Category Archives: News

KKR to acquire majority stake in Refresco

KKR

February 22, 2022

Investment to grow critical infrastructure of leading global beverage solutions provider

ROTTERDAM, The Netherlands & NEW YORK–(BUSINESS WIRE)–

Refresco Group B.V. (“Refresco” or “the Company”), one of the largest independent beverage contract manufacturers in the world, and KKR, a leading global investment firm, today announced that KKR has signed a definitive agreement to acquire a majority stake in Refresco, with Refresco’s existing investors, PAI Partners and British Columbia Investment Management Corporation (“BCI”), maintaining a significant minority position. Terms of the transaction, which is subject to closing conditions, were not disclosed.

Founded in 1999, Refresco is a global independent beverage solutions provider for retailers and branded beverage companies with pan-regional coverage in Europe and North America through its network of bottling, warehousing, logistics and other operational assets. The Company’s production platform includes over 70 majority-owned manufacturing sites in Europe, the U.S., Canada and Mexico, providing customers with close proximity and a reliable service across geographies. Refresco has built long-standing relationships with its customers by partnering to support material planning, procurement, manufacturing, warehousing, fulfillment, and distribution.

KKR will support Refresco as it expands its global and strategically located footprint to better serve existing and new customers through a range of formats and channels. The Company will build on its ability to manufacture high quality products that meet the growing demand for sustainable beverage solutions, with a focus on sustainable sourcing, responsible production and environmentally friendly operations.

“We are very pleased to welcome KKR, one of the world’s most prominent investment firms, as our new majority owner. We are proud that PAI and BCI will continue as shareholders, which is a testament to our successful value creation,” said Hans Roelofs, CEO of Refresco. “To support further growth, we have explored the various alternatives available to us and believe that the investment by KKR is an incredibly positive development for the Company. Like our existing shareholders, KKR is supportive of our strategy and will bring operational expertise, access to capital and a well-established network to support us in our growth, innovation and M&A strategy. Our focus of growing alongside our customers, combined with expanding into new categories and geographies, remains unchanged. I look forward to this new chapter, and for all our employees and customers to capitalize on the opportunities ahead of us.”

“Refresco has established itself as an industry leader supporting the global beverage industry with a blue-chip global customer base, an experienced and highly regarded management team, and an impressive network of assets that provides compelling value to customers. The Company also has a strong commitment to sustainability, which is an important differentiator for its customers,” said James Cunningham, Partner at KKR. “We look forward to leveraging our operational expertise from across the KKR platform to support the Company’s continued growth and further advance the sustainability of its value chain.”

“We are proud to have been instrumental in Refresco’s growth since we initiated our investment with BCI in 2018,” said Frédéric Stévenin, Managing Partner of PAI Partners. “We are even more excited about the prospect of continuing to stay a part of Refresco’s strong growth trajectory alongside KKR. We are convinced of Refresco’s unique value-add capabilities, its growth initiatives and a proven M&A track record, and we look forward to the next phase of this journey.”

“As an institutional investor with a long-term perspective, supporting strong management teams and market leading companies is core to our private equity program. We are in full agreement with Frédéric’s comments and are very happy to continue this partnership with management, PAI and KKR,” said Julian Remedios, Senior Managing Director, Private Equity, BCI.

KKR is making this investment primarily through its Global Infrastructure strategy, which was established in 2008. Since that time, KKR has been one of the most active infrastructure investors around the world with a team of more than 70 dedicated investment professionals. The firm currently oversees approximately $40 billion in infrastructure assets and has made over 60 infrastructure investments across a range of sub-sectors and geographies.

About Refresco

Refresco is the global independent beverage solutions provider for retailers and A-brands with production in Europe and North America. Refresco offers an extensive range of product and packaging combinations. Focused on innovation, Refresco continuously searches for new and alternative ways to improve the quality of its products and packaging combinations in line with consumer and customer demand, environmental responsibilities and market demand. Refresco is headquartered in Rotterdam, the Netherlands and has more than 10,000 employees. www.refresco.com

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About PAI Partners

PAI Partners is a pre-eminent private equity firm, investing in market-leading companies across the globe. It has significant experience in the food and beverage space and is currently invested in Tropicana Brands Group, the world’s leading manufacturer of premium juice brands, Froneri, the world’s #2 ice cream manufacturer, and Ecotone, a leader in healthy and sustainable food. It manages over €17 billion of dedicated buyout funds and, since 1994, has completed 89 investments in 11 countries, representing over €65 billion in transaction value. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience and long-term vision enable companies to pursue their full potential – and push beyond. Learn more about the PAI story, the team and their approach at: www.paipartners.com.

