Category Archives: News

Bridgepoint to sell HTL

Bridgepoint

Montagu, a leading European private equity firm, has entered into exclusive negotiations with Bridgepoint, to acquire HTL Biotechnology (“HTL” or “the company”), an international, fast-growing biotech and industrial firm leading the development and production of innovative pharmaceutical grade biopolymers. Financial terms of the transaction are not being disclosed.

Founded in 1992, HTL has developed a state-of-the-art biopolymers platform which provides customised, pharmaceutical grade biopolymer solutions to leading pharmaceutical and medical device companies worldwide. Its products are used in therapeutic areas such as ophthalmology, rheumatology, urology, dermatology, and medical aesthetics. The company is recognised as the world pioneer in industrialising the bioproduction of hyaluronic acid.

Montagu’s deep sector expertise coupled with the company’s strong healthcare capabilities and organisational foundation will enable HTL to consolidate its global leadership and continue to provide exceptional value to its clients and end-users.

Yvon Bastard, CEO of HTL, commented, “We look forward to partnering with Montagu. Their extensive experience in the healthcare field, will allow us to accelerate our growth, continue to innovate, and realise our international ambitions.”

Guillaume Jabalot, Director at Montagu, said: “HTL represents several key features of a Montagu deal, demonstrating a competitive and defensible core business in an attractive market. The management team has accelerated growth and innovation through R&D, which have reinforced the company’s leadership position globally and opened new growth avenues. We are proud to be partnering with HTL and its employees and supporting them in being at the forefront of innovation in the biopolymers sector and improving patients’ lives.”

Vincent-Gael Baudet, Partner, Bridgepoint, said: “We’re delighted to have worked with the HTL management team to drive the transition of the company to become a biotechnology platform of scale, and a leading R&D partner to pharmaceutical companies across the world. We wish the management team every success as they embark on the next exciting chapter.”

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Bregal Partners Sets Ambitious 2030 Climate Commitment

Bregal Partners

Bregal Partners sets ambitious 2030 climate commitments, aligning with new Science Based Target Guidance for the Private Equity sector spearheaded by Bregal Investments.

As private equity-backed companies represent an ever-larger share of the world’s economy, ensuring that private equity firms set science-based targets as part of commitments to decarbonize their portfolios will be crucial to achieving net-zero emissions targets. In recognition of the pivotal role that the sector should play in the transition to a net-zero economy, Bregal Investments (“Bregal”) has spearheaded the development of the Science Based Target guidance for the Private Equity sector.

Developed through multi-stakeholder collaboration with members of the Initiative Climat International (“iCI”) and the Science Based Targets initiative (“SBTi”), alongside other Private Equity firms and in partnership with Laudes Foundation, this guidance will help to create greater transparency and consistency in the way the sector transitions its portfolio to net-zero.

In alignment with this work, Bregal Partners has also set its own science-based targets in line with the 1.5°C pathway set out in the Paris Agreement. Bregal Partners’ climate target represents a natural evolution of its ESG programme and requires that all portfolio companies set their own science-based targets by 2030.

Bregal Partners’ investment strategy centres around building great businesses that create long-term, sustainable value for investors, whilst having a positive impact on society. Bregal Partners is fully committed to integrating climate action within the core of its investment strategy through setting its own ambitious carbon reduction targets.

In summary, Bregal has committed to:

  • Reducing direct emissions by 50 percent by 2030
  • Ensuring 40 percent of its portfolio companies will have set science-based targets by 2025
  • Ensuring 100 percent of its portfolio companies have their science-based targets by 2030

 

Quotes:

“At Bregal Partners, we are focused on building inspiring brands across our three core verticals: consumer and multi-unit; food and beverage; and business services. Our science-based climate targets, announced earlier this week, build upon our existing ESG program, and clearly align with Bregal Partners’ ambition to drive long-term sustainable value alongside having a positive impact on society.”

Scott Perekslis and Charles Yoon, Managing Partners, Bregal Partners

“Climate change is the defining challenge of our generation and today’s announcement is a significant milestone in our ESG journey. At Bregal, we acknowledge the responsibility we have as an active investor and commit to support our portfolio companies to align their business with a 1.5°C pathway. It is critical for businesses to navigate the risks and opportunities of climate change and our science-based targets provide a clear roadmap for ambitious emissions reductions within our portfolio.”

