Category Archives: News

Apollo Commits to £4.5 Billion Financing for Électricité de France, Marking the Largest Sterling-Denominated Private Credit Transaction

Apollo logo

Proceeds to primarily finance EDF projects in the UK, notably the Hinkley Point C nuclear power station

NEW YORK, June 20, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed affiliates, funds, and strategic accounts have signed an agreement to invest up to £4.5 billion in fixed-rate callable notes issued by Électricité de France (“EDF”) pursuant to its €50 billion Euro Medium Term Note (“EMTN”) program. Proceeds from the financing will be used primarily to finance EDF projects in the United Kingdom, most notably the Hinkley Point C nuclear power station. This transaction represents one of the largest sterling-denominated note issuances on record.

Apollo Partner Jamshid Ehsani said, “Apollo is pleased to provide this bespoke, large-scale financing to EDF in support of its vital role in advancing European energy sovereignty and power infrastructure, including in the UK.”

Ehsani continued, “This landmark transaction highlights our deepening partnership with the French government and EDF and reaffirms our commitment to being a premier capital provider to leading European companies. This is the largest-ever capital funding transaction executed by EDF and the largest private credit transaction in the sterling market.”

This investment also builds on Apollo’s longstanding history of investing in French companies for nearly three decades. Notably, Apollo has provided €2.5 billion of High-Grade Capital Solutions across three transactions to Air France-KLM in recent years.

Since 2020, under its High-Grade Capital Solutions strategy, Apollo has originated over $100 billion of bespoke capital solutions for leading companies such as Intel, Air France-KLM, BP, Sony, AB InBev, Vonovia, and more.

Latham & Watkins, LLP and Kirkland & Ellis LLP acted as legal counsel to Apollo while Apollo Capital Solutions Europe B.V. is providing structuring and arrangement services in connection with the transaction. BNP Paribas and Hogan Lovells, LLP acted as financial and legal advisors, respectively, to EDF.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2025, Apollo had approximately $785 billion of assets under management. To learn more, please visit www.apollo.com.

Apollo Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com / europeanmedia@apollo.com

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Conscia, backed by Nordic Capital, acquires Dubex to further strengthen its cybersecurity competencies in Denmark as part of broader European growth strategy

Nordic Capital

Conscia, a leading European provider of cybersecurity, networking, hybrid cloud, observability and managed services, announces the acquisition of Dubex, a Danish cybersecurity specialist with deep expertise in advisory and managed security services.

With the acquisition of Dubex, Conscia is advancing its cybersecurity and security operations center capabilities across the Group while also deepening technical expertise and strengthening local competencies in Denmark. The acquisition is thus a strategic move to expand Conscia’s already strong security competencies and accelerates its ambition to become a pan-European leader in cybersecurity and managed services. This marks Conscia’s 16th acquisition in five years.

“Dubex is a perfect match and strengthens Conscia’s strategic position as Europe’s go-to cybersecurity company,” says Erik Bertman, CEO of Conscia Group. “Dubex adds deep security capabilities and a culture of leadership and excellence that aligns with our values. By combining their focused services with our pan-European platform, we can scale our leading cybersecurity capabilities and respond to rapidly evolving cyber threats more effectively.”

Dubex has a proven track record of more than 25 years dedicated to cybersecurity with a strong service offering across Governance, Risk & Compliance, Security Operations, Managed Security Services (including SIEM, MDR, and EDR), Incident Response, Offensive Security, and cybersecurity training. Dubex brings immediate scale to Conscia’s cybersecurity operations, both in terms of people and service breadth. With more than 80 specialists joining, including a high-capacity Security Operations Center (SOC), the Group significantly boosts its delivery power.

“Conscia Denmark now firmly establishes itself as a comprehensive cybersecurity partner. By integrating Dubex’s strong brand and capabilities in high-trust areas like incident response and offensive security, Conscia is positioned to be the first call when critical threats emerge. This significantly enhances our relevance and visibility among enterprise and public sector clients,” says Martin Høyer, General Manager of Conscia Denmark. “We’re excited to welcome a team that shares both our dedicated customer focus and strong technical DNA, and I look forward to working together with Dubex’s leadership to the benefit of customers from both companies.”

