Category Archives: News

Helio Intelligence acquires Dods’ EU business

No Comments
Bowmark

Bowmark-backed Helio Intelligence, the newly named group incorporating DeHavilland and Forefront Advisers, has acquired Dods’ EU business, strengthening the group’s position as the leading provider of political intelligence and monitoring services across Europe. The group did not acquire Dods’ UK business.

Previous

This acquisition expands the breadth and depth of Helio’s coverage in the EU. It includes Dods Germany and Dods France to add to the group’s list of national monitoring products, alongside DeHavilland Scotland, DeHavilland Cymru and DeHavilland Northern Ireland – all recently added through the acquisition of devolved nation specialist, NewsDirect.

Following the acquisition, a further 300 clients will join the group, which will now serve over 1,000 clients across the European public affairs market. This enhances its position as the leading provider of political intelligence through its existing DeHavilland and Forefront brands.

Helio’s clients will all benefit from its major product transformation project, set to become the new standard in political intelligence. This combines cutting edge technology with expert human insight and over 25 years of political intelligence to create a leading platform that will advance the public affairs industry.

Andrew Himsley, Group CEO, said: “This acquisition combines the two founding organisations of modern political monitoring in Brussels, both strong believers in the importance of human-led services. The group’s client base of over a thousand organisations will benefit from access to the most experienced analysts, the most advanced technology and the greatest political insight available to public affairs professionals in Europe.”

Igor Kostadinovski, Head of Dods EU Political Intelligence, said: “Together we will provide an unrivalled service for public affairs professionals in Brussels, which will only be enhanced by the product improvements the group has been investing in. Having seen the ambitious plans the group has set out, I’m looking forward to now being part of the organisation that is leading the future of the sector.”

David Torbet, Partner at Bowmark Capital, said: “We are delighted to support Helio’s strategic expansion across Europe. Acquiring Dods EU reflects the company’s strong growth ambitions and positions it to meet the growing demand for comprehensive political intelligence solutions.”

Categories: News

Tags:

Apax Funds to make strategic investment in Foods Connected

Apax-Global-Alpha

Apax Global Alpha Limited (“AGA”), the closed-ended investment company providing access to the Apax Private Equity Funds, today announces that it expects to invest approximately €4.5m indirectly in Foods Connected.

On 15 July 2025, Apax Global Impact Fund (“AGI”), in which AGA is a limited partner, announced that it had reached an agreement to make a strategic investment in Foods Connected, a provider of end-to-end software solutions driving food safety, quality and compliance, from Hilton Food Group Plc, a leading UK-based multi-protein food business. The transaction is expected to close in the next few months, subject to customary closing conditions.

Founded in 2012 and headquartered in Northern Ireland, Foods Connected provides a suite of cloud-based software solutions designed to streamline operations and improve safety and quality across the food supply chain. The platform helps customers manage and report on supplier compliance, quality control, product lifecycle management, procurement, traceability, and sustainability. This investment builds on Foods Connected’s success to date, bringing in additional capital and Apax’s technology expertise to accelerate its next phase of growth.

AGI has a strong track record of supporting software and services businesses tackling key social and environmental challenges, and sees Foods Connected as well-positioned to scale globally while advancing safer, more transparent, and sustainable food supply chains. The transaction builds on AGI’s experience investing in digital impact enablers, following investments in GAN Integrity and Bonterra.

Edward Donker, Partner, Apax Global Impact, said:
“We’ve been closely following the food safety sector worldwide, and Foods Connected stood out as a strong platform to invest behind. Many food businesses still use outdated tools like spreadsheets and paper, creating a clear opportunity for Foods Connected to modernise operations. We’re excited to partner with Hilton Foods and Roger McCracken, CEO at Foods Connected, to accelerate the business’s expansion. Together, we’ll invest in new markets, strengthen sales and marketing, pursue strategic acquisitions, and increase value for existing customers through expanded capabilities and resources. We look forward to the journey ahead and the impact we can achieve together.”

Roger McCracken, CEO of Foods Connected, said:
“We’re thrilled to be partnering with Apax Global Impact on this next phase of growth for Foods Connected. Their expertise in scaling technology businesses will be key to accelerating our global expansion and enhancing what we deliver for customers. We’re also grateful to Hilton Foods for their incredible support over the past eight years, and we’re pleased they’ll remain a key partner on our journey as we continue to scale and strengthen the business with Apax Global Impact’s backing.”

