Category Archives: News

Audax Private Equity Announces Investment in Rensa Filtration

Audax Group

Audax Private Equity (“Audax”) announced the acquisition of Rensa Filtration (“Rensa” or the “Company”), a manufacturer of consumable, mission-critical air filtration products. Financial terms of the transaction were not disclosed.

Founded in 2017 by CEO Brandon Ost, Rensa manufactures best-in-class air filtration solutions that keep environments safe and industries thriving. The Company has a manufacturing and distribution footprint that includes facilities in Maryland, Illinois, Michigan, and Texas, and the Company’s products are marketed across a range of brands including Rensa, Custom Filter, Viskon-Aire, Permatron, D Mark, and Air Filters, Inc. In its partnership with Audax, Rensa will continue to look to acquire high-growth companies interested in being part of a family of leading-edge filtration suppliers.

Brandon Ost, CEO of Rensa, will continue to lead the Company alongside the existing management team, who also collectively will continue to maintain a significant ownership position in the Company.

“Since our founding, Rensa has honored its commitment to engineering excellence, continuous improvement and innovation—and Audax’s investment is a critical piece of our overall strategy as we continue to build a world-class filtration business,” said Mr. Ost. “We believe Rensa has never been better positioned for growth, and look forward to benefiting from Audax’s proven expertise and value-add resources.”

“We’re thrilled to be partnering with Brandon and the talented team at Rensa to help drive growth, both organically and through strategic M&A,” said Joe Rogers, Managing Director at Audax Private Equity. “With our investment, Rensa will be well-positioned to deepen relationships with key customers and channels, expand the Company’s manufacturing footprint and capabilities, and increase exposure to rapidly growing markets.”

Andrew Oliver, Managing Director at Audax Private Equity, added, “Rensa is a distinguished leader in the air filtration manufacturing space, with a highly diversified product portfolio across key end markets. We look forward to supporting the Company as it continues its impressive growth trajectory, providing mission-critical products to its valued customers.”

Lincoln International served as financial advisor to Audax and Baird served as financial advisor to the Company. Ropes & Gray served as legal counsel to Audax and Vedder Price served as legal counsel to the Company.

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Ardian-led consortium of investors, including Crédit Agricole Assurances, completes the acquisition of the indirect stake in INWIT from TIM

Ardian

The consortium of institutional investors led by Ardian and including Crédit Agricole Assurance acquired TIM’s 41% stake in the holding company (Daphne 3) that in turn holds 30.2% of INWIT (Infrastrutture Wireless Italiane)
• With the closing of the transaction, the consortium now holds a 90% stake in Daphne 3 confirming its willingness to be a long-term strategic investor in INWIT

The consortium Ardian, a world’s leading private investment firm, and Crédit Agricole Assurances (CAA), France’s largest insurance group, announced that they have completed the acquisition of an indirect investment in INWIT in accordance with the share purchase agreement signed with TIM on April 14th, 2022. Impulse I, Ardian and CAA’s consortium vehicle, has acquired TIM’s 41% stake in Daphne 3, a holding company set at between TIM and Impulse I and which in turn holds 30.2% stake in INWIT.

With the completion of the deal, Impulse I holds 90% of the share capital of Daphne 3, with full and exclusive control of the company, while TIM retains certain minority rights. Relations between TIM and the consortium are regulated by a specific shareholders’ agreement, the contents of which were disclosed to the market on April 19th 2022. Prior to the closing of the transaction, the shareholders’ agreement in place between TIM, Daphne3, VOD EU and CTHC was terminated.

The transaction has been approved in accordance with Antitrust and Golden Power regulations and it has been structured not to give rise to any form of obligation to launch a public tender offer. In particular, in the context of the transaction, the consortium has undertaken to sell to non-related parties the participation directly and indirectly held in INWIT exceeding the 30% threshold within the 12 months following the closing of the transaction and not to exercise the relevant voting rights.

