ClimateView, a Swedish climate action technology company, has secured EUR10 million in funding to enhance its ClimateOS platform and make it available in additional markets in Europe, North America and beyond.
The funding round was led by CommerzVentures, a specialist fintech investor, and NordicNinja, a Nordic-Japanese venture capital fund. Norrsken, 2050. VC and Gaingles also took part in the round, bringing the company’s total investment to EUR 14.5 million.
Launched at the start of 2021, ClimateOS was initially developed by ClimateView for the Swedish government to make their decarbonisation plans publicly available. Now supporting over 30 cities and municipalities across Sweden, the UK, Germany, Switzerland, Spain and Canada, ClimateOS helps a growing number of cities with net zero commitments identify the most cost-effective route to decarbonise their economies.
More than 700 cities have already committed to reaching net zero by 2050, but they have complex economies and to plan effective action they must understand emissions from thousands of activities and develop comprehensive plans to decarbonise key sectors such as transport, buildings, industry, energy and waste.
ClimateOS offers a unique range of functions that helps cities such as Newcastle, Mannheim and Bern develop, implement and manage comprehensive climate action plans and accelerate action to decarbonise their economy. It creates a digital twin city reflecting the complexity of each city’s economy, using the best data available from national and international statistics and the city’s own sources. It models the impact of low-carbon initiatives, allowing leaders to explore different ways of meeting their carbon targets, and identify the best transition path to meet local needs.
Tim Rippon, Senior Climate Change Advisor with Newcastle City Council, says: “The wholesale decarbonisation of a city is something that’s never been done before and the challenge is absolutely enormous. ClimateView gives us the platform we need to develop and roll out an ambitious climate action plan. By breaking the net zero challenge down into bite-size chunks you can understand how each will contribute to cutting carbon, start setting year by year transition targets, and then build a robust set of actions on this framework.”
“The new funding will be used to roll out enhanced functionality in early 2022 which will allow cities to identify the costs of each of the numerous shifts they can take to cut emissions, from encouraging uptake of EVs to retrofitting old buildings to make them more energy efficient. It will also identify additional benefits, such as better health through cleaner air and warmer homes. This will make it easier for cities to make the economic case for their climate plans, minimise financial risk, and win support for investment. As well as developing the ClimateOS platform, funding will go towards driving further market expansion across Europe and into North America.”
Paul Morgenthaler, Partner at CommerzVentures, says: “Cities around the world are placing carbon reduction at the heart of their agenda and looking to cut emissions across every sector of their economy. ClimateView’s technology makes this complex challenge manageable, enabling effective decarbonisation strategies that can deliver thriving and sustainable economies. ClimateView have unlocked the vital ability for cities to win greater investments into robust climate action plans and we’re delighted to be investing in this essential business.”
Tomosaku Sohara, Managing Partner at NordicNinja and former deputy director for green and climate finance at Japan Bank for International Cooperation, says: “I understand the struggle cities face to identify their best route to climate neutrality and to coordinate action on many fronts. That’s why I knew the moment I met ClimateView that it has the solution cities all over the world are seeking. We are thrilled that our investment will allow it to expand globally and help cities make a faster transition to net zero.”
Tomer Shalit, ClimateView founder and Chief Product Officer, says: “Cities have to cut carbon fast, but it’s hard to plan how to meet their commitments while maintaining a thriving economy. ClimateOS enables them accelerate climate action, helping them identify their best route to net zero, make the right investments, and manage a successful transition in one living climate action plan.”
Company plans to accelerate growth of team and support expansion into new and existing markets
September 28, 2021
Stellar Health (“Stellar”), a leading healthcare technology company, today announced that it has raised over $60 million in Series B funding. The funding round was led by General Atlantic, a leading global growth equity firm, with participation from Point72 Ventures and Primary Venture Partners, who led Stellar’s Series A financing in 2020. New investors also include Mike Pykosz and Geoff Price, two of the co-founders of Oak Street Health, a leading network of value-based primary care centers for adults on Medicare. With the additional capital and resources provided by this new round of funding, the Company plans to focus on growing and investing in its team, as well as advancing product development, engineering, and operations initiatives, all to support the expansion of its differentiated services to new and existing markets.
“The healthcare landscape is experiencing a seismic shift towards favoring systems that motivate and allow providers to focus on what matters most – patients,” said Michael Meng, Co-Founder and CEO of Stellar Health. “Stellar’s partnership with General Atlantic aims to further accelerate our growth trajectory to expand both internally and externally, and to address workflow evolution. It will also support our efforts to activate practice staff by solving economic barriers that exist in the shift to value-based care. We will continue to evolve our product in ways that will improve the healthcare experience for providers and patients alike.”
Founded in 2018 by leaders in the healthcare and technology spaces, Stellar empowers providers to deliver high-quality, value-based care through their innovative, cloud-native point-of-care platform. By integrating patient data, tracking provider workflows, and pushing meaningful, actionable insights directly to providers and practice staff, the Stellar platform helps primary care providers achieve value-based care outcomes for their patients. A significant example of the platform in use comes from a primary care physician who had a scheduled annual wellness visit with a 77-year-old male patient in the Fall of 2020. The patient came in with no indication of any cardiovascular or stroke risk and the physician was unaware of a diagnosis of stroke from six years prior. Using the Stellar platform, with its advanced system of analytics and identification, the primary care physician was informed of the patient’s heightened risk and had the right incentives to offer meaningful care at a critical time, placing the patient on secondary prevention treatments. This intervention, with the right behavioral economics, changed the patient’s trajectory forever. Stellar simplifies value-based care effectively by engaging and incentivizing providers to take actions that reduce inefficient medical utilization, improve documentation accuracy, advance the quality of care delivered, and in turn compensate providers for each action in real time.
