Category Archives: News

IK Partners to acquire GoodLife Foods from Egeria

IK Partners (“IK”) is pleased to announce that the IK IX Fund has signed an agreement to acquire GoodLife Foods B.V. (“GoodLife Foods”, “GoodLife” or “the Company”), a leading European manufacturer of frozen snacks. IK is acquiring a majority stake from Egeria Capital Management (“Egeria”) alongside management who will be reinvesting. Financial terms of the transaction are not disclosed.

Headquartered in Breda, the Netherlands, GoodLife Foods is a leading European manufacturer of frozen snacks and meal components such as spring rolls, appetisers, burgers as well as cheese and vegetable bites. The Company offers a broad portfolio of branded and private label products which it sells to Retail, Foodservice and Industrial customers across Europe. GoodLife has over 700 employees with six manufacturing plants located across the Netherlands, Belgium and Denmark.

Formed by the carve-out of Izico from Wessanen in 2014, GoodLife has grown to become a fully integrated leading European frozen appetiser platform. Under Egeria, the Company acquired six companies in three different countries which was followed by years of strong organic growth.

Under the existing management team, GoodLife has gone from strength-to-strength and through its partnership with IK, it expects to further expand its product portfolio with on-trend frozen bites. It also plans to achieve further growth acceleration in- and outside of its core geographies through organic initiatives and buy-and-build.

Dirk Van de Walle, CEO at GoodLife Foods, stated: “We look forward to the next chapter which will see us working with the team at IK who have vast experience in the Food sector and can support us with our ambitious plans to internationalise through organic initiatives and M&A. I would also like to use the opportunity to thank Egeria. We are grateful for the support and opportunities that Egeria has provided GoodLife with over the past years.”

Remko Hilhorst, Managing Partner at IK and Advisor to the IK IX Fund, stated: “We have been impressed with GoodLife’s track record to date and its ability to continuously evolve its product portfolio to meet the needs of its customers. It has a diversified offering with further growth potential which can be unlocked in the years to come. With its solid foundation in place, we look forward to collaborating with Dirk and the team to develop the Company further.”

Sander van Keken, Partner at Egeria, stated: “It has been a true pleasure working with Dirk, Kamiel, Willem and the complete GoodLife organisation. We are proud that under our ownership Goodlife has transformed from a carved-out company primarily focused on the Benelux to a European company with a much broader product range of frozen snacks. I am confident that together with IK GoodLife will continue to expand across Europe whilst maintaining its unique and pleasant GoodLife culture.”

Completion of the transaction is subject to legal and regulatory approvals.

For further questions, please contact:

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

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 170 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

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About GoodLife Foods B.V.

GoodLife Foods is one of Europe’s largest producers of both branded and private label frozen savoury food products. The Company has its headquarters in Breda, the Netherlands with production sites in the Netherlands, Belgium and Denmark. For more information, visit https://glfoods.com/en/

About Egeria

Established in 1997, Egeria is an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region. For more information, visit https://egeriagroup.com/

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KKR Announces the Acquisition of a Residential Portfolio in Finland

KKR

First investment in the Nordics through KKR’s European Real Estate Core Plus strategy

STOCKHOLM–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that KKR’s European real estate platform has agreed to acquire a high-quality portfolio of thirty residential properties in Finland (the “Portfolio”) from Kruunuasunnot. The Portfolio comprises over 1,200 residential units with two thirds of the portfolio located in the country’s three largest cities of Helsinki, Turku and Tampere.

This transaction is KKR’s first in the Nordic region through its European Core Plus Real Estate strategy, which invests in high-quality, substantially stabilised assets with medium-term value growth potential. Residential is a key sub-sector of KKR’s overall European real estate strategy, given its strong structural growth drivers, including population growth and urbanization to support greater demand for rental housing.

Commenting on the acquisition, Ian Williamson, Managing Director and Head of Core Plus Real Estate in Europe at KKR, said: “We’re delighted to enter the Finnish residential real estate market with this acquisition. This is our first residential investment in our recently launched European Core Plus strategy and builds on our broader European track record in the residential market. We believe the Finnish residential market has compelling fundamentals, underpinned by a stable economy and strong demand for urban rental housing. The entry basis and business plan align well with our strategy.”

Alexander Thams, Director and Head of Nordics Real Estate for KKR, added: “This transaction marks an important step in the growth of our Nordics real estate platform as we continue to accelerate our regional investment strategy. We are pleased to acquire a portfolio of high-quality assets with great potential that are meeting the needs of local tenants and the growing demand for rental housing.”

Avant Capital Partners, a Finnish boutique real estate investor and asset manager, will manage the portfolio providing local market expertise and asset management capabilities.