Note that AGA’s expected investment in Foods Connected is calculated based on the look-through positions of AGI’s overall investment in Foods Connected and is translated based on the latest exchange rates available where applicable1. In March 2022, AGA made a commitment of $60m to AGI.

AGA, whose shares are listed on the London Stock Exchange, provides investors with access to a portfolio of private equity funds advised by Apax as well as a smaller portfolio of debt instruments.

For more information about the transaction, please visit:
https://www.apax.com/news/press-releases/

END

Contact details:
Investor Relations – AGA
Lorraine Rees / Aditya Jhaveri
T: +44 (0) 207 872 6364
E: Investor.relations@apaxglobalalpha.com

Joint Brokers
Jefferies International Limited
Gaudi Le Roux
T: +44 (0)20 7548 4060
E: gleroux@jefferies.com

Investec Bank plc
David Yovichic
T: +44 (0)20 7597 4952
E: david.yovichic@investec.com

Footnotes

  1. Based on Bloomberg closing EUR/USD FX rate on 14 July 2025 of 1.166.

Notes

  1. Note that references in this announcement to Apax Global Alpha Limited have been abbreviated to “AGA” or “the Company”. References to Apax Partners LLP have been abbreviated to “Apax”, or “the Investment Adviser”.
  2. Please be advised that this announcement may contain inside information as stipulated under the Market Abuse Regulations (EU) NO. 596/2014 (“MAR”).
  3. his announcement is not for release, publication or distribution, directly or indirectly, in whole or in part, into or within the United States or to “US persons” (as defined in Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”)) or into or within Australia, Canada, South Africa or Japan. Recipients of this announcement in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements in their jurisdictions. In particular, the distribution of the announcement may be restricted by law in certain jurisdictions.
  4. The information presented herein is not an offer for sale within the United States of any equity shares or other securities of Apax Global Alpha Limited (“AGA”). AGA has not been and will not be registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act”). In addition, AGA’s shares (the “Shares”) have not been and will not be registered under the Securities Act or any other applicable law of the United States. Consequently, the Shares may not be offered or sold or otherwise transferred within the United States, or to, or for the account or benefit of, US Persons, except pursuant to an exemption from the registration requirements of the Securities Act and under circumstances which will not require AGA to register under the Investment Company Act. No public offering of the Shares is being made in the United States.
  5. This announcement may include forward-looking statements. The words “expect”, “anticipate”, “intends”, “plan”, “estimate”, “aim”, “forecast”, “project” and similar expressions (or their negative) identify certain of these forward-looking statements. These forward-looking statements are statements regarding AGA’s intentions, beliefs or current expectations concerning, among other things, AGA’s results of operations, financial condition, liquidity, prospects, growth and strategies. The forward-looking statements in this presentation are based on numerous assumptions regarding AGA’s present and future business strategies and the environment in which AGA will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of AGA to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond AGA’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of regulators and other factors such as AGA’s ability to continue to obtain financing to meet its liquidity needs, changes in the political, social and regulatory framework in which AGA operates or in economic or technological trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. AGA expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in AGA’s expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this announcement, or to update or to keep current any other information contained in this announcement. Accordingly, undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this announcement.

About Apax Global Alpha Limited

AGA is a Guernsey registered closed-ended investment company listed on the London Stock Exchange. It is regulated by the Guernsey Financial Services Commission.

AGA’s objective is to provide shareholders with capital appreciation from its investment portfolio and regular dividends. The Company is targeting an annualised Total Return, across economic cycles, of 12-15% (net of fees and expenses).

The Company makes Private Equity investments in Apax Funds, and has a portfolio of primarily Debt Investments, derived from the insights gained via Apax’s Private Equity activities.

Further information regarding the Company and its publications are available on the Company’s website at www.apaxglobalalpha.com.

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For over 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of nearly $80 billion. The Apax Funds invest in companies across three global sectors of Tech, Services, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.

Apax is authorised and regulated by the Financial Conduct Authority in the UK.

Categories: News

Tags:

Exein raises €70m Series C to protect critical infrastructure from back door attacks

Balderton

The round was led by Balderton and joined by Supernova and Lakestar, with additional participation from existing investors.

