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Sprinklr Raises $200 Million at $2.7 Billion Valuation

Hellman & Friedman

NEW YORK, N.Y.

Investment by Hellman & Friedman follows record financial year and strong growth in the wake of COVID-19

Sprinklr has also secured an additional $150 million in convertible securities from Sixth Street

As consumers are more connected and empowered because of the shift to social and messaging channels, Customer Experience Management (CXM) has become vital to the digital transformation of large enterprises

Sprinklr, the Customer Experience Management (CXM) platform for modern enterprises, today announced that it has raised $200 million at a $2.7 billion valuation from Hellman & Friedman (H&F), one of the world’s most experienced private equity firms, and secured an additional $150 million in convertible securities from Sixth Street Growth, the growth investment arm of Sixth Street, a leading global investment firm.

Together, these investments represent up to $350 million in new capital that Sprinklr will use to double-down on the value it is creating for the world’s largest enterprises, and accelerate its position as the pioneer of a new class of enterprise software that enables the entire front office to work together and deliver better customer experiences on any modern channel – all on one unified platform.

“In a world where customers are connected and empowered, Customer Experience Management is no longer optional. It’s time for modern enterprises to break down silos, and unify disconnected teams, channels, and tools to make their customers happier,” said Ragy Thomas, CEO & Founder, Sprinklr. “That’s been our mission from the start. To build a new class of enterprise software purpose-built for CXM, and a new kind of enterprise software company that the world’s largest organizations truly love.”

“Sprinklr has a unique opportunity to lead a Customer Experience Management market that’s already massive – and growing – as enterprises continue to realize the urgent need to put CXM at the heart of their digital transformation strategy,” said Tarim Wasim, Partner, Hellman & Friedman. “We spoke to over a hundred customers, and they consistently credit Sprinklr for modernizing their customer experience through its unified, AI-driven enterprise platform, and a team that is deeply passionate about customer delight.”

“Underpinned by a visionary leadership team, strong return on invested capital, and AI technology built to provide the world’s leading brands with the ability to engage their customers across any channel, Sprinklr is defining and leading the enormous new category of Customer Experience Management,” said Michael McGinn, Partner and Co-head of Sixth Street Growth. “We’re excited to be part of Sprinklr’s journey of impressive growth and are pleased that our investment will bolster an already strong balance sheet.”

“Customer Experience Management” Is Core to Digital Transformation
CXM and consumer-centricity have become vitally important to the C-Suite. 72% of businesses say improving customer experience is their top priority, according to Forrester. According to an Accenture Interactive report, 87% of organizations believe that traditional experiences are no longer enough to satisfy their customers. The report concluded that “CX is the new battleground for brands.”

When businesses are able to improve customer experience, however, it has a direct impact on their bottom line, with Forrester finding that even a one-point increase in CX scores can translate into $10M’s – $100M’s in annual revenue.

As the world moves even more online due to the coronavirus pandemic – which has driven a 50-70% increase in global internet usage – the ability to serve customers on the digital channels they choose is no longer an option, creating what the World Economic Forum calls a “watershed moment for the digital transformation of business.”

A Modern Platform Purpose-Built for CXM
Founded in 2009, Sprinklr’s platform was built from the ground up for one purpose: to provide every customer-facing team with the modern capabilities they need to serve connected customers, and enable the entire front office to work together and deliver a more unified customer experience. Over the past decade, that vision has followed three phases:

  • Social: Sprinklr started with a foundation in social, helping brands listen to, engage, and reach customers across dozens of social channels on one unified platform. That differentiation cemented Sprinklr – in the eyes of leading brands and analysts – as the leader in Social Media Management (SMMS). 
  • Digital: In 2017, Sprinklr expanded its platform, introducing a full suite of digital solutions for each major customer-facing department – Marketing, Advertising, Research, Care, and Engagement – designed to give each the modern capabilities they need to thrive in a world where customers are connected and in control. 
  • CXM: Today, hundreds of the world’s largest brands have multiple customer-facing functions – like Marketing and Care – working together on Sprinklr’s platform to realize the full potential of CXM, an $80+ billion market opportunity. Sprinklr powers 9 of the world’s 10 most valuable brands, and companies including Microsoft, McDonald’s, L’Oreal, Verizon, and Santander.

