Category Archives: News

Partners Group to acquire leading US HVAC parts manufacturer and supplier, DiversiTech

Partners Group

Denver, US; 17 November 2021

  • DiversiTech provides over 6,000 customers with crucial parts & supplies
  • It is the second Partners Group acquisition in the broader HVAC sector this year
  • The transaction values DiversiTech at an enterprise value of USD 2.2 billion

Partners Group, a leading global private markets firm, has agreed, on behalf of its clients, to acquire DiversiTech (or “the Company”), the market-leading manufacturer and supplier of parts and accessories for heating, ventilation, and air conditioning (“HVAC”) equipment in the US, from funds advised by global private equity firm Permira. The investment values DiversiTech at an enterprise value of USD 2.2 billion. As part of the transaction, Permira and management will remain minority investors in the Company.

Founded in 1971 and headquartered near Atlanta, Georgia, DiversiTech is North America’s largest manufacturer of equipment pads and a leading manufacturer and supplier of components and related products for multiple industries. The Company serves over 6,000 customers through a broad product portfolio of c. 30,000 SKUs across six product families, including HVAC equipment mounting, electrical & replacement parts, condensate management and indoor air quality. DiversiTech has 1,250 employees across 20 locations in the US, Canada, and the UK.

Partners Group will draw on its extensive experience in the HVAC sector, including its August 2021 acquisition of Reedy Industries, a leading provider of commercial HVAC services in the US, to partner with the company’s management team, led by Chief Executive Officer Andy Bergdoll. Key value creation initiatives will include accelerating new product development, expanding through M&A, and bolstering internal manufacturing capabilities.

Andrew Oliver, Managing Director, Private Equity Goods & Products, Partners Group, says: “We tracked DiversiTech through our thematic investing approach and have conviction in its future growth prospects given the expanding installed base of HVAC equipment and the reoccurring demand for the Company’s essential parts and supplies. We are excited to partner with Andy and the DiversiTech team to lead the Company’s next phase of growth.”

Andy Bergdoll, Chief Executive Officer, DiversiTech, comments: “As a result of investments in our team, product lines and infrastructure over the last five years, DiversiTech has a solid foundation and leading position in the North American HVAC parts & accessories market. We look forward to building on our multi-decade history of market-leading organic growth and taking the company to the next level under Partners Group’s ownership.”

Latham & Watkins LLP represented Partners Group in the transaction.

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Revalize secures significant minority investment from Hg

HG Capital

Revalize secures significant minority investment from Hg and further expands operations in Europe with three new acquisitions

  • Revalize announces minority investment from Hg, a leading software and services investor, as the business continues to scale as a new cloud-software platform for manufacturers.
  • Revalize will continue to be supported by existing shareholders TA Associates, ST6, and management in a transaction valuing the business at an Enterprise Value of $1.8 billion.
  • As part of this transaction, Revalize also announces acquisitions of PROCAD Group, SpecPage and TENADO in Europe.

Jacksonville, Fla., U.S.A. and London, United Kingdom. 17th November 2021: Revalize, a worldwide leader in sector-specific revenue operations software for manufacturers, their distributors, and their specifiers, today announces that Hg, a leading software and services investor, has committed to a significant minority investment into the business.

As part of the transaction, Revalize also announced the planned acquisition of three European software companies. The addition of PROCAD Group in Germany, SpecPage in Switzerland and TENADO, also in Germany, will extend the Revalize solution portfolio and its European operations. For more details visit www.revalizesoftware.com/newsroom/.

Revalize is backed by TA Associates (“TA”), a leading global growth private equity firm, and ST6, a group of highly experienced software operating executives who specialize in accelerating transformational change. ST6 is led by Mark Friedman, a successful software operating executive and investor. Together with an experienced management team, TA and ST6 formed Revalize as a platform of scale, delivering sector-specific software solutions that drive growth for manufacturing companies, their channels and their customers.

Introducing Hg to this group brings further software expertise, particularly to support European expansion, and accelerates the company’s rapid growth. Since its formation in June 2021, Revalize has nearly doubled planned revenue objectives for the first year of operations, creating a business now worth $1.8 billion in Enterprise Value, following this transaction.

