Category Archives: News

BGF successfully exits waste management company RiverRidge

BGF

BGF has announced a successful exit of its investment in RiverRidge, Northern Ireland’s largest fully integrated waste management company.

Founded in 2011, RiverRidge started out as a small skip hire and landfill business and has since grown into Northern Ireland’s premier waste management, recycling and energy from waste company. Under the direction of CEO Brett Ross, the company now serves seven local authorities across the province and over 5,500 commercial clients, providing collection services and the treatment and disposal of over 400,000 tonnes of waste each year.

BGF partnered with RiverRidge in 2016, introducing experienced waste sector director Jim Meredith as non-executive chairman, to accelerate the growth of the business. BGF’s investment has helped the company to expand its operations across Northern Ireland (both organically and via acquisition), develop state-of-the-art recycling infrastructure, and build out the top tier management team.

Revenues have increased by 40% since 2016, and RiverRidge now employs 280 staff, across five sites in Belfast, Mallusk, Coleraine, Portadown and Derry/Londonderry. The company is also a minority stakeholder in Northern Ireland’s only energy from waste plant.

Cube Infrastructure Managers and Equitix Investment Management have jointly completed the acquisition of a majority stake in the business and now plan to pursue further growth, through delivering a pipeline of development opportunities, further improving treatment options in the Northern Irish market.

Graham Clarke, Investor at BGF, said: “It is fantastic to see RiverRidge attracting this significant investment to deliver the next phase of its ambitious growth plans. Over the past six years, we have developed a strong relationship with Brett and his team. It is therefore extremely pleasing that, following this investment, the company is well positioned for the next phase of its growth journey.”

“This is BGF’s second material exit in Northern Ireland in recent months, delivering another strong return of over 2x MM against BGF’s minority investment, and again underlines the quality of business and management teams that exist in the province. BGF is extremely proud to have played a part in supporting Brett and his team through a period of significant growth, and we wish them the best of luck as they continue to expand RiverRidge in Northern Ireland and beyond.”

RiverRidge has grown from humble beginnings in 2011 to a company in 2023 which is at the forefront of waste treatment technology. We have been true to the vision and values of the group over this period and believe that today’s announcement is an endorsement of the hard work from our team as well as the strategy chosen to revolutionise the sector. BGF and Jim have been with us every step of the way during the past six years, and I’d like to thank them for their guidance and support during a period of significant growth.

Brett Ross, CEO, RiverRidge

Saket Trivedi, Partner of Cube Infrastructure Managers, said: “The investment in RiverRidge Holdings represents a unique opportunity for Cube to acquire an essential infrastructure asset in a new geographic location, with the embedded opportunity to pivot towards the generation of renewable energy from waste. We are excited to be able to enter this journey with Equitix as our long-term partner, which will be instrumental in providing valuable expertise for the future growth of the company.”

Hugh Crossley, CEO of Equitix, added: “Equitix has known and had excellent collaboration with RiverRidge for near to 10 years. We have a huge respect for the management team and are very pleased to extend this relationship by acquiring a stake in the company. This also allows us to proudly increase our commitment and presence to Northern Ireland.”

“With the RiverRidge management team and our partners, Cube, we expect to invest in and effectively grow the business over the coming years. This important investment aligns with our strategic vision of working in partnership to help reduce the impact of waste on climate change, avoid unnecessary landfill disposal, and provide sustainable energy to the communities which our assets serve.”

Cube and Equitix have been advised by Eversheds Sutherland and PwC, while RiverRidge Holdings Limited and BGF have been advised by Carson McDowell, A&L Goodbody and KPMG.

BGF has invested in seven companies from Northern Ireland to date: Braidwater, RiverRidge, Audit Comply, Uform, Bob & Berts, Mzuri Group and Clarke Group.

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GTCR Closes $11.5 Billion Fund XIV

Fund to Support Management in Executing Upon Growth and Transformation
CHICAGO, IL — May 23, 2023

GTCR, a leading private equity firm, today announced the closing of GTCR Fund XIV (“Fund XIV” or the “Fund”), with aggregate commitments of $11.5 billion. The Fund, which had an initial target of $9.25 billion, reached its hard cap. The Fund includes total limited partner commitments of $11.0 billion and a commitment from GTCR of approximately $500 million. The predecessor fund, GTCR Fund XIII, was raised and initiated in 2020 with aggregate commitments of approximately $7.9 billion.

