Category Archives: News

True Wind Capital Announces Strategic Investment in W Energy Software

Truewind

Growth Equity Investment to Accelerate Company’s Expansion into New Markets and Position it to Capitalize on Energy Transition

Mark Hill Appointed CEO Following Leadership Succession Plan

SAN FRANCISCO – January 13, 2022 – True Wind Capital (“True Wind”), a San Francisco-based private equity firm focused on investing in leading technology companies, today announced a strategic growth investment in W Energy Software (the “Company”). M33 Growth, LLC, a Boston-based venture and growth-stage investment firm that previously invested in W Energy Software, along with the Company’s founders and other shareholders, are rolling a meaningful portion of their investment into the transaction.

Based in Tulsa, OK, W Energy Software is a leading provider of cloud-based accounting and ERP software, delivering high levels of speed, ease, and accuracy to enterprise and mid-market customers across the energy and commodities value chain. The Company’s modern SaaS platform delivers efficiencies and insights for its blue-chip customer base through faster processing speeds, superior functionality, and full end-to-end visibility.

W Energy Software also recently executed a long-planned leadership succession plan. Mark Hill, the Company’s Chief Revenue Officer, was appointed Chief Executive Officer, and Pete Waldroop, W Energy Software’s founder and CEO, was appointed Chairman of the Board. Mr. Hill has more than 30 years of industry experience and worked alongside Mr. Waldroop for nearly three years. A recognized thought leader in the energy and commodities software space, Mr. Hill has held executive leadership positions at several energy technology companies including P2 Energy Solutions and leading commodity management provider Allegro Development.

Sean Giese, a Partner at True Wind, said, “As energy and commodities businesses navigate a highly dynamic operating environment, they are relying more than ever on technology partners who can streamline their operations and create efficiencies at scale. W Energy Software’s unique offerings, management team, and execution have positioned it well to assume a leading role in the overall energy transition movement. We are excited to support the business through this next chapter, both organically and through strategic M&A initiatives.”

“We are thrilled to embark on our new partnership with True Wind Capital and look forward to leveraging their proven expertise as we continue to embark on our growth trajectory,” Mr. Hill commented. “True Wind’s strategic investment, support, and proven track record in building enduring technology businesses will be a tremendous resource as we seek to expand into new markets, continue to invest in and enhance our differentiated SaaS platform and leading products, and execute a strategic M&A strategy. On a personal level, I would like to thank Pete for his endless contributions to W Energy Software and his endorsement in my ability to lead it through this important chapter.”

Will Heldfond, a Principal at True Wind, added, “We look forward to partnering with Mark and W Energy Software’s talented team to identify attractive areas for expansion and provide technology-enabled solutions that support the rapidly evolving landscape of energy creation, management and distribution.”

Orrick, Herrington & Sutcliffe LLP served as legal advisor to True Wind and Baird served as its financial advisor. Cooley LLP served as W Energy Software’s legal advisor and Aeris Partners served as its financial advisor.

About True Wind Capital
True Wind Capital is a San Francisco-based private equity firm focused on investing in leading technology companies. True Wind has a broad investing mandate, with deep industry expertise across software, data analytics, tech-enabled services, internet, financial technology, and hardware. Founded in 2015, True Wind has completed 11 platform investments and 20 add-on acquisitions. For more information, please visit https://www.truewindcapital.com.

About W Energy Software
Headquartered in Tulsa, Oklahoma, W Energy Software offers the energy industry a unified ERP solution built for the cloud that is relied on by more than 130 upstream and midstream companies to accelerate business performance, improve operational efficiency, and reduce costs. W Energy Software combines precision-built software in one extendable cloud-based workspace with an intimate understanding of the energy business to deliver solutions that offer flexibility, affordability, and continuous upgrades. With W Energy Software, energy companies stay lean and agile with the tools they need to adapt to market changes and meet evolving customer needs head-on, all while gaining the confidence that their business is running on the latest technology. For more information, please visit www.wenergysoftware.com.

