KKR Invests US$95 million in Lenskart

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KKR
May 16, 2021

NEW DELHI & MUMBAI, India–(BUSINESS WIRE)– Lenskart, a leading omni-channel eyewear retailer in India, and KKR, a global investment firm, today announced the signing of definitive agreements under which KKR will invest US$95 million in Lenskart (“the Company”) via a secondary stake acquisition.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210516005045/en/

Upon the completion of the transaction, KKR will look to leverage its experience working with leading technology and eyewear companies globally to support Lenskart in expanding its presence in India, scaling its growing operations overseas, and enhancing its digital offerings to augment customers’ virtual and omni-store experience.

As part of the transaction, existing investors TPG Growth and TR Capital, who first invested in Lenskart in late 2014, will each divest a portion of their holding in the Company.

Lenskart was launched with a vision to revolutionize eyewear in India and now globally. Established in 2010, the Company today is the largest service provider for eyewear in India, serving over 7 million customers annually through its omni-channel shopping experience, which spans online, mobile application, and 730 omni-channel stores in 175 cities across the country. In 2019, Lenskart also expanded to Singapore – marking its foray into Southeast Asia – where it is now a key service provider for optical. Lenskart integrates technology into all aspects of its operations to enhance customers’ browsing, shopping and purchasing experience, in addition to manufacturing and supply chain optimization. Among Lenskart’s digital offerings is a virtual 3D try-on tool; AI-powered facial mapping and frame recommendation features; smart physical stores with seamless omni-channel experience; and footfall tracking beacons, heat maps and demographic analytics; and intelligent supply-chain and inventory-management solutions.

Peyush Bansal, CEO of Lenskart, said, “At Lenskart, we are obsessed with our customers, technology, and making world a better place through easily accessible, best-quality eyewear. More than 600 million people in India and 4.5 billion people globally need vision correction, but only a fraction of them use it due to a lack of access, awareness, and high-quality, affordable solutions. Lenskart was founded to address this gap by leveraging technology to make eyewear accessible to everyone – first in India, and now worldwide. We are also working on the larger human agenda of improving people’s quality of life by allowing them to ‘Be More and Do More’ with their eyewear through our innovative products such as Lenskart Airflex, E-lock, Neuro-science lenses, and Lenskart BLU.”

“I feel we are still scratching the surface and have a lot of work to do over next 10 years in India and globally,” Mr. Bansal added. “In the next five years, we aspire to have 50% of India wearing our specs. Today’s announcement is a milestone and a step towards that goal. We are thrilled to welcome KKR as an investor given their significant experience working with leading global eyewear retailers such as National Vision and 1-800 Contacts as well as technology-focused businesses globally. We look forward to working alongside KKR to elevate Lenskart to its next phase of growth.”

Gaurav Trehan, Partner at KKR, said, “As a technology-driven business, Lenskart is a strong, homegrown disruptor in India’s rapidly expanding eyewear industry. We are truly excited to work with Peyush and Lenskart’s impressive management team to support Lenskart’s growth and innovation in India and internationally, in addition to advancing its mission to provide affordable, accessible eyewear products for everyone.”

KKR is making its investment from its Asian private equity fund. Lenskart is KKR’s latest investment that supports industry-leading consumer companies enabled by technology. Recent technology-focused investments for KKR in Asia include Adopt A Cow, a digitalized, direct-to-consumer dairy company in China, NetStars, the operator of Japan’s largest QR code payment gateway, and Walnut Programming, a children’s programming education company in China.

Avendus Capital advised Lenskart on the transaction. Additional details of the transaction are not disclosed.

About Lenskart

“Your most unhappy customers are your greatest source of learning,” said Bill Gates, Peyush Bansal’s long-time hero and ex-employer. Inspired by this lesson, Lenskart was founded. Lenskart, since then, has revolutionized the eye care market in India. Lenskart is India’s fastest growing eyewear business serving over 7 million customers every year. Lenskart is relentlessly pursuing its goal of revolutionizing the eye-wear industry by investing in technology and innovation that will make high quality affordable eyewear accessible to all. Lenskart is backed by Softbank, Kedaara Capital, Premji Invest, Steadview Capital among other key investors.