This investment in Daphne 3 further illustrates the strength of the partnership between TIM, Ardian and Crédit Agricole Assurances and their commitment to supporting INWIT’s ambition to decarbonize digital infrastructures and digitalize the Country while creating a sustainable and inclusive society. INWIT is at the forefront in the integration of ESG practices within the company’s strategy and a leader in the broader European telecom industry.

The transaction implies a valuation of the INWIT share of EUR 10.4275 (ex 2021 dividend, paid in May 2022).

“Our continuous support to one of the European towerco champions INWIT is fully aligned with Ardian Infrastructure strategy: INWIT is committed to playing an essential role in the Italian economy digitalization while setting an ambitious decarbonization net zero objective by 2024. Ardian will continue to act, together with Vodafone and TIM as long term partners to foster INWIT’s growth strategy.” MATHIAS BURGHARDT, HEAD OF ARDIAN INFRASTRUCTURE AND MEMBER OF ARDIAN’S EXECUTIVE COMMITTEE

“Through this transaction, Crédit Agricole Assurances is further strengthening its presence on the infrastructure market in which the group already has significant long-term interests. This reinforcement of our stake in INWIT, the largest Italian Towerco operator together with TIM and Ardian, enabling us to offer additional returns to our policyholders and to invest sustainably in assets that are critical. Finally, this participation meets the societal commitments of the Crédit Agricole group to promote access to digital technology for as many people as possible in the cities and the regions.” PHILIPPE DUMONT, CEO OF CREDIT AGRICOLE ASSURANCES

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 900+ 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.

ardian.com

ABOUT CRÉDIT AGRICOLE ASSURANCES

Crédit Agricole Assurances, France’s largest insurance group, unites Crédit Agricole’s insurance subsidiaries. The Group offers a range of savings, retirement, health, personal protection, and property insurance products and services. They are distributed by the Crédit Agricole’s banks in France and in eight other countries around the world. The Crédit Agricole Assurances companies serve individuals, professionals, farmers, and businesses. Crédit Agricole Assurances has 5,300 employees. Its premium income at the end of 2021 amounted to EUR 37.0 billion (IFRS).

www.ca-assurances.com

Media Contacts

ARDIAN

HEADLAND

ardian@headlandconsultancy.com  

CRÉDIT AGRICOLE ASSURANCES

Françoise Bololanik

Tel: +33 (0) 1 57 72 46 83 / 06 25 13 73 98

Nicolas Leviaux

service.presse@ca-assurances.fr Tel: + 33(0)157 72 09 50 / 06 19 60 48 53

Categories: News

Seedtag surges ahead with €250m investment

We’re excited to share the news that Seedtag, the global leader in contextual advertising, has raised over €250M in funding from private equity investor Advent International.

Accelerating US expansion

Seedtag will use the funding to further scale its Contextual AI technology, LIZ©, and advance its worldwide operations with its fast-growing team of more than 300 employees, a more than 40% increase since 2021.
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Growth in the US is also a key strategic focus, with co-CEO and co-founder Albert Nieto recently making the move to New York to establish Seedtag’s official US headquarters.

A record-breaking year

This funding represents a big step forward for Seedtag, following its many achievements during the past year. Just ten months ago, Seedtag secured $40 million in a Series B round led by Oakley Capital. In June 2022, Seedtag also acquired French adtech company KMTX, a leader in developing AI models to automate performance marketing campaigns.
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Major changes in the advertising industry, coupled with the advancements in AI and contextual targeting, make Seedtag’s privacy-complaint and brand-safe solutions more relevant and valuable than ever.
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We are pleased to have partnered with Jorge Poyatos, Albert Nieto, and the Seedtag team from a very early stage, and we congratulate the entire Seedtag team on this outstanding achievement.

Seedtag Cofounders and Co-CEOs (L-R) Albert Nieto Riera and Jorge Poyatos

We can’t wait to see what comes next!