Dubex’s service offering and focus on cybersecurity fits well with Conscia’s scalable operational model while maintaining continuity in leadership, organisation and customer relationships.

“Joining Conscia is a natural step for us. We’ve always prioritized technical excellence and close customer partnerships – values we know Conscia shares,” says Gorm Mandsberg, co-founder and CEO of Dubex. “With access to new resources and broader capabilities, we can expand our impact and continue to lead in the cybersecurity field for our clients.”

The parties have agreed not to disclose financial details of the transaction and completion is subject to regulatory approval and customary closing conditions.

Press contacts:

Conscia Group
Daniel Siberg, Chief Sales & Marketing Officer
Phone: +46 734 082 778
Email: dasi@conscia.com

Conscia Denmark
Janne Rumle Becker, Communications- & Marketing Director
Phone: +45 51 29 32 20
Email: jbc@conscia.com

‍About Conscia

Conscia is a pan-European leader in cybersecurity and managed services for mission-critical IT infrastructure. Conscia secures and runs complex digital infrastructure for large organisations in an increasingly digital world facing rising threats and vulnerabilities. With global expertise and a local presence, Conscia designs, delivers, and manages cybersecurity, networking, hybrid cloud, and observability solutions that keep systems protected, connected, and high-performing. By safeguarding critical data and operations, Conscia ensures organisations stay resilient and prepared for what’s next – empowering them to secure progress. Founded in Denmark in 2003 and backed by private equity investor Nordic Capital, Conscia has grown into a pan-European leader. Headquartered in Denmark, the company now employs more than 1,400 people across Belgium, Finland, Germany, Ireland, Norway, Slovenia, Sweden, the Netherlands, and the UK, serving clients in multiple sectors including finance, healthcare, manufacturing, utilities, retail, and the public sector.

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3i announces sale of MPM to Partners Group, generating gross proceeds of c.£400m and MM of 3.2x

3I

3i Group plc (“3i”) today announces that a definitive agreement has been signed whereby MPM, a global leader in premium, natural pet food, will be sold to Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients. Total gross proceeds to 3i are estimated to be c.£400m, which represents a c.17% uplift on its 31 March 2025 valuation and c.29% uplift on its 31 December 2024 valuation. Including proceeds already received, this represents a 3.2x multiple of invested capital and an IRR of 29%.

MPM owns the Applaws, Reveal and Encore brands. These well-established cat-led brands are characterised by high-quality, human-grade products, made with natural, clean-label ingredients. MPM’s proposition resonates well with consumers and retailers alike.

Since 3i’s investment in December 2020, MPM’s sales and EBITDA have more than doubled. The company has broadened its omnichannel footprint and scaled significantly, driven by strong growth across pet specialty, food / drug / mass retail, and online channels. International sales now represent c.80% of revenues (US, EMEA and APAC).

Alongside organic growth, 3i has supported MPM through strategic initiatives across brand, product innovation, operations and sustainability, with MPM recertifying as a B Corp in 2024.

Julian Bambridge, CEO, MPM, said: “3i has been an outstanding partner. Their support in expanding our international footprint, investing in innovation and elevating our brand has been instrumental in MPM’s success. We are proud of the global platform we have built together and are excited for the next chapter.”

Rupert Howard, Partner, 3i, said: “It has been an absolute pleasure partnering with Julian and the entire team at MPM. At every step, the team has over-delivered and we are extremely proud of what we have achieved together over the last 4.5 years as we have developed MPM’s brands, customers, channels and geographies. We wish the team and Partners Group every success as MPM continues to expand its international presence in premium natural cat food.”

The transaction is subject to customary regulatory approvals and is expected to complete in Q3 2025.

Harris Williams is acting as financial advisor for 3i.

 

-Ends-

Download this press release 

 

For further information, contact:

Silvia Santoro
Investor enquiries

Kathryn van der Kroft
Media enquiries

 Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Categories: News

CapMan Real Estate welcomes Rexel as the first tenant in a state-of-the-art logistics facility in Mölnlycke

Capman

CapMan Real Estate welcomes Rexel as the first tenant in a state-of-the-art logistics facility in Mölnlycke

CapMan and Panattoni have signed a lease agreement with Rexel, marking the first tenancy in their joint logistics project in Mölnlycke. The property is strategically located near Gothenburg city center, Landvetter Airport, and the Port of Gothenburg, offering modern and sustainable facilities spanning a total of 43,000 m², of which Rexel will lease approximately 21,000 m².

