Category Archives: News

Zinnia to Acquire Policygenius, A Leading Digital Insurance Marketplace

KKR

The combined company will create the first and only end-to-end insurance platform

KKR to invest in combined company and join board of Zinnia

GREENWICH, Conn.–(BUSINESS WIRE)–Zinnia, a life and annuity insurance technology and digital services company, today announced it is acquiring Policygenius, a digital insurance marketplace. The acquisition lays the foundation for the industry’s first front-to-back architecture to power the entire insurance value chain and better serve carriers, advisors, and policyholders.

The transaction expands Zinnia’s reach into digital distribution solutions, creating new opportunities to service carriers and distribution partners. Together, Zinnia and Policygenius will offer products and services spanning life and annuities, disability, and property and casualty insurance. At the heart of Policygenius is a platform that simplifies the process for consumers to buy insurance, and an extensive data analytics capability that, combined with Zinnia’s growing tech capabilities and well-established third-party administrator (TPA) infrastructure, lays the groundwork for exceptional experiences for those who buy, sell, manufacture or administer insurance policies.

Zinnia will continue to offer Policygenius’ full suite of online services under the Policygenius brand. These capabilities will connect with Zinnia’s new system of record to further develop the Open Insurance architecture. The acquisition opens growth opportunities for Zinnia’s and Policygenius’ combined 60+ carrier clients, 350 distributors and partners, and 2M+ policyholders.

“At Zinnia, we want to provide solutions that simplify the process of buying insurance and deliver an exceptional experience for consumers from purchase to claim,” said Michele Trogni, Zinnia Chief Executive Officer. “Policygenius has always put consumer experience at the heart of their business, and their capabilities will accelerate our journey. We look forward to welcoming Policygenius clients, an experienced leadership team, and approximately 450 new team members to Zinnia, and are excited to power growth in our industry.”

“We are thrilled to have a partner in Zinnia, that shares in our vision to transform the industry through technology and a consumer-first approach,” said Jennifer Fitzgerald, Policygenius Co-founder and CEO and newly appointed Zinnia board member. “Their depth of insurance expertise and entrepreneurship has resulted in more than $170B in assets under administration and the launch of 170+ new carrier products. Together, we will expand the reach of our carrier and distribution partners, helping even more consumers achieve financial protection. The promise of Open Insurance is huge, and we are excited to embark on this journey with Zinnia together.”

“This strategic combination positions Zinnia and Policygenius to deliver great benefits for carriers and consumers, and we believe there is enormous unmet demand in the market for a seamless digital experience underpinned by a compelling, end-to-end insurance offering,” said Jake Heller, Partner at KKR and newly appointed Zinnia board member. “We look forward to serving as an investor in the combined business alongside Eldridge and supporting Michele, Jennifer, and these talented teams in their next chapter of growth.”

KKR, through its Technology Growth strategy, was a lead investor in Policygenius and will remain an investor in the combined company.

Sidley Austin LLP and WilmerHale served as legal counsel to Zinnia. Latham & Watkins LLP served as legal counsel to Policygenius.

About Zinnia
Zinnia, an Eldridge business, combines a rich history of insurance expertise and product capabilities to create simplified and digitized outcomes that deliver better value and foster more seamless, secure, and efficient experiences for carriers, advisors, consumers, and reinsurers. The Company’s vision for Open Insurance empowers clients through intuitive technology solutions that decrease processing time, drive product innovation, and bring new products to market faster, enabling more people to protect and enrich their financial futures.

The company has over $173.7 billion in assets under administration across 40+ clients. To learn more about Zinnia, please visit https://zinnia.com/.

About Policygenius
Founded in 2014 by Francois de Lame and Jennifer Fitzgerald, Policygenius transforms the insurance journey for today’s consumer, providing a one-stop platform where customers can compare options from top insurance carriers, get unbiased expert advice, buy policies, and manage their insurance portfolio, in one seamless, integrated experience. Our proprietary technology platform integrates with the leading life, disability, and home and auto insurance carriers and delivers an exceptional digital experience for both consumers and insurance carriers. Since 2014, our content, digital tools, and experts have served as a resource for millions of people on their insurance journey, and we have sold more than $200 billion in coverage.