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DIF CIF II portfolio company Joink has signed an agreement to acquire CTI

DIF

DIF Capital Partners is pleased to announce that its DIF CIF II portfolio company Joink, LLC, has entered into a definitive agreement to acquire 100% of Computer Techniques, Inc. (CTI). This acquisition will provide additional management and capital resources to support the current CTI team and significantly increase the speed of CTI’s fiber-to-the-home deployment in Central Illinois. The acquisition is subject to regulatory approval.

CTI co-founders Adam Vocks and Billy Williams founded the company in 1998. Over the years the company has transformed from a computer sales and service business into a facilities-based provider that now exclusively services its connectivity customers with fiber optics. The CTI network passes over 12,000 homes across Christian County and Montgomery County, supported by staff from its offices in Taylorville and Hillsboro in Illinois. CTI provides internet, voice, and video to residential customers and internet, voice, and private transport data solutions to business customers.

“We are very pleased to see Joink executing on the growth plan and adding new markets in Illinois, through the acquisition of CTI,” stated Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy. “The strategic rationale of the CTI acquisition is fully aligned with our fiber-to-the-home roll out strategy to ensure that the residents in Indiana and Illinois have reliable high-speed internet access. This highly complementary acquisition by Joink will allow it to serve customers better and continue to further bridge the digital divide.”

“We look forward to integrating CTI’s operations and team led by Bobbie Dean, CTI’s CEO, who will be part of the senior leadership team of Joink, after the transaction closes. Central Illinois had a great day today as we announce our plans to accelerate the expansion of CTI’s fiber network.” stated Josh Zuerner, President and CEO of Joink. “We recognize the importance of high-quality broadband and look forward to providing a best-in-class fiber-optic connectivity experience to end users in Illinois and Indiana.”

Pinpoint Capital Advisors served as financial advisor to CTI. Agentis Capital served as financial advisor to Joink and DIF.

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 VI 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 190 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: Thijs Verburg, t.verburg@dif.eu.

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EQT Life Sciences leads USD 20 Million Financing Round in FundamentalVR

eqt

FundamentalVR receives Series B growth investments to disrupt the medical simulation market – expected to be worth USD 4.2 billion by 2025.

FundamentalVR has raised USD 20 million to significantly accelerate medical skill-transfer and to increase surgical proficiency through its world-leading medical simulation platform, Fundamental Surgery.

The transaction was led by EQT Life Sciences, investing from the LSP Health Economics Fund 2, and joined by prior investors Downing Ventures. The new investments follows a Series A round from October 2019, and brings the company’s total funding to over USD 30 million.

FundamentalVR is the world’s first scalable medical simulation platform to combine virtual reality and haptics through data, artificial intelligence, and multimodal learning. FundamentalVR’s patented HapticVR™ technology mimics the physical touch of surgical actions which allows users to experience the sights, sounds, and physical sensations of real-life surgery. Scalable and hardware agnostic, the platform immerses users in a controlled training environment that lowers the surgical risk to patients.

Deployed in over 30 countries, FundamentalVR’s high-fidelity simulations helps life sciences, pharmaceutical and med-device companies deploy medical innovations in disciplines from ophthalmology, to robotics, gene therapy, and more. The growth investment will enable further development of HapticVR™, the machine learning data insights product, and geographic expansion throughout the US. FundamentalVR’s multiuser platform enables medical institutions, hospitals, and surgical educators, to scale professionally accredited surgical training throughout their organisations. Partnerships with hospital groups, including flagship clients and investors Mayo Clinic and Sana Kliniken, will drive further growth.

Richard Vincent, co-Founder and Chief Executive of FundamentalVR, said, “Our platform can conduct a walkthrough of a procedure through to a full operation, facilitating surgical skills transfer – which is why we have been enthusiastically embraced throughout the medical industry, from med-device manufacturers to pharmaceuticals. Our immersive environments transform surgical skills acquisition in a scalable, low-cost, multiuser way. We are excited to scale our vision of creating a medical education environment unhindered by borders.”