Commenting on the acquisition, Jussi Thusberg, Partner and co-founder of Avant Capital Partners, said: “We’re very keen to return to the Finnish residential space and to start working with KKR on this interesting transaction, which forms an excellent platform that we’re intending to grow further. The share of rental housing in relation to owner-occupier has increased in the past years which, supported by urbanization, we see as a trend that will continue to grow going forward as well.”

KKR has an established track record in the Nordic region, having invested over €6bn in equity since 2007 and strengthening its presence and growth ambitions in the region with the opening of a new office in Stockholm, Sweden in June 2021. Recent investments in the region include Söderberg & Partners, Sector Alarm, Wolt, Nordic Bioscience, Caruna, Avida and a residential real estate joint venture in Denmark.

Krogerus is acting as legal advisor to KKR.

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.

Avant Capital Partners

Avant Capital Partners is a boutique real estate investment and asset management firm focusing primarily on Finnish real estate opportunities together with its investment partners. The Helsinki-based company has a substantial track record in investment and asset management as well as complex turnaround projects and property development, and it has completed over EUR 1.3Bn in investments with blue-chip partners since its inception in 2016. The company currently manages real estate investments worth in excess of EUR 1Bn.

Media Enquiries
KKR: Nordics
Fogel & Partners
Ludvig Gauffin
+46 70 222 60 30
kkr@fogelpartners.se

KKR: UK
FGS Global
Sophia Johnston
+44 20 7251 3801
KKR-LON@fgsglobal.com

Avant Capital Partners
Jussi Thusberg
Partner, co-founder
+358 400 778097
jussi.thusberg@avantcap.fi

Source: KKR

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Onex Completes Secondary Offering of Ryan Specialty

Onex

Toronto, Canada, May 25, 2023 – Onex Corporation (“Onex”) (TSX: ONEX) today announced the sale of approximately 8.2 million shares of Class A Common Stock of Ryan Specialty Holdings, Inc. (“Ryan Specialty”) (NYSE: RYAN). Ryan Specialty is a service provider of specialty products and solutions for insurance brokers, agents, and carriers.

Proceeds to Onex from this transaction were approximately $355 million. Onex continues to hold approximately 4.1 million shares of Class A Common Stock of Ryan Specialty.

A registration statement on Form S-3 was filed with the Securities and Exchange Commission (“SEC”) and became effective upon filing. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Onex
Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Onex’ two primary businesses are Private Equity and Credit. In Private Equity, we raise funds from third-party investors, or limited partners, and invest them, along with Onex’ own investing capital, through the funds of our private equity platforms, Onex Partners and ONCAP. Similarly, in Credit, we raise and invest capital across several private credit, public credit and public equity strategies. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies and family offices. In total, Onex has $51.1 billion in assets under management, of which $7.8 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.
Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

Forward-Looking Statements
This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For Further Information:
Onex
Jill Homenuk
Managing Director – Shareholder
Relations and Communications
Tel: +1 416.362.7711
Zev Korman
Vice President, Shareholder
Relations and Communications
Tel: +1 416.362.7711

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GHO Capital and Partners Group invest in Sterling Pharma Solutions, a leading pharmaceutical development and manufacturing organization

Partners Group

Baar-Zug, Switzerland; 25 May 2023

  • Since first partnering with GHO in 2019, Sterling Pharma Solutions has grown rapidly, tripling its revenues and quadrupling its earnings. Sterling is now the preferred partner to several leading pharmaceutical companies for handling the development of complex medicines and scaling up of manufacturing
  • Partners Group acquires a significant minority stake, bringing a wealth of healthcare expertise. GHO will remain Sterling’s majority shareholder and its new investment is supported by a consortium of investors, led by funds managed by AlpInvest Partners and Pantheon
  • The new investment will support Sterling’s growth trajectory in expanding production capacity across the UK, Europe, and the US, adding complementary capabilities and pursuing further strategic acquisitions

Global Healthcare Opportunities, or GHO Capital Partners LLP (“GHO”), the European specialist investor in global healthcare, and Partners Group, a leading global private markets firm, acting on behalf of its clients, today announce an investment in GHO portfolio company Sterling Pharma Solutions (“Sterling” or “the Company”), a global Contract Development and Manufacturing Organisation (“CDMO”).

Sterling provides a full range of CDMO services across the lifecycle of new, high-value active pharmaceutical ingredients (“APIs”) and is an industry leader in the early-stage development of antibody drug conjugates (“ADCs”), a fast-growing class of cancer treatments. Sterling handles the development of complex APIs and subsequent scaling up of manufacturing from pre-clinical to commercial scale. Sterling has five state-of-the-art manufacturing facilities in the US, UK, and Ireland. The Company benefits from a diversified blue-chip customer base and is a supply chain partner for the majority of the largest pharmaceutical companies.