Contacts

Media:
Elodie Marran
pro-zinnia@prosek.com

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BPEA EQT, in partnership with Nord Anglia Education, to acquire IMG Academy, a world leading sports education brand

eqt
  • BPEA EQT, in partnership with existing portfolio company Nord Anglia Education, to acquire IMG Academy, a leading education institution supporting over 100,000 student-athletes across its suite of sports education services
  • Known for its sports-led approach to holistic education and for empowering student-athletes, IMG Academy benefits from strong secular tailwinds, including a growing focus on health and wellbeing within academia and increased spending on education
  • With Asia being IMG Academy’s largest source of international students, BPEA EQT and Nord Anglia plan to support its overseas expansion and leverage partnership opportunities between the two institutions, including integrating IMG Academy’s sports-focused education services in Nord Anglia’s curriculum global platform spanning 33 countries
  • The acquisition further underscores BPEA EQT’s commitment to develop leading educational platforms and help them expand globally, for the benefit of students, parents and teachers

EQT is pleased to announce that BPEA Private Equity Fund VIII (an affiliated investment fund of “BPEA EQT”) will acquire IMG Academy (the “Company”) from Endeavor Group Holdings (“Endeavor”). The deal reflects an enterprise value of USD 1.25 billion.

Headquartered in Bradenton, Florida, USA, IMG Academy supports the entire student-athlete development journey across its on-campus and online student-athlete education experiences. Founded in 1978, the Company provides a sports-focused boarding school, sports camps, online coaching and college recruiting, and is known for its strong outcomes from the Ivy League to professional leagues. Across its suite of sports education experiences, IMG Academy supports over 100,000 student-athletes, and helped place 30,000 students onto college sports rosters in 2022 alone.

IMG Academy is a clear leader in the large and growing sports education market. It will continue to benefit from strong secular growth drivers, including a growing focus on health and wellbeing within academia and increasing willingness to spend on education. IMG Academy’s curriculum aligns with current trends within education, where sports is a key differentiator for U.S. college admissions, both for domestic and international students.

With Asia being IMG Academy’s largest source of international students, BPEA EQT sees strong potential to support the Company’s expansion across multiple markets in the region, including Singapore, India, Vietnam, Greater China, and Indonesia. BPEA EQT plans to leverage its proven sector expertise within education and track record from having supported its existing portfolio company Nord Anglia Education’s international growth over the past 15 years.

Today, Nord Anglia operates 82 schools in 33 countries, supporting over 75,000 students globally with a unique education approach, integrating outside expertise from world-leading organizations into its curriculum. Notably, Nord Anglia has global partnerships with Juilliard to further enhance its performing arts offering, with MIT to enrich science, technology, engineering, and mathematics teaching and learning (STEM), and UNICEF to help develop students’ social purpose and global citizenship. Over time, Nord Anglia plans to offer IMG Academy’s sports and student wellbeing curriculum across its global network of schools, further enabling the Company’s continued effort to provide world-class holistic staff and student education experiences. Moreover, BPEA EQT plans to invest in IMG Academy’s technology and in the continued diversification of its sports offering to broaden the pool of prospective students and attract more female athletes.

Jack Hennessy, Partner and Co-Head of Education within BPEA EQT’s Advisory Team, said, “We are deeply impressed by IMG Academy’s unique offering and its world-class sports and wellbeing curriculum. IMG Academy’s brand is globally recognized and we see compelling opportunities in supporting its international expansion, including Asia, and broadening its educational offering, leveraging BPEA EQT’s insights from having led Nord Anglia Education’s growth in the region.”

Brent Richard, President of IMG Academy, said, “Our purpose is to empower student-athletes to win their future, preparing them for college and for life. We are constantly trying to raise the bar in pursuit of that purpose through our on-campus and online experiences. Simultaneously, our staff is passionate about growing the impact we have on the world, reaching more families, and helping them on their journey. BPEA EQT and Nord Anglia are ideal partners to achieve and accelerate those goals, and we are excited for that future.”

Andrew Fitzmaurice, CEO of Nord Anglia Education, said, “The learning experiences we create through our global partnerships with Juilliard, MIT and UNICEF stretch far beyond the classroom. They are designed to help our students develop important life skills that go hand-in-hand with impressive academic results so they leave our schools with everything they need for success in the future. Our partnership with IMG Academy will create an exciting new global sports programme offering outstanding experiences for our students that bring to life the importance of wellbeing, resilience, teamwork, and leadership.”