Alvar de Wolff, Head of ESG, Bregal Investments

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About Bregal Partners

Bregal Partners is a private equity firm with $1.25 billion of committed capital. Founded in 2012, the firm specializes in three core verticals: consumer and multi-unit, food and beverage, and business services. The firm invests in primarily founder-owned companies within its target industries that generate $5 to $75 million or more of EBITDA. Bregal Partners is committed to promoting corporate social responsibility in all aspects of its business. The firm was recently named one of Axial’s Top 50 Lower Middle Market Consumer Investors. For more information, please visit www.bregalpartners.com.

About Science Based Target initiative

The Science Based Targets initiative (SBTi) mobilizes companies to set science-based targets and boost their competitive advantage in the transition to the low-carbon economy. It is a partnership between CDP, the United Nations Global Compact, World Resources Institute (WRI) and the World Wide Fund for Nature (WWF). The SBTi call to action is one of the We Mean Business Coalition commitments. The initiative defines and promotes best practice in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets.

About Initiative Climat International (iCI)

The iCI is a global collaboration between 119 private equity investors who collectively commit to understand and reduce carbon emissions of their portfolios and to secure sustainable investment performance. One of the key tenets of the iCI is mutual collaboration, with signatories committed to sharing knowledge, tools, experience, and best practice methods amongst peers on a sector and market basis.

The iCI is officially endorsed by the Principles for Responsible Investment and is hosted on the PRI online Collaboration Platform.

Contact

Alvar de Wolff,
Head of ESG, Bregal Investments
alvar.dewolff@bregal.com

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Carlyle Congratulates ANE on its HKEX Listing

Carlyle

Hong Kong, November 11, 2021 – ANE (the “Company”), a leading express freight network in China’s less-than-truckload (“LTL”) market, today debuted on the Hong Kong Stock Exchange raising HK$1,009 million as the Company continues to focus on serving its core objectives of strengthening its leadership position, accelerating consolidation in China’s LTL industry, and sustaining its strong, profitable growth in the years to come.

The consumption upgrade, an accelerated digitalisation of commerce and trade, and the evolving commerce landscape in China has prompted a rapid digitalisation of the entire supply chain system encompassing manufacturing, distribution and online offline omni-channel retail. The increased adoption of digital commerce and trade in China has resulted in faster turnover of inventory. In turn, this has generated significant demand in the market for timely, comprehensive and reliable LTL services with nationwide coverage. To meet this demand, ANE has built an innovative freight partner platform model, which is highly scalable and cost-effective, backed by leading technology solutions at all stages of the process.

In addition, ANE has established a sustainable and self-reinforcing ecosystem comprising of its freight partners, agents and shippers. By December 31, 2020, the Company had collaborated with approximately 26,400 freight partners and agents to serve shippers across approximately 96% of the counties and townships in China. ANE’s express freight network was able to reach a diverse and well-balanced end-customer base of over 3.6 million shippers in 2020 across the entire commerce landscape in China.

Carlyle invested into ANE through Carlyle Asia Partners IV in June 2015.

Ling Yang, a Managing Director of the Carlyle Asia advisory team, congratulated the Company: “With its market leading position and nationwide network, we believe ANE is well-positioned to capture the growing demand for LTL and develop high growth regions, industries and shipper groups. The Company is capable of expanding its product offerings to meet the continuously changing customer needs brought through e-commerceindustrial upgrade, omni-channel and supply chain evolution. We are excited to support ANE’s strong management team as they  continue to drive growth in China and we are proud to back the Company as it celebrates this significant milestone.”

Carlyle has a well-established history of investing in the industrial and transportation sector, globally investing over US$33 billion of equity as of September 30, 2021, with approximately US$4 billion of this in Asia. Carlyle seeks opportunities in companies with strong disruptive technologies that have captured an early lead or a product niche, with the opportunity to transform these businesses into industry or geographic leaders. Carlyle’s Asia investments include Delhivery Private Ltd., JD Logistics, Atotech, Tongyi Lubricant, among others.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $293 billion of assets under management as of September 30, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

 

Media Contact:

Finsbury Glover Hering:

Evonne Xiao

Tel: +852 9681 9865

E-mail: evonne.xiao@finsbury.com

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DIF Capital Partners closes its ESG equity bridge facility

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has increased its equity bridge facility with ESG linked performance criteria to EUR 900 million. The facility was closed by DIF Infrastructure VI (“DIF VI”) and is provided by a club of banks comprising ABN AMRO, Rabobank, BMO, CIBC, ING Bank and CBA, with ABN AMRO acting as agent.