The Fund received strong support from limited partners in prior GTCR funds, many of whom have invested with the firm for decades, as well as several new investors. The diverse Fund XIV investor base includes leading global endowments and foundations, public and corporate pension plans, sovereign wealth funds, financial institutions and private wealth.

Consistent with GTCR’s investment approach, The Leaders Strategy™, Fund XIV will expand the firm’s capacity to partner with exceptional management leaders who have strong track records of value creation to identify, acquire and build market-leading companies in its core industry domains of Healthcare, Technology, Media & Telecom, Business & Consumer Services and Financial Services & Technology. GTCR’s investment approach emphasizes transformational growth to build better businesses with a long-term orientation.

On behalf of the firm, Dean Mihas and Collin Roche, Co-CEOs of GTCR, commented:

“We appreciate tremendously the support from our limited partners. That support is invaluable to us in working with our management partners to build great businesses through transformational growth and add-on acquisitions. This committed equity capital of Fund XIV positions GTCR and its investment teams with the resources to invest through periods of uncertainty and varied economic conditions.

For over four decades, GTCR’s approach has been to build deep domain expertise and broad executive relationships in our core industries. This approach enables us to partner with and support high caliber, experienced management leaders in pursuing opportunities for transformation, including corporate carve-outs, transformational mergers and growth through acquisition strategies. We also continue to build GTCR’s organization, growing our team, increasing our sourcing efforts and enhancing our ability to support management teams as they grow their businesses. We believe that our differentiated strategy, our high-quality and experienced team, and our committed capital resources position us to capitalize on unique opportunities in the current environment.”

“We are grateful for the confidence that GTCR’s limited partners have demonstrated in our team and in our strategy. We are focused on providing consistent, outstanding returns for our investors across economic environments, with a continued focus on alignment and transparency,” stated Jodi Rubenstein, Managing Director and Head of Investor Relations.

Kirkland & Ellis served as legal advisor to GTCR.

About GTCR
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages more than $35 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.

GTCR Contacts

Investor Relations
Jodi Rubenstein
312.382.2202
jodi.rubenstein@gtcr.com

Media Relations
Andrew Johnson
212.835.7042
andrew.johnson@gtcr.com

Category: | Press Releases | Recent News

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Dutch Bakery combines with coolback to create 3i-backed European Bakery Group

3I

3i Group plc (“3i”) today announces that Dutch Bakery, a leading bakery group specialised in home bake-off bread and snack products, has agreed to combine with coolback, a leading German bakery group specialised in bake-off bread, to create European Bakery Group, a pan-European bakery platform.

3i invested in Dutch Bakery in October 2021, to drive the company’s international growth strategy in the fragmented European private label market for bake-off bread and snack products, whilst supporting Dutch Bakery in continued investments in its home markets. Since 3i’s investment, Dutch Bakery has significantly strengthened its product capabilities with the acquisition of Trade Factory, a speciality producer of bapao buns and gua bao, and GoodLife Foods Deurne, a speciality producer of sausage rolls.

coolback is an established industrial bakery group operating three state-of-the-art bakeries in Germany. The company produces and sells private label, frozen and ambient bake-off bread products to customers active in food retail and foodservice across Germany, the Nordics and Poland.

By combining Dutch Bakery and coolback, the newly created European Bakery Group will benefit from a complementary product assortment and customer base across Europe. The combination will enable European Bakery Group to capitalise on its capabilities to offer an innovative, high-quality and comprehensive product assortment to its customers, which is produced sustainably and with natural ingredients at its core.

Dr. Markus Schirmer and Jürgen Fleige, Co-CEOs of coolback, said: “We are very happy to be joining forces with the team at European Bakery Group. Together, we will be able to reach new markets, capitalise on the growth opportunities within Germany and benefit from the size and scale of the combined platform.”

Raoul Vorage, CEO, European Bakery Group, said: “coolback is a high-quality and innovative company with a strong and highly experienced team. We look forward to partner with coolback and continue to further build on the international growth strategy of European Bakery Group.”