Kosmo Kalliarekos, Partner and Co-Head of Education within BPEA EQT’s Advisory Team, concluded, “We are truly excited about the opportunity to invest in IMG Academy and the possibilities to integrate its sports-focused curriculum across Nord Anglia’s global network of schools. This acquisition brings together a world-class sports education brand and a premier education group, and it further underscores BPEA EQT’s commitment to developing leading school platforms and help them expand across Asia and beyond, for the benefit of students, their parents, and teachers.”

The transaction is subject to customary conditions and approvals. It is expected to close in Q3 2023.

BPEA EQT was advised by Deloitte (Financial & Tax), Oliver Wyman (Commercial), and Ropes & Gray (Legal).

With this transaction, BPEA Private Equity Fund VIII is expected to be 20-25 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contacts for EQT
Asia media inquiries: Daniel Ketema, Communications Director, daniel.ketema@eqtpartners.com, +65 9628 7576
International media inquiries: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

Contact for IMG Academy
Mike Lovecchio, Vice President, Communications, michael.lovecchio@img.com, +1 941-577-2961

About BPEA EQT
BPEA EQT is part of EQT, a purpose-driven global investment organization in active ownership strategies. BPEA EQT combines the private equity teams from Baring Private Equity Asia (BPEA) and EQT Asia, creating a comprehensive Asian private equity presence with local teams in eight cities across the region, a 25-year heritage, and more than USD 25 billion of capital deployed since inception. In addition to BPEA EQT, EQT’s strategies in the region include EQT Infrastructure and the real estate division EQT Exeter.

More info: www.eqtgroup.com/private-capital/bpea-eqt
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About IMG Academy
About IMG Academy IMG Academy is the world’s leading sports education brand, providing a holistic education model that empowers student-athletes to win their future, preparing them for college and for life. IMG Academy provides growth opportunities for all student-athletes through an innovative suite of on-campus and online experiences:

  • Boarding school and camps, via a state-of-the-art campus in Bradenton, Fla.
  • Online coaching via the IMG Academy+ brand, with a focus on personal development through the lens of sport and performance
  • Online college recruiting, via the NCSA brand, providing content, tools, coaching and access to a network of 40,000 college coaches

To learn more about IMG Academy and its on-campus and online experiences, visit www.imgacademy.com

About Nord Anglia Education
As a leading premium international schools organisation, we are shaping a generation of creative and resilient global citizens who graduate from our schools with everything they need for success, whatever they choose to be or do in life.

Our strong academic foundations combine world-class teaching and curricula with innovative technology and facilities, creating learning experiences like no other. Inside and outside of the classroom, we inspire our students to achieve more than they ever thought possible.

No two children learn the same way, which is why our schools around the world personalise learning to what works best for every student. Inspired by our high-quality teachers, our students achieve outstanding academic results and go on to study at the world’s top universities.

To learn more or apply for a place for your child, go to nordangliaeducation.com

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Fronnt boosts its ambitious growth trajectory and energy transition mission with the entry of three new leading installation companies

GIMV

Fronnt, a group of installation companies founded in partnership with Gimv, welcomes three more leading installation companies. Besides the acquisition of Electro Verbeke in Deinze, Van Vooren/Setec in Bruges and TAC! (The Airconditioning Company) in Wilrijk join the group thanks to the pooling of forces with the investment company Tilleghem. Together they aim to accelerate the energy transition in Flanders.

Making buildings and industrial processes more energy efficient, electrifying heating and mobility, and implementing new technologies and business models are crucial to the success of the energy transition. For this, various technologies such as heat pumps, charging stations, solar panels and batteries must be able to interact with each other. Currently, this complexity is still too much placed on the customer. In response, Fronnt wants to completely unburden the customer by offering a multi-technical approach. To this end, Gimv and Fronnt bring together medium-sized installation companies, often of family origin, with a great deal of relevant knowledge and experience, based on the conviction that these forerunners, or “Fronntrunners”, can be even stronger in a larger context while retaining their own unique identity and customer service.

Fronnt was initially created in the first half of 2022 with the acquisitions of Lenaerts/LVR and ABN Klimatisatie. Not much later, Climawest and Sanitel also joined the group. Now, Fronnt is pleased to announce a further expansion of the group with the addition of Electro Verbeke, Van Vooren/Setec and TAC!. The acquisitions of the latter two companies came about through a joining of forces with the investment company Tilleghem. As a result, Tilleghem also becomes a shareholder of Fronnt to realise together with Gimv, the mission to make Fronnt the leading group of installation companies in Flanders.

