Category Archives: News

Investcorp Acquires Shearer Supply, a Leading HVAC Equipment Distributor

Investcorp

Investcorp, a leading global alternative investment firm, today announced a majority investment in Shearer Supply (“Shearer” or “the Company”), a leading independent distributor of Heating, Ventilation and Air Conditioning (“HVAC”) equipment for residential and commercial properties in the southern United States region. Shearer’s management team, the Shearer family and PNC Riverarch Capital will remain shareholders in the Company alongside Investcorp. Additional financial terms of the transaction were not disclosed.

Founded in 1983, Shearer is one of the nation’s largest independent distributors of HVAC equipment, parts and supplies serving over 5,500 customers from 22 branches across Texas, Oklahoma, Arkansas, Tennessee and Louisiana. Headquartered in Dallas, TX, Shearer’s core product lines include American Standard Residential and Commercial HVAC, Ameristar Heating and Air Conditioning and Samsung HVAC.

“Shearer operates in a large, resilient and highly fragmented market driven by non-discretionary replacement demand and will continue to benefit from strong secular tailwinds including an aging housing stock, shortening replacement cycles and favorable regulation, in addition to its attractive Southern US geographic footprint. We are excited to partner with the Shearer family to drive organic growth and further expansion,” said Dave Tayeh, Head of Private Equity – North America at Investcorp. “We have experienced robust activity across our North American Private Equity platform this year, underscoring the strength of our strategy in partnering with growing, founder-led businesses as they look to scale their businesses.”

“Investcorp has an established history of working with companies like Shearer and have demonstrated a strong track record in HVAC and specialty distribution,” said Michelle Shearer-Rodriguez, CEO at Shearer Supply. “We are looking forward to partnering with them on our next phase of growth and leveraging their strong industry insights.”

“Shearer provides a compelling value proposition for both contractors and original equipment manufacturers, acting as a one-stop-shop local partner with a breadth of products, expertise and value-added services,” said Steve Miller, Managing Director, Private Equity – North America at Investcorp. “This is an impressive family-owned and run business that has differentiated itself in its ability to scale and grow in excess of the market throughout its history and we are thrilled to be partnering with the Company’s highly motivated management team.”

Investcorp has unique experience in the HVAC industry and specialty distribution, with investments including Arrowhead, ATD, Berlin Packaging and The Wrench Group.

This announcement follows the final closing of Investcorp North American Private Equity Fund I, L.P., which focuses on control buy-out investments in middle market service businesses in North America. Fund I closed at over $1.2 billion in capital commitments. Investcorp’s North America Private Equity group has been investing in North American mid-market businesses for over 40 years and has completed approximately 70 transactions, deploying more than $22 billion in transaction value since inception.

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Renta acquires Hyrpoolen

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) is strengthening its position in Sweden through the acquisition of Hederén Maskinuthyrning AB (“Hyrpoolen” or “the Company”). Hyrpoolen is a Swedish general rental company with two depots located in the Stockholm area. The Company has more than 30 employees and annual revenues of approximately SEK 70 million.

The acquisition expands Renta’s presence in the southern and eastern parts of Stockholm and is perfectly aligned with Renta’s strategy to strengthen its position in the capital region. The transaction marks another strategic step in building a nationwide network and following the transaction Renta will have 54 depots across Sweden.

Hyrpoolen’s profitable operations and local business model makes it an excellent fit for Renta. Hyrpoolen will continue to serve its customers with the same local approach and high-quality services as before and further benefit from implementing Renta’s cutting edge digital solutions to complement their services. The experienced management team and strong local market standing will provide a good foundation for continued growth in the region.

The acquisition was signed and completed on the 5th of April.

Kari Aulasmaa, CEO of Renta Group, said: 

“Hyrpoolen fits our strategic agenda very well given the profitable operations and local business model. The Company has a strong presence in attractive parts of Stockholm and has a reputation of providing high-quality services appreciated by its customers. We are very pleased to join forces with Hyrpoolen and look forward to the journey ahead.”