This is DIF’s first ESG equity bridge facility, evidencing the company’s desire to positively contribute to a sustainable future for the environment and society in general. The facility contains a set of ESG KPIs related to the ESG performance of DIF as a manager and the ESG performance improvement of the underlying portfolio on key ESG areas such as safety, environment, climate resilience and community, including third party assurance.

In return, DIF VI benefits from a reduction in margin on the facility upon meeting those KPIs, reflecting the lenders’ own ESG support and commitment to a sustainable future.

“We are delighted to be working again with our long term partners ABN AMRO, Rabobank, BMO, CIBC, ING Bank and CBA in relation to this very innovative facility with clearly described ESG KPIs. This closing confirms and strengthens DIF’s position as leader in the ESG space within the private equity community and we continue to be committed to deliver a positive contribution to a sustainable future” said Robert Doekes, CFO at DIF Capital Partners.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with more than €9.0 billion in assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas, and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds, of which DIF CIF II is the latest vintage, target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy, and transportation sectors.

DIF supports the goal of Net Zero greenhouse gas emissions by 2050, in-line with global efforts as a result of the Paris Agreement to have net zero emissions by 2050, or sooner.

DIF Capital Partners has a team of over 170 professionals, based in ten offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact:
Allard Ruijs, IR & BD
Email: a.ruijs@dif.eu

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Cinven outlines its climate ambitions – Strategic initiatives to support sustainability transformation

Cinven

International private equity firm, Cinven, today sets out its climate-related commitments and underlines its strategic focus on working towards decarbonising its own operations and portfolio businesses to coincide with the 26th United Nations Climate Change Conference, COP26, in Glasgow.

  • Portfolio greenhouse gas (GHG) emissions – Cinven has been monitoring GHG emissions data from its portfolio companies on a quarterly basis since 2015 as one of the mandatory ESG KPIs it requires its portfolio companies to report on, to track carbon intensity. This data is now being used to inform Cinven’s approach to target setting aligned with the Paris Agreement.
  • Carbon footprinting and net zero targets – Cinven has recently appointed an external advisor to undertake a comprehensive carbon footprinting exercise of its own operations and the financed emissions associated with its portfolio. Cinven is working towards setting a net zero target in 2022.
  • Portfolio climate net zero commitments – Several of Cinven’s 30 portfolio companies have set targets to reduce GHG emissions and are already making significant progress on these. Selected examples include:
    • Masmovil, one of the largest telecommunications operators in Spain, announced in May 2021 that it had become the first telecommunications operator in Europe to achieve zero net carbon emissions, having reached the milestone in 2020. In 2020, it became the first major telecommunications operator to launch a 100% green electricity service; and in September 2021, Masmovil was the first telecommunication operator in Europe to become a B-Corp certified company which include commitments to the highest social and environmental performance.
    • Hotelbeds, the world’s leading bed bank, became the first B2B travel company, in February 2021, to join The Climate Pledge Commitment to reach net zero emissions by 2040; and in 2020, Hotelbeds launched its Green Hotels programme to identify, highlight and promote sustainable accommodation within its hotel portfolio.
    • TK Elevator, a leading international provider of elevators and escalators has joined Business Ambition For 1.5°C committing to set a target in line with a 1.5C and net-zero future and is developing ambitious science-based emissions reduction targets (SBTs). It has also committed to all electricity required by the business to come from renewable sources by 2030. In 2021, the company was one of 277 companies worldwide included in the CDP climate change A List; and it has committed to help increase resource efficiency and improve CO2 emissions through innovative products and services such as elevators and escalators with the highest efficiency ratings.
    • Envirotainer, a global leader in the secure cold chain solutions for air transport of pharmaceuticals became the first company in its industry to become carbon neutral for scope 1, 2 and 3 emissions in 2020; and a life cycle analysis of pharmaceutical shipment solutions demonstrated Envirotainer’s to be the most carbon efficient in its industry.
  • Assessing climate-related financial risks and opportunities to drive sustainable transformation – Cinven undertakes an assessment of climate-related risk and opportunity for each of its portfolio companies, aligned to the recommendations of the Taskforce on Climate- related Financial Disclosures (‘TCFD’). In 2019, Cinven appointed an external expert to undertake a TCFD-aligned analysis of its entire portfolio. Since then, a TCFD-related assessment is undertaken of all new Cinven portfolio companies to help them understand the current and future potential climate-related risks, and opportunities, which could affect the financial performance of these businesses. Where climate-related opportunities are identified, these are actively explored with management teams and built into value creation plans.
  • Embedding ESG into operational improvement and value creation – Cinven has recently appointed Allegra Day as its new ESG Director, sitting within Cinven’s Portfolio Team to ensure that ESG considerations are embedded in the value creation strategies of each portfolio company.
  • ESG-linked loans – Cinven has successfully incorporated climate-related Sustainability Performance Targets (SPTs) into its recent ESG-linked financings with external verification for the assessment of these instruments conducted on at least an annual basis. Selected examples include:
    • Arxada, a global specialty chemicals business (formerly Lonza Speciality Ingredients) includes annual targets for reducing carbon intensity and waste intensity.
    • Restaurant Brands Iberia, the leading Quick Service Restaurant in Iberia (and master franchisee for Burger King in the region) includes GHG emissions avoided, installed power for electric vehicle chargers, and percentage of plant-based protein products vs animal protein products as its three Sustainability KPIs.
    • Masmovil, the Spanish telecommunications operator, raised a financing in 2019 with its interest cost linked to the future evolution of an external ESG rating. In 2020, when the buyout transaction was financed, the ESG-linked loan element was extended to the company’s drawn debt – representing the first company in EMEA to do this.
  • Industry drivers – Cinven is actively involved in several industry initiatives to help private equity practitioners, their portfolio companies and investors commit to and deliver significant climate- related improvements and support the transition to a lower carbon economy. These include:
    • Initiative Climat International (‘iCI’) – In March 2021, Cinven became a signatory of the (‘iCI’), a GP-led initiative committed to actively engaging with private equity-backed companies globally to accelerate the transition to net zero. Cinven sits on the Net Zero Working Group.
    • Invest Europe’s ‘Guide to Climate Change 2.0’ – Cinven co-sponsored this guide to provide tools to enable private equity managers to engage and interact with portfolio companies on material ESG issues.
    • Sustainable Markets Initiative (‘SMI’) – Cinven is one of the founder members of the Private Equity Taskforce of the SMI to help accelerate the momentum towards a more sustainable future.