Geert Fostier, CEO of Fronnt, on this important step forward: “Last year, in July, the first two companies jumped on the Fronnt-train, and shortly afterwards Climawest. With Van Vooren/Setec and Electro Verbeke we bring on board two companies specialised in electrical work, data systems and automation. TAC! (The Airconditioning Company) is a quality partner for HVAC and plumbing. Together with our existing companies, they further strengthen Fronnt’s DNA: guiding our customers through their energy transition by means of our integrated multi-technical approach. These three companies will find in Fronnt a large, stable and healthy group where they experience the benefits and operation of an SME.”

Ruben Monballieu, Partner at Gimv Sustainable Cities, adds: “These acquisitions mark an important step forward in our ambition to build a leading group of installation companies. We are excited about the growth trajectory we have achieved so far and look forward to further strengthening Fronnt and providing solutions to the challenges posed by the energy transition together with Tilleghem and all the passionate Fronnt entrepreneurs.”

Piet Van Waes, Partner at Tilleghem: “We are enthusiastic to join forces with Gimv, Fronnt and its cluster of strong installation companies. Our vision and strategy fit seamlessly with the path mapped out by the Fronnt managers and entrepreneurs. We share the ambition to build Fronnt into a sustainable and innovative player in the ecosystem of multifunctional installations and energy transition”.

 

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Waystone Group to acquire Link Fund Solutions

Montagu

24.04.2023

This transaction is a major milestone for both companies. Waystone’s goal is to work with investment managers and fund sponsors to build and support fund structures, and to protect the interest of fund investors. Today’s acquisition will boost Waystone’s ability to service a broader pool of investment managers and sponsors and bring a greater number of products and services to them.

The acquisition, which follows Waystone’s acquisition of T. Bailey Fund Services in 2022, will broaden Waystone’s UK offering to include alternative administration. In addition, it further expands the Group’s administration offering following its acquisition of Centaur Fund Administration in January 2023, together with a further strengthening of the Group’s Irish Management Company (“ManCo”) offering following the acquisition of KB Associates in 2022. It will also add over US$190bn in assets under oversight and administration, and see 600 staff globally join Waystone, including the establishment of the Group’s first office in India where it will now have around 150 employees.

By coming together with Waystone, the sponsors, investment managers and their underlying investors will benefit from a stable and sustainable foundation as Waystone continues to grow in Ireland, the UK and beyond, providing the opportunity to grow existing funds, launch new products and better serve their investors and the wider investment community.

Rachel Wheeler, CEO Global Management Company Solutions for Waystone, said: “We believe that Waystone is uniquely positioned to take LFS forward, providing quality global solutions to support its fund sponsors, investment managers and their underlying investors. We look forward to fully supporting the LFS team and enabling them to focus on continuing to provide exceptional service.”

We believe that Waystone is uniquely positioned to take LFS forward, providing quality global solutions to support its fund sponsors, investment managers and their underlying investors.

Rachel Wheeler, CEO Global Management Company Solutions, Waystone

Karl Midl, CEO of LFS, added: “We are delighted to be joining Waystone who are well known as a leading European fund services provider in our industry. The diversity of our client base requires significant investment in product enhancement – joining Waystone will allow us to further develop and expand our offering and invest in supporting our clients’ needs as they too continue to evolve and grow.  We look forward to working with Waystone to continue to build the confidence of asset managers, asset owners and investors in the fund market.”

We are delighted to be joining Waystone who are well known as a leading European fund services provider in our industry.

Karl Midl, CEO, LFS

Nancy Lewis, Executive Chairman, Waystone said: “The LFS acquisition further underscores Waystone’s strategic ambition of becoming a global leader in asset servicing. With our dual strategy of external and organic growth, driven by strong leadership and senior management, we will continue to expand our reach and deepen the quality of services we offer worldwide. We’d like to thank the teams involved at LFS, Waystone, the relevant Regulators, and all the other partners that have worked to successfully achieve this outcome.”

The LFS acquisition further underscores Waystone’s strategic ambition of becoming a global leader in asset servicing. With our dual strategy of external and organic growth, driven by strong leadership and senior management, we will continue to expand our reach and deepen the quality of services we offer worldwide.