Exein, the embedded IoT cybersecurity company at the forefront of defending Europe’s critical infrastructure, has raised €70m in a Series C round. The fresh capital will drive Exein’s ambitious global expansion plans across the US, Japan, Taiwan, and South Korea, as well as to strengthen its established European presence.

Hackers, including many state-sponsored actors, have identified smart devices as a back door into critical systems at businesses and organisations, with one in three data breaches involving a IoT device. Exein, which secures more than a billion smart devices globally, including critical infrastructure for railway networks and healthcare providers, is creating a digital immune system for connected devices, which is fast becoming the global standard for embedded IoT security.

 

We’re living in an era where everything — from rail networks to industrial machinery — is connected, and therefore exposed. As critical infrastructure becomes increasingly software-defined and networked, the risks multiply, especially with AI enabling attackers to hit more targets faster than ever before. And they are no longer breaching through the front door; the microwave on a military ship, or the smart fish tank in a hospital waiting room – any one of these could be exploited to compromise the entire network.

Exein tackles this threat where it begins: on the device itself, embedding real-time security on the edge — continuously monitoring, learning, and responding in real time. There is no better team to take on this challenge, and we are immensely proud to be partnering with Gianni and team as they build the cybersecurity foundation for the AI-powered, hyper-connected world ahead.

Elena MonetaPrincipal, Balderton

Exein offers AI-enabled, real-time threat detection across key industries, including critical infrastructure, semiconductor, energy, automotive, healthcare, and robotics. Achieving over 450% year-over-year growth, Exein has formed strategic partnerships with the world’s leading chipset and OEM/ODM manufacturers, including MediaTek, Supermicro, Kontron, SECO and AAEON.

Exein’s end-point approach creates a digital immune system, securing individual devices rather than relying solely on network defences. This decentralised approach ensures that manufacturers can seamlessly integrate the latest security tools into their products, safeguarding devices from cyber threats and ensuring compliance with stringent global cybersecurity regulations such as Europe’s NIS2 and the Cyber Resilience Act – which comes into force in 2026 – and the US Cyber Trust Mark.

Exein Runtime Product – Incident Report Page

As part of Exein’s strategic global expansion, the company is also developing runtime security solutions to secure AI infrastructure and large language models (LLMs), addressing the growing demand to secure AI and LLMs operating within devices, rather than in a centralised cloud environment. Additionally, the funding will support Exein’s pursuit of strategic M&A opportunities in the cybersecurity industry, further enhancing its growth plans.

 

Exein’s extraordinary growth is a testament to the urgent demand to secure devices which are ubiquitous in our everyday lives. Embedded security at the device level is fundamental, and we are proud to support manufacturers in providing the highest levels of security, offering them confidence in knowing they are compliant with the latest security legislation. I’m extremely proud to be fortifying the foundations of European tech innovation, and to have the trust of our partners and investors as we expand globally and continue our mission of building the digital immune system for the connected world.

Gianni CuozzoFounder & CEO, Exein

Categories: News

Tags:

CASE Acquires Ragnarok Technologies

Ae Industrial Partners

Acquisition strengthens CASE’s leadership in delivering cutting-edge software and cloud solutions to mission-driven clients

LEESBURG, Va.–(BUSINESS WIRE)–CASE (“CASE” or the “Company”), a provider of high-end software development and cloud engineering services, announced today that it has acquired Ragnarok Technologies (“Ragnarok”), a specialized IT services provider for federal and commercial clients. Financial terms of the private transaction were not disclosed.

Founded in 2015 and headquartered in Reston, Virginia, Ragnarok delivers specialized and tailored engineering and enterprise IT solutions across high demand areas including blockchain analysis, digital forensics, cloud infrastructure, and software development. Ragnarok’s three co-founders, Thomas Dougherty, Ethan Grambow, and Chris Santiago, will remain with the organization and assume key roles on CASE’s senior leadership team.

“Ragnarok has earned a strong reputation within the IT community for its exceptional technical expertise and unwavering commitment to its customers,” said Paul Farmer, CEO, CASE. “In addition to expanding our presence in the National Capital Region, leveraging Ragnarok’s advanced technical capabilities and cutting-edge infrastructure positions us to provide even deeper strategic insight to our clients.”

“CASE and Ragnarok share a heritage of crafting innovative, tailored solutions that address the next generation of challenges facing federal and commercial clients,” added Ethan Grambow, Co-Founder and CEO, Ragnarok. “By joining forces with CASE, we are reinforcing our ‘Mission First’ mindset and accelerating the development of advanced capabilities to counter emerging threats.”