At the beginning of the year, CapMan Real Estate, together with Panattoni, acquired Mitsubishi Logisnext’s former industrial property in Mölnlycke. Since taking possession in March, demolition work has been underway with a strong focus on reuse and sustainability. Now, just three months later, it has been confirmed that Rexel, one of the world’s largest distributors of electrical supplies, will be the first tenant, leasing nearly half of the new logistics facility.

“Securing a tenant like Rexel at such an early stage is a significant milestone and a testament to the strength of our offering. The property’s strategic location in Mölnlycke, close to the Port of Gothenburg and Landvetter Airport, provides unique logistical advantages and creates optimal conditions for the logistics of tomorrow,” says Mathias Ljungberg, Investment Director at CapMan Real Estate Sweden.

CapMan Real Estate actively works to reduce carbon emissions and develop climate-smart properties. The goal is to recycle at least 90% of all waste and reuse materials wherever possible. The new logistics facility is being developed to achieve BREEAM certification at the “Outstanding” level, the highest environmental certification available on the market, as well as Energy Class A. This ensures exceptional energy efficiency, benefiting not only the environment but also reducing operating costs for tenants.

“We are very much looking forward to moving into a future-proofed facility. The fact that the building will be certified according to the highest levels of the BREEAM environmental certification program is extremely important to us—it aligns perfectly with our sustainability efforts,” says Peter Sedin, Logistics Director at Rexel.

The new logistics facility in Mölnlycke is being developed to meet future demands for logistics and sustainability. The property is flexible and can accommodate between one and six tenants, featuring modern solutions such as dual loading yards, energy-efficient systems, and spaces for offices and staff amenities. Through smart material choices and high energy efficiency, the facility contributes to both environmentally friendly operations and reduced costs for tenants. Move-in is scheduled for summer 2026.

For more information, please contact:

Mathias Ljungberg, Investment Director at CapMan Real Estate Sweden, +46 070 989 4916

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.4 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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ARCOS Announces New Strategic Growth Investment from Bain Capital

BainCapital

COLUMBUS, Ohio – June 10, 2025 – ARCOS® LLC, the leading field operations and workforce management solution provider for utilities and critical infrastructure industries, today announced a new strategic growth investment from Bain Capital. The partnership will support a variety of growth and product innovation initiatives across the business. Terms of the private transaction were not disclosed.

ARCOS is the only field workforce management system designed for utilities that integrates data from disparate systems of record to provide field workers and central operations real-time situational awareness, enabling them to safely and efficiently perform the full spectrum of field operations to manage both planned and unplanned field operations.  ARCOS’ AI-enabled software solutions are leveraged by customers from Fortune 150 energy companies to municipal utilities to power and transform their field management operations.

“Now more than ever utilities face increased strain on their grids as they address rising energy demands, climate change impacts, the integration of renewable energy sources and the replacement of aging infrastructure,” said Paul Bernard, CEO of ARCOS. “We are excited to continue to drive the digital transformation of the utility industry with our expanding suite of AI-powered, modern and mission-critical field operation solutions.” ARCOS’ recent acquisition of Clearion expands its capabilities into adjacent areas such as vegetation and asset management, strengthening its position as the most comprehensive field operations and workforce management platform for utilities. The partnership with Bain Capital will support continued investment in key products like Mobile Workbench, enhancing field crew productivity, while also enabling continued inorganic growth to further expand ARCOS’ platform capabilities.

“ARCOS provides an essential platform for modernizing how utilities respond to increasingly complex operational demands — from extreme weather to grid modernization and workforce constraints,” said Matt Evans, Partner at Bain Capital. “We are thrilled to partner with Vista and the ARCOS team to further accelerate innovation and build on the Company’s clear leadership in field operations technology during this next phase of growth. This investment is designed to provide a flexible capital solution to support ARCOS in further scaling its mission-critical impact.”