Bastiaan Peer, Partner, 3i, said: “Combining coolback and the Dutch Bakery business is at the core of our original investment thesis to drive an international growth strategy in the fragmented European private label market for bake-off bread and snack products. In European Bakery Group we have created a strong pan-European platform, which is well-positioned to capitalise on further organic as well as inorganic growth opportunities.”

-Ends-

Download this press release    

 

For further information, please contact:

3i Group plc

 

Silvia Santoro

Investor enquiries

 

Kathryn van der Kroft

Media enquiries

  

 

Tel: +44 20 7975 3258

Email: silvia.santoro@3i.com

 

Tel: +44 20 7975 3021

Email: kathryn.vanderkroft@3i.com

 

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America.

For further information, please visit: www.3i.com

About Dutch Bakery

Dutch Bakery has a leading position in the market for bake-off bread and bread-based snacks with a comprehensive product portfolio. The company was founded in 1936 and operates bakeries in Alkmaar, Budel, Eindhoven, Rijen, Tilburg and Waalwijk. The company specialises in home bake-off (bread) products, including (mini) baguettes, kaiser rolls, croissants, bapao buns, sausage rolls, multi-layered cake and pastry with sausage filling. The products of Dutch Bakery are primarily sold to major food retailers, both in the Netherlands and abroad.

For further information, please visit: www.dutchbakery.nl

About coolback

coolback was founded in 1999 and is based in the Berlin area, with its headquarters in Nuthe-Urstromtal, Germany. The company is a producer and seller of private label frozen, modified atmosphere packaging (MAP), bio and gluten-free bake-off goods to customers across food retail and foodservice. coolback employs more than 600 full-time employees across three facilities in Hoppegarten, Jänickendorf and Luckenwalde, Germany, which together produce more than 1.2 billion baked goods per year. The company produces a variety of product configurations primarily consisting of frozen and ambient bake-off goods including (specialty) rolls and artisan products, mixes as well as (filled) baguettes.

For further information, please visit: www.coolback.de

Regulatory information

This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.

Categories: News

Investor Berk Partners Private Equity takes stake in Rolflex Nederland B.V.

Berk Partners

Amsterdam, 22 MAY 2023 – Investment fund Berk Partners on 17 May 2023 acquired a substantial stake in Gendringen-based company Rolflex Nederland B.V. Rolflex is the inventor of the compact, folding commercial door. This unique industrial door without ceiling tracks fits everywhere – even where other sectional doors do not – is low-maintenance, high-quality, durable and aesthetically very representative. The unique industrial door is developed and produced entirely in the Netherlands. Worldwide installation and maintenance are facilitated with an extensive dealer network.

Rolflex supplies the Compact door in various colours and finishes. The door can be further extended with (semi)transparent panels, a wicket door, remote control and more

Activity

Rolflex is the manufacturer and supplier of specialist, high-end commercial doors. Development and production is done in-house. Rolflex is fully dedicated to the Compact door. This is a folding door based on multiple customisable and customisable panels, which fold upwards when the door is opened instead of being slid or rolled over rails on the ceiling. The main advantage of this is that ceiling space is saved and the service door can be fitted better into existing situations. Folding also allows the service door to be fitted with, among other things, a wicket door and the option of installing the door on the outside of the room. Rolflex is the inventor of this type of folding door and has been the technological leader in this field for more than 25 years.

Sales of Compact doors outside the Netherlands are largely through an extensive international network of over 450 dealers. These dealers install and maintain the Compact door at end customers. Within the Netherlands, installation and maintenance of doors is carried out by Rolflex itself.

Transaction

The transaction is a management buy-out/ pre-exit. On 17 May 2023, Berk Partners Growth Fund and managing director Maarten Coerman joined as shareholders. Coerman, together with the existing management team, forms the driving force behind Rolflex. Together, they will focus on further expanding Rolflex in the coming years.

Coerman foresees interesting growth opportunities. “With Berk Partners’ involvement, we can further expand internationally, professionalise and Berk Partners’ networks will also become available to Rolflex,” Coerman said.

