Category Archives: News

ZeroPoint Technologies raises €2.5 M, led by Industrifonden

Industriefonden
September 8, 2021

The Deep Tech landscape of today offers a lot of investment opportunities and Industrifonden’s strength is to spot and research the best innovations. Therefor we’re very proud to announce that we have led a EUR 2.5 million seed round in ZeroPoint Technologies to finance the company into 2021 and beyond. ZeroPoint Technologies provides the world’s only available real-time Memory Compression IP block for System on Chips (SoCs), effectively doubling a computer’s main memory capacity and memory bandwidth; providing significantly more performance per watt. The new capital will be used to grow and expand the company’s international presence and take several products to market.

The most challenging bottlenecks in computing typically stem from memory capacity and bandwidth. ZeroPoint Technologies’ Ziptilion™ overcomes these bottlenecks: it is the world’s first general-purpose memory compression technology for high performance SoC processor subsystems, such as servers, smart mobiles, and embedded systems. Ziptilion’s™ hardware IP block compresses main memory in real-time by a factor oftwo to four. The solutiondoubles memory capacity and memory bandwidth, resulting in significantly faster systems, more performance per watt, and lower energy use.

“The impact of ZeroPoint Technologies’ product is extremely interesting as it deals with critical bottlenecks in memory capacity and bandwidth. The research that the company builds on comes from Chalmers University. This research, together with the existing owners, Chalmers Invest and a prominent Family Office, signals the promise of this investment opportunity”, says Anna Ljungdahl, Investment Director and Head of Sustainability at Industrifonden.

This investment will support ZeroPoint as they grow their customer base in North America and Asia Pacific, and their development of new innovative products. The company is also set to expand its engineering team in Sweden.

“ZeroPoint Technologies’ ambition is to become the de facto standard for main memory compression in high performance SoC processor subsystems, and this funding gives us muscles to make it happen. Memory bottlenecks are a tremendous challenge for SoC developers, and we mitigate this challenge by doubling main memory capacity and memory bandwidth. Systems with memory compression are environmentally friendly and financially effective. We reduce hardware waste, reduce power consumption, and reduce operating expenses. In short: We deliver more performance per watt”, says ZeroPoint Technologies CEO Klas Moreau.

ZeroPoint Technologies’ IP block is easy to integrate with existing industry standard on-chip-bus-protocols. The IP-block is placed on the memory access path and is invisible to the operating system and applications. Thanks to the ultra-tuned compression/decompression accelerators and that data is compressed when fetched from memory, the memory access latency is often shorter with Ziptilion™ than without.

ZeroPoint Technologies is a spinout from Chalmers University of Technology in Gothenburg, Sweden, and has over the years developed an impressive IP Portfolio in the memory compression domain. Their patented compression technology is based on 15 years of research. Today the company works with industry leaders on product implementation projects and technical evaluations.

Read more in Breakit today.

Welcome to the family ZeroPoint Technologies!

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AnaCap invests in WebID, a leading German Digital Identity Verification-as-a-Service Provider

Anacap
AnaCap invests in WebID, a leading German Digital Identity Verification-as-a-Service Provider

AnaCap Financial Partners (“AnaCap”), a leading specialist mid-market private equity investor in technology enabled financial services, today announces a majority investment in WebID, a leading German digital identification provider. AnaCap will provide significant growth capital and partner with the founders and existing management team to extend WebID’s product offering to other industries outside of the core financial services and telecoms space where it has a market leading position, such as eGovernment, eHealth, eCommerce and eMobility as well as support inorganic growth through future acquisitions.

