Category Archives: News

Argos Wityu sells Juratoys to Maped

argos wityu

Argos Wityu, an independent European investment fund, has agreed to sell Juratoys, a designer and distributor of toys and games (Janod, Kaloo and Liliputiens brands) to the family-owned Maped group, a leader in school, writing, colouring and office supplies.

Argos Wityu orchestrated the spin-off and carve-out of the 50-year-old French group Juratoys in 2018. Leader in the educational and wooden toys segment, with strong, well-known brands, Juratoys has achieved rapid growth in its business. The company has nearly 170 employees, who generate annual turnover of more than €80m, vs a little more than €50m in 2018. The company’s growth and development has been articulated around several important principles embedded in its strategy:

  • Strengthened product design and development oriented towards early childhood learning;
  • Permanent commitment to an environmental policy to foster progress and preserve the world in which the next generation will come of age;
  • Rapid international expansion, which has increased the portion of sales outside France to almost half the total;
  • Digitalisation of the company’s activities in marketing and in the company’s relationships with its distributors and end-customers;
  • Acquisitions, such as the merger with the Belgian company Lilliputiens in 2020.

Through its concerted environmental efforts, Juratoys has: 

  • Reduced its consumption of plastic by 5.3 tonnes p.a. by eliminating packaging;
  • Organised the planting of 4,500 trees every year, including 1,500 in France, with Kinomé, a reforestation initiative, and ONF, the French national forestry office, in an effort to be both educational and inclusive;
  • Focused on using FSC wood and cardboard as well as packing materials derived from recycled plastic bottles.

Read about all of the group’s ESG commitments here: www.jouez-engage.fr

The merger of Juratoys and Maped is right in line with the two companies’ mission to support children as they grow and define themselves at every stage in their lives.

The merger will enable the two companies to benefit from their numerous complementary features, combining academic and pleasurable learning. Maped’s international distribution network as well as its industrial expertise will boost growth at Juratoys.

Ludovic Martin, Chairman and CEO of Juratoys, said, “The years we have spent alongside Argos have been fruitful and enriching.  We have the feeling Argos has always listened to us and supported us. We have been able to take advantage of Argos’s expertise and that of its other companies. We carried out several strategic projects such as digitalising the company and developing our international sales. We grew significantly and intelligently with the acquisition of Lilliputiens in 2020. Together we made strong ESG commitments on all fronts. A new chapter in the life of Juratoys is now opening, as it joins a leading company in a related and very complementary market to that of toys and games. Our geographical and cultural proximity will be an advantage for our development. Together we will continue to create opportunities for children and their parents to experience and share happy moments, both in France and abroad.”

Romain Lacroix, Chairman and CEO of Maped, added, “Acquiring Juratoys and its longstanding brands Janod, Kaloo and Lilliputiens gives Maped’s diversification strategy the boost it needs to pursue the new group’s targets. We are pleased to take part in building a large French group that aims to distribute school supplies and educational, sustainable and fun toys and games to accompany children throughout the world in every aspect of their learning.”

Gilles Lorang, Managing Partner Argos Wityu concluded, “The management of Juratoys has done a remarkable job managing both rapid organic growth and the integration of Lilliputiens, while continuing to carry out ground-breaking, strategic and transformative ESG initiatives. We are confident that the merger with Maped will enable Juratoys to continue its expansion. We would like to thank the management team for their pleasant and efficient collaboration, and we wish them all the best in the years to come.”

Argos Wityu team: Gilles Lorang, Mario Giannattasio, Pierre Cassignol

Seller’s financial advisers: Clearwater international (Philippe Guezenec, Marie Cassola, Valentine Mevel, Matthias Krimmel)
Seller’s legal advisers: McDermott Will & Emery (Bertrand Delafaye, Herschel Guez, Alexandre Adande)
Seller’s financial due diligence: KPMG (Olivier Boumendil, Benoit Luscan, Adrien Bes)
Buyer’s financial advisers: Natixis Partners (Jean-Noel Combasson, Driss Mernissi)
Seller’s tax advisers: Arsene Taxand (Franck Chaminade, Valentine Roulin)
Buyer’s legal advisers: Delsol Avocats (Emmanuel Kaeppelin, Caroline Da Lage, Raphaël Ory)
Management advisers: Facchin Avocats (Cyril Facchin)

Argos Wityu

Coralie Cornet
Head of Communications
ccc@argos.fund
+33 (0)6 14 38 33 37

Juratoys

Stéphanie Barthoulot
Head of Communications & ESG
stephanie.barthoulot@juratoys.com
+33 6 80 27 29 40

About Argos Wityu / www.argos.wityu.fund
One firm, two strategies.
Argos Wityu is an independent European private equity group that supports the growth of mid-sized businesses and backs their management teams.
With more than €1.4bn assets under management, over 30 years of experience and more than 90 businesses assisted, Argos Wityu operates from offices in Brussels, Frankfurt, Geneva, Luxembourg, Milan and Paris. The group seeks to acquire majority stakes and invests between €10m and €100m in each investment of its two strategies:
• The Midmarket fund helps companies implement ownership transitions to accelerate growth
• The Climate Action fund aims at shaping European sustainable leaders by making their “Grey to Green” transition

About Juratoys / janod.com / kaloo.com / lilliputiens.be
Juratoys has been designing and distributing toys and games for 50 years. Its Janod and Kaloo brands, acquired in 2011, and Lilliputiens, acquired in 2020, are recognised for their design, the quality of their materials and their educational values, which contribute to early childhood development and learning. The company is also the exclusive distributor in France and Belgium of certain international toy brands, such as Ty. Juratoys manages more than 1,400 products under its three proprietary brands and places great emphasis on innovation, designing more than 350 new products every year. The company has 170 employees and generates annual turnover of more than €80 million. The company is present in France, Germany, Italy, Spain, the United Kingdom, the United States and China.