“The collaboration with Berk Partners is a conscious choice,” said Frank Govaert (partner at Berk Partners). “This partnership offers Rolflex the opportunity to grow further through increased focus on innovation and commerce, where Berk Partners will support to further shape growth. Berk Partners has gained a lot of experience with growing companies in the past.

In this respect, Rolflex fits well with our investment policy. Rolflex operates in an attractive niche market and occupies a leading position there with a distinctive product. The incumbent management also has a very good track record when it comes to international growth.”

 

About Rolflex Nederland B.V.

For more information: Maarten Coerman (m.coerman@rolflex.com) and www.rolflex.com

 

About Berk Partners private equity

Berk Partners is an independent investment company founded in 1992. Over the past thirty years, it has invested in dozens of successful mid-sized Dutch companies. Berk Partners originates from Berk Holding, the investment vehicle of Mr Ben Pon founded in the 1970s. After several successful investments made by him, third parties also joined. In the past, Berk Partners invested in, among others, Koninklijke Joh. de Kuyper & Zn. (spirits), (portion) packaging company W. van Oordt & Co, games company Jumbo and Life & Mobility (wheelchair manufacturer).

 

The current Berk Partners fund is the fifth fund in succession and has fund assets of almost €50 million. Based on past experience, the fund has a preference for investments in the Food Industry, Innovative Manufacturing and Healthcare Suppliers sectors. As a committed shareholder, Berk Partners adds value by providing not only capital but also knowledge, a network, entrepreneurship and active support.

Nine participations have now been realised in the Berk Partners Growth Fund, in addition to Rolflex these are:

  • Theha B.V., producer of coconut bread and coconut cubes;
  • Molenmaker Techniek B.V., producer of hydraulic drive systems for bridges and locks, among others (divested in 2021);
  • Rivièra Product Decorations B.V., active in applying sleeves (printed film) to various types of packaging;
  • Aarts Packaging B.V., producer of plastic packaging for the cosmetics industry in particular based on injection moulding (divested in 2023);
  • Technotape Holding B.V., producer and trader of a wide range of products for personalisation through sublimation;
  • HSU Groep B.V., supplier of services relating to the preparation and cleaning of public transport rolling stock, buses and trains;
  • Royal Taste Company Holding B.V., producer of high-quality coffee beans for personalised blends; and
  • P.B.S. Holding B.V., producer of raised floors for special applications.

 

ESG policy

Berk Partners gives ESG considerations an important place in the selection of investment propositions and the management of its holdings. ESG stands for ‘Environmental, Social & Governance’ and means that factors such as energy consumption, climate, resource availability, health, safety and good corporate governance are explicitly taken into account when choosing to invest in a company.

 

For more information:

Berk Partners Groei Fonds B.V.

Frank Govaert (govaert@berkpartners.nl or 020 2619 350).

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Sastrify, the Next Generation Platform for Buying and Managing SaaS Subscriptions, Raises $32 Million Series B

Endeit

COLOGNE/NEW YORK — Sastrify, the next generation platform for buying and managing SaaS subscriptions, today announced it has raised a $32 million Series B financing round led by Endeit Capital, with participation from Simon Capital and previous investors HV Capital, FirstMark Capital, and TriplePoint Capital. The company will use the additional funds to scale the global team focused on the United States and Europe and further accelerate product development to support mid-market and enterprise customers.  Sastrify has been a strong force in Europe since first launching in mid-2020, growing more than 400% in the past year fueled by a focus on clear return on investment for its customers.

SaaS sprawl continues to post a significant risk to companies worldwide. According to industry research, more than $200 billion and 3.9 billion working hours will be wasted on software buying in 2023, while one in five companies will have experienced a cyber event related to shadow IT. According to Sastrify data, the typical company overspends by more than thirty percent on their SaaS costs and wastes more than 400 hours per year on managing their SaaS contracts.

The Sastrify platform allows users to centralize, visualize, and automate their entire SaaS procurement journey. Sastrify powers SaaS procurement for fast-growing companies like sennder, OnRunning, Babbel, and Pleo and is positioned to continue to expand its services in the US, already serving US customers such as Capchase, a non-dilutive financing provider to SaaS companies.