WebID provides a range of digital identification solutions for Know Your Customer (“KYC”) purposes, such as identification via video call, online banking, artificial intelligence, as well as qualified electronic signature (“QES”) solutions for E-Signing to leading financial institutions and large corporates across Germany, via its modular IT platform, Global Trust Technology Platform (“GTTP”). WebID is an enabler of the increasingly important offline-to-online channel shift being witnessed globally and holds several patents across Europe, US and China. The company identifies over 15,000 users per day with Video Ident alone and more with their fully automated products, on a 24/7 basis, and has collected and stored over 8 million verified identities. WebID continuously looks to develop new innovative and secure solutions which help make the daily lives of customers, industries, and public authorities more digital, eco-friendly and convenient.

WebID was founded in 2012 and is headquartered in Berlin, other main sites are Hamburg, Kiel, and Solingen. It has ~300 customers including a blue-chip roster of large corporates and financial institutions. WebID is a pioneer of Bafin[1] -approved, AML-compliant video identification solution and is highly respected among its clients and regulators alike. Currently, major lenders such as Deutsche Bank, BNP Paribas and Santander are established core clients and rely on WebID’s KYC solutions to boost their online channel activities.

The DACH region is well known to AnaCap and the investment in WebID follows portfolio company MRH Trowe’s (“MRHT”) continued strong expansion with nine bolt-on growth acquisitions as part of an accelerated buy-and-build strategy in the large and fragmented German corporate insurance broking market, for which AnaCap is leveraging experience from its successful buy-and-build strategy of payments company heidelpay across the region and subsequent successful exit to KKR.

Tassilo Arnhold, Partner at AnaCap, commented:
“WebID is a very impressive company and one we have been tracking for some time, given its footing in the high growth digital identification market in Germany. The banking landscape there is witnessing sustained growth from increasing channel shifts of online vs. offline and the penetration of KYC in online processes that we believe will ultimately lead to a fully online customer journey. WebID is extremely well placed to enable, facilitate and capitalise on this trend, particularly for large banks who are keen adopters for security, operational efficiency and cost management purposes. There is also significant further upside potential through the possible deployment of digital identification solutions in additional verticals going forward via the likes of eGov and eHealth, fuelled by actual real use cases and existing favourable legislation. We look forward to supporting management in the next stage of growth for WebID.”

Frank S. Jorga, Founder of WebID, commented:
“We have had numerous inquiries over the past few years and have been pleased with the interest we have received from prestigious investment companies. For us it was important to have a partner matching the founding spirit of WebID. Now with AnaCap, we have found the right investor to consistently expand our leading position in the market and as an industry pioneer and to significantly accelerate our growth, which has so far been organic. After the company’s formative years, 2020 was an exceptional year for WebID. Sales from 2019 of more than 13 million euros rose to 20 million in 2020 and this year we are heading for 30 million. All this confirms our strategy, which is now supported by AnaCap. Products, such as our invention WebID Video Ident, are of interest to numerous, especially regulated, sectors worldwide due to their high level of security. Our IT platform provides a comprehensive global ecosystem for E-KYC and related services. A first-class portfolio for a strong growth trajectory via new business development and international expansion. AnaCap’s experience and success in the fintech space are ideal to further realize our strategy of ambitious growth. Together, we are taking WebID’s success story to the next level.”

For this transaction, AnaCap received corporate finance advice from GCA Altium and legal advice from Proskauer Rose (London) and Norton Rose Fulbright (Munich). The transaction is subject to the usual closing conditions.

 

 

[1] The German financial regulator

Sep 07 2021

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EQT Public Value invests in Storytel – becomes second largest shareholder

eqt

EQT is pleased to announce that EQT Public Value (“EQT Public Value”) has acquired 6.6 million shares in Storytel AB (“Storytel” or “the Company”), representing an ownership of close to 10 percent of shares outstanding. Joakim Rubin, Partner within EQT Public Value Advisory Team, is nominated to join the board of directors, subject to approval of an extraordinary general meeting.