Continued Momentum
Over the past 12 months, Sprinklr has seen continued momentum with milestones including:

  • Released 1,500+ new features across its five products including: Sprinklr Live Chat to enable real-time conversations on a brand’s website and mobile apps, new AI-powered capabilities like Smart Responses for care agents, and Sprinklr Sandbox to provide an isolated environment to test, train, and troubleshoot. 
  •  Named the only leader in The Forrester Wave™: Social Suites, Q4 2019, making Sprinklr a leader in all five Forrester social Wave reports. Sprinklr has also been named a leader by Frost & Sullivan (Customer Value Leadership Award), Forbes (Cloud 100), Gartner (2020 Customers’ Choice), G2 Crowd (Leader, Summer 2020), TrustRadius (Top Rated 2020), and Adweek (Readers’ Choice for Best of Tech Award 2020). 
  • Acquired Nanigans’ social advertising business, and announced new integrations with ServiceNow and Google.

The investment from H&F is expected to close in October following regulatory approvals and customary closing conditions.

About Sprinklr Sprinklr (@Sprinklr) is the world’s leading Customer Experience Management (CXM) platform. We help organizations listen to, engage, and reach customers and citizens across 25 social channels, 11 messaging channels, and hundreds of millions of forums, blogs, and review sites. Sprinklr is a global company with 1,900 employees helping more than 1,000 of the world’s largest and most valuable enterprises make their customers happier.

About Hellman & Friedman (H&F) Hellman & Friedman is a preeminent global private equity firm with a distinctive approach focused on investments in high-quality growth businesses. H&F seeks to partner with world-class management teams where its deep sector expertise, long-term orientation, and collaborative partnership approach enable companies to flourish. Since its founding in 1984, H&F has raised over $50 billion of committed capital, invested in over 90 companies, and is currently investing its ninth fund, with $16.5 billion of committed capital. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com.

About Sixth Street Sixth Street is a global investment business with approximately $47 billion in assets under management and committed capital. Sixth Street Growth is the firm’s dedicated platform for making customized, non-control private investments in growth-oriented companies. The Sixth Street Growth team partners with companies and management teams to provide bespoke, accretive financing solutions that often fall between traditional growth equity and commercial debt. Sixth Street has invested over $4 billion in more than 40 companies in its growth investing strategy since inception. Select current and past representative Sixth Street Growth investments include Airbnb, AirTrunk, AvidXchange, Gainsight, Kyriba, Lucidworks, Paycor, PayScale, PaySimple and Spotify.

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Apiary Capital invests in Radiant Financial Group

Apiary Capital

 

 

Apiary Capital has provided significant capital to support Radiant Financial Group’s buy-and-build strategy in the wealth management sector. Radiant has simultaneously announced the cornerstone acquisition of CWB, an award-winning group specialising in financial advice, tax planning, employee benefits and business consultancy services. CWB’s core strength is its proven ability to address the entire spectrum of financial needs of companies, owners and employees. The group consists of 20 advisers with £800m of assets under management.

 

Radiant’s highly experienced management team is led by industry leaders Peter Mann (Chairman) and Simon Cogman-Hellier (CEO). Mann was previously Vice-Chairman of Old Mutual and CEO of Skandia, whilst Cogman-Hellier has been involved in the financial services industry for 40 years, working with companies including Marsh & McLennan, KPMG, Oval and Bluefin.

 

“I am delighted to announce the launch of Radiant Financial Group,” said Simon Cogman-Hellier, CEO. “Our industry remains fragmented and this represents an opportunity for like-minded IFAs to become part of something special, allowing them to remove the regulatory and admin burden whilst continuing to work in an open, positive environment, focused on doing the right thing by their clients.”

 

Jeniv Shah, Partner at Apiary Capital, said: “We are delighted to be supporting Simon and Peter’s ambitious growth plans. CWB is a high-quality group, with a clear strength in compliance and client-centric service, all underpinned by their culture. This is an excellent foundation on which to build the Radiant Group.”

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Blackstone to Acquire Therma Holdings LLC, a Leading Provider of Mechanical, Electrical and Energy Efficiency Services

Blackstone

NEW YORK & SAN JOSE, November 9, 2020 – Today, Blackstone (NYSE: BX) announced that private equity funds managed by Blackstone Energy Partners have entered into a definitive agreement to acquire Therma Holdings LLC (“Therma”), a portfolio company of Gemspring Capital. The acquisition of Therma continues Blackstone’s support for the transition to cleaner, affordable energy.