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Cinven Fund 6 to sell group.ONE

Cinven

International private equity firm, Cinven, today announces that the Sixth Cinven Fund has agreed to sell group.ONE (‘the Group’), a leading European provider of online presence solutions via mass hosting and business software products to small-and medium-sized enterprises (‘SMEs’) and small-office home-offices (‘SOHOs’) through brands including one.com, Hostnet and WP Media. Financial details of the transaction are not disclosed.

Headquartered in Sweden, group.ONE operates across a number of European countries and has strong positions in the Nordic and Benelux mass hosting markets, where it provides mission-critical subscription services to c. 1.6 million customers. The company has more than 650 employees.

The Sixth Cinven Fund acquired group.ONE (formerly one.com) in February 2019. Building on Cinven’s experience through its successful investment in Host Europe Group (“HEG”), a European provider of hosting and domain services, Cinven identified group.ONE as a high-quality business with potential for both strong organic growth as well as attractive buy and build opportunities. Leveraging Cinven’s TMT expertise and network, Cinven built a strong relationship with the group’s founder, Jacob Nordestgaard Jensen, ultimately becoming the preferred partner for the next phase of the company’s growth.

Working closely with group.ONE’s management team, Cinven has driven a comprehensive Value Creation Plan that has transformed the business from a traditional hosting and domain provider into a one-stop-shop for online presence solutions for SMEs. Key growth initiatives have included:

  • Driving new subscriber growth: building on group.ONE’s leading brands, a series of commercial initiatives have been implemented to drive continued subscriber growth, further supported by the ongoing digitalisation of SMEs;
  • Expanding the product offering: group.ONE’s offering has been expanded, with a full suite of new hosting and software products developed in-house leveraging group.ONE’s strong technology ‘DNA’ and intellectual property;
  • Extensive focus on data analytics to drive customer acquisition, engagement and retention: group.ONE’s data analytics capabilities have been significantly enhanced, facilitating an improved marketing and user engagement approach, resulting in more efficient new subscription conversion and improved existing customer retention; and
  • Successfully executing a buy and build strategy: In line with Cinven’s plan of using the original one.com business as a consolidation platform in the fragmented European online presence market, group.ONE has made strong progress on its buy and build strategy, completing 10 add-on acquisitions under Cinven’s ownership.

As a result of the above and other initiatives, group.ONE has performed very strongly under the Sixth Cinven Fund’s ownership; EBITDA has more than trebled over the past four years. The business has proven resilient through the COVID-19 pandemic, benefiting from the shift to online and increased digitalisation among SMEs, as well as during the more recent economic and geopolitical uncertainty thanks to its recurring subscription model, its large and highly diversified customer base, and the mission-critical nature and low absolute cost of its offerings.

Stuart McAlpine, Managing Partner at Cinven, said:

“group.ONE was initially identified as an attractive opportunity by Cinven’s TMT team, leveraging its extensive experience in the web hosting and domain sub-sector through the successful Fifth Cinven Fund investment in HEG. This experience and expertise enabled the Cinven team to work closely with group.ONE’s management to accelerate organic growth and pursue targeted add-on acquisitions. group.ONE has performed very well under Cinven’s ownership; it is a great company, that is well positioned for further growth in the future.”

Stephan Wolfram, CEO of group.ONE, commented:

“group.ONE has achieved significant growth over the last four years. Working in partnership with Cinven enabled us to boost organic growth and to invest in our products and services for the benefit of our customers. Cinven has assisted group.ONE to evaluate M&A opportunities, completing ten acquisitions since Cinven’s investment in 2019 as part of its value accretive buy and build strategy,  helping to consolidate the fragmented market and expanding our geographical footprint and SaaS offering. We look forward to the next chapter of group.ONE’s growth journey.”

Completion of the transaction is subject to customary regulatory and antitrust approvals.

Categories: News

Cinven and Ontario Teachers’ to invest in the combination of group.ONE and dogado group

Cinven

The combination of group.ONE and dogado group will create a diversified pan-European champion in the web hosting and domains market, with one-stop-shop solutions to support SMEs with their online presence and success.