Drew Burdon, Partner at EQT Life Sciences, said, “With increasingly complex surgical procedures, it is important to provide medical professionals with new methods for surgical skills transfer and continued training and education, whilst managing both the cost and time burden associated with these activities. HapticVR™, is a differentiated approach which has already been adopted by a number of high-quality customers, in a short period of time, demonstrating the value that this system can add today”.

As part of the transaction, Drew Burdon will join the Board of Directors.

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AURELIUS Equity Opportunities reports robust growth also in the first half of 2022 despite persistently tough economic conditions

  • Annualised consolidated revenues up 20 percent over the comparison period to EUR 3,169.7 million; total consolidated revenues reach EUR 1,591.9 million
  • Operating EBITDA comes to EUR 127.6 million, higher than the year-ago comparison figure
  • Net asset value is EUR 1,004.2 million despite the current economic conditions
  • Gains on exits remain steady at EUR 38,2 million
  • Dynamic pace of transactions continues with further acquisitions and exits

Munich, August 11, 2022 – AURELIUS Equity Opportunities SE & Co. KGaA (“AURELIUS”; ISIN DE000A0JK2A8) has published its consolidated interim financial statements for the first half of 2022. Total consolidated revenues came to EUR 1,591.9 million (H1 2021: EUR 1,659.1 million). Annualised consolidated revenues from continued operations reached EUR 3,169.7 million, indicative of a 20 percent increase from the year-ago comparison period (H1 2021: EUR 2,652.9 million). The positive trend resulted from successful transactions in the last 12 months and the solid performance of portfolio companies.

“The first half of 2022 was marked by extraordinary and persistent macroeconomic challenges. Nonetheless, we were able to continue the positive trend of the first quarter in the second quarter as well thanks to the operating closeness to our portfolio companies and the three pillars of our investment strategy”, said Matthias Täubl, CEO of AURELIUS Equity Opportunities.

Operating EBITDA comes to EUR 127.6 million, higher than the year-ago comparison figure

The operating EBITDA of the combined Group came to EUR 127.6 million in the first half of 2022, that being 4 percent higher than the strong comparison figure for the first half of last year (H1 2021: EUR 122.4 million). The increase in operating EBITDA was largely driven by the performance of portfolio companies in the Industrial Production and Retail & Consumer Products segments. The portfolio companies moveero, Silvan, Conaxess Trade Group, Distrelec, and European Imaging Group also reported strong operating results.

Restructuring and non-recurring expenses incurred for the realignment of portfolio companies amounted to EUR 32.1 million. The decrease from the year-ago figure (H1 2021: EUR 36.6 million) is a reflection of the consistently positive performance of the portfolio companies. Gains on exits amounted to EUR 38.2 million (H1 2021: EUR 37.6 million); proceeds from the sale of AKAD University made the biggest contribution to this result. Consequently, the EBITDA of the combined Group rose to EUR 141.3 million from the year-ago comparison figure (H1 2021: EUR 124.0 million).

Net asset value is EUR 1,004.2 million despite the current economic conditions

The Group’s positive operating performance is also reflected in the net asset value (NAV), which came to EUR 1,004.2 million at 6/30/2022, roughly the same as the figure for the full year 2021 (12/31/2021: EUR 1,004.7 million). From the first quarter to the second, the NAV of the portfolio companies actually rose by 7 percent to EUR 799.4 million.

Group-level cash and cash equivalents amounted to EUR 310.3 million at 6/30/2022 (12/31/2021: EUR 444.0 million). This is a solid amount, especially considering the cash outflows for acquisitions in the amount of EUR 57.2 million, share buybacks in the amount of EUR 21.4 million, and the dividend payment of EUR 41.5 million in the first half of the year. The dividend of EUR 1.50 per share was 50 percent higher than last year’s dividend. As a result of the dividend payment, the equity ratio declined to 25.1 percent (12/31/2021: 26.0 percent).

