Category Archives: News

Wide Creek Asset Management – Warburg Pincus Joint Venture to Develop New Logistics Center in Anseong, South Korea

Warburg Pincus logo

Seoul, March 25, 2025 – The joint venture between Wide Creek Asset Management, a leading real estate manager in South Korea, and Warburg Pincus, the pioneer of private equity global growth investing, has acquired an 82,000-square-meter site in Anseong, Gyeonggi Province. The partnership plans to develop a five-story, 100% dry warehouse with a net leasable area of 100,000 square meters, approximately 70% of which has already been preleased to tenants in the life sciences sector.

In 2023, Warburg Pincus, through its Warburg Pincus Asia Real Estate Fund (“WPARE”), partnered with Wide Creek Asset Management to establish a joint venture focusing on investments in new economy real estate sectors, including logistics, data centers, life sciences, and business parks in South Korea. That same year, the joint venture acquired its first site in Yangju, northern Gyeonggi Province, to develop a last mile logistics center with a net leasable area of 144,272 square meters. The recent acquisition in Anseong marks its second investment in the logistics real estate sector. With this transaction, the joint venture now manages over 244,000 square meters of net leasable area and has an estimated portfolio value of over half a billion US dollars upon completion, showcasing its rapid and robust growth since inception.

The new project in Anseong boasts a prime location with excellent connectivity to South Korea’s key cities. It benefits from an extensive highway network, including the recently completed Anseong-Guri section of the Second Gyeongbu Expressway (Sejong–Pocheon Expressway), which significantly improves access to the Greater Seoul area. Designed as a single-building logistics center, the facility features the highly sought-after “Large Plate” structure, offering an expansive floor plate of over 16,500 square meters and ensuring maximum operational efficiency. Despite ongoing power supply constraints in the Anseong region, the logistics center has secured sufficient electricity capacity, providing a solid foundation for the integration of future automation systems.

Li Fan, Managing Director at Warburg Pincus, said, “We have built a high conviction in the long-term opportunities in South Korea’s logistics market and have strategically focused on prime assets in key metropolitan areas to address the demand-supply gap. Through our partnership with Wide Creek, we have been deeply impressed by its strong management team and unique capabilities in identifying and acquiring high-quality new economy real estate assets. By leveraging the deep expertise and extensive experience of both Warburg Pincus and Wide Creek, we believe this joint venture is well-positioned to capture the growth opportunities in the new economy real estate sector in South Korea.”

Kim Junghoon, CEO and Co-Founder of Wide Creek Asset Management, said, “This strategic acquisition marks a major milestone for the joint venture since its establishment in 2023. As one of the largest real estate investors in Asia Pacific, Warburg Pincus has a proven track record of building and scaling multiple new economy real estate platforms and ventures. We look forward to continuing our partnership with Warburg Pincus to unlock the full value of this collaboration and meet the increasing demand from high-quality tenants in South Korea.”

The newly acquired logistics center is poised to become a leading hub for life sciences logistics in South Korea. Situated in Anseong, a key logistics hub for 3PL, life sciences, and high-tech manufacturers, the logistics center benefits from its proximity to numerous large-scale industrial complexes within a 35-kilometer radius. Notably, approximately 70% of the logistics facility has been pre-leased to reputable tenants in the pharmaceutical and healthcare sectors. The robust tenancy underscores the logistics center’s strategic role in supporting the emerging life sciences sector in South Korea.

About Wide Creek – Warburg Pincus Joint Venture

Established in 2023, the Wide Creek – Warburg Pincus Joint Venture focuses on investments in new economy real estate sectors, including logistics, data centers, life sciences, and business parks in South Korea. Currently, it manages over 244,000 square meters of net leasable area and has an estimated portfolio value of over half a billion US dollars upon completion. Since its inception, the joint venture has successfully executed two strategic acquisitions in the logistics real estate sector in South Korea, reinforcing its commitment to meeting the increasing demand from high-quality tenants in the country.