Per Gustavsson, CEO of Hyrpoolen, said: 

“We have been looking for a partner for some time to support us in further developing our operations and we are happy to say that Renta is an excellent match for us. Renta shares our values and partnering with them will provide us access to a broader range of equipment and to Renta’s top-notch digital solutions. Hyrpoolen has a solid customer base, a strong reputation and a deep knowledge of the local market in southern Stockholm. I am convinced that together with Renta we will become even stronger and the preferred partner for customers in our region.”

Enquiries: ir@renta.com

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KKR Invests in Leading Strategic Advisory and Communications Firm, FGS Global

KKR

NEW YORK & LONDON–(BUSINESS WIRE)– KKR today announced an agreement to make a growth investment in leading strategic advisory and communications firm, FGS Global (the “Company”). Under the terms of the agreement, WPP plc (“WPP”) will remain the Company’s majority owner and FGS employees will remain substantial shareholders. FGS also plans to expand its employee ownership to include nearly half of its staff worldwide. Golden Gate Capital, an FGS shareholder since 2016, will exit its investment through the sale of its interest to KKR.

FGS is a leader in all aspects of strategic advisory and communications, including corporate reputation, crisis management, government affairs and is a leading advisor on business-critical financial communications worldwide. FGS’s always-on global platform delivers trusted advice, data-driven insights and hands-on execution for clients navigating their defining moments. The Company’s 1,300 experts across 27 global offices oversee an integrated suite of reputation-shaping capabilities, with deep local relationships and extensive knowledge across industries and geographies. FGS empowers its over 1,600 clients to effectively engage with their key stakeholders and supports them in navigating important issues ranging from sustainability to litigation, regulatory developments and cybersecurity.

Philipp Freise, Partner and Co-Head of European Private Equity at KKR, stated: “Our investment in FGS is the latest example of our focus on proprietary, strategic partnership investments where we are providing long-term capital and a global network of resources to an entrepreneurial management team and alongside a world-class business. We firmly believe that Alex Geiser, Carter Eskew, Roland Rudd, George Sard and their talented global team are pioneering the next generation of value-add strategic communications services. Stakeholder engagement is a boardroom issue and we are confident that FGS, with whom we have enjoyed a long-term relationship, is well positioned to capitalize on significant growth opportunities ahead as a global category leader in the growing management consulting service industry.”

Alexander Geiser, Global CEO of FGS, added, “We are thrilled to have found a partner in KKR, who shares our vision of creating a global integrated communications consultancy and will help us to accelerate the evolution of our industry. Companies are operating in increasingly complex stakeholder ecosystems and FGS was created to build a new kind of consultancy to help leaders face this challenge. KKR’s exceptional investment track record, extensive experience and global resources will be invaluable as we seek to grow our integrated solutions globally. We are committed to creating value for all of our shareholders. This includes many of our colleagues who will be able to participate in our long-term success through a new expanded ownership program that we will create, which we believe is without precedent in our industry.”

Mark Read, CEO of WPP, said: “FGS has established itself as a global leader in strategic advisory and communications, providing board-level counsel to the world’s leading companies and organizations. We are delighted to welcome KKR as a new strategic partner in FGS, in a transaction that recognizes the tremendous value of the business and its potential for continued strong growth.”

FGS was recently ranked the #1 Global PR firm for Deal Count and Value in 2022 by Mergermarket. It is also consistently ranked a Band 1 PR firm for Crisis & Risk Management and for Litigation Support by Chambers and Partners. FGS was created through a combination of leading strategic communications and public affairs firms: Finsbury, The Glover Park Group, Hering Schuppener, and Sard Verbinnen & Co.