Storytel, listed on Nasdaq First North has a strong track record of organic and inorganic growth in the large and fast-growing audiobook market. Storytel is one of the world’s largest subscribed audiobook and e-book streaming services and offers listening and reading of more than 700,000 titles on a global scale. The Company’s vision is to make the world a more empathetic and creative place with great stories to be shared and enjoyed by anyone, anywhere and anytime. Storytel’s streaming business is conducted under the brands Storytel and Mofibo. Storytel’s publishing business area is carried out through the audiobook publisher StorySide and acclaimed Nordic publishing houses such as Norstedts, People’s and Gummerus. Storytel operates in 25 markets around the globe and is headquartered in Stockholm, Sweden.

EQT Public Value seeks to identify minority investments in public companies with market leading positions, strong management teams and significant potential for top-line and earnings growth. Through shareholder engagement, EQT Public Value aims to work closely with existing shareholders, boards and management teams in order to allow that companies reach their full potential and deliver shareholder value. In addition to Storytel, EQT Public Value has previously disclosed positions in Securitas, BHG Group, Storebrand, Biogaia and AFRY.

The EQT Public Value advisory team looks forward, pending the Extraordinary General Meeting, to working together with shareholders, board and management on the next phase of Storytel’s growth journey.

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

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Apax Funds and Warburg Pincus to acquire T-Mobile Netherlands

Funds advised by Apax Partners LLP (“Apax”), a leading private equity firm, and Warburg Pincus LLC (“Warburg Pincus”), a leading global growth investor, have today agreed to acquire T-Mobile Netherlands Holding B.V. (“T-Mobile” or the “Company”) from Deutsche Telekom AG and Tele2 AB. The transaction values the company at an Enterprise Value of €5.1bn.

T-Mobile, which operates four brands – T-Mobile, Tele2, Ben, and Simpel – is a leading European telecommunications operator. Under the current management team, the Company has become the leading mobile network operator in the Netherlands and the first to offer unlimited and nationwide 5G, as well as becoming the fastest growing operator in fixed broadband market serving around 700,000 broadband customers at the end of Q2 2021.

Both Apax and Warburg Pincus have long-standing experience and strong track-records in the Communications Services and broader Telecommunication, Media, and Technology (“TMT”) sector, having invested in companies globally, including in Salt (Apax), Wind Telecom (Apax), TDC (Apax), Ziggo (Warburg Pincus), Inexio (Warburg Pincus) and Community Fibre (Warburg Pincus). The two firms have also worked closely together since 2019 when their respective funds jointly invested in Inmarsat, a mobility-focused satellite operator focused on maritime, aviation and government end-markets.

Under the new ownership, T-Mobile will become an independent Dutch Company and Apax and Warburg Pincus will look to partner with the management team to support the Company as it continues to focus on innovation and growing its already impressive customer base.

Søren Abildgaard, CEO T-Mobile Netherlands, said: “Today is a big day for us. We are excited about the path ahead and to work together with Apax and Warburg Pincus over the coming years. We are looking forward to continuing our strategy in the Dutch market, offering superior value to our customers. As such, we remain steadfast in our promise to deliver the best possible customer experience, powered by the best mobile network in the world. We have come a long way and re-positioned T-Mobile as a winning player by driving innovation and change within the market, being the first mobile operator to offer unlimited and nationwide 5G. I am proud of what we as a team have achieved in the past and believe we are today better positioned than ever for the next chapter.”

René Obermann, co-head of Europe and MD of Warburg Pincus Deutschland, said: ‘’Hats off to the talented people at T-Mobile/Tele2/Ben and Simpel for what they have accomplished! Ultra-fast wireless internet, the most highly regarded customer support and innovative services – at affordable rates. Yet the wireless revolution has only just begun. Over the next decade everyone will be able to remotely participate from anywhere in the world, enjoying an unprecedented virtual experience, and it will be possible for everything to be connected; becoming smarter, more efficient and safer. We will support the company to lead this development and invest even more into people and their skills, next generation networks and digital services, so that customers will ask: ‘’Waarom kunnen andere telecom bedrijven niet zo goed zijn als T-Mobile?’’ (“Why can other telecom companies not be as good as T Mobile?’’)