About Wide Creek Asset Management

Since its establishment in 2020, Wide Creek Asset Management has set up a total of 14 development projects and has recorded a cumulative AUM exceeding 2.9 trillion won. The firm specializes in innovative real estate investment, operation, and development with a customer-centered and community-focused approach. With a fast-paced and dynamic organizational culture, Wide Creek aims to become a model asset management firm leading the rapidly changing financial markets.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $87 billion in assets under management, and more than 220 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

Warburg Pincus began investing in Asia real estate in 2005. Today, it has become one of the largest and most active investors in the region, with over US$9 billion invested in more than 50 real estate platforms and ventures. The firm is a pioneer of platform investing and has co-founded or sponsored leading platforms alongside best-in-class entrepreneurs such as ESR, DNE, Vincom Retail, BW Industrial, Princeton Digital Group, Weave Living and StorHub.

Media Contact

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications, Warburg Pincus

lisa.liang@warburgpincus.com

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Ardian announces agreement to acquire Akuo, a major player in renewable energy

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Ardian

Over the past 18 years, Akuo has established itself as a leader in the sector, with production capacity reaching 1.9 GW by the end of 2024.
• This investment is designed to accelerate Akuo’s development and reinforces Ardian’s commitment to the energy transition.

Ardian, one of the world’s leading private equity firms, announces that it has reached an agreement1 to acquire Akuo, a leading independent power producer specializing in renewable energy.

Founded in 2007, and backed by ICG since 2022, Akuo has become a major player in renewable energy production. A specialist in wind power, photovoltaics and storage, Akuo is present in a dozen key markets in Europe and on both American continents. Anchored at the heart of local communities, the Akuo group develops local energy sources that contribute to decarbonization and energy independence goals.

Thanks to its entrepreneurial spirit and constant commitment to innovation, Akuo’s production and storage capacity is expected to reach 1.9 gigawatts (GW) by the end of 2024, with aims to reach 5 GW by 2030. This growth is supported by a robust portfolio of projects under development.

Ardian will leverage its expertise in the renewable energy sector to support Akuo in its next phase of growth. As well as capitalizing on the company’s solid fundamentals to pursue growth ambitions, Ardian will also provide the necessary financial capacity for Akuo’s numerous renewable energy projects.

“We are proud to be able to support Akuo in the next phase of its development. This transaction reflects our commitment to supporting high-potential entrepreneurial infrastructure platforms on their journey to industrialization and growth as part of the energy transition.” Benoît Gaillochet, Co-Head of Infrastructure Europe, Ardian

“This acquisition is an excellent opportunity for Akuo, which will benefit from Ardian as a long-term partner to support its next phase of growth. It will enable Akuo not only to streamline its business and expand its international presence, but also to innovate more rapidly to meet tomorrow’s energy challenges.” Ardian is the ideal partner to continue the groundwork begun over 16 years ago by dedicated and committed teams. I would like to express my pride and gratitude to all the employees who have helped build what Akuo has become: a group of such quality is the fruit of the work of men and women who have pooled the best of themselves.” Éric Scotto, Co-Founder, Akuo

“We are delighted to have been able to contribute to the success of Akuo and its teams in recent years. Akuo has demonstrated its pioneering position in the development of renewable energy. We are convinced that Ardian will provide the necessary resources to further strengthen the group’s positions and accelerate its growth.” Pénélope Dietsch, Managing Director, ICG Infrastructure Strategy

Ardian has been investing in renewable energies since 2007, positioning itself as a pioneer in the energy transition. Through Ardian’s infrastructure funds, the team already manages over 8 GW of thermal and renewable energy capacity in Europe and the Americas and has more than $35 billion under management.

The transaction remains subject to the legal information and consultation process towards the relevant employee representative bodies, and to the authorization of the relevant regulatory authorities.