KKR is making the investment in FGS primarily through its European Fund VI, an $8 billion fund that invests in the growth of leading businesses by providing access to KKR’s extensive network and business building resources. One of the core strategies of KKR’s European Private Equity team is investing alongside founders, entrepreneurs and corporates to provide flexible capital for strategic partnership transactions. The FGS investment follows a similar thematic pursued when KKR invested in ERM, the world’s largest global pure play sustainability consultancy, in 2021.

The transaction is expected to close before the end of the third quarter of 2023, subject to regulatory approvals and other customary closing conditions.

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 FGS
FGS is a leading global strategic communications consultancy, with 1,300 experts around the world, advising clients in navigating complex situations and reputational challenges. FGS Global was formed from the combination of Finsbury, The Glover Park Group, Hering Schuppener and Sard Verbinnen & Co to offer board-level and c-suite counsel in all aspects of strategic communications — including corporate reputation, crisis management, government affairs and is also the leading force in financial communications worldwide.

FGS offers seamless and integrated support with offices in the following locations: Abu Dhabi, Amsterdam, Beijing, Berlin, Boston, Brussels, Chicago, Dubai, Dublin, Düsseldorf, Frankfurt, Hong Kong, Houston, Kingston, London, Los Angeles, Munich, Paris, Riyadh, San Francisco, Shanghai, Singapore, Tokyo, Washington, D.C., West Palm Beach, and Zurich. The headquarters is based in New York.

About WPP
WPP is the creative transformation company. We use the power of creativity to build better futures for our people, planet, clients and communities. For more information, visit www.wpp.com.

KKR
Julia Leeger/ Miles Radcliffe-Trenner
media@kkr.com

FGS Global
Dorothy Burwell / Brooke Gordon / Jennifer Loven / Dirk von Manikowsky
mediaglobal@fgsglobal.com

WPP
Chris Wade / Niken Wresniwiro / Richard Oldworth
Chris.wade@wpp.com / Niken.Wresniwiro@wpp.com / richard.oldworth@buchanancomms.co.uk

Source: KKR

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PNO Group and Bencis Capital Partners join hands to speed up international growth strategy

Bencis

Grants consultancy PNO Group and Bencis Capital Partners join hands to further develop PNO Group’s international growth path together. Both through acquisitions and organically, PNO has set a healthy growth curve over the years, which has resulted in a solid European foundation for further development. Understanding the specialist industry in which PNO operates makes Bencis the ideal strategic partner to help grow PNO Group into a leading European grants and innovation consultancy in the coming years.

 

Synergistic growth remains imperative

 

With roots dating back to 1985, PNO is not only one of the oldest, but also one of the most solid grants and innovation consultancies in Europe. As market leader and with success rates in European grants well above average for years in a row, PNO managed to develop a unique client portfolio. PNO Group CEO Peter Zwart: “We have worked hard in recent years to further strengthen our business. In doing so, we gratefully drew on the vast expertise and enthusiasm of the people who make PNO what it is today: a dynamic club of committed professionals who wish only the best for their clients and through them for our society. Over the years, we have become increasingly involved in innovation projects, both on a national and European scale, addressing key issues in areas such as climate, health and safety. The fact that we are so successful in this, apart from our passionate people, is due to our scale: like no other, we are able to bring parties together across borders and achieve great results together. Looking at growing international demand, the scaling-up of European projects and the legitimate demands for excellence in our profession, synergistic growth remains imperative to meet this increasing need for quality. PNO has everything in place to provide this quality, and with Bencis’ help we can continue to do so as we grow”.

 

Great faith in PNO’s future

 

Jacob Versteeg of Bencis: “Extraordinary things are happening in the market in which PNO Group operates. Whether their clients work on a regional, national or European scale, they always contribute in one way or another to the larger goals of our time. Think energy transition and climate, care and health, innovation, economic development. For this reason alone, as well as the enormous professionalism PNO takes on new challenges, we have great faith in PNO’s future, and are delighted to help them achieve their ambitions.”