Nancy Lewis, Executive Chairman, Waystone

Categories: News

CapMan to publish its 1 – 3 2023 Interim Report on Friday 28 April 2023

Capman

CapMan Plc press release                              

21 April 2023 at 11:45 a.m. EEST

CapMan to publish its 1 – 3 2023 Interim Report on Friday 28 April 2023

CapMan will publish its interim report for the period 1 January–31 March 2023 on Friday 28 April 2023 around 8.00 a.m. EEST. The company will present the results for the review period over a webcast press conference starting at 9.30 a.m. EEST accessible at https://capman.videosync.fi/2023-q1-results/. The conference will be held in English. The report and presentation material will be available at CapMan’s website after the publication (https://www.capman.com/shareholders/financial-reports/).

For further information, please contact:
Linda Tierala, Director, Communications and IR, tel. +358 40 571 7895, linda.tierala@capman.com

Webcast:
28 February 2023 at 9.30 a.m. EEST
https://capman.videosync.fi/2023-q1-results/
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. €5  billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have set greenhouse gas reduction targets under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 190 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com. 

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Herkules IV divests PTC to Interwell

Hercules Capital
On 21 April 2022, Herkules IV entered into an agreement to sell PTC, a global provider of downhole and wellhead technology products, to Interwell. Interwell is privately held provider of oilfield technology products, headquartered in Stavanger, Norway. Intwerell is owned by Ferd and the Interwell management.
PTC is a leading developer and supplier of premium gas lift and wellhead products that enhance well integrity, safety, reliability and productivity for oil companies. The company has a large, patent protected product portfolio developed in close relationship with customers facing well-related challenges offshore. Herkules has owned the company together with the founders and other employees.During Herkules IV’s ownership period, PTC has grown revenues from NOK 202 million in 2013 to NOK 502 million in 2021. In this period, the company has experienced two major industry downturns and a global pandemic that has had material negative impacts on the company.
In 2014-2016, the company experienced the first industry downturn during Herkules IV’s ownership. During this period, it was decided that the company was to continue to invest in developing and expanding its portfolio of unique technology products. In addition, the company was to invest in obtaining industry leading safety and quality certifications on its products. The decision to continue to invest during those challenging times has proven to a key factor in the company’s success since 2016. Since 2016, PTC has successful expanded its addressable market and gained momentum in several new markets

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Retein closes SEK 11 million financing round to enable efficient recovery of clean water

Industriefonden

The Swedish company Retein that has developed a patented technology for water separation today announced the successful closing of their latest financing round. The company is being backed by Industrifonden, Butterfly Ventures, Navigare Ventures, and existing owner Chalmers Ventures. The new financing will bring their technology one step closer to industry and people in need.

Retein, until recently named Aquammodate, was founded in 2019 and has developed a patented technology for energy-efficient and high purity water separation. The technology has the potential to reduce the cost for recovering clean water and have lower impact on the environment than traditional methods. The new investment will be used to increase the production of stabilized aquaporins and finalize the development of a filtration module with embedded aquaporins.

Simon Isaksson, co-founder and CEO at Retein, said: “We are excited to welcome Industrifonden, Butterfly Ventures, and Navigare Ventures on board our journey towards enabling sustainable reuse of resources such as clean water. Their extensive experience in scaling and advancing deep tech solutions adds additional strength on our path to realize the transformational potential of our solution”.

The patented molecular separation technology was initially developed over the course of Simon Isaksson’s PhD project under the supervision of Retein co-founder professor Martin Andersson, at Chalmers University of Technology. The foundation of the technology is a biomimetic approach to water separation, as the company has taken inspiration by how aquaporins function in diatoms. The proprietary silica stabilization allows the aquaporins to be used as an additive to various kinds of filters on a wide range of scales.

Iliam Barkino, Principal at Industrifonden, said: “We’re proud to back the team at Retein and their unique technology based on impressive science from Chalmers University of Technology. They are truly unique in the way they have been able to stabilize aquaporins in a similar way that algae do, and we believe in the team that has a mix of highly qualified technological expertise and entrepreneurial experience.”

Learn more at retein.tech ↗

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EQT Private Equity to sell kfzteile24, a leading eCommerce platform for automotive spare parts and accessories in Germany

eqt

EQT Private Equity sells kfzteile24 to an investment consortium consisting of the Company’s Management, Project A Ventures, Koehler Group and a group of technology investors (“SB21”)

Under EQT’s ownership, kfzteile24 has made substantial investments in its digital platform and logistics infrastructure to support its growth trajectory and operational efficiency

The Company has expanded its online offering from around one million to around three million products, has significantly grown its B2B customer base and also initiated international expansion

EQT is pleased to announce that the EQT Mid Market fund (“EQT Private Equity”) has agreed to sell kfzteile24 (the “Company”) to an investment consortium consisting of the Company’s Management, Project A Ventures, Koehler Group and a group of technology investors (“SB21”).

