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With more than €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About SB Italia / www.sbitalia.com
SB Italia designs, builds, and manages IT solutions to lead companies in Digital Transformation projects. In 2021, the Company recorded over 34 million euros turnover, developed with 250 passionate people who identify, propose, and implement innovative digital solutions for their customers.
SB Italia is a value-added system integrator characterized by having in-house the main skills necessary for the design and delivery of projects. The Company also has a development team working on application solutions that have become a benchmark in the market, in ECM, Document Management, Workflow Management, BI & Analytics, ERP, and information systems.
Partner of the main technology vendors, the Company has in-depth knowledge in relation to the most innovative technologies as well as strong skills and great experience on processes, thanks to projects carried out in different sectors with companies of various sizes.

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CVC Credit supports Cinven’s acquisition of Euro Techno Com

CVC Capital Partners

CVC Credit is pleased to announce that it has committed debt facilities to support Cinven’s acquisition of Euro Techno Com (“ETC Group”), a specialised distributor for the telecom and technology infrastructure industry.

Founded in 1993, ETC Group is a global leader and partner in the design, procurement and distribution of materials, tooling and equipment used by telecom operators and their subcontractors to install, build and maintain wireline and wireless infrastructure and other digital infrastructure. Headquartered in France, the Group has c.1,100 employees and c.14,000 customers based primarily across Europe and the US.

ETC Group is led by an experienced management team, with a strong record of successful acquisitions to broaden its geographic scope and customer base. The company has built a strong market position as a global leader and critical link between sourcing and distribution of materials for the telecommunications industry in France, Portugal, the US, UK, Israel, Dominican Republic, Qatar, Oman, UAE, Hong Kong, Morocco, Germany and Poland.

Quotes

This transaction is a great example of the power of the CVC Network, which allows us to draw on its knowledge and experience, particularly that of CVC’s Technology, Strategic Opportunities and France teams

Andrew Davies Partner and Co-Head of Private Credit

Dominic Connelly, Director at CVC Credit commented: “ETC Group’s critical and highly regarded service offering, position it as a key enabler in the rollout of telecoms infrastructure. Its resilient and bespoke business model, as well as market tailwinds, are helping the business to accelerate its growth and increase market share, while at the same time, continuing to deliver high levels of customer satisfaction.”

Andrew Davies, Partner and Co-Head of Private Credit at CVC Credit, said: “This transaction is a great example of the power of the CVC Network, which allows us to draw on its knowledge and experience, particularly that of CVC’s Technology, Strategic Opportunities and France teams, which will help us support ETC Group better during their next stage of exciting growth.”

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Allianz X to acquire Innovation Group

Allianz X will acquire Innovation Group, supporting its growth and further development

● Innovation Group is a leading global provider of claims and technology solutions to the insurance and automotive industries

● Innovation Group will continue to operate independently, serving all customers

Munich/London, 10 October 2022 — Allianz X announced today it has entered into binding agreements with the shareholders of UK-headquartered Innovation Group to fully acquire the Company. The transaction is subject to approval by the relevant competition and regulatory authorities.

Innovation Group’s subsidiaries include auto and property service solution leaders that offer technology-based business process solutions. Further, Innovation Group operates a pioneering digital claims management platform, Gateway, which is a sophisticated, independent software platform for the automotive sector and, in time, the property sector. Gateway bundles the diverse processes in claims management into one integrated software. It allows digital management of the claims journey, from First Notification of Loss (FNOL) to repair and settlement, providing an entirely collaborative ecosystem for all parties involved in the claims process.

“Innovation Group’s digital solutions bring together all the relevant parties and data to facilitate smooth, efficient, and transparent claims management, from First Notification of Loss to repair and settlement, which is what the market is increasingly demanding,” said Nazim Cetin, CEO of Allianz X. “It’s a future-ready business with lots of potential and we want to help unleash it.”

“Allianz X’s support will accelerate the roll-out of our industry-leading platform, Gateway, open up new opportunities for growth, and enable us to deliver market-leading services for our clients,” said Tim Griffiths, CEO of Innovation Group. “We are delighted to have the backing of Allianz X as we enter the next phase of our development.”

Following the transaction, Innovation Group will maintain its management team and continue to operate independently. The Company will retain its name, brand, and culture, and will continue to offer its full range of services at the highest quality to all clients.

For more information, please contact:

Allianz X

Gregor Wills

+49 89 3800 61313

gregor.wills@allianz.com

Innovation Group (via Instinctif Partners)

Tim McCall / Victoria Hayns

+44 20 7457 2020

Hubert Becker / Christiane Zimmer

+49 22 1420 7524

innnovationgroup@instinctif.com

About Innovation Group

Innovation Group delivers transformational expertise to the world’s leading insurers, brokers, fleet managers and automotive manufacturers, helping them to open new growth frontiers with revolutionary solutions. Clients trust us to transform their claim management processes, manage critical vehicle and property incidents and generate more revenue through value-added services. Innovation Group connects more than 1,200 global clients in the insurance and automotive sectors with an ecosystem of thousands of integrated regional network repairers and suppliers.