“Revalize is building the most complete enterprise-grade portfolio of sector-specific revenue operations solutions in the manufacturing sector. We have made an outstanding start, with our software tools helping manufacturers across North America and Europe get their products specified, selected, and sold. The investment and support from Hg aims to accelerate this success, bringing even more specialized products to help our customers digitize their businesses. We are delighted that this strategy has progressed further with three new acquisitions in Europe and we warmly welcome PROCAD, SpecPage and TENADO to the group.”

Jim Contardi, CEO of Revalize

“In Revalize, we see another opportunity to bring together experts in the world of enterprise software to accelerate growth for a business with enormous potential. Together with TA, we have now brought together 13 complementary businesses to create an outstanding offering to manufacturing customers. We welcome Hg, who will bring extensive experience, particularly in Europe, to continue this trajectory.”

Mark Friedman, Chairman of Revalize and Managing Director of ST6

“We established Revalize as an industry champion, positioning the business to benefit from the rapid acceleration of the digital transformation in manufacturing.  We are excited about the future and the continued strong growth prospects for the business. We welcome Hg to the next stage of the company’s journey, focused on promoting further growth through product innovation and strategic acquisitions.”

Hythem El-Nazer, a Managing Director with TA

“When industries push to digitize it presents enormous opportunity for software providers who establish themselves as champions in their sector. We’ve seen this play out in many other industries and we’re delighted to bring that experience to Revalize. We’re excited to work with Mark and Hythem once more as we back Jim and a very impressive leadership team to drive further growth”.

JB Brian, Partner at Hg

Today, with over 10,000 customers across North America and Europe, Revalize empowers manufacturers to elevate buying experiences, accelerate sales cycles, and streamline manufacturing through purpose-built software. The company offers a full suite of specialized, mission-critical software solutions built to simplify customer processes and reduce friction throughout the entire revenue operations cycle.

The terms of the transaction are not disclosed and subject to customary regulatory approvals.

Media Contacts:

Revalize

Alex Cruz
alex.cruz@revalizesoftware.com
+ 1-956-867-1405

Hg

Tom Eckersley

Tom.Eckersley@hgcapital.com

+44 208 148 5401

Alex Yankus and Harry Mayfield (Brunswick, USA)

+1 917 818 5204

TA Associates

Marcia O’Carroll

mocarroll@ta.com

+ 1-617-574-6796

Philip Nunes (BackBay Communications)

phil.nunes@backbaycommunications.com

+ 1-617-391-0792

About Revalize 

Revalize is the global leader in sector-specific software that help manufacturers optimize revenue operations through design applications, engineering simulations, product selection, CPQ, PIM, PLM, visualization, and data analytics. Headquartered in Jacksonville, Florida, U.S.A., the company serves customers across the globe, with around 500 employees and growing. Learn more at www.revalizesoftware.com.

About TA Associates

TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 550 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $47.5 billion in capital since its founding in 1968. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

About Hg

Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of around $40 billion, with an investment team of over 140 professionals, plus a portfolio team of around 40 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $92 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.

About ST6

ST6 is an elite team of software operating executives that partner with private equity sponsors to transform software companies and accelerate value creation.

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Practice Ignition raises $50M USD to supercharge growth for category-defining client engagement and commerce platform

JMI Equity

Tech scale-up on ambitious path to transform how professional services businesses engage clients, and get paid.

Sydney, Australia, November 18th — Practice Ignition, the world’s first client engagement and commerce platform for professional services businesses, has raised $USD50M ($AUD65M) in a Series C funding round to fuel hyper growth and scale globally.

The funding round was led by US-based JMI Equity and marks JMI’s first ever investment in Australia. Participating alongside JMI in this fundraise were existing investors Tiger Global, EVP and a number of other strategic angel investors and family office groups.

The fast-growing scale-up was founded in 2013 by accounting entrepreneur Guy Pearson and product designer Dane Thomas, with a vision to transform client engagement in professional services. Frustrated by antiquated manual processes, and late payments from clients, the pair launched Practice Ignition to help accountants and bookkeepers grow, be more efficient, and create win-win client relationships.

Practice Ignition has experienced tremendous growth since launching in 2013, almost doubling client revenues facilitated via the platform in 2021. With thousands of customers across six markets and over US$2 billion in client revenue under management, the business is on track to drive significant growth in 2022 and beyond.

Guy Pearson, CEO and Co-founder of Practice Ignition said the company is gearing up for a substantial shift as the global professional services industry faces mounting pressure to digitise their operations and customer interactions in light of COVID-19, which has accelerated digital transformation globally.