About KKR

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

Media:
Lenskart
Aanchal Jain
+91 98115 44682
aanchal.jain@lenskart.in

KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

KKR Americas
Cara Major or Miles Radcliffe-Trenner
+1 212-750-8300
Media@kkr.com

AdFactors (for KKR in India)
George Smith Alexander
+91 98213 56867
George.Smith@adfactorspr.com

Source: KKR

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Graphic Packaging Holding Company to acquire AR Packaging from CVC Funds

CVC Capital Partners

Acquisition for $1.45 Billion in cash will create premier global provider of sustainable fiber-based consumer packaging solutions

  • Combination strengthens global positioning and expands scale in large and growing European fiber-based consumer packaging markets
  • Growth trajectory of combined company aligns with Vision 2025, providing significant value creation for stockholders and other stakeholders
  • Graphic Packaging to host conference call at 8:30am EDT/2:30pm CEST today to review transaction details

Graphic Packaging Holding Company, (“Graphic Packaging” or the “Company”), a leading vertically-integrated provider of sustainable fiber-based consumer packaging solutions, and CVC Capital Partners Fund VI today announced a definitive agreement under which Graphic Packaging will acquire AR Packaging Group AB (“AR Packaging”), Europe’s second largest producer of fiber-based consumer packaging, for approximately $1.45 billion in cash, subject to customary adjustments.

The combination enhances Graphic Packaging’s global scale, innovation capabilities, and value proposition for customers throughout Europe and bordering regions. With a broad set of industry-leading packaging solutions, design expertise, and expanded geographic reach, the combined company will be uniquely positioned to capture continued organic growth opportunities across existing and new global customers and markets.

The proposed acquisition of AR Packaging is expected to add $1.1 billion in annual sales and $160 million in annual Adjusted EBITDA. In addition, the combination is expected to drive total synergies of $40 million over 36 months following close. The deal is expected to be immediately accretive to the Company’s earnings per share and cash flow.

Michael Doss, Graphic Packaging’s President and CEO said, “AR Packaging is a leader in the attractive and growing market for sustainable packaging in Europe. Acquiring AR Packaging will result in significant value creation opportunities for our customers, our employees, and our stockholders as we bring together two leading providers of fiber-based consumer packaging solutions with long histories of innovation and creative packaging design. The large, distributed footprint of AR Packaging’s 25 converting facilities across Eastern and Western Europe provides significant scale and cost efficiency benefits strengthening our combined presence and ability to service customers throughout Europe and globally. We are pleased to welcome the AR Packaging team as we work together to further advance our commitment to sustainable packaging solutions for global consumers in support of the move to a more circular economy.”

Stephen Scherger, Graphic Packaging’s EVP and CFO added, “The acquisition of AR Packaging expands our opportunities to serve and grow in markets around the world with our sustainable packaging solutions. The combination, together with our previously announced acquisition of Americraft Carton, supports our growth goals and positions Graphic Packaging to consistently deliver organic sales growth at the high end of our 100 to 200 basis points goal as outlined in Vision 2025. Notably, the lean operating models executed by both organizations, coupled with our complementary market segments, provide compelling financial benefits. The significant cash flow generation capability of the combination will drive strong returns and is expected to return Graphic Packaging to our long-term 2.5-3.0x target leverage range within 24 months following close.”

AR Packaging’s President and CEO, Harald Schulz, said, “I am proud of the progress we have made in establishing a clear strategy and building AR Packaging into a respected provider of packaging solutions. I want to thank CVC for their support in those efforts over the last five years. Graphic Packaging’s shared approach to customer service and deep focus on providing innovative, sustainable solutions closely aligns with how we operate our own business, making them an ideal partner. The ability to leverage beneficial value chain integration, from paperboard manufacturing to carton converting, provides increased possibilities to offer sustainably optimized solutions to our customers. Our team looks forward to joining with the Graphic Packaging team to become the premier global provider of sustainable fiber-based packaging solutions.”

Lave Beck-Friis, Managing Director at CVC, commented, “We are very proud of the progress AR Packaging has made during our partnership. It has been a pleasure working with Harald and his excellent team to develop and roll out numerous new products, as well as investing to support an active M&A agenda to accelerate the growth of the business into a truly global player. We are pleased to be handing AR Packaging over in such a strong position, and to have found a new owner that shares management’s vision for the future direction of the business.”

The transaction, which has been unanimously approved by the Boards of Directors of Graphic Packaging and AR Packaging, is expected to close in four to six months, subject to regulatory approvals and other customary closing conditions.

BofA Securities is serving as financial advisor and DLA Piper is serving as legal counsel to Graphic Packaging. Credit Suisse International is serving as financial advisor and Roschier is serving as legal counsel to AR Packaging.

Investor Conference Call

An investor conference call will be hosted by Graphic Packaging at 8:30am EDT/2:30pm CEST today (May 14, 2021). The conference call will be webcast and can be accessed from the Investors section of the Graphic Packaging website at www.graphicpkg.com. Participants may also listen via telephone by dialing 833-900-1527 from the United States and Canada, and 236-384-2052 from outside the United States and Canada. Telephone participants are required to provide the conference ID 2253579. The event webcast will be available for replay on the Graphic Packaging website beginning at approximately 1:00pm EDT Friday, May 14, 2021.