“ARCOS has established itself as a vital technology platform for the utilities and critical infrastructure industries by providing easy-to-use digital tools that help organize, automate and optimize their customers’ complex and variable field service operations,” said Martin Taylor, Co-Head of Vista’s Foundation Fund and Senior Managing Director. “We look forward to building on this momentum with Bain Capital and further strengthening ARCOS’ commitment to product and operational excellence.”

About ARCOS LLC
ARCOS provides innovative field workforce management solutions that help utilities and other critical infrastructure industries manage people, work, and assets in a single platform. ARCOS enables utilities to quickly mobilize personnel for blue and grey sky work, manage native and non-native crews in a single system, and accelerate operations with field mobility tools that deliver real-time situational awareness and significant productivity improvements. More than 200 utilities rely on ARCOS to advance safety, reduce field costs, and improve response times and customer satisfaction. To learn more, visit https://www.arcos-inc.com. Follow @ARCOS on LinkedIn.

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. Our Special Situations team focuses on capital solutions opportunities that provide companies flexible capital that meets their specific needs, coupled with deep operational, strategic and financial value-add capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.BainCapital.com. Follow @Bain Capital on LinkedIn and X (Twitter).

About Vista Equity Partners
Vista is a global technology investor that specializes in enterprise software. Vista’s private market strategies seek to deliver differentiated returns through a proprietary and systematic approach to value creation developed and refined over the course of 25 years and 600+ transactions. Today, Vista manages a diversified portfolio of software companies that provide mission-critical solutions to millions of customers around the world. As of December 31, 2024, Vista had more than $100 billion in assets under management. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on X, @Vista_Equity.

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Main Capital Partners acquires majority stake in CarWise & AutoDisk, market leader in integrated ERP software for leasing and car rental companies

Main Capital Partners
Main Capital Partners today announces the acquisition of CarWise and AutoDisk (collectively, “CarWise”), two integrated companies that hold a market-leading position in front-, mid- and back-office ERP solutions for the leasing and car rental sector in the Benelux.
Home / Knowledge / Press release / Main Capital Partners acquires majority stake in CarWise & AutoDisk, market leader in integrated ERP software for leasing and car rental companies

CarWise was founded in Almere in 1989 by brothers René and Roland Fabrie. AutoDisk followed in 1991, launched by Alain Snel and Klaas Steenstra in Haarlem. Close cooperation began in the 1990s, enabling companies to offer, for more than three decades, a single integrated, modular platform that supports the entire leasing and rental value chain. Over 370 organizations benefit from a seamlessly automated workflow encompassing every core process – from quotation and lease-price calculation, mobility budgeting, and contract and fleet management to invoicing and reporting – optimizing virtually all activities related to the renting, leasing and managing of vehicles.

With a team of about 65 professionals, a strong Benelux presence and a growing European footprint, CarWise is ready for a new phase of growth. Backed by Main, the company is well positioned to accelerate its European expansion strategy. Main and CarWise will jointly focus on further product innovation, internationalization, and enhancing customer experience through smart solutions for the leasing and rental markets. The founders of CarWise and AutoDisk will remain involved as shareholders in the business.

CarWise and AutoDisk unite front-, mid- and back-office solutions in a single modular suite, giving them a unique market position.”

– Sjoerd Aarts, Head of Benelux & Managing Partner at Main: Capital Partners

René Fabrie, Founder of CarWise: “Partnering with Main is a major milestone for us. We are proud of what we have built over the past 35 years, and we believe Main – together with the family and current management – is the right partner to take the company forward. Main brings extensive experience, deep local knowledge and a broad international network. We look forward to this collaboration with great confidence and enthusiasm.”

Alain Snel, Founder of AutoDisk: “We are delighted to share this news. In recent years we have already transferred operational responsibilities to Edwin Fhijnbeen, Vincent Stikkelorum and the broader management team. We are confident that, together with Main, they are well positioned to lead the company into its next phase, continuing to focus on innovation, customer experience and organizational development.”