Since partnering with GHO in 2019, Sterling has grown rapidly, both organically and through acquisition. The Company has transformed from a single-site UK CDMO to a global full-service complex small molecule API platform with differentiated chemistry capabilities. Sterling has tripled in revenues and quadrupled its earnings following strategically accretive M&A focused on capacity expansion, capability development, and a strategically relevant geographical footprint. Recently, Sterling’s acquisition of Novartis’ Ringaskiddy site saw the Company significantly increase its capacity, which included a long-term supply agreement with Novartis – reinforcing Sterling’s outstanding reputation within the pharmaceutical industry.

Partners Group acquires a significant minority stake, bringing a wealth of international healthcare expertise to the shareholder group and helping drive future value creation. GHO will remain Sterling’s majority shareholder and the current management team will continue to lead the Company. This new investment from GHO is supported by a consortium of investors, led by funds managed by AlpInvest Partners, a subsidiary of global investment firm Carlyle (NASDAQ: CG), and Pantheon.

The new investment will support Sterling as it accelerates its growth plans through the expansion of production capacity across the UK, Europe, and the US. This will enable the business to meet increasing demand from both new and existing customers, supporting all stages of development from clinical to commercial stages. The new funding will also enable Sterling to pursue additional strategic acquisitions to further expand its capabilities and geographic reach and continue to advance its strong commitment to ESG initiatives.

Kevin Cook, CEO, Sterling, says: “We have achieved remarkable growth over the last four years becoming a trusted partner to the pharmaceutical and biotechnology industries. We are proud of our success in meeting the often complex and demanding manufacturing needs of our customers on an international scale. Our continued sustainable growth has been underpinned by our partnership with GHO Capital, which has been instrumental in our success to date. We are delighted to welcome Partners Group, which, alongside GHO, will support our ambitious global growth trajectory. We look forward to continuing to provide industry leading service throughout the entire product lifecycle, to an ever-expanding international customer base.”

The Partners at GHO Capital comment: “We partner with management teams to deliver the healthcare of the future. Sterling is a leading example of how our deep industry expertise, combined with the GHO growth playbook, can generate long-term, sustainable value. We are immensely proud of the business that Sterling has become as a result of GHO’s partnership with management in supporting exceptional transatlantic growth, operational enhancements, internationalization and transformational M&A. We are especially glad to continue our strong partnership with Kevin and the management team and we look forward to working with Partners Group, which has significant global reach and expertise and will contribute to Sterling becoming the reference innovator-focused API CDMO globally.”

Pascal Noth, Head Private Equity Health & Life Europe, Partners Group, adds: “Advanced CDMOs have been a major focus of our thematic research and we have strong conviction in the growth potential of leading players that are capable of following the molecule across its lifecycle. We believe that strategic partners to innovative pharmaceutical companies will benefit from further outsourcing as well as production reshoring trends. Sterling’s focus on complex APIs means it is well positioned to capitalize on rising demand for next-generation small molecule medicines. We have been really impressed with Kevin and the management team and look forward to collaborating with them, as well as our partners at GHO, known for their extensive industry knowledge and successful growth strategies, on the Company’s next phase of transformational growth.”

Sterling was advised by Jefferies International Ltd as financial advisor, Macfarlanes LLP as legal advisor, L.E.K. Consulting LLP as commercial advisor, Deloitte LLP as finance, tax, and responsible investing due diligence advisor, and ERM as environmental advisor.

GHO was advised by Jefferies International Ltd as secondaries advisor, Slaughter and May and Kirkland & Ellis International LLP as legal advisors, and Deloitte LLP as structuring advisor.

Partners Group was advised by Ropes & Gray International LLP as legal advisor, Ernst & Young AG as commercial advisor, PricewaterhouseCoopers Ltd as financial, tax, and structuring advisor, Alvarez & Marsal Europe LLP as operations advisor, and ERM as environmental advisor.

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AVP launches a new strategy to invest in late-stage tech companies with a targeted €1.5bn fund of which €750m invested by AXA.

AXA
  • AXA intends to invest €750m, as anchor investor, in a new Late Growth strategy and confirms its commitment to support AVP in launching a fund with no European equivalent.
  • This strategy will invest in global tech leaders in Europe and North America. It will support them until the IPO and will potentially, as a long-term investor, remain invested post-IPO.
  • The ambition of the strategy is also to contribute to the development of a strong European-based financing environment for the tech ecosystem.
  • The future fund naturally extends the current range of AVP funds (Venture, Growth and Funds of Funds) and broadens the AVP capacity to invest in all stages of tech companies.
  • AVP will significantly reinforce its team in Europe and North America with new talents to support this strategy.