“As the world moves online, many accountants and bookkeepers are having to rapidly shift their business practices and functions to be fully digital overnight. This, together with the transition of accounting from tax compliance to advisory, means that the need to deliver engaging, quality customer interactions via technology is critical for closing deals, boosting profitability and winning and retaining clients.”

“We are creating a new category with our client engagement and commerce platform, and we’re only scratching the surface when it comes to market penetration in the global professional services industry. We are confident that the wealth of knowledge and experience JMI brings, through their long history of backing high-growth technology businesses, will be invaluable in helping us capture market share rapidly as we enter this next phase of growth.”

Practice Ignition is on an ambitious path to reshape the way the professional services industry does business with its customers through its all-in-one client engagement & commerce solution. Its unique platform integrates digital proposals, payments and automated workflows via leading business apps such as Gusto, Xero, Quickbooks and Zapier to streamline service-based commerce.

Funds raised from Series C will enable Practice Ignition to double down on growing its core key markets in APAC, North America and EMEA through further product development and enhanced marketing and sales capabilities. It will also turbocharge the company’s international expansion plans with a focus on the US through its strategic partnerships with Gusto, Intuit and Thomson Reuters.

Sureel Sheth, Principal at JMI Equity said, “Guy, Dane and the team at Practice Ignition have built a category-defining business with a world-class team.  We have been impressed by the strength of the product, the engaged and loyal customer base and the enormous potential for growth and scale globally. As an emerging leader in the accounting and broader professional services markets, Practice Ignition’s culture of innovation is unparalleled in the sector and we’re thrilled to partner as Practice Ignition embarks on this next phase of international expansion.

“Practice Ignition has all the hallmarks of a world-class SaaS platform,” said Howard Leibman, Founder of EVP. “The platform addresses a very real need amongst mid-market professional service firms to streamline and automate their processes. The high level of customer advocacy speaks to the product’s success in driving real bottom-line impact for the thousands of such firms already on the platform. With Practice Ignition having established a strong global footprint, we’re excited to continue supporting Guy, Dane and the team through the next stage of growth.”

The Series C capital raise follows a series of announcements in product innovation and growth for Practice Ignition. The company recently unveiled a partnership with Gusto to accelerate adoption and knowledge of People Advisory services.  It also announced plans to establish a new R&D team in Toronto, supporting the company’s innovation and customer expansion goals in North America, and contributing to the significant career opportunities within its high performing team globally.

About Practice Ignition

Practice Ignition is the world’s first client engagement and commerce platform for professional services businesses to streamline how they engage clients and get paid. Thousands of accounting and professional services firms around the world use Practice Ignition to win new business with impressive digital proposals, engage clients with a clear scope of work, and get paid on time by automating payment collection. Practice Ignition also integrates with leading business apps such as Gusto, QuickBooks, Xero and Zapier to automate time-consuming tasks. Founded in 2013 by a progressive accounting entrepreneur to find a better way of doing business, our goal is to help customers grow, be more efficient, and create win-win client relationships. To date, we’ve helped facilitate more than 1 Million client engagements and over $2 Billion in client payments. Practice Ignition  has offices in Australia, Canada, New Zealand, Philippines, South Africa, US and the UK, with over 150 employees globally.

About JMI

JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 165 businesses in its target markets, successfully completed over 110 exits, and raised more than $6 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information, visit www.jmi.com.

Media contact

Eva Yao

Sling & Stone

+61 449 899 618

eva@slingstone.com

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GROWMARK and CHS announce Cooperative Ventures, a new capital fund aimed at ag tech startups

CHS

An aerial view of a tractor on a farm with digital and technical-looking clipart surrounding it.

CHS is proud to announce the formation of Cooperative Ventures, a capital fund partnership with GROWMARK that provides tech startups unprecedented access to the cooperative system to solve challenges for our owners.

Nov 17, 2021

GROWMARK and CHS today announced the formation of Cooperative Ventures, a new capital fund that will focus on creating advancements in breakthrough technologies for the agriculture industry. The fund will provide differentiated value to startups in the agricultural ecosystem by leveraging the expansive, connected networks, unparalleled access to the farmgate and proven success of the two agricultural cooperatives. Both companies will be equal partners in the $50 million fund, which will be established as its own separate legal entity.