 

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General Atlantic Launches the GA Global Growth Institute

General Atlantic, a leading global growth equity firm, today announced the launch of the GA Global Growth Institute to share insights, research and advance conversations around entrepreneurship, innovation and other critical drivers of global economic expansion.

Led by Nobel Laureate economist and General Atlantic Senior Advisor Dr. Michael Spence, who will serve as Chairman of the Institute, the platform will draw from the broad and complementary expertise and analysis of General Atlantic’s global network, including the many Senior Advisors who help to shape the investment theses and growth strategies executed by the firm’s deal teams and portfolio companies.

“We have deep conviction in the power of global entrepreneurship and technological innovation to create inclusive, sustainable growth across sectors and regions,” said Bill Ford, Chairman and CEO of General Atlantic. “In the next critical phase of economic recovery, we will seek to harness the collective knowledge of our firm’s network to share insights on the drivers of growth patterns around the world. Themes of digital enablement, access to healthcare and education, financial inclusion, and sustainable growth have long underpinned our investing platform. The GA Global Growth Institute will explore these themes, as well as issues related to climate change and sustainability, and we are fortunate to have Mike’s leadership in these efforts.”

“As we enter a period of projected global growth, we hope to foster dialogue on the trends that are fundamentally transforming industries and economies,” said Dr. Spence. “Through the platform of the GA Global Growth Institute, we look forward to sharing perspectives and sparking discussions on critical topics including global entrepreneurship, paths to sustained growth, and future drivers of societal and economic progress. Within General Atlantic’s vast ecosystem of entrepreneurs and business leaders, we believe there is immense potential to amplify important voices to explore the systems that shape communities and institutions globally.”

Dr. Spence’s most recent piece of commentary, “Economic Growth and Investment: Prospects, Risks and Opportunities,” explores drivers behind the post-pandemic shift to inclusive global growth. The report outlines the new opportunities for entrepreneurs, investors and society at large that will stem from the rapid multi-dimensional technological and economic transformations the world is experiencing today. Dr. Spence asserts that, following a stalled recovery due to a resurgence of COVID-19, three sectors factors offer significant potential to drive macroeconomic growth: digital transformation, healthcare and biomedical science, and the green revolution. Find the full article here.

About General Atlantic

General Atlantic is a leading global growth equity firm providing capital and strategic support for growth companies. Established in 1980, General Atlantic combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to build market-leading businesses worldwide. General Atlantic has more than 175 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai and Singapore. For more information on General Atlantic, please visit the website: www.generalatlantic.com.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

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PerkinElmer Expands Cell Biology Leadership with Agreement to Acquire Nexcelom Bioscience

Ampersand
Highly complementary cell counting and analysis capabilities bolster preclinical portfolio and enhance QA/QC capabilities in cell and gene therapy and biologics manufacturing

PerkinElmer, Inc. (NYSE: PKI) is pleased to announce it has entered into an agreement to acquire Nexcelom Bioscience for $260 Million in cash. The transaction is expected to close during the second quarter of 2021.

Nexcelom is a leading, global provider of automated cell counting instruments, image cytometry workstations, assays and a variety of cell reagents, consumables, and fit-for-purpose cell counting method selection and development instructions that follow ISO Cell Counting Standards and aid in the development of cell and gene and immuno-oncology therapies, virology drugs and vaccines.

Headquartered in Lawrence, Massachusetts, Nexcelom is founder-led, privately held and has approximately 130 employees around the world based in the U.S., the UK and China. Nexcelom’s expected 2021 revenues are approximately $40 Million.

Commenting on the transaction, Prahlad Singh, president and chief executive officer of PerkinElmer said, “We are looking forward to bringing Nexcelom’s expertise and technologies in drug development together with our passion and solutions for drug discovery. This combination will expand our efforts to help academic, government and biopharmaceutical organizations streamline their complete workflows and support efforts to accelerate time to target and time to market for novel therapies.”

Dr. Peter Li, president and chief executive officer of Nexcelom added, “Our team is very excited to be joining forces with PerkinElmer to help scientists resolve some of today’s most pressing health challenges through modernizing cell based assays using the most advanced cell models. Our organization has a deep commitment to innovation and we are looking forward to continuing to grow our technology and customer footprint in combination with PerkinElmer’s strong global presence and infrastructure.”

PerkinElmer’s existing biologics, vaccine and cell and gene research solutions feature industry-leading high content, in vivo, and cell painting screening technologies; innovative immunoassays; CRISPR, RNAi and DNA tools and custom cell lines; cell plate readers and advanced automation; microfluidics and analytical platforms.

The agreement to acquire Nexcelom comes just five months after PerkinElmer added Horizon Discovery, a leader in gene editing and modulation. To learn more about PerkinElmer’s full range of life sciences solutions, informatics and OneSource services please visit: https://www.perkinelmer.com/corporate/what-we-do/markets/life-sciences.html.



