Category Archives: News

Juliette has a gun continues its adventure with Cathay Capital and welcomes in Weinberg Capital Partners in a context of sustained growth

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Erhvervs Webdesign (EWD) partners with Mentha to accelerate growth

Mentha

Mentha has entered into a partnership with the founders of Erhvervs Webdesign, a fast-growing Danish digital marketing agency, which focuses on micro-SMEs. The partnership will accelerate EWD’s growth organically and through acquisitions, both domestically and internationally.

Over the past two years, Erhvervs Webdesign has tripled its revenue and successfully evolved from a regional provider of digital marketing services to a nationwide player with five offices across Denmark in Esbjerg, Aarhus, Odense, Copenhagen, and Aalborg. EWD’s core offering comprises design and development of unique websites, search engine optimization, and digital performance marketing across multiple platforms. Based on a strong operational backbone and closeness to the customer, EWD supports small business owners in their digital marketing journey.

Apart from its strong market position in Denmark, EWD is characterized by a very effective company culture, which is based on sound values and centered around what is best for customers and employees. This unique culture helps EWD attract new colleagues as well as retaining existing employees.

The founders of EWD, Thomas Jensen and Klaus Bisgaard will continue as senior management of EWD and retain a substantial  shareholding. Both see significant potential for further growth both in Denmark and the rest of Northern Europe. The partnership with Mentha will provide the necessary capital and expertise to execute the growth strategy. Both Thomas and Klaus are very enthusiastic about the partnership, stating, “We have a lot of confidence in Mentha. Our journey has only just begun, and this partnership marks the start of the next phase. We are proud of what our team, customers, and partners have accomplished and look forward to reaching new heights with Mentha on board.”

The joint aim of EWD and Mentha is for EWD to become a leading digital marketing agency in Northern Europe focusing on micro-SMEs. As an active partner, Mentha is well positioned to support the development of EWD through their team of investment professionals in Amsterdam, Antwerp, and Copenhagen.

Lars Thorsgaard Jensen, Partner at Mentha Denmark comments: “We value EWD for its collective culture and drive to support micro-SMEs on their digital marketing journey. Together with the founders and the broader management team, we expect to continue EWD’s strong growth track by attracting and retaining talent, continuously developing the digital marketing offering and accelerating expansion through an international buy-and-build strategy.”

EWD is Mentha’s first investment in Denmark.

About Erhvervs Webdesign (EWD)

EWD is one of Denmark’s leading digital agencies with a focus on small-sized companies. EWD’s core offering comprises design and development of unique websites, search engine optimization, and digital performance marketing across multiple platforms. The company was founded in 2012 by Thomas Jensen and Klaus Bisgaard and employs ca. 70 employees based in Esbjerg, Aarhus, Odense, Copenhagen, and Aalborg.

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KKR & Co. Inc. Reports First Quarter 2023 Results

KKR

NEW YORK–(BUSINESS WIRE)– KKR & Co. Inc. (NYSE: KKR) today reported its first quarter 2023 results, which have been posted to the Investor Center section of KKR’s website at https://ir.kkr.com/events-presentations/.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230508005277/en/

A conference call to discuss KKR’s financial results will be held today, Monday, May 8, 2023 at 12:00 p.m. ET. The conference call may be accessed by dialing (877) 407-0312 (U.S. callers) or +1 (201) 389-0899 (non-U.S. callers); a pass code is not required. Additionally, the conference call will be broadcast live over the Internet and may be accessed through the Investor Center section of KKR’s website at https://ir.kkr.com/events-presentations/. A replay of the live broadcast will be available on KKR’s website beginning approximately one hour after the broadcast.

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.

Investor Relations:
Craig Larson
+1 (877) 610-4910 (U.S.) / +1 (212) 230-9410
investor-relations@kkr.com

Media:
Kristi Huller, Miles Radcliffe-Trenner or Julia Kosygina
+ 1 (212) 750-8300
media@kkr.com

Source: KKR & Co. Inc.

Categories: News

Carve-out specialism results in healthy outlook for Montagu

Montagu

03.05.2023

Guillaume Jabalot, Partner and Tim Cochrane, Partner & Head of the Full Potential Partners team at Montagu, recently sat down with Taku Dzimwasha, Editor, Real Deals to outline why healthcare is such an interesting investment opportunity, and our carve-out-led strategy within the sector. Read the full interview below.