The combined markets of the two companies cover millions of acres and thousands of farmers that will create an industry-leading test field for products and services within North America. The fund has identified three core investment areas, or “Fields of Play,” to maximize the impact of each investment:  crop production, supply chain, and sustainability.

“This is a terrific opportunity to act cooperatively by working together on a venture meaningful to agriculture and our corresponding supply chains,” said GROWMARK CEO Jim Spradlin. “Both GROWMARK and CHS have trusted relationships and expertise within our networks, which will provide tremendous value for technology startups and ultimately benefit our respective customers. This is a natural evolution of GROWMARK’s AgValidity trial and testing program.”

“This partnership will help accelerate technology solutions to existing and emerging challenges in agriculture and is yet another way CHS creates connections to empower agriculture,” said Jay Debertin, president and CEO of CHS Inc. “Our ongoing commitment to investment in growth and innovation for the benefit of CHS owners and the cooperative system further places CHS and GROWMARK at the forefront of cutting-edge technology solutions by leveraging our deep expertise and strong connections with farmer-owners.”

GROWMARK and CHS will provide tech startups unprecedented access to robust distribution capabilities within multiple value chains, allowing for opportunities to test and refine at different scales. Having cooperative member-owners and customers within the same ecosystem will take these innovative ideas to a new level to create shareholder value and customer-focused solutions.

Special attention will be paid to the startup’s strategic fit with both GROWMARK and CHS. Other factors will be based on their drive to lead in the startup space, the ability to deliver value and quality, the experience of management, and ultimately the ability to take a product or service to market. Cooperative Ventures will be comprised of teams based out of Bloomington, Illinois, and St. Paul, Minnesota.

About GROWMARK:

GROWMARK is an agricultural cooperative serving almost 400,000 customers across North America, providing agronomy, energy, facility engineering and construction, and logistics products and services, as well as grain marketing and risk management services. Headquartered in Bloomington, Illinois, GROWMARK owns the FS trademark, which is used by its member cooperatives. GROWMARK also owns and operates SEEDWAY, the largest full-line seed company in the United States. More information is available at growmark.com.

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Cinven to invest in BioAgilytix

Cinven

Investing in expansion of best-in-class bioanalytical CRO services and accelerating global growth

International private equity firm Cinven today announces that it has agreed to invest in BioAgilytix (‘the Company’), a leading global contract research organisation (‘CRO’) providing bioanalytical services to pharmaceutical and biotech companies. Cobepa, the current majority investor, will re-invest a significant minority stake alongside Cinven. Financial details of the transaction are not disclosed.

Founded in 2008, BioAgilytix focuses on complex large molecule bioanalytical services, particularly for fast growing and innovative treatments, including cell and gene therapies. It has a global team of highly experienced scientific and quality assurance professionals that deliver leading scientific capabilities underpinned by proven data integrity and deep regulatory expertise to support all phases of global clinical trials. Headquartered in Durham, North Carolina, BioAgilytix is a global platform with operations across the United States, Europe and Australia and employs 870 staff across its five locations.

The Cinven Healthcare team identified BioAgilytix as a highly attractive investment opportunity given:

  • Attractive, rapidly growing end market: Large molecule bioanalytical services is one of the fastest growing areas within healthcare given the continued shift in global R&D spend towards innovative large molecule and cell and gene therapies, which have the exciting potential to address previously unmet medical conditions.
  • Best-in-class provider with reputation for market-leading expertise: The increasing complexity of new therapies is driving biopharma companies to look for specialist CROs like BioAgilytix to support their bioanalytical needs. The Company’s longstanding emphasis on scientific leadership has allowed it to attract a world-class team which comprises more than 50% PhD and Masters-level scientists with an average of more than 10 years of post-graduate laboratory experience.
  • Buy and build platform and further internationalisation opportunity: The bioanalytical services market is fragmented with significant opportunities to acquire additional providers to further strengthen BioAgilytix’s capabilities and expand its global presence. Through its strong pipeline of potential add-on targets, BioAgilytix is well positioned to build on its strong M&A track record over the past five years.
  • Exceptional track record of growth: BioAgilytix has significantly outperformed the market, driven by its strong customer advocacy, unique track record, and strategic positioning as a leading independent provider of bioanalytical services for large molecule therapies.
  • Strong management team: BioAgilytix has an industry-leading management team, led by Jim Datin, President and CEO of BioAgilytix since 2013, that has been instrumental in building the Company into a best-in-class provider of bioanalytical services.