Sjoerd Aarts, Head of Benelux & Managing Partner at Main Capital Partners: “CarWise and AutoDisk unite front-, mid- and back-office solutions in a single modular suite, giving them a unique market position. With a leading presence in the Benelux and operations in nine European countries, the company is ready for the next step in its growth strategy. We look forward to supporting Edwin, Vincent and the broader team in executing that strategy in the Benelux and across Europe.”

About CarWise & AutoDisk

CarWise and AutoDisk jointly offer a one-stop mobility solution that seamlessly integrates the core processes of leasing companies – from quotation and vehicle configuration to contract management, invoicing, fleet management and reporting – enabling leasing and rental firms to boost operational efficiency, ensure compliance and make faster strategic decisions.

Nothing contained in this Press Release is intended to project, predict, guarantee, or forecast the future performance of any investment. This Press Release is for information purposes only and is not investment advice or an offer to buy or sell any securities or to invest in any funds or other investment vehicles managed by Main Capital Partners or any other person.

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Mercanis Secures Over $20 Million in Series A Round

AVP
  • The company receives fresh capital from new investors Partech and AVP, as well as from existing investors.
  • Mercanis enables over 40% process cost savings and supports clients such as BASF-Coatings, GASAG, Goldbeck, Wilson, and Brose.
  • The funds will be used to further develop Agentic AI and support the upcoming expansion plans, including into the U.S.

Berlin, June 11, 2025

In its latest Series A round, Mercanis, a Berlin-based startup for Agentic-AI procurement solutions, has raised over $20 million. The round was led by new investors Partech and AVP, with additional funding from existing investors, including Signals.VC, Capmont Technology, and Speedinvest. Well-known business angels like Dr. Ulrich Piepel, Dr. Marcell Vollmer, Mirko Novakovic (Instana & Dash0), and Victor Jacobsson (Klarna) continue their support for Mercanis. The additional capital will be used to further strengthen the company’s leadership position in Agentic-AI and accelerate its international expansion, including entry into the U.S. market.zIn its latest Series A round, Mercanis, a Berlin-based startup for Agentic-AI procurement solutions, has raised over $20 million. The round was led by new investors Partech and AVP, with additional funding from existing investors, including Signals.VC, Capmont Technology, and Speedinvest. Well-known business angels like Dr. Ulrich Piepel, Dr. Marcell Vollmer, Mirko Novakovic (Instana & Dash0), and Victor Jacobsson (Klarna) continue their support for Mercanis. The additional capital will be used to further strengthen the company’s leadership position in Agentic-AI and accelerate its international expansion, including entry into the U.S. market.

Fabian Heinrich, CEO and Co-Founder of Mercanis, states: “The trust placed in us by both long-standing and new investors is not only a powerful endorsement of our mission, but also a driving force behind our ongoing commitment to excellence. With this funding, we can expand our AI solution and accelerate our international expansion – particularly into the U.S. In times of geopolitical and economic uncertainty, our technology empowers companies far beyond Germany to build more resilient procurement operations that safeguard their supply chains and protect their bottom line.”

Next-generation AI-powered procurement

Founded in 2020 by Fabian Heinrich and Moritz Weiermann, Mercanis aims to reshape procurement processes with its Agentic-AI Procurement Suite. The cloud-based platform combines procurement, supplier management, and contract management. Intelligent agents autonomously handle operational tasks, while AI continuously analyzes procurement data to uncover savings opportunities, enhance strategic decisions, and drive measurable results—delivering over 40% process savings, a 2.5x increase in efficiency, and a 12x return on investment.

“Mercanis has transformed the way we manage suppliers and execute procurement projects. What used to take days now takes only hours. The automation and transparency help us act faster and make better decisions – especially when multiple stakeholders are involved. It’s a must-have for any procurement team looking to modernize,” says Uwe Kreplin, Head of Procurement at GASAG.

In addition to GASAG, Mercanis also counts BASF-Coatings, Goldbeck, Wilson, and Brose among its clients.

“Within just a few years, Mercanis has established itself as a trusted partner to multinational firms, with impressive traction across organizations now procuring billions through the platform,” says Philippe Collombel, Founding and General Partner at Partech.