 

  • What are the key drivers for private equity investment in the healthcare sector?

Guillaume Jabalot: It’s clear that private equity is increasingly interested in the healthcare sector. This is due to several factors, including an ageing demographic, rising income levels, and the increasing prevalence of chronic diseases. Additionally, the critical nature of healthcare means that people are willing to pay for it no matter the macroeconomic conditions. These factors make healthcare a resilient and non-cyclical investment.

Montagu’s experience and expertise in healthcare, as well as our ability to identify and invest in high-growth areas early, sets us apart.

Guillaume Jabalot, Partner, Montagu

  • With so many private equity firms investing in healthcare, how do you differentiate yourselves and maintain a competitive advantage?

Jabalot: The healthcare sector is heavily regulated and thus complex; maintaining a competitive advantage is challenging given the level of interest from other private equity firms. However, Montagu’s experience and expertise in healthcare, as well as our ability to identify and invest in high-growth areas early, sets us apart. In our last three funds, Montagu IV, V and VI, healthcare investments made up more than 40% of each fund, and more than 50% in the case of Fund IV – this has always been a significant part of what we do.

We look for businesses that are differentiated with hard-to-replicate know-hows, which is the flipside of complexity, and most of our deals are carve-outs or primary buyouts. Once partnered, we prioritise building strong relationships with management teams and focusing on patients first to drive innovation and growth.

Finally, we have a rigorous approach to due diligence and risk management, which helps us mitigate potential challenges and maximise returns for our investors.

 

 

  • What specific trends in the healthcare sector are you most focused on?

Jabalot: There are several global trends in healthcare that we are particularly focused on. First is the growing decentralisation of healthcare, which involves providing more care outside of hospitals and clinics, including remote home monitoring and decentralised clinical trials for new drugs, such as our investment in Nemera, which designs and manufactures drug delivery devices for the self-administration of drugs by patients. The focus on ‘ageing well’ is another trend, illustrated by our 2022 investment in HTL Biotechnology, the world leader in providing critical pharmaceutical-grade biopolymers used in aesthetics and other medical applications.

Another interesting trend is innovation in clinical treatments, such as minimally invasive surgery, robotics, implants, cell and gene therapy, and immuno-oncology. We are also excited about the potential for AI and machine learning to facilitate early diagnostics and predictive medicine. These trends provide both defensive characteristics and opportunities for significant returns on investment.

  • Which healthcare subsectors do you focus on and why?

Jabalot: Our focus within the healthcare sector has historically been on medtech, including surgical implants and surgical instruments, such as our respective investments in RTI Surgical and Intech in 2020 and 2021, and medical devices such as insulin pens and asthma inhalers. We have also looked at diagnostics and pharma products, and artificial insemination for the veterinary market with our 2021 investment in IMV Technologies.
Our approach is to identify positive long-term drivers and invest in companies that are at the forefront of these trends. Intech, which specialises in surgical instruments for robotics, aligns with the trend towards innovation in clinical treatment. Overall, our focus within the healthcare sector is broad, but we partner with innovative companies that are well positioned to take advantage of positive long-term trends.

 

  • Can you give us a quick overview of how you work with your Full Potential Partners’ team and the management teams of your portfolio companies?

Tim Cochrane: Most of our deals tend to be carve-outs. We’re investing in companies that are growing fast and often want to expand internationally, launch new products, optimise their processes and take costs out. That means we’ll spend the first period of time with the management team putting together a plan for the business, articulating how we’re going to work with the CEO and their team to create value.

Montagu has completed 28 carve-outs since 2002.

Tim Cochrane, Partner & Head of Full Potential Partners, Montagu

  • Are there any specific considerations you need to mitigate during a carve-out process, and what are the major risks when investing in the sector?

Cochrane: There are a lot of complexities in a carve-out process. The main challenge is to fully understand what you are acquiring and what you need to have a standalone business. This involves the regulatory team, finance, IT operations, sales and marketing. It’s important to assess the cost base and to make the right assumptions around what is required for the standalone cost base, as well as the one-off costs to separate the business. Underestimating costs can have a huge impact on the return of the business, and underestimating regulatory issues can also have a significant impact.

Another challenge is that the management team may have never done a carve-out before, so finding talent to help manage the process and separate the business is important; you may need to appoint an interim management team to help the CEO manage the process on a short-term basis. It’s also important to have a permanent solution for those roles.
Montagu has completed 28 carve-outs during the last couple of years, and we have a detailed playbook on how to diagnose the cost base and what is required to ensure the business can successfully stand alone. We have a large network of talent that we use repeatedly for different carve-outs, and a track record of delivering on budget and on time, giving us comfort and confidence in our underwriting case.