Gabriele Cipparrone, Partner at Apax, said: “T-Mobile fits perfectly with the Apax Funds strategy of investing in innovative companies with solid fundamentals and strong growth prospects. Thanks to the excellent work of its talented management team and employees, T-Mobile enjoys strong brand recognition and has become the leading mobile operator in the Netherlands, with a growing presence in fixed broadband, leveraging future-proof fibre to the home technology. We look forward to supporting the Company to further accelerate growth and become a leading convergent player, by enhancing its network leadership, growing its fibre to the home customer base and delivering a best-in-class customer service.”

The transaction remains subject to customary closing conditions, including consultation with employee representatives, and regulatory approvals.

Credit Suisse and Liontree acted as financial advisors, and Freshfields Bruckhaus Deringer and Simpson Thacher & Bartlett acted as legal advisors to Apax and Warburg Pincus.

Global media contact

Katarina Sallerfors

t: +44 20 7872 6300

Luke Charalambous

t: +44 20 7872 6300

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Latour invests in global leading supplier of battery chargers – CTEK

2021-09-07 07:32

Investment AB Latour (publ) has today committed to acquire 31.0 percent of the shares in CTEK AB for 69 SEK per share, corresponding to a total of SEK 1,054 m. The acquisition of the shares is coinciding with the company’s planned IPO on Nasdaq Stockholm, which is expected in the second half of September, 2021.

CTEK is the leading global supplier of premium low voltage chargers and the second largest EVSE product supplier in Sweden. CTEK has its headquarters in Vikmanshyttan, Sweden. The company is currently represented in more than 70 countries and employing 170 employees.

Göteborg, 7 September, 2021

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Johan Hjertonsson, CEO, 0702 29 77 93

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listed holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 90 billion. The wholly-owned industrial operations has an annual turnover of SEK 16 billion.

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Ohpen secures new financing for expansion

NPM Capital

NPM participation Ohpen, provider of a software-as-a-service (saas) platform for banks, insurers, investment companies, real estate investors and pension funds, has recently secured thirty million euros of new financing from Deutsche Bank. The growth capital will be used to continue expanding in markets such as the United Kingdom and to further develop the platform’s functionalities.

According to CFO Douwe Bijl, the new financing allows Ohpen to realise its strategic goal of becoming a prominent international player in the digitalisation of financial services. He notes that the global market for banking IT is estimated at some 300 billion dollars, and that existing financial institutions are investing heavily into the modernisation of their IT systems to meet the demands of clients, shareholders and regulators. “Thanks to this new round of financing, we will be able to push forward with our internationalisation, accelerate our innovation roadmap and conquer a larger share of this lucrative market”, Bijl said.

Ohpen previously strengthened its position through the acquisition of fintech company Davinci, the nomination of Leni Boeren as new Supervisory Board member, and by recruiting banking veteran Jerry Mulle as Ohpen UK’s Managing Director.

Read more: Digital banking services provider Ohpen selects Aspire Systems as implementation partner

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Ratos company HL Display acquires Display Italia

Ratos

2021-09-02

HL Display is acquiring Display Italia with a revenue of EUR 10M. The acquisition will strengthen HL Display’s customer base and position as a leading supplier for in-store merchandising and communication solutions to grocery retailers in Europe. The enterprise value is approximately EUR 8M corresponding to an EV/EBITA multiple of 5x.

Display Italia, based in Reggio Emilia, in northern Italy, has an annual sale of EUR 10M and employs 38 people. Founded in 1989, Display Italia has built a strong position in Italian retail, catering both to grocery retail, pharmacies and branded suppliers.

“With the acquisitions of Display Italia, HL Display has now completed its third bolt-on acquisition in 2021, in line with its communicated strategy. The acquisitions strengthen HL Display’s overall business, are strategically important and contribute financially through cost and revenue synergies. I am very impressed with how HL Display has been able to execute on its inorganic growth ambition throughout the year.” says Joakim Twetman, Head of Business Area Industry. “For Ratos, add-on acquisitions is one of the key initiatives to meet our financial targets.”