The fundraising coincides with Sastrify’s expansion of its core product offerings to provide automated Usage Analytics as well as the launch of the Sastrify Marketplace, which includes flexible payment and financing options. Sastrify and Capchase also recently announced a partnership to provide flexible financing for SaaS licences.

With the launch of Sastrify’s exclusive pre-negotiated commercial offerings via their Marketplace, teams can find and evaluate tools, streamline their procurement processes, optimize their SaaS stacks, and make insights-driven decisions. With Sastrify’s expanded Usage Analytics, companies benefit from having full transparency into their SaaS stack—visibility which in turn allows them to eliminate unnecessary or bad-fit tools and discover better alternatives.

“We’ve built a platform that enables procurement, finance, and IT teams to fully optimize all aspects of their software procurement,” said Sastrify CEO and co-founder Sven Lackinger. “Our hundreds of customers around the world have validated our platform as the comprehensive SaaS procurement solution. We’re positioned to grow our team, and continue to work with companies to focus and accelerate their efforts to reduce their risk, save hours per week, and save up to seven figures on their SaaS costs.”

“As a result of the rise of SaaS Solutions, accelerated Digital Transformation due to Covid and the current global economic climate, scalable SaaS management has become table stakes for running a successful company. We believe Sastrify’s platform is very well positioned to capitalize on this trend,” said Philipp Schroeder, partner at Endeit Capital.

“FirstMark invests in companies like Airbnb, Pinterest, and Shopify that can transform massive markets with technology. Sastrify’s accelerated growth and compelling product/market fit with global customers has cemented our belief in the company’s position to be the #1 global SaaS procurement solution,” said Adam Nelson, Managing Director, FirstMark.

For more information, visit Sastrify.com

About Sastrify

Sastrify is a digital procurement platform for Software-as-a-Service (SaaS) products. Founded in 2020 by serial entrepreneurs Maximilian Messing and Sven Lackinger, Sastrify helps companies get the best deals when buying and renewing SaaS subscriptions. The Sastrify platform enables procurement, tech, and finance teams to work together seamlessly, benefitting from best in class buying processes, partnerships with leading SaaS vendors, and an ever-growing database of price benchmarks. Backed by Endeit, FirstMark, and HV Capital, Sastrify supports hundreds of clients globally, including OnRunning, Pleo, and Capchase.

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Silver Lake to Make €600M Strategic Investment in TeamSystem

Silverlake

MILAN & LONDON – TeamSystem, a leading provider of business software solutions to companies and accountants in Italy and Spain, announced today that Silver Lake, a global leader in technology investing, has entered into a definitive agreement to acquire a €600 million minority stake in the company from Hellman & Friedman (H&F). H&F will remain the majority shareholder in TeamSystem following close of the transaction.

This strategic investment from Silver Lake marks a significant milestone for the Company as it continues to drive the digital transformation of businesses and their accountants in Italy and Spain. TeamSystem’s innovative software platform – with solutions ranging from core business applications to financial technology and AI tools – has revolutionized business processes, empowering clients to streamline operations, drive efficiency and accelerate growth. Since the time of H&F’s initial investment in TeamSystem in 2016, the number of customers served by the company has grown from 200 thousand to approximately 1.8 million today.

Commenting on the investment, Federico Leproux, CEO of TeamSystem, said: “We are pleased to welcome Silver Lake as a strategic partner. We believe this partnership will unlock even greater potential for TeamSystem as the company continues to expand its product offering to help digitise the Italian and Spanish economies – and beyond. We are also delighted to continue our partnership with Hellman & Friedman, which has been our trusted partner for over seven years.”

Christian Lucas, Co-Head of EMEA at Silver Lake, said: “We are excited to partner with TeamSystem as it continues to transform the Italian software industry. Management’s strong commitment to technological leadership, customer-centric approach, and drive for best-in-class innovation are qualities we value highly and have invested behind consistently in support of cloud software leaders across Europe, making TeamSystem an ideal fit for Silver Lake. We look forward to working closely with Federico and the full team in partnership with Hellman & Friedman to drive further growth and deliver exceptional value to its customers.”