AVP announced today the launch of a new €1.5bn Late Growth strategy dedicated to supporting global technology leaders. The first closing is expected in Q1 2024 with a final close expected in 2025. AXA intends to invest €750m in the future fund, starting in the first closing.

The strategy will target AVP’s existing focus sectors of Software, Fintech/Insurtech, Digital Health and Consumer technologies in Europe and in North America. It will invest in companies that have fully proven product market fit and sales execution in one or several markets, that intend to continue their growth through global expansion and have the potential to IPO in the next three to four years. The future fund will act as a long-term investor supporting companies ahead of IPO and post IPO. It will benefit from the relationships developed over the years with entrepreneurs first in the Venture Fund or in the Growth fund to quickly build a pipeline with the most promising Late Growth companies.

AVP Late Growth strategy will lead rounds with initial investment size of up to €150m and be an active investor with Board representation. The future fund will build a portfolio of 12/15 of the most promising late-stage European and North American tech companies. In Europe in particular, growth of the most promising European innovative companies is held back by the difficulty of raising sufficient capital from funds based in Europe as Late Growth rounds are up to now mainly carried out by non-European investors. AVP strongly believes it is crucial and timely to provide Europe, where it aims to deploy about two third of the strategy, with a competitive global platform to support the best technology companies. As such, the Late Growth strategy is fully aligned with the objectives of the Scale-up Europe project and Tibi 2 initiative. Being a European long-term investor providing long-term capital and able to support European global tech leaders towards their IPO and post their IPO, the AVP Late Growth strategy addresses a new market segment and provides an answer to the current gap that exist.

AVP will at the same time keep its transatlantic DNA and the Late Growth strategy will also invest in global leaders in North America. As such, AVP aims at becoming one of the few global platforms specialized in investing in technology, from Early Stage to Late Growth. AVP’s experience in Venture and Growth investing is a strong competitive advantage to access these Late Growth companies, understand the objectives of the entrepreneurs and be able to support them in the new phase of their journey.

“We are very happy and proud with the launch of the new AVP strategy. I am also extremely happy to see the commitment of AXA, as an anchor investor, with an intended significant investment of €750m. We clearly see the long-term value- creation potential of technology in general. We believe that with AXA IM, and in particular with AXA IM Alts, to which AVP is part of, AXA benefits from a unique platform and unique expertise to invest in yield producing asset classes.” said Marco Morelli, Member of AXA Management Committee, AXA IM CEO and Chairman of AVP.

“We are extremely happy to support the launch of the new AVP Late Growth strategy as a cornerstone investor like we did for previous strategies with a very material investment. This shows our commitment to continue to invest in tech companies, but also our appreciation of AVP’s excellent job and track-record in the past 7 years from Venture to Late Stage. The strength of AXA’s balance sheet allows us to make such commitment and to benefit from technology tailwinds, which are clearly long-term trends. We also believe that the recent correction in valuation in the tech sector will provide opportunities in the years to come” added Jean-Baptiste Tricot, AXA Group CIO.

“I believe that we have, in less than 7 years, created a strong transatlantic investment platform, focused on North America and Europe, dedicated to entrepreneurs in the tech space, with a very solid LP base. Launching this Late Growth strategy is a great achievement and a key milestone for the AVP team. The continued support and trust of such a sophisticated investor as AXA comes as a validation of the expertise and track record of the AVP team. The all AVP team is very grateful for this and very proud to have deserved the trust of such a top institutional investor” commented François Robinet, Managing Partner of AVP.

“Our DNA comes from Venture investing: we understand entrepreneurs, their challenges and the partners they want to work with. This DNA will make a significant difference in Late Growth investing. We now have the capacity to support outstanding entrepreneurs along their journey, from early stages to IPO and even post IPO which is a key differentiation in the market. Like what we have successfully done with our Venture (AVP Venture I and II) and Growth funds (AVP Capital I and II), we will continue to strive to be “best-in-class” and to aim investing in the best possible tech companies in Europe and in the US. In Europe in particular, we believe that we will have a powerful value proposition. We will provide an investment alternative to European entrepreneurs who wish to have a long-term European investor in their capital and keep their European roots.”. adds François Robinet.

To support its strategy and accelerate on its ambition, the future fund will be managed by Partners from the existing team and new Partners in the US and in Europe. The overall team will be significantly strengthened.