“We are particularly impressed by the strength of their product and its ability to drive adoption at scale,” adds Magda Poslusny, Principal at Partech. “By automating key procurement processes, Mercanis not only boosts operational efficiency but also drives meaningful cost savings by engaging a broader supplier base. We are confident Mercanis is on track to become a category leader in procurement.”

About Mercanis

Mercanis offers an Agentic-Ai Procurement Suite that covers the entire procurement process – from supplier selection to contract signing. The solution includes four key modules: Spend Analytics, Sourcing & Request Processes (RFx), Supplier Management (SRM), and Contract Management. With the integrated Mercu AI Co-Pilot, repetitive tasks like supplier discovery, risk detection, intake management and offer comparison are automated, leading to significant efficiency improvements and over 40% process savings. Founded in 2020 by Fabian Heinrich and Moritz Weiermann, Mercanis supports prominent clients like BASF-Coatings, GASAG, Goldbeck, Wilson, and Brose in digitizing their procurement processes. The company is based in Berlin and currently employs over 40 people.
Learn more at mercanis.com

About Partech

Partech is a global tech investment firm headquartered in Paris, with offices in Berlin, Dakar, Dubai, Nairobi, and San Francisco. Partech brings together capital, operational experience, and strategic support to back entrepreneurs from seed to growth stage. Born in San Francisco 40 years ago, today Partech manages €2.5B AUM and a current portfolio of 220 companies, spread across 40 countries and 4 continents.
Learn more at partechpartners.com

Press Contact

Sabrina Rymarowicz
Zossener Straße 56-58
10961 Berlin
sabrina@get-press.de

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AURELIUS closes oversubscribed Fund V, EUR 830m fresh capital to be deployed

Aurelius Capital

London/Luxembourg, June 18, 2025 – AURELIUS, a global private equity investor with operations in Europe and North America, successfully closed AURELIUS Opportunities V (“Fund V”) following a significantly oversubscribed process that was completed after only five months of marketing. Given high demand, AURELIUS capped the size of Fund V to maintain investment discipline and preserve the exceptional performance record built over the last 20 years. AURELIUS now has a new capital pool of EUR 830m available. It follows in the footsteps of its top-decile EUR 540m 2021 co-investment structure of AURELIUS European Opportunities Fund IV (“Fund IV”) and AUR Portfolio III.

Focused on mid-market investments, Fund V will invest in corporate carve-outs, platform build-ups and complex buy-out situations for companies with annual revenues of at least EUR 100m. It will invest equity of up to EUR 150m to acquire enterprises with potential for operational improvement in Europe and North America.

As with its predecessor, Fund V portfolio companies will be advised by AURELIUS’ operations advisory team, recently named AURELIUS WaterRise, which will seek to create value by implementing the same proven strategy AURELIUS has been utilising for two decades: providing hands-on support and bespoke advice with its more than 180 global specialists.

Following the outstanding success of Fund IV – currently ranked in the top 5% across all industry benchmarks[1] – AURELIUS raised Fund V from more than 90% of its existing investor base and a number of new blue-chip LPs. The investor group includes a wide range of institutional investors, such as prestigious US and European university endowments, pension funds, insurance companies, family offices and charitable foundations.

Fabian Steger, Managing Director Fund IV and Fund V, says: “We are delighted to have seen such strong demand for our new Fund V, especially considering the challenging economic and geopolitical environment we find ourselves in. This is testament to the success of its predecessor fund, and we recognise our responsibility to do all we can to emulate it. We would like to thank our new investor group for the trust they are showing in us.”

Dirk Markus, AURELIUS’ co-founder, adds: “Being able to close Fund V just ahead of our 20-year anniversary celebrations is especially gratifying. Many conversations with potential investors have shown that they want GPs to go back to the basics of improving the operational performance of their portfolio companies, rather than relying on financial leverage or multiple expansion. AURELIUS has no need to ‘go back’ – we have been all about operational excellence since our inception in 2005.”

Aurelius Investment Advisory Limited is an Appointed Representative of Langham Hall Fund Management LLP, which is authorised and regulated by the Financial Conduct Authority of the UK.

Asante Capital Group acted as exclusive global placement agent.