This transaction builds on Cinven’s successful investments in Medpace, a global CRO; Clario (formed from the combination of Bioclinica and ERT), a leading data and technology provider for clinical trials; and Synlab, Europe’s leading provider of laboratory diagnostic services. In addition, Cinven has invested in Envirotainer, a global provider of cold chain logistics to pharmaceutical and biotech clients to transport large molecule and cell and gene products globally; and LGC, a leading global life science tools company active in the standards and genomic spaces.

Matthew Norton, Partner at Cinven, said:

“As part of Cinven’s thematic-based approach to investing, and as seen with its current and former portfolio companies, Cinven has long followed the ongoing shift in R&D, towards more innovative, complex large molecule drugs and cell and gene therapies. This has been driven by exciting scientific advancements which have and should continue to result in substantial growth in these areas.

“BioAgilytix was identified as extremely well placed to benefit from these trends given the Company’s focus on the fastest growing large molecule and advanced modality therapies and its reputation for being able to solve its customers’ most complex bioanalytical problems.

“We are excited to partner with Jim and his management and scientific leadership teams, to invest behind the significant additional growth prospects ahead for BioAgilytix.”

Phil Cathcart, Principal at Cinven, added:

“BioAgilytix has unparalleled expertise and capabilities which has enabled it to attract the best talent in the industry, further reinforcing its leadership position in a rapidly growing market. We look forward to working with the BioAgilytix team to continue their highly successful growth trajectory in the years to come.”

 Jim Datin, President and CEO of BioAgilytix, commented:

“BioAgilytix is in business to help its customers – some of the world’s largest and most advanced pharma and biotech companies – to successfully navigate the inherent complexities of large molecule bioanalysis. Our mission is to provide quality, dependable bioanalytical support and scientific expertise to the pharmaceutical and biotech industries to more effectively bring their products to market to improve patient outcomes.

“Cinven understands and shares our ambitions for BioAgilytix and, most importantly, is committed to achieving our vision of accelerating the approval of life-changing medicines.”

The transaction is subject to customary anti-trust and regulatory approvals.

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Ardian provides Berlin Brands Group with additional growth capital

Ardian

Berlin / Frankfurt am Main, September 1, 2021 – Ardian, a world leading private investment house, announces today that it is providing additional growth capital to Berlin Brands Group (“BBG”), a global e-commerce company based in Berlin, through its fifth generation of Expansion Funds. Over the course of the transaction, Ardian will once again become a minority shareholder in BBG and support the company during its next growth phase alongside majority shareholder and CEO Peter Chaljawski, as well as BBG’s new and second largest shareholder, Bain Capital.

Berlin Brands Group is a pioneer in direct-to-consumer (D2C) brand marketing. The multi-brand company sells a range of over 3,700 products under 34 own brands and via 100 online channels across 28 countries. The brands encompass the household appliances, consumer electronics, gardening and fitness equipment segments, including Klarstein (klarstein.de), auna (auna.de), blumfeldt (blumfeldt.de) and Capital Sports (capitalsports.de).

As a key part of its next growth phase, BBG launched a comprehensive M&A roll-up strategy in 2020 focusing on acquiring, integrating and scaling e-commerce brands across its platform. Ardian supported the group’s management in implementing this strategy and now plans to further contribute to establishing BBG as the leading global D2C consolidator.
Ardian was already invested in BBG via its third generation of Expansion Funds from July 2015 to September 2021.

“We have benefitted greatly from Ardian’s expertise as a reliable investment partner in recent years. We are therefore thrilled that Ardian will also accompany us during our next growth phase.” PETER CHALJAWSKI, Founder and CEO of BBG

“BBG continues to show significant growth potential and we fully support the company’s strategy, as well its excellent management team led by Peter Chaljawski. We look forward to continue our successful partnership.” MARC ABADIR, Managing Director in Ardian’s German Expansion Team

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$120bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 800 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,200 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

ABOUT BERLIN BRANDS GROUP

Berlin Brands Group (BBG) is a global e-commerce company and one of the pioneers in the direct-to-consumer business. The Berlin-based hidden champion currently sells over 3,700 every day and trendy products across 34 of its own e-commerce brands. The goal: to become one of the world’s leading
e-commerce companies with a ‘global house of digital brands’.