About BCI

With C$199.6 billion of assets under management as of March 31, 2021, British Columbia Investment Management Corporation (BCI) is one of Canada’s largest institutional investors. Based in Victoria, British Columbia, BCI is a long-term investor that invests across a range of asset classes: fixed income; public equities; private equity; infrastructure; renewable resources; real estate; and commercial mortgages. BCI’s clients include public sector pension plans, insurance, and special purpose funds. BCI’s private equity

program, with C$20.7 billion of assets under management, has a well-diversified portfolio comprised of direct and fund investments. The team brings industry expertise with more than 40 investment professionals investing across financial and business services, healthcare, industrials, consumer, and TMT sectors. For more information about BCI, please visit www.bci.ca.

Media Contacts
Refresco
Refresco Corporate Communications
+31 10 440 5119
communications@refresco.com

KKR: US
Cara Major or Miles Radcliffe-Trenner
+1 212-750-8300
media@kkr.com

KKR: EMEA
Alastair Elwen / Sophia Johnston
Finsbury Glover Hering
+44 20 7251 3801
KKR_LON@finsbury.com

KKR: Netherlands
Corina Holla
Meines Holla
+31 6 12 75 40 36
corinaholla@meinesholla.nl

PAI: US
Brian Ruby/Chris Gillick
ICR
+1 646 277 1298
pai@icrinc.com

PAI: EMEA
James Madsen/Fanni Bodri
Greenbrook Communications
+44 20 7952 2000
pai@greenbrookpr.com

BCI
Gwen-Ann Chittenden
Vice President, Corporate Stakeholder Engagement, BCI
+1 778 410 7310
media@bci.ca

Source: KKR

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FSN Capital and Verdane agree investment in Active Brands to support new phase of growth

Fsn Capital

Oslo, February 21, 2022

Verdane, the European specialist growth equity investor, and FSN Capital, the Northern European private equity firm, have announced an agreement to invest in Active Brands, a fast-growing house of premium outdoor sports apparel and equipment brands headquartered in Oslo, Norway. The investment will strengthen Active Brands’ leadership position in the outdoor industry and support continued international expansion and M&A. As part of the transaction, FSN Capital, which first partnered with Active Brands in 2017, will remain invested in the Company, while Verdane will become a new significant minority shareholder. The transaction is subject to approval from relevant authorities.  

Founded in 2009, Active Brands is a house of brands focused on the premium outdoor sports apparel and equipment market segments. It has evolved from a Norwegian brand incubator to an international brand accelerator, having strengthened its operations and expanded distribution outside its Norwegian home market during its initial growth journey with FSN Capital. The Company had sales of more than 1.35 billion NOK in 2021. Active Brands’ portfolio includes Norway-based brands such as Kari Traa, Sweet Protection, Johaug, Dæhlie, Bula, Åsnes and Vossatassar. With Verdane and FSN Capital as partners, Active Brands is expected to continue on its highly attractive organic growth path, which will now be further complemented by the Company’s strategic M&A ambitions.  

FSN Capital and Verdane will seek to drive an active ownership agenda, working closely with CEO Christophe Merkel, who joined Active Brands from Nike in March 2021 to further internationalise and digitalise the business. The Company will benefit from the support of Verdane’s digital growth expertise, including its in-house operational expert team Elevate, which will help accelerate the company’s e-commerce growth and strengthen related back-end digital capabilities. 

Eskil Koffeld, Principal at FSN Capital, commented: “Active Brands is now equipped for a significant acceleration in its development, with a continued push into international markets and an accelerated shift toward digital channels. With Verdane’s growth focus and digital consumer experience, Verdane is seen as an ideal partner to FSN VI to contribute to the next growth phase of Active Brands. FSN Capital VI looks forward to a successful collaboration together with CEO Christophe Merkel and his team.”  