“Stellar Health has developed an intuitive, modern, and behavior-focused platform that enables a broad continuum of providers to advance patient outcomes,” said Robbert Vorhoff, Managing Director and Global Head of Healthcare at General Atlantic. “In just three years, Stellar Health has established itself as a leading player in the field, delivering significant value to its clients and provider network. As long-standing advocates for the shift to value-based care, we are excited to partner with the Stellar Health team in further developing its platform.”
“Stellar’s technology platform uses data to make recommendations and incentivize provider decisions,” said Sri Chandrasekar, Partner at Point72 Ventures. “We believe this unique data-driven approach will compound the impact on patient outcomes over time. We’re excited to continue to support Michael and his team as they grow their business.”
Since the beginning of 2020, the Company has increased its robust payor and provider network, with more than 60 collaborations across 20 states, managing more than 375,000 patients in total. With this capital raise, Stellar expects to continue expanding into new markets, as well as grow its team to support product development, engineering, and operations. In 2021 alone, Stellar has tripled in size to over 90 employees and plans to double the size of its team within the next year. Stellar Health has also seen strong performance improvement and high user engagement with its modern platform, including a weekly active rate of greater than 80%, medical expense ratio improvement of greater than 15%, and improvement of Medicare Advantage Star ratings of greater than one full Star.
Today, more than a third of reimbursement contracts are value-based[1], a trend that continues upward every year, and more than half of all providers are now participating in at least one accountable care organization (ACO) type program. While the industry has successfully transitioned providers into value-based arrangements (VBAs), provider engagement and performance has lagged as providers struggle to see tangible reward from shifting their focus towards providing high quality, value-based care.
Stellar rewards providers for the time it takes to complete value-based work that generates a strong ROI for health plans or risk-bearing organizations, leading to higher quality and more affordable care for patients. “Traditional fee-for-service healthcare has not historically equipped primary care providers with the right tools and framework to help their patients achieve the highest quality care and best health outcomes,” said Mike Pykosz, CEO of Oak Street Health. “Stellar Health’s innovative platform combines proven value-based care knowledge with simple, meaningful actions to bring value-based care to broad groups of patients, including those on Medicare, Medicaid, and individual or commercial health plans.”
About Stellar Health
Stellar Health (“Stellar”) is a healthcare technology company focused on enabling success across the value-based care (“VBC”) continuum by bridging the incentive gap between providers and payors. The Stellar solution is the first point-of-care, cloud-based platform that helps primary care providers continually engage with their patients by providing them real-time information and tangible action-based incentives for improving quality of care. With Stellar, providers can achieve a range of VBC goals, like improving quality scores and optimizing the patient care journey through transitions of care and high-value referrals, all with the objective of improving patient health. For more information on Stellar Health, visit www.stellar.health.
About General Atlantic
General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 400 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $78 billion in assets under management inclusive of all products as of June 30, 2021 and more than 175 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
Chicago, IL (September 28, 2021) – Linden Capital Partners (“Linden”), a Chicago-based healthcare private equity firm, announced today that it has invested in Formulated Solutions, LLC (“Formulated Solutions” or the “Company”) alongside current shareholders, the founding Dann Family and HealthEdge Investment Partners. Headquartered in Largo, FL, Formulated Solutions provides contract development and manufacturing services for over-the-counter (“OTC”) and prescription (“Rx”) healthcare products, with a focus on complex topical and nasal formulations in semi-solid, aerosol, and liquid formats.
Eric Dann, Founder and CEO of Formulated Solutions, stated “We are proud of the team, our culture of innovation, and the Marketing Partner-centric business model we have built at Formulated Solutions. We are excited to partner with Linden to further invest in growth and expand the capabilities we can provide to our customers. We chose Linden because of their partnership orientation, growth mindset, and differentiation in healthcare-related contract manufacturing. They have the experience, relationships, and resources to support our shared value creation plan.”
Steven Klosk, Operating Advisor at Linden and incoming Chairman of Formulated Solutions, said, “We commend Eric Dann and the entire management team at Formulated Solutions for building a truly extraordinary CDMO. Formulated Solutions has developed a differentiated model for driving innovation in complex formulations that aligns well with the needs of the consumer healthcare and pharmaceutical market. I look forward to working with Eric and Linden to execute on our long-term vision.”
Piyush Shukla, a Partner at Linden and incoming board member at Formulated Solutions, added “Our investment in Formulated Solutions represents a successful outcome of Linden’s dedicated sector effort across the pharmaceutical supply chain. We are excited to partner with Eric Dann and support the Company’s long-term growth in the OTC and Rx segments.”
Linden’s Brian Miller and Jonathan Skekloff, together with Linden Operating Advisor, Marshall Crew, have also joined the Board of Formulated Solutions. Linden Operating Partner Ron Fugate served as an advisor on the transaction.
Kirkland & Ellis LLP served as legal advisor to Linden. Robert W. Baird & Co. served as exclusive financial advisor and Macfarlane Ferguson & McMullen and Hill Ward Henderson as legal advisors to Formulated Solutions. Twin Brook Capital Partners provided debt financing for the transaction.
About Formulated Solutions
Founded in 1999, Formulated Solutions has long been known as one of the most innovative contract manufacturing and formulation development companies (CDMO) in North America. With over 650 million units of annualized production capacity, Formulated Solutions exists to enhance consumer healthcare products through creativity and invention, delivering our Marketing Partners unmatched formulations, innovative packaging, and cost-effective reliable supply of semisolids, aerosols, and Bag on Valve products. With partnerships with seven of the world’s top 12 Consumer Healthcare companies, the regulated products we’ve developed and the brands we support cover a global footprint of more than 45 countries, supported by numerous regulatory body registrations, including FDA, ANVISA, EMA, Health Canada, TGA, Korean Ministry of Food and Drug Safety, UL, ISO and more.