About PerkinElmer

PerkinElmer enables scientists, researchers, and clinicians to address their most critical challenges across science and healthcare. With a mission focused on innovating for a healthier world, we deliver unique solutions to serve the diagnostics, life sciences, food, and applied markets. We strategically partner with customers to enable earlier and more accurate insights supported by deep market knowledge and technical expertise. Our dedicated team of about 14,000 employees worldwide is passionate about helping customers work to create healthier families, improve the quality of life, and sustain the well-being and longevity of people globally. The Company reported revenue of approximately $3.8 billion in 2020, serves customers in 190 countries, and is a component of the S&P 500 index. Additional information is available through 1-877-PKI-NYSE, or at www.perkinelmer.com.

About Nexcelom

Nexcelom Bioscience is a Massachusetts-based developer and marketer of image cytometry products for cell analysis in life science research and drug discovery, development and manufacturing. Products range from high performance cell viability counters (Cellometer and Cellaca) to high throughput microwell image cytometry workstations (Celigo), with turnkey solutions including instruments, consumables and reagents. Founded in 2003 and currently owned by its founders and Ampersand Capital Partners, Nexcelom delivers innovative, fit-for-purpose, accurate cell counting solutions that are critical for advanced therapeutic modalities such as cell and gene therapy. The company currently employs about 130 fast-paced, customer-centric employees who are passionate about making an impact in life science.

Factors Affecting Future Performance

This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements relating to estimates and projections of future earnings per share, cash flow and revenue growth and other financial results, developments relating to our customers and end-markets, and plans concerning business development opportunities, acquisitions and divestitures. Words such as “believes,” “intends,” “anticipates,” “plans,” “expects,” “projects,” “forecasts,” “will” and similar expressions, and references to guidance, are intended to identify forward-looking statements. Such statements are based on management’s current assumptions and expectations and no assurances can be given that our assumptions or expectations will prove to be correct. A number of important risk factors could cause actual results to differ materially from the results described, implied or projected in any forward-looking statements. These factors include, without limitation: (1) markets into which we sell our products declining or not growing as anticipated; (2) effect of the COVID-19 pandemic on our sales and operations; (3) fluctuations in the global economic and political environments; (4) our failure to introduce new products in a timely manner; (5) our ability to execute acquisitions and license technologies, or to successfully integrate acquired businesses and licensed technologies into our existing business or to make them profitable, or successfully divest businesses; (6) our failure to adequately protect our intellectual property; (7) the loss of any of our licenses or licensed rights; (8) our ability to compete effectively; (9) fluctuation in our quarterly operating results and our ability to adjust our operations to address unexpected changes; (10) significant disruption in third-party package delivery and import/export services or significant increases in prices for those services; (11) disruptions in the supply of raw materials and supplies; (12) the manufacture and sale of products exposing us to product liability claims; (13) our failure to maintain compliance with applicable government regulations; (14) regulatory changes; (15) our failure to comply with healthcare industry regulations; (16) economic, political and other risks associated with foreign operations; (17) our ability to retain key personnel; (18) significant disruption in our information technology systems, or cybercrime; (19) our ability to obtain future financing; (20) restrictions in our credit agreements; (21) discontinuation or replacement of LIBOR; (22) the United Kingdom’s withdrawal from the European Union; (23) our ability to realize the full value of our intangible assets; (24) significant fluctuations in our stock price; (25) reduction or elimination of dividends on our common stock; and (26) other factors which we describe under the caption “Risk Factors” in our most recent quarterly report on Form 10-Q and in our other filings with the Securities and Exchange Commission. We disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210512005955/en/

Contacts

Media Contact:
Jennifer McNeil
PerkinElmer, Inc.
jennifer.mcneil@perkinelmer.com
+1 508.380.2902

Investor Relations:
Steve Willoughby
PerkinElmer, Inc.
stephen.willoughby@perkinelmer.com
+1 781.663.5677

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Pliant Raises $10M in Series A Funding

New Stack Ventures

Today, Pliant announced that it has secured $10 million in Series-A financing led by Osage Venture Partners, with participation from Madrona Venture Group and existing investors New Stack Ventures, Gutbrain Ventures, VT Technology Ventures, Timothy McSweeney, BrightCap Ventures, Newfund Capital, Azure Capital Partners, and Leading Edge Ventures. As part of this financing, Osage Venture Partners Managing Partner Robert Adelson has joined the Pliant Board of Directors.

The new funding will be used to invest in Pliant’s go-to-market operations spanning sales, marketing, alliances, and customer success, as well as development initiatives in support of the company’s product roadmap.