For further inquiries, please contact:

Harald Kinzler
Head of Communications
harald.kinzler@aurelius-group.com
+44 7510 385 551

[1] Benchmark figures sourced from Cambridge Associates ex-US Q2 2024 Private Equity Benchmarks. AURELIUS Midmarket performance data as at Q3 2024. No fees were paid in connection with this benchmarking.

ABOUT AURELIUS

AURELIUS is a globally active alternative investor, distinguished and widely recognised for its operational approach. It focuses on Private Equity, Private Debt and Real Estate. Its key investment platforms include AURELIUS European Opportunities IV, AUR Portfolio III and AURELIUS Growth Investments (Wachstumskapital). AURELIUS has been growing significantly in recent years, particularly expanding its global footprint, and today employs more than 400 professionals in 9 offices spanning Europe and North America.

AURELIUS is a renowned specialist for complex investments with operational improvement potential such as carve-outs, platform build-ups or succession solutions as well as bespoke financing solutions. To date, AURELIUS has completed more than 300 transactions, building a strong track record of delivering attractive returns to its investors. Its approach is characterised by its uncompromising focus on operational excellence and an unrivalled ability to efficiently execute highly complex transactions.

More info: www.aurelius-group.com

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Audax Private Equity’s Origins Strategy Completes Thermogenics Exit

Audax Group

The first investment out of Audax’ debut lower middle market strategy now represents its first realization.

The sale comes less than three years after Audax Private Equity closed its inaugural Origins fund.

BOSTON & SAN FRANCISCO, June 18, 2025 — Audax Private Equity (“Audax”), a capital partner for middle and lower-middle market companies, announced today that it has completed the sale of Thermogenics, a provider of industrial and commercial boiler service and maintenance across North America. Morgan Stanley Capital Partners (“MSCP”) acquired Thermogenics as part of a new investment in the company that closed on June 10, 2025. Terms of the deal are not disclosed.

“Thermogenics represented our very first investment through our Origins strategy,” noted Greg Smith, a Managing Director at Audax Private Equity. “As the strategy’s first exit – almost three years to the day since we closed the acquisition – we think the investment demonstrates the impact of our Buy & Build approach to help lower middle market companies create a foundation for accelerated growth and provide management teams with the tools and resources to execute on their vision through M&A and organic value creation initiatives.”

“When we initially partnered with Audax, the scale and depth of resources stood out,” noted Ross Garland, Chief Executive Officer of Thermogenics. “Now, in hindsight, the collaboration of their Strategic Resources Group, the breadth of Audax’ business development and sourcing function, and the deep experience of the investment team, each played a critical role in positioning Thermogenics to capitalize on the opportunity set in front of the business. We’re looking forward to building on this momentum and embarking on our next phase of growth with MSCP.”

Based in Aurora, Ontario, and with over 250 employees, Thermogenics is a provider of boiler lifecycle solutions to a diverse set of commercial and industrial customers. Under Audax’ ownership, Thermogenics expanded its executive team and added key roles to facilitate growth; upgraded and enhanced its IT infrastructure, including the implementation of a new ERP system; and completed and integrated six acquisitions that expanded the company’s geographic footprint in the U.S., while enhancing its service offering. During the hold, Thermogenics’ top- and bottom-line performance more than doubled.

The investment in Thermogenics was made through Audax’ debut Origins Fund, announced in 2023, which closed above target with $965 million, inclusive of GP co-investment vehicles, to deploy across the North American lower middle market.

“Throughout our hold, we leveraged our deep experience in Industrial Services & Technologies, a sector where we have completed over 60 platform investments through our Flagship and Origins strategies and have deployed over $3 billion,” noted Don Bramley, a Partner at Audax Private Equity.

“We want to thank Ross and the entire management team at Thermogenics,” added Jay Mitchell, a Partner at Audax Private Equity. “When we launched our Origins strategy in 2022, our objective was to leverage our deep investment in our organization and extend our Buy & Build approach to lower middle market companies. Our conviction in the strategy, the investment thesis, and the management team translated into what we consider to be a tremendous outcome for Thermogenics, Audax and our investors. It’s an investment we’re proud of and believe helps to set the tone for our strategy going forward.”