 1 A unilateral promise to purchase

About Ardian

Ardian is a world-leading private investment house, managing or advising $177bn of assets on behalf of more than 1,850 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. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East 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 Akuo

Akuo is a French independent producer of renewable (wind, solar and storage) and distributed energy. The Group is present across the entire value chain: development, financing, construction and operation. By the end of 2024, Akuo will have a total capacity of 1.9 GW in operation and under construction, and a project portfolio of over 12 GW. With over 450 employees, the Group, headquartered in Paris, develops projects in more than twenty countries worldwide.

Akuo.com

About ICG

ICG offers flexible capital solutions to support companies in their development and growth. In business for over 35 years, we are one of the world’s leading alternative asset managers. We manage $107 billion in assets* and invest across the entire capital structure. The ICG Infra team manages over 4.0 billion euros in Europe. ICG builds lasting relationships with its business partners to create value for shareholders, customers and employees, and uses its position of influence to benefit the environment and society. ICG is committed to being a net zero emissions asset manager in all its activities and related investments by 2040. ICG is a member of the FTSE 100 and is listed on the London Stock Exchange (symbol: ICG).
*at December 31, 2024

icgam.com

Press contact

Ardian

Headland

ardian@headlandconsultancy.com 

Press contact

Akuo

Mila Averlant

averlant@akuoenergy.com 

Press contact

ICG

Clare Glyyn

Clare.Glynn@icgam.com

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Tempcon Group Issues Senior Secured Bonds of SEK 550 Million

Accent Equity
  • Tempcon Group has successfully issued senior secured bonds totaling SEK 550 million
  • The bond issuance was met with significant demand from institutional investors, reflecting strong confidence in Tempcon’s market position
  • The net proceeds will be used to refinance existing debt, repay shareholder loans, and support acquisitions and investments

Tempcon Group (“Tempcon” or the “Company”), a majority-owned portfolio company of Accent Equity and Sweden’s leading provider of temperature-controlled logistics, has successfully issued senior secured bonds totaling SEK 550 million, maturing on 28 March 2029. The transaction was met with strong demand from institutional investors, allowing for the bonds to be priced at 3-month STIBOR plus 525 basis points.

The net proceeds from the bond issue will be used to refinance existing debt, repay shareholder loans, and support the Company’s general corporate purposes, including acquisitions and investments. These initiatives will help strengthen Tempcon’s continued growth and reinforce its market-leading position.

“We are pleased and proud of the great interest in our bond from large and reputable investors. The proceeds from the issue will increase our strategic flexibility and contribute to the realisation of our strategic plan” says Christian Hallberg, CEO of Tempcon.

 

“We are excited to support Tempcon in this next phase of growth. The strong interest in the bond issuance underscores the confidence investors have in Tempcon’s business model and its market position. This transaction is instrumental for the Company’s continued expansion and strategic initiatives, ensuring its leadership in the temperature-controlled logistics sector” says Benny Zakrisson, Partner at Accent Equity.

The bond issuance was executed with Pareto Securities and SEB as joint bookrunners. Gernandt & Danielsson acted as legal advisor to the joint bookrunners, and Mannheimer Swartling advised Tempcon Group.

For additional information, please contact:
Benny Zakrisson, Partner at Accent Equity, +46 76 009 97 75
Christian Hallberg, CEO of Tempcon Group, +46 72 964 76 88

About Tempcon Group:
Tempcon is a leading provider of temperature controlled logistics mainly serving producers, wholesalers and retailers in the Swedish food industry. The group has a nationwide network coverage when it comes to transport, as well as temperature controlled terminals and warehouses located across the country. In 2024, Tempcon Group generated sales of c. SEK 3.1 billion.
tempcongroup.se

About Accent Equity:
Accent Equity has since 1994 invested in private Nordic companies where a new partner or owner can serve as a catalyst. Our ambition is to invest in and develop the companies to be Nordic, European or Global leaders through a professional, hands-on and long-term oriented approach that results in superior and sustainable returns.
accentequity.se
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Stonepeak to Provide Equity Commitment to Longview Infrastructure

Stonepeak

Stonepeak and Longview to partner on U.S. electric transmission infrastructure projects

SAINT LOUIS, MO & NEW YORK, NY — March 24, 2025 — Longview Infrastructure (“Longview”), a newly formed electric transmission development and investment platform, today announced it has secured an equity commitment from Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets with approximately $72 billion in assets under management.