About Allianz X

Allianz X invests in digital frontrunners in ecosystems relevant to insurance and asset management. In just a few years, it has grown to a portfolio of more than 25 companies and AuM of over 2 billion euros. Allianz X has counted 11 unicorns among its portfolio so far. The heart and brains behind it all is a talented team of around 40 people. As one of the pillars of the Allianz Group’s digital transformation strategy, Allianz X provides an interface between Allianz Operating Entities and the broader digital ecosystem, enabling collaborative partnerships in insurtech, fintech, and beyond. As an investor, Allianz X supports mature digital growth companies to take the next bold leap and reach their full potential.

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Zodiac Milpro, a company supported by Argos Wityu, acquires the German shipyard Yachtwerft

This acquisition enables Zodiac Milpro to accelerate its international growth and strengthen its portfolio with a new prestige brand.

Zodiac Milpro, the world leader in high-performance inflatable and rigid inflatable boats, has announced the acquisition of Yachtwerft Meyer, specialized in the design and production of custom-made premium boats. Supported by Argos Wityu since 2018, Zodiac Milpro is an investment of the Argos VII fund.

Yachtwerft Meyer, located in Bremen (Germany), is known worldwide for the high quality of its mega-yacht tenders and high-performance professional boats. Its unique know-how in the design of light and robust carbon fibre hulls makes Yachtwerft Meyer one of the only players able to meet the needs of its particularly demanding industry.

Zodiac Milpro is currently facing a strong and growing demand for highly technical boats. This strategic merger creates a new group, which will leverage on its increased production capacity and technological complementarity to accelerate its development in Germany and Eastern Europe.

Thomas Ribéreau and Simon Guichard, Partners at Argos Wityu say “We are proud to support Zodiac Milpro’s dynamic team. The acquisition of Yachtwerft Meyer represents a significant additional step towards strengthening Zodiac Milpro’s position as a world leader with clear industrial, technical, and commercial synergies”.

Guillaume Laurin, Zodiac Milpro President adds “I am particularly pleased with this agreement. Yachtwerft Meyer is an outstanding company that designs highly technical boats with incredible performance and quality. We will be able to help Yachtwerft Meyer expanding into the fast growing professional and defense sector in Germany. By pooling our expertise, we will be able to design new boats with enhanced performance. This transaction is one more step in our strategy towards technological reinforcement and international expansion.”

Jan Meyer, CEO Yachtwerft Meyer, concludes “As part of the Zodiac Milpro Group, Yachtwerft Meyer can continue to grow, will be even more competitive and excellently positioned for the future. Worldwide market access, expansion of the product range, joint development of new innovative products, not only for the yacht sector but also for the Navy and professional sectors, will help to further diversify Yachtwerft Meyer and make the entire group more successful.

We look forward to a common future in a strong alliance with the Zodiac Group”

Argos Wityu team: Thomas Ribéreau, Simon Guichard, and Bilel Oumheta

Argos Wityu

Coralie Cornet
Head of Communications
ccc@argos.fund
+33 6 14 38 33 37

About Argos Wityu / www.argos.wityu.fund
Argos Wityu is an independent European investment fund that supports companies in the transfer of business ownership. It has assisted more than 80 entrepreneurs, focusing its investment strategy on complex transactions with emphasis on transformation, growth, and close collaboration with management teams. Argos Wityu seeks to acquire majority interests and invest between €10m and €100m with each transaction. With more than €1bn under management and 30 years of experience, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris.

About Zodiac Milpro / www.zodiacmilpro.com
World leader in high-performance boats, Zodiac Milpro has been designing innovative products for “those who work on the water”. Zodiac Milpro has originated most of the major concepts that have driven the development of the modern inflatable boat since the 1930s. As a French stand-alone group headquartered in Paris, Zodiac Milpro has more than 100 years of technical heritage and sets the standard for the most advanced inflatable and semi-rigid craft.

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Ratos company HENT to build FREYR Battery’s Giga Arctic battery factory in Mo i Rana

Ratos

he Norwegian construction company HENT, which signed a major partnership contract with FREYR in December 2021 regarding battery factories in Mo i Rana, has been commissioned to build FREYR Battery’s Giga Arctic battery factory. HENT will be responsible for planning, project administration and constructing the first battery factory, with floor space of 120,000 square metres.

Giga Arctic is the collective name of FREYR’s previously planned battery factories Gigafactory 1 and 2 in Mo i Rana. The annual manufacturing capacity is estimated at 29 GWh. Giga Arctic will primarily produce lithium-ion batteries, specifically lithium ferro-phosphate (LFP) batteries.