Therma is a leading specialty mechanical, electrical and controls services company focused on designing, building, and servicing complex systems in mission-critical facilities. Therma’s 2,200 professionals and engineers deliver services that are core to improving and maintaining energy efficiency for leading companies across the technology, life sciences, healthcare and data center sectors.

Private equity funds managed by Blackstone Energy Partners are also acquiring RE Tech Advisors, Inc. (“RE Tech”), a leading energy and sustainability consulting firm. RE Tech will be integrated into Therma and the combined company will offer customers a comprehensive suite of sustainability, carbon reduction, and energy management services. RE Tech designs, administers, and tracks award-winning energy efficiency and environmental, social and governance (ESG) programs for clients – which include leading real estate investors, owners, and governments. In total, their 45+ professionals have delivered more than $200 million of utility cost reductions by implementing approximately 10,000 energy efficiency measures across 3,000+ assets. RE Tech has been working with Blackstone on portfolio company projects since 2014.

We believe an increased focus on and demand for energy efficiency and improved indoor air quality in the coming years should lead to new growth opportunities for Therma. Therma will also have the potential to help Blackstone portfolio companies meet their emissions reduction targets. Blackstone recently expanded its existing environmental sustainability efforts by setting a goal of 15% carbon emissions reduction across all new investments where it controls energy usage.

Commenting on the transaction, Bilal Khan, Senior Managing Director at Blackstone said: “We are strong believers in the continued growth of technology, healthcare and data center end-markets and look forward to partnering with the Therma and RE Tech teams on growing the business and solving the complex energy efficiency needs at mission-critical facilities across the US.”

Jeff Sprau, CEO of Therma, said “Our entire leadership team is thrilled to have the opportunity to partner with Blackstone to continue growing the Therma platform. In collaboration with Blackstone and RE Tech, we will continue providing superior service, design, and installation solutions while growing our geographic presence and expanding our offerings.”

Deb Cloutier, Founder & President of RE Tech, said: “We look forward to deepening our partnership with Blackstone as we drive progress toward its energy emissions reduction targets. Together with Therma, we’ll be in a strong position to expand our services and deliver innovative, cost-effective, and impactful energy efficiency programs to new and existing clients.”

David Foley, Global Head of Blackstone Energy Partners said: “Blackstone Energy Partners has been supporting the transition to cleaner, affordable energy through investments in critical energy infrastructure, renewable power generation, battery storage and the electric transmission grid. We also see opportunities to help companies become more efficient – consuming less energy and generating less carbon dioxide while not compromising productivity, safety and comfort. Therma and RE Tech are doing just that and can help Blackstone achieve its own recently announced goal of reducing emissions.”

Completion of the transaction, which is expected to occur in the fourth quarter of 2020, is subject to regulatory approvals and customary closing conditions.

Guggenheim Securities acted as financial advisor to Blackstone Energy Partners, while Kirkland & Ellis acted as legal advisor. Jefferies Financial Group and Lincoln International are serving as financial advisors and McDermott Will & Emery LLP is serving as legal counsel to Therma.

About Blackstone Energy Partners

Blackstone Energy Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested over $17 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Therma Holdings LLC

Therma Holdings LLC is a leading mechanical, electrical and plumbing services company focused on designing, building, and servicing custom and complex mechanical systems. Therma provides engineering, estimation, design, building information modeling, energy modeling, design-build, specialty HVAC and pipe fabrication, modular skid and process controls, pre-fabrication and installation work for owners, general contractors, and construction managers in the technology, biopharmaceutical, data center, semiconductor and other industries with complex mechanical requirements. For more information, please visit www.thermaholdings.com.

About RE Tech Advisors, Inc.

RE Tech Advisors provides advisory services to global real estate owners and investors to help them improve performance in a rapidly changing world. Operating at the intersection of sustainability, technology, and buildings, RE Tech’s seasoned professionals have decades of experience improving the operational and financial performance of real asset portfolios with over $1 trillion of assets under management. RE Tech services include program design and implementation, energy auditing, data analytics, climate change and carbon solutions, regulatory compliance, and marketing and communications. RE Tech also authored and helps run some of the world’s largest public-private partnerships, including ENERGY STAR and the Better Buildings Initiative.