Solomon Partners served as sell-side lead advisor, while KeyBanc Capital Markets served as co-advisor. Kirkland & Ellis LLP provided legal counsel to the sellers, while Debevoise & Plimpton LLP served in the same capacity to MSCP.

About

ABOUT THERMOGENICS:
Thermogenics is a provider of boiler lifecycle solutions in North America, offering boiler service & maintenance, equipment sales, and rental solutions for its customers’ mission critical boilers in industrial, commercial, and institutional sectors. With 24/7 factory-trained technician support and its boiler rentals solution set, Thermogenics and its affiliated brands function as a one-stop shop for its customers’ most complex steam and heating needs.
Headquartered in Aurora, ON, Thermogenics operates across North America with locations in Ottawa, ON, Cincinnati, OH, Jacksonville, FL, Orlando, FL, Sioux City, IA, West Hartford, CT, Greensboro, NC, Apache Junction, AZ and Las Vegas, NV.

ABOUT AUDAX PRIVATE EQUITY:
Headquartered in Boston, with offices in San Francisco, New York, London and Hong Kong, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of March 2025, over 290 team members, and 100-plus investment professionals, Audax has invested in more than 175 platforms and over 1,350 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

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Ratos advances streamlining strategy

Ratos

Ratos is, as previously announced, streamlining the company towards fewer business segments. Following the successful public listing of the construction group Sentia (SNTIA) on the Oslo Børs June 13 and the divestment of airteam, a leading supplier of technical ventilation solutions, during the second quarter of 2025, Ratos has taken several decisive steps to streamline the company and enhance long-term value creation.

The transactions represent a divestment of Ratos’ Construction Services segment, a key milestone in Ratos’ strategy of focusing on business segments with long-term profitable growth, strong margins and returns as well as lower volatility, predominantly in infrastructure- and industrial product solutions segments. The reallocation of capital and management attention towards these prioritized segments will strengthen Ratos’ position in sectors where it sees the greatest opportunity to deliver long-term shareholder value.

Following the transactions, Ratos’s EBITA margin is expected to improve by approximately +200 basis points. However, the Group’s leverage ratio (net debt/EBITDA) will be adversely impacted, primarily due to Sentia’s strong cash position — a net of proceeds of approximately SEK 1.5 billion and cash of approximately SEK 2.9 billion. Sentia’s net cash position is largely driven by customer prepayments for major construction projects.

It is important to note that Ratos’ current ownership stake in Sentia is valued at approximately SEK 2.2 billion. Should the stake be divested, the Group’s leverage would improve significantly, from a pro forma level of 1.7x following the transaction, to approximately 0.6x.

Impact on main financial metrics from airteam-divestment and Sentia-listing

As reported After transactions
MSEK FY 2024 airteam Sentia FY 2024 Change
Net sales 32,125 1,714 10,354 20,057 -38%
EBITA adjusted 2,329 160 569 1,790* -23%
EBITA % adjusted 7.2 9.3 5.5 8.9 +170bps
All below excl. IFRS16 and items affecting comparability (IAC)/adjustments
Net debt 2,815 -1,053 +1,434 3,196 +14%
EBITDA adjusted 2,389 161 576 1,842* -23%
Leverage (Net debt/EBITDA) 1.2x 1.7x** +0.5x

*Including profit contribution from ~40% stake in Sentia
**Leverage at 0.6x if stake in Sentia is divested (share price assumed at ~57 NOK (2025-06-17))

For more information, please contact:
Anna Vilogorac, CFO & Investor Relations
+46 70 616 50 19, anna.vilogorac@ratos.com

Katarina Grönwall, VP Communications & Sustainability
+46 70 300 35 38, katarina.gronwall@ratos.com

About Ratos
Ratos is a Swedish publicly listed business group consisting of 14 companies across three business areas: Construction & Services, Industry and Consumer. The Group operates mainly in the Nordic region, with net sales of SEK 32 billion and an adjusted EBITA of SEK 2.3 billion in 2024, and with a total workforce of around 10,900 employees. Ratos is headquartered in Stockholm, Sweden.

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 subsidiaries to excel by being part of something larger.

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Categories: News