Commenting on these developments, Stuart McAlpine, Managing Partner at Cinven, said:

“Climate change is a significant challenge to societies today, and in the coming decades. The impact of climate change is being experienced around the world and requires all stakeholders – including financial institutions – to act.

“Private equity firms play an important role in addressing the impact of climate change. At Cinven, climate change is a strategic priority for the firm, as outlined in our most recent ESG Review here. Cinven is committed to integrating climate-related financial risks and opportunities into its investment process and portfolio value creation. We do this by supporting our portfolio companies to understand the impact of climate-related financial risks and opportunities on their businesses, and how their businesses affect the climate and environment.

“The transition to a net zero economy also presents opportunities to invest in businesses mitigating and adapting to the effects of climate change. We are proud that Cinven portfolio companies such as TK Elevator, MasMovil and HotelBeds have made net zero commitments, and we expect many more to follow in this decade of action until 2030.

We look forward to engaging with our investors, portfolio companies and other stakeholders around Cinven’s ambition to contribute towards net zero and resilient economies.”

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Nauta exits from TAPTAP Digital, a leading advertising technology and marketing intelligence software platform in Spain and Latin America

  • bd-capital’s operational expertise and international capabilities will support the TAPTAP team as they continue to disrupt the digital advertising market by accelerating growth among agencies and advertisers through new solutions and technology, while continuing growth in international markets.
  • As part of the new partnership, Nauta Capital will exit from TAPTAP Digital.

MADRID, LONDON – 11 November 2021 – bd-capital, the pan-European, operationally-led private equity firm, has made its latest investment into TAPTAP Digital, a leading advertising technology and marketing intelligence software platform in Spain and Latin America. This is bd-capital’s first investment in Spain.

TAPTAP was founded in 2010 by Alvaro del Castillo. The business has developed its own software platform called Sonata that helps deliver relevant advertising content to consumers while protecting their privacy. It aggregates and cross references multiple sources of location data, which helps advertisers to increase brand awareness, build purchase interest and boost consideration.