 

“The Pliant IT Automation and Orchestration Platform delivers highly differentiated solutions in an exciting and rapidly growing space,” said Robert Adelson, Managing Partner of Osage Venture Partners.

“We are very impressed by the company’s proven ability to deliver meaningful value to leading brands in such a short period of time.”

 

“I’m thrilled and honored to be a part of the Osage Venture Partners family,” said Vess Bakalov, Founder and CEO of Pliant.

“We have built a strong business with a small, dedicated, and driven team. In the last year alone, we have made incredible progress in product development, new customer acquisition, and customer success. This investment will help us staff up to accelerate a new phase of rapid growth.”

 

Congratulations to Pliant!

Eurazeo to sell 49% of its stake in Trader Interactive based on a $1.625 billion valuation

Eurazeo

Eurazeo is announcing the sale of 49 % of its stake in Trader Interactive, a provider of online advertising & marketing solutions to the powersports, recreational vehicle, commercial truck & equipment industries based in Virginia (USA), to carsales the largest online automotive advertising platform in Australia with a growing presence in Latin America and Asia. Internationally, carsales operates several marketplaces across both the automotive and specialty vehicle segments with leading properties such as demotores.com in Argentina and EnCar in South Korea.

Under this agreement, Trader Interactive is valued at $1.625bn corresponding to 26,5x CY 2020 Adjusted EBITDA. With this operation, Eurazeo and its affiliates show a total valuation on a realized and unrealized basis of 2.8x their original investment.
The sale of the 49% stake represents pre-tax proceeds of ~$280m for Eurazeo and its affiliates, of which $190m for Eurazeo. This represents 1.5x on their total initial investment1. carsales has a call option for the 51% remaining equity stake in Trader Interactive.

Trader Interactive was the first investment made by Eurazeo’s mid-large buyout team in the US in June 2017. Over the last four years, Trader Interactive has significantly reinforced its leading position across each of its verticals with the support of Eurazeo. Through its relentless focus on building a world class technology and data platform along with targeted and strategic M&A, Trader continues to deliver increasing value to its dealers every day.

Marc Frappier, Member of the Executive Board, Managing Partner of mid-large buyout:
« Trader Interactive exemplifies Eurazeo’s strategy to select and support market leaders across attractive industries supported by strong fundamentals and clear growth drivers. We look forward to accompanying Trader in the next stage of its journey. »

Vivianne Akriche, Managing Director, mid-large buyout, added:
« carsales has a strong track record of building valuable international partnerships in vertical marketplaces. We are very excited to partner with carsales for Trader Interactive’s next chapter and are convinced that combining our respective experiences will further accelerate the Company’s transformation and growth. »

ABOUT EURAZEO
Eurazeo is a leading global investment group, with a diversified portfolio of €21.8 billion in assets under management, including €15.0 billion from third parties, invested in 450 companies. With its considerable private equity, private debt, real estate and infrastructure expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid.
Eurazeo is listed on Euronext Paris.
ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

EURAZEO CONTACTS
Virginie Christnacht
HEAD OF COMMUNICATIONS vchristnacht@eurazeo.com
+33 (0)1 44 15 76 44
Pierre Bernardin
HEAD OF INVESTOR RELATIONS pbernardin@eurazeo.com
+33 (0)1 44 15 16 76
PRESS CONTACT
David Sturken
MAITLAND/AMO dsturken@maitland.co.uk+44 (0) 7990 595 913

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Audax Private Equity to Sell Axia Women’s Health to Partners Group

Audax Group

Audax Private Equity (“Audax”) has announced that it has signed a definitive agreement to sell Axia Women’s Health to Partners Group on behalf of its clients.

Axia Women’s Health (“Axia” or the “Company”) is a leading women’s healthcare provider in the U.S. The Company is headquartered in Voorhees, New Jersey, and provides a highly integrated platform of non-clinical business and administrative support services such as accounting, HR, insurance, IT, and practice management services to its network of physician practices across the U.S. Axia partners with more than 80 care centers, comprising 150 locations and supporting 475,000 patients annually, which offer a wide range of care including obstetrics, gynecology, laboratory, mammography, urogynecology, fertility, and other women’s health sub-specialties. Axia is on the forefront of delivering women’s healthcare via an integrated model that treats patients across different phases of life, while supporting physicians’ clinical autonomy and ability to focus on care.

Since being formed by Audax in 2017, Axia has undergone a number of strategic growth initiatives:
•Expanded the continuum of care available to patients including investments in laboratory, mammography, urogynecology, fertility, and other capabilities in women’s health
•Developed value-based care programs, technology innovations, and care analytics to improve patients’ experience and outcomes
•Completed eighteen add-on acquisitions including expansion into the Midwest market, representing a significant step towards building a national platform

Charlie Choi, Chief Executive Officer of Axia, commented, “Over the last four years, Audax has supported our mission to create a more caring, connected, and progressive women’s healthcare community. Audax was instrumental in enabling growth, both organically and through acquisitions, while investing in key executive talent and systems to support long-term growth. We look forward to our next chapter with Partners Group to continue building sustainable value as a national women’s health platform.”