Hanna Eiderbrant, Principal at Verdane, commented: “We are excited to embark on this growth journey with the teams at Active Brands and FSN, and look forward to contributing with digital growth expertise, internationalisation experience, and local networks across Europe. Together with FSN, Active Brands has positioned itself as a leading, sustainable brand accelerator for outdoor sports brands globally, and we are pleased to now join the next stage of this exciting transformation.” 

Christophe Merkel, CEO of Active Brands, commented: “With the active ownership and support from Verdane and FSN Capital, we are confident we can further accelerate the fantastic growth journey we have experienced so far across all our brands, always at the service of an active lifestyle in the outdoors for professional and everyday athletes around the world.” 

Verdane will invest through Verdane Edda II, alongside FSN Capital VI. Verdane’s role as a third party investing together with FSN Capital VI and existing shareholders was key to enabling a robust valuation process, as FSN Capital IV exits its holdings in the company. FSN Capital VI will be the majority shareholder in the company, while Verdane Edda II will have a significant minority holding.  

 

About Active Brands 

Active Brands is a fast-growing house of premium sports apparel and equipment brands. Through our brands, we inspire an active lifestyle in the outdoors for professional and everyday athletes. The brand portfolio consists currently of Kari Traa, Dæhlie, Sweet Protection, Johaug, Bula, Åsnes and Vossatassar. Founded in 2009, Active Brands has evolved from a Norwegian brand incubation platform to a global brand accelerator with a strong international footprint. 

About FSN Capital 

Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to the FSN Capital Funds, with €4 billion under management. FSN Capital Funds make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international, and profitable entities. Our ethos, “We are decent people making a decent return in a decent way” defines our core values. We are committed to being responsible investors and having a positive environmental and social impact across our portfolio.  FSN Capital Partners has a team of 68 across Stockholm, Oslo, Copenhagen and Munich, in addition to 9 executive advisors with extensive industry experience. Learn more about FSN Capital on: www.fsncapital.com 

About Verdane 

Verdane is a specialist growth equity investment firm that partners with tech-enabled and sustainable European businesses to help them reach the next stage of international growth. Based on a belief in the transformative power of private equity, we work with all our portfolio companies to be part of the solution to global challenges for both people and the planet. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy behind three core themes; the Digital Consumer, Software Everywhere and Sustainable Society. Verdane funds hold €3.6bn in total commitments and have made over 135 investments in fast-growing businesses since 2003. Verdane’s team of over 90 investment professionals and operating experts, based out of Berlin, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe. More info: www.verdane.com   

For more information, please contact the following persons at FSN Capital Partners (investment advisor to the FSN Capital Funds): 

Eskil Koffeld, Principal
ek@fsncapital.com  

Morten Welo, Partner & COO/IR
mw@fsncapital.com  

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FSN Capital has signed an agreement to acquire a majority stake in Seriline

Fsn Capital

 

FSN Capital has signed an agreement to acquire a majority stake in Seriline, a Swedish provider of Identity and Access Management (IAM) solutions.  

Headquartered in Stockholm, Sweden, Seriline is a fast-growing provider of physical access management solutions, such as physical credentials, card readers, and online identity management systems. The company is owned by the senior management team, Freddie and Pierre Parrman, who will retain a sizable stake in the company. Seriline has 29 FTEs and had SEK 84m in sales in 2021. 

Seriline is expected to be the initial platform for a buy-and-build strategy to create a Nordic cybersecurity leader within IAM, with the company having a pipeline of potential M&A targets in the fragmented market. Today, Seriline has a broad and long-term customer base, including large blue-chip corporations, as well as universities, hospitals, and other public sector institutions. For many, cybersecurity concerns and growing GDPR requirements are driving a focus on physical IAM processes and solutions.  

Erik Nelson, Partner at FSN Capital Partners, commented: “Physical security is a critical element of cybersecurity. As our world becomes more digital, physical and digital security are converging, with Identity and Access Management at the core. Seriline helps customers ensure that the right people can access the right places at the right time. We have been very impressed with the management team and look forward to working with them to build a Northern European cybersecurity leader that contributes to making the world safer and more secure.”  