Contacts

Kate Holderness
Kate.holderness@blackstone.com
917-318-6818

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Drug discovery CRO MercachemSyncom adds biology services through acquisition

GIlde Healthcare

Utrecht (the Netherlands) – Gilde Healthcare portfolio company MercachemSyncom, the leading mid-sized European drug-discovery contract research organization, today announced that it has acquired Admescope Ltd., a provider of ADME-Tox services, based in Oulu (Finland) and Södertälje (Sweden). The acquisition of Admescope allows MercachemSyncom to significantly expand its service offering with tailor-made-in-vitro ADME-tox studies for pre-clinical and early clinical R&D projects. MercachemSyncom expects seamless integration with its existing medicinal, synthetic and development chemistry capabilities.

Admescope, founded in 2011, brings world-class expertise in drug metabolism, drug interactions, pharmacokinetics and quantitative bioanalysis. Its experienced scientific and management teams have executed ADME-Tox studies for pharma and biotech clients across the world.

Eelco Ebbers, CEO of MercachemSyncom, commented,

“We are pleased to welcome our new colleagues fom Admescope. The high quality, innovative and client-centric ADME-Tox services of Admescope represent a perfect, complimentary match with our organization. The addition of Admescope to MercachemSyncom marks an exciting year for our company. The expansion of our cGMP manufacturing apabilities via the acquisition of our Weert site at the beginning of the year has had an extremely positive effect on our business and client base, resulting in a record year in terms of medicinal and synthetic chemistry services.”

Rafael Natanek, Partner at Gilde Healthcare, commented,

“This is the third acquisition since our investment in MercachemSyncom, executing our active buy-and-build agenda to complement the strong organic growth of the company. Admescope adds specialized biology services to MercachemSyncom and enables integrated contract research services from hit-finding to Phase 2a. Combined with the acquisition of Alcami Weert last year, Admescope further solidifies MercachemSyncom’s position as the premier mid-sized drug discovery CRO in Europe.”

About MercachemSyncom

MercachemSyncom is the leading mid-sized European contract research organization offering innovative chemistry, medicinal chemistry, ADME-Tox, early drug substance development, and GMP production services to accelerate the drug discovery and development process in a flexible and cost-effective way. MercachemSyncom offers integrated drug-discovery services from hit to clinic. Working for many pharmaceutical and biotech companies throughout the world, MercachemSyncom is recognized for its high-quality products and services and its unprecedented problem-solving capabilities. For more information, visit the company’s website at www.mercachemsyncom.com.

About Gilde Healthcare

Gilde Healthcare is a specialized healthcare investor managing over €1.4 billion ($1.5 billion) across two fund strategies: venture & growth capital and private equity. Gilde Healthcare’s venture & growth capital fund invests in health tech and therapeutics. The venture & growth companies are based in Europe and North America. Gilde Healthcare’s private equity fund invests in profitable European lower mid-market healthcare companies with a focus on the Benelux and DACH region. The private equity fund targets healthcare providers, suppliers of medical products and service providers in the healthcare market. For more information, visit the company’s website at www.gildehealthcare.com.

Gilde Healthcare

Gilde Healthcare is a specialized healthcare investor managing over €1.4 billion ($1.5 billion) across two fund strategies: venture & growth capital and private equity. Gilde Healthcare’s venture & growth capital fund invests in health tech and therapeutics. The venture & growth companies are based in Europe and North America. Gilde Healthcare’s private equity fund invests in profitable European lower mid-market healthcare companies with a focus on the Benelux and DACH region. The private equity fund targets healthcare providers, suppliers of medical products and service providers in the healthcare market.

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Bridgepoint Growth to partner with Swedish medical dermatology group Diagnostiskt Centrum Hud

Bridgepoint

Diagnostiskt Centrum Hud (‘DCH’), the leading provider of medical dermatology services in Sweden, has partnered with Bridgepoint Growth to further support the company’s expansion.

Headquartered in Stockholm, DCH was founded in 2012 by its CEO and three dermatologists, combining their business and medical backgrounds to address the untapped demand for high quality medical dermatology treatments. The market is underpinned by structural growth drivers, including an aging population and an increase in the incidence of skin diseases such as skin cancer. s. DCH focuses on treating melanoma, psoriasis and other severe dermatology conditions.

Today DCH operates six clinics across four Swedish cities and is the clear market leader in Sweden. DCH is a high-quality platform well placed for future growth in the fragmented dermatology markets across Northern Europe.

“We are excited to partner with Bridgepoint in the next stage of our expansion and further build the best dermatology provider across the Nordics together with our colleagues,“ said Philip Jerlmyr, CEO DCH.