“Since the start of our partnership in 1989, Display Italia has built a very strong market presence in Italy, creating a better shopping experiences together with retailers and brands. Their knowledge of the Italian grocery landscape and passion for retail has made them an essential partner for HL Display and I am looking forward to further our presence in Italy,” says Björn Borgman, CEO of HL Display.

The acquisition was completed on 1 September 2021.

For further information, please contact:
Josefine Uppling, VP Head of Communication & Sustainability, Ratos
+46 76 114 54 21
josefine.uppling@ratos.com

Joakim Twetman, Head of Business Area Industry, Ratos
+46 70 339 16 66
joakim.twetman@ratos.com

Björn Borgman, CEO, HL Display
+46 72 264 17 90
bjorn.borgman@hl-display.com

About HL:
HL is a global leader in in-store merchandising and communication solutions, helping customers to create a better shopping experience around the world. Founded in 1954, HL today is present in more than 70 countries and solutions can be found in 295,000 stores, helping customers to grow sales, inspire shoppers, drive automation and reduce waste. The HL Display Group has its headquarter in Stockholm, Sweden and sales companies covering 26 markets as well as distributor partners covering the remaining markets globally. The company has 1,000 employees and net sales of SEK 1,610M.

About Ratos:
Ratos is a business group consisting of 12 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 34 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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ProData Consult to acquire French emagine Group to create the leading European provider of high-end business and IT consultants

Axcel

Axcel has signed an agreement whereby ProData Consult partners with Paris-based emagine Group, gaining a strong foothold in France, Germany, and the United Kingdom.

ProData Consult, the leading Northern European talent-centric provider of high-end business and IT consultants, today announced that it is to acquire emagine Group that holds a strong market position in France, Germany, and United Kingdom. The transaction, facilitated by Axcel, is a significant milestone for ProData Consult in its aspiration to grow outside of the Nordics and will be the fourth acquisition ProData Consult undertakes in less than two years.

Utilizing its proprietary IT platform, ProData Consult offers its blue-chip clientele scalability and access to quality-assured high-end business consultants and IT professionals, both through its large network of local freelance consultants and its Nearshoring-as-a-Service delivered from three hubs in Poland.

“We are convinced that emagine is a perfect match for us in terms of enlarging our geographical reach, the IT platform synergies to be realized, and our corporate culture. emagine’s prominent positions in their key markets France, Germany, and the UK fits perfectly with our position in the Nordics and Poland. The enlarged reach will enable us to offer major domestic and international clients a fully integrated pan-European range of high-end, coherent IT consultancy services”, says Anders Gratte, CEO, ProData Consult.

ProData Consult, based in Copenhagen, reached EUR 202m in revenue in 2020 and employs 150 people. Servicing clients from 14 office locations in Europe and India, emagine Group achieved EUR 150m in revenue in 2020.

The double-digit organic growth ProData Consult has experienced in recent years is fuelled by the fact that digitalization is a top priority for most companies and their management teams in the Nordics and across Europe, according to Anders Gratte.

“Scalability and access to the most skilled IT resources in flexible, agile, and scalable models are more important than ever in the current unpredictable and fast-moving business environment,” says Anders Gratte.

 

emagine Group, headquartered in Paris, incorporates both consultancy and technical expertise in business, information technology, and engineering, providing clients with professional advice and expert skills to further develop and maintain their business performance.

Jean-François Bodin, CEO of emagine Group, said: “We are thrilled to join the ProData Consult team, a successful, fast-growing company with a strong IT platform, a great network, and impressive client portfolio. We are very similar to ProData Consult, and we share the same ambitions to deliver flawless services for IT and digitalization projects. We see great opportunities and look forward to developing synergies and expanding together”.