Dynamic pace of transactions continues with additional acquisitions and exits

Despite persistent challenges in the market, AURELIUS Equity Opportunities sharpened the focus of its portfolio further in the first half of 2022. Five add-on-acquisitions for existing portfolio companies, three transactions under the co-investment structure, and two exits were completed in the reporting period.

With a view to the buy-and-build strategy, portfolio companies were strengthened further with the aid of strategic add-on-acquisitions. The Building Partners Group acquired Container Handelsbüro Peter Bonitz e. K. in January and the Group subsidiary European Imaging Group purchased a majority stake in Cameranu.nl in February. BMC Benelux acquired the construction materials division of De Rycke and VAG acquired RTS in March. The European Imaging Group completed the acquisition of a majority interest in Cyfrowe.pl in May.

The co-investment structure, operating jointly with AURELIUS European Opportunities Fund IV, made three new acquisitions in the first half of the year. Minova was purchased from the Australian company Orica Limited in a global carve-out-transaction in February. Ceramic Tile Distributors was acquired from Saint-Gobain in a carve-out-transaction in April. Also in April, the acquisition of the British operations of McKesson Corporation, including the brands LloydsPharmacy, John Bell & Croyden, and AAH Pharmaceuticals was successfully completed.

Other significant events after the reporting date included two add-on-acquisitions by the portfolio company NDS. The co-investment entity carried out the acquisitions of dental bauer and Pluradent in a combined transaction in July. AURELIUS completed the acquisition of Footasylum, which had formerly belonged to JD Sports, in early August. Finally, another portfolio company, Hammerl, was successfully sold in July.

“Thanks to our closeness to the portfolio companies, we are well prepared to react to disruptions in the current market situation, but also in a position to optimally assess opportunities for add-on-acquisitions. While the pace of transactions remains dynamic, we only act on opportunities that we consider to be valuable. Our available firepower for M&A activities gives us the necessary freedom to pursue this strategy”, Täubl stated.

Outlook: Focus on core topics and mid-market segment

The AURELIUS Equity Opportunities Group expects a consistently constructive transaction environment in the second half of 2022.

“The AURELIUS acquisition pipeline is well-filled and we have multiple exit candidates in the current portfolio. Moreover, we have defined clear goals for the coming months: First, to broaden the focus on mid-market investments; second, to optimize the foundation of our operating model; and third, to intensify our ESG activities. The market outlook in the second half of the year is unclear. Therefore, we will continue to exercise vigilance as one of our key guiding principles”, Täubl concluded.

Key figures

 (in EUR millions) 1/1 – 6/30/2021 1/1 – 6/30/2022
Total consolidated revenues 1,659.1 1,591.9
Consolidated revenues (annualised) 1,2 2,652.9 3,169.7
EBITDA of the combined Group 124.0 141.3
of which gains on bargain purchases 0.6 -/-
of which restructuring and non-recurring expenses 36.6 32.1
of which revaluation effects of co-investments accounted for at equity -/- 7.6
of which gains on exits 37.6 38.2
Operating EBITDA of the combined Group 122.4 127.6
Consolidated profit/loss 1,3 30.3 55.7
Consolidated earnings per share (undiluted, in EUR) 1 1.04 1.95
Cash flow from operating activities1 84.6 -48.3
Cash flow from investing activities 1 -49.5 -51.1
Free Cashflow 1 35.1 -99.4
  12/31/2021 6/30/2022
Assets 2,281.2 2,316.0
 of which cash and cash equivalentsdavon liquide Mittel 444.0 310.3
Liabilities 1,688.7 1,734.2
 of which financial liabilities 379.4 426.8
Equity 3 592.5 581.8
Equity ratio 3 (in %) 26.0 25.1
Number of employees at the reporting date 2 11,141 11,057

1) The consolidated statement of comprehensive income and the consolidated statement of cash flows from last year have been adjusted for comparison purposes in accordance with IFRS 5.
2) From continued operations.
3) Including non-controlling interests.