 

Jabalot: The healthcare sector is heavily regulated, and this creates considerable risk. Regulations touch everything, from commercial relationships with customers or suppliers to product innovation, quality standards, and manufacturing practices. Despite this, the sector is still attractive to investors, as the complexity and regulations create differentiation among businesses. Montagu looks for businesses that bring something unique to the table and have a right to exist long term. The company scouts the market for opportunities and meets with potential sellers and management teams to understand their ecosystem and business evolution.

 

Cochrane: Despite the complexity of the sector, Montagu’s distinctive investment approach – by driving growth through partnership – ensures we can continue to thrive as a carve-out and sector specialist, bringing more to the table than just financial backing. We will continue to leverage our playbook and experience to help ensure the next generation of healthcare innovators reach their full potential.

Categories: News

Royal Buisman acquired by Nactarome

Bencis

Amsterdam – On 31 March 2023, the shareholder of Royal Buisman (or the “Company”) entered into a definitive agreement to sell the Company to Nactarome. The sale follows the carve-out of Royal Buisman from its ultimate parent Prinsen Berning, a portfolio company of Bencis Capital Partners. Current management will continue in its position and looks forward to the next growth journey together with its new partner.

Royal Buisman is an established producer of natural caramelised ingredients for the food and beverage industry.
International customers use its products to improve the taste and intensify the natural colour of their products.

Headquartered in Zwartsluis, The Netherlands, Royal Buisman leverages 150 years of knowledge and expertise
in the field of caramelised sugars, enriching sugars into 100% pure and natural caramel ingredients for B2B food
and beverage producers. The Company produces dry powder and liquid caramel ingredients that strengthen the
‘signature’ of a wide range of bakery, instant hot drinks, meat, meat replacers and savoury food products as well
as (alcoholic) beverages. Royal Buisman’s products deliver taste, aroma, colour and texture enhancement to its
customers, providing a unique experience for end-consumers and a cost-effective and natural ’’clean-label” alternative.

Royal Buisman was acquired in 2016 by Prinsen Berning, a group that is ultimately controlled by Bencis Capital
Partners. While the coffee powder business of Royal Buisman was integrated within the group, the natural
caramelised ingredients production remained in Zwartsluis as an independent subsidiary. Since the focus of the
group shifted to the B2B active nutrition segment, Prinsen Berning decided to sell Royal Buisman.

With the acquisition, Nactarome further broadens its product assortment of natural ingredients for speciality
products. Furthermore, the company strengthens its customer base with blue-chip food and beverage
companies, who are primarily based in Europe. Royal Buisman and Nactarome envisage strong collaborative
opportunities in several end-markets as well as diversifying the customer base of the Company. Nactarome has
a strong foothold in Asian markets, that Royal Buisman could benefit from.

The sale of Royal Buisman was overseen by Squarefield, a Food & Agri focused corporate finance advisor with
offices in Amsterdam, Frankfurt, and Antwerp.

Robert Hoopman – CEO Royal Buisman: “The Buisman team is excited to become part of the Nactarome group,
an organisation that is well-known in the market for its focus on high-quality natural ingredients. Our products
are complementary to the existing assortment of Nactarome and we share the same values and strategy. We are
thankful for Squarefield’s long-term support and in-depth knowledge of the ingredients market.”

Renske Vriend – Investment Director Bencis Capital Partners: “This transaction benefits the strategy of both
parties involved. On the one hand Prinsen Berning can have a more focused approach on the active nutrition
market, and on the other hand, Royal Buisman can continue its strategy of offering high-quality natural
ingredients to global blue-chip customers as part of a dedicated functional ingredients supplier. Our cooperation
with Squarefield went as expected, Squarefield is a long-term partner to Bencis in global food and agri.”

 

About Royal Buisman

Royal Buisman (www.royalbuisman.com) is a supplier of natural caramelised ingredients for the international
food and beverage industry. The Company is a market leading expert in natural, clean label caramel ingredients
that are used in bread, hot drinks, savoury & convenience, fine bakery and meat & meat replacer products. Royal
Buisman is headquartered in Zwartsluis, The Netherlands.