A key changing pattern of consumer behaviour is the desire of people to receive relevant advertising while maintaining privacy; TAPTAP technology delivers this solution. The TAPTAP proprietary technology is also very well-placed for upcoming structural trends in data protection and privacy regulations. This is because the software connects multiple data ecosystems and performs complex analytics without needing to rely on unique user identifiers.

The management team of TAPTAP is led by Founder & CEO Alvaro del Castillo, who will remain invested in the company. Commenting on the transaction, Alvaro said: “We are excited to be partnering with the bd-capital team. The alignment since we first met in February 2020 is very strong. Through its differentiated partnership approach, I am sure that bd-capital can help us consolidate our presence in Spain and Latin America and expand our solutions to new markets”

Alejo Vidal-Quadras, Partner and Head of Southern Europe at bd-capital, commented, “We cannot think of a better company in which to make our first investment in Spain. TAPTAP has shown an impressive growth trajectory and is today uniquely positioned in the advertising and marketing technology space”.

Francesc Casabella, Operating Partner at bd-capital and the new Chairman of TAPTAP’s Board, added: “TAPTAP is run by an exceptional and very talented group of people. We look forward to partnering with Alvaro and his team to support the next phase of growth”.

This latest investment into TAPTAP follows bd-capital’s recent investments into SportPursuit, a leading online private sales club in UK and Germany focused on sports, outdoor and active lifestyle products, Symprove, the gut health products business, and Ascenti, the UK’s leading provider of physical and mental wellbeing services. All four investments follow a consistent strategy of investing in companies where changing patterns of consumer behaviour and technology disruption are creating growth opportunities.

bd-capital was created by Richard Baker, former FTSE CEO and Chairman, and Andy Dawson, former Advent International Investment Partner, and takes an operationally-led approach to its partnerships with businesses. Since launching in 2019, the bd-capital team has grown to 18 people, 6 of whom are former CEOs with experience of growing mid-size businesses in the European market.

TAPTAP and its shareholders were advised by Gómez-Acebo & Pombo and Osborne Clarke (legal). bd-capital executed the transaction in close partnership with advisory teams from Uría Menéndez (legal), Deloitte (financial and tax), Accenture (commercial, technology and data security), Marsh (insurance and W&I advisory) and a number of industry experts.

About bd-capital:

bd-capital is a European firm designed to implement the next evolution of operationally-led investing: business leaders and private equity investors working in full partnership with company stakeholders. The firm targets control or co-control investments in European mid-market businesses with strong growth potential. The firm’s strategy is to invest in businesses where changing patterns in behaviour and technology disruption are creating growth opportunities.

For more information about bd-capital, visit the firm’s website at www.bd-cap.com

 About TAPTAP Digital:

TAPTAP is a leading provider of omnichannel advertising solutions and location-based marketing intelligence to media agencies and large advertisers. It operates on the top part of the purchase funnel, helping brands to increase awareness, build purchase interest and boost consideration. Its proprietary technology (Sonata) aggregates and cross references multiple sources of location data, connecting online and offline environments and creating 360º audiences for omnichannel campaign activations and measurement. It has become the Demand-Side Platform (DSP) of reference in Spain and Latin America for leading media agencies and large advertisers.

For more information about TAPTAP Digital, please visit www.taptapdigital.com

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CVC Credit supports the acquisition of Scrigno by PAI Partners

CVC Capital Partners

CVC Credit is pleased to announce that it has provided unitranche debt facilities to support PAI Partners’ acquisition of Scrigno, a leading producer of frames for sliding and pocket doors. CVC will support the continuing growth of the business through its European Direct Lending strategy, which focuses on lending to established medium and large European companies with proven business models.

Scrigno is a leading European player in the production and commercialisation of frames for sliding and pocket doors. With a primary focus on residential applications, the company operates through three business units: counter-frames, security doors and performance products. The business is renowned for its strong brand and excellent quality of its products. Scrigno employs over 300 people and operates five manufacturing facilities in Italy.

John Empson, Partner and Co-Head of Private Credit at CVC Credit, commented: “Scrigno is the dominant player in its key European markets with a strong reputation built on product quality, durability and innovation. It is a resilient business gaining increasing penetration thanks to the space saving nature of pocket doors, increasing focus on houses’ energy consumption reduction through its performance products and growing international consumer demand. CVC is excited to build on its strong relationship with PAI Partners to support them and Scrigno’s excellent management team in delivering the company’s growth strategy.”