www.berlin-brands-group.com

Press contact

ARDIAN – CHARLES BARKER CORPORATE COMMUNICATIONS

Peter Steiner

ardian@charlesbarker.de Tel: +49 69 79409027

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Sagard announces first closing of Sagard Private Equity Canada’s inaugural fund

Cdpq
Total commitments of CA$200 million

Sagard today announced the successful first closing of Sagard Private Equity Canada’s Canadian mid-market private equity fund (“Sagard PE Canada” or the “Fund”) with commitments totaling CA$200 million.

Sagard PE Canada’s mission is to build a private equity franchise that will be recognized as the partner of choice for Canadian mid-market entrepreneurs and management on their quest to become market leaders. The first closing includes participation from Canada Life, Caisse de dépôt et placement du Québec, Export Development Canada, Investissement Québec, BMO Financial Group, CIBC and Sagard Holdings. The Fund is targeting total capital commitments of CA$400 million and remains open for additional commitments.

“Since our launch, we have been focused on filling the clear gap in the Canadian mid-market private equity landscape, and the response to our fundraising efforts has been very positive. As a result, we are well-positioned to create value by leveraging the talent and expertise of our team and the resources of Sagard’s CA$11.1 billion investment platform,” said Marie-Claude Boisvert, Partner and Head of Sagard PE Canada. “We want to thank our anchor LPs for believing in us and for setting us up for success.”

In advance of the Fund’s first closing, Sagard PE Canada announced its first investment on September 8, 2021, with the acquisition of Groupe LOU-TEC Inc. (“LOU-TEC”).  Founded in 1979, LOU-TEC is a leader in the rental of heavy machinery, specialized equipment and tools used in construction, renovation and maintenance of commercial, industrial, institutional and residential buildings.

“We are thrilled to announce the first closing of Sagard Private Equity Canada’s mid-market fund. We are proud to support Marie-Claude Boisvert — one of the few women in Canada to launch and lead a private equity fund — and her amazing team,” said Paul Desmarais III, Chairman and CEO of Sagard.

“Today’s announcement is evidence that the Sagard PE Canada approach, with its dynamic and rigorous investment process, is working. Our team is demonstrably accelerating the performance of the companies with which we partner, and we look forward to building on the momentum and announcing new strategic investments in due course,” said Adam Vigna, Managing Partner and Chief Investment Officer of Sagard.

“With this investment, we support the creation of a new fund that will target the expansion of local SMEs. A complement to CDPQ’s efforts with Québec mid-caps, this fund will help expand the number of companies we work with and allow them to achieve their growth objectives,” said Mario Therrien, Head of Investment Funds and External Management at CDPQ.

“Sagard’s Canadian mid-market private equity fund will invest in growing medium-sized businesses,” said Carl Burlock, Executive Vice-President and Chief Business Officer at EDC. “There are many opportunities for mid-sized Canadian companies to grow internationally. We are pleased to collaborate with Sagard PE Canada to support the creation of global market leaders in Canada.”

“Investissement Québec, along with its experienced financial partners, is proud to empower Québec’s players who stand out in their sector to become international leaders. By supporting their growth projects, we are helping to promote our expertise both here and abroad, while fostering Québec’s economic development,” said Guy LeBlanc, President and Chief Executive Officer, Investissement Québec.

Legal Disclaimers
This document is for information purposes only and does not constitute an offering of any security, product, service or Fund. This document does not constitute investment advice and may not be used in making any investment decision. This document contains only summary information, and no representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information contained herein, by Sagard Holdings Inc. or any of its respective affiliates or funds. Some of the statements contained in this document are, or may be deemed to be, “forward-looking statements.” Forward-looking statements are based on certain assumptions and reflect Sagard’s current expectations. By their nature, forward-looking statements are subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, predictions or conclusions will not prove accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. The reader is cautioned not to put undue reliance on forward-looking statements.