Simon Larsson, Investment Director at FSN Capital Partners, commented: “Seriline has a strong position in the rapidly growing Identity and Access Management space where it is well-positioned to drive further consolidation in the market. We are very excited to partner up with Freddie Parrman and his experienced team to build a challenger in the European cybersecurity market.” 

Freddie Parrman, CEO at Seriline, commented: “We are super excited to have FSNC as our partner in the journey that we have in front of us. To have this strong partnership will be crucial in the next stage of rapid growth for Seriline. To be an early mover in this market is an advantage that will help us create value and continue to lead the way in serving the evolving security needs of our customers.”

FSN Capital was advised by Applied Value, Bain & Company, KPMG, Frank Partners, Vinge and Marsh. 

 

About Seriline
Seriline was founded in 1990 and is a Swedish-owned company with a focus on identity and access management. By combining the latest technology with many years of experience, Seriline offers proprietary software, online solutions, hardware and services that simplify the flow to creating user-friendly processes for confidentiality and integrity management of identities.  

 

About FSN Capital
Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to the FSN Capital Funds, with €4 billion under management. FSN Capital Funds make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international, and profitable entities. Our ethos, “We are decent people making a decent return in a decent way” defines our core values. We are committed to being responsible investors and having a positive environmental and social impact across our portfolio.  FSN Capital Partners has a team of 68 across Stockholm, Oslo, Copenhagen and Munich, in addition to 9 executive advisors with extensive industry experience. Learn more about FSN Capital on: www.fsncapital.com 

 

For more information please contact the following persons at FSN Capital Partners (investment advisor to the FSN Capital Funds): 

Erik Nelson, Partner
en@fsncapital.com 

Simon Larsson, Investment Director
sl@fsncapital.com

Morten Welo, Partner & COO/IR
mw@fsncapital.com 

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ONCAP Partners with Merrithew

Onex

Toronto, ON, February 17, 2022 – ONCAP today announced it has purchased a majority stake in Merrithew International Inc. (“Merrithew” or the “Company”), in partnership with the Company’s founders, Lindsay and Moira Merrithew.

Merrithew is a global leader in mindful movement as one of the largest developers, manufacturers and retailers of Pilates equipment, accessories, content and education worldwide. The Company’s innovative education and certification programs for fitness instructors operate under several global brands including STOTT PILATES®, ZEN•GA®, Total Barre®, Halo® Training, Merrithew Fascial Movement, and CORE™ Athletic Conditioning and Performance Training™. Founded in 1988 and headquartered in Toronto, Ontario, Merrithew has trained more than 60,000 instructors and partners worldwide since inception.

“Today’s announcement marks an exciting new chapter for Merrithew’s continued global growth and expansion with the support of ONCAP,” said Lindsay G. Merrithew, President & CEO of Merrithew. “ONCAP’s impressive track record backing founder-owned businesses gave our family the utmost confidence they are the ideal partner for us.”

“Merrithew is recognized by consumers globally for its high-quality and innovative equipment, accessories and education courses and content, with an unparalleled commitment to exceptional customer service,” said Wole James, a Managing Director with ONCAP. “We are delighted to be partnering with Lindsay, Moira and the Merrithew team to further build on the Company’s tremendous success and global expansion through a variety of organic and acquisition growth initiatives.”
The investment was made by ONCAP IV, Onex Corporation’s (TSX:ONEX) $1.1 billion fund. The terms of the transaction are not being disclosed at this time.

About ONCAP
ONCAP is the mid-market private equity platform of Onex. In partnership with operating company management teams, ONCAP invests in and builds value in North American headquartered small- and medium-sized businesses that are market leaders and possess meaningful growth potential. For more information on ONCAP, visit its website at www.oncap.com.
Founded in 1984, Onex manages and invests capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on mid- to large-cap opportunities in North America and Western Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through tradeable, private and opportunistic credit strategies as well as actively managed public equity and public credit funds; and Gluskin Sheff’s wealth management services. In total, as of September 31, 2021, Onex has approximately $47 billion of assets under management, of which approximately $7.9 billion is its own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.
Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

About Merrithew
Merrithew™ is the global leader in mind-body education, content and equipment. Founded in 1988, the company has trained more than 60,000 instructors and partners worldwide, developed six innovative education programs— STOTT PILATES®, ZEN•GA®, Total Barre®, Halo® Training, Merrithew Fascial Movement and CORE™ Athletic Conditioning & Performance Training™— and has produced an extensive line of professional and at-home equipment and accessories for personal and professional use.
In 2020, Merrithew launched Merrithew Connect™, a video streaming platform featuring new and signature Pilates, fitness and mind-body workouts, training and education from its internationally-recognized team of presenters. For more information, visit www.merrithew.com.