About M33 Growth
M33 Growth is a venture and growth-stage investment firm that partners with founders and CEOs who have successfully bootstrapped their companies to strong growth and are positioned to rapidly scale their companies and breakthrough as market leaders. With deep experience fueling sales and marketing engines, driving acquisitions, and building value through data assets, M33 Growth seeks to propel portfolio companies to succeed in their markets. Founded by veterans of renowned investment firms with considerable operational experience, the Boston-based firm seeks to invest in companies in the software, healthcare, and services sectors throughout North America. Learn more at https://www.m33growth.com/.

Media Contacts:
For True Wind Capital:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
(212) 257-4170

For W Energy Software:
Ben Parker
Stratos Agency
(281) 636-9055
ben.parker@stratosagency.com

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Partners Group sells Voyage Care, a leading UK specialist care provider

Partners Group

London, UK; 14 January 2022

  • Voyage Care supports over 3,500 people and has more than 10,000 staff
  • The Company has industry-leading quality ratings from the Care Quality Commission
  • During its ownership, Partners Group invested in increasing the scale and quality of care

Partners Group, a leading global private markets firm, acting on behalf of its clients, and Duke Street, a European mid-market private equity group, have agreed to sell Voyage Care (or “the Company”), a provider of specialist care in the UK, to Wren House, the London-based global infrastructure investment manager.

Founded in 1988 and headquartered in Lichfield, Voyage Care provides specialist care and support to people with learning and physical difficulties, brain injuries, autism, and other complex needs across the UK. A large majority of those supported by the Company typically require high levels of support throughout their lives. Voyage Care supports over 3,500 people and has more than 10,000 members of staff. The Company’s commitment to delivering the highest quality care is demonstrated by its industry-leading quality ratings. In England, 95%[1] of Voyage Care’s registered care homes are rated as ‘Good’ or ‘Outstanding’ by the independent Care Quality Commission, which far exceeds the market standard.

Partners Group and Duke Street acquired Voyage Care in 2014 alongside its management team. Key value creation initiatives introduced during the past seven years of ownership include deepening the healthcare experience of its best-in-class management team with key strategic hires, continuing to invest in increasing its market-leading quality of care, further developing its specialisms, and expanding capacity via developments and select acquisitions. Voyage Care is well-positioned to continue consolidating the specialist care market whilst achieving its purpose of providing great quality care and support to those it serves.

Andrew Cannon, Chief Executive Officer, Voyage Care, comments: “Voyage Care has a strong operational and reputational track record which has been driven by the successful execution of our growth strategy. Partners Group and Duke Street have been hugely supportive, investing in the key resources needed to maintain our position as a leading specialist care provider in the UK. We strive to deliver the highest possible levels of care across all our communities, as well as attract and retain the most skillful and dedicated care professionals.”

Andrew Deakin, Managing Director, Private Equity Services, Partners Group, says: “Voyage Care makes a lifelong difference to the people and families it supports, which resonates strongly with Partners Group’s mission to create lasting, positive stakeholder impact. During our holding period, we worked with Voyage Care’s experienced management team to grow the Company sustainably, whilst ensuring it never lost sight of its mission to deliver the highest-quality care. We firmly believe that Voyage Care now has solid foundations on which to build and continue its success story.”

Remy Hauser, Managing Director, Private Equity Health & Life, Partners Group, adds: “The specialist care market remains highly fragmented in the UK, with a range of different providers catering to very specific needs. This has created growth opportunities for Voyage Care, which has acquired and carefully integrated several specialist learning and pediatrics care providers during our ownership, in addition to organically expanding its business to meet changing needs. Through this dual approach, Voyage Care has helped to ensure consistently high standards of care quality across its different specialisms. We wish the management team all the best for the future.”

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Carlyle acquires 8 prime distribution logistics assets in Germany

Carlyle

Munich, Germany, 13 January 2022 – Global investment firm Carlyle (NASDAQ: CG) today announced that it has acquired 8 distribution logistics assets, located close to major urban hubs in Germany.

The assets, which totals 62,000 sq m in aggregate, are situated in key metropolitan areas in Germany, and are complementary to Carlyle’s existing distribution logistics portfolio in Europe. Spread across five separate transactions, Carlyle has acquired two assets located close to Düsseldorf, two assets close to Munich, two assets in Bremen and single assets in the Cologne and Stuttgart regions.