About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating experience, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested more than $2.5 billion in healthcare companies. For more information, please visit www.lindenllc.com.
About HealthEdge Investment Partners
HealthEdge Investment Partners, LLC is an operating-oriented private equity firm founded in 2005 that focuses exclusively on the healthcare industry. HealthEdge seeks to achieve superior returns by investing in businesses that benefit from the knowledge, experience, and network of relationships of its partners. HealthEdge’s partners have more than 100 years of combined operating experience in healthcare as CEOs and investors. For more information on HealthEdge, please visit www.healthedgepartners.com.
The combined business will provide an integrated suite of cloud payroll and accounting software tools for accounting bureaus and small to mid-sized businesses in the UK and Ireland.
Dublin, Republic of Ireland, and London, United Kingdom. 28th September 2021. BrightPay, a leading provider of payroll and HR software solutions, and Relate Software (“Relate”), a champion in post-accounting, practice management and bookkeeping software, today announce that they have agreed to join forces to create a software champion serving payroll and accounting bureaus and SMEs across the Republic of Ireland and the United Kingdom.
Paul Byrne, co-founder and CEO of BrightPay, and Ray Rogers, co-founder and CEO of Relate, will remain as significant investors in the combined business and will become co-CEOs. Ross Webster and Richie McMahon, also co-founders of BrightPay and Relate respectively, will also remain as investors and will continue to focus on developing the combined business’ best-in-class product suite.
Hg, a leading software and services investor with over two decades’ experience in growing tax & accounting technology businesses across Europe and North America, will become majority investor in the combined business.
The two complementary businesses will bring together their operational strengths and sector-leading products whilst, with the support of Hg, investing further in new cloud innovations to deliver increased automation, efficiency and value for their customers. The combined group will have over 190 employees and has plans to further grow headcount to continue providing best-in-class services and support for its payroll, accounting and SME customers across both the UK and Ireland.
“We are delighted to be joining with Ray and his team at Relate. They have a proven track record in a sector we know well and, together, we will aim to be a leading solution for many businesses and accountancy firms. We are also delighted that Hg continues to support us. Their deep sector knowledge has proven invaluable to us and will be instrumental in fuelling the further growth of BrightPay/Relate.”
Paul Byrne, founder and CEO of BrightPay
“Combining products from both businesses will provide a compelling offering for our customers, with the scope and backing for further innovation and development. I’m looking forward to working with Paul and am also excited to welcome Hg, a leading software investor with a track record of supporting growth in Irish software businesses.”
Ray Rogers, founder and CEO of Relate
“Both BrightPay and Relate are very highly regarded businesses and champions in their field. The two companies bring together core operational strengths whilst also unlocking a high-quality, complementary suite of products to a newly combined customer base. We’re proud to bring together this highly accomplished team. This is a sector and region we know deeply and we are excited for what we’ll all be able to achieve together.”
Jonathan Boyes, Hector Guinness and Thomas Martin at Hg
The terms of the transaction are not disclosed.
Media Contacts:
Hg
Tom Eckersley
Tom.Eckersley@hgcapital.com
+44 208 148 5401
About BrightPay
BrightPay is a modern payroll and HR software for accounting and payroll bureaus and SMEs. It takes care of every aspect of running your payroll, from entering employee and payment details to creating payslips and sending RTI submissions. BrightPay has been designed from the ground up to be really simple, yet with no compromise on payroll features. It’s priced fairly with no hidden costs and free support. Our products are in use by over 330,000 employers in the UK and Ireland. As a customer-focused company, we strive to look after each and every one of them. BrightPay is also known as Thesaurus Software, a company with over twenty years of industry experience in the UK and Ireland. For more information visit: https://www.brightpay.ie/
About Relate Software
Relate Software was formed in 2002 from the former management team of Apex Software. We have been building software for the accountancy profession for over 25 years. Relate is dedicated to building innovative and focused products specifically for the accountancy profession. Its offering includes Surf products, a modern, cloud native product suite of bookkeeping, post-accounting, and practice management software to accountancy bureaus and SMEs in the Republic of Ireland. Relate’s product suite also includes compliance, company secretary, personal and corporation tax, and enterprise payroll software. For more information visit: https://www.relate-software.com/
About Hg
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.
The combined business will provide an integrated suite of cloud payroll and accounting software tools for accounting bureaus and small to mid-sized businesses in the UK and Ireland.
Dublin, Republic of Ireland, and London, United Kingdom. 28th September 2021. BrightPay, a leading provider of payroll and HR software solutions, and Relate Software (“Relate”), a champion in post-accounting, practice management and bookkeeping software, today announce that they have agreed to join forces to create a software champion serving payroll and accounting bureaus and SMEs across the Republic of Ireland and the United Kingdom.
Paul Byrne, co-founder and CEO of BrightPay, and Ray Rogers, co-founder and CEO of Relate, will remain as significant investors in the combined business and will become co-CEOs. Ross Webster and Richie McMahon, also co-founders of BrightPay and Relate respectively, will also remain as investors and will continue to focus on developing the combined business’ best-in-class product suite.
Hg, a leading software and services investor with over two decades’ experience in growing tax & accounting technology businesses across Europe and North America, will become majority investor in the combined business.
The two complementary businesses will bring together their operational strengths and sector-leading products whilst, with the support of Hg, investing further in new cloud innovations to deliver increased automation, efficiency and value for their customers. The combined group will have over 190 employees and has plans to further grow headcount to continue providing best-in-class services and support for its payroll, accounting and SME customers across both the UK and Ireland.
“We are delighted to be joining with Ray and his team at Relate. They have a proven track record in a sector we know well and, together, we will aim to be a leading solution for many businesses and accountancy firms. We are also delighted that Hg continues to support us. Their deep sector knowledge has proven invaluable to us and will be instrumental in fuelling the further growth of BrightPay/Relate.”