”We are very impressed by DCH’s successful expansion to-date creating the leading dermatology provider focused on clinical excellence and high customer satisfaction thanks to its having the best dermatologists. We look forward to supporting the DCH team in its next phase of expansion” added Ann Dahlman, partner at Bridgepoint Growth responsible for its investment activities in the Nordic region.

Advisors involved in the transaction were:

For Bridgepoint: Vinge (legal), KPMG (financial and tax), Roland Berger (commercial)

For management: AG Advokat (legal), GT (financial and tax)

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Gaw Capital Partners & Consortium Partners Enter into the Sale and Purchase Agreement for the Purchase of CityPlaza One

Gaw Capital

November 9, 2020, Hong Kong – Real estate private equity firm Gaw Capital Partners today announced that the firm, through a fund under its management, and consortium partners, including Schroder Pamfleet, entered into the Sale and Purchase Agreement with Swire Pacific (0019.HK &  0087.HK) and Swire Properties (1972.HK) for the purchase of CityPlaza One. The acquisition price of the office tower is HK$9.845 billion, amounting to an average price of around HK$15,609 per sq. ft.
Completed in 1997 and located in the growing business center of Taikoo Shing in Hong Kong’s Eastern District, the 21-storey Grade-A office tower has a GFA of around 630,000 sq. ft. with direct walkways connecting the buildings to Tai Koo MTR station and CityPlaza shopping mall. The tenants of higher floors are able to enjoy the sea view of Victoria Harbour. With the Central-Wan Chai Bypass, the tower also has quick and convenient access to the Central business district. CityPlaza One accommodates quality tenants including financial institutions, insurance companies and multinational corporations.
Goodwin Gaw, Chairman and Managing Principal of Gaw Capital Partners, said, “At Gaw Capital, we continue to be confident about Hong Kong’s future, and we would like to thank our investors and partners for their support. Following the purchase of portions of CityPlaza Three and CityPlaza Four in 2018 and 625 King’s Road in 2019, we are delighted to have signed the sales & purchase agreement today for the purchase of CityPlaza One.  We see it as a strong addition to our commercial portfolio in Hong Kong’s Island East District.  The district has benefited from the many years of vibrant improvements made by Swire Properties as the major landlord.  With the new addition of CityPlaza One to our Island East portfolio, we look forward to working together with our long-time partner Swire Properties to contribute to the continued evolution of the district as the alternative CBD of Hong Kong Island.”
Allan Lee, Head of Asia (ex-China), Real Estate of Schroder Pamfleet, said “CityPlaza One is a well-located, well-managed property that represents an opportunity to participate in the long-term favourable economic outlook for Hong Kong. We worked well with Gaw Capital in the past and are pleased to work with them again.”
Gaw Capital has over 15 years of experience investing in and turning around commercial properties in Greater China, including Hong Kong. The firm already owns and manages CP3 & CP4 (previously CityPlaza 3 and CityPlaza 4) and 625 King’s Road in Hong Kong’s Island East District.  In recent years, the firm also purchased 29 local Hong Kong shopping malls from Link REIT through funds under management, which it intends to reposition and revitalize into attractive community hubs.  In China, the firm successfully transformed and repositioned properties such as Ciro’s Plaza, four premium grade A office buildings in Shanghai MixC, and Sky Bridge HQ in Shanghai, and Pacific Century Place in Beijing. In addition, Gaw Capital has successfully developed a sizable logistics platform and premium outlet mall portfolio in China.  In recent years, the firm has also started to invest in new areas such as education-related platform and healthcare businesses.
About Gaw Capital Partners 
Gaw Capital Partners is a uniquely positioned private equity fund management company that focusing on real estate markets in greater China and other high barrier-to-entry markets globally.

Specializing in adding strategic value to under-utilized real estate through redesign and repositioning, Gaw Capital runs an integrated business model with own in-house asset management operating platforms in retail, hospitality, property development, logistics and IDC. The firm’s investments span the entire spectrum of real estate sectors, including residential development, offices, retail malls, hospitality, logistics warehouses and IDC projects.

Gaw Capital has raised six commingled funds targeting the Greater China and APAC regions since 2005. The firm also manages value-add/opportunistic funds in Vietnam and the US, a Pan-Asia hospitality fund, a European hospitality fund and also provides services for separate account direct investments globally.