Equity for the investment came from Carlyle Europe Realty (CER), Carlyle’s pan-European real estate platform. In October 2020, CER acquired a portfolio of 27 distribution logistics assets in France and Germany, added three additional German assets to the platform in January 2021 and acquired a single German asset in March 2021. These additional acquisitions increase the scale of the platform and continue to extend CER’s exposure to the German distribution logistics segment, a core part of its investment strategy in Europe.

The European logistics market, an area of focus for CER since 2016, has experienced a surge in growth in recent years. There has been an increased shift towards e-commerce as a result of the Covid-19 disruption, accelerating demand for distribution logistics space in established metropolitan hubs.

Erik Orbach, Director on the Carlyle Europe Realty advisory team, said: “Germany represents one of Europe’s most established markets for prime urban logistics assets and we are delighted to increase our exposure in this core geography. This string of acquisitions represents a continuation of CER’s focus of identifying high-quality assets strategically located close to major urban hubs.”

CER has been active in the distribution logistics space in recent months including in markets such as France, UK, the Netherlands, and Italy, and has also announced a partnership with Montano Real Estate to invest in logistics assets with a focus on distribution assets in Germany.

CER’s advisory team for this latest set of acquisitions consisted of DLA Piper, PMJL, PWC, and Actum Real Estate Investment.

 

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About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $293 billion of assets under management as of September 30, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

 

Press Inquiries:

Charlie Bristow

Charlie.bristow@carlyle.com

+44 (0) 7384 513568

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KKR and Velero expand residential real estate portfolio with the acquisition of around 14,400 units from Adler Group

KKR

January 13, 2022

• KKR acquires c. 14,400 residential and commercial real estate units in an asset deal from Adler Group
• The portfolio will be managed by KKR’s portfolio company Velero, and is complementary to Velero’s existing footprint with units located in eastern Germany, the greater Berlin area and North Rhine-Westphalia
• All existing rental agreements and leases as well as c. 170 employees connected to the portfolio will be assumed

Frankfurt, Berlin, 13 January 2022 – KKR, a leading global investment firm, today announced that KKR has signed definitive agreements to acquire a portfolio of c. 14,400 residential and commercial real estate units from Adler Group. The vast majority of the units are residential. The properties will be managed by KKR’s portfolio company Velero, a fully integrated platform for residential property and asset management. Most of the acquired units are located in strong and stable markets in which Velero is already active, including the cities of Cottbus, Leipzig, Halle, Erfurt, Jena, Dresden and Chemnitz, as well as other cities in eastern Germany, the greater Berlin area and North Rhine-Westphalia.

As a result of the transaction, the managed portfolio has grown to more than 23,000 residential real estate units, making it one of the largest privately-held real estate companies in the German residential real estate market (by number of managed residential units).

Jan Baumgart, Managing Director and Head of Real Estate Germany at KKR, commented: “The acquisition of this portfolio is a testament to our ability to execute on highly attractive opportunities in the German residential real estate market. We look forward to working with Velero to enhance the quality of living, improve the energy efficiency, reduce vacancy and drive operational improvements. We will invest substantially into the properties to achieve these objectives.”

Sascha Giest and Thomas Lange, co-CEOs and founders of Velero, added: “We are very proud to have, together with KKR, sourced such an attractive and rare portfolio through our long-standing network within the German real estate community. This transaction marks a milestone in the growth journey of Velero. The acquired units make for a valuable addition to our existing portfolio of managed properties and our location strategy. The acquisition of the portfolio will enable us to leverage economies of scale in property management – all while ensuring a smooth transition and high-quality services to our tenants.”

In addition, Velero will take on all c. 170 Adler employees performing operational and other asset-related tasks in relation to the acquired portfolio. This will ensure that on-site support for tenants will continue to be provided by the staff that is already well-acquainted with both the properties and tenants.

Lease contracts for all tenants of the portfolio will remain unchanged by the transaction in order to continue providing high-quality housing at affordable rates.

KKR makes its investment from Real Estate Partners Europe II (REPE II) and other managed funds. The transaction is structured as an asset deal and subject to customary closing conditions for an asset deal and clearance by the German Federal Cartel Office.