Data center and electrification-driven growth in electricity demand, increasing adoption of renewable energy sources, and the need for grid reliability are driving significant new transmission investment to ensure communities have uninterrupted access to essential services. Together, Longview and Stonepeak will focus on originating, developing, constructing, and operating electric transmission infrastructure projects across the United States to address this need.

Rob Kupchak, Senior Managing Director at Stonepeak, said, “Longview’s founders, Eric Hayes and Ben Sumers, are industry veterans with extensive knowledge of the transmission industry, which we believe will be a key differentiator in addressing the compelling opportunities in this essential U.S. infrastructure sector. We look forward to working hand-in-hand with them to develop the Longview platform.”

Eric Hayes and Ben Sumers, Longview’s Co-Chief Executive Officers, added, “We are excited to partner with Stonepeak to pursue transmission projects across the United States to help enhance connectivity across communities. Rising energy demand and an ever-changing energy landscape requires a historic buildout of transmission infrastructure. Stonepeak’s equity commitment, deep understanding of the transmission space, and operational expertise in building platforms will enable us to effectively scale the team and meet the need in transmission head-on.”

Sidley Austin LLP served as legal advisor to Stonepeak and Vinson & Elkins LLP served as legal advisor to Longview.

About Longview

Longview Infrastructure collaborates with Independent System Operators (ISOs) and communities to finance and deliver transmission projects around the United States. Founded by LS Power and NextEra Energy Transmission alumni Eric Hayes and Ben Sumers, the Company is headquartered in Saint Louis, Missouri and has offices in San Francisco, California. Visit www.longviewinfra.com to learn more.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $72 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, Washington, D.C., London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

Contacts

Stonepeak:
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

Longview Infrastructure:
press@longviewinfra.com

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Axon Partners Group Invests in Novatron Fusion Group to Drive the Future of EnergyA

Axon

Axon Partners Group, together with St1 and a consortium of investors, has participated in the Series A1 funding round of Novatron Fusion Group (NFG), a pioneering company developing fusion energy solutions. This investment marks a major step forward in accelerating the development of fusion technology—an abundant, clean, and virtually limitless energy source.
Through its Next Technology Ventures II fund, which specializes in energy transition and sustainability, Axon reinforces its commitment to breakthrough innovation in the energy sector. This funding round also establishes a long-term strategic partnership between Novatron and St1, a relevant energy corporation from Finland. Leveraging its global network and expertise, St1 will play a key role in driving the project forward and reducing the world’s dependence on fossil fuels.

As we start preparing for industrialization, we need to secure these types of partners that can contribute with experience, an extensive global network, and a strong position in the energy market,´says Peter Roos, CEO of Novatron Fusion Group.

With this investment, Axon strengthens its focus on financing disruptive technologies that drive sustainability and social impact.

At Axon, we seek to back game-changing technologies that redefine industries. Fusion energy is the holy grail of the energy transition, and Novatron’s approach has the potential to make it a reality. This investment is not just about funding innovation—it’s about shaping the future of global energy, said Álvaro Pascual, member of Axon’s investment team.

Developed by leading scientists and engineers, NOVATRON’s technology is positioned as a game-changing concept with the potential to revolutionize the energy industry. With this new funding, Novatron Fusion Group will accelerate the development of its prototype and advance to the next stage—bringing the future of clean energy closer to reality.