About Nactarome

Nactarome (www.nactarome.eu) is a producer of colours, flavours and ingredients for the food, beverage and life
sciences industries. It has a strong European presence with specialised manufacturing plants and commercial
offices and serves over 4,500 customers across 100 countries worldwide. The company employs more than 500
employees worldwide and is headquartered in Milan, Italy. Nactarome is a portfolio company of TA Associates, a
US-based private equity fund with offices around the world.

About Bencis Capital Partners

Bencis is an independent investment company that supports business owners and management teams in
achieving their growth ambitions. Working out of offices in Amsterdam, Brussels and Düsseldorf, Bencis has been
investing in strong and successful businesses in the Netherlands, Belgium and Germany since 1999.

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FiVerity Announces $4 Million Financing Round to Launch Anti-Fraud Collaboration with Banks and CUs

Fin Capital

Appoints Veteran Banking Investor John Clausen to Board of Directors 

BOSTON – April 20, 2023—FiVerity, creators of the Anti-Fraud Collaboration platform, today announced a $4 million seed financing round, led by Mendon Venture Partners, a venture capital investment and strategic advisory firm focused on the intersection of financial technology companies and traditional banks. Joining Mendon on the cap table are FinCapital, Mendoza Ventures, Service Provider Capital, and Grasshopper Bank.

john_clausen

As part of the investment, John Clausen, a Partner at Mendon Venture Partners, veteran financial services investor, and former N.Y. Federal Reserve Bank regulator, will join FiVerity’s board of directors.

“Financial institutions are under attack from fraudsters who are upping their game by employing increasingly sophisticated tactics, resulting in significant financial losses, reputational damage, and compliance risks,” said Clausen. “We strongly agree with FiVerity’s view that stopping fraud requires a twofold approach that combines actionable intelligence and a collaborative model, enabling businesses to act swiftly. Now, with this infusion of capital, the team can continue evolving its offerings to keep customers ahead of the ever-evolving digital fraud landscape.”

According to Alloy’s Annual State of Fraud Benchmark Report, 91% of respondents said that fraud rates have increased at their organization year-over-year. But this growth is only part of the challenge. Fraudsters have also steadily increased their use of sophisticated automation and AI-based tools, making it far more difficult for financial institutions to quickly identify incidents of fraud. The failure to quickly identify and stop fraud can result in legal repercussions and the loss of important customer relationships.

With this investment, FiVerity will expand its network of information providers and data, while introducing advanced machine learning algorithms. These will identify the methods fraudsters are using, and compare patterns against those within a financial institution’s systems. It is through this unique approach that FiVerity not only accelerates the detection of fraudulent accounts, but the sharing of these threats within the larger financial community in order to protect personally identifiable information (PII) and stop these activities before significant damage is inflicted.

FiVerity has worked closely with financial institutions, regulators and organizations such as the U.S. Federal Reserve and FinCEN throughout the development of its innovative Anti-Fraud Collaboration platform to better understand the needs of the industry and ensure they can be addressed through its solution. FiVerity led a team in the 2022 FDCI/FinCEN Tech Sprint that was recognized as the top solution for effectiveness and impact in digital identity proofing for remote customers.

“Fraudsters have become increasingly innovative, turning to new AI and automation techniques to successfully deceive financial institutions into granting loans, opening accounts, and approving transactions,” said Greg Woolf, CEO of FiVerity. “This latest investment provides the additional resources needed to expand our offerings with new real-time collaboration and information capabilities that allow financial institutions to take a proactive approach to fraud detection – identifying fraudulent activity before it impacts their business, like an ‘antivirus for fraud’.”

Financial institutions, data providers, government agencies, and other stakeholders interested in learning more about the Digital Fraud Network can visit www.fiverity.com or contact info@fiverity.com.

About FiVerity
FiVerity’s mission is to fight fraud with the power of collaboration. The FiVerity Anti-Fraud Collaboration platform enables real-time information sharing among financial institutions, data providers, and anti-fraud solutions through the anonymized exchange of fraud intelligence. FiVerity accelerates the detection and prevention of both known and unknown fraud, delivering proactive alerts, transparent risk scoring, and automated fraud classification. Government regulators have recognized FiVerity’s unique approach to fighting fraud for its effectiveness and impact in reducing industry-wide fraud. For more information, visit www.fiverity.com and follow us on LinkedIn and Twitter.