About KKR
KKR is a leading global investment firm that offers alternative asset management and 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 The 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 Velero
Founded in 2015, Velero is a Berlin-based asset manager specializing in the acquisition and management of German residential real estate with a focus on affordable housing. With the acquisition of a majority stake by leading global private equity firm KKR in 2020 the company has evolved into a fully integrated residential real estate platform. Together with its partners, Velero invests in residential portfolios in emerging cities and regions across Germany. In addition to transactions and financing, the range of services includes the complete value chain of asset management, property management and facility management. The portfolio managed by Velero consists of more than 23,000 residential units with a current focus on the eastern German states and North Rhine-Westphalia.

Media Contacts

KKR Germany

Finsbury Glover Hering
Thea Bichmann
Mobile: +49 172 13 99 761
Email: thea.bichmann@fgh.com

Finn Bode
Mobile: +49 151 16 30 36 59
Email: finn.bode@fgh.com

Velero

Jürgen Herres
Feldhoff & Cie.
Mobile: +49 176 60 73 86 82
E-Mail: jh@feldhoff-cie.de

Anke Sostmann
Feldhoff & Cie.
Mobile: +49 159 04 02 85 05
E-Mail: as@feldhoff-cie.de

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Allecra Therapeutics and ADVANZ PHARMA Sign Exclusive License and Supply Agreement for Allecra’s Antibiotic Cefepime/enmetazobactam in Europe

Andera Partners

Allecra receives upfront, development and commercial milestone payments, in addition to double-digit royalties
• ADVANZ gains commercial rights for cefepime/enmetazobactam in the European Union, the United Kingdom, Switzerland, and Norway
• Cefepime/enmetazobactam has completed a Phase III clinical trial against standard of care in treating complicated urinary tract infection, including acute pyelonephritis

ADVANZ PHARMA Corp. Limited (“ADVANZ PHARMA”), a specialty pharmaceutical company with a strategic focus on hospital medicines in Europe, and Allecra Therapeutics (“Allecra”) today announced that the companies have signed an exclusive license agreement under which ADVANZ PHARMA gains the rights to develop and commercialize Allecra’s antibiotic drug candidate cefepime/enmetazobactam within the European Union, the United Kingdom, Switzerland, and Norway. In exchange for the exclusive license, Allecra will receive an upfront payment and development and sales milestones for cefepime/enmetazobactam, as well as double-digit tiered royalties. In addition, the two companies have signed a supply agreement under which Allecra will supply the cefepime/enmetazobactam finished product in the agreed upon territories. No further financial details have been disclosed.

“ADVANZ PHARMA is building a leadership position in Europe as a specialty pharmaceutical company and they are an ideal commercialization partner for Allecra as we advance toward regulatory submission for cefepime/enmetazobactam,” stated Andreas Kranzusch, Chief Financial Officer at Allecra Therapeutics. “This agreement, together with our license agreement with Shanghai Haini for commercialization in China, reflects the understanding that there remains a need worldwide to address the dangerous increase of resistance  to standard-of-care antibiotics. The pandemic has only heightened this awareness.”

Graeme Duncan, Chief Executive Officer of ADVANZ PHARMA, commented: “The importance of antibiotics and the quest to find new agents to overcome the issue of increasing resistance cannot be underestimated. As we continue to push forward with our goal to become the partner of choice for commercializing hospital medicines in Europe, this is a great addition to our anti-infectives portfolio, and will further help enhance choice and access for patients. We look forward to adding cefepime/enmetazobactam to our portfolio upon regulatory approval.”

Cefepime/enmetazobactam is a combination of enmetazobactam, a extended-spectrum β- lactamase inhibitor, combined with the 4th generation cephalosporin cefepime. Due to their efficacy and safety, β-Lactams are the most widely used class of antibiotics, referred to commonly as penicillins and related β-lactam classes of cephalosporins, and cephamycins, among other names. Due to the extensive use, a growing number of pathogens have become resistant to a wide range of β-lactam antibiotics, posing a growing risk in both developed and developing countries. In the US alone, Extended-Spectrum β-lactam Resistant Pathogens (ESBLs) have increased >50% over a 6-year period. The consummation of the licensing transaction is subject to regulatory approval and other customary conditions precedent.