About AVP

AVP (AXA Venture Partners) is a global venture capital firm investing in high-growth, technology-enabled companies, with €1.3bn of assets under management through three pillars of investment expertise: early stage, growth stage, and fund of funds. Since its launch in 2016, AVP deployed capital across 60 technology companies in Venture and Growth stages in the US and in Europe. The launch of this new product confirms AVP’s ambition and commitment to support the best tech companies throughout their journey.

With offices in New York, London and Paris, AVP helps companies scale internationally and offers portfolio companies unique business development opportunities to further accelerate their growth. AVP is part of AXA IM- Alts, the alternative investment business unit of AXA IM.

Contact

AVP – Sébastien Loubry : sebastien@axavp.com / + 33 6 15 31 61 68
Primatice Conseil – Thomas de Climens : thomasdeclimens@primatice.com / + 33 6 78 12 97 95

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819 bed PBSA scheme in Bristol forward sold to KKR

KKR

Watkin Jones plc
(‘Watkin Jones’ or the ‘Group’)

Watkin Jones, the UK’s leading developer and manager of residential for rent, is pleased to announce that the Group has exchanged contracts with funds managed by KKR, a leading global investment firm, to forward fund an 819-bed purpose-built student housing (PBSA) scheme in Dalby Avenue located in Bedminster, Bristol. The consideration will be payable to Watkin Jones over the course of the development, which is due for completion in August 2024, and includes an initial net cash receipt for Watkin Jones of c. £25 million. KKR is making the investment through its European Core Plus Real Estate strategy, which focuses on thematic investments in high-quality, substantially stabilised assets with long-term growth potential.

Upon completion, the 819-bed scheme will be fully leased to The University of Bristol on a long-term basis. The development will deliver a mix of 5-12 bed cluster flats together with c.15,000 sq.ft. of internal amenity space and considerable external amenity space including a private terrace, courtyard, and gardens. The site has excellent transport links to the University campuses and is conveniently located close to Bedminster train station and within walking distance to Bristol’s city centre.

With two established universities in the city, Bristol continues to be a leading destination of choice for students in higher education. However, accommodation in the UK’s eighth largest city is stretched across both the build-to-rent (BtR) and PBSA markets. The creation of this new major PBSA development in Bedminster is important in helping the city to address the on-going and increasing demand for student accommodation. The PBSA scheme is located in one of the five key sites identified in Bristol City Council’s Bedminster Green Framework as a priority for redevelopment.

Bristol is the UK’s greenest city, and the scheme is sustainably designed, and is targeting BREEAM ‘excellent’ rating. Additionally, best-in-class delivery and execution for residents will be available when it comes to enjoying a technology-enabled experience as the development is targeting WiredScore Silver. Attractive landscaping will support and encourage local biodiversity and residents will enjoy outdoor communal amenity space including a courtyard, high quality public realm and access to the newly restored Malago River corridor.

Alex Pease, Chief Investment Officer, Watkin Jones, said: “We are delighted to have secured our second deal with KKR, and would like to thank them for their efforts and partnership approach in reaching this agreement. This is an exciting opportunity to develop a key area of regeneration in the Bedminster area of Bristol for the ever-growing student needs in the city.

The sale is further evidence of the attractive investment and operational fundamentals of both PBSA as a sector and Bristol as a city and a good sign of investment markets re-opening.

Watkin Jones has a strong track record of developing PBSA schemes in Bristol as rising demand continues, including work recently completed at Wilder Street and Unity Street last year, in addition to work currently underway on a PBSA site on Gas Lane.

We are really excited as Bristol is widely regarded as one of the UK’s top university towns for education but also it represents one of the most vibrant and inclusive cities for students to live. Offering a wide range of bars, shops, and restaurants, it is a city for students to enjoy.”

Seb d’Avanzo, Managing Director and Head of Real Estate Acquisitions for KKR in Europe, commented: “We’re delighted to be investing in this well-located PBSA scheme which will deliver exceptional-quality accommodation for one of the UK’s top universities. Watkin Jones is a leading developer and manager in the sector, and we are pleased to undertake another attractive venture with Alex and his team. The student housing market has compelling and resilient fundamentals and this property benefits from a long-term lease, making it a good fit for our Core Plus Real Estate strategy and our growing ambitions in the student housing sector.”

Watkin Jones were advised by Cushman & Wakefield and Addleshaw Goddard LLP. KKR were advised by Bryan Cave Leighton Paisner LLP.