International private equity firm, Cinven, today announces that the Seventh Cinven Fund, in partnership with leading global investor Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”), has agreed to acquire and combine group.ONE and dogado group (“dogado”). The combination of group.ONE and dogado will create a leading pan-European one-stop-shop provider of online presence solutions for small- and medium-sized enterprises (“SMEs”) and small-office home-offices (“SOHOs”) including domain, web hosting, cloud hosting, business software and digital marketing services. Financial details of the transaction are not being disclosed.

group.ONE is a leading European provider of online presence solutions via mass hosting and software products to c. 1.6 million customers through brands including one.com, Hostnet and WP Media. Headquartered in Sweden, group.ONE operates across a number of European countries and has strong positions in the Nordic and Benelux mass hosting markets. The company has more than 650 employees.

dogado is a leading provider of online presence solutions in Germany, Austria and Switzerland (the “DACH” region), offering mass and cloud hosting and digital marketing services to more than 380,000 customers through brands including dogado, Metanet and Herold. Headquartered in Germany, the company employs more than 500 people.

Cinven and Ontario Teachers’ believe the combination of group.ONE and dogado represents an attractive investment opportunity based on a number of factors, including:

  • Strong financial performance: group.ONE and dogado have strong financial track records. Both businesses have proven resilient through challenging macro environments, including the COVID-19 pandemic and the more recent economic and geopolitical uncertainty, thanks to their recurring subscription models, their large and highly diversified customer bases, and the mission-critical nature and low absolute cost of their offerings;
  • Structurally growing, resilient end-markets: The Nordic, Benelux and DACH online presence markets are expected to continue to experience growth over the next decade, driven by continued digitalisation across SMEs and a shift to higher value-add products that can help customers succeed in the broad and increasingly complex online ecosystem;
  • Highly complementary businesses that are well positioned in their respective end-markets: The combination of group.ONE and dogado will create a leading pan-European player, with strong positions in the Nordic, Benelux and DACH regions. In addition, group.ONE and dogado benefit from complementary product offerings and capabilities, such that the combined group can become a leading one-stop-shop provider of online presence solutions;
  • Experienced management teams: Both group.ONE and dogado are led by strong management teams with long-standing experience in the web hosting and domains sector. The combined group will benefit from the cumulative experience and complementary skills of the two teams; and
  • Extensive M&A pipeline in a fragmented but consolidating market: Both businesses have a strong track record of successfully identifying, executing and integrating add-on acquisitions. The combined group would represent a leading consolidation platform in the fragmented European hosting market.

Jacob Nordestgaard Jensen, founder and non-executive director of Group.ONE, who has remained a significant minority shareholder in the company, is reinvesting alongside Cinven and Ontario Teachers’ in the new transaction for a significant minority stake in the combined group. Senior managers from both group.ONE and dogado are also reinvesting materially in the business.

Thomas Railhac, Partner at Cinven, said:

“group.ONE has performed very strongly under Cinven’s ownership since its original investment in the business in 2019 and we are delighted to be continuing to support group.ONE’s growth strategy through this transaction. The combination of group.ONE and dogado will create a leading pan-European player in the online presence market, with significant opportunity for further growth, both organically and through buy and build. This is a sector we know well through Cinven’s successful investments in HEG and one.com.”

“We are delighted to be partnering with Ontario Teachers’ in this transaction. They are a committed, long-term investor and we look forward to working closely together with them and the combined group’s management team.”

Jean-Charles Douin, Senior Managing Director, Private Capital for Europe, the Middle East and Africa at Ontario Teachers’ added:

“We are pleased to be partnering with Cinven to acquire group.ONE and dogado group. Both businesses are highly regarded in their markets and provide critical services to their SME customers, enabling them to maintain a vital online presence.”

“We see the combined business as a great fit for our European Private Capital portfolio given group.ONE and dogado’s leading positions in their respective markets and resilient subscription-based business models. We have a strong, long-standing relationship with Cinven and look forward to working together with them and management to support the company in the next stage of its growth.”

Daniel Hagemeier, CEO of dogado group commented:

“Today’s announcement marks an exciting new chapter in our company’s history. By bringing together the highly complementary businesses of group.ONE and dogado, we will create a new European market leader in the web hosting and domain market, with a unique and enhanced offering.”

“We are excited about the partnership with Cinven and Ontario Teachers’, who share our long-term vision for the business and will enable us to further expand our operations to best serve the growing needs of our clients. We look forward to working with the group.ONE team as we enter the next phase of growth.”

Stephan Wolfram, CEO of group.ONE, added:

“I have worked closely with the Cinven team since 2019, Cinven is now re-investing in our business, alongside Ontario Teachers’ in order to enable us to continue our strong growth trajectory.”

“That investment and the addition of dogado group, means that the combined group will be able to leverage its size and scale to significantly increase our growth opportunities across the Nordic, Benelux and DACH regions. We look forward to working with the dogado team in that journey.”

Completion of the transaction is subject to customary regulatory and antitrust approvals.

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Ardian becomes first European-rooted partner to support Ownership Works

Ardian, a world-leading private investment house, announces being Ownership Works’ first European-rooted partner. This partnership will allow Ardian to support and extend the impact of its existing practice of profit sharing and implementing other value sharing schemes in its portfolio companies.