About Mendon Venture Partners
Mendon Venture Partners is a venture capital investment firm focused on the intersection of innovative technology and traditional banks. Mendon Ventures BankTech Fund is dedicated to investing in technologies that predominantly serve incumbent regional and community banks across foundational pillars of financial services including data & analytics, automation, payments, core banking & processing, and risk & compliance. Mendon Ventures intends to realize and add value through its unique approach, aligned partnerships, rigorous analytics, and trusted advisory role among market participants.

Media Contact:
Jeff Drew
Guyer Group for FiVerity
fiverity@guyergroup.com  
P: (617) 233-5109

SOURCE: FiVerity

Categories: News

Aspia accelerates international expansion with new acquisition in Norway

IK Partners

Stockholm 2023-05-04 – Aspia acquires Prokuria Polar, Norwegian accountancy group specialized in accounting, payroll and business advisory.

Aspia is a leading business partner in accounting, payroll, tax and business advisory and has been operating in the Nordic market since 2018. Aspia now strengthens its offering with the acquisition of Prokuria Polar.

Prokuria Polar is a fast-growing Norwegian service provider represented in several Norwegian cities. They are specialized in accounting, payroll and business advisory.

Prokuria Polar will become part of Aspia and thereby strengthening Aspia’s existing Nordic offering and scaling up its presence in the Norwegian market.

Ola Gunnarsson, CEO at Aspia stresses that there is an increased demand for Nordic solutions among both Swedish and Nordic companies. The acquisition of Prokuria Polar will strengthen Aspia’s offering of day-by-day accounting and financial reporting as well as advisory services. “We recognize a growing complexity as companies expand from national to a Nordic or international market. This acquisition makes us at Aspia a reliable business partner that can support businesses’ growth journey and assure both value and confidence in this process. I value that Prokuria Polar, just like Aspia, has a perfect combination of both people and technology”, says Gunnarsson and adds: “They also believe in automation and digitalization, while striving to deliver the most advanced advisory offering on the market.”.

Together with Aspia, Prokuria Polar will continue to be a local and digital partner that delivers the markets best offering to their clients.

Aspia, including the newly acquired Prokuria Polar, will form a solid cornerstone for continued growth in the Nordic market as a leading business partner in accounting, payroll & HR, business advisory and tax.

For further information:

Pia Törnqvist
CMO Phone: +44 (0) 7787 558 193
pia.tornqvist@aspia.se
+46 706 897 659

Categories: News

Ardian acquires majority stake in LIFTKET

Ardian

Acquisition will support the leading supplier of electric chain hoists and control systems to accelerate its international growth plan.

Ardian, a world-leading private investment house, has acquired a majority stake in LIFTKET Group (“LIFTKET”) from Afinum, to support the company’s growth strategy.

As part of the transaction, LIFTKET’s management team, led by CEO Jürgen Dlugi, will reinvest significantly. Afinum will continue to support the company as a minority shareholder.

Founded in 1948 in Wurzen, Germany, LIFTKET is a leading European supplier of electric chain hoists and control systems for sensitive uses. Today, the company employs 300 people across the development, production and sale of its products, which meet the highest safety standards. The group operates internationally and serves over 800 customers in Europe, North America and other selected countries and regions.

The company is grouped into three verticals: Stage, Industrial and Renewables. Its Stage division includes LIFTKET’s ChainMaster and Movecat brands, which manufacture electric chain hoists, complex kinetics systems and control systems for almost any stage setting, including conference halls, open-air events, sports arenas, theatres and amusement parks.

It’s Industrial division primarily serves SMEs, offering tailor-made electric chain hoists for a wide range of applications. Its modular approach to manufacturing ensures LITKET’s products are fully adapted to the individual requirements of each customer. The Renewables division focuses on wind turbine maintenance, serving major wind turbine manufacturers, who together account for a large share of the world’s installed wind power capacity.

The company will continue to be led by CEO Jürgen Dlugi and the experienced management team. With the support of Ardian and Afinum, LIFTKET plans to solidify its position as a market leader in Europe and North America, and expand its market share in Asia. Its growth strategy will focus on enhancing its product range with more complex control solutions, increasing its customer base and targeting select acquisitions in key markets.