– Ends –

Media enquiries:

Buchanan (Watkin Jones)
Henry Harrison-Topham / Jamie Hooper
watkinjones@buchanan.uk.com
Tel: +44 (0) 20 7466 5000
FGS Global (KKR)
Faeth Birch / Sophia Johnston
KKR-Lon@FGSGlobal.com
Tel: +44 (0) 20 7251 3801

Notes to Editors

Watkin Jones is the UK’s leading developer and manager of residential for rent, with a focus on the build to rent, student accommodation and affordable housing sectors. The Group has strong relationships with institutional investors, and a reputation for successful, on-time-delivery of high-quality developments. Since 1999, Watkin Jones has delivered 48,000 student beds across 143 sites, making it a key player and leader in the UK purpose-built student accommodation market, and is increasingly expanding its operations into the build to rent sector. In addition, Fresh, the Group’s specialist accommodation management business, manages over 22,000 student beds and build to rent apartments on behalf of its institutional clients. Watkin Jones has also been responsible for over 80 residential developments, ranging from starter homes to executive housing and apartments.

The Group’s competitive advantage lies in its experienced management team and capital-light business model, which enables it to offer an end-to-end solution for investors, delivered entirely in-house with minimal reliance on third parties, across the entire life cycle of an asset.

Watkin Jones was admitted to trading on AIM in March 2016 with the ticker WJG.L.  For additional information please visit www.watkinjonesplc.com

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

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KLAR Partners enters the Netherlands market as a growth partner to hallo, with the mission to build Europe’s leading SME-focused IT services provider.

Klar Partners

Funds advised by KLAR Partners Limited (“KLAR Partners” or “KLAR”) have signed an agreement to invest as a growth partner in hallo,. As a leading Dutch provider of mission-critical IT services for SMEs, the company is well-positioned for accelerated growth and, with support from KLAR, aspires to become the champion in the growing SME market in Europe. KLAR will invest alongside the present owners, Vortex Capital Partners and hallo’s management.

hallo,’s automated services platform provides small and medium-sized clients with a one-stop-shop for mission-critical IT services. Services include among others the Microsoft modern workplace, security, communication/UC, connectivity/SD-WAN and a growing practice in Dynamics CRM and Data Warehousing/Power BI. hallo, currently employs 350 people, with offices in The Netherlands, Spain and the Caribbean. In 2022, the company achieved sales of approximately EUR 70 million.

“This investment aligns perfectly with KLAR’s strategy to support companies providing mission-critical services in resilient and growing markets. The strong growth of hallo, in recent years has been impressive and clearly reflects the strength of the platform, as well as the culture of the company. We look forward to working with management and Vortex to support the company in further accelerating its growth, particularly its plans to expand across Europe”, commented Alex Kulikowski of KLAR Partners.

“This partnership marks the next strategically important step for hallo, and opens an exciting new chapter in our journey. The support of KLAR’s expertise and resources will enable us to accelerate our growth, both organically and through acquisitions. We believe in building a sustainable, culture-driven company for the long-term and this fits well with the values of the KLAR team. We look forward to working together in pursuit of our ambition to become a leading European player, empowering SMEs wherever we operate,” commented Barry Wissink, CEO at hallo,.

We are proud of hallo,’s exceptional growth trajectory and the leading position the company obtained in the Dutch market. With its scalable platform and strong focus on standardization and automation, hallo, is very well positioned to grow further inside and outside of the Netherlands. We are keen to take part in the next wave of growth as we believe that the new partnership with KLAR will enable international expansion and further value creation. We look forward to working with the management team and KLAR on hallo,‘s mission ‘to make IT work for you’”, commented Evert Jan de Groot of Vortex Capital Partners.

This transaction is conditional upon regulatory approvals from the relevant authorities.

For more information:

Fredrik Brynildsen
fb@klarpartners.com
Tel: +44 7388 439 890

Carl Johan Falkenberg
cj@klarpartners.com
+44 7918 941 391

About hallo,
hallo, is the trusted IT service partner for SMEs with a one-stop-shop offering of mission-critical managed IT services.

hallo,’s mission is to make IT services accessible for customers and their end-users in the best possible way, for maximum impact on productivity. In the fragmented landscape of IT service providers, the company aims to become the go-to brand for everyday IT service needs. With a digital customer journey including self-service tooling to simplify the complex IT service buying experience that SMEs typically experience. And with an enthusiastic and professional team of 350 IT service professionals (affectionately referred to as ‘digital energizers’) ready to help.

hallo, currently has offices in The Netherlands, Spain and the Caribbean. For more information please visit https://hallo.eu/.

About KLAR Partners
KLAR Partners is a European private equity firm focused on investments in companies operating in business services and industrial technology. The companies in which KLAR invests each have an annual turnover of approximately EUR 50-500m and are headquartered in the DACH, Nordics, and Benelux regions. With investment professionals located in London, Stockholm, Frankfurt, and Brussels, together with a broad international network in the industry, KLAR has a proven business model to support, develop, and grow companies. KLAR’s senior professionals have worked together for many years and have more than 50 years of combined investment experience in KLAR’s industry-specific and geographical focus area. KLAR Partners is a signatory of the United Nations Principles for Responsible Investment.