Gaw Capital has raised equity of USD$15.6 billion since 2005 and commands assets of USD$26.7 billion under management as of Q2 2020.
About Schroder Pamfleet 
In July 2020 Schroders completed the acquisition of a majority stake in Pamfleet, a leading Asian real estate investment advisor founded in 2000 by its current senior management team. The entire Pamfleet team of professionals remain with the organisation, which is renamed Schroder Pamfleet. Schroder Pamfleet has a strong track record of repositioning under-performing properties and delivering value-add returns for its investors from offices in Hong Kong, Singapore and Shanghai. Schroders is a world-class asset manage operating from 35 locations across Europe, the Americas, Asia, the Middle East and Africa.  Schroders’ Real Estate business consists of more than 200 real estate experts globally with assets under management of over US$22 billion (data as of November 2020).

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Eurazeo Brands announces its first european transaction with an investment in Swedish Brand Axel Arigato alongside its founders

Eurazeo

Paris, 9 November 2020
Eurazeo today announced an investment in Axel Arigato, a Swedish premium sneaker, ready-to-wear and accessories brand recognized for its contemporary design, high-quality products and creative brand universe. Eurazeo Brands, the division of Eurazeo focused on differentiated consumer brands, is investing €56 million to become a majority shareholder, alongside its Founders Max Svärdh and Albin Johansson. This marks Eurazeo Brands’ first investment in Europe and highlights its transatlantic ambition and coverage.

Founded in 2014 in Gothenburg, Sweden, Axel Arigato is a high-growth, digitally-native company that has quickly become a leading player in the European premium sneaker market. The Company’s main objective is to embrace the now and always look for the tomorrow, with strong cultural references including music, art and architecture. As a result of its differentiated value proposition relying on minimalist and modern design, superior quality and a sustainable approach, the brand’s revenues have almost tripled since 2016.

Axel Arigato built a successful multi-channel distribution strategy with a strong direct-to-consumer foundation. The large community that stands behind the brand is highly engaged thanks to the company’s event-driven marketing strategy, its “drop of the week” model and unique online content. Its products are distributed worldwide through its e-commerce website, major online marketplaces such as Farfetch, MyTheresa and Ssense, six Axel Arigato retail locations, and select prestige department stores such as Le Bon Marché, Harrod’s and Saks Fifth Avenue.

Leveraging its proven brand building, operating and consumer expertise, Eurazeo Brands will partner with Axel Arigato to support its growth, in Europe in particular, by investing in its digital and e-commerce capabilities, developing its retail footprint in major European cities and enhancing the brand’s sustainability positioning. In addition, Eurazeo will provide its CSR expertise and international network throughout Europe, Asia and the United States to support the brand’s development in key markets.

Laurent Droin, Managing Director of Eurazeo Brands, said:
We have targeted the high-end sneaker market due to the premiumization and casualization trends we are seeing globally and believe Axel Arigato is an innovative and high potential brand in this sector, relying on an authentic and contemporary designer-based approach. We are delighted to partner with Max and Albin, and we look forward to working with the company to accelerate its international growth, strengthen its digital platform and expand in retail – bringing this impressive brand to new customers worldwide.

Albin Johansson and Max Svärdh, Founders of Axel Arigato, said:
We are very proud of the company we’ve built so far. Axel Arigato has established a strong presence in the premium sneaker market and a strong connection with our customers, driven by our unique value proposition, diverse range of products and successful direct-to-consumer strategy. Choosing the best partner for Axel Arigato was critical to continuing our momentum – Eurazeo’s deep brand-building experience and international network are key to accelerating our growth.

About Axel Arigato
• Axel Arigato is a Swedish designer sneaker brand. Digitally native and founded in 2014 by two friends, Max Svärdh and Albin Johansson, in Gothenburg, the brand has a differentiated positioning thanks to superior quality, wide product offering, a design conveying Nordic minimalist culture as well as a fair perceived price point. The strong brand universe is rooted in a global lifestyle experience, which resonates with a large and engaged community globally. Axel Arigato’s international presence is established through a multi-channel distribution strategy, including own website and retail stores, as well a selective network of online retailers and wholesalers.