Adam Abramson, Managing Director at Audax, said, “We’ve enjoyed a terrific partnership with Charlie and the Axia team and are proud of the accomplishments they have made in improving women’s healthcare. We wish continued success to Axia as the Company embarks on the next phase of growth with their new partner.”

Moelis & Company LLC served as financial advisor and Ropes & Gray served as legal advisor to Axia.

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Swarmia raises $8M Seed to help software development teams deal with data

Lifeline Ventures

Swarmia, a B2B SaaS company for software development teams dealing with data, has raised a €5.7 M Seed round and a previously unannounced 1M€ pre-seed round, taking its raise to €6.7M ($8M). The Seed round was led by Alven Capital and joined by Jigsaw VC, Irena Goldenberg, Alex Algard, Lars Fjeldsoe-Nielsen, Jonathan Benhamou and Romain Huet. Lifeline Ventures, the sole investor in a previously unannounced 1M€ pre-seed round, also participated. The cash wil be used to scale to the US.

Founder Otto Hilska is a serial entrepreneur who started Flowdock (team collaboration product, acquired by Rally Software) and was Smartly.io’s Chief Product Officer.

Hilska says many software development organizations could be much more successful if they had a “better visibility to their work and a systematic approach for continuous improvement”.

Swarmia integrates with development tools such as GitHub, Jira, Linear and various CI tools to “create a holistic view to the engineering teams’ inner workings.”

Competitors include Pluralsight Flow (raised $192.5M) and CodeClimate Velocity ($15M).

However, Hilska says: “We’re the only product in the market that’s actually used by developers themselves. We don’t build features for stalking individual developers, but rather focus on how the team can improve. We’ve built the product together with our pilot customers (with shared Slack channels and daily iteration) to make sure that it actually scales with them. Every team is different, and our product adapts to these different ways of working by letting teams define their Working Agreements. That leads to much better data quality, since we actually understand how the teams work – while competitors are happy to plot any incorrect data. Our Slack bot also helps teams drive the behavioral change when teams choose to adopt a working agreement.”

Thomas Cuvelier, Partner at Alven commented: “Software is eating the world but software engineering, the largest cost center of the modern organization, is still a black box. Swarmia solves a considerable pain point by bringing visibility to engineering work and helping executives make the right business decisions based on data rather than anecdotal evidence. What Otto and his team have achieved so far is impressive and they’re well on their way to drive better working habits for the world’s 27m developers.”

EQT Growth leads investment in Vinted, Europe’s largest online C2C platform dedicated to second-hand fashion

eqt
  • EQT Growth led the EUR 250m Series F fundraise in Vinted, Europe’s largest online C2C platform dedicated to second-hand fashion, with presence in over 10 markets worldwide
  • The underlying market of Vinted is supported by favourable secular megatrends, including increased focus on sustainability efforts and greater demand for circular fashion
  • EQT Growth will support Vinted and its management team by accelerating growth into new geographies and help strengthen its existing leading position across its core markets, by leveraging EQT’s strong digital and sector expertise, global platform and extensive advisory network. Following the investment, Carolina Brochado, Partner at EQT Growth, will also join Vinted’s board

EQT is pleased to announce that EQT Growth has led the investment in Vinted Limited (“Vinted” or “the Company”). The investment, which is made through EQT AB’s balance sheet, is part of Vinted’s EUR 250 million Series F fundraise at a pre-money valuation of EUR 3.5 billion.

Founded in 2008 and headquartered in Vilnius, Lithuania, Vinted operates in over 10 markets, and has become the largest online C2C marketplace in second-hand fashion across Europe. Since Thomas Plantenga took over as CEO in 2016, Vinted has transformed its business model and developed a proven market development playbook, as evidenced by the Company’s strong growth and traction in recent years. These unique characteristics are supported by best-in-class unit economics and an enduring financial profile across its key markets. This virtuous flywheel effect is enabled by more than 45 million members globally

Vinted’s underlying market is supported by several secular tailwinds, including growing concerns around sustainability and climate change, as well as an increased focus on the circular economy, with consumers eager to make more responsible and less wasteful fashion choices1.

EQT Growth will aim to support Vinted’s accelerated growth and continued pursuit of commercial excellence by investing in the Company’s platform and technology, helping it cement its leading position across its core markets and enabling further expansion into other global markets.