 

About PNO Group

 

PNO Group is a grants and innovation consultancy with a strong foothold in Europe’s most innovative economies. With over 400 highly skilled staff, the group contributes to the missions formulated by national governments as well as the EU by supporting SMEs, large industries, academic organisations and research institutions in their innovation projects. PNO offers a wide spectrum of services in the field of grants, strategic innovation advisory, compliance, IT-tooling, legal and communication.

 

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 and Brussels, and more recently in Düsseldorf, Bencis has been investing in strong and successful businesses in the Netherlands, Belgium and Germany since 1999.

 

 

For questions please refer to Bernard van Leeuwen, press@pnoconsultants.com, +31 (0)6 12 58 19 84

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New brand Cerios brings together Salves, Valori, De Agile Testers, and Quality Accelerators under one holding

Avedon

The new brand Cerios brings together leading companies Salves, Valori, De Agile Testers, and Quality Accelerators in a ‘House of Brands,’ and herewith acquires a leading position in the consolidating market of quality and software testing. Through this collaboration, the companies are creating more opportunities for their consultants and a broader proposition for their customers while maintaining their own identity and autonomy.

Leading position in consolidating market

The new brand Cerios brings together over 400 consultants with the shared goal of supporting clients in increasing the quality of their IT through a wide range of innovative (testing) services and automated testing solutions. By bringing together the four companies, accompanied by the recently acquired test management software tool Supportbook, Cerios is building an overarching brand with a leading position in a consolidating market. The collaboration is an important step in the growth ambitions of Salves, in which Avedon Capital Partners (‘Avedon’) invested mid last year.

Christ Coppens, CEO of Cerios and founder of Salves: “Within Cerios, the companies operate in a partnership, each retaining their own name, culture, and specializations. They work closely together and strengthen each other wherever possible. The focus on employees enables us to support clients in all aspects of quality and software testing. Always.”

Focus on consultants

In the current tight labor market, focus on consultants is crucial. Consultants make the company. Those who retain personnel for long periods can constantly provide quality to customers and are seen by (potential) employees as stable employers who take good care of their professionals. To safeguard the unique, personal culture of the companies, they will continue to operate independently. At the same time, consultants can benefit from more opportunities within the larger group.

“Providing sufficient career opportunities is important for retaining consultants in the long term,” Coppens says. “This, in combination with variation in the content of the work and the possibility for consultants to work in different sectors.”

According to Jaap Merkus, CEO of Valori, the proposition of Cerios is interesting for consultants: “The different profiles of the individual companies ensure that every professional can get the most out of their career.”

Broadening of proposition with specialized knowledge

Through the collaboration, Cerios can offer its clients a broader service portfolio with specialized knowledge. In addition, the cluster of 400 professionals will be able to guarantee the quality and continuity required for larger projects and tenders. Especially because the different companies are each fully focused on quality and software testing.

Marcel van Eekeren, Managing Director of Salves, is convinced that collaboration within the ‘House of Brands’ strengthens the group of companies: “Customers can benefit from even more certainty in terms of continuity.”

Furthermore, customers benefit from the diversity of the companies that work together within Cerios, Merkus: “Clients can choose the specialization and way of working of one of the four companies that are able to jointly offer a wide range of services.”

James Johnsen, founder and Managing Director of De Agile Testers and Quality Accelerators, adds: “Innovation runs through our veins. Therefore, we have set ourselves the goal of setting the market standard in the field of agile testing. The connection with like-minded companies within the ‘House of Brands’ offers each partner the opportunity to profile themselves even more as a specialist in the field of quality and software testing.”

Collaboration within ‘House of Brands’

Cerios is a cluster of powerful independent companies that will maintain their own authenticity and identity but can benefit from the larger group.