 

The private equity company Axcel announced their acquisition of ProData Consult on July 1st, 2021, and has facilitated the acquisition of emagine Group by ProData Consult as an important step in the aspiration to form a European IT consultancy powerhouse.

“With an evident track record of growth, the ProData Consult management team has already done a great job of building a company in a prominent position in Northern Europe. We are very pleased to have facilitated this transformative acquisition of emagine Group. We believe that ProData Consult’s proprietary IT platform, competent organization and the continued market growth, driven by digitalization, will create a strong basis for further expansion, and we are excited about the potential we see ahead”, said Christian Bamberger Bro, Partner at Axcel.

 

Anders Gratte will continue as CEO of the combined businesses post-closing. Jean-François Bodin will remain part of management and play an instrumental role in the integration process of ProData Consult and emagine Group.

 

The acquisition of ProData Consult by Axcel closed in August 2021. The acquisition of emagine Group is subject to customary regulatory approvals in relevant jurisdictions and is expected to close in the third quarter of 2021.

 


About ProData Consult

Established in 1994, ProData Consult is a leading Northern European talent-centric provider of business and IT consultants. ProData Consult offers its customers time and material-based consultants through its freelancer network, Nearshoring-as-a-Service, and vendor management services. The company had close to EUR 200m in revenues (2020) and employs around 150 FTEs. In 2020, the company had more than 2,600 individual consultants working for some of the largest and most prestigious clients in Scandinavia and Poland. ProData Consult is headquartered in Copenhagen and has offices in Sweden, Norway, Poland, the Netherlands, and Germany.

About emagine Group

emagine Group provides clients with professional advice and expert skills to further develop and maintain their business performance. The focus is to maintain long-lasting relationships and look for ways to develop and deliver innovative technology and services to clients. The company had a revenue of EUR 150m in 2020, more than 1,150 individual consultants delivered projects in 24 countries. The company is headquartered in Paris and has offices in France, Germany, India, Ireland, and the United Kingdom.

 

About Axcel

Founded in 1994, Axcel is a Nordic private equity firm focusing on mid-market companies, with a broad base of both Nordic and international investors. Axcel has raised six funds with total committed capital of over EUR 2.8 billion. These funds have made 61 platform investments with well over 100 add-on investments and 43 exits. Axcel currently owns 18 companies.

 

Further information:
Geelmyuden Kiese
Paul Svinth Jensen
Senior advisor
e-mail: paul.svinth.jensen@gknordic.com
Tel: +45 4083 3230

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Waterland realizes investment in leading specialist orthopaedic care provider – ATOS clinic group gains new growth partner with ICG – ATOS management and ICG to enter strategic partnership

Waterland

Waterland Private Equity (“Waterland”) realizes its stake in ATOS, a leading network of specialist orthopaedic clinics across Germany. With Intermediate Capital Group (“ICG”), ATOS gains a new, financially strong partner with experience in the healthcare sector to support the group’s future growth significantly. To do so, ICG will rely on a close partnership with the current ATOS management team, which will also increase its stake in the clinic group. Further financial details of the transaction – which is subject to the usual approvals by anti-trust authorities and is expected to be completed in the fourth quarter of 2021 – were not disclosed.

ATOS Group is a network of nine clinics and multiple outpatient facilities specialising in cutting-edge orthopaedic care. ATOS’ success has been driven by a strong focus on exceptionally high medical standards, state-of-the-art infrastructure, and using the latest medical technolo-gies and practices. The medical excellence and high levels of patient satisfaction are delivered by leading and internationally renowned medical specialists – all experts within in their fields.