CASE is a portfolio company of AE Industrial, a private equity firm based out of Boca Raton, Florida. The transaction marks the next phase of CASE’s growth, following the Company’s acquisition of specialist cloud-based services and cyber solutions provider, CyberKinetics, in 2024.

G Squared Capital Partners and Peloton Strategies Group served as advisors to Ragnarok on the transaction.

About CASE

CASE is a founder-owned, leading provider of mission-critical technology services, delivers a broad range of next generation IT capabilities in cloud, cyber, and software development to solve its customers’ most pressing and important national security challenges. Specifically, CASE provides classified, high-end services that are in constant and increasing demand, including secure cloud architecture and analytics, software development and automation, systems engineering, and integration.

About Ragnarok Technologies

Ragnarok Technologies is a leading provider of IT services to federal and commercial clients, specializing in systems engineering, software development, cybersecurity, and program management. Driven by a commitment to purposeful innovation, Ragnarok’s experienced technologists tackle complex challenges to support clients’ mission-critical objectives.

About AE Industrial Partners

AE Industrial Partners is a private investment firm with $6.4 billion of assets under management focused on highly specialized markets including National Security, Aerospace, and Industrial Services. AE Industrial Partners has completed more than 130 investments in market-leading companies that benefit from its deep industry knowledge, operating experience, and network of relationships across the sectors where the firm invests. With a commitment to driving value creation in partnership with the management teams of its portfolio companies, AE Industrial Partners invests across private equity, venture capital, and aerospace leasing.

Media Contact:
Stanton Public Relations
Matthew Conroy
(646) 502-3563
aeroequity@stantonprm.com

Categories: News

Tags:

BGF Foundation makes largest funding round to date

BGF

In its most targeted funding round so far, the Foundation has awarded £650k+ of unrestricted funding and pro-bono support to seven charities supporting young people across the UK.

16 July 2025
BGF Foundation grantee Social Mobility FoundationSocial Mobility Foundation

The BGF Foundation, the independent charitable arm of BGF, has announced its largest and most targeted funding round to date: over £650,000 of unrestricted, multi-year funding, awarded to seven high-impact charities supporting young people across the UK.

This latest funding round supports charities working in areas including education, employability, physical wellbeing, and mental health – successful organisations include Access Sport, Social Mobility Foundation, Go Beyond, Think Forward, Sister System, Team Domenica, and Jon Egging Trust.

“We’re pleased to have deployed the largest funding round to date, impacting seven incredible charities, supporting children and young people across the UK.”
Andy Gregory
Chair of the BGF Foundation & CEO of BGF

Together, these charities reach young people across the regions that BGF operates in, including London, Oxfordshire, Manchester, Birmingham, Brighton, Cardiff, Kent, Nottingham, Leeds, Newcastle, Bristol, Cornwall, North Wales, and beyond. It’s a national portfolio, with local relevance – mirroring BGF’s own regional model.

BGF Foundation grantee Team DomenicaTeam Domenica

The BGF Foundation is an independently governed charity. Its ethos is rooted in BGF’s own approach to supporting businesses: long-term partnerships, strategic support, and a localised footprint. The Foundation’s pioneering model is built around:

  • Unrestricted funding, giving charities the autonomy to direct resources where they’re needed most
  • Multi-year backing, enabling long-term planning and organisational stability
  • Funding and support that’s structured for clarity and ease, so charity partners can stay focused on their missions.
“This is a natural extension of how BGF operates.”
Aaron Baker
Trustee of the BGF Foundation
BGF Foundation grantee Think ForwardThink Forward

Crucially, the funding is backed by targeted pro bono support – spanning marketing, legal, finance, digital tools, and governance – delivered by BGF staff and its broader network. The Foundation has already engaged over 100 BGF staff in volunteering, mentoring, and operational charity support – and is scaling that offering as part of this latest funding round.

“We’ve designed our funding approach to provide long-term support, unrestricted funding, and the backing of our entire BGF community, through pro bono and skills-based volunteering.”
Charlotte Moses Rains
COO of the BGF Foundation

It also acts as a clear vehicle for employee and stakeholder engagement. Staff can use their Social Impact Days to support charity partners in ways that align with their skills and values – from digital transformation to direct beneficiary mentoring.