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CBRE with Devar Claims and Overlord SPV sell NPL portfolio with €60m GBV in the secondary market to vehicles advised by AnaCap

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Anacap

CBRE, a worldwide leader in real estate advisory services announces it has supported Guber Banca and securitisation vehicles Devar Claims and Overlord SPV in the disposal of a NPL portfolio with a Gross Book Value (“GBV”) of more than €60 million to vehicles advised by AnaCap Financial Partners (“AnaCap”).

For the process, CBRE structured two phases to enable the secondary market sale of the real estate secured loans. The portfolio, which comprises 6 borrowers, is characterised by a large component of Cash-in-Court strategy.

Andrea Calzavacca, Head of Loan Advisory & Alternative Investments at CBRE Italy, commented: “Distressed credit opportunities linked to secondary market trades represent a key part of the current market dynamics which will follow on from the deleveraging activity witnessed in recent years.”

He continued: “This deal also demonstrates the depth of secondary market sales, as well as our ability to select suitable investors interested in such products. The clear appetite for these opportunities paved the way to structure the process in the two phases that were ultimately executed. Strong interest in these opportunities, together with the participation of institutional parties on both sides of the transaction, has meant the process closed in less than two months which is a testament to all parties involved.”

Natalia Joubrina, Investment Director, Credit at AnaCap, commented: “AnaCap continues to be a key player in the lower to mid-market space where we see attractive opportunities across the credit landscape in the Italian market, including secondary NPL market opportunities. AnaCap has been a very active investor in the Italian market since 2012 and we look forward to deal flow in the geography across different asset classes including Non-Performing Loans, Performing Loans, Direct Real Estate and Corporate Credit. Our extensive knowledge of the Italian market combined with a local presence has enabled us to deliver consistently with regular seamless and efficient execution. Our ability to provide flexible and tailored solutions in the Italian market where we have strong track record enabled us to secure this deal in a limited competition process.”

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Active Capital Company launches Special Investment Fund

ActiveCapital

Active Capital Company (“ACC”), a hands-on investor in Dutch and German technical SME companies, has raised a Special Investment Fund, which focuses on investments where the circumstances are challenging or the transaction situation is complex, such as in certain carve-outs. The fund focuses on industrial companies in the Netherlands and Germany with a turnover of € 10m to € 100m.

ACC sees a combination of factors that are expected to lead to a wave of restructurings of businesses that are healthy in their core. Covid is such a factor, but certainly not the only and most important one. “Rising inflation, tight labour markets conditions and severe shocks in various value chains are other examples of factors that will lead to more problems within the corporate sector.” said Werner Krabbe, newly appointed partner at Active Capital Company. Krabbe has a broad background in strategy, investing and operations, amongst others at Triacta, H2 Equity Partners and OC&C Strategy Consultants.

Many SMEs work with relatively large suppliers and customers, and therefore may be of risk to get stuck with their working capital and translating higher costs into sales prices. Dick Zeldenthuis, Managing Partner of Active Capital Company, continues: “We are delighted with the arrival of Werner. The causes of this shift are both incidental and structural in nature. This mix of developments will lead to situations in which, besides additional capital, the transformation of businesses will be central. Fast and thorough decision making, and the necessary flexibility in structure, enables us to come to a tailor made solution within weeks.”

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Arseus Medical Group announces new partnership with Heart Medical Europe BV

GIMV

13/01/2022 – 09:00 | Portfolio

Heart Medical Europe BV is a distributor of interventional (paediatric) cardiology, interventional radiology and cardio-thoracic surgery products in the Benelux. As a Belgian top player and reference in the distribution of medical and paramedical products, Arseus Medical wants to be a partner in innovation for the healthcare sector and offer their customers the best brands in their domain.

We are convinced that this partnership makes both the Arseus Medical Group and Heart Medical Europe BV a lot stronger. The motto of our group is ‘Together strong in patient care’. As a distributor, we want to be a partner to our customers in the healthcare sector in terms of

innovation and expertise. We want to be a house of specialists that our customers can rely on. And Heart Medical’s philosophy fits in nicely with that. The extensive expertise of their people over the years has enabled them to build a strong position and make a difference for their customers.
We look forward to setting out on the road to further growth and innovation together in 2022.