Blake Kleinman, Partner at Hellman & Friedman, added: “We are thrilled to welcome Silver Lake as an investor in TeamSystem as we set our sights on the next phase of growth for the business. We have been impressed by TeamSystem’s performance since our initial investment in 2016. Federico Leproux and his team have done an outstanding job to strengthen TeamSystem’s offering and more than triple the company’s revenues. Our investment in TeamSystem which started over seven years ago is a great example of H&F’s approach to long-term value creation. We look forward to continuing our partnership with Federico and his outstanding management team.”

The transaction is expected to close around end of the year, subject to customary closing conditions and regulatory approvals. Evercore acted as financial adviser to H&F and TeamSystem.

About TeamSystem

TeamSystem is an Italian technology company with market-leading digital solutions enabling companies and professionals to run their businesses. The Group – which has a 40-year track record – reported a turnover of approximately €700 million in 2022. TeamSystem serves 1.8 million customers through proprietary Cloud platforms. For more information, visit www.teamsystem.com.

About Silver Lake

Silver Lake is a global technology investment firm, with more than $95 billion in combined assets under management and committed capital and a team of professionals based in North America, Europe and Asia. Silver Lake’s portfolio companies collectively generate more than $282 billion of revenue annually and employ approximately 713,000 people globally.

About Hellman & Friedman

Hellman & Friedman is a preeminent global private equity firm with a distinctive investment approach focused on a limited number of large-scale equity 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. H&F targets outstanding businesses in select sectors including software & technology, financial services, healthcare, consumer & retail, and other business services.

Since its founding in 1984, H&F has invested in over 100 companies. The firm is currently investing its tenth fund, with $24.4 billion of committed capital, and has over $85 billion in assets under management as of December 31, 2022. Learn more about H&F’s defining investment philosophy and approach to sustainable outcomes at www.hf.com.

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CapMan Growth exits Coronaria, continues as investor in Silmäasema

Capman

apMan Growth press release
19 May 2023 at 14:30 PM EEST

CapMan Growth exits Coronaria, continues as investor in Silmäasema

The ownership of Coronaria, one of the largest healthcare industry companies in Finland, is restructured. CapMan Growth and Tesi exit Coronaria while Cor Group, together with the company’s leadership and key persons, increase their ownership of the company to over 80%. As part of the restructuring, CapMan Growth invests in Silmäasema together with Elo, Ilmarinen, Konstsamfundet and key persons, as part of an investment round of around €40 million. Coronaria remains the largest owner of Silmäasema with an ownership of about 80%.

CapMan Growth has together with Coronaria’s main owner Cor Group and Mandatum Asset Management (MAM) agreed on an arrangement in which Cor Group increases its ownership in Coronaria. As CapMan Growth exits the company, the ownership share of products managed by the MAM Growth Equity team (MAM GE) also increases. As a result of this arrangement, Cor Group together with the company’s leadership and key persons, own about 82% of the company, while the ownership share of products managed by MAM GE remains around 18%.

”I am very grateful that I have had the opportunity to develop and build this wonderful company for so many years, while at the same time learning from unique entrepreneurs. At this point, I would especially like to thank Teppo Lindén, Ulla Näpänkangas, Marika Heikkala and Jari-Pekka Kelhä, and all the rest of Silmäasema’s and Coronaria’s management for their amazing work in an environment challenged by a public social and welfare renewal, covid-19, inflation and a war in Europe,” comments Antti Kummu, Managing Partner at CapMan Growth.

”I want to thank CapMan and Antti Kummu for providing us with resources to grow into one of the largest healthcare operators in the country, as well as the market leader in eye health. During CapMan’s ownership period our turnover has more than tripled from 117 million to 358 million. At the same time our personnel have grown from about 1,200 to 4,200 people”, comments Teppo Lindén, CEO at Coronaria.

CapMan Growth Equity Fund 2017 Ky fund is in carry and will have seven remaining assets following this exit.

Silmäasema’s ownership base broadens

Connected to this the CapMan Growth Equity II -fund has made an investment in Silmäasema as part of an investment round of about 40 million euros, which was also joined by Finnish institutional investors Elo, Ilmarinen and Konstsamfundet and key persons.