For Further Information:
Onex
Jill Homenuk
Managing Director – Shareholder
Relations and Communications
Tel: +1 416.362.7711
Merrithew
Meghan Gogan
Vice President, Marketing and
Communications
Tel: +1 647.725.0960

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CVC Credit partners with AlphaPet to support its ongoing growth plans

CVC Capital Partners

17 Feb 2022

CVC Credit is pleased to announce that it has provided unitranche debt facilities to support the growth strategy of AlphaPet, a leading German pet food business. CVC will support the ongoing organic and acquisitive growth of the business, including the recent acquisition of Arden Grange, a UK-based premium pet food brand, through the provision of a term loan as well as a committed acquisition facility.

Headquartered in Germany, AlphaPet is a digital brand platform and an online leader in the premium pet food market. Its portfolio of eight leading brands includes Wolfsblut, Wildes Land and Müller’s Naturhof. Through its ecommerce channels, the company has direct access to over one million direct customers, as well as an offline presence through a network of more than 13,000 points of sale with independent retailers and partners.

Established in 2016, AlphaPet has grown rapidly through both organic growth and scaled via acquisition. The addition of Arden Grange greatly complements the existing brands and expands the business’s footprint into new geographies.

Neale Broadhead, Partner in the Private Credit team at CVC Credit, commented “We are delighted to announce our commitment to AlphaPet and our first investment from CVC European Direct Lending Fund III, which focuses on lending to established medium and large European companies with proven business models. CVC has significant experience in the pet retail sector through our private equity investments in Petco in the US and Medivet in Europe, and this knowledge was essential in accurately evaluating this transaction.”

David Deregowski, Director in the Private Credit team at CVC Credit, added: “AlphaPet is the dominant digital player in Germany with a portfolio of premium brands that command a large and loyal customer base. It is active in a growing and resilient market that benefits from favourable demographic trends and is very well-positioned to continue its strong buy-and-build track record. CVC is delighted to support the business for its next chapter of growth.”

Marco Hierling, Founder and Managing Director of AlphaPet Ventures, said of the acquisition: “Arden Grange is a strong and well-positioned premium brand for which we see great potential not only in the UK but also in DACH. Above all, we can make a good contribution to the further growth of the brand through our digital know-how, direct end-customer access as well as through our sales team in DACH with access to over 13,000 points of sale. With Arden Grange, we are coming a big step closer to our goal of establishing AlphaPet as the leading digital platform for premium pet food in Europe. We are building on the existing and long-standing supplier and customer relationships in the UK and look forward to expanding these further in the coming year.”

Stefan Pfannmöller, Founder of AlphaPet Ventures GmbH and Partner at Venture Stars commented: “Having accompanied AlphaPet with Venture Stars since its foundation, we are initiating the further internationalisation of AlphaPet with already the second acquisition in the last two years. We are pleased to take this step together with our long-term equity partners and the renowned debt fund CVC. We will consistently carry out the further buy-and-build strategy together to establish our leading pan-European position as a digital brand platform.”

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Drawbrigde Realty recapitalizes $1.7B innovation -focused office portfolio and expands KKR partnerschip with long-term funding from Global Atlantic

February 17, 2022

NEW YORK & SAN FRANCISCO–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that Global Atlantic Financial Group (“Global Atlantic”), on behalf of its affiliated insurance companies, has recapitalized an approximately $1.7 billion portfolio of 95% leased, Class A office properties held by investment vehicles managed by Drawbridge Realty (“Drawbridge”). In connection with the transaction, KKR and Drawbridge have established a new venture that will enable Drawbridge’s investment platform to source a pipeline of attractive investment opportunities for Global Atlantic. With committed long-term insurance capital from Global Atlantic, Drawbridge is positioned to accelerate its investments in high-quality, innovation-focused, net-leased office properties in growth markets nationwide with a goal to more than double the size of its portfolio over the next two to three years.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220217005813/en/

Drawbridge is a real estate investment manager focused on acquiring, developing and managing strategically important properties leased to large corporate users, emphasizing well-located, predominately single tenant office, R&D, life science and industrial buildings in technology and innovation markets with secular growth. The company has a more than 20-year history of executing on its investment strategy and assisting major public and private corporations, as well as institutional owners of commercial property, with their real estate needs while creating value for investors. As a result of the new venture, Drawbridge expects to significantly expand its pace of acquisitions in its existing markets while also entering several new markets.