Michel Verhoog, Partner at Avedon: “Cerios operates in a fragmented and rapidly growing market driven by, amongst others, the increasing importance of software for mission-critical business processes. We see Cerios as a strong platform for further autonomous and acquisitive (international) growth where the independent companies can benefit from economies of scale. We are convinced that Cerios will have a distinctive position in the market for quality and software testing due to its unique setup.”

About Salves

Salves supports organizations in the field of quality. With audits, project management, coaching, and testing, Salves elevates the quality of IT. Salves maps risks, determines the strategy to improve quality, and provides customized training. Salves uses test automation where possible and where it contributes to business goals. Salves’ consultants often work in Agile and DevOps teams.

About Valori

Valori believes that building integral quality into information systems is crucial to enable seamless innovation. Valori’s QA- and test consultants help with the quality of IT systems in all phases of the software development lifecycle. We call this ‘Building IT Quality.’ Valori has been doing this for more than 30 years through technology solutions, advice, and expert services. The ultimate goal is to ensure that software can be developed faster with higher quality and afterwards maintains its quality.

About De Agile Testers

De Agile Testers is deeply rooted in agile principles, with innovation at its core. The company has set the goal of establishing the market standard for agile testing, not just in the Netherlands and Belgium, but across the globe. This led to the book FAST (Flexible Approach to Software Testing) and accompanying certified training modules which are used worldwide.

About Quality Accelerators

Agile transformations have yielded many benefits for organizations, but after a while the acceleration and improvement of software delivery reaches a standstill. This is the moment when customers approach Quality Accelerators. Quality Accelerators helps organizations to reignite the process of acceleration and improvement and even implement it sustainably in the existing organization.

About Avedon Capital Partners

Avedon Capital Partners is a private equity firm with offices in Amsterdam and Düsseldorf, which focuses on growing mid-market companies in the Benelux and DACH regions. Avedon supports ambitious entrepreneurs and management teams in accelerating organic growth, international expansion and/or buy-and-build strategies. Avedon focuses on companies in four sectors: i) business services, ii) software & technology, iii) smart industries and iv) consumer & health.

More information

Christ Coppens (CEO Cerios & founder Salves)

christ.coppens@cerios.nl
www.cerios.nl

Lotte Verhoeve (Investment Manager Avedon)

lotte.verhoeve@avedoncapital.com
+31 6 20 822 133

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Action ranked favourite retailer in France 2023

3I

Action, 3i’s largest portfolio company, was ranked first in EY-Parthenon’s annual study of France’s retail landscape.
The study was carried out in January 2023 in partnership with Dynata, an opinion polling organisation, and involved the interview of a panel of over 9,300 consumers in France aged 18 and over. It measures the percentage of fans among customers that made a purchase in the relevant category over the last 12 months.
Experts from EY-Parthenon explained the success of Action, which achieved third place in the rankings in 2022, as its “offer focused on very low prices, but also – and above all! – on a shopping experience considered among the most efficient and pleasant (small pleasures, treasure hunt)’.
Action had the strongest ‘fan rate’ of all retailers at 46%. The company also saw the best growth in fan rate over the year, with an increase of 8.4 points. This measurement has increased by 19 points in three years.
–ends–
For further information, please contact:
Kathryn van der Kroft Communications Director Tel: 020 7975 3021
About 3i Group
3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Our core investment markets are northern Europe and North America. For further information, please visit: www.3i.com.

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INTERSTELLAR transfers DataExpert shares to Bridgepoint

Delft, 5 April 2023 – Quadrum Capital is pleased to announce that DataExpert, one of Interstellar’s labels, has been sold to Bridgepoint. DataExpert has attracted Bridgepoint as a new partner to accelerate its international growth and ambition. This divestment is in line with Interstellar’s renewed strategy. This is a win-win situation for both Quadrum Capital and Interstellar. Interstellar is an associate of Quadrum Capital Investment Funds.