Moreover, the Company is expected to leverage EQT’s in-house digital and tech expertise and network of advisors to continue providing a best-in-class customer-centric experience. Together with management, EQT Growth will support Vinted’s plans to reinforce its position as the largest online marketplace for second-hand fashion across Europe. Following the investment, Carolina Brochado, Partner at EQT Growth, will also join Vinted’s board of directors.

Carolina Brochado, Partner and Investment Advisor to EQT Growth, said, “Vinted is transforming the second-hand fashion market across Europe through their customer-centric approach and extraordinary execution. Vinted is the perfect example of EQT Growth’s strategy of backing fast-growing European tech champions that tap into several macro trends, such as the increasing consumer demand for sustainability and continued penetration of online channels within fashion. We’re immensely proud and excited to be supporting Thomas and the Vinted team and we cannot wait to work together to further unlock the market for circular fashion.”

Thomas Plantenga, CEO of Vinted, said, “We are contributing to a seismic shift in the second-hand fashion market, enabling more sustainable, socially-responsible shopping habits. Our platform offers a great, easy-to-use product and helps people experience the benefits of second-hand trade. We want to replicate the success we’ve built in our existing European markets in new geographies and will continue investing to improve not only our product, but also to ensure we continue having a positive impact. We are grateful to our existing and new investors, and believe today’s milestone is a vote of confidence in our commitment to the circular economy and our relentless effort to build a business that encourages more people to buy and sell second-hand.”

In line with the commitment to invest in sustainable businesses, EQT Growth will accelerate Vinted’s growth as it supports the circular economy and responsible consumption. By enabling consumers to sell and buy clothing and other items second-hand, reduce unnecessary production and promote innovation, Vinted contributes to the Sustainable Development Goals (SDG) #9, #12 and #15.

The transaction is expected to close in May 2021, subject to customary approvals.

1Source: McKinsey’s report on “Consumer Sentiment on Sustainability in fashion” from July 2020

Contact
Finn McLaughlan, +44 7583 130 052, finn.mclaughlan@eqtpartners.com
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. Uniquely, EQT is the only large private markets firm in the world with investment strategies covering all phases of a business’ development, from start-up to maturity. Including Exeter, EQT today has more than EUR 67 billion in assets under management across 26 active funds 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-Pacific and the Americas and has more than 975 employees. 

More info: www.eqtgroup.com
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About EQT Growth
EQT Growth explores thematic growth opportunities at the point companies are ready to scale, investing in a range of technology and technology-enabled businesses.

Follow EQT Growth on Medium, LinkedIn and Twitter

About Vinted 
Vinted is the largest online international C2C marketplace in Europe dedicated to second-hand fashion, with a growing member base of over 45 million users spanning 13 markets: France, Germany, Belgium, Spain, Italy, the Netherlands, Austria, Poland, Czech Republic, Lithuania, Luxembourg, UK and the USA. Founded in 2008 in Lithuania by Milda Mitkute and Justas Janauskas, and joined by first investor and COO Mantas Mikuckas in 2011, the company is now led by CEO Thomas Plantenga and backed by six leading investment firms: EQT Growth, Lightspeed Venture Partners, Accel, Insight Venture Partners, Burda Principal Investments, and Sprints Capital. On a mission to make second-hand the first choice worldwide, Vinted helps members sell and buy second-hand clothes and accessories from each other, making shopping a mobile and social experience through one-on-one member interactions in its community. The European start-up is head-quartered in Vilnius, with offices in Berlin, Utrecht and Prague and has over 700 employees.

More info: www.vinted.co.uk  


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Antin Infrastructure Partners hires dedicated team to lead a new investment initiative focused on the next generation of infrastructure

Antin

Antin Infrastructure Partners welcomes Nathalie Kosciusko-Morizet, Anand Jagannathan and Rodolphe Brumm as new partners, joining existing partner Nicolas Mallet to lead Antin’s new next generation infrastructure initiative. Antin also welcomes David Gilmour and Philippe Sauquet as Senior Advisers.

Antin Infrastructure Partners, one of the world’s leading infrastructure investment firms, hires a dedicated team of senior industry experts who will focus on value-add investing in sustainable, scalable and connected assets in both Europe and North America. The new initiative will also focus on delivering both environmental and societal benefits.

New trends and technologies are rapidly changing the infrastructure landscape, ushering in a new era that is greener, smarter and more connected. Antin’s next generation infrastructure investment initiative will take a multi-disciplinary approach to this large opportunity, focusing on investing in the energy transition, environmental and green mobility, social infrastructure, digital transition and other compelling segments. The next generation team will be located in Antin’s Paris, London and New York offices and work closely with the existing Antin team.

Alain Rauscher, Managing Partner and Chief Executive Officer of Antin Infrastructure Partners, said: “As Europe and North America emerge from the pandemic, we have a once-in-a-generation opportunity to upscale and build the infrastructure of tomorrow. With innovation and reinvigorated societal priorities accelerating the world to a greener, more sustainable and connected future, we have built a team with unparalleled experience to be in the forefront of these opportunities.”