Ardian has been practicing profit sharing for nearly 15 years as part of its sustainability vision and organized its first distribution in 2008, following the creation of an internal charter detailing principles of shared value. Ardian’s commitment to profit sharing and other value sharing schemes is based on the belief that if we are to successfully transform the performance of portfolio companies, active participation from everyone will be necessary. Since then, Ardian has distributed a portion of capital gains at exit to more than 31,000 employees at 40 portfolio companies and assets through its Buyout, Expansion, and Infrastructure investments, representing between one to six months’ salary for each employee. Ardian’s Buyout and Expansion teams also recently committed to expand value sharing schemes to 100% of portfolio companies.

Ownership Works is a new US-based non-profit organization that partners with companies and investors to provide all employees with the opportunity to build wealth at work. This partnership with Ownership Works, established from shared values and common vision, will allow Ardian to go beyond actions implemented to date through its promotion of a shared ownership program to at least three companies by late 2024. The program will incorporate several features, including a broad-based equity plan that aims to provide all full-time employees with a pathway for sharing in the equity upside, an employee financial education program, and an employee engagement program.

“We are very proud to partner with Ownership Works and to implement shared ownership schemes in our portfolio. At Ardian, we believe that everyone who has contributed to a successful investment should be rewarded for their contribution. From Ardian’s perspective as a private investment house, we see our commitment to reward employees of portfolio companies as an important element of our license to operate. We are convinced Ownership Works will soon become a major movement in the private equity industry and we are proud to be its first European partner.” Thibault Basquin, Deputy Head of Buyout, Ardian

“This is another step in our commitment to implement value sharing within our portfolio companies. We are honored to be the first European partner of Ownership Works. Value sharing helps us to deliver positive social outcomes in line with our sustainability commitments and the United Nations’ Sustainable Development Goal 10, which seeks to reduce inequality. This shared ownership program will allow us to reward our portfolio company employees, recognize their work and daily efforts, and express Ardian’s culture and values.” Candice Brenet, Head of Sustainability and Managing Director, Ardian

“We admire Ardian’s leadership and existing efforts to create more equity for workers and are grateful to them as early champions of the shared ownership model in the European market. We know they will be critical partners to Ownership Works in helping us evolve our thinking and approach.” Peter Stavros, Founder and Chairman, Ownership Works; Co-Head of Us Private Equity, KKR

“We’re thrilled to have Ardian as our first European-rooted partner and with the natural alignment between the Ownership Works mission and Ardian’s existing efforts to share value with workers We look forward to leveraging this new partnership as a learning ground from which to explore expanding our consortium of partners outside the US. “ Anna-Lisa Miller, Executive Director, Ownership Works

ABOUT ARDIAN

Ardian is a world leading private investment house, managing or advising $140bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks and family offices worldwide. Ardian is majority-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 990+ employees, spread across 15 offices in Europe, the Americas and Asia, are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT OWNERSHIP WORKS

Founded in 2021, Ownership Works is a new nonprofit organization that partners with companies and investors to provide all employees with the opportunity to build wealth at work. Through partnerships, network-building, education, data, and storytelling, we’re inspiring a groundswell of interest among business leaders and investors to provide all employees with the opportunity to participate in the value they help create. Ownership Works brings together an unprecedented consortium of corporations, foundations, investors, labor advocates and pension funds that recognize the power of employee ownership to unlock new levels of success for companies while creating a pathway to wealth creation for workers. Through movement building and hands-on guidance, Ownership Works envisions a future in which broad-based employee ownership is the new norm at work. At scale, we believe employee ownership can help millions of lower-income workers build savings and wealth, often for the first time, at businesses that are more dynamic, resilient, and successful.

ownershipworks.org

Press contacts

ARDIAN

NEIBART GROUP RACHELLE GAYNOR

rgaynor@neibartgroup.com +1 631 278 2046

OWNERSHIP WORKS

TARA RYAN

tryan@ownershipworks.org +1 646 460 1079

Categories: News

Antin to invest in OpticalTel, a leading fiber broadband provider in Florida

Antin

The investment will support OpticalTel’s accelerated growth

New York, Paris, London

Antin Infrastructure Partners and OpticalTel today jointly announced that Antin has acquired a majority interest in OpticalTel, a leading fiber broadband provider in Florida. OpticalTel is Antin’s sixth investment through its mid cap fund.

Founded in 2004 by Mario Bustamante, OpticalTel is a fast-growing provider of essential high-speed internet and telecommunication services, with a focus on residential bulk contracts to customers located in homeowners and condo-owners associations. Antin’s investment will support the next chapter of OpticalTel’s growth as it deepens its customer relationships in existing markets and further expands its geographic footprint throughout the region, while continuing to deliver exceptional service to its valued customers.

Mr. Bustamante will retain an ownership stake in OpticalTel and remain on the board of directors. Luis Rodriguez, CEO and President, will continue to lead the company with the support of its long-tenured management team. As an experienced fiber investor, Antin will leverage its expertise to support OpticalTel’s business plan.

Kevin Genieser, Senior Partner at Antin, stated: “We see this partnership with the OpticalTel team as an immense growth opportunity. Fiber is at the core of modern infrastructure, providing mission-critical, low-latency bandwidth services to a customer base that has increasing demand for data. We believe OpticalTel is very well-positioned to meet this need in the fast-growing Florida market.”