IT services provider INTERSTELLAR is transferring its shares in DataExpert to UK-based Bridgepoint Development Capital IV (BDC IV), a fund focused on investing in mid-sized growth companies. As a leading provider of products and services to combat cybercrime, fraud and incident response, DataExpert was part of INTERSTELLAR’s collection.

image

Interstellar

__Forensics, analysis and cyber security __

DataExpert, founded in 1990, helps clients reduce and solve cybercrime and fraud through a customised package of software, hardware, training, consultancy and support. The company employs over 60 people. In recent years, DataExpert has experienced strong growth in its three main divisions: forensics, analytics and cyber security. From its base in Benelux, DataExpert has also grown in Scandinavia through mergers and acquisitions. Through its unique positioning, DataExpert successfully responds to industry developments, including continuously evolving cyber threats, increased IT infrastructure complexity and an increasing need to investigate the origins of cyber events.

Infinigate

The partnership between DataExpert and Bridgepoint builds on Bridgepoint’s growing track record and expertise in cyber security, including its strategic investment in Infinigate, a leading distributor of enterprise cyber security solutions for SMEs in Europe.

Robbert Bakker, CEO of DataExpert, said, “In a world of rapidly evolving cyber threats and IT challenges, we continue to see strong demand for our cyber security solutions and services. DataExpert’s mission is to provide maximum support to our customers in fighting cybercrime and advancing cybersecurity, both nationally and internationally. Bridgepoint has extensive experience investing in and growing first-class companies in this sector, and we look forward to continuing our mission as we further develop our offering, expand our geographical presence and enter our next growth phase.”

Maarten van Montfoort, CEO of INTERSTELLAR, adds: “DataExpert has performed exceptionally well in recent years as we have worked closely together to realise growth ambitions and develop the offering. After a strategic review, we agreed that now is the right time for a new owner. We are very pleased that DataExpert continues its successful and international journey with Bridgepoint, a team with strong expertise and capabilities in supporting industry-leading companies. We wish them and the management team all the best for the future. Of course, INTERSTELLAR and DataExpert will continue their cooperation for Incident Response Services for joint customers.”

About DataExpert

DataExpert is a managed service provider of cyber security solutions focused on helping customers combat cybercrime and fraud. It specialises in providing and supporting complex post-incident forensic and analytical tools. DataExpert works closely with supranational agencies, large national public sector organisations including police forces and corporate clients to improve safety and security, supporting them with expertise, innovative software, training and services.

About INTERSTELLAR

The IT service providers Solimas, Exite ICT, DataByte, Datamex and CSN Group operate under the INTERSTELLAR umbrella. The other companies in the collection, namely Ask Roger!, Q-Conferencing, Fundaments, SCCTand Pinewood, are specialists in collaboration, cloud and security. Founded in January 2021, INTERSTELLAR’s collection has grown over the past year to 11 participations, more than 650 employees, 170 million in revenue and 15 offices. INTERSTELLAR’s companies collectively serve more than 11,000 customers. For more information, visit www.thisisinterstellar.com.

About Quadrum Capital

Independent investment company Quadrum Capital helps mid-market companies realise their growth ambitions in a structured and responsible manner. Entrepreneurship, strong commitment and the contribution of high-quality management experience, network and financial strength form the basis for this. Quadrum Capital has offices in Woerden and Almelo and is characterised by strong regional roots and a no-nonsense approach. Quadrum Capital is mainly funded by entrepreneurs and entrepreneurial families and has a clear (international) growth ambition. Interstellar is one of Quadrum Capital’s platform companies.

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DIF Capital Partners invests in leading UK district heating company Pinnacle Power

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has signed an agreement to invest in Pinnacle Power Limited, a leading UK district heating platform, to accelerate its growth and fund the development and ownership of city-scale district heating networks across the UK. The transaction will see DIF owning a significant majority in the company, with the management team retaining a minority stake. This is following an agreement with Pinnacle Power’s previous shareholder, Pinnacle Group Limited. DIF’s investment will be executed through its DIF Infrastructure VII fund.