“We’re trying to make this as mutually valuable as possible,” says Charlotte Moses Rains, COO of the BGF Foundation. “Charities get meaningful input, and our people get the chance to contribute their expertise to causes that align with BGF’s values. It’s not about doing everything. It’s about doing the right things, really well – and helping high-potential organisations grow with confidence.”

Categories: News

BGF-backed TravCorp acquires Specialist Holidays Group

BGF

This strategic acquisition further strengthens the company’s position in the specialist, premium and tailor-made travel markets.

16 July 2025
BGF-backed TravCorp acquires Specialist Holidays Group

BGF-backed TravCorp Holdings Ltd, parent company of Destination2, Destination2 Cruise, and Holiday Gems, today announces it has acquired Specialist Holidays Group from Travelopia.

This strategic acquisition brings a highly complementary collection of specialist travel businesses and talented individuals into TravCorp Holdings Ltd’s growing portfolio — adding American Holidays, Citalia, and Sovereign Luxury Travel to its successful brands already specialising in the Middle East, Indian Ocean, and cruise markets, among others.

The acquisition is supported by TravCorp Holdings Ltd’s long-term investment partner, BGF, and aligns with the ambitious growth strategy led by Chair Andrew Botterill.

“We are thrilled to welcome Specialist Holidays Group into the TravCorp family,” said Andrew Botterill, Chair of TravCorp Holdings Ltd. “These are admired and trusted brands. The impressive team brings deep destination knowledge and a clear passion for customer-centred service. This acquisition marks a significant step forward as we continue to invest in specialist, destination-led brands.”

View of Castiglione della Pescaia, old town and sea, in Maremma, Tuscany (Italy)

Led by Managing Director Helen Adamson, Specialist Holidays Group encompasses three well-respected brands — Citalia, American Holidays, and Sovereign Luxury Travel — each with strong reputations for delivering exceptional value, service, and experiences to customers.

Helen Adamson, Managing Director of Specialist Holidays Group, commented: “We are delighted to join a well-established travel and leisure business. TravCorp has a strong reputation for building commercially successful companies centred around customer experience, service, and innovation. Our brands, audiences, and teams complement one another well — we’re excited about what we can achieve together.”

Helen Adamson will remain in her role as Managing Director following the acquisition, reporting to Andy Freeth, newly appointed Group CEO.

“Citalia, American Holidays, and Sovereign Luxury Travel bring substantial scale and valuable specialisms to our group offer. With continued support from our investment partners at BGF, this acquisition marks a key milestone in our plan to become one of the UK’s most trusted and successful collections of specialist travel brands.”
Andy Freeth
Group CEO of TravCorp Holdings Ltd

Spencer Woods, Partner at BGF, added: “We’re proud to support TravCorp in this strategic acquisition, which further reinforces its position as a market leader in specialist travel. This is exactly the kind of bold, growth-oriented move we look to back at BGF – helping ambitious businesses scale with confidence, strengthen their market presence, and unlock long-term value. Congratulations to the entire team on this exciting milestone.”

Categories: News

Tags:

Leadership Advisory Firm ghSMART Announces Significant Minority Investment from KKR

KKR

NEW YORK–(BUSINESS WIRE)– ghSMART, a premier global leadership advisory firm, and KKR, a leading global investment firm, today announced that funds managed by KKR will acquire a significant minority stake in ghSMART (the “Company”). ghSMART partners with CEOs, boards, and investors to develop effective executive teams and support high-stakes leadership decisions. ghSMART’s founder, partners, and employees will retain majority ownership in the business and the current management team, led by CEO Jeff McLean, will continue to lead the company in their current roles. Financial terms of the transaction were not disclosed.

This investment marks a pivotal moment as ghSMART celebrates its 30-year anniversary. Founded in 1995 by Dr. Geoff Smart, ghSMART’s Chairman, the Company pioneered the leadership advisory industry and serves many of the world’s most influential organizations across Fortune 500 companies, leading asset management firms and non-profits. ghSMART has completed nearly 30,000 leadership assessments and more than 5,000 C-Suite advisory engagements to-date with a 98% client satisfaction rate.1 KKR will support ghSMART’s growth by helping to expand the Company’s client base and further develop its digital product offerings.