Paul Byrne, founder and CEO of BrightPay
“Combining products from both businesses will provide a compelling offering for our customers, with the scope and backing for further innovation and development. I’m looking forward to working with Paul and am also excited to welcome Hg, a leading software investor with a track record of supporting growth in Irish software businesses.”
Ray Rogers, founder and CEO of Relate
“Both BrightPay and Relate are very highly regarded businesses and champions in their field. The two companies bring together core operational strengths whilst also unlocking a high-quality, complementary suite of products to a newly combined customer base. We’re proud to bring together this highly accomplished team. This is a sector and region we know deeply and we are excited for what we’ll all be able to achieve together.”
Jonathan Boyes, Hector Guinness and Thomas Martin at Hg
The terms of the transaction are not disclosed.
Media Contacts:
Hg
Tom Eckersley
Tom.Eckersley@hgcapital.com
+44 208 148 5401
About BrightPay
BrightPay is a modern payroll and HR software for accounting and payroll bureaus and SMEs. It takes care of every aspect of running your payroll, from entering employee and payment details to creating payslips and sending RTI submissions. BrightPay has been designed from the ground up to be really simple, yet with no compromise on payroll features. It’s priced fairly with no hidden costs and free support. Our products are in use by over 330,000 employers in the UK and Ireland. As a customer-focused company, we strive to look after each and every one of them. BrightPay is also known as Thesaurus Software, a company with over twenty years of industry experience in the UK and Ireland. For more information visit: https://www.brightpay.ie/
About Relate Software
Relate Software was formed in 2002 from the former management team of Apex Software. We have been building software for the accountancy profession for over 25 years. Relate is dedicated to building innovative and focused products specifically for the accountancy profession. Its offering includes Surf products, a modern, cloud native product suite of bookkeeping, post-accounting, and practice management software to accountancy bureaus and SMEs in the Republic of Ireland. Relate’s product suite also includes compliance, company secretary, personal and corporation tax, and enterprise payroll software. For more information visit: https://www.relate-software.com/
About Hg
Hg is a leading investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $37 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 35 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 35 software and technology businesses, worth around $70 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year. Visit www.hgcapital.com for more information.
Rolls-Royce (LSE:RR., ADR:RYCEY) announced today that it has signed a definitive agreement to sell 100% of ITP Aero to Bain Capital Private Equity, which is leading a consortium of investors, for approximately €1.7 billion. The consortium includes interests to be held by Spanish co-investors SAPA and JB Capital.
The proposed sale is a key element of Rolls-Royce’s disposal programme, announced on 27 August 2020, to raise proceeds of at least £2.0 billion, and is consistent with the company’s strategy of reducing capital intensity while maintaining a key long-term strategic supply relationship. Rolls-Royce will receive total cash proceeds (excluding any cash retained by Rolls-Royce) of approximately €1.7 billion, which will be used to help rebuild the Rolls-Royce balance sheet, in support of the company’s medium-term ambition to return to an investment grade credit profile. The proposed sale values ITP Aero at an enterprise value of approximately €1.8 billion. The transaction has been approved by the Board of Rolls-Royce and the consortium members and is subject to certain closing conditions, including customary regulatory clearances. It is expected to close in the first half of 2022.
The consortium’s vision for an independent ITP Aero is to invest in growing the company’s products, regions and customers and further enhance its status as a Spanish national champion. ITP Aero’s partnership with Bain Capital and the consortium will allow it to further drive its strategy to be a pioneer of new technologies and world class manufacturing enabled by a highly skilled workforce. This strategy will see ITP Aero maintain and grow its position as a leading supplier of critical engine components to key civil aviation and defence aircraft platforms, further diversifying its customer base and supporting the next generation of aircraft, including in sustainable and low carbon technologies. The consortium fully recognises the importance of ITP Aero to Spain, the Basque Country, and the Spanish Government.
Rolls-Royce, the Bain Capital-led consortium and ITP Aero are pleased with their discussions with the Spanish and Basque governments about this transaction. The consortium led by Bain Capital supports the maintenance of jobs as well as the company’s future growth. Bain Capital is also open to negotiate the incorporation of further Spanish and Basque industrial partners in the consortium, representing up to 30% of the equity, until the end of June 2022.
Warren East, CEO, Rolls-Royce, said: “Today’s announcement is a significant milestone for our disposal programme as we work to strengthen our balance sheet, in support of our medium-term ambition to return to an investment grade credit profile. This agreement represents an attractive outcome for both Rolls-Royce and ITP Aero and we are also grateful to the Spanish and Basque Governments for the constructive discussions we have held with them during the process. The creation of an independent ITP Aero is a great opportunity for the company, its people and other stakeholders. A financially, technologically, and industrially strong ITP Aero is also vital to Rolls-Royce. The company will remain a key strategic supplier and partner for decades to come. We believe we have selected new owners willing to support the business for the long-term and build on its successful track record. We look forward to continuing to work closely with Carlos and our colleagues at ITP Aero in the future.”
Carlos Alzola, CEO, ITP Aero, said: “This transaction is a significant moment for all of us at ITP Aero. We will be able to further strengthen our position in the aerospace industry, continue to provide high levels of innovation and service to our customers and expand our business to capture significant growth opportunities. All of us at ITP Aero are eager to start the next chapter of our story as an independent company with a strong strategic plan and financial support behind us – building on our 30 years of success – to create a global leader in aerospace that is headquartered in the Basque Country in Spain. Our success is built on the effort of all of our colleagues around the world and I would like to thank each of them for their continued dedication.”