About Eurazeo
• Eurazeo is a leading global investment company, with a diversified portfolio of €18,5 billion in assets under management, including €12,9 billion from third parties, invested in over 430 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering in-depth sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

• Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, London, Luxembourg, Frankfurt, Berlin and Madrid.
• Eurazeo is listed on Euronext Paris.
• ISIN : FR0000121121 – Bloomberg : RF FP – Reuters : EURA.PA

EURAZEO CONTACTS

PRESS CONTACT

PIERRE BERNARDIN
HEAD OF INVESTOR RELATIONS
mail : pbernardin@eurazeo.com
Tél : +33 (0)1 44 15 16 76

VIRGINIE CHRISTNACHT
HEAD OF COMMUNICATIONS
mail: vchristnacht@eurazeo.com
Tel: +33 1 44 15 76 44
MAITLAND/amo
DAVID STURKEN
mail: dsturken@maitland.co.uk
Tel: +44 (0) 7990 595 913

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Cinven and GIC to acquire specialist insurance broker Miller

Cinven

Cinven, the international private equity firm, and GIC, Singapore’s sovereign wealth fund, today announce that they have reached an agreement to acquire leading specialist insurance and (re)insurance broker, Miller, from its partners and corporate member, Willis Towers Watson (“WTW”). Financial details of the transaction are not disclosed.

Founded in 1902, Miller is a leading specialist insurance and (re)insurance broker operating in the UK, Lloyd’s and internationally. It employs more than 640 people through its offices in London, Ipswich, Brussels, Paris, Singapore and Geneva, covering the world’s major insurance hubs. Miller operates across a number of specialist areas, including marine, energy, credit and political risks, delegated authorities, professional risks, property, casualty, sports and entertainment and (re)insurance. Headquartered in London, it places c. £2 billion worth of premiums annually.

Cinven and GIC believe Miller is an attractive investment opportunity based on:

  • The high-quality, cash generative business model, with strong brand equity and an attractive, recurring revenue base;
  • Its strong position in the wholesale insurance markets with a long-standing client base, strong management team and deep bench of talent with significant expertise across its specialist areas;
  • Its proven track record of steady and consistent growth in recent years, delivering robust performance through the COVID-19 pandemic and prior downturns;
  • The business has an opportunity to benefit significantly from independent ownership, given the ability to accelerate its long-term growth profile through a combination of organic growth in a specialist sector, ambitious plans to recruit new specialist brokers and execute selective incremental bolt-on M&A over time; and
  • The underlying insurance market is forecast to continue growing in line with GDP, with potential additional upside for specialty insurers, further supported by short-term rate hardening.

Cinven Funds’ previous investments in the European insurance sector include Guardian Financial Services in the UK, Eurovita in Italy, and Viridium in Germany. Other UK-headquartered financial services investments by the Cinven Funds include Partnership Assurance, NewDay and Premium Credit. GIC has invested in companies such as Rothesay and RAC in the UK, Mass Mutual Asia in Hong Kong, and China Pacific Insurance group in China.

The Miller transaction represents the first investment from Cinven’s new financial services sector-focused strategy, which will be looking at similar long-term opportunities across Europe.

Luigi Sbrozzi, Partner of Cinven, commented:

“Cinven is delighted to be making this investment in Miller alongside GIC. Miller is a highly attractive, resilient specialist insurance business with strong long-term growth opportunities across all of its segments and a history of consistent growth through various economic cycles. We see opportunities both organically, by recruiting new specialist brokers, and through incremental M&A over time. Miller also offers a scalable platform, particularly internationally, with associated benefits for clients as the business develops and expands over the long-term. We believe that independent ownership is the right model to really accelerate the company’s growth.”

Yong Cheen Choo, Chief Investment Officer of Private Equity, GIC, said:

“Miller is one of the top and most established wholesale brokers with highly respected franchises in areas such as marine & energy, sports & entertainment, and cargo. We are pleased to partner with Cinven and look forward to supporting Greg Collins and his team to seize future expansion opportunities for Miller. As a long-term investor, we are confident in the growth potential of the specialty insurance sector, and of Miller within it.”  

Greg Collins, CEO, Miller, added:

“We are very pleased to be partnering with Cinven and GIC, whose knowledge and insurance investment expertise will enormously support our business as we enter this important next phase of growth. We are excited about bringing together our combined expertise to bolster our best in class client service and solutions and strengthen Miller’s position in our core activities. This includes making incremental targeted, strategic investments as we look to realise our ambition of becoming the leading independent specialist (re)insurance broking firm. I would also like to take this opportunity to thank WTW for their support over the last five years.”