Founded in 2001 and headquartered in Berlin, kfzteile24 is a leading eCommerce platform for automotive spare parts and accessories in Germany. In addition to its online webshop and app, kfzteile24 operates three retail stores with affiliated repair shops in Berlin to supplement the online distribution. kfzteile24 is positioned within the large independent automotive aftermarket, which sees a healthy and steady growth outlook driven by increasing online adoption and a growing and aging car fleet in Germany.

EQT Private Equity acquired kfzteile24 from its founders in October 2015. During EQT’s ownership, kfzteile24 has made substantial investments in its digital platform and logistics infrastructure to support its growth trajectory and operational efficiency. The Company has expanded its online offering from around one million to around three million products (including one of the largest online e-mobility product range in Germany), has significantly grown its B2B customer base, and also initiated international expansion.

Vesa Koskinen, Partner within EQT Private Equity’s Advisory Team, said, “The Company’s management team has played an instrumental role in developing kfzteile24 to a leading digital automotive spare parts platform with excellent operational capabilities. We believe kfzteile24 is in great hands and has a bright future ahead.”

Markus Winter, CEO of kfzteile24, said “We are very grateful for EQT’s extensive support, which enabled us to turn kfzteile24 into the successful and profitable omnichannel company it is today. Our strong digital platform has been key to the rapid expansion of the direct delivery business for commercial customers. EQT has been a great partner and helped to position kfzteile24 for the long-term. We are excited for what the future holds.”

The closing of the transaction took place on 20 April 2023.

Contact

EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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BURE comments on the merger between ACQ BURE AB and YUBICO AB

Bure

Based on today’s information regarding the merger between ACQ Bure AB (“ACQ”) and Yubico AB (“Yubico”), Bure’s ownership in Yubico after completion of the transaction will increase to 17.4% given the terms and assumptions set out in ACQ’s press release.

  • The Swedish acquisition company ACQ was established on the initiative of Bure Equity (“Bure”) and was listed on Nasdaq Stockholm in March 2021. ACQ has focused on finding an unlisted, sustainable, Nordic technology-based quality company that operates in a market with strong potential or in a niche market where the target company has a leading position.
  • Yubico is a global leading provider of hardware-based multi-factor authentication solutions, which protects against use of stolen identities. Yubico was founded in 2007 by Stina and Jakob Ehrensvärd, and its customer base spans approximately 160 countries. To date, the company’s core product, the YubiKey, has been sold in over 22 million units worldwide and it is currently used by many of the world’s largest enterprises.
  • Bure owns 20% in ACQ since 2021 and has been an owner of Yubico since 2017, when Bure acquired a minority stake. Since 2017, Bure has continued to invest in Yubico and today, Bure has an ownership stake of 15.3% in the company on a fully-diluted basis. Following the merger between ACQ and Yubico, Bure’s ownership in the combined company, which will change name to Yubico, will amount to 17.4% (given the terms and assumptions set out in ACQ’s press release). Hence, Bure will become the company’s largest shareholder.
  • As an owner of both Yubico and ACQ, Bure has a conflict of interest. Patrik Tigerschiöld and Sarah McPhee, board members of both Bure and ACQ, as well as Henrik Blomquist, the CEO of both Bure and ACQ, have therefore not participated, and will not participate, in the board of ACQ‘s resolutions to approve of the transaction or enter into the merger plan and the merger agreement, nor have they participated in the board’s deliberations regarding such resolutions. The non-conflicted board members in ACQ’s board of directors have thus managed the resolutions, and the deliberations regarding the resolutions, concerning the transaction.
  • The final decision on whether the transaction should be completed will be made by ACQ’s shareholders at ACQ’s extraordinary general meeting around June 20, 2023.
  • Bure is supporting the merger and has committed to vote in favour of the merger at the extraordinary general meetings.
  • Bure has accepted a lock-up period of 365 days from the date of completion of the transaction, meaning Bure has accepted to not sell its shareholding in ACQ during this period. The transaction is expected to be completed during the third quarter of 2023.
  • The merger consideration to the shareholders in Yubico consists of 42% payment in cash and 58% payment in newly issued shares in ACQ. As a shareholder in Yubico, Bure will receive 8,064,674 new shares in ACQ, and SEK 579 million in cash. Bure thereby has 15,064,674 shares after the transaction and hence increases its ownership in Yubico of 15.3% to 17.4% after completion of the merger.
  • As a sponsor in ACQ, Bure holds 4,200,000 sponsor warrants in the merged company. The sponsor warrants can be exercised for subscription of shares no earlier than 1 April 2026 and no later than 1 April 2031 with a strike price of SEK 130. This means that Bure can reach a maximum ownership of 21.2% in Yubico.
  • Bure intends to propose Patrik Tigerschiöld as Chairman of the Board of Yubico.