Pinnacle Power is a leading developer and turn-key contractor in the UK district heating market. Founded in 2012 and headquartered in London, the company has a successful track record, having delivered over 100 projects since its inception. Notably, it has developed and is the operator of the £87m Greenwich Peninsula network. With 87MW of heat capacity and servicing 15,700 residential units, this is one of the largest city scale networks in the country.

District heating networks are widely expected to play a crucial role in the UK’s journey to net zero. Today, heat-related activities are the biggest contributor to greenhouse gas emissions in the country, representing 37% of total emissions. District heating networks are a cost effective, low-carbon solution to traditional gas boilers in urban locations. As a result, the country’s district heating market is widely expected to undergo a sustained period of high growth, with substantial capital investment required to meet these net zero ambitions.

Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners, said: “We share Pinnacle Power’s view that district heating networks will play a pivotal role in the energy transition story of the UK. We are impressed with what the Pinnacle Power management team has achieved to date and firmly believe in their ability to grow the business, backed by strong regulatory tailwinds. Pinnacle Power represents a compelling investment proposition for DIF, with an opportunity to invest in a build-to-core sustainable energy platform operating in a rapidly growing market.”

Commenting on the transaction, Toby Heysham, CEO of Pinnacle Power, said: “As recognised in the Government’s Energy Security Plan, heat networks will play a critical role in delivering affordable, low-carbon heating, and help hit the UK Government’s legally binding carbon targets. We are excited to be working with DIF to deploy the scale of investment this market needs. We know that the industry needs to deploy at least £60-80bn into low-carbon heat networks to unlock the vast amount of local, wasted heat and deliver that heat into homes and businesses. Many towns and cities have declared climate emergencies but very few have credible solutions to the ‘heat challenge’. This investment offers a clear pathway to achieving decarbonisation, through local investment in locally generated, low-carbon heat.”

Peregrine Lloyd, Group CEO of Pinnacle Group, said: “This agreement is the culmination of a ten-year journey since founding Pinnacle Power. I am incredibly proud of the work our management team has done to grow and nurture Pinnacle Power to see it become one of the country’s leading heat network platforms. The time is now right to hand over the reins to DIF, who will take Pinnacle Power to the next level and enable the scale of investment needed in the energy market. I look forward to following this exciting next phase in Pinnacle Power’s development.”

DIF was advised by AFRY, Deloitte, Evolution Infrastructure and Travers Smith. Pinnacle Power and Pinnacle Group were advised by Eversheds Sutherland and Opus Corporate Finance.

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 210 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu

About Pinnacle Power

Pinnacle Power is a heat network provider in the UK. We provide, build, own and operate services for a large number of heat networks around the country. Pinnacle Power was started in 2012 by Pinnacle Group and management. Since then, it has grown to be one of the leading heat network providers in the country. Pinnacle Power is currently designing and building a number of schemes for local authorities across the UK as well as operating networks and running a heat utility. Pinnacle Power have offices in London, Carlisle, Sheffield and Copenhagen.

For more information, please visit www.pinnaclepower.co.uk

About Pinnacle Group

Pinnacle Group is a community-facing, people-first business that delivers, manages, and maintains communities and places where people live, work, learn and play including a portfolio of 75,000+ mixed tenure homes and, 200+ schools as well as open spaces, public and private buildings, retail, distribution centres and manufacturing.

Formed in 1994, Pinnacle is a trusted service provider to both public and private sectors; employing 3,700+ people and operates across the UK from over 200 delivery locations.

For more information, please visit www.pinnaclegroup.co.uk

 

Contacts:

DIF Capital Partners:

Diederik Heinink, d.heinink@dif.eu

Pinnacle Power:

enquires@pinnaclepower.co.uk

Pinnacle Group:

Aisling Jamieson-Ewers, +44 (0)75 5281 0514 / Mia Dexter, M: +44 (0)73 1137 0065

PinnaclePress@headlandconsultancy.com

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Action ranked favourite retailer in France 2023

3I

Action, 3i’s largest portfolio company, was ranked first in EY-Parthenon’s annual study of France’s retail landscape.