About Sagard

Sagard is a multi-strategy alternative asset manager with more than CA$11 billion under management and professionals located in Canada, the U.S., Europe and Asia. Sagard seeks to generate attractive investment returns through a combination of flexible capital, entrepreneurial and disciplined culture and a unique global network of portfolio companies, limited partners, advisors and other valued relationships. Today, Sagard invests across four asset classes: private equity (Sagard Private Equity Canada, Sagard MidCap, Sagard NewGen), private credit (Sagard Credit Partners), royalties (Sagard Healthcare Royalty Partners), and venture capital (Portage Ventures and our ecosystem partner, Diagram Ventures).

About Sagard PE Canada

Sagard PE Canada focuses on Canadian mid-market opportunities to help companies and their management team accelerate their growth trajectory in order to become Canadian champions and market leaders. With offices in Montreal and Toronto, Sagard PE Canada concentrates on less cyclical sectors such as financial services, manufacturing and other services in which the team has deep industry knowledge. Sagard PE Canada has an active pipeline bolstered by the broader Sagard ecosystem, a disciplined and focused screening approach, a data-driven investing thesis, and a proven due diligence process. Driven by a structured approach to value creation, Sagard PE Canada generates value through organic growth, M&A, profitability and cash flow enhancement, talent and expertise, and disciplined monitoring. This strategy is underpinned by a shared vision and an experienced management team.

– 30 –

For more information

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Bolster, Dinnissen and Triott Group join forces

Bolster

 

From today, Bolster, Dinnissen and Triott Group form a strategic alliance to realise customer value, synergy and focus together. Bolster Investment Partners and Triott Group, the holding company which Ottevanger Milling Engineers forms a part of, are taking an interest in Dinnissen Process Technology. 

This step fits in with the ambition of the companies to realise value creation, continuity and growth in a sustainable way. The alliance is based on a strong international customer base in food, feed, pet food, dairy, pharma and chemicals. With the alliance, the companies will collaborate in areas such as customer projects, international services, R&D, innovation and efficiency.

For Dinnissen, the alliance means the company can serve its customer group even better. Also, the collaboration with the Triott Group companies offers the opportunity to further expand the range of automation solutions, 24/7 support and dosing and storage systems.

For Triott Group, a family business with roots in the compound feed industry, the alliance offers the opportunity to strengthen its position in the international feed market and also to expand its activities in the food industry.

Bolster Investment Partners has a lot of experience in (internationally) expanding Dutch manufacturing companies and is joining this partnership as a long-term investor. Bolster will support the alliance in realising its growth ambitions with a strong network and with knowledge in the field of organisation, strategy and professionalisation.

Frans Bakker, CCO Dinnissen Process Technology: ‘We are facing the next growth step for our company. This alliance with Ottevanger and Bolster enables us to achieve this and to continue our healthy future. We want to follow our customers even more internationally, and strengthen our service and 24/7 support. Ottevanger has been a solid player in the international processing industry for years. We complement each other very nicely.’

Ernst-Jan Ottevanger, CEO Ottevanger Milling Engineers and Triott Group: ‘Dinnissen is a wonderful company, built on values that have many similarities with our values: customer-friendly, progressive and with an eye for the human dimension. This alliance fits in with our growth strategy. We are confident we can offer our customers even more with this.’

Joost Bakhuizen, partner Bolster Investment Partners: ‘Dinnissen and the Triott Group companies are exceptional Dutch companies with strong international market positions and leading customers in feed and food. The companies are complementary to each other. We see many opportunities for further growth from the perspective of synergy. This investment therefore fits in perfectly with our long-term strategy.’

About Dinnissen
Dinnissen Process Technology has been supplying process technology solutions for the food, dairy, feed, pet food and chemical industries for over 70 years now, for both stand-alone machines and complete process lines.

About Ottevanger
Ottevanger Milling Engineers (founded in 1909) specialises in the design and manufacture of equipment and the realisation of complete systems for the grain-processing and compound feed industry.

About Triott Group
The Triott Group consists of seven production technology companies that work worldwide on turn-key and stand-alone solutions for the feed and food industry. The mission is simple: to help society increase the production of feed & food in terms of both quantity and quality, based on the best Dutch technical knowledge and with a can-do mentality.

About Bolster Investment Partners
Bolster is a long-term investor that specialises in minority interests, investing in exceptional Dutch companies with a sharp focus and a proven business model. Bolster has a lot of experience in the further (international) expansion of manufacturing companies and works together with entrepreneurs to realise the full potential of their company.