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Fortitude Re Announces $4 Billion Annuity Reinsurance Agreement with Taiyo Life Insurance Company

Carlyle

HAMILTON, Bermuda, March, 21, 2025–FGH Parent, L.P., (together with its subsidiaries, “Fortitude Re”), a leading global reinsurance company, today announced the signing and closing of a $4 billion reinsurance transaction between its subsidiary, Fortitude International Reinsurance Company Ltd. (“FIRL”) and Taiyo Life Insurance Company (“Taiyo Life”), a wholly owned subsidiary of T&D Holdings, Inc (“T&D”).

Under the transaction, which is effective as of February 28, 2025, Taiyo Life has reinsured a significant portion of its whole life annuity business to Fortitude Re. Taiyo Life will continue to service and administer the reinsured policies.

This transaction marks Fortitude Re’s second reinsurance transaction with Taiyo Life and Fortitude Re’s sixth deal in Japan.

“We are honored that Taiyo Life continues to place their trust in us and we look forward to building on our successful partnership,” said Leonard Lin, Head of Asia, Fortitude Re. “This transaction further demonstrates our deep commitment to the Japan market and to helping our partners achieve their risk, capital and growth aspirations.”

“The track record Fortitude Re has built in Japan underscores the power of the partnership between Fortitude Re and its shareholders,” said Alon Neches, CEO, Fortitude Re. “T&D’s origins and extensive activities in Japan combined with Carlyle’s 25-year track record in the country and leading asset origination capabilities, have helped grow our business ensuring that our policyholders benefit from the compelling value proposition we have built. Together, we are delivering innovative solutions that provide long-term value for insurers in Japan and around the world.”

The transaction with Taiyo Life comes on the heels of the announcement of the signing of Fortitude Re’s long-term care and individual disability insurance reinsurance agreement with a subsidiary of Unum Group last month in the U.S. Upon closing of that transaction, Fortitude Re will have originated over $8 billion in reserves this year, reinforcing Fortitude Re’s industry-leading capabilities.

Sidley Austin LLP and Mori Hamada & Matsumoto served as legal counsel to Fortitude Re on the Taiyo Life transaction.

Media Contact

Mary Beth Conklin

Marybeth.conklin@fortitude-re.com

423-596-1449

About Fortitude Re
Fortitude Re is a leading provider of reinsurance solutions with $106 billion in total assets as of Dec. 31, 2024. The foundations of our business model are our exceptional insurance professionals and the support of the world’s most sophisticated insurance investors, including Carlyle and T&D Insurance Group. Our people, our capital strength and our capabilities drive strategic reinsurance solutions designed to meet our clients’ highest priority goals and to create sustainable, long-term value for our shareholders, our teammates, and the communities in which we operate. For more information visit, www.fortitude-re.com and follow Fortitude Re on LinkedIn.

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Fortitude Re Announces $4 Billion Annuity Reinsurance Agreement with Taiyo Life Insurance Company

Carlyle

HAMILTON, Bermuda, March, 21, 2025–FGH Parent, L.P., (together with its subsidiaries, “Fortitude Re”), a leading global reinsurance company, today announced the signing and closing of a $4 billion reinsurance transaction between its subsidiary, Fortitude International Reinsurance Company Ltd. (“FIRL”) and Taiyo Life Insurance Company (“Taiyo Life”), a wholly owned subsidiary of T&D Holdings, Inc (“T&D”).

Under the transaction, which is effective as of February 28, 2025, Taiyo Life has reinsured a significant portion of its whole life annuity business to Fortitude Re. Taiyo Life will continue to service and administer the reinsured policies.

This transaction marks Fortitude Re’s second reinsurance transaction with Taiyo Life and Fortitude Re’s sixth deal in Japan.

“We are honored that Taiyo Life continues to place their trust in us and we look forward to building on our successful partnership,” said Leonard Lin, Head of Asia, Fortitude Re. “This transaction further demonstrates our deep commitment to the Japan market and to helping our partners achieve their risk, capital and growth aspirations.”