Coronaria continues as the main owner of Silmäasema with an ownership share of approximately 80% after the investment. The ownership share of investors and key persons in Silmäasema is about 20% after the investment. Following the investment, Antti Kummu will continue as a member of the company’s Board of Directors, together with Timo Larjomaa who will join as a new member.

Silmäasema is a subsidiary of Coronaria and the leading eye health operator in Finland, offering all services related to eye health and optical retail as a one-stop-shop. In a few years, the company has visibly strengthened its market position in Finland and reached a market leading position.

”As the Chair of the Board at Silmäasema I have been closely involved in the company’s development for over three years. I am very impressed with the company’s unique concept, leadership, and know-how. During this time the company has almost doubled in size and grown into a market leader in all its operating segments. This is a good base on which to build future growth,” comments Antti Kummu.

”Silmäasema continues strong growth in the eye health market. New investors strengthen the company’s ownership structure and enable investing in growth also going forward. We also receive new know-how to develop the company. The change in ownership structure will not change our operative activities, shares Teppo Lindén.

For more information, please contact:
Antti Kummu, Managing Partner, CapMan Growth, +358 50 432 4486

About Coronaria

Coronaria on is one of the most significant healthcare companies in Finland, offering versatile ophthalmological and optical services, specialized healthcare, oral healthcare, and rehabilitation services on a national level. In rehabilitation and therapy services, Coronaria is Finlands leading operator. Coronarias subsidiary Silmäasema is a market leader in eye health. Coronaria is part of the Finnish health and welfare group, Cor Group. In 2022 Coronarias turnover was 358 million euros and the company had about 4,200 employees.

About Silmäasema

Silmäasema is the largest eye health and optical retail operator in Finland. We see the whole picture, from meeting and treating our patients to Finnish eye health as a whole. Silmäasema’s over one thousand experts in eye health, treat close to a million clients a year. Silmäasema has nearly 150 optical stores and ophthalmologist centres, 18 private eye hospitals and seven providers of public eye health services across the country. Silmäasemas turnover in 2022 was 203 million euros and the company had about 1,000 employees.

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With €5.1 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business consists of procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.

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Restaurant365 Announces $135M Funding Round Co-Led by KKR and L Catterton

KKR

Leading restaurant enterprise management software company surpasses $1B valuation.

IRVINE, Calif., May 19, 2023 /PRNewswire/ — Restaurant365, an industry leading all-in-one restaurant enterprise management software, today announced it has agreed to a $135M funding round co-led by global investment firms KKR and L Catterton with participation from current investors, including ICONIQ Growth and Bessemer Venture Partners.

Restaurant365 is transforming the restaurant industry by providing operators with innovative solutions to increase sales, control food costs, and optimize labor. The company’s robust software suite brings key accounting, operational, and payroll-based processes together into a single, cloud-based technology.

“R365 has achieved continuous, accelerated growth, which is a testament to our strong team who is eager to change the restaurant industry for the better,” states Tony Smith, CEO and Co-Founder of Restaurant365. “Anytime we receive funding, we recognize it as a privilege. However, the primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry. Having recently crossed exciting milestones of $100M in revenue and $1B in value, we can’t wait for what’s next.”

The investment is from KKR’s Tech Growth strategy and L Catterton’s Growth Fund.

“Restaurant365 has demonstrated compelling growth throughout its history, now powering more than 40,000 restaurant locations,” said Jimmy Miele, Director, Tech Growth at KKR. “Moreover, their software has played a crucial role in helping many struggling operators keep their doors open during uncertain times. We look forward to being a part of this next chapter, helping even more operators achieve their highest potential.”

“L Catterton has deep experience investing in world-class restaurant brands globally,” says Ian Friedman, Partner at L Catterton who will join Restaurant365’s board. “With deep insight into the everyday pain points of restaurant operators, we believe Restaurant365 is the gold standard in the industry, helping to streamline operations and boost profitability, and we are proud to leverage our consumer and technology investing experience as a partner to Tony and the team.”

Proceeds from the round will be invested into product enhancements to ensure that Restaurant365’s Accounting, Store Operations, Workforce, and Intelligence product suites continue to meet the evolving needs of the restaurant industry, while also expanding its market share.