The first ATOS facilities were carved out of the clinic group MEDIAN in 2016 in order to set them on their own growth trajectory with the support of Waterland. At the time, Waterland set up an independent holding company for the three hospitals in Heidelberg, Munich and Braun-fels. In the five years that followed, Waterland and ATOS successfully implemented an ambi-tious buy & build strategy. Through the acquisition of further clinics and the systematic devel-opment of an outpatient network, a unique platform for state-of-the-art orthopaedic medical care was built. Recently, the construction of a new clinic in Wiesbaden was initiated and the renovation of the largest ATOS clinic (Braunfels) was successfully finished. Over time, ATOS’ management team was expanded and an integrated treatment concept developed so that pa-tients at ATOS experience top-quality medical care “under one roof”, from their outpatient ex-amination to the relevant operation as well as the clinical follow-up treatment.

Today, the ATOS Group, with over 1,000 employees, some 170 doctors, nine inpatient clinics, and eleven outpatient locations is managed out of Munich. It has become one of the quality leaders in the field of orthopaedic medical care in Germany. During the partnership with Wa-terland, the clinic chain’s turnover has more than tripled to around 130 million euros annually.

“When we founded ATOS Group, our aim right from the start was to establish a stellar brand in the orthopaedic sector. Through targeted acquisitions and continuous investments in treat-ment quality, top physicians and modern technologies over the past five years, we have achieved important milestones” explains Dr. Carsten Rahlfs, Managing Partner at Waterland Private Equity. “In our search for a new strategic partner, it was important for us to bring on board an experienced investor with the necessary industry know-how and entrepreneurial acumen. We are pleased to have found ICG, who is an extremely experienced healthcare investor, for the long-term growth of ATOS. We are convinced that the company will continue its success story under new ownership.”

“With Waterland’s support, we have been able to develop a small group of clinics into a leading orthopaedic network that is active throughout Germany, while not only maintaining our quality standards, but also significantly advancing them. Today, we perform over 20,000 operations per year and receive a recommendation rate of 98 percent, far above the national average. We would like to thank Waterland for their close support as partners throughout the holding period and look forward to embarking on the next phase of growth with our new partner ICG,” says Martin von Hummel, CEO of the ATOS Group.

The independent investment company Waterland Private Equity has extensive experience in the healthcare sector. In addition to ATOS, the company’s portfolio also includes leading rehabilitation clinic group MEDIAN, physiotherapy provider ATHERA, and care service provider Schönes Leben Group.

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L Catterton-Backed Airxcel Sells RV Group to THOR Industries

LCatterton

Airxcel’s HVAC Group Renamed AirX Climate Solutions, a Specialized HVAC Company, Well-Positioned to Consolidate a Large and Fragmented Industry

Greenwich, Conn. and Elkhart, Ind. – September 1, 2021 – L Catterton, the largest global consumer-focused private equity firm, today announced that its portfolio company Airxcel has sold its RV Group to THOR Industries, Inc. (NYSE: THO) (“THOR”) for an all-cash purchase price of $750 million, subject to standard post-closing adjustments. Airxcel’s retained segment will become AirX Climate Solutions, Inc., a pure-play leader, designer, manufacturer, and distributor of the most functionally critical products for specialty HVAC markets.

Since partnering with Airxcel in 2018, L Catterton has worked with CEO Jeff Rutherford and his team to advance the Company’s innovation pipeline with the launch of 55 new products, while also executing meaningful operational improvements across manufacturing, engineering, procurement, and logistics. In addition, L Catterton supported Airxcel in acquiring market leaders within the RV space, including CAN, a European manufacturer of cooking appliances, Cleer Vision, a manufacturer of windows and glass, and Aqua Hot, a designer and manufacturer of hydronic heating systems. These acquisitions have enhanced Airxcel’s best-in-class product offerings and extended its reach, particularly in Europe. Most recently, L Catterton and Airxcel have leveraged the Company’s unique global supply chain and domestic manufacturing capabilities to mitigate the impact of the pandemic and deliver significant market share growth across all product lines, including significant continued growth within OEM.