Raffaele R. Vitale, a Founding Partner of PAI Mid-Market Fund, commented: “We are excited to invest in Scrigno, the European leader in the manufacturing of counter-frames for pocket doors. We look forward to partnering with the CEO, Maddalena Marchesini, and the rest of the management team to support the ambitious growth plans they have for the business. This will be achieved through both organic growth and acquisitions, and we intend to actively support the company’s internationalisation through our pan-European presence and sector expertise.”

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SONNEDIX agrees to sell its PUERTO RICO SOLAR operations to ARCLIGHT’S INFINIGEN platform

LONDON, UK – Sonnedix, the global solar independent power producer (IPP), announced today the 100% ownership transfer of its interest in the “Puerto Rico Operation” to ArcLight’s Infinigen renewables platform.
The transaction includes Sonnedix USA Ltd, Sonnedix Solar Puerto Rico, Sonnedix Solar Puerto Rico Holdings Ltd, and Sonnedix Solar Puerto Rico Holdings II Ltd.
The “Puerto Rico Operations” is comprised of two operating solar PV plants – Oriana and Horizon – totalling 73.2MW, and a dedicated operating and asset management team, plus other entities pursuing additional solar and battery energy storage in Puerto Rico. The Puerto Rico Operations will conduct business under the Infinigen name post-closing.
“After a decade present in Puerto Rico, we have decided to move our operations away from the island to focus on our sustainable growth strategy in other markets in the USA.” said Axel Thiemann, CEO of Sonnedix. “Puerto Rico will always be part of our growth story and we bring with us an important learning journey and the honour to have worked with a deeply committed and dedicated team of experts. We believe this is also an opportunity for both the assets and the team to expand and grow, within the Infinigen platform.”
Commenting on the transaction, ArcLight’s Managing Partner and Founder Dan Revers said, “This transaction represents the first acquisition by our Infinigen renewables platform – an attractive opportunity to back the premier renewable asset owner, operator and developer in Puerto Rico. ArcLight looks forward to supporting Infinigen’s mission to provide low-cost, renewable electricity to North American communities. Over its 20-year history, ArcLight has invested over $4 billion in 5 GW of renewable assets, and this transaction is testament to our continued commitment to enabling decarbonization and sustainability.”
The transaction is expected to close in two stages between December 2021 and March 2022, subject to customary regulatory approvals and closing conditions. On this transaction, Sonnedix was advised by DLA Piper as primary legal counsel, while Latham & Watkins served as primary legal counsel to ArcLight. /Ends.

About Sonnedix
Sonnedix Power Holdings Limited (together with its subsidiaries, Sonnedix) is a global solar Independent Power Producer (IPP) with a proven track record in delivering high performance cost competitive solar photovoltaic plants to the market. Sonnedix develops, builds, owns and operates solar power plants globally, with a total capacity of over 4.7GW, including a development pipeline of more than 2GW. Sonnedix continues to expand its global footprint across OECD countries, with almost 350 solar plants in operations, as well as several hundred MW under construction or various development stages in Italy, France, Spain, USA/, Chile, South Africa and Japan.
contact: comms@sonnedix.com www.sonnedix.com

About ArcLight
Arclight Capital Partners, LLC is one of the leading energy infrastructure firms. Founded in 2001, the firm helped pioneer an asset-based approach to investing in the energy sector. ArcLight has invested approximately $25 billion in 113 transactions since inception. Based in Boston, the firm’s investment team employs a hands-on value creation strategy utilizing its in-house technical, operational, and commercial specialists, as well as the firm’s approximately 1,500-person asset management affiliate. ArcLight has a deep track record of investing in businesses and assets that contribute to a decarbonized future, closing its first renewable power deal in 2003 with over $4 billion invested in renewable power transactions since then. We believe that ArcLight’s two decades of power and renewables experience, as well as our deep track record across the energy value chain, provide differentiated insights that will help us and our partners contribute to a net zero future. More information about ArcLight and a complete list of ArcLight’s portfolio companies can be found at https://www.arclight.com

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EQT strengthens position in healthcare investments by joining forces with LSP

eqt

EQT AB (publ) today announces the signing of an agreement (the “Transaction”) to acquire LSP (“Life Sciences Partners” or the “Company”), a leading European life sciences venture capital firm with approximately EUR 2.2 billion of assets under management (AUM) and a team of 34 professionals.LSP will strengthen EQT’s position as one of the leading and most active private markets investors in the healthcare sector