Ivano Sessa, Managing Director, and Tobias Weidner, a Principal, at Bain Capital Private Equity, said: “ITP Aero has a great track record in an industry which is vital to the global economy, with attractive long-term growth potential. We see significant potential in further accelerating ITP Aero’s growth trajectory and investments in new technologies. Together with our partners SAPA and JB Capital we think we bring a unique understanding and ability to support ITP Aero. We look forward to working with ITP Aero’s management, employees and other stakeholders including the Spanish and Basque governments to realise the significant growth potential that ITP Aero has as an independent company.”
In the year ended 31 December 2020, ITP Aero reported revenues of €735 million and underlying EBIT of €40 million. Earlier this year, Rolls-Royce’s former site at Hucknall, UK, was integrated into the ITP Aero business, with a structured plan to include the associated fabrications commodity supply chain in the short term. For the year ended 31 December 2020, the combined perimeter generated a pro-forma profit (loss) before tax1 of €(17) million, with pro-forma gross assets2 of €1.95 billion at 31 December 2020.
1Pro-Forma Profit Before Tax: Pro-forma Profit Before Tax attributable to ITP Aero and the transferred Hucknall sites and Fabrications commodities. The pro-forma Profit Before Tax excludes an €(108)m impact related to the in-year amortisation of the Purchase Price Allocations that arose following the Rolls-Royce acquisition of ITP in December 2017 and also excludes a €6m profit in relation to the deferred tax asset described under Gross Assets; both of them are only applicable to consolidated Rolls-Royce Group results.
2Gross Assets: Pro-forma Gross Assets attributable to ITP Aero and the transferred Hucknall sites and Fabrications commodities. The pro-forma Gross Assets excludes €1.042 billion of Purchase Price Allocations that arose following the Rolls-Royce acquisition of ITP in December 2017, and a further €18 million consolidation adjustment, which includes a deferred tax impact; both of them are only applicable to consolidated Rolls-Royce Group results.
Adjusted EBITDA for the combined perimeter was €119m for the year to end December 2020 and is considered as the combination of ITP Aero’s adjusted EBITDA and the pro-forma reported EBITDA of the Hucknall perimeter with associated fabrications supply chain, adjusted for the post-transaction supply agreement, perimeter carve out adjustments, restructuring costs and due diligence adjustments.
About Rolls-Royce Holdings plc
1. Rolls-Royce pioneers the power that matters to connect, power and protect society. We have pledged to achieve net zero greenhouse gas emissions in our operations by 2030 (excluding product testing) and joined the UN Race to Zero campaign in 2020, affirming our ambition to play a fundamental role in enabling the sectors in which we operate achieve net zero carbon by 2050.
2. Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces and navies, and more than 5,000 power and nuclear customers.
3. Annual underlying revenue was £11.76 billion in 2020 and we invested £1.25 billion on research and development. We also support a global network of 28 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.
4. Rolls-Royce Holdings plc is publicly traded company (LSE: RR., ADR: RYCEY, LEI: 213800EC7997ZBLZJH69)
About Bain Capital, LP
Bain Capital, LP is one of the world’s leading private investment firms with approximately $140 billion of assets under management that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into several asset classes including private equity, credit, public equity, venture capital and real estate, with offices on four continents. Read more at baincapital.com.
About ITP Aero
ITP Aero is currently one of the leading aerospace and engine component suppliers in the world, employing approximately 4,300 people at its production centres in Spain, UK, Mexico, Malta and India. ITP Aero’s activities include the design, research and development, manufacturing and casting, assembly and testing of aeronautical modules and engines for commercial aviation and defence applications. It also provides maintenance repair and overhaul (MRO) services for a wide range of business jet and defence engines, including providing MRO services to the Spanish Ministry of Defence. It has partnered with Rolls-Royce on all Trent civil aero engine programmes, manufacturing low pressure turbines, and is a partner on Rolls-Royce next generation UltraFan® engine. ITP Aero also designs and manufactures aeronautical modules and components for Pratt & Whitney, General Electric and Honeywell. In defence applications, ITP Aero is a consortium member for the engines powering the Eurofighter Typhoon, the A400M and the Tiger helicopter. Earlier this year, ITP Aero was confirmed as a main partner for the development of the engine for the FCAS programme. ITP Aero is led by Chief Executive, Carlos Alzola.
About SAPA
The SAPA Group is a leader in technologies for the mobility of heavy vehicles in the field of Defense and has facilities in Andoain (Gipuzkoa) and Detroit (Michigan). It is one of the most recognized companies both in wheeled and tracked transmissions for heavy vehicles and in energy generation, storage and distribution systems for them. It is a company with a long tradition and relationship with the Defense industrial sector, mainly in Spain, which has participated with its own technology in vehicle programs that the Ministry of Defense has launched in recent years.
About JB Capital
JB Capital is an independent financial services firm. Founded in 2008 by Javier Botín, its current chairman, JB Capital has a team of experienced professionals and access to a broad base of institutional investors and companies globally to whom it provides services in equity and fixed income markets, investment banking and asset management, with a deep knowledge of the Spanish and Portuguese markets.
EQT is pleased to announce that the EQT Mid Market Asia III Fund (“EQT Private Equity”) has made a significant investment in EC-Council (the “Company”). EC-Council’s founder, Malaysian technopreneur Jay Bavisi, will retain a majority stake in the Company and remain as the Group Chief Executive Officer.
Established in 2001, EC-Council develops and provides proprietary cybersecurity training and certification programs for customers in more than 145 countries around the world, both directly and through more than 700 partners. The Company has experienced strong growth in recent years driven by a rising need to protect corporations against increasingly complex cyber threats and a widening gap in the supply and demand of digital talent in the cybersecurity industry. Today it has a global presence with offices and operations in the US, Asia and Europe, employing about 500 people worldwide.