“About a year ago, ghSMART began a thoughtful search to identify the right value-added investor,” said Smart. “Today, we are beyond proud to announce an investment from KKR. This not only aligns with our strategic vision but also reinforces our commitment to being a culture-first employee-owned firm. With KKR’s support, we are well-positioned to invest intelligently to thrive in an increasingly digital world.”

ghSMART CEO Jeff McLean added, “This investment is truly a full-circle moment for the firm. Thirty years ago, KKR generously provided data to Geoff for his Ph.D. dissertation on management assessment in private equity, which facilitated the founding of ghSMART. With KKR’s backing, we aim to expand our services to assist even more organizations in unlocking value through strategic leadership hiring and high-stakes decision-making.”

“At KKR, we have long recognized that talent is the foundation upon which companies create value for their stakeholders,” said Chris Harrington, Partner at KKR. “The Company stood out to us due to its incredibly high customer satisfaction, proving that ghSMART is synonymous with leadership excellence. We look forward to helping the Company build upon its success and reputation to deliver even greater impact for clients in the years ahead.”

KKR is making its investment in ghSMART through its Ascendant Fund, which invests in middle market businesses in North America as part of KKR’s Americas Private Equity platform. Following the close of the transaction, KKR will support ghSMART in helping further expand its employee ownership program for all of the company’s 173 employees. Since 2011, more than 65 KKR portfolio companies have awarded billions of dollars of total equity value to over 160,000 non-senior management employees.

Goldman Sachs & Co. LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor to ghSMART. Dechert LLP served as legal advisors to KKR.

About ghSMART

ghSMART is the trusted advisor to CEOs, boards, and investors on leadership strategies that drive performance and transformation. Combining rigorous assessments with analytics, ghSMART supports its clients in building exceptional teams and achieving their most ambitious goals. Founded on the belief that leadership is the most powerful force for good, ghSMART remains a pioneer in leadership advisory, with a legacy of bestselling books and industry accolades.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

_____________________________
1 ghSMART 10-year client survey average

 

Media Contacts:

ghSMART
Jennifer Watkins
jwatkins@ghsmart.com

KKR
Brooke Rustad
media@kkr.com

Source: KKR

 

Download PDF

Categories: News

Tags:

CapMan Buyout exits MM Sports to The Feelgood Company

Capman

CapMan Buyout has agreed to sell its holdings in MM Sports, a leading sports nutrition company in the Nordics, to The Feelgood Company AS, a portfolio company of Jordanes AS.

CapMan Buyout acquired MM Sports in 2021. Under CapMan’s ownership, the company’s turnover and profitability have continued to develop favourably, and MM Sports has undergone a successful evolution by strengthening its brand, products, operations, and market position. Notable investments include the acquisition of a production facility, the extension of its store network, and the relocation to a new headquarters and warehouse.

“During our ownership, MM Sports has cemented its position as one of the leading sports nutrition companies in the Nordics. Several important investments have been made in the company that have enabled continued growth and increasing profitability. I would like to thank the MM Sports organisation for the excellent collaboration during our ownership. CapMan is proud to hand over a business that is exceptionally well-equipped and ready to accelerate its development together with its new owner, The Feelgood Company,” says Robin Westberg, Partner at CapMan Buyout.

“We are proud of the journey we have had with CapMan, and I would like to express my warmest gratitude for the support we have received over the past few years. At the same time, we look forward to the future with The Feelgood Company. This partnership gives us the scale and strategic alignment to accelerate our growth and become the leading sports nutrition group in the Nordics,” says Erik Sjöberg, CEO of MM Sports.

Closing of the transaction is expected during Q3 2025 and is subject to regulatory approvals and customary closing conditions.

For further information, please contact:

Robin Westberg, Partner, CapMan Buyout, +46 72 583 81 66

Erik Sjöberg, CEO, MM Sports, +46 73 526 23 27

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.4 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Read more at www.capman.com.

About MM Sports
MM Sports is a Swedish sports nutrition player operating through an omnichannel D2C model across the Nordic countries, with an e-com platform and 10 physical stores. The company offers a wide range of sports nutrition and fitness products sold mainly under a variety of in-house brands. Read more at www.mmsports.se.

About The Feelgood Company
The Feelgood Company is a Nordic house of brands and e-commerce company with a digital business model delivering products within wellness and beauty. The company consists of brands such as Bodylab and Camilla Pihl Cosmetics, and is a portfolio company of Norwegian-based Jordanes. Read more at www.jordanes.no.