Luis Rodriguez, CEO and President of OpticalTel, commented: “We are thrilled to be partnering with Antin as we enter the next chapter of OpticalTel’s journey. The strength of our relationships in the region speaks to our ability to deliver best-in-class technology and connectivity to our customers. With Antin’s support, we are excited to scale and continue executing at the highest level for those we serve.”

Mario Bustamante, Founder of OpticalTel, added: “Since founding OpticalTel 18 years ago, I have sought to provide essential connectivity services to those in my community. I am grateful to all those that helped build OpticalTel over the years and for Antin’s commitment to support the team going forward.”

Lazard and RBC Capital Markets served as financial advisors to OpticalTel while Latham & Watkins served as legal advisor. TD Securities served as financial advisor to Antin while Greenberg Traurig served as legal advisor. Citizens (administrative agent), CIT (a division of First Citizens Bank) and TD Securities acted as lead arrangers on the debt financing.

The transaction is expected to close in early 2023, subject to customary regulatory approvals.

 

About OpticalTel

Founded in 2004 and based in Coral Gables, Florida, OpticalTel is a regional fiber broadband provider serving large areas of South and Central Florida. OpticalTel offers a wide range of products and services, including high-speed internet, cloud-based video, and digital telephony services. OpticalTel serves a variety of communities including homeowners and condo-owners associations, student housing and assisted living facilities.

 

About Antin Infrastructure Partners

Antin Infrastructure Partners is a leading private equity firm focused on infrastructure. With over €29 billion in assets under management across its Flagship, Mid Cap and NextGen investment strategies, Antin targets investments in the energy and environment, digital, transport and social infrastructure sectors. With offices in Paris, London, New York, Singapore and Luxembourg, Antin employs over 190 professionals dedicated to growing, improving and transforming infrastructure businesses while delivering long-term value to portfolio companies and investors. Majority owned by its partners, Antin is listed on Euronext Paris (Ticker: ANTIN – ISIN: FR0014005AL0).

 

Media Contacts

Antin Infrastructure Partners

Nicolle Graugnard, Communication Director

Email: nicolle.graugnard@antin-ip.com

 

Ludmilla Binet, Head of Shareholder Relations

Email: ludmilla.binet@antin-ip.com

 

Brunswick

Email: antinip@brunswickgroup.com

Tristan Roquet Montegon +33 (0) 6 37 00 52 57

Gabriel Jabès +33 (0) 6 40 87 08 14

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CVC Credit raises its third European direct lending fund

CVC Capital Partners

CVC Credit, the global credit management business of CVC, is pleased to announce the final close of its third European Direct Lending fund (“EUDL III”).

CVC has raised €6.3 billion1 to deploy across the European Direct Lending opportunity, representing a significant increase over CVC’s prior European Direct Lending fund.

The growth of CVC’s European Direct lending platform has been underpinned by CVC’s deep local relationships across its network of thirteen European offices, and CVC’s focus on Europe for over forty years.

Quotes

The strength and depth of the CVC platform enables us to act as a reliable long term partner and we are excited by the opportunity.

John Empson Partner and Co-Head of Private Credit

Andrew Davies, Partner and Co-Head of Private Credit, commented: “John and I are delighted by the trust and support shown in us across CVC’s global investor base. The European private credit market is undergoing profound secular growth and with the support of the CVC Network, we are ideally placed to capitalise on that opportunity.”

John Empson, Partner and Co-Head of Private Credit, added: “CVC Credit is incredibly focussed on delivering attractive financing solutions for European financial sponsors, many of whom have been impacted by the pull back in bank lending. The strength and depth of the CVC platform enables us to act as a reliable long term partner and we are excited by the opportunity.”

Chloe Sanders, Head of ESG at CVC said: “EUDL III is at the centre of CVC’s belief that embedding environmental and social responsibility, creates stronger and more resilient businesses. Andrew and John understand this, which is why they are providing loans with lower financing costs, if borrowers deliver sustainable value. We believe this is a great way of encouraging businesses to embrace change.”

Recent transactions completed by EUDL III include: Advent’s buyout of IRCA; Astorg’s investment in OPEN Health; Cinven’s acquisition of Euro Techno Com; Partners Group’s acquisition of Version 1; and, TPG’s partnership with DOC Generici.

CVC Credit now manages total assets of more than €35 billion across its Performing Credit and Private Credit businesses. The Private Credit platform comprises its European Direct Lending and Capital Solutions strategies with assets of more than €10 billion.

1 Taken together with parallel investment funds and accounts

Categories: News

EdTech unicorn GoStudent to acquire DACH’s leading, centre-based tutoring company, Studienkreis, from IK Partners in landmark deal

IK Partners

GoStudent accelerates hybrid learning strategy to fuel future growth

Global tutoring market projected to reach USD 278 billion by 2026

Vienna / Berlin – December 2, 2022 – GoStudent, Europe’s leading EdTech company and one of the world’s largest online tutoring agents, today announced the acquisition of Studienkreis, the market leader in centre-based tutoring in the DACH region, from IK Partners (“IK”). The transaction accelerates GoStudent’s strategy to combine the best of both the online and offline world and to give people access to quality education through technology.