“The track record Fortitude Re has built in Japan underscores the power of the partnership between Fortitude Re and its shareholders,” said Alon Neches, CEO, Fortitude Re. “T&D’s origins and extensive activities in Japan combined with Carlyle’s 25-year track record in the country and leading asset origination capabilities, have helped grow our business ensuring that our policyholders benefit from the compelling value proposition we have built. Together, we are delivering innovative solutions that provide long-term value for insurers in Japan and around the world.”

The transaction with Taiyo Life comes on the heels of the announcement of the signing of Fortitude Re’s long-term care and individual disability insurance reinsurance agreement with a subsidiary of Unum Group last month in the U.S. Upon closing of that transaction, Fortitude Re will have originated over $8 billion in reserves this year, reinforcing Fortitude Re’s industry-leading capabilities.

Sidley Austin LLP and Mori Hamada & Matsumoto served as legal counsel to Fortitude Re on the Taiyo Life transaction.

Media Contact

Mary Beth Conklin

Marybeth.conklin@fortitude-re.com

423-596-1449

About Fortitude Re
Fortitude Re is a leading provider of reinsurance solutions with $106 billion in total assets as of Dec. 31, 2024. The foundations of our business model are our exceptional insurance professionals and the support of the world’s most sophisticated insurance investors, including Carlyle and T&D Insurance Group. Our people, our capital strength and our capabilities drive strategic reinsurance solutions designed to meet our clients’ highest priority goals and to create sustainable, long-term value for our shareholders, our teammates, and the communities in which we operate. For more information visit, www.fortitude-re.com and follow Fortitude Re on LinkedIn.

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Meridian Adhesives Group Expands Technical Capabilities in Asia with the Launch of the Penang Application Development Center

Arsenal Capital Partners

Penang, Malaysia – Meridian Adhesives Group (Meridian) is proud to announce the grand opening of the Penang Application Development Center (ADC), a state-of-the-art facility designed to enhance technical capabilities and innovation in Asia. This strategic investment strengthens Meridian’s presence in the region by expanding Pacific Adhesive Systems, a key brand within its Electronics Division, while delivering cutting-edge solutions to customers and partners across the industry.

Driving Innovation Across Meridian’s Electronics Division

Meridian’s Electronics Division is a global leader in high-performance adhesive solutions, serving industries such as semiconductors, consumer electronics, automotive, and aerospace. The division encompasses leading brands Epoxy Technology Inc., manufacturer of Epo-Tek®; Epoxies, Etc.; and Pacific Adhesive Systems.

As an extension of Pacific Adhesive Systems, the new Penang ADC will serve as a technical hub for all Electronics Division customers in Asia, providing advanced application development, material testing, and process optimization support.

A New Hub for Research, Development, and Technical Support

Equipped with cutting-edge technology and advanced testing facilities, the Penang ADC is dedicated to enhancing material performance and manufacturing efficiencies. The center will provide specialized services, including:

  • Thermal & Mechanical Testing – Instruments such as UV-DSC, TGA, DMA, and TMA for detailed material analysis.
  • Environmental Testing & Durability Assessments – Chambers for humidity, temperature cycling, and aging simulations.
  • Advanced Measurement & Analysis – Die shear testing, rheometry, and viscometry for quality control and R&D.
  • Precision Dispensing & Mixing Technologies – Automated dispensing, plasma treatment, and UV curing systems for manufacturing optimization.
  • State-of-the-Art Cleanroom & Thermal Processing – A Class 10K cleanroom for contamination-sensitive applications.

Enabling Customers to Innovate, One Bond at a Time

The launch of the Penang ADC reinforces Meridian’s commitment to delivering localized technical expertise and tailored solutions to its customers across the region. By integrating the capabilities of Pacific Adhesive Systems with the global resources of Meridian’s Electronics Division, the new facility will accelerate product innovation, improve application performance, and foster closer collaboration with industry partners.

“We are thrilled to establish the Penang Application Development Center as a cornerstone of our growth in Asia,” said Charles Lai, APAC Managing Director at Meridian Electronics. “This new facility not only strengthens our R&D capabilities but also allows us to better serve our customers with cutting-edge solutions tailored to their evolving needs.”