KKR’s insurance business Global Atlantic is recapitalizing the entirety of Drawbridge’s portfolio which comprises approximately 5.4 million square feet of Class A office assets in innovation-driven growth markets, currently concentrated across the West Coast and Sunbelt regions. The properties are over 95% leased to high-quality corporate tenants, predominantly under triple net leases. Under the terms of the agreement, Drawbridge will continue to oversee and manage the portfolio following the recapitalization.

“This transaction delivers a great outcome for our fund investors. My partners and I are excited to enter the next chapter of our strategic alliance with KKR,” said Mark Whiting, Drawbridge’s Co-Founder and CEO. “Since 2014, with KKR’s support, we have scaled our differentiated operating model and portfolio of high-quality corporate real estate. The stability of capital provided by Global Atlantic’s insurance company balance sheet will enable us to deliver enhanced solutions for our corporate clients and positions Drawbridge for accelerated growth.”

“Drawbridge’s high-quality portfolio is a great fit for our rapidly expanding sources of real estate capital. We are pleased to deepen our relationship with Drawbridge and its experienced team,” said Billy Butcher, Chief Operating Officer of KKR’s global real estate business. “Our new partnership will help to expand Drawbridge’s market presence further and provide KKR and Global Atlantic with access to a growing, diversified portfolio of well-leased, strategically important corporate properties.”

KKR and Drawbridge initially partnered in 2014 to recapitalize a portfolio alongside strategic institutional investors. Since then, the portfolio has tripled in total value while delivering attractive returns to investors. KKR will maintain its ownership stake in the investment manager alongside Drawbridge’s management team following the transaction.

About Drawbridge Realty

Drawbridge Realty is a San Francisco-based real estate investment company focused on acquiring, developing and managing commercial property investments in high growth technology and innovation driven markets across the U.S. Its portfolio primarily consists of strategically important office and research properties leased long-term to large corporations. Drawbridge has a successful history of creating value for corporate clients and investors and has completed transactions with many major companies including Apple, Bayer, Broadcom, Collectors Universe, IBM, Google, Johnson & Johnson, L3Harris Technologies, Lockheed Martin, Medtronic, NI, Northrop Grumman and Take-Two Interactive. https://www.drawbridgerealty.com

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Media:
For Drawbridge Realty:
Andrew Neilly and Nancy Amaral
925-930-9848
andrew@gallen.com / nancy@gallen.com

For KKR:
Julia Kosygina and Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Source: KKR

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Baird Capital Portfolio Company SourceDay Raises $31.5M in Series C Funding

Baird Capital

Today, Baird Capital portfolio company SourceDay, a leading supplier collaboration engine for the direct spend industry, and one of Austin’s fastest-growing companies, announced it closed a $31.5 million Series C round of funding. Baird Capital participated in the round of funding—which Norwest Venture Partners led—and was joined in participation from existing investors ATX Ventures, Draper Associates, Ring Ventures and Silverton Partners.

This Series C news comes at a critical time for manufacturers, distributors, consumer packaged goods brands and retailers as they are challenged with continued supply chain disruptions and first-mile issues accelerated by the pandemic. Baird Capital initially invested in SourceDay in April of 2020.

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Ratos company Aibel receives extension of Equinor frame agreement

Ratos

Equinor has decided to exercise a contract option for maintenance and modifications services on the Norwegian Continental Shelf (NCS). Aibel estimates that the value of the extension is approx. NOK 5.5 billion. Aibel will work on continuous improvements, digitalization of processes, and contribute to a sustainable development of the NCS.

Aibel’s frame agreements with Equinor for maintenance and modifications comprise work on ten offshore installations and five onshore facilities, and the agreements constitute a major part of Aibel’s activities. The current agreements expire at the end of February 2023, and the new extension prolongs the agreement until February 2026.