“LIFTKET has become a leading player in the European market through the absolute reliability, durability and safety of our products. Based on our strong competitive position and innovative products, as well as the fundamental growth of our customer markets, we continue to see significant growth potential for our company. In Ardian, we have found a partner that will actively support us in realizing this potential. We look forward to working with Ardian and would like to thank Afinum, who will continue to accompany us as a minority investor, for their continued trust.“ Jürgen Dlugi, CEO of LIFTKET

“LIFTKET stands out for its long history of organic growth. Led by an experienced management team with highly motivated employees, its customers value the outstanding product quality, demonstrated by a very high level of customer satisfaction. The electrical chain hoists are used in critical applications where failure would involve significant safety risks or long downtimes of equipment. Combined with the company’s strong performance, its broadly diversified customer base, which operates in growing markets such as the stage sector, and the fragmentation of its international markets, has created significant growth opportunities. We look forward to working with the management team through this exciting period of expansion.”
Marc Abadir, Managing Director, Expansion at Ardian

LIST OF PARTICIPANTS

  • Ardian:

    • Marc Abadir, Yannic Metzger, Nicolas Münzer, Vanessa Pitko

  • Financial:

    • Deloitte (T. Fehr / N. Nobereit)

  • Commercial:

    • Bain & Co. (F. Müller / H. Lamché / F. Piotrowski)

  • Legal Corporate / M&A:

    • Latham & Watkins (B. Hesse / S. Pauls / S. Decker / S. Süss)

  • Legal Financing:

    • Willkie Farr & Gallagher (J. Wilms / C. Clerihew)

  • Tax Structuring / DD:

    • Taxess (G. Thomas / R. Schäfer)

  • ESG:

    • PwC (M. Göbbels / J. Spaleck / J. Braun)

  • Debt Advisory:

    • Network Corporate Finance (S. Voigt / N. Rusch)

  • M&A:

    • William Blair (D. Felsmann / M. Brune)

ABOUT LIFTKET

LIFTKET was founded in Wurzen in 1948 and today is a European market leader in electric chain hoists and associated control systems for critical applications. On the company premises near Leipzig, around 300 employees currently develop, produce and sell electric chain hoists for the three business units Stage, Industrial and Renewables as well as tailor-made solutions for niche applications. The group operates internationally and serves over 800 customers worldwide.

liftket.de

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

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SunPower Secures $550M Loan Purchase Commitment From KKR

KKR

RICHMOND, Calif., May 3, 2023 /PRNewswire/ — SunPower (NASDAQ:SPWR), a leading residential solar technology and energy services provider, and KKR (NYSE: KKR), a leading global investment firm, today announced that they have signed a definitive agreement under which credit funds and accounts managed by KKR will commit to purchasing $550 million of solar energy loans made to SunPower customers.  This transaction, which is subject to customary post-closing conditions, will support SunPower Financial’s continued ability to offer attractive loan options to its customers.

“With the closing of this transaction, we have raised sufficient capital year-to-date to fund a total of $1 billion of incremental solar loans for SunPower’s customers.  As demand continues to rise, we expect this additional capital will power our loan bookings volume into 2024 and enable SunPower to increase access to the benefits of solar for more homeowners” said Guthrie Dundas, interim CFO of SunPower.

“Residential solar is a key area of focus for our Asset-Based Finance business,” said Avi Korn, Managing Director at KKR. “We look forward to supporting one of the industry’s leading platforms to provide solar and energy services through this transaction.”

SunPower launched SunPower Financial™ in 2021 to help make switching to solar even easier. With SunPower Financial, SunPower offers a seamless solution for purchasing solar and other home energy services through a single provider, including design, sales, installation, warranty and financing. In 2022, SunPower’s loan business grew 99% year-over-year.

About SunPower  
SunPower is a leading solar and energy services provider in North America. SunPower offers solar + storage solutions designed and warranted by one company that give customers control over electricity consumption and resiliency during power outages while providing cost savings. For more information, visit www.sunpower.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.

Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding expected business plans, customer financing offerings and capabilities, expected demand and our ability to meet it, and cost savings. These forward-looking statements are based on our current assumptions, expectations, and beliefs and involve substantial risks and uncertainties that may cause results to materially differ from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, regulatory changes and the availability of economic incentives promoting use of solar energy and fluctuations or declines in the performance of our solar panels and other products and solutions. A detailed discussion of these factors and other risks that affect our business is included in filings we make with the Securities and Exchange Commission (SEC) from time to time, including our most recent report on Form 10-K, particularly under the heading “Risk Factors.” Copies of these filings are available online from the SEC or on the SEC Filings section of our Investor Relations website at investors.sunpowercorp.com. All forward-looking statements in this press release are based on information currently available to us, and we assume no obligation to update these forward-looking statements in light of new information or future events.