Net asset value of the AURELIUS portfolio (in EUR millions)

  NAV at 6/30/2022
Industrial Production 391.9
Retail & Consumer Products 324.1
Services & Solutions 83.4
NAV of the portfolio companies * 799.4
Other 163.4
Co-Investments 41.4
Total (net) 1,004.2
NAV (net) per share EUR ** 36.28

* Shown NAV of the Group companies is presented in proportion to the percentage of equity held by AURELIUS Equity Opportunities SE & Co. KGaA.
** Treasury shares are not included in the calculation of NAV (net) per share. Thus, 27,682,553 shares in total are included in the calculation.

Categories: News

Partners Group to expand the shareholder base of USIC, the leading North American provider of utility location services; Kohlberg & Company to acquire a 50% stake

Partners Group

New York, US; 10 August 2022

  • Partners Group will retain a 50% co-lead interest in USIC
  • Together, Partners Group and Kohlberg will implement new value creation initiatives
  • The transaction values USIC at an enterprise value of USD 4.1 billion

Partners Group, a leading global private markets firm, is, on behalf of its clients, expanding the shareholder base of United States Infrastructure Corporation (“USIC” or “the Company”), the leading North American provider of utility location services. Kohlberg & Company (“Kohlberg”) is acquiring a 50% stake in USIC and Partners Group will retain a 50% co-lead interest. Kohlberg was joined in this investment by a group of new partners that includes funds managed by Neuberger Berman. The transaction values USIC at an enterprise value of USD 4.1 billion.

Founded in 2008 and headquartered in Indianapolis, USIC is a leading provider of outsourced “utility locate” services, which involve locating, identifying, and marking sub-surface utility infrastructure such as pipes, cables, and fiber. These services are provided on behalf of public utilities that are required by law to ensure underground infrastructure is marked correctly before ground is broken on any new project. USIC currently serves over 1,300 customers in the US and Canada across six utility markets: cable, telecom, electric, gas, water, and sewer. It has a workforce of 9,000 technicians that perform 80 million locates each year. The demand for USIC’s services is set to rise due to higher excavation activity following President Biden’s Infrastructure Bill, new 5G densification initiatives, increased awareness of the importance of conducting locates, and a shift to outsourcing on the part of utilities.

Since acquiring USIC in 2017, Partners Group has installed an entrepreneurial Board that has helped transform the Company and drive strong organic growth, with EBITDA increasing 77% in the last five years. Key value creation initiatives have included investing in technician training, launching new tools to improve productivity and operational performance, and capturing pricing adjustments and improved contract terms. Partners Group also introduced a program to improve USIC’s approach to health & safety, which has led to technician motor vehicle accidents falling by a third and field injuries and lost-time incident rates halving. Partners Group and Kohlberg will implement new value creation initiatives to further build on these foundations, including investing in sales and digital capabilities.

Mike Ryan, Chief Executive Officer, USIC, comments: “Underlying excavation demand has remained stable for decades, driven by routine infrastructure maintenance as well as commercial and residential construction, and we are now looking ahead to a new period of market growth. USIC’s national scale, fast response times, and reputation for quality positions us well to capitalize on this growth. Partners Group has been instrumental in transforming USIC’s services and we are delighted to continue working with the firm, while welcoming Kohlberg on board.”

Joel Schwartz, Partner, Co-Head Private Equity Services Industry Vertical, Partners Group, says: “USIC has a strong, resilient business model that is underpinned by consistent demand from a blue-chip customer base and long-term contracted cashflows. Our thematic research shows the locating services market is experiencing growth tailwinds and we have conviction in USIC’s future prospects, as demonstrated by our ongoing commitment to the business. Given the success of our previous value creation initiatives, we also have a deep understanding of what levers can be pulled to further transform USIC.”