EQT will support EC-Council in its next chapter by leveraging EQT’s experience developing cybersecurity companies, its global advisory network and in-house capabilities within digitalization and sustainability. To further support the Company on its next stage of growth, EQT is happy to announce that Andrew Wait, former President of Lynda.com and EF Englishtown and former SVP and general manager at Ancestry.com, will join EC-Council’s board of directors.
EC-Council’s training and certification programs help to equip students and professionals with both foundational and advanced skill sets required to thrive in the cybersecurity industry. The Company’s first and most well-known certification, the Certified Ethical Hacker (CEH), specializes in ethical hacking and provides students with an understanding of various cyber-attack vectors and preventative countermeasures and regularly ranks among the top ten certifications that are highly sought after by employers in the cybersecurity industry.
EC-Council programs set the cybersecurity bar globally and are trusted by seven of the top ten Fortune companies and 47 of the top 100 list. The Company is also supporting public organizations and governmental bodies, including the US Department of Defense (DoD), various agencies in the global intelligence community, NATO, and more than 2,000 of the world’s top universities, colleges and training companies.
Since its inception, EC-Council has grown into a platform that aims to not only educate and certify, but also to provide a holistic ecosystem for current and aspiring cybersecurity professionals worldwide. The Company now has dozens of certification programs worldwide designed to expand and advance skillsets cybersecurity professionals need. The Company’s EC-Council University, an accredited institution of higher learning in the US, provides certificate, undergraduate and postgraduate programs in cybersecurity.
Brian Chang, Partner, Head of Southeast Asia and Investment Advisor within the EQT Private Equity Advisory Team, said, “EQT Private Equity is excited to invest in EC-Council at this pivotal stage of the Company’s growth. We have been impressed with EC-Council’s development in this high-growth sector and its role in expanding the talent pool in the global cybersecurity industry. We see immediate opportunities to apply our digital skillset as well as our industry network and sector expertise to support EC-Council’s ambitious vision and growth plans. We look forward to partnering with Jay and his management team to develop its full potential going forward.” Jay Bavisi, Founder and CEO of EC-Council, said, “Over the past two decades, the entire EC-Council team has dedicated itself to the mitigation and remediation of the cyber plague that remains an ever-present challenge to organizations in all geographies and industries across the globe. We are excited to partner with one of the world’s largest and most highly respected private equity institutions, EQT, to further accelerate our growth and increase our positive impact to the global community. By expanding our cybersecurity product portfolio and increasing the accessibility of online cyber preparedness training and testing tools, we hope to accelerate the development of cyber talent worldwide while encouraging the participation of more diverse communities in this growing industry.”
For EC-Council: Dan Chmielewski, Madison Alexander PR, dchm@madisonalexanderpr.com, +1-949-231-2965; +1-714-832-8716
EC-Council Press Office, press@eccouncil.org
About
About EQT
EQT is a purpose-driven global investment organization with more than EUR 71 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
About EC-Council
EC-Council is an ANSI 17024 accredited organization with earned recognition from the DoD under Directive 8140/8570, in the U.K. by the NCSC and a variety of other authoritative bodies that influence the entire profession. Founded in 2001, EC-Council employs over 500 people worldwide with 10 global offices in the USA, U.K., Malaysia, Singapore, India, and Indonesia. Its U.S. offices are in Albuquerque, NM, and Tampa, FL.
EC-Council’s sole purpose is to build and refine the cybersecurity profession. EC-Council helps individuals, organizations, educators, and governments address global workforce problems. Through the development of world-class cybersecurity education programs and their corresponding certifications, EC-Council provides cybersecurity services to some of the largest businesses around the globe.
Best known for the Certified Ethical Hacker program, EC-Council builds individual and team/organization cyber capabilities through the Certified Ethical Hacker Program and other programs including: Certified Secure Computer User, Computer Hacking Forensic Investigator, Certified Security Analyst, Certified Network Defender, Certified SOC Analyst, Certified Threat Intelligence Analyst, Certified Incident Handler, as well as the Certified Chief Information Security Officer.
Chicago, IL (September 27, 2021) – Linden Structured Capital Fund (“Linden SCF”), the junior capital fund of Linden Capital Partners, a Chicago-based private equity fund focused exclusively on the healthcare sector, recently completed an investment in GCX Mounting Solutions (“GCX” or the “Company”). The investment supported Audax Private Equity’s strategic partnership with the Company.
“We are excited to be aligned with an industry leader in GCX as well as Audax, who has a long history of partnerships with middle market healthcare companies,” said Scott Gallin, Linden SCF Partner. “This investment is a great addition to our portfolio, and we look forward to contributing as GCX strives toward continued growth and success.”
About GCX
GCX was founded in 1971. Today, 50 years later, GCX has grown into a leading global designer and manufacturer of healthcare-focused mounting and mobility solutions with offices in North America, Europe, Japan, and Taiwan. GCX’s products are engineered for reliability and quality, and include wall mounts, roll stands, carts, and a variety of mounting accessories. GCX partners with medical device OEMs and hospitals to create products that enable caregivers to deliver the highest quality of patient care.
About Linden Capital Partners
Linden Capital Partners is a Chicago-based private equity firm focused exclusively on the healthcare industry. Founded in 2004, Linden is one of the country’s largest dedicated healthcare private equity firms. Linden’s strategy is based upon three elements: (i) healthcare specialization, (ii) integrated private equity and operating experience, and (iii) its differentiated human capital program. Linden invests in middle market platforms in the medical products, specialty distribution, pharmaceutical, and services segments of healthcare. Since its founding, Linden has invested more than $2.5 billion in healthcare companies. For more information, please visit www.lindenllc.com.