SOURCE SunPower Corp.

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KKR to Acquire CoolIT Systems

KKR

Investment to Support Company’s Growth as Demand for Energy-Efficient Data Center Cooling Grows

CALGARY, Alberta & NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, and CoolIT Systems (“CoolIT” or the “Company”), a leading provider of scalable liquid cooling solutions for the world’s most demanding computing environments, today announced the signing of a definitive agreement under which KKR will acquire CoolIT. The investment will support the Company’s ability to scale and serve its global customers across the data center market, including the enterprise, high-performance computing, and cloud service provider segments as well as in desktop computing.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230502006157/en/

Founded in 2001, CoolIT designs, engineers and manufactures advanced liquid cooling solutions for the data center and desktop markets. CoolIT’s patented Split-Flow Direct Liquid Cooling technology is designed to improve equipment reliability and lifespan, decrease operating cost, lower energy demand and carbon emissions, reduce water consumption and allow for higher server density than legacy air-cooling methods.

“Our business has evolved tremendously over the past few years and today we are proud to be one of the most trusted providers of liquid cooling solutions to the global data center market,” said Steve Walton, Chief Executive Officer of CoolIT. “KKR shares our perspective on the significant opportunity ahead for liquid cooling. Having access to KKR’s expertise, capital and resources will put us in an even better position to keep scaling, innovating and delivering for our customers.”

Kyle Matter, Managing Director and Head of KKR’s Global Impact team in North America, said, “Increasing data and computing needs are on a collision course with sustainability considerations – the data center industry is expected to consume 8% of the world’s energy by 2030.1 As a firm, we have committed more than $17 billion to digital infrastructure since 2011 and deeply appreciate the mission critical role that it plays in enabling our economy. We also recognize that as a society, we are grappling with the enormous energy usage and related environmental impacts that are only expected to accelerate with the rise of AI and other high performance applications. We believe that liquid cooling has a critical role to play in helping to reduce the emissions footprint of our digital economy and we are thrilled to back CoolIT, a leader in this space.”

Evan Kaufman, Director at KKR, added, “By combining our manufacturing and decarbonization expertise with CoolIT’s track record of product innovation, we expect to further scale its best-in-class direct liquid cooling solution to meet the anticipated demand for higher density, more energy efficient data centers. Importantly, we look forward to working with Steve and the entire CoolIT management team to invest additional capital and resources into expanding its cooling solutions across new applications, customers and end markets.”

As part of this transaction, CoolIT will expand its equity ownership program to make all employees owners of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 50,000 non-management employees across nearly 30 companies.

KKR is investing in CoolIT through its Global Impact strategy, which is focused on identifying and investing behind opportunities where financial performance and societal impact are intrinsically aligned. Specifically, the strategy focuses on investing in companies that contribute measurable progress toward one or more of the United Nations Sustainable Development Goals (“SDGs”). CoolIT directly supports SDG 7 (Affordable and Clean Energy), 9 (Industry, Innovation and Infrastructure) and 13 (Climate Action).

The transaction is expected to close in the second quarter of 2023, subject to regulatory approvals and customary closing conditions.

About CoolIT Systems

CoolIT Systems specializes in scalable liquid cooling solutions for the world’s most demanding computing environments. In the enterprise data center and high performance computing markets, CoolIT partners with global leaders in OEM server design to develop efficient and reliable liquid cooling solutions for their own leading-edge products. In the desktop enthusiast market, CoolIT provides unparalleled performance for a range of gaming systems. Through its modular, Direct Liquid Cooling technology, Rack DLC™, CoolIT enables dramatic increases in rack densities, component performance and power efficiencies. Together, CoolIT and its partners are leading the way for widespread adoption of advanced cooling technology. For additional information on CoolIT Systems, please visit CoolIT’s website at www.coolitsystems.com and on LinkedIn at http://www.linkedin.com/company/coolit-systems-inc-.

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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1 “On Global Electricity Usage of Communication Technology: Trends to 2030,” Challenges, 2015.

Media:
For CoolIT:
Brandon Peterson, SVP Product and Caroline Penrose, Director, Business Development
403-235-4895
media@coolitsystems.com

For KKR:
Julia Kosygina and Emily Cummings
212-750-8300
media@kkr.com

Source: KKR

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