Mark Crosbie, Managing Partner of Antin Infrastructure Partners, added: “The next generation team’s appointments also add further depth to our strategic insights and thinking across a broad range of infrastructure asset classes. We are thrilled to welcome them to the Antin family. Their combined knowledge and complementary experience will be major assets to enable us to be a key player to invest in the next generation of infrastructure.”

Additional information on Antin’s next generation team can be found below:

Senior Partners

Nathalie Kosciusko-Morizet and Anand Jagannathan have joined Antin as Senior Partners to lead the next generation infrastructure initiative.

An engineer by training, Ms. Kosciusko-Morizet spent the first part of her career in the French public sector as a Member of Parliament, Mayor, and Cabinet Minister. She has served as Secretary of State for the Environment, Secretary of State for the Development of the Digital Economy and Minister for the Environment, Sustainable Development, Transport, and Housing. Most recently Executive Vice President in charge of the Cloud and Cybersecurity for CapGemini Americas, she brings extensive insight into the regulatory frameworks underpinning the net-zero energy and digital transitions. Ms. Kosciusko-Morizet is based in New York.

Anand Jagannathan, who is based in London, brings over three decades of investment experience to the team, having most recently headed the advisory practice of Investec Bank’s Power and Infrastructure integrated sector team. Mr. Jagannathan has long been a pioneer in the infrastructure sector who introduced the first ever infrastructure practice in London in 2001 as well as defined industry innovations such as energy transition. He has advised governments, large utilities and multilateral institutions on strategic matters, privatizations, capital raisings and mergers and acquisitions.

Partners

Rodolphe Brumm and Nicolas Mallet join the next generation team as Partners, adding complementary investment expertise to build the infrastructure of the next generation.

Rodolphe Brumm, who is based in Paris, brings sector experience and deal execution skills from his position as Executive Director in the Direct Equity Infrastructure team at UBS Asset Management. With over twenty years’ experience, he was a co-founder of Cube Infrastructure and a Managing Director at Ardian Infrastructure. Mr. Brumm also spent time in the Silicon Valley as an adviser in the resource efficiency space, most notably to NextWorld Evergreen, making him well positioned to assess new investment opportunities in sustainable, scalable and connected assets.

Nicolas Mallet, an existing Antin Partner, has been with the firm for ten years. Mr. Mallet’s in-house experience across all sectors — energy, transport, telecoms and social — enriches the team’s capabilities and its thinking to push boundaries of traditional infrastructure to include assets that are poised to become the infrastructure of tomorrow.

Senior Advisers

David Gilmour and Philippe Sauquet have also joined Antin’s network of senior advisers and will, among other responsibilities, help support next generation infrastructure investment opportunities.

David Gilmour, former Vice President of Business Development at BP, helped create new strategies highlighting the importance of technology and venturing, creating a leading Corporate Venturing Capital arm for BP, enabling the transition to a lower-carbon economy. In his 20-year career with BP, he successfully led the Global Marine lubricants business and was CEO of Air BP. While Dr. Gilmour fully retired from BP in June 2020, he remained a Non-Executive Director of several of the start-ups in which BP invested including, artificial intelligence and machine learning for transportation and wind digital optimisation business. He has recently resigned from these roles and has been appointed Executive Chair of StoreDot, an ultra-fast charging battery company.

Philippe Sauquet brings extensive knowledge of the renewable energies and power sector to Antin, acquired over a 30-year career at Total where he played a key role in the company’s repositioning as a responsible energy major. In his last position at the company prior to his recent retirement, he was President Gas, Renewables & Power and Executive Vice President, Strategy & Innovation, and was a member of the Group’s Executive Committee.

Dr. Gilmour and Mr. Sauquet strengthen Antin’s network of 10 senior advisers, seasoned professionals with a particular geographic or sectoral expertise. Working with management and the Antin transaction teams, they bring ideas, insights, industry knowledge and a large network of contacts to inform Antin’s thinking on specific industries and assist the company in its investments and strategic decisions.

Antin’s team now stands at over 120 professionals comprising 30 nationalities.

 

Media Contacts

Nicolle Graugnard

Communication Director, Antin Infrastructure Partners, nicolle.graugnard@antin-ip.com

About Antin Infrastructure Partners

Antin Infrastructure Partners is a leading independent private equity firm focused on infrastructure investments. Based in Paris, London and New York, and fully owned by its 16 partners, the firm employs over 120 professionals. Antin targets majority stakes in infrastructure businesses in the energy and environment, telecom, transport and social infrastructure sectors. The firm has raised over €17 billion and has made investments in 28 companies.

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