“As owners, we are proud of Aibel and thankful to Equinor for the award. It means securing jobs and it is a message of strength for Aibel’s future operations,” says Christian Johansson Gebauer, member of the board of Aibel and President Business Area Construction & Services at Ratos.

Going forward, Aibel and Equinor will continue to work on several common objectives within HSE, efficiency improvements, new technologies and implementation of digital tools. In addition, there will be a strong focus on low-carbon deliveries and ensuring safe, smart and cost-effective deliveries.

“The frame agreement is very important for Aibel. Maintenance and modifications contract provides significant activity, not at least in North of Norway, and we are very pleased to have continued our long-term relationship with Equinor. The agreement offers interesting tasks and good predictability for the approximately 1,000 employees who regularly work on M&M services from our offices, yard and on off- and onshore installations,” says Aibel President and CEO, Mads Andersen.

About Aibel
Aibel is a full-range supplier of innovative and sustainable solutions. The company builds and maintains critical infrastructure for energy companies and is one of the largest suppliers on the Norwegian continental shelf. Aibel holds a leading position within electrification of offshore oil and gas installations and onshore processing plants and is a significant supplier to the European offshore wind industry. More than 4,300 skilled employees work close to the customers at the company’s offices in Norway, Thailand and Singapore. In addition, Aibel owns two modern yards in Haugesund, Norway, and in Laem Chabang, Thailand, with significant prefabrication and construction capacity.

For further information:
Christian Johansson Gebauer, Board member in Aibel and President Business Area Construction & Services, Ratos, +46 8 700 17 00
Mads Andersen, President and CEO, Aibel, +47 982 96 501
Josefine Uppling,VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a business group consisting of 13 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 36 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

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Bain Capital Private Equity has received a definitive binding offer from D’Ieteren Group to purchase Parts Holding Europe

BainCapital

Bain Capital Private Equity has received a definitive binding offer from D’Ieteren Group to purchase Parts Holding Europe

London, February 14, 2022 – Bain Capital Private Equity (“Bain Capital”), a leading global private investment firm, announced that it has received a definitive binding offer from D’Ieteren Group, a family-controlled listed investment firm, to purchase Parts Holding Europe (“PHE”), also known as Autodistribution, a leading European digitally-enabled automotive parts distributor.

With c.€2 billion total sales, PHE is a European leader in B2B and online B2C distribution of  spare parts for light vehicles and trucks. Under Bain Capital’s ownership, PHE has built a truly pan European footprint expanding in the Benelux, Italy and Spain, and invested in state-of-the-art logistic capabilities and industry-leading digital services to its customers contributing to a consistent trajectory of organic growth above its end-markets and peers.

“I would like to thank Bain Capital for their partnership and valuable support”, said PHE CEO Stéphane Antiglio, who will continue to lead the business. “In the past five years, PHE has achieved a remarkable acceleration of its trajectory and significantly enhanced its competitive position through continuous investments. We have consolidated our strong leadership position in France and repositioned the business through digitalization and a successful and accretive pan-European expansion. We look forward to building on this strong foundation going forward under D’Ieteren Group’s ownership.”

“We are proud to have participated alongside PHE’s management in the creation of a pan European leader in B2B distribution with differentiated digital capabilities” said David Danon, managing director of Bain Capital. “The success story of PHE builds on Bain Capital’s strong track record investing in European B2B distribution, which includes IMCD, Brenntag, MKM and Brakes.”

Completion of the proposed acquisition will be subject to obtaining the necessary clearances from the competent antitrust and regulatory authorities, as well as the information and consultation processes of the relevant employee representative bodies in accordance with applicable laws. Further announcements will be made in due course.

Bain Capital was advised on this deal by Rothschild & Co and Latham & Watkins LLP.

About Parts Holding Europe
Parts Holdings Europe is a leading, integrated, digitally-enabled omnichannel distributor of automotive spare parts in continental Western Europe, contributing to affordable and sustainable mobility. The Group operates in the independent aftermarkets in Belgium, France, Italy, Netherlands and Spain, and has nearly 60 years of experience and a winning business model that drives superior value creation in distribution. Since the acquisition of Oscaro in November 2018, the Group has become an omnichannel (online and offline) distributor focused on both business-to-business (“B2B”) and business-to-consumer (“B2C”) offerings. The Group considers its target market to be vehicles aged over three to five years and up to 30 years. The Group benefits from having a wide assortment and strong purchasing advantage, a state-of-the-art logistics footprint, a powerful network of affiliated garages, and a differentiated value proposition with digitalization across the value chain.