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Partners Group to acquire North Star, a leading European provider of offshore infrastructure support services

Partners Group

Baar-Zug, Switzerland; 13 January 2022

  • North Star operates a fleet of 48 specialized vessels that offer emergency response and rescue and essential offshore wind maintenance services
  • The Company has predictable cash flows and is set to benefit from structural growth in the offshore wind industry, supported by global decarbonization trends
  • Partners Group aims to transform North Star into a leading next-generation offshore wind infrastructure services company

Partners Group, a leading global private markets firm, has agreed, on behalf of its clients, to acquire North Star (or “the Company”), an operator of specialized vessels that offers emergency response and rescue and essential offshore wind maintenance services, from Basalt Infrastructure Partners.

Headquartered in Aberdeen, Scotland, North Star is an established infrastructure company with a fleet of 48 Emergency Response and Rescue Vessels (ERRVs) and Service Operation Vessels (SOVs) and around 1,400 employees. North Star’s ERRV fleet is the largest in Europe and provides essential crew rescue, firefighting, and other emergency response services to offshore energy operations in the North Sea. The Company is also the leading UK provider of SOVs which are used to transport technicians to offshore windfarms and accommodate them for extended periods of time. North Star has strong infrastructure characteristics with an asset-heavy business model and predictable cash flows, supported by the mandatory usage of ERRVs and long-term contracts in the offshore wind sector. The Company is set to benefit from rising demand for SOVs due to structural growth in the offshore wind industry, which is being driven by global decarbonization trends.

Partners Group aims to transform North Star into a leading next-generation offshore wind infrastructure services company, which reflects the firm’s focus on investing with sustainability factors in mind. Partners Group will work with management on a transformational value creation plan that will expand the Company’s platform in Europe through growing its offshore wind fleet and broadening its offshore wind offering.

David Daum, Managing Director, Private Infrastructure, Partners Group, says: “North Star represents an excellent opportunity to acquire a leading energy infrastructure services business that is well-positioned to capitalize on the transformative trends driving growth in the offshore wind industry. The Company provides mission-critical services and benefits from steady demand due to high barriers to entry and few direct competitors. We have extensive experience in the offshore wind sector and North Star is a great fit for our platform-expansion strategy. We look forward to working with Matthew and the team.”

Matthew Gordon, Chief Executive Officer, North Star, comments: “We have decades of operating experience and maintain a market-leading position for both ERRVs and SOVs. Looking ahead, servicing the offshore wind industry represents a huge growth opportunity for us as the decarbonization of economies gathers pace. Partners Group’s operational expertise in that industry will be very valuable as we expand into new offshore wind markets in Europe, which are experiencing similar tailwinds to those in the UK.”

Nicholas Pepper, Member of Management, Private Infrastructure, Partners Group, adds: “The provision of mission-critical offshore infrastructure services is a subsector within renewables that we have been tracking through our thematic sourcing approach. Demand for SOVs is being driven by the construction of larger wind farms further from shore, which makes daily maintenance trips inefficient. North Star’s home market of the UK, the largest offshore wind market globally, is expected to account for a large proportion of future offshore wind capacity, providing the Company with a good springboard for growth internationally.”

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Axcel acquires DANX and Carousel to create a strong pan-European in-night logistics provider

Axcel

Axcel is acquiring Denmark-based DANX and UK-based Carousel to create an in-night logistics specialist with strong positions in the Nordics, Baltics, UK, Ireland and Iberia. The combined company has revenue of approx. DKK 1.4bn. The two companies offer mission-critical end-to-end supply chain solution handling of time-sensitive spare parts across Europe. Over the years, both companies have built strong brands and have leveraged these to outgrow the market.

DANX (Day And Night (e) Xpress) was a pioneer in Denmark as the first in-night distributor of spare parts, and is recognised by its customers for its high-quality services in a complicated and fragmented market. DANX has since extended its services throughout the Nordic and Baltic countries.