Patrik Tigerschiöld, Chairman of the Board of Bure, comments:

“Stina and Jakob Ehrensvärd have been extremely successful entrepreneurs and company builders, as they have developed Yubico into a world-leading player in the global cybersecurity market. I am very pleased that a quality company like Yubico chooses to become listed in Sweden, and I am looking forward to continuing the Yubico journey together with its founders, employees, and other shareholders”.

“The fact that Bure has been an owner of Yubico since 2017 has added a layer of complexity in the transaction process. Given the circumstances, special requirements have been placed on the decision-making process and deliberations. The non-conflicted members of ACQ’s board have been responsible for making the decisions concerning the transaction, while Bure’s representatives with conflicts of interest have not been involved in these particular activities. Lastly, it is important to note that the final decision on whether the transaction should be carried out will be made by ACQ’s shareholders at the extraordinary general meeting”.

For more information, contact

Henrik Blomquist, CEO
henrik.blomquist@bure.se
Telephone: +46 (0) 8-614 00 20

This information is information that Bure Equity AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-04-19 07:15 CEST.

Attachments

BURE COMMENTS ON THE MERGER BETWEEN ACQ BURE AB AND YUBICO AB

Categories: News

Gilde Healthcare raises €600 million to invest in healthcare innovation

GIlde Healthcare
  • A balanced mix of international investors commits €600 million to Gilde Healthcare Venture&Growth VI, a transatlantic investment fund
  • Gilde Healthcare invests in fast growing companies that enable better care at lower cost, supported by its recently appointed Impact Council
  • In three years’ time, Gilde Healthcare raised over €1.5 billion across three funds

Gilde Healthcare today announces a new investment fund with €600 million in commitments: Gilde Healthcare Venture&Growth VI. The new fund focuses on fast growing companies developing solutions for better care at lower cost. Gilde Healthcare invests in companies in Europe and North America active in digital healthcare, medical technology (MedTech) and therapeutics.

The fund is backed by a balanced mix of international investors, including corporates, banks, pension funds, insurers, fund-of-funds, sovereign wealth funds, endowments, family offices, entrepreneurs and the Gilde team.

Pieter van der Meer, Managing Partner at Gilde Healthcare: “We are pleased with the strong interest from investors who support our mission. Innovations that improve the quality of care but also keep it affordable are essential to ensure access to healthcare. Our broad strategy, covering digital health, MedTech and therapeutics, results in a holistic approach allowing us to select the most optimal and cost effective solution for the individual patient. With a team of sector experts, we help companies to further scale medical innovations and to make them accessible globally.”

The healthcare expenditure in the Western World continues to grow, already exceeding 20% of GDP in the United States. Gilde Healthcare’s mission to invest in better care at lower cost, is supported by the recently established Impact Council, chaired by the former executive director of the European Medicines Agency (EMA).

The new fund will invest €10-60 million per new portfolio company. Together with the last Venture&Growth fund (closed in 2020) and Gilde Healthcare Private Equity IV (closed in 2022), Gilde Healthcare has raised €1.5 billion in capital over the last three years.

Media contact:
Ruben Cardol (media contact)
email: ruben.cardol@cffcommunications.nl
phone: +31 (0)6 55 358 427

Pieter van der Meer (Managing Partner)
email: vandermeer@gildehealthcare.com
phone: +31 30 219 2565

About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor managing over €2.5 billion across two fund strategies: Venture&Growth and Private Equity. The Venture&Growth fund of Gilde Healthcare invests in fast growing companies active in digital health, medtech and therapeutics, based in Europe and North America. The Private Equity fund of Gilde Healthcare participates in profitable lower mid-market healthcare companies based in North-Western Europe. For more information, visit the company’s website at www.gildehealthcare.com.

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