The global online tutoring market, valued at USD 150 billion in 2020, is projected to reach USD 278 billion by 2026[1]. Coupled with a global learning crisis that includes teacher shortages, learning gaps and access to education, GoStudent is leading the conversation on the future of learning that will deliver more value to families across Europe.

Over the past 12 months the company made a number of strategic acquisitions including UK-based Seneca Learning, Tus Media Group from Spain and Fox Education from Austria. These acquisitions allowed the company to extend into AI-based learning content, improve and increase access to tutors and the addressable market and offer communication solutions for schools and families. With the integration of Studienkreis, the company can now address families with a preference for centre-based learning or group classes. This positions GoStudent firmly at the forefront of the morning, afternoon and content education market.

“Over 1.5 million online tutoring sessions are booked each month at GoStudent, but we believe the future of learning is hybrid. Combining online and offline creates an omnichannel model which brings maximum value to families and builds a barrier for competitors,” explained Felix Ohswald, CEO and co-founder of GoStudent. “With today’s announcement, GoStudent now offers a full spectrum of learning solutions for every type of student and budget. In addition to our core, 1:1, online tutoring, we offer everything from freemium products to group classes. It’s this winning combination that will fuel our future growth while at the same time boosting profitability.”

Established in 1974, Studienkreis is Germany’s leading tutoring company with over 1,000 learning centres across the country. A pioneer in online learning since 2012, the company serves 125,000 families every year in the DACH region. Under the ownership of IK since 2017, Studienkreis expanded to Austria through the acquisition of LernQuadrat in 2018 and strengthened its market-leading position in DACH through increased brand awareness and the provision of high-quality tutoring services. By combining offline tutoring with online services as well as own-developed digital tools, Studienkreis shares a vision for developing a blended learning experience.

“Since our first meeting, it was clear the two companies shared a passion and belief that the future of learning is hybrid, and we believe technology is key to enabling that. GoStudent’s position in the online world, together with our strong brand and physical position in Germany, will create a blueprint for building individual, dynamic learning paths so each student can not only improve their grades but unlock their full potential,” added Lorenz Haase, CEO, Studienkreis. “We are very excited to be part of this next phase of growth.”

Nils Pohlmann, Partner at IK, added: “It has been a pleasure working with Lorenz and his team at Studienkreis. Education and people are the essence of our modern society and Studienkreis and GoStudent are leading players for tutoring services. We wish them the very best for their joint journey.”

Studienkreis will continue operating independently under its current leadership team while the two companies aim to identify synergies over time.

-ENDS-

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Ratos company HL Display acquires Allied POS

Ratos

2022-12-02

HL Display is acquiring Allied POS, a leading provider of Point of Sale (POS) solutions in Ireland. With the acquisition, HL Display consolidates its market position, and it will expand HL’s footprint and route to market in Ireland and further strengthen its position as the leading supplier for in-store merchandising and communication solutions to grocery retailers in Europe.

Established in 2004, Allied POS is based in Dublin, Ireland and has annual sales of €2m. Since its founding, Allied POS has catered to a wide range of customers within grocery retail, pharmacies, and shopfitters, building on vast knowledge of the retail environment and strong service credentials.

“It is pleasing that HL Display continues its European expansion. This acquisition is fully in line with Ratos’ acquisition strategy, where add-on acquisitions in existing companies are an important part. We welcome the new company into the family and look forward to HL Display’s continued growth journey”, says Anders Slettengren, Chairman of the Board at HL Display and Executive Vice President, Ratos.

“With its strong footprint in the Irish market, its customer base and product offer, Allied POS is a great fit for HL”, says Björn Borgman, CEO of HL Display. “This acquisition will help us to gain broader distribution in the dynamic grocery and convenience markets in Ireland and strengthen our position as the leading supplier for in-store merchandising and communication solutions across Europe. I believe together we are creating an even stronger offer for Irish retailers, and I am delighted to welcome Allied POS to HL.”

About HL Display
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. The HL Display Group has its headquarters in Stockholm, Sweden and sales companies covering 26 markets as well as distributor partners covering the remaining markets globally. The five production facilities are located in Sweden, Poland, the UK and China. HL Display has 1,100 employees and net sales of 1,700 MSEK.

http://www.hl-display.com

For further questions, please contact:
Anders Slettengren, Chairman of the Board, HL Display and Executive Vice President, Ratos
+46 72 589 89 00

Josefine Uppling, VP Communication, Ratos
+46 76 114 54 21

Björn Borgman, CEO, HL Display
+46 72 264 17 90

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2021, the companies have approximately SEK 28 billion in net sales. Our business concept is to own and develop companies that are or can become market leaders. We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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EQT partners with Nobel Prize Outreach to inspire and engage global audiences on societal challenges

eqt

Sharing a Nordic heritage and the passion for cross-disciplinary dialogue and engagement in issues that are crucial to our world and our future, EQT AB (“EQT”) today announced a global partnership with Nobel Prize Outreach.  