CapMan Infra and St1 to co-operate on the construction of ground source heat plants
CapMan Infra has entered into co-operation with St1 to accelerate ground source heat plant investments in Finland. As part of the arrangement, the CapMan Nordic Infrastructure I fund acquires a ground source heat plant portfolio owned by St1 Lähienergia Oy, and finances nationwide investments in new heating plants generating sustainably produced energy.
CapMan Infra and St1 are launching a partnership through which CapMan Infra finances new ground source heat plants, sold and built by St1, for apartment buildings and commercial and public properties throughout Finland. The share of properties utilising ground source heat has been steadily rising in Finland for the last ten years. The goal of the arrangement is to further speed up ground source heat investments while decreasing emissions, by offering clients heating solutions through an effortless and cost-efficient lifecycle model.
As part of the arrangement, CapMan Infra acquires St1 Lähienergia Oy’s ground source heat plant portfolio, which serves approx. 130 properties and produces about 38 GWh of sustainable local energy annually. St1 continues to operate the plants and serve existing clients as part of the agreed co-operation. The investment programme aims to at least double the energy production by 2024.
“Heating of buildings stands for about 30% of Finland’s entire greenhouse gas emissions. Geothermal heating is renewable energy and lowers CO2-emissions considerably as compared to traditional electricity and oil heating. It is great that we are able to facilitate new investments in ground source heat plants together with a leading Nordic energy company and offer heating solutions through an innovative and competitive lifecycle model. The partnership is also an excellent example of the type of collaboration where CapMan Infra creates added value to an industrial partner as well as the end-customer through investments,” comments Ville Poukka, managing partner at CapMan Infra.
“The partnership between St1 and CapMan Infra is an excellent example of the recognition that St1 enjoys as a reliable partner also for the execution of scalable geothermal and ground source heat systems. It is paramount for lifecycle model projects to secure reliable and disturbance-free heat generation for residents under all conditions. We are proud to be part of this effort to produce sustainably generated heat for a broader customer base,” comments Matti Pentti, director of St1 Oy’s Heat from the Ground division.
“As the developer and operator of St1 Lähienergia Oy plants we have gained experience over many years on how to plan, build and operate energy efficient and reliable heat plants over the lifecycle,” adds Kristian Savela, CEO of St1 Lähienergia Oy.
The arrangement will be executed through CapMan Nordic Infrastructure I fund’s portfolio company Loviisan Lämpö.
“With this arrangement the Loviisan Lämpö Group expands its heating business to new areas. Going forward we will be able to offer nationwide heating solutions in co-operation with St1 also outside our current district heating network,” says Mikko Paajanen, CEO at Loviisan Lämpö.
The transaction is expected to close during 2021 and is subject to customary closing conditions.
CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €3 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs 150 people in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. www.capman.com
About St1
St1 Nordic Oy is a Nordic energy group whose vision is to be the leading producer and seller of CO2-aware energy. The Group researches and develops economically viable, environmentally sustainable energy solutions. St1 focuses on fuels marketing activities, oil refining and renewable energy solutions such as waste-based advanced ethanol fuels and industrial wind power. The Group has 1250 St1 and Shell branded retail stations in Finland, Sweden and Norway. Headquartered in Helsinki, St1 employs currently more than 1000 people. www.st1.com
IK Investment Partners has announced that it is changing its name to IK Partners (“IK”, “the Firm”) and launched a new website.
The Firm has chosen to reinvigorate its brand and visual identity to ensure it is forward-looking and reflective of its journey to date. In line with an aesthetic change to the look and feel of the brand, IK has also developed a new website, with the strapline “People-First Private Equity”. Launching today, the website becomes www.ikpartners.com.
Announcing the change, Christopher Masek, Chief Executive Officer, said: “The entire private equity industry has evolved considerably over the last three decades and so has IK. From a transaction-centric approach of the early years, our culture has evolved to placing more focus on people through the development of strong and mutually respectful relationships. We are driven to unleash the potential we see in teams, businesses and communities and our new name and mission statement reflect this.”
The announcement comes after a busy 18 months for the European private equity firm. In this period, IK has extended its geographical footprint, achieved 10 exits and completed 18 direct investments, raised over €4 billion across its four strategies and added 50 new employees to the team.
With offices in Amsterdam, Copenhagen, Hamburg, London, Luxembourg, Paris and Stockholm, IK Partners will continue to focus on investments in the Benelux, DACH, France, Nordics and the UK across its core sectors of Business Services, Healthcare, Consumer and Industrials.
IK Partners – Key Facts
Founded in 1989 as Industri Kapital, IK Partners operates in local markets across Europe, partnering with growing businesses in Business Services, Healthcare, Consumer and Industrial sectors.
To date, IK has raised over €14 billion of capital and realised nearly €17 billion.
In April 2021, the IK Small Cap III Fund closed at its €1.2 billion hard cap, including a dedicated pool of €250 million for the Development Capital Strategy.
In May 2020, the IK IX Fund – IK’s largest to date – closed at its €2.85 billion hard cap and the IK Partnership Fund closed at €303 million.
For further questions, please contact:
IK Partners Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
Email: jmcfarlane@maitland.co.uk
IK Partners
IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 150 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com
EQT Private Equity announces decision to launch a voluntary public takeover offer to shareholders in zooplus, a leading European online platform for pet food and supplies, at EUR 470 per share in cash
• The offer price represents a premium of 69 percent to zooplus’ last unaffected share price on 12 August 2021, and a premium of 81 percent to the three-month volume weighted average price as of 12 August 2021
• Pet BidCo and zooplus have entered into an Investment Agreement and both Management and Supervisory Board of zooplus welcome EQT Private Equity’s offer
• zooplus is expected to benefit from EQT Private Equity’s decade-long experience in the pet care sector, strong track record of technology and platform development, stable ownership structure, and the enhanced financial flexibility to accelerate investments into zooplus’ ambition to expand its long-term leadership position in the European online pet market
• The completion of the offer will be subject to a minimum acceptance threshold of 50 percent plus one zooplus share
Pet Bidco GmbH (“Pet BidCo”), a holding company held by the EQT IX fund (“EQT Private Equity”), today announced its decision to launch a voluntary public takeover offer (the “Takeover Offer”) for all outstanding shares of zooplus AG (“zooplus” or the “Company”), a leading online platform for pet food and supplies, listed on the Frankfurt Stock Exchange. The Takeover Offer will be made in connection with an investment agreement which was concluded today between Pet BidCo and zooplus (the “Investment Agreement”).