The study was carried out in January 2023 in partnership with Dynata, an opinion polling organisation, and involved the interview of a panel of over 9,300 consumers in France aged 18 and over. It measures the percentage of fans among customers that made a purchase in the relevant category over the last 12 months.

Experts from EY-Parthenon explained the success of Action, which achieved third place in the rankings in 2022, as its “offer focused on very low prices, but also – and above all! – on a shopping experience considered among the most efficient and pleasant (small pleasures, treasure hunt)’.

Action had the strongest ‘fan rate’ of all retailers at 46%. The company also saw the best growth in fan rate over the year, with an increase of 8.4 points. This measurement has increased by 19 points in three years.

-Ends-

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3i Group plc
Kathryn van der Kroft
Media enquiries		 Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Notes to editors:

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

Regulatory information

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

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KKR Closes Sixth European Private Equity Fund at $8.0 Billion

KKR

NEW YORK & LONDON–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the final closing of European Fund VI (“the Fund”). At $8.0 billion, it is KKR’s largest European Private Equity fund to date, following the $6.6 billion fund in 2019, inclusive of the GP commitment. The new Fund will be focused on private equity investments primarily in the developed economies of Western Europe.

Philipp Freise, Co-Head of KKR European Private Equity, said, “KKR has been investing in Europe for nearly twenty-five years and we believe the opportunity today has never been greater. We see enormous potential for transformational investment behind structural trends that are reshaping the European economy, including digitalization, healthcare and sustainability.”

Co-Head of KKR European Private Equity Mattia Caprioli added, “We look forward to supporting founders, family businesses, and companies looking for the right strategic partner to help take their business to the next level.”

KKR’s successful track record in Europe is based on a combination of a strong on-the-ground presence and expertise with additional access to the global network and resources that the firm offers. Over 100 professionals, including 57 European Private Equity executives, 25 KKR Capstone Europe members, and additional professionals across KKR Capital Markets, Public Affairs and KKR’s EMEA Macro team, work across eight European offices and comprise over 15 European nationalities, providing deep local market knowledge to portfolio companies. This expertise is supplemented by KKR’s global network drawing on the knowledge and skills of additional members across the firm, including the KKR Global Institute and KKR’s Senior Advisors.

Alisa Amarosa Wood, Partner and Head of the Global Private Markets and Real Assets Strategies Group at KKR, said, “We’re delighted that our European team’s deep conviction in the investment opportunity ahead is shared by our investors, many of whom are not only choosing to reinvest but also to increase their commitment to our European franchise. Raising this fund in the current market environment demonstrates the strong investor confidence in our European team and platform, and our long track record of delivering value and outstanding results.”

Through the Fund, KKR will continue to invest alongside family owners, founders, entrepreneurs and corporates, providing flexible capital for strategic partnership transactions, platforms for expansion and corporate carve-outs. KKR will be making a significant commitment to the Fund, investing over $1.0 billion alongside investors from the Firm’s balance sheet and employee commitments.

KKR’s European private equity platform, which is part of the firm’s $165 billion global private equity business, is currently managing a combined $28.31 billion in assets under management. The current portfolio includes investments in over 45 companies across Western Europe.

Debevoise & Plimpton LLP represented KKR as primary fund counsel for this fundraise.

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.

1 Europe Private Equity, Core and Growth AUM as of 31st December 2022

 

Media Enquiries

KKR
Julia Leeger
+44 7827 200016
media@kkr.com

FGS Global
Alastair Elwen / Sophia Johnston
+44 20 7251 3801
KKR-Lon@FGSGlobal.com

Source: KKR

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