With the Penang ADC, Meridian, Pacific Adhesive Systems, and its Electronics Division brands continue to push the boundaries of innovation and excellence, delivering next-generation technologies that empower industries worldwide.

About Meridian Adhesives Group:

Meridian Adhesives Group is a leading manufacturer of high-performance adhesives, providing cutting-edge solutions across electronics, flooring, infrastructure, packaging, and product assembly markets. With a strong portfolio of innovative brands, Meridian is dedicated to delivering superior adhesive technologies to meet the evolving needs of global customers.

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QuattroR joins BC Partners to support Cigierre’s growth

BC Partners Logo

BC Partners, a leading international investment firm, and QuattroR, a private equity fund distinguished by its strong commitment to fostering the growth of outstanding Italian companies with solid industrial and technological fundamentals, announce QuattroR’s minority investment in Cigierre – Compagnia Generale Ristorazione S.p.A., a leading player in the Italian casual dining sector.

The investment in Cigierre was executed through the subscription of a substantial capital increase with co-investments from Anthilia Capital Partners SGR and the Company’s management. Following this operation, funds advised by BC Partners will retain the Group’s majority ownership.

This transaction marks the beginning of a strategic partnership among QuattroR, BC Partners, and the founder and CEO, Marco Di Giusto, with the objective of supporting Cigierre’s next phase of growth. By leveraging complementary expertise, a shared vision, and dedicated resources, the partnership aims to strengthen the company’s presence in Italy while optimizing its financial structure. Concurrently with QuattroR’s entry into the company’s capital, Cigierre has successfully completed the refinancing of its long-term capital structure, benefiting from the strong support of both existing creditors and new investors. Founded in 1995, Cigierre – Compagnia Generale Ristorazione S.p.A. is the leading company in Italy’s chain restaurant sector, particularly in the Casual Dining segment. The Group boasts a network of over 360 locations, including 230 directly operated restaurants and more than 130 franchised establishments, under well-known brands such as Old Wild West, Wiener Haus, America Graffiti, Smashie, and Pizzikotto. Throughout its history, Cigierre has demonstrated a strong and consistent growth trajectory, supported by a solid organizational structure. Following a swift recovery from the challenges posed by the Covid-19 pandemic, the company has achieved over €400 million in revenue and €65 million in EBITDA.

Nikos Stathopoulos, Chairman of Europe at BC Partners and Chairman of the Board of Directors of Cigierre, remarked: “We are pleased to welcome QuattroR SGR as a new shareholder in Cigierre. We share a common vision for the Group’s growth potential and, most importantly, a deep confidence in the management team, as we continue to support the founder and CEO, Marco Di Giusto”.

Stefano Ferraresi, Partner and Head of Italy at BC Partners, added: “QuattroR’s investment in Cigierre represents a significant opportunity for the Group, providing not only additional capital to support its growth strategy but also valuable expertise in the Italian market. This will complement BC Partners’ track record and the capabilities of the company’s management team”.

Flavio Valeri, Chairman of QuattroR SGR, commented: “Our investment in Cigierre represents the ideal launch of the deployment phase of the new QuattroR Mid Cap fund. This initiative underscores our commitment to supporting Italian excellence—companies with solid fundamentals and highly recognizable brands—over the medium to long term”.

Francesco Conte, CEO of QuattroR SGR, stated: “We are pleased with our investment in Cigierre and the growth plan, developed in full alignment with BC Partners, founder and CEO Marco Di Giusto, and the financial institutions. We firmly believe in the value of collaboration and the importance of building synergies to drive sustainable growth. We are confident that our partnership with BC Partners will enable Cigierre to accelerate its consolidation strategy in Italy, through the expansion of its well-established brands and the development of high-potential new formats, with the ultimate goal of generating long-term value for all stakeholders”.