About Restaurant365®

Restaurant365 is an industry leading all-in-one, cloud-based accounting, inventory, scheduling, payroll, and HR solution developed specifically for restaurants. R365’s restaurant enterprise management software simplifies day-to-day management for operators, allowing them to control food costs and optimize labor. Integrations and open APIs enable Restaurant365 to connect with other systems including POS providers, vendors, and banks. The result is accurate, timely reporting that provides a clear and complete view of their businesses. Restaurant365 is based in Irvine, California with an office in Austin, Texas. The company is backed by Bessemer Venture Partners, ICONIQ, KKR, L Catterton, and Serent Capital. Additional information is available at www.restaurant365.com.

About KKR

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

About L Catterton 

L Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio.

Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands. L Catterton has significant experience investing in restaurant brands, including Velvet Taco, bartaco, CHOPT Creative Salad Company, Hopdoddy, Cheddar’s, First Watch, and P.F. Chang’s, among others, as well as leading software businesses including Forter, Sendcloud, and Flash Parking. For more information about L Catterton, please visit www.lcatterton.com.

Contact: restaurant365@nextpr.com

SOURCE Restaurant365

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Tesi exits its investment in health care provider Coronaria

Tesi

Coronaria is one of the largest healthcare service providers in Finland. The company has services, to name a few, for vision care, specialised care, oral health and rehabilition. Tesi first invested in the company in 2013, and was an active, long-term owner up until the exit.

In addition to Tesi, CapMan Growth will also exit its investment. Cor Group and Mandatum, on the other hand, increase their equities.

”We have been an active, long-term owner in Coronaria since 2013. During that time, the company has seen its net sales grow from EUR 39 million to EUR 369 million. On top of these, Coronaria has had a significant role in developing, for instance, vision care and rehabilitation services in Finland. We are, at this moment of exit, happy to have invested in the company and with their development over the years. We wish all the best for Coronaria,” comments Juuso Puolanne, Investment Director at Tesi.

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Additional information:

Juuso Puolanne, Investment Director, Growth and Industrial Investments
+358 50 570 0235
juuso.puolanne@tesi.fi

 

Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds, and also directly in growth companies. We provide long-running support, market insights, patient capital, and skilled ownership. tesi.fi | Twitter | LinkedIn | Newsletter

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Early cancer diagnostics company Cyted raises £13.4 million in new funding

BGF

Cyted, an early cancer diagnostics company, has raised £13.4 million, in a round co-led by BGF and Morningside Ventures, with participation from private investors. The investment includes a £3.4 million non-dilutive grant from the NHS Cancer Programme.

The financing will be used to scale in existing markets, as well as entering the US market, and further develop Cyted’s research and development programmes across gastrointestinal cancers and diseases. It will support the expansion of Cyted’s work providing early detection tests for esophageal cancer to NHS patients in primary and community care settings.

Cyted’s innovative diagnostic platform combines a non-invasive test with data-driven biomarkers for early detection and risk stratification of cancers and inflammatory diseases. Its first application is in esophageal cancer.

Founded only three years ago, the company has already delivered over 15,000 of its tests to diagnose and monitor patients suffering from Barrett’s esophagus, a precursor to esophageal cancer, in more than 80 sites across the UK.

Created by a team including Professor Rebecca Fitzgerald OBE and Dr Marcel Gehrung, both from the University of Cambridge, Cyted is a prime example of bringing ground-breaking science to industry. The test has also been undergoing roll-out in community settings since August 2022, including primary care sites.

We are thrilled to have the support of existing and new investors as we work to bring our diagnostic products to more markets. This funding demonstrates a vote of confidence in our technology. Early-stage cancer is a major global health issue, and we believe that our technology has the potential to make a real difference in the lives of even more patients and their families.

Marcel Gehrung, CEO, Cyted

The company plans to use the funding to strategically expand its team, scale geographically, and pursue new development efforts. Cyted is committed to making early cancer detection accessible to everyone, ensuring that patients at risk of cancer get the care they deserve.

Lucy Edwardes Jones from BGF said: “Cyted is one of the most innovative companies at the intersection of diagnostics and cancer. The company is addressing a real-world issue with a simple and scalable solution. Their technology is already being used across the UK health system with the potential to have a significant impact on patients around the world.”

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