The transaction is expected to complete in Q1 2021 and is subject to regulatory approval.

Cinven and GIC advisors included: Barclays (M&A); Clifford Chance (Legal); Bain (Commercial); PwC (Financial, Operations, IT); Deloitte (Tax, Structuring); Marsh (Insurance) and FTI Consulting (Communications).

Advisors to the sellers included: Goldman Sachs International (Financial Advisor to WTW); Herbert Smith Freehills LLP and Addleshaw Goddard LLP (Legal) and Jamieson Corporate Finance LLP (Financial Advisor to Miller’s Partners).

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Active Assurances strengthens its health division with the acquisition of the portfolio of Cabinet Wilhelm SA

Activa Capital

One year after the acquisition of AFI Assurances, Active Assurances, the specialist digital insurance broker, is pursuing its development strategy and announces the acquisition of the healthcare insurance portfolio of Cabinet WILHELM SA. This transaction enables the Group to accelerate its development in the healthcare market.

Cabinet WILHELM is a French broker based in Lons (Southwestern France), specialised in the digital selling of health, accident and life insurance products to B2C customers.

The Company was created and managed by its founder, Gilbert Wilhelm, and developed with the support of its main shareholder, the Swiss Life Group. The firm was a pioneer in the distribution of health insurance policies via the internet and quickly built up a strong reputation and recognized know-how in this field.

With this operation, Frédéric Bacmann, Chief Executive Officer and founder of AFI Assurances, consolidates the Group’s healthcare portfolio by exceeding 35,000 policies in its portfolio.

This operation is financed by equity from Active Assurances, backed by Activa Capital, BPIfrance and Idinvest Partners. This operation underlines once more Activa Capital’s ability to support entrepreurial managers in the transformation of growing SMEs and the structuring of external growth operations.

Thomas Riottot, Co-founder of Active Assurances Groupe, declared: « We are delighted with this operation, which will strengthen AFI Assurances’ development in its market. We remain on the lookout for other build-ups operations that will enable us to accelerate our develpment. »

Frédéric Bacmann, Founding Director of AFI Assurances, stated: « With this operation, we are integrating new sales staff motivated by the Group’s development project and by our know-how in the distance selling of health insurance policies. »

Participants

Buyers
Active Assurances Groupe : Didier Naccache, Thomas Riottot, Denis Salmoiraghi, Frédéric Bacmann, Nolwenn Oreal
Activa Capital : Alexandre Masson, David Quatrepoint, Timothée Héron
Lawyers : Jean-Baptiste Le Jariel – FORTEM Avocats

Vendors
Gilbert Wilhelm, Founder
Lawyers : Xavier Perinne – AFFINA Legal

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3i invests in MPM to accelerate international expansion

3I

3i Group plc (“3i Group”) announces that it has agreed to invest c. £125m alongside management for a majority stake in MPM, an international leader in branded, premium, natural pet food.

Headquartered in Manchester, UK, MPM was founded in 2002 and owns leading brands such as Applaws, Encore and Reveal. The company differentiates itself through its high quality, human-grade products, its natural, clean-label ingredients and its “cat first” proposition. MPM’s loyal customer base places great importance on its sustainable sourcing and recyclable packaging. It has an established presence in the UK, EMEA and APAC with a fast growing business in North America. International sales account for more than 60% of revenues. MPM has developed strong relationships with key retailers across pet specialist, grocery and online channels.

Over the past six years, MPM has grown consistently at double digit CAGR and is highly cash generative. The premium wet cat food market is large and is forecast to continue to grow at c. 7% p.a. The market has proven resilient through economic downturns and Covid-19, with pet ownership increasing amongst a highly engaged and loyal community for whom pets are seen as family members.

Rupert Howard, Director, 3i, commented: “We have been tracking MPM for a long time and are delighted to invest in this rapidly growing, resilient business. Owners looking to feed their pets natural, high quality food with recognisable ingredients are drawn to MPM’s brands across a variety of channels and geographies. MPM fits well with 3i’s desire to invest in strong mid-market businesses where we see significant headroom for further international growth. We look forward to supporting Julian, James and their excellent team with their ambitions.”

Julian Bambridge, CEO, MPM, added: “3i has a formidable track record in helping its companies to grow internationally, particularly in the US market. This will be especially key for MPM as we look to accelerate our expansion in North America. The 3i team also has significant brand expertise through a number of its consumer investments which will be of great benefit to MPM.”

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