LSP’s highly experienced team will complement EQT’s existing knowledge base within life sciences and expand EQT’s ability to support companies at the forefront of innovation in the healthcare sector

LSP will enhance EQT’s ability to drive positive social impact in the healthcare industry and future-proof companies that can advance life science research through cutting edge technology

The upfront consideration amounts to EUR 450 million (on a cash- and debt free basis), comprising of 25 percent cash and 75 percent new EQT AB publicly traded shares, with a potential additional earn-out payment of EUR 25 million

LSP, headquartered in Amsterdam, the Netherlands, is a venture capital firm that invests in innovative companies with strong scientific and clinical rationale across several life sciences strategies. The Company was founded in 1998 and today is one of Europe’s largest and most experienced life sciences investment firms. LSP employs 34 professionals across its offices in Amsterdam, Munich, and Boston.

Over the past two decades, LSP has invested in over 150 life sciences companies, generated strong returns, and built a top-performing life sciences franchise. As part of EQT, the LSP team will be able to continue to operate in the same successful manner as they have been operating over the past two decades. The entire LSP team, including all partners and employees, will join EQT.

LSP is expected to generate approximately EUR 37 million in revenues and approximately EUR 24 million in EBITDA (excluding carried interest) during 2021. The proposed consideration is expected to equate to a mid-teens EBITDA multiple on a run-rate basis at completion.

Strategic rationale

  • Strong scalability benefits for both parties. LSP brings a deep scientific knowledge base, which will enable thorough assessment of scientific risk and development of science-based companies. As part of EQT, LSP can continue to grow its business while leveraging the full EQT platform, including fundraising support, in-house digitalization, and sustainability capabilities. LSP’s broad life sciences network is a great asset and is complementary to EQT’s global healthcare advisory network
  • Access to new types of investment opportunities and a broadened investable universe for both parties. By joining forces, LSP and EQT will broaden the potential scope of deals for both parties, with the opportunity to future-proof more healthcare companies and make an even greater impact on society
  • Strong cultural fit and aligned investment philosophy. LSP and EQT share a thematic approach to investments and value creation, with a values-based corporate culture

Per Franzén, Partner and Head of EQT Private Capital, said, “EQT has a long history of developing strong healthcare companies, and today we are one of the largest and most active private equity investors in the sector globally. Integrating LSP within EQT’s Private Capital platform will bring compelling cross-pollination opportunities for our other strategies and complement our sector expertise – making EQT an even better and more innovative healthcare investor.”

René Kuijten, Managing Partner at LSP, and incoming Partner and Head of EQT Life Sciences, said, “Europe has many attractive life sciences companies. Together with EQT, one of the largest European private equity firms with more than EUR 70 billion under management, LSP can select, develop, and finance these opportunities even better than before. Given the strong cultural fit and the complementarity between our organisations, we are convinced that joining forces is a win-win for our investors, our portfolio companies, our LSP colleagues, and the broader European life sciences ecosystem.”

Martijn Kleijwegt, Founder and Managing Partner at LSP, added, “The partnership with EQT not only accelerates LSP’s growth opportunities in an unprecedented way but also guarantees the long-term continuity of LSP’s active role in the life sciences industry in Europe and beyond. Having started the firm in 1998, I feel proud to have built the firm with all the partners and other colleagues, and I feel very good about where it has landed today.”

Michael Bauer, Partner and Co-Head of EQT’s Global Healthcare sector team, said, “We are truly excited about the opportunity to join forces with LSP and form EQT Life Sciences. The EQT and LSP teams have complementary skill sets, and the combination will allow us to support healthcare companies and their management teams in a unique way. The life science industry is going through a phase of unprecedented innovation and, through the partnership with LSP, EQT will be able to participate in this growth opportunity and open up doors for attractive new investments in the space.”