“This transaction represents a great outcome for Airxcel, L Catterton and THOR,” said Marc Magliacano, a Managing Partner in L Catterton’s Flagship Fund. “Over the last three years, our partnership with Jeff has driven significant growth across Airxcel’s business, expanding to new products and services, completing multiple strategic acquisitions, and driving increased market share across all of Airxcel’s product lines. We know the THOR team well, having previously sold Heartland RV to THOR in 2010, and we’re confident that Airxcel’s RV business will thrive under their ownership. We are excited to support the ongoing success of the HVAC business as a standalone company. We would like to thank all the Airxcel associates for their tremendous contribution.”

“L Catterton played an invaluable role in our growth story, and we’re grateful for their partnership,” said Jeff Rutherford, CEO of Airxcel. “With their deep operational experience, L Catterton helped position Airxcel as the leading supplier of trusted brands for the RV and HVAC markets. We look forward to building upon these achievements as we enter this exciting next chapter, with the RV Group joining THOR and the HVAC Group becoming a standalone company. I would like to thank all the associates at Airxcel for their relentless commitment to success.”

Airxcel’s Specialty HVAC Group to Become AirX Climate Solutions, Inc.
With this transaction, Airxcel’s specialty HVAC Group will become a standalone, pure-play HVAC leader, AirX Climate Solutions, Inc. (“ACS”). ACS will have a portfolio of premier brands such as Marvair, Industrial Climate Engineering (“ICE”), Suburban AP, Eubank, and Custom Air Products & Services (“CAPS”). With the continued support of L Catterton, ACS will continue to extend its leadership as a committed and preferred partner to a broad range of specialty HVAC clients. ACS will be led by Rick Aldridge, currently President of the Specialty HVAC Group at Airxcel.

“With this transaction, we’re positioning ACS as a leader – and consolidator – in a highly fragmented space,” said Matt Lischick, Partner at L Catterton. “We see tremendous market expansion opportunities within Specialty HVAC given continued focus on air quality and purification, as well as accelerated investment in ACS’ end customer segments, such as telecom infrastructure and energy storage. We look forward to continuing to invest in the business and extending our partnership with Rick and the talented ACS team to drive innovation and value creation.”

Rick Aldridge, President of the AirX Climate Solutions group at Airxcel, said, “Over the last several years, we have successfully extended our reach and offerings both organically and through acquisitions, most recently adding valuable new end customer segments and expanding our service capabilities through our acquisition of CAPS. With a premier brand lineup and the support of L Catterton, ACS will have a strong platform and foundation from which to accelerate our growth. We look forward to continued expansion as we enhance our portfolio to bring more high-quality HVAC offerings to customers.”

The Company retained Baird to serve as lead financial advisor to Airxcel, with William Blair, Jefferies, and Nomura also serving as co-advisors. Kirkland & Ellis LLP served as legal advisor to Airxcel.

About Airxcel

Airxcel began in 1991 as a divesture of the Coleman RV Air Conditioner division. The company has continued to grow through innovative product development, market expansion, and strategic acquisitions. The Airxcel RV Group provides industry-leading products in recreational vehicle heating, cooling, ventilation, cooking, windows, window covering, side wall, and roofing materials under the current brands: Aqua-Hot, CAN, Coleman-Mach, Dicor Products, United Shade, Vixen Composites, Maxxair, MCD, Cleer Vision, and Suburban. The Airxcel specialty HVAC Group (“AirX Climate Solutions”) provides highly engineered cooling and ventilation solutions for telecommunications, energy development and storage, and education/multi-tenant housing industries under the brands: Marvair, Eubank, Industrial Climate Engineering (ICE), Suburban Applied Products, and CAPS. Airxcel’s 2,000-plus employees are based in eight facilities across the U.S. and Europe, where they design, manufacture, and distribute products all over the world. www.Airxcel.com

About L Catterton

With approximately $30 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. L Catterton’s team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 1989, the firm has made over 250 investments in leading consumer brands. For more information about L Catterton, please visit lcatterton.com.

L Catterton Contacts:
Andi Rose / Tanner Kaufman
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

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