Benjamin Mao, Partner, Head of Infrastructure Services, Kohlberg & Company, says: “We are honored to have the opportunity to work alongside Partners Group to support Mike and the USIC management team in its exciting next chapter of growth. USIC is uniquely positioned as a leading provider of mission-critical safety services to utilities and telecommunications customers, who are undergoing periods of significant growth and transformation driven by grid modernization, continued technological innovation, and further accelerated by infrastructure stimulus.”

Partners Group was advised by Harris Williams, Bank of America Corporation, and Ropes & Gray LLP. Kohlberg was advised by Goldman Sachs, Houlihan Lokey, and Paul, Weiss, Rifkind, Wharton & Garrison LLP.

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CapMan Infra exits its stake in Norled to CBRE Investment Management

Capman

CapMan Infra exits its stake in Norled to CBRE Investment Management

CapMan Infra and CBRE Investment Management (CBRE IM), which each acquired a 50 per cent stake in leading Norwegian ferry and express boat operator Norled AS in 2019, have now entered into an agreement for CBRE IM to acquire the entire stake managed by CapMan. The exit is the first from the CapMan Nordic Infrastructure I fund. CBRE IM is making the investment on behalf of a fund it sponsors as well as some of its separately managed accounts.

Norled is one of Norway’s four leading marine transportation companies with a fleet of 41 ferries and 30 express boats operating on availability-based contracts. A leader in innovative and environmentally friendly transportation solutions, Norled has invested significantly in new types of vessels and eco-friendly technology, including hybrid and battery-driven vessels and the first hydrogen-electric ferry. Since 2019, Norled has invested c. NOK 2.5bn into renewing its fleet, decreasing CO2 emissions by 30% from 2019 to 2021. Furthermore, the number of low and zero emission vessels in the company’s fleet has grown from 2 to 18*.

Water transportation is an essential part of Norwegian infrastructure, and the Norwegian government has set and is supporting ambitious targets for transport companies to transform the sector from diesel to renewable electric and hydrogen solutions. Norled intends for most of its fleet to be carbon emission-free within the next decade.

”Since acquiring the company, we have established Norled as a successful stand-alone business by strengthening the management team, organisation and tendering capabilities, while investing significantly into decarbonisation of the fleet. The resilience of the business was further demonstrated during the COVID-19 pandemic, and we are proud to have won a significant new tender backlog, which forms the basis for Norled’s future success and continued investments into the green shift. The company is now well placed to deliver long-term value under CBRE IM’s ownership. It has been an honour to work with Norled’s dedicated employees and management team,” said Ville Poukka, Managing Partner at CapMan Infra.

“We believe Norled continues to be an attractive European transportation infrastructure investment opportunity due to the long-term availability-based contracts, which have contributed to the resilience of these assets, coupled with the support of the Norwegian government’s accelerated shift to green technologies,” commented Dr. Andreas Köttering, Head of Europe Private Infrastructure, CBRE Investment Management. “We have appreciated partnering with CapMan to grow Norled and now look forward to further advancing this pioneering ferry company.”

Norled’s current management team, led by CEO Heidi Wolden, will continue to run the day-to-day operations.

“We are pleased that CBRE IM strengthens and continues the ownership of the company. CBRE IM has proved to be a long-term owner committed to further investments in zero- and low emissions solutions within our industry. Together we will work to ensure that most of our fleet is carbon emission-free within the next decade,” says Heidi Wolden, CEO of Norled.

The transaction is subject to regulatory approvals and is expected to close later this year.

For more information, please contact:

Ville Poukka, Managing Partner, CapMan Infra, +358 50 572 9120, ville.poukka@capman.com

About CapMan

CapMan is 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 to €4.8 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Read more at www.capman.com.

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $146.9 billion in assets under management as of June 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*) Includes Electrical, Hydrogen and Hybrid vessels. Bio-fuel not included. The vessel number and investment estimates are per 2Q2022.