Key transaction details

  • EQT AB to acquire 100 percent of the LSP management company and 20 percent of the right to carried interest in select LSP funds. In addition, EQT AB will be entitled to 35 percent of the carried interest of future funds, which is in line with existing EQT policies
  • Upfront consideration amounts to EUR 450 million (on a cash- and debt free basis) comprising of 25 percent cash and 75 percent EQT AB publicly traded shares (through issue of EQT AB ordinary shares, with the number of shares to be issued determined by the 10 day VWAP of EQT AB ordinary shares as of signing (equal to approximately 7.2 million shares, corresponding to a dilution of approximately 1 percent). In addition, a potential earn-out payment of EUR 25 million will be made if certain short-term fundraising targets are met
  • Share consideration for LSP’s owners will be subject to customary lock-up provisions which will expire following the fourth anniversary of the completion of the Transaction (or, if earlier, by the end of Q1 2026)
  • The issuance of new EQT AB ordinary shares is based on the authorization granted by the annual general meeting held in 2021
  • The transaction is subject to customary closing conditions, including antitrust, regulatory and certain fund investor clearances. The Transaction is expected to close in Q1 2022
  • The Transaction is expected to be accretive to EQT AB’s earnings in 2022

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

Disclaimer
This press release contains forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward- looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond EQT’s control, which may cause actual results to differ significantly from those expressed in any forward- looking statement. All forward-looking statements reflect EQT’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, EQT disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes.

About

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. EQT today has more than EUR 70 billion in assets under management across 27 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia-Pacific and the Americas and has more than 1,100 employees.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About LSP
LSP is one of the largest European investment firms providing financing for life sciences and health care companies. LSP’s management has raised over €3.0 billion ($3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago, including signature deals such as argenx, Crucell and Neuravi. With offices in Amsterdam, Munich and Boston, LSP currently has the possibility to invest through several strategies, each having a distinctive investment scope and a dedicated team: LSP 7 invests in private early- to late-stage drug development and medical technology companies; the LSP Health Economics Fund (LSP HEF 2) focuses on private late-stage medical technology companies that can reduce the cost of healthcare; the LSP Dementia Fund invests in companies targeting neurodegenerative diseases; and LSP Public targets public healthcare companies. LSP is an active contributor to the global life sciences industry and the European life science eco-system by assuming roles as initiators, founders and board members in various private and public bodies and organizations, for example being founder and board member of the Oncode Institute.

More info: www.lspvc.com
Follow LSP on LinkedIn

Categories: News

Egeria invests in Van Losser to support its next growth phase

Egeria

Amsterdam – November 10th, 2021 – Egeria invests in Van Losser alongside its existing shareholders and management to jointly pursue further growth of the company.

Van Losser is active in the market of technical installations for residential new build and utility. The company has achieved strong growth in recent years through a focus on standardization and digitization of operations, supported by a successful buy-and-build strategy. Today, Van Losser operates from 15 locations in the Netherlands. The company is able to provide the full range of installations and is active in design/engineering, prefab assembly, installation, as well as maintenance.

The investment by Egeria provides the company with the financial and operational support to continue its acquisition strategy, focused around expanding its geographical presence and broadening its expertise as well as base of technically qualified personnel.

Floris Waage, managing partner at Egeria: “We are impressed by the growth track record of Van Losser. Through a combination of entrepreneurship, focused execution, and an attractive customer proposition, Van Losser has built a strong market position. We have a lot of confidence in the team and are excited to be able to support them in realizing the next growth phase.”

Bert van Losser, managing director Van Losser: “We are proud of Van Losser and our employees that have contributed to the success of the company. Van Losser has strong growth ambitions and we look forward to work together with Egeria to achieve these in the coming years.”

About Van Losser
Van Losser is a technical installation company with a leading position in the Dutch residential new build market and a successful utility installation business. The company is headquartered in Rijssen, the Netherlands. Van Losser operates from 15 locations across the Netherlands, with over 400 employees and c. 40 temporary staff.

About Egeria
Established in 1997, Egeria is an independent Dutch investment company focused on medium-sized enterprises. Egeria invests in healthy businesses with an enterprise value of between EUR 50 million and EUR 350 million. Egeria believes in building businesses jointly with enterprising management teams (Boldly Building Together). Egeria Private Equity Funds has interests in 12 companies in the Netherlands and Germany, while Egeria Evergreen has investments in 7 companies. Egeria’s portfolio companies generate combined revenues of more than EUR 2 billion and employ circa 12,000 people. Other activities include Egeria Real Estate Investments, Egeria Real Estate Development and Egeria Listed Investments. In 2018 Egeria launched Egeria Do, a corporate giving program that supports projects in the world of art, culture and society, but also within its investee companies.

Categories: News

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