The partnership is aimed at supporting the Company in expanding its position as leading online platform in the European pet market by capitalizing on EQT’s vast and decade-long experience in the pet care sector, strong track record of technology development, and financial firepower. With EQT as a strong strategic and financial partner, zooplus will be enabled to materially invest into key long-term value creation levers, including a strong value proposition for customers, a best-in-class logistics and fulfilment infrastructure, new product and service innovations, and world-class talent practices. EQT Private Equity is also fully committed to supporting the broadening of the Company’s platform beyond its current offering. It plans to strengthen zooplus as a customer centric company with a pet-owning community that comes to zooplus for best value for money and the best assortment of products, advice and services at its heart.
The announced offer price of EUR 470 per share in cash represents a premium of approximately 81 percent compared to the calculated three-month volume-weighted average share price of zooplus’ shares prior to the announcement of an earlier offer for the Company on 13 August 2021. It also implies a premium of around 69 percent compared to the closing share price of 12 August 2021.
The Management and Supervisory Board of zooplus welcome EQT Private Equity’s offer.
Headquartered in Munich, Germany, zooplus caters for more than eight million customers in 30 European markets. As zooplus looks to seize a unique opportunity in the pet market, it will benefit from EQT’s longstanding experience of developing companies in the pet care sector, including IVC Evidensia, Europe’s leading veterinary services provider, the Nordic omni-channel pet appliances retailer Musti Group, and Bought By Many, a UK-based pet insurance provider. Moreover, zooplus will be supported by a global network of industry advisors and EQT’s inhouse digitalization teams, which have expert capabilities within e-commerce, digital business development, cybersecurity, and machine learning, among other things.
Johannes Reichel, Partner and Head of EQT Private Equity’s Advisory Team in Germany, said, “EQT has monitored zooplus’ development for a long time, and we are impressed by its stellar customer base and the market leading positions in many markets, complemented by a strong offering. We have a long history in the pet care sector and can also offer zooplus unique experience and know-how of technology and platform development, both from within the EQT platform – which includes our inhouse digitalization and sustainability specialist teams – and via EQT’s global network of industry experts. In line with EQT’s ’local-with-locals’ approach, we are poised to team up with zooplus’ Munich-based management and all employees to take the Company to the next level, while offering European pets and their owners the best possible products.”
Details of the Voluntary Takeover Offer
The completion of the offer will be subject to a minimum acceptance threshold of 50 percent plus one zooplus share and certain customary further conditions, including granting of merger control clearance. Closing of the Takeover Offer is currently expected to occur in Q4 2021.
Pet BidCo does not intend to enter into a domination and/or profit and loss transfer agreement with zooplus. zooplus has agreed in principle to support Pet BidCo’s intention to pursue a potential delisting of the Company sometime following the closing of the Takeover Offer. As a privately held company under a unified ownership structure, zooplus could focus much stronger on longer term objectives.
The Takeover Offer will be made pursuant to an offer document to be approved by the German Federal Financial Supervisory Authority (BaFin). This offer document will be published following clearance by BaFin, at which point the acceptance period for the Takeover Offer will commence. The offer document and other information pertaining to the Takeover Offer will be made in accordance with the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG) on the following website: www.eqt-offer.com.
With this transaction, EQT IX is expected to be 65-70 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.
EQT Private Equity is supported by Deutsche Bank as its sole financial advisor and by Milbank as legal advisor.
Important notice:
This publication is neither an offer to purchase nor a solicitation of an offer to sell shares in zooplus AG. The Takeover Offer itself as well as its definite terms and conditions and further provisions concerning the Takeover Offer, will be published in the offer document following permission by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – BaFin) to publish the offer document. Investors and holders of shares in zooplus AG are strongly advised to thoroughly read the offer document and all other relevant documents regarding the Takeover Offer when they become available, as they will contain important information.
The Takeover Offer will be published exclusively under the laws of the Federal Republic of Germany and certain applicable provisions of securities laws of the United States of America. Any agreement that is entered into as a result of accepting the Takeover Offer will be exclusively governed by the laws of the Federal Republic of Germany and is to be interpreted in accordance with such laws.
About
About EQT
EQT is a purpose-driven global investment organization with more than EUR 71 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
About zooplus
zooplus AG is the leading online pet platform in Europe measured by sales. Founded as a German start-up in 1999, the company’s business model has been successfully launched internationally, dedicated to the mission of creating moments of happiness between pets and pet parents across now 30 European countries. With a large and relevant product offering in the pet food and pet care & accessories range, zooplus caters to more than 8 million pet parents across Europe of which more than 5 million made more than two orders in 2020. The product range includes renowned international brands, popular local brand names as well as high-quality, exclusive own brand lines for pet food, accessories, care products, toys and much else for dogs, cats, birds, hamsters, horses and many other furry and non-furry friends. In addition, zooplus customers benefit from exclusive loyalty programs, best value for money proposition, fast and reliable delivery as well as a seamless digital shopping experience, combined with a variety of interactive content and community offerings. Sales totalled more than EUR 1.8bn in the 2020 financial year, capturing roughly 7% of the around EUR 28bn to EUR 29bn (net) European pet supplies market, both offline and online combined.