About Vortex Capital Partners
Vortex Capital Partners is a specialist investment firm with a focus on small and medium-sized tech companies with a high growth potential. Since 2012 Vortex invested in 22 platform companies with close to 30 add-on investments. The team combines years of M&A experience with deep technical expertise and first-hand operational experience to support ambitious entrepreneurs and management teams as an active partner in realizing their growth ambitions.

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Cathay Health Increases its Stake in TISSIUM with €50M Series D

Cathay Capital

New financing to support TISSIUM’s commercial launch and platform extension

 

Paris, (France), May 23, 2023 – Today, Cathay Health announced its participation in the €50M Series D round of TISSIUM, a privately-owned medtech company developing biomorphic programmable polymers for tissue reconstruction. The investor syndicate brings new investors such as Fonds Stratégique des Transitions, managed by ISALT as well as Merieux Developpement, and includes historical investors such as Credit Mutuel Innovation and Sofinnova Partners.

Cathay Health reinvested over pro rata in this round of financing, based on the progress the company has made to get into clinical studies, its corporate development and its advancing commercial plans as well as its vision for further developing its product pipeline.

This latest funding round coincides with the achievement of important milestones for TISSIUM, notably its on-going first-in-human study on its first nerve repair product, COAPTIUM Connect, in Australia and the preparation of the commercialisation of its first products in nerve and hernia repair. The financing will allow TISSIUM to continue to execute on its development plan, funding the company for the commercialisation of its first products in nerve and hernia repair and fueling the extension of its pipeline of products and its platform.

TISSIUM will continue to pursue rapid international expansion, leveraging in-house production and state-of-the-art manufacturing facilities, as well as entering partnerships in certain verticals. In parallel, it will broaden its platform with more specialized products in the existing verticals (nerve, herna and cardiovascular) while also extending to other verticals in new therapeutic areas.

Christophe Bancel, CEO of TISSIUM, said: “With the closing of our Series D financing round, TISSIUM is well-positioned to finance the commercialization of its first products. This funding significantly bolsters our ability to move with speed towards our goal of enhancing tissue reconstruction for patients. We look forward to continuing our work to bring innovation in the space and develop products that make a difference in patients’ lives.”

Hongjie Hu, Managing Partner at Cathay Health, added: “Since leading TISSIUM’s 2021 Series C, we’ve been continuously impressed with the team and the company’s strong progress in developing multiple clinical programs off the TISSIUM biopolymer technology platform. We continue to believe that TISSIUM is creating the future of tissue reconstruction and are proud to continue supporting the company’s clinical and commercial growth of its expandable platform that can be applied toward driving better outcomes in multiple, large therapeutic areas.”

 

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About TISSIUM

TISSIUM, a privately-owned MedTech company based in Paris, France and Boston, USA, is dedicated to the development and commercialization of products derived from its unique biopolymer platform. The company’s products will address multiple unmet clinical needs, including atraumatic tissue repair and reconstruction.

TISSIUM is developing a portfolio of products that leverage its proprietary family of fully biosynthetic, biomorphic, and programmable polymers, which are the foundation of the company’s technology platform. Currently, the Company has a pipeline of seven products across three verticals, including sutureless nerve repair, hernia repair and cardiovascular sealants. Each product is designed to enhance the tissue reconstruction process in a unique way. In addition, the company develops complementary delivery and activation devices for enhanced performance and usability of its products.

TISSIUM’s technology is based on world-class research and intellectual property from the laboratories of Professor Robert Langer (MIT) and Professor Jeffrey M. Karp (Brigham and Women’s Hospital), who co-founded the company in 2013.

For more information, please visit: www.TISSIUM.com

Follow us on LinkedIn, Twitter @TISSIUMtech.

​​About Cathay Health

Cathay Health, affiliated to Cathay Capital, is a tech bio fund investing at the convergence of healthcare, life sciences and technology. As a multi-stage venture and growth fund, it backs convergence medicine companies across Europe, North America and Asia whose tech-enabled solutions catalyze groundbreaking advances in medicine. From the world’s leading life sciences and technology hubs, including San Francisco, New York, London, Cambridge, Paris, and Basel, Cathay Health aims to partner with future leaders in the data-driven medicine era to transform human health and care in all its dimensions.

For more information, please visit us on the web or follow us on LinkedIn and Twitter @CathayHealth.