“Giga Arctic is yet another landmark to be proud of in HENT’s portfolio. This is an important project for society at large, since the factory will produce batteries that reduce global carbon dioxide emissions, which contributes to the transition towards a sustainable society. It is particularly gratifying that the project will be carried out in the collaborative form “Partnering”. Partnering contracts now make up the majority of HENT’s order book. Furthermore, specialist expertise in large, complex projects is attractive. Ratos is a proud long-term owner with a conviction that sustainability means profitability,” says Christian Johansson Gebauer, Chairman of the Board of HENT and President Business Area Construction & Services, Ratos.

“This is an important milestone for us. We remain humble, but we are proud to be part of the new industrial initiative in Norway. Building this battery factory is evidence of our ability to collaborate when navigating large-scale construction projects side-by-side with our clients. HENT is an active advocate for building safely and sustainably, and when we work with FREYR we have a like-minded partner with a clear vision of a strong and sustainable battery industry in Norway,” says Jan Jahren, CEO, HENT.

About HENT AS
HENT is a leading construction company that mainly works with new construction of public and commercial real estate. HENT focuses on project development, project management and purchasing. Its projects are carried out with their own project administration and in collaboration with a knowledgeable network of quality-assured subcontractors. They conduct projects throughout Norway and in selected segments in Sweden and Denmark.

About FREYR Battery Norway AS
FREYR is a pioneering manufacturer of clean battery solutions for a better planet. FREYR is driven by cost-efficient hydro and wind power and designs and manufactures high-density, cost-stable lithium-ion batteries with a lower carbon footprint for the rapidly expanding global market for electric mobility, stationary energy storage and marine and aviation applications.

For further information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

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Apax Funds to Sell Boasso Global to KKR

Apax

New York, NY and Tampa, FL, October 6, 2022 – Funds advised by Apax Partners LLP (“Apax Funds”) and KKR, a leading global investment firm, today announced the signing of a definitive agreement under which the Apax Funds will sell their majority interest in Boasso Global, Inc. (“Boasso” or the “Company”), a premier provider of depot, maintenance, cleaning, and transportation services for the ISO tank container industry in North America and Europe, to KKR. KKR is making the investment in Boasso through its KKR Global Infrastructure Investors IV fund, which focuses on critical infrastructure investments in North America and Western Europe. Financial terms of the transaction were not disclosed.

Boasso provides mission-critical logistics services to the global chemical and food grade supply chains through a network of 34 strategically located depots across North America and Western Europe. The Company’s full suite of ISO tank transportation and depot services are trusted by a diversified group of long-term customers. Under the Apax Funds’ ownership, Boasso has continued as an industry leader through significant organic growth and strategic acquisitions. The Company has expanded its geographic footprint, including entering into and growing within the U.K. and European markets, to better serve its global customer base.

Joe Troy, Chairman & Chief Executive Officer of Boasso, said, “It has been a privilege to work with Apax, whose guidance and support have helped Boasso achieve significant growth. As we look ahead, we are excited about the new opportunities before us as we continue to expand our global footprint and provide our customers with the outstanding service offerings they have come to expect. We also look forward to beginning our new strategic partnership with KKR.”

Ashish Karandikar, Partner at Apax, said, “We are very proud of what the Boasso team has accomplished over the past seven years, advancing the company’s record of excellence and executing a well-defined strategy. It has been a pleasure to work with Boasso’s experienced management team and we wish them nothing but success in the future.”

The Apax Funds acquired Boasso in 2015 as part of their purchase of Quality Distribution, Inc., a global logistics and transportation provider. In 2021, Quality Distribution sold its Quality Carriers bulk liquid chemical transportation business to CSX Corporation. As a result of that transaction, Boasso became a standalone entity.

“Boasso utilizes its network of assets to provide essential services to operators of ISO tanks, facilitating the efficient and safe flow of chemical and food grade products that are critical to the global economy,” said Dash Lane, Partner on KKR’s Infrastructure Team. “We are very excited to begin working with Joe and the rest of the Boasso team. Our patient, long-term oriented capital is well positioned to support Boasso’s network of facilities, its employees and its customers in their next phase of growth.”

Since establishing its global infrastructure strategy in 2008, KKR has been one of the most active infrastructure investors around the world with a team of more than 75 dedicated investment professionals across eight countries in the U.S., Europe and Asia Pacific. KKR’s infrastructure team oversees approximately $49 billion in assets as of June 30, 2022 and has made over 65 investments across a range of sub-sectors and geographies.

Apax Partners and Boasso were advised by Kirkland & Ellis, LLP as legal counsel and by lead financial advisor Harris Williams; J.P. Morgan Securities, LLC also provided financial advice. KKR was advised by Simpson Thacher & Bartlett, LLP as legal counsel and Jefferies LLC as financial advisor. Closing of the transaction is subject to customary regulatory approvals.

 

About Boasso Global

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

 

About 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 Apax Partners LLP

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com. Apax Partners is authorised and regulated by the Financial Conduct Authority in the UK.

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