Categories: News

Tags:

Keystone Agency Partners Announces Strategic Investment from Warburg Pincus

BainCapital

  • Warburg Pincus Acquires Majority Stake in Keystone Agency Partners; Existing Investor Bain Capital to Reinvest in the Company’s Continued Growth
  • Investment Underscoring Strength of Value-Added, Partnership-Driven Model Serving Independent Insurance Agencies

Mechanicsburg, PA (July 16, 2025) – Keystone Agency Partners (Keystone), a leading insurance broker and agency network, today announced that Warburg Pincus, the pioneer of private equity global growth investing, will acquire a majority stake in the company. Bain Capital, which launched Keystone in 2020, will retain a minority ownership in Keystone through a new investment from Bain Capital Insurance. With this investment, Keystone will continue to innovate and grow its network of agency partners. Financial details of the private transaction were not disclosed.

Founded in 1983, Keystone has grown into a leading national retail broker and agency network, comprised of 28 Platform Partners and over 350 independent network partners combining for over $8B in annual premium. Keystone’s model empowers its owned Platform Partners and Network agencies to grow and thrive, providing resources and expertise to succeed in a rapidly evolving insurance landscape. Agencies gain access to growth resources, including risk management solutions and market insights to expand their client base and drive profitable growth. Keystone was recently recognized as the 31st largest broker in the U.S. by Business Insurance, demonstrating the success of its innovative agency model and strategic vision.

“We’re excited to partner with Warburg Pincus, a firm with a proven track record of supporting growth-oriented companies,” said Patrick Kinney, CEO of Keystone. “This investment will enable us to accelerate our growth initiatives and further support our agency and network partners as they navigate the changing insurance landscape.”

Jeff Stein, Managing Director and Head of U.S. Financial Services at Warburg Pincus added, “We have been impressed by Keystone’s model and its ability to empower both its Network and Platform Partners to achieve sustained performance and a clear track record of success. As a long-term investor in the insurance sector, we believe that Keystone has significant growth potential and are excited to partner with Patrick and the Keystone team in this exciting next phase of growth.”

“Since we founded the business with David Boedker, Keystone Agency Partners has built a differentiated retail insurance brokerage platform by partnering with best-in-class independent agencies,” said Matt Popoli, Partner and Global Head of Bain Capital Insurance. “The Company’s substantial growth speaks to the strength of the management team and their deep commitment to delivering value to agency partners across the nation by providing the resources for success. We are excited to partner with the management team, our agency partners and Warburg Pincus for Keystone’s next chapter. We only wish that our dear friend and partner David was still with us to celebrate this significant milestone.”

“This transaction reflects our collaborative, cross-platform approach, combining the expertise of our insurance team and the flexible solutions provided by our special situations group to support Keystone’s impressive national expansion and successfully build its leadership position as one of the largest broker networks in the country,” added Angelo Rufino, Partner and Head of Special Situations in North America at Bain Capital.

The transaction is expected to close in Q3 2025 and is subject to customary regulatory approvals.

Barclays acted as lead financial advisor to the Company. Goldman Sachs, KBW, and Dowling Hales also acted as financial advisors to the Company. Jamieson advised Keystone’s executive leadership team, and Kirkland & Ellis LLP is serving as corporate legal counsel to Keystone. Jefferies is acting as financial advisor to Warburg Pincus, Wachtell, Lipton, Rosen & Katz is serving as corporate legal counsel, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as financing legal counsel.

# # #

About Keystone Agency Partners
Keystone Agency Partners is recognized by Business Insurance as the 31st largest broker and the fastest-growing in the United States. Leveraging its robust distribution capabilities and strategic partnerships with Platform Partners, Keystone’s unique model delivers exceptional growth and profitability. By providing best-in-class services and capital investments, Keystone empowers independent agencies to thrive and unlock their full potential. Founded in 2020, Keystone continues to drive innovation and growth in the insurance industry. For more information, please visit www.keystoneagencypartners.com.
Media Inquiries

About Warburg Pincus
Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $87 billion in assets under management, and more than 220 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

 

Media Contacts

 Scott Lessne / Charlyn Lusk

 

Categories: News

Tags:

Apheon partners with Longwood for future growth

Apheon

Apheon, a pan-European mid-market private equity investor, is pleased to announce that it has acquired a majority stake in Longwood (“Longwood”, or the “Group”), a renowned Spanish distributor and provider of high value-added In-Vitro Diagnostics (“IVD”) equipment, solutions and services for public and private hospitals and laboratories. Mr. Antonio Raichs, the founder and Chairman, will remain invested in the business and support the continued acceleration  of Longwood’s development under the leadership of CEO Mr. Miguel Giralt.