Carousel was founded to tackle the constraints of traditional inflexible logistics services, initially focusing on the UK spare parts market. Carousel’s focus on customer-centric solutions, with flexible collection and delivery times from source markets including Germany and the Netherlands, is acknowledged by its customers in its core end markets of the UK, Ireland and Iberia.

The demand for logistics services is expected to continue growing, mainly driven by OEMs optimising inventory, and minimising downtime for technicians and for mission-critical machines. The combination of DANX and Carousel will create the first pan-European in-night specialist logistics provider, strongly positioned to capture market growth.

“I’m very proud of our historic growth, driven by our ability to offer unrivalled mission-critical services through our high-density network covering the Nordics and Baltics. Together with Carousel, we’re well positioned to outgrow the market on a European scale. We very much look forward to the new partnership with Axcel and Carousel,” says Klaus Rud Sejling, CEO of DANX, who will take on the position of CEO of the merged group.

“I’m looking forward to bringing together Carousel and DANX – strongly positioned in our respective regions and sectors. In partnership with Axcel, we’re combining two proven teams to create a pan-European critical-service logistics network positioned to benefit from positive client service and engagement, with strong future growth potential,” says Jonathan Simpson-Dent, CEO of Carousel, who will be appointed Chairman of the Board of the merged group.

 “Acquiring two businesses at the same time is never easy. However, with the great prospect of this merger, we’re happy that we could make this happen. By allowing these two great companies to join forces – and with their strong positions in each respective geography – we believe that we can grow the combined company significantly across Europe. With this merger, we’ve created both a strong pan-European player and a platform for further consolidation within in-night logistics services in Europe,” says Lars Cordt, Partner at Axcel and the person responsible for the investment.

 The founder of DANX, Søren Gønge (currently a member of the Board of DANX), will continue on the Board and as a significant shareholder in the combined company.

Carousel was acquired from a group of UK investors, including the founders of Carousel and PE firm Livingbridge. DANX was acquired from a group of Danish private investors, including Søren Gønge and Klaus Rud Sejling, who are both reinvesting alongside Axcel.

 

The transaction is subject to customary regulatory approvals and is expected to close in Q1 2022.

DANX/Carousel is Axcel VI’s ninth investment.

 

About DANX
DANX is a strongly positioned in-night distributor of spare parts across the Nordics and Baltics, with a distribution network of trucks, sprinter vans and air transport in all seven countries. Founded in 1992, DANX is the partner for all types of spare parts distribution. With a strong network of warehouses and collection hubs, DANX guarantees in-night distribution in under 12 hours, with delivery before 07:00 on the following morning. With a full end-to-end IT platform integrated with customers’ workflows and processes, DANX helps its customers to optimise their supply chains by minimising delivery and production times. The company generated sales of approx. DKK 900m in 2021.

 

About Carousel
Carousel is a strongly positioned pan-European specialised logistics provider of end-to-end supply chain solutions, handling spare parts for OEMs from distribution centres direct to field service engineers, dealers and end users. Founded in 1986, Carousel uses flexible networks tailored to end clients’ requirements that are connected through a proprietary client-facing technology platform to provide a seamless and transparent mission-critical aftermarket logistics service to avoid the high cost of failure and enable high-performance service strategies. The company generated approx. DKK 500m in revenue in 2021.

 

About Axcel
Founded in 1994, Axcel is a Nordic private equity firm focusing on mid-market companies, with a broad base of both Nordic and international investors. Axcel has raised six funds with total committed capital of EUR 2.8 billion. These funds have made 64 platform investments, with well over 100 add-on investments and 43 exits. Axcel currently owns 21 companies.

 

Further information:

Axcel:

Lars Cordt, Partner

Tel.: +45 40 99 39 03

E-mail: lc@axcel.dk

 

Christian Schmidt-Jacobsen, Managing Partner

Tel.: +45 21 78 36 97

E-mail: csj@axcel.dk

 

DANX:
Klaus Rud Sejling, CEO

Tel.: +45 3144 9786

E-mail: krs@danx.com

 

Carousel:

Jonathan Simpson-Dent, CEO

Tel.: +44 7990 793 434

E-mail: jonathan.simpson-dent@carousel.eu

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