Marco Di Giusto, founder and CEO of Cigierre, added: “The entry of QuattroR alongside BC Partners, together with the refinancing of our long-term capital structure, reaffirms the strong value and growth potential of our company, which has been present in the market for 30 years. We face significant challenges and ambitious growth objectives, but my team and I are ready to tackle them with the same determination that has defined our journey so far. We warmly welcome QuattroR”.

In this transaction, BC Partners was advised by Latham & Watkins and Facchini Rossi Michelutti – Studio Tributario. QuattroR was assisted by Chiomenti, KPMG, and Studio Spada, while Cigierre received counsel from Studio MPRD Molaro, Pezzetta, Romanelli, Del Fabbro, and BCG. The EY Capital & Debt Advisory team supported Cigierre in the refinancing process.

ABOUT BC PARTNERS BC Partners is a leading investment firm with circa €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today BC Partners integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Food. Since its foundation, BC Partners has completed over 128 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund. For further information, please visit https://www.bcpartners.com/

ABOUT CIGIERRE Founded in 1995, Cigierre – Compagnia Generale Ristorazione S.p.A. is the Italian leader in the chain restaurant sector and in particular in Casual Dining, with over 360 points of sale (230 directly operated and more than 130 in franchising) and brands Old Wild West, Wiener Haus, America Graffiti, Smashie and Pizzikotto. Throughout its history, Cigierre has demonstrated a strong growth trend thanks to a consolidated organizational structure and, after the rapid recovery from the years affected by the Covid-19 pandemic, today it expresses a turnover of over Euro 400 million with Euro 65 million of EBITDA.

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3i Group plc Action Capital Markets Seminar and portfolio update

3I

3i Group plc (“3i”, or “the Group”) will be holding a capital markets seminar this morning, involving presentations from the management team of Action, our largest portfolio company. A live webcast of the seminar will take place at 10:00 (UK time). To register for the webcast, please visit  https://www.3i.com/investor-relations. An on-demand webcast of the seminar will also be available by the end of the day.

In its 2024 financial year Action generated net sales of €13,781 million and operating EBITDA of €2,076 million, 22% and 29% respectively higher than in 2023. Like-for-like sales growth was 10.3% and the business added 352 stores in the year. Operating leverage and good cost discipline were the main drivers behind the increased EBITDA margin of 15.1%.

Action has made a good start to 2025. In the period to the end of week 11, Action’s net sales were €2.95 billion, 17% ahead of the same period in 2024. Like-for-like sales growth in the first 11 weeks of the year was 6.1%, with growth in transactions being 6.5%. The YTD like-for-like sales have been affected by temporary availability issues in certain stores and DCs as a result of the changeover of Action’s ERP system at the turn of the year. These issues have now been dealt with. The business has added 38 stores in the year to date. Cash and cash equivalents as at 16 March 2025 was €927 million. Action is planning to make another dividend payment to shareholders in the last week of March.

The following guidance for Action’s year to December 2025 will be set out during the presentation.

Like-for-like sales growth  Above YTD like-for-like sales and in the mid to high single digit range
Net store opening target c.370
EBITDA margin expansion +c.10-20 bps from 15.1% for the 12 months to 29 December 2024

Action’s estimate of white space potential in existing and identified in-scope countries in Europe will be updated to 4,850 stores in addition to the 2,918 existing stores at the end of 2024. This represents an increase of c.500 from the white space estimate given last year.

In March 2025, Action completed a successful, leverage neutral repricing of c.53% of its debt facilities, generating an annual interest cost saving of c.€19 million, in addition to the c.€14 million of annual interest savings generated through the amend, extend and repricing transaction executed in November 2024.

We have recently completed our semi-annual portfolio company review meetings.  Our other long term hold asset Royal Sanders continues to trade well. The PE portfolio more generally continues to make good progress against a difficult macro and uncertain geo-political environment with good performance across a number of 3i’s larger investments. Overall, across the whole portfolio the performance in the initial weeks of 2025 was encouraging with only a small number still facing material headwinds. Our full year results will be published in May.

 

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