Since its founding in Stockholm in 1994, EQT has been purpose-driven through a conviction that sustainable business is good business. As a global investment organization with a thirty-year track record of focusing on more than capital, EQT has delivered value to both investors and the wider society. EQT is determined to drive transformative change not only across our portfolio companies, but also within the industries in which it operates.

Today EQT announces that it joins a select group of Nobel International partners. As a Nobel International Partner, EQT is committed to sharing knowledge, science and research, by encouraging cross-disciplinary engagement with Nobel Prize Laureates.

“EQT is committed to driving discussion, and more importantly action, on issues crucial to our future. Through this partnership and along with our best talent, expansive network, and mission to future-proof companies we must challenge the status quo to help solve society’s problems,” said Conni Jonsson, Founder & Chairperson at EQT. “EQT looks forward to engaging international audiences in cross-disciplinary dialogue with Nobel Prize Laureates and the scientific community. Through the partnership, we will be able to promote fact- and science-based decision-making, stimulate dialogue between different sectors in society and inspire young minds to learn.”

“Nobel Prize Outreach is thrilled to invite EQT to join a select group of Nobel International Partners. Education, climate change, health and digitization are major challenges for all of us and especially for the young generation. Our partnership will provide opportunities for students, world-leading scientists and thought leaders from various disciplines to engage with some of the world’s foremost thinkers for the greatest benefit to humankind,” says Laura Sprechmann, CEO of Nobel Prize Outreach.

The Nobel International Partner program is led by Nobel Prize Outreach, which extends the reach of the Nobel Prize to millions of people around the world through inspirational events, digital media and special exhibitions and activities related to the legacy of Alfred Nobel and the achievements of the Nobel Prize laureates. EQT hopes to encourage more innovative thinking and to spur interactive discussions, especially among investors, students, and the younger generations. By engaging diverse audiences through a mutual exchange of ideas and information, EQT can help address the major challenges facing our collective future.

As a Nobel International Partner, EQT will collaborate with Nobel Prize Outreach over several years to foster dialogue on our most important challenges – the future of education, sustainability, digitization, diversity in science and more – involving students, Nobel Prize laureates, thought-leaders and society at large. In 2023, EQT will participate in Nobel Prize Outreach events in Sweden, Brazil, United States and South Korea.

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

 

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. As of the closing of the combination with BPEA, EQT has EUR 114 billion in assets under management, within two business segments – Private Capital and Real Assets.

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

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia and the Americas and has more than 1,750 employees.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Nobel Prize Outreach
Nobel Prize Outreach develops ambitious international outreach activities – conferences, education programs, student lectures, podcasts, documentaries – including large science-based conferences gathering Nobel Prize laureates and other leading experts, discussing and acting on our time’s greatest challenges. Previous topics include The Future of Work, The City of the Future, The Future of Ageing, Risk and Uncertainty, Your Plate, Our Planet – The Future of Food, Water Matters, etc. Nobel Prize Outreach events are open to the public, free to attend, live streamed, interactive, and primarily targeted towards students, decision- makers and the general public. To achieve this, Nobel Prize Outreach works with a limited number of exclusively selected long-term corporate partners referred to as the “Nobel International Partners.”

More info: https://www.nobelprize.org

Categories: News

VICI Properties Inc. to Acquire Remaining 49.9% Interest in MGM Grand Las Vegas and Mandalay Bay Joint Venture from Blackstone Real Estate Income Trust, Inc.

Blackstone

New York – December 1, 2022 – Blackstone Real Estate Income Trust, Inc. (“BREIT”) and VICI Properties Inc. (NYSE: VICI) (“VICI Properties” or “VICI”) announced jointly today that they have entered into a definitive agreement in which VICI, currently owner of a 50.1% interest in the joint venture that owns MGM Grand Las Vegas and Mandalay Bay Resort, will acquire BREIT’s 49.9% interest in the joint venture for cash consideration of approximately $1.27 billion and VICI’s assumption of BREIT’s pro-rata share of the existing property-level debt. The property-level debt has a principal balance of $3.0 billion, matures in 2032, and bears interest at a fixed rate of 3.558% per annum through March 2030.

The properties, situated at the south end of the Las Vegas Strip in Las Vegas, Nevada, are subject to an existing triple-net lease agreement between the joint venture and MGM Resorts International (NYSE: MGM). The lease will generate annual rent of approximately $310 million upon the commencement of the next rental escalation on March 1, 2023.

Jon Gray, President and Chief Operating Officer of Blackstone, said, “VICI Properties has been an outstanding partner on these assets and we are incredibly pleased to have delivered such exceptional returns for our BREIT investors. Las Vegas continues to be a high conviction market for Blackstone.”

Edward Pitoniak, Chief Executive Officer of VICI Properties, said, “We have been honored to be BREIT’s partner in the MGM Grand Las Vegas / Mandalay Bay joint venture and this transaction further demonstrates the ability of Blackstone and VICI to work together productively, now and in the future. We’re excited to further our investment in MGM Grand Las Vegas and Mandalay Bay, two of the largest and highest-quality resorts in what we believe is the leisure and convention destination with the most compelling future demand outlook. This transaction also provides us with the opportunity to further grow our partnership with MGM Resorts International as they look to capitalize on the growing vitality of the South Strip.”