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KKR Expands Industrial Real Estate Portfolio in the Sunbelt with Acquisitions in Georgia and Texas

KKR

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR has acquired two industrial properties – one located in Georgia and one in Texas. The properties serve the Atlanta and Dallas-Fort Worth (“DFW”) metropolitan areas and were acquired in two separate transactions from two separate buyers for a total purchase price of approximately $300 million.

The Atlanta property is located in Buford, GA and consists of four newly constructed Class A industrial warehouses totaling 1.1 million square feet (“SF”). The property is adjacent to I-85, an important regional trucking route. The buildings are leased to a diverse mix of high-quality tenants.

The SouthPointe acquisition includes two Class A industrial warehouse buildings in south Dallas built in 2017 totaling approximately 1.0 million SF. The property is located at the intersection of I-35E and I-20, important arteries for the greater DFW metroplex. The two buildings were 100% leased to three tenants at acquisition.

“We are very pleased to further expand our existing industrial footprints in these two important Sunbelt markets,” said Ben Brudney, a Director in the Real Estate group at KKR who oversees the firm’s industrial investments in the United States. “We are continuing to invest in strategically located, high-quality industrial real estate where we believe demographic trends and structurally full supply will continue to drive outsized demand.”

The purchases were made through KKR’s Americas core plus equity real estate strategy. Across its funds in the U.S., KKR has committed or acquired approximately $7 billion of logistics assets in the industrial sector since 2018 and currently owns over 45 million SF of industrial real estate in major U.S. metropolitan areas.

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

Categories: News

CapMan sells iconic building in the Carlsberg District

Capman

CapMan sells iconic building in the Carlsberg District

The office building, located in the Carlsberg City District in the heart of Copenhagen, is now sold in a distinctive transaction.

The Property is a historical listed red building from 1883 and is also referred to as ‘Rød Lagerbygning’ (‘Red Warehouse’). It is being developed by CapMan and Revco and comprises 9,870 sq m in total. The building is currently undergoing a transformation from its original use as a warehouse and workshop through the 20th century to a modern office building while maintaining the industrial expression.

Peter Gill, Partner and Head of CapMan Real Estate Denmark, says that ‘We are very satisfied with the sale of this highly attractive property on the Danish real estate market. The refurbishment is progressing well, and the building is characterised by the original rustic industrial expression combined with a modern look and functionalities in a unique combination, that captures the atmosphere of the entire area. We had a great deal of tenant interest in the building and recently signed a long-term lease with Boston Consulting Group.’

The buyer is the German family-owned THI Investments. Director Florian Geistmann from THI Investments is delighted about this new asset saying that ‘It all comes together with the work-live-play of the location, the quality of the asset  and the tenant occupying the entire property from 2023. We look forward to the continued collaboration with CapMan and Revco.’

This transaction is a forward purchase, and the construction will continue with takeover in the summer of 2023. The purchase price is confidential but close to half a billion DKK.

‘We are extremely pleased to see this transaction fall into place. This property has attracted broad attention from international and national investors in the office market, having a fantastic location in Copenhagen and being a unique and interesting product’, says Christian Bro Jansen, Head of Capital Markets Denmark, CBRE, who has been the Seller’s commercial advisor on the transaction.

The Seller has been advised by CBRE, Accura and EY, while the buyer has been advised by NREIM, Plesner, Deloitte and Sweco.

The transaction is the sixth exit of the CapMan Nordic Real Estate II fund. CapMan Real Estate currently manages over EUR 4.0 billion in real estate assets. The Real Estate team comprises over 60 real estate professionals in Helsinki, Stockholm, Copenhagen, Oslo and London.

For more information, please contact:

Peter Gill, Partner, Head of CapMan Real Estate Denmark, +45 20 43 55 63

About CapMan

CapMan is 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. Our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001.

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