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August Equity are delighted to announce significant investment in StarTraq

August Equity

August Equity has invested alongside management in StarTraq – a leading compliance software business providing solutions for offence processing, licensing & permitting. August will provide funding to enable the business to scale internationally and enter new adjacent markets.

Headquartered in Oxfordshire, UK, StarTraq is the market leader in offence processing software. It has long standing relationships with police and local authorities in the UK, and a growing international footprint. It provides cloud solutions that automate back-office processes including the processing of traffic violations, permit offences, permit applications, and environmental offences. Billy Kennedy, who joined the business in 2011, will continue to lead StarTraq. Allan Freinkel, who founded the business in 2002, will stay on and support as a Non-Executive Director. Industry veteran Gordon Wilson will be joining the board as Chair, who was CEO of software business Advanced Computer Software since 2015 and has recently moved to Chair.

The team, supported by August, intend to invest in the continued organic growth of the business supported by targeted M&A into new geographies and adjacent end markets. StarTraq represents a strong adjacency to previous August Equity investments in compliance-driven tech and cloud software businesses, such as Agilio, Amtivo, OneTouch and Wax Digital.

The team at August was led by Mehul (Mickey) Patel and Greg Walsh with support from Sam Hardy, Bethany Shiers, Ollie Reynolds and Matt Benstead.

David Lonsdale, Managing Partner at August Equity, commented:

“StarTraq represents an attractive platform investment for August and is aligned with our focus on primary buyouts of B2B software and services businesses in compliance driven end markets.”

Mickey Patel, Partner at August Equity, commented:

“We are delighted to be backing the StarTraq team, an exciting cloud software platform investment for us to scale and build an international software business with a focus on traffic, offence management and adjacent software solutions.”

Gordon Wilson, Chair at StarTraq, commented:

“I am pleased to be working with August and the StarTraq team as I embark on my plural career. The plan to grow StarTraq organically and acquisitively has many similarities to businesses I have grown in the past and I look forward to supporting the management team as they grow.”

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ABN AMRO Ventures invests in ThreatFabric

Abn Amro Ventures

ABN AMRO Ventures, the corporate venture fund of ABN AMRO, has invested in the EUR 11.5m Seed round of ThreatFabric, an Online Fraud Detection solution that helps ABN AABN AMRO Ventures, the corporate venture fund of ABN AMRO, has invested in the EUR 11.5m Seed round of ThreatFabric, an Online Fraud Detection solution that helps ABN AMRO protect its clients from the growing fraud and malware epidemic.MRO protect its clients from the growing fraud and malware epidemic.

The battle against online fraud has become a lot more complex with continuous data breaches and the availability of AI driven tools. In 2022 alone, criminals in the Netherlands caused €62.5 million in damage through payment fraud, including bank helpdesk fraud and phishing, which is 25% higher than two years earlier according to the 

Dutch Banking Association

. Banks and e-commerce platforms are continuously searching for accurate warning systems before payments are made.

ABN AMRO Ventures invested in ThreatFabric because online fraud does not show any signs of slowing down, with the bank’s clients as the most vulnerable part of the chain. ThreatFabric’s software can positively contribute to this fraud epidemic by helping their clients – banks and financial institutions – protect their end-users from fraud and malware by using different protection layers, such as on-device malware detection and behavioural analytics.

This EUR 11.5m Seed round is co-led by ABN AMRO Ventures and Motive Ventures, alongside 10xFounders and 14Peaks capital. The capital will be used to increase ThreatFabric’s international expansion and extend its fraud detection layers with behavioural based detection. This consists of the fraudster’s footprint with advanced AI models that include continuous threat modelling of attack paths inside online signup and payment journeys.

Han Sahin, CEO at ThreatFabric: “The ever-changing online fraud threat landscape can proactively be protected by including AI driven threat modelling in behavioural based defence layers. Fraudster also have a strong need which is strongly reflected in their digital footprint. This Seed Round with investment capital from ABN AMRO Ventures, Motive Ventures, and participation from 10xFounders and 14Peaks capital will be used for further expansion and to extend our Fraud Risk Suite platform focused on new proactive fraud controls. For example, with behaviour-based location intelligence and behavioural biometrics that use advanced AI models that forecast potential fraudsters online footprint inside payment journeys”.

Hugo Bongers, Managing Director at ABN AMRO Ventures: “The fraud issue is large and complex problem, that is only expected to get bigger in the future, as technologies like AI further develop. As a long-standing partner of ThreatFabric, ABN AMRO Bank has seen ThreatFabric’s profound understanding of the fraud issue and the high-quality solution the company offers. ABN AMRO Ventures is proud to support the co-founders Han and Yorick, and the entire ThreatFabric team in their next stage of growth and their mission to combat fraud and malware.”

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