Scott Trebilco, Senior Managing Director of Blackstone Real Estate, said, “The sale of these assets is an excellent outcome for our BREIT investors and enables us to further concentrate BREIT’s portfolio in its highest growth sectors, including logistics and rental housing.”

The MGM Grand Las Vegas / Mandalay Bay triple-net lease has a remaining initial lease term of approximately 27 years (expiring in 2050) with two ten-year tenant renewal options. Rent under the lease agreement escalates annually at 2.0% through 2035 (year 15 of the initial lease term) and thereafter at the greater of 2.0% or CPI (subject to a 3.0% ceiling).

VICI Properties intends to fund the transaction through a combination of cash on hand, proceeds from the settlement of existing outstanding forward equity sale agreements and assumption of the remaining 49.9% of the existing property-level debt. VICI expects the transaction to be immediately accretive to AFFO per share upon closing.

The AAA Four Diamond Resorts, MGM Grand Las Vegas and Mandalay Bay, feature:

  • Over 18 million building square feet
  • Approximately 11,000 guestrooms and suites (including Four Seasons and Delano hotels) across the two iconic properties
  • Approximately 321,000 square feet of gaming space and 191 table games and 2,235 slot machines and electronic table games
  • Approximately 3.0 million gross square feet of state-of-the-art exhibition and meeting facilities
  • A variety of amenities for its guests, including multiple Michelin Star winning restaurants, The Mansion at MGM Grand, numerous entertainment venues, the MGM Grand Garden Arena (with approximately 17,000 seat capacity), Hakkasan Night Club, Topgolf, and destination pools and spas
  • Situated on 226 well-located acres on the Las Vegas Strip

The transaction is subject to customary closing conditions and is expected to be completed early in the first quarter of 2023.

PJT Partners and Barclays are serving as BREIT’s financial advisors, and Simpson Thacher & Bartlett LLP is acting as BREIT’s legal counsel. Morgan Stanley & Co. LLC is acting as exclusive financial advisor to VICI Properties, and Hogan Lovells is serving as legal advisor to VICI Properties.

About Blackstone Real Estate Income Trust
Blackstone Real Estate Income Trust, Inc. (BREIT) is a perpetual-life, institutional quality real estate investment platform that brings private real estate to income focused investors. BREIT invests primarily in stabilized, income-generating U.S. commercial real estate across key property types and to a lesser extent in real estate debt investments. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has approximately $319 billion in investor capital under management. Further information is available at www.breit.com.

About VICI Properties
VICI Properties Inc. is an S&P 500® experiential real estate investment trust that owns one of the largest portfolios of market-leading gaming, hospitality and entertainment destinations, including Caesars Palace Las Vegas, MGM Grand and the Venetian Resort Las Vegas, three of the most iconic entertainment facilities on the Las Vegas Strip. VICI Properties’ national, geographically diverse portfolio consists of 43 gaming facilities comprising over 122 million square feet and features approximately 58,700 hotel rooms and more than 450 restaurants, bars, nightclubs and sportsbooks. Its properties are leased to industry leading gaming and hospitality operators, including Caesars Entertainment, Inc., Century Casinos, Inc., the Eastern Band of Cherokee Indians, Hard Rock International Inc., JACK Entertainment LLC, MGM Resorts International, Penn Entertainment, Inc., and The Venetian Las Vegas. The Company has a growing array of investing and financing partnerships with leading non-gaming experiential operators, including Great Wolf Resorts, Cabot, Canyon Ranch and Chelsea Piers. VICI Properties also owns four championship golf courses and 34 acres of undeveloped and underdeveloped land adjacent to the Las Vegas Strip. VICI Properties’ strategy is to create the nation’s highest quality and most productive experiential real estate portfolio. For additional information, please visit www.viciproperties.com.

Forward-Looking Statements
This press release includes “forward-looking” statements and “safe harbor statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and/or uncertainties, including those described in VICI’s and BREIT’s public filings with the Securities and Exchange Commission (the “SEC”). VICI and BREIT have based forward-looking statements on current expectations and assumptions and not on historical facts. Examples of these statements include, but are not limited to, expectations regarding the closing of the transaction, any benefits expected to be achieved as a result of the transaction and statements regarding future performance, including VICI’s expected accretion following completion of the transaction. These forward-looking statements involve a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated in such forward-looking statements include risks related to delays or impediments to completing the transaction and other factors described in VICI’s periodic reports filed with the SEC as well as those described under the section entitled “Risk Factors” in BREIT’s prospectus and its annual report for the most recent fiscal year and any such updated factors included in its periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. In providing forward-looking statements, neither VICI nor BREIT is undertaking any duty or obligation to update these statements publicly as a result of new information, future events or otherwise, except as required by law. If VICI or BREIT updates one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those other forward-looking statements.

Contacts

Blackstone
Jeffrey Kauth
Jeffrey.kauth@Blackstone.com
(212) 583-5395

VICI
David Kieske
EVP, Chief Financial Officer
DKieske@viciproperties.com

Danny Valoy
Vice President, Acquisitions & Finance
DValoy@viciproperties.com

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