For more information, please contact:
Ottevanger / Triott Group
Ernst-Jan Ottevanger
ejo@ottevanger.com

Dinnissen
Wouter Kuijpers
w.kuijpers@dinnissen.nl

Bolster Investment Partners
Joost Bakhuizen
joost.bakhuizen@bolsterinvestments.nl

 

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Adelis Equity Partners Closes EUR 932 million Third Fund

Adelis Equity

Adelis Equity Partners Fund III has held a final close. The Fund will continue its predecessor funds’ focus on growth-oriented investments in the Nordic mid-market.

Adelis Equity Partners Fund III (Adelis III) held a final close on 27 October 2021, following a short period of fundraising. The Fund, which was significantly oversubscribed, raised EUR 855 million from external investors, on top of which Adelis’ employees have committed to invest 9%, or EUR 77 million, for a total fund size of EUR 932 million.

Investors in Adelis III include leading pension funds, foundations and fund-of-funds from Europe and North America. Investors in Adelis Equity Partners Fund II, all of whom are represented in Adelis III, make up the vast majority of the capital.

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 26 platform investments and more than 120 add-on acquisitions.

Adelis Equity Partners Fund I closed on SEK 3.7 billion in 2013 and Adelis Equity Partners Fund II raised EUR 600 million in 2017.

“We are grateful for the strong support from our existing investors and very pleased to have broadened our investor base with additional blue-chip institutions from Europe and North America” says Jan Åkesson at Adelis.

Adelis received legal advice from Akin Gump Strauss Hauer & Feld, Vinge and Gernandt & Danielsson in the fundraising process. Park Hill Group served as exclusive placement adviser.

For further information:

Jan Åkesson, Co-Managing Partner, + 46 8 525 200 00.

Adalbjörn Stefansson, Head of Investor Relations, +46 8 525 200 04.

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AnaCap’s portfolio company MRH Trowe accelerates growth and secures financing facility with Bain Capital Credit

Anacap

AnaCap Financial Partners (“AnaCap”), a leading specialist mid-market private equity investor in technology enabled financial services, today announced that its portfolio company MRH Trowe (“MRHT” or “the Group”) has closed on a new financing facility in support of its organic and acquisition-driven growth strategy.

MRHT is one of the ten largest German industrial brokers, offering extensive expertise in most insurance lines for both industrial and commercial customers, as well as affluent private customers.

Having been identified by AnaCap as the ideal platform to achieve scale in its market, MRHT has accelerated its buy and build execution in 2021, signing or closing 11 bolt-on acquisitions since December last year. In line with its strategic roadmap, the Group remains well positioned to further grow inorganically in the large and consolidating German market.

Following a competitive process among leading specialist lenders, AnaCap and MRHT opted to partner with Bain Capital Credit, whose expertise in insurance brokerage and strong belief in local consolidation will help the Group unlock its growth potential. Local saving banks that have historically been a key part of MRHT’s development will retain positions in the new financing model, demonstrating important continuity and a strong commitment to MRHT’s ambitions.

This additional funding will be deployed to support the ongoing, targeted buy-and-build approach followed by the Group, while enabling MRHT to diligence and acquire larger target companies than has been the focus to date.

Tassilo Arnhold, Partner at AnaCap, commented:
“We are delighted to announce a working partnership with such a reputable name in the market such as Bain. Securing this funding structure will act as an important catalyst for MRHT to further accelerate its activities on the M&A trail, following what has already been a hugely impressive 2021 to date. The Group felt this strategic financing was important to optimise its financing position and put in place a strong platform that ultimately offers both flexibility and investment capability.”

Ralph Rockel, Co-Founder and Board Member at MRHT, commented:
“We look forward to the future cooperation with Bain Capital Credit with both excitement and confidence. Bain Capital Credit’s insurance brokerage expertise and strategic understanding make it an ideal partner for MRH Trowe to leverage its inorganic potential. The partnership allows us to make even more effective use of the opportunities in the current market consolidation and to further strengthen MRH Trowe’s market position.”

Tom Maughan, Managing Director at Bain Capital Credit, added:
“MRH Trowe is widely recognised as a high-quality operator and we are excited to support the Company in the next phases of its growth trajectory.”

Alessandro Nuti, Vice President at Bain Capital Credit, commented:
“The financing of MRH Trowe builds on our experience in the insurance brokerage sector and we are delighted to support MRHTs consolidation of the attractive and fragmented German market.”

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