About Bain Capital Private Equity
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of approximately 270 professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications.

Bain Capital has 22 offices on four continents. The firm has made primary or add-on investments in more than 1,000 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, real estate, public equity and venture capital, managing approximately $155 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus. For more information, visit www.baincapitalprivateequity.com.

 

This announcement does not constitute or form part of, and should not be construed as, an offer or invitation or inducement to subscribe for, underwrite or otherwise acquire, any securities of Parts Europe S.A. or any of its affiliates, nor should it or any part of it form the basis of, or be relied on in connection with, any investment decision with respect to securities of Parts Europe S.A. or its affiliates or any other company.

This announcement includes forward-looking statements that are based on current expectations and projections about future events. All statements other than statements of historical fact included in this document, including, without limitation, statements regarding the future financial position, risks and uncertainties related to the business, strategy, capital expenditures, projected costs and the plans and objectives for future operations, may be deemed to be forward-looking statements. Words such as “believe,” “expect,” “anticipate,” “may,” “assume,” “plan,” “intend,” “will,” “should,” “estimate,” “risk” and similar expressions or the negatives of these expressions are intended to identify forward-looking statements. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. In addition, any forward-looking statements are made only as of the date of this announcement, and Bain Capital does not intend, and does not assume any obligation, to update forward-looking statements set forth in this announcement.

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AURELIUS Equity Opportunities subsidiary BMC Benelux acquires De Rycke Bouwmaterialen

Aurelius Capital
  • Strong start to the year also in the area of add-on acquisitions: Add-on-acquisitions to Building Partners Group, EIG and BMC with combined revenues of over EUR 80 million and strong EBITDA contribution
  • Strategic add-on acquisition De Rycke with significant synergy potential to BMC
  • Continuing exciting market environment with great opportunities for the AURELIUS business model expected

Munich, 14 February 2022 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) announces the third add-on acquisition in year 2022. The group subsidiary BMC Benelux signed an agreement to acquire the building materials division of De Rycke, based in Beveren near Antwerp (Belgium). Together with the add-on acquisitions of Building Partners Group and EIG that have been announced since the start of the year, this increases AURELIUS consolidated revenues by over EUR 80m. The equity investment for all three add-on acquisitions is in the single-digit million euro range. The three companies make a mid-single-digit EBITDA contribution to the consolidated result, which will increase significantly through synergies with the existing portfolio companies.

The AURELIUS subsidiary BMC Benelux, a leading Belgian building materials merchant in the B2B sector, has agreed to acquire the building materials business of De Rycke. De Rycke Bouwmaterialen offers its customers a diverse product range and comprehensive services and consulting from new build projects to renovation. The Beveren location will be significantly strengthened by the integration into the BMC Benelux business and network. Through this acquisition, BMC Benelux will gain a presence in the Ghent – Antwerp – Brussels region. For De Rycke and BMC, this creates significant synergy and market potential to the existing business.

“With these three acquisitions, we have made a very good start to the new year in terms of acquisitions and have been able to strategically strengthen three of our group companies through add-ons,” Matthias Täubl, CEO of AURELIUS Equity Opportunities, is pleased to report. “The market environment remains exciting, we continue to see great opportunities for our business model in the turbulence caused by the ongoing coronavirus pandemic. We expect the market for group spin-offs to remain dynamic and this will create interesting opportunities for us to make acquisitions in all three segments we address – co-investments, platform investments and also in the area of strategic add-on acquisitions to strengthen our existing group companies.”

BMC Benelux is one of the top five players in a large market that remains highly fragmented. Under the two brand names YouBuild and Mpro, BMC Benelux primarily targets small and medium-sized professional customers in the construction industry. The retail chain has a dense branch network throughout Belgium, a wide product range and excellent services, such as delivery, cutting and rental of specialty tools. BMC Benelux has been part of AURELIUS since October 2019.

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