Founded in 1992 by Mr. Raichs and headquartered in Zaragoza, Spain, Longwood has grown into a distributor of reference and a key player within the most innovative IVD technologies, partnering with a high-quality base of OEMs. Longwood’s solutions are primarily structured around “Next Generation Sequencing” technology, covering various core therapeutic areas, including transplant, genetics, oncology, and forensic genetics, among others. The Group’s unique business model is further rounded with specific divisions manufacturing niche proprietary products and providing in-house value-added services addressing a diversified and recurrent client base of public and private hospital laboratories primarily in Spain and Portugal. Under the vision and leadership of Mr. Raichs and Mr. Giralt, CEO since 2020, Longwood has built a reputation of combining a high value add portfolio of solutions together with an outstanding team of qualified professionals committed to providing excellent service.

Apheon has a longstanding track record of backing entrepreneurial founders and families across Europe, successfully scaling their companies internationally. Leveraging its experience of having done so in similar industries in the past, Apheon will provide Longwood with strategic guidance and capital for growth, with the goal to further expand its product offering and solutions within key therapeutic areas, also pursuing meaningful M&A to build a strong platform in Spain and abroad. Mr. Raichs and Mr. Giralt will both significantly reinvest into the Group, remaining fully committed for this new chapter of growth alongside Apheon.

Mr. Antonio Raichs, Founder and Chairman, commented, “In Apheon, I believe we found the best partner to further unlock our ambitions to grow our group and presence. We particularly appreciate their track record of partnering with founders, including having already successfully done so in similar industries in the past. We are aligned on the vision and with their partnership and expertise, we will accelerate Longwood’s growth and international development”.

Mr. Miguel Giralt, CEO, said, “We see significant potential to scale and position Longwood to meet the evolving needs of our clients, sustaining our strong focus on customer care and service quality. Through the many interactions and conversations over the past year, we believe Apheon will be a great partner, and I am delighted to have their support”.

Mr. Pablo Álvarez Couso, Partner at Apheon, added: “As entrepreneurs ourselves, we recognized Longwood’s focus on innovation and excellence, and have been impressed by its strong historical development and management team. It is a privilege to have the trust of Antonio and Miguel and the opportunity to work alongside them to bring their vision forward. The Group has evolved significantly in the past years through exceptional service and innovations, and I am confident that we can achieve our plan together”.

About Longwood:
Longwood is a reference high value-added distribution platform of IVD solutions and services for both public and private hospital laboratories. Headquartered in Zaragoza (Spain), the Group creates solutions for its clients by combining a broad range of third-party IVD equipment and test kits sourced from blue-chip international OEMs through its main operating company: Diagnóstica Longwood. The Group’s offering is centred around Next Generation Sequencing but complemented by a broad range of diagnostic technologies used across several therapeutic areas. The Group rounds its value proposition with the manufacture of niche proprietary products through BDR and in-house value-added laboratory services provided through Citogen. For more information, please visit www.dlongwood.com.

About Apheon:
Apheon is a pan-European mid-market private equity investment company managing ~€3 billion of assets from select global institutional investors and families. Apheon is characterized by its partnership approach, providing “patient and friendly capital” and industrial know-how to entrepreneurs and management teams, preparing their companies for the future. Through its pan-European footprint, the firm acts as a gateway into Europe for companies in the mid-market. Since its founding in 2005, Apheon has raised more than €3.5 billion in capital, invested in ~40 companies across Europe and completed ~200 add-on acquisitions for a total aggregate transaction value in excess of €7 billion. Apheon’s current portfolio consists of 21 companies across its target sectors, representing ~€3 billion sales and 22,000 employees. Apheon is advised by Apheon Advisors which has offices in Brussels, Milan, Madrid, Paris, Munich and Amsterdam. For more information, please visit www.apheon.com.

+++

For more information, please contact:

John Mansvelt, COO, Apheon
jm@apheon.com
T: +32 2 213 60 90

Natalia Yek, Head of Investor Relations, Apheon
ny@apheon.com
T: +39 340 18 29 313

 

Categories: News

Tags: