Category Archives: News

Carlyle closes acquisition of SNP Schneider-Neureither & Partner SE

Carlyle

Munich and Heidelberg, 10 April 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced the completion of its voluntary public cash takeover offer (the “Offer”) for all outstanding shares of SNP Schneider-Neureither & Partner SE (“SNP” or the “Company”), creating a strategic partnership in support of SNP’s long-term growth.

Founded in 1994 and based in Heidelberg, Germany, SNP is a leading global provider of software and consulting services for digital transformation, automated data migration and data management with a focus on the SAP ecosystem. It works with more than 3,000 global customers of all sizes and in all industries, including 20 of the DAX 40 and over 100 of the Fortune 500. SNP partners with 17 out of the Top 20 SAP System Integrators to enable SAP transformations and business agility. The company has more than 1,500 employees worldwide at over 35 locations in 20 countries.

Carlyle will aim to support SNP’s continued growth journey together with management to drive further international expansion, optimize its product strategy, and explore inorganic growth opportunities. Carlyle will leverage its longstanding track record of scaling software companies as well as its global network, deep sector expertise, and institutional scale.

Equity for the investment was provided by Carlyle Europe Partners V (CEP V), a €6.4bn fund investing in European opportunities across a range of sectors and industries.

Michael Wand, Head of Europe Private Equity at Carlyle, said: “We are pleased to have closed this transaction and we are excited to partner with SNP’s management team and its employees as part of the next phase of their growth journey. Leveraging Carlyle’s global platform and financial resources, we will actively support SNP’s further internationalization and investment into SNP’s next generation Kyano platform.”

The CEO of SNP, Jens Amail, said: “We are confident that Carlyle’s expertise, network and commitment will strengthen SNP and our value proposition for customers and partners. The SNP team looks forward to entering this next chapter with Carlyle as the right partner to support its future development and create sustainable value for all stakeholders.”

The deal marks the second public-to-private transaction executed by Carlyle in Germany in recent years, and highlights Carlyle’s strong local execution capabilities as one of the most active players in complex public-to-private transactions.

—

 

About Carlyle 

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With $441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About SNP

SNP (ticker: SHF.DE) is the global technology platform leader and trusted partner for companies seeking unparalleled data-enabled transformation capabilities and business agility. SNP’s Kyano platform integrates all necessary capabilities and partner offerings to provide a comprehensive software-based experience in data migration and management. Combined with the BLUEFIELD approach, Kyano sets a comprehensive industry standard for restructuring and modernizing SAP-centric IT landscapes faster and more securely while harnessing data-driven innovations.

SNP works with more than 3,000 customers of all sizes and in all industries, including 20 of the DAX 40 and over 100 of the Fortune 500. The SNP Group has more than 1,500 employees worldwide at over 35 locations in 20 countries. The company is headquartered in Heidelberg, Germany, and generated revenues of EUR 255 million in the 2024 fiscal year.

Further information is available at www.snpgroup.com

Media Contacts

Carlyle

Nicholas Brown

nicholas.brown@carlyle.com

+44 7471 037 002

Or

FTI Consulting

Robert Labas

+49 175 601 2124

robert.labas@fticonsulting.com

Lutz Golsch

+49 173 6517 710

lutz.golsch@fticonsulting.com

SNP

Marcel Wiskow

Director lnvestor Relations

Tel.: +49 6221 6425-637

Email: marcel.wiskow@snpgroup.com

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Blackstone Real Estate to Acquire 6M SF Industrial Portfolio Developed by Crow Holdings for $718M

Blackstone

New York & Dallas – April 10, 2025 – Blackstone (NYSE: BX) and Crow Holdings, a leading real estate investment and development firm, today announced that Core+ funds affiliated with Blackstone Real Estate have agreed to acquire a 95 percent stake in an industrial portfolio developed by Crow Holdings for $718 million. Crow Holdings and its partners will retain 5 percent ownership. The portfolio consists of 25 Class A buildings totaling 6 million square feet and is predominantly located in high-barrier submarkets in Dallas and Houston, two of the top-performing U.S. logistics markets.

David Levine, Co-Head of Americas Acquisitions for Blackstone Real Estate, said: “This transaction is another example of Blackstone Real Estate deploying capital during this period of market volatility. We are thrilled to acquire this high-quality portfolio located in some of the best performing U.S. industrial markets. With limited vacancy and new construction starts down over 80% from the 2022 peak, logistics remains a high conviction theme for us; we are proud owners of more than $90 billion of warehouses in North America and nearly $170 billion in total around the world.”

Michael Levy, Chief Executive Officer at Crow Holdings, said: “We are excited about the opportunity to partner with Blackstone in this investment portfolio. Our company was founded by Trammell Crow when he built his first warehouse in Dallas in 1948 – a building that we still own today. We are extremely proud of our team for developing such a high-quality portfolio that attracted Blackstone, a global leader in the logistics industry, and we look forward to the partnership’s possibilities.”

The transaction is expected to close in the second quarter of 2025.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $315 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

About Crow Holdings
Crow Holdings is a privately held real estate firm founded in 1948 based in Dallas, Texas. The company’s business activities include a leading real estate development and investment platform, an expanding traditional and renewable energy business, and broader private equity investment capabilities. With 18 offices across the U.S., Crow Holdings’ local, on-the-ground presence amplifies its hands-on capabilities across a broad range of investment strategies and ventures in partnership with leading institutional and individual investors. The firm manages $33 billion in assets and investments across a diversified business and investment portfolio rooted in its founding principles of partnership, collaboration, and alignment of interests. For more information, please visit: www.crowholdings.com.

Contacts

Adam McGill
amcgill@crowholdings.com

Ruby Wald
Ruby.Wald@blackstone.com

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EQT, Hg and TA-owned IFS valued at EUR 15 billion in minority stake sale, following investment from Hg, ADIA and CPP Investments

eqt

IFS

  • Hg increases its stake in enterprise software provider IFS and becomes co-control shareholder alongside EQT, while existing minority shareholder TA Associates remains invested
  • New investors in this transaction include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and the Canada Pension Plan Investment Board (“CPP Investments”)
  • IFS continues to perform strongly, having recently surpassed EUR 1 billion in ARR while growing by more than 30% year-on-year

IFS, a leading provider of cloud enterprise software and Industrial AI applications, announces it has achieved a valuation of over EUR 15 billion following a significant pivot to AI-driven growth. The valuation comes as Hg increases its stake to become a co-control shareholder alongside EQT, with TA Associates (“TA”) remaining as minority shareholder. New minority shareholders also include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and the Canada Pension Plan Investment Board (“CPP Investments”). Hg and the new investors are acquiring shares in IFS from EQT, which is selling through its EQT VIII and EQT IX funds, as well as from TA and other minority investors.

The transaction follows many successful years of growth for IFS, delivering more than EUR 1 billion in ARR (“annual recurring revenue”) last year. Total revenue for 2024 was over EUR 1.2 billion, with some of the world’s largest industrial companies choosing IFS over legacy vendors. Demand for IFS’s industrial AI capabilities has increased significantly over the past 12 months as organizations across IFS’s focus industries of Aerospace & Defence, Engineering & Construction, Energy & Utilities, Manufacturing, Telco and Service, continue to realise the rapid and transformative value that IFS.ai delivers. IFS will continue to expand its capabilities with the industrial application of generative and agentic AI, so that customers can automate workflows, improve efficiency and deliver amazing moments of service to their own customers.

Over the past year, IFS added 350 new customers including Exelon who adopted IFS to streamline asset maintenance across its energy grid, Rolls-Royce who is using IFS to transform service delivery of its Power Systems business, and Total Energies who is deploying IFS as the single platform for management and servicing of its global operated asset portfolio. Moreover, an increasing number of large businesses are moving to IFS which is reflected in the average deal size of IFS’s largest customers increasing by 64% year-on-year.

Mark Moffat, CEO of IFS, said: “IFS’s success and sustained growth is centred around a commitment and track record of rapidly delivering business value to our customers. We have a differentiated proposition that continues to drive momentum in the industrial setting, specifically with the agentic and generative capabilities of IFS.ai, which enables us to be the technology of choice for the businesses that service, power and protect our planet.” Moffat continued: “The investment and continued commitment from Hg, EQT and TA will help IFS further accelerate our journey to be the undisputed category leader of Industrial Software.”

Johannes Reichel, Partner and Co-Head of Technology in the EQT Private Equity advisory team, added: “EQT’s relationship with IFS started in 2015 and it has been remarkable to see the company’s growth since then. Starting as a software vendor focused on Northern Europe, IFS has become a global provider of enterprise solutions while embracing the power of AI for the benefit of its industrial clients. It’s a prime example of EQT’s ability to “run with the winners”, where we partner with management teams over the long-term to scale regional players into global champions. We are excited to work alongside Hg to continue supporting IFS through this next phase.”

Nic Humphries, Senior Partner and Head of the Saturn funds at Hg, commented: “With 20 years’ experience investing in software, we recognise exceptional businesses when we see them. Our increased investment in IFS reflects our conviction in their long-term vision and strong execution, which enables their customers’ digital transformation.” Jonathan Wulkan, Partner at Hg, added: “Since our initial partnership in 2022 alongside EQT, Mark and the team have not only delivered impressive and consistent growth but have emerged as a global leader in Industrial AI – translating the promise of AI into practical solutions that drive efficiency and sustainability for essential industries, with significant potential for continued growth.”

Naveen Wadhera, Managing Director at TA, commented: “IFS’s exceptional leadership, strong execution, and transformative AI capabilities are redefining what’s possible in enterprise software. We remain confident in the company’s vision and are excited to be part of its continued journey.”

The transaction is subject to customary regulatory approvals and is expected to complete end of Q2 2025. IFS and selling shareholders were advised by Arma Partners and White & Case, EQT was also advised by Evercore, and Hg was advised by Morgan Stanley & Co. plc and Skadden.

Contact
EQT Press Office, press@eqtpartners.com

Hg
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com

TA
Maggie Benoit, mbenoit@ta.com

IFS
EUROPE / MEA / APJ: Adam Gillbe, adam.gillbe@ifs.com
NORTH AMERICA / LATAM: Mairi Morgan, mairi.morgan@ifs.com

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About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About Hg
Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come.

Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.

With a vast European network and strong presence across North America, Hg’s 400 employees and around $75 billion in funds under management support a portfolio of around 50 businesses, worth over $160 billion aggregate enterprise value, with around 115,000 employees, consistently growing revenues at more than 20% annually.

About TA
TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and businesses services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has more than 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

About IFS
IFS is one of the world’s leading providers of Industrial AI and enterprise software for hardcore businesses that service, power, and protect our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity, efficiency, and sustainability.

IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers’ specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.

IFS was founded in 1983 by five university friends who pitched a tent outside our first customer’s site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 7,000 employees in 80 countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.

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EQT to sell Karo Healthcare, a Leading Pan-European Consumer health Platform, to KKR

eqt

Karo Healthcare

  • Under EQT’s ownership, Karo has transformed from a Nordic specialty pharma business into a pan-European consumer healthcare platform, driven by strong organic growth, eight strategic acquisitions, and investment in digitalisation and in-house commercial capabilities
  • KKR will support Karo’s continued growth by leveraging its deep sector expertise, global network, and a long-term investment approach to drive innovation, internationalization, and further brand growth and acquisitions
  • Karo now operates a diversified portfolio of trusted consumer health brands with leadership positions in European markets and a scalable, digitally enabled platform

EQT and KKR today announced that EQT VIII fund (“EQT”) has agreed to sell Karo Healthcare (“Karo” or the “Company”) to KKR. The acquisition marks the next chapter for Karo, as it continues to accelerate its growth strategy under KKR’s ownership, building on its transformation into one of Europe’s leading consumer health platforms since EQT’s initial investment.

Karo is a leading pan-European consumer healthcare company headquartered in Stockholm, Sweden. The Company operates an attractive product portfolio spanning core categories such as Skin Health, Foot Health, and Intimate Health, as well as Digestive Health and Vitamins, Minerals & Supplements. During the past five years, Karo has scaled substantially, quadrupling in sales, building leading digital capabilities and establishing market presence to reach consumers in more than 90 countries with top brand positions across European markets.

Under EQT’s ownership since 2019, Karo has undergone a significant strategic repositioning, shifting from a specialty pharmaceutical company focused on the Nordics into becoming a pan-European pure-play consumer healthcare platform. During this time, with M&A having been a cornerstone of Karo’s growth strategy, Karo completed eight acquisitions from industry players which have enriched Karo’s portfolio, strengthened its presence in key markets, and accelerated its entry into new geographies.

Commenting on the transaction, Christoffer Lorenzen, CEO of Karo Healthcare, said: “We’re incredibly proud of what we’ve achieved in recent years and grateful to EQT for their partnership, which has been instrumental in helping us grow and evolve into the business we are today. With KKR as our new owner, we are entering an exciting next phase in our journey. Their global reach, deep sector understanding, and long-term approach make them the ideal strategic partner as we continue to invest in our brands, expand into new markets and meet the evolving health needs of consumers.”

“Karo is a textbook example of EQT’s approach – scaling a local company into a fast-growing sector champion with international reach,” said Erika Henriksson, Partner in the EQT Private Equity advisory team. “Thanks to its consumer centricity, strong M&A track record, and proven brand growth playbooks, Karo is now primed to further expand on its leadership position. We’re proud of what Christoffer and the team have achieved and excited to hand over to a new owner for the next phase.”

Inaki Cobo, Partner at KKR, said: “Karo is a unique platform with high-quality brands, strong digital and commercial capabilities, and a proven strong leadership team. We are thrilled to invest in this European champion’s next phase of growth, drawing on our deep experience in the consumer health space to support continued expansion, innovation, and organic and inorganic growth.” Hans Arstad, Managing Director at KKR, added: “Karo operates in a resilient, growing sector supported by long-term demographic trends and increasing consumer focus on wellness and self-care. We engaged the full capabilities of our firm to deliver this transaction during a period of market disruption and we look forward to supporting Karo’s growth as a value-enhancing strategic partner.”

The transaction is subject to customary regulatory conditions and approvals and is expected to close in the coming months. EQT was advised by Jefferies, Morgan Stanley, PwC and White & Case. Citigroup acted as financial advisor to KKR.

Media Contacts
EQT Press Office, press@eqtpartners.com
KKR, Alastair Elwen, alastair.elwen@fgsglobal.com

About Karo Healthcare
Karo Healthcare is a leading European consumer healthcare company with the purpose of delivering “Smart choices for everyday healthcare”, empowering people to live life to the fullest. Our products are available in more than 90 countries and include trusted original brands such as Lamisil®, E45®, Pevaryl®, Proct®, AlphaFoods, Nutravita, Flux®, Locobase®, Multi-Gyn® and Paracet®. Headquartered in Stockholm, Karo employs about 470 people who work out of Karo’s 13 international hubs. More info: karohealthcare.com.

About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as 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 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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

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Carlyle Provides $270 Million Unitranche Term Loan to Dexian

Carlyle

New York, NY – April 9, 2025 – Today, global investment firm Carlyle announced its Global Credit platform has provided a $270 million unitranche term loan to Dexian, a global leader in talent and technology solutions. The financing was used to refinance Dexian’s existing term loan facility.

Dexian offers comprehensive global staffing, IT and workforce solutions to companies in the US and internationally. With a presence spanning more than 70 locations worldwide and a team exceeding 10,000 professionals, Dexian combines over 30 years of industry expertise to connect the right talent and the right technology with the right organizations to deliver trajectory-changing results.

This strategic investment builds on the firm’s continued relationship with Dexian, following Carlyle’s capital solution for Digital Intelligence Systems, LLC’s (DISYS) acquisition of Signature Consultants, LLC in April 2021. The combined entity is now known as Dexian.

Gary Jacovino, a partner on Carlyle’s Opportunistic Credit team said, “We are pleased to serve as a trusted partner to Dexian as it continues to provide clients leading comprehensive staffing, technology and workforce solutions in an evolving employment market. Our multi-year relationship with the company positions us well to support the business as it continues to grow its position and scale over time.”

“We appreciate Carlyle’s continued partnership and their confidence in our business,” said Maruf Ahmed, Dexian CEO. “We are excited about our future globally and this funding allows us to maintain our focus on growth initiatives and provides the flexibility to continue our pursuit of  market opportunities.”

This strategic investment was led by Carlyle’s Opportunistic Credit strategy, with participation from its Direct Lending and other strategies across the Global Credit platform.

Carlyle’s Global Credit platform manages $192 billion in assets as of December 31, 2024. It is an active provider of private credit solutions across the capital structure, including senior secured loans, unitranche loans, and junior debt.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Global Investment Solutions. With $441 billion of assets under management as of December 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

Media Contact

Kristen Ashton

Carlyle

(212) 813-4763

Kristen.ashton@carlyle.com

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Karo Healthcare announces KKR as new owner, following successful strategic transformation into pan-European consumer healthcare player

KKR

Karo Healthcare (“Karo”) will change owner following the announcement that EQT has agreed to sell Karo to funds managed by KKR, a leading global investment firm. The transaction marks a significant milestone in Karo’s journey, following a period of rapid transformation, geographic expansion, and strategic portfolio development. Building on its digitised platform, Karo now welcomes new ownership under KKR to accelerate its next phase of growth.

The transaction follows Karo’s significant strategic transformation from a Nordic specialty pharma business into a leading pan-European consumer healthcare platform, with an attractive product portfolio spanning core categories such as Skin Health, Foot Health, and Intimate Health, as well as Digestive Health and Vitamins, Minerals & Supplements. During the past five years, Karo has scaled substantially, quadrupling in sales, building leading digital capabilities and establishing market presence to reach consumers in more than 90 countries with top brand positions across European markets.

This rapid growth has been driven by a focused strategy that combines strong organic performance with targeted M&A, enabling Karo to consistently outperform its peers while maintaining industry-leading profitability. M&A has played a central role in Karo’s expansion, evidenced by the successful completion of eight acquisitions since 2019, including deals with industry players which have enriched Karo’s portfolio, strengthened its presence in key markets, and accelerated its entry into new geographies.

The consumer healthcare sector continues to grow strongly with increasing consumer preferences for self-care products and trusted brands. KKR sees significant opportunities to further deepen Karo’s reach across categories and channels, with Karo’s portfolio of leading brands and differentiated marketing platform positioning the company for continued success.

“This is an exciting moment for Karo,” said Christoffer Lorenzen, CEO of Karo Healthcare. “ We’re incredibly proud of what we’ve achieved in recent years and grateful to EQT for their partnership, which has been instrumental in helping us grow and evolve into the business we are today. With KKR as our new owner, we are entering an exciting next phase in our journey. Their global reach, deep sector understanding, and long-term approach make them the ideal strategic partner as we continue to invest in our brands, expand into new markets and meet the evolving health needs of consumers.”

Inaki Cobo, Partner at KKR, said: “Karo is a unique platform with high-quality brands, strong digital and commercial capabilities, and a proven strong leadership team. We are thrilled to invest in this European champion’s next phase of growth, drawing on our deep experience in the consumer health space to support continued expansion, innovation, and organic and inorganic growth.” Hans Arstad, Managing Director at KKR, added: “Karo operates in a resilient, growing sector supported by long-term demographic trends and increasing consumer focus on wellness and self-care. We engaged the full capabilities of our firm to deliver this transaction during a period of market disruption and we look forward to supporting Karo’s growth as a value-enhancing strategic partner.”

“Karo is a textbook example of EQT’s approach – scaling a local company into a fast-growing sector champion with international reach,” said Erika Henriksson, Partner in the EQT Private Equity advisory team. “Thanks to its consumer centricity, strong M&A track record, and proven brand growth playbooks, Karo is now primed to further expand on its leadership position. We’re proud of what Christoffer and the team have achieved and excited to hand over to a new owner for the next phase.”

KKR is making the investment in Karo Healthcare through its Core Private Equity strategy, which represents capital targeting longer-term compounding opportunities. The firm has deep expertise across consumer health and beauty products, with recent investments including category leaders such as nexeye, KDC/ONE, Wella Company, Coty and The Bountiful Company.

The transaction is subject to customary conditions and regulatory approvals and is expected to close in the coming months.

For further information, please contact:
Christoffer Lorenzen, CEO, +46 735 017 620, christoffer.lorenzen@karo.com
Michael Kaltenborn, CSDO, +49 171 681 0314, michael.kaltenborn@karo.com

The information was submitted for publication by the contact persons set out above, at 11:30 CET on 9 April 2025.

About Karo Healthcare
Karo Healthcare is a leading European consumer healthcare company with the purpose of delivering “Smart choices for everyday healthcare”, empowering people to live life to the fullest. Our products are available in more than 90 countries and include trusted original brands such as Lamisil®, E45®, Pevaryl®, Proct®, AlphaFoods, Nutravita, Flux®, Locobase®, Multi-Gyn® and Paracet®. Headquartered in Stockholm, Karo employs about 470 people who work out of Karo’s 13 international hubs. More info: karohealthcare.com.

About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as 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 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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

 

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Categories: News

Blackstone Announces $10.6 Billion Final Close of Largest Ever European Real Estate Drawdown Fund

Blackstone

LONDON, UK – April 9, 2025 – Blackstone (NYSE: BX) today announced the final close of its latest European real estate fund, Blackstone Real Estate Partners Europe VII (“BREP Europe VII”). The fund has raised €9.8 ($10.6) billion of total capital commitments, making it the largest European real estate drawdown fund ever raised based on third party capital commitments.

In total, Blackstone’s three opportunistic strategies (Global, Asia, Europe) have nearly $47 billion of available capital. With scale capital available globally, including in Europe through BREP Europe VII, we believe Blackstone’s real estate funds are well positioned to capitalize on an opportunity-rich environment.

James Seppala, Head of European Real Estate, Blackstone, said: “We are extremely proud to have raised Europe’s largest real estate drawdown fund ever during what has been a period of exceptional dislocation in the industry, particularly in Europe. The real estate recovery is coming into view and we are grateful that our limited partners have entrusted us with substantial capital to seek to capture opportunities through our time-tested, high conviction investment process.”

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has US $315 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

Media Contact
Dafina Grapci-Penney
Dafina.GrapciPenney@Blackstone.com
+44 (20) 71044825

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EQT, Hg and TA-owned IFS valued at EUR 15 billion in minority stake sale, following investment from Hg, ADIA and CPP Investments

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HG Capital

  • Hg increases its stake in enterprise software provider IFS and becomes co-control shareholder alongside EQT, while existing minority shareholder TA Associates remains invested

  • New investors in this transaction include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and the Canada Pension Plan Investment Board (“CPP Investments”)

  • IFS continues to perform strongly, having recently surpassed EUR 1 billion in ARR while growing by more than 30% year-on-year

Stockholm, Sweden, and London, UK, 9 April – IFS, a leading provider of cloud enterprise software and Industrial AI applications, announces it has achieved a valuation of over EUR 15 billion following a significant pivot to AI-driven growth. The valuation comes as Hg increases its stake to become a co-control shareholder alongside EQT, with TA Associates (“TA”) remaining as minority shareholder. New minority shareholders also include a wholly-owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) and the Canada Pension Plan Investment Board (“CPP Investments”). Hg and the new investors are acquiring shares in IFS from EQT, which is selling through its EQT VIII and EQT IX funds, as well as from TA and other minority investors.

The transaction follows many successful years of growth for IFS, delivering more than EUR 1 billion in ARR (“annual recurring revenue”) last year. Total revenue for 2024 was over EUR 1.2 billion, with some of the world’s largest industrial companies choosing IFS over legacy vendors. Demand for IFS’s industrial AI capabilities has increased significantly over the past 12 months as organizations across IFS’s focus industries of Aerospace & Defence, Engineering & Construction, Energy & Utilities, Manufacturing, Telco and Service, continue to realise the rapid and transformative value that IFS.ai delivers. IFS will continue to expand its capabilities with the industrial application of generative and agentic AI, so that customers can automate workflows, improve efficiency and deliver amazing moments of service to their own customers.

Over the past year, IFS added 350 new customers including Exelon who adopted IFS to streamline asset maintenance across its energy grid, Rolls-Royce who is using IFS to transform service delivery of its Power Systems business, and Total Energies who is deploying IFS as the single platform for management and servicing of its global operated asset portfolio. Moreover, an increasing number of large businesses are moving to IFS which is reflected in the average deal size of IFS’s largest customers increasing by 64% year-on-year.

Mark Moffat, CEO of IFS, said:

“IFS’s success and sustained growth is centred around a commitment and track record of rapidly delivering business value to our customers. We have a differentiated proposition that continues to drive momentum in the industrial setting, specifically with the agentic and generative capabilities of IFS.ai, which enables us to be the technology of choice for the businesses that service, power and protect our planet.” Moffat continued: “The investment and continued commitment from Hg, EQT and TA will help IFS further accelerate our journey to be the undisputed category leader of Industrial Software.”

Johannes Reichel, Partner and Co-Head of Technology in the EQT Private Equity advisory team, added:

“EQT’s relationship with IFS started in 2015 and it has been remarkable to see the company’s growth since then. Starting as a software vendor focused on Northern Europe, IFS has become a global provider of enterprise solutions while embracing the power of AI for the benefit of its industrial clients. It’s a prime example of EQT’s ability to “run with the winners”, where we partner with management teams over the long-term to scale regional players into global champions. We are excited to work alongside Hg to continue supporting IFS through this next phase.”

Nic Humphries, Senior Partner and Head of the Saturn funds at Hg, commented:

“With 20 years’ experience investing in software, we recognise exceptional businesses when we see them. Our increased investment in IFS reflects our conviction in their long-term vision and strong execution, which enables their customers’ digital transformation.”

Jonathan Wulkan, Partner at Hg, added:

“Since our initial partnership in 2022 alongside EQT, Mark and the team have not only delivered impressive and consistent growth but have emerged as a global leader in Industrial AI – translating the promise of AI into practical solutions that drive efficiency and sustainability for essential industries, with significant potential for continued growth.”

Naveen Wadhera, Managing Director at TA, commented:

“IFS’s exceptional leadership, strong execution, and transformative AI capabilities are redefining what’s possible in enterprise software. We remain confident in the company’s vision and are excited to be part of its continued journey.”

The transaction is subject to customary regulatory approvals and is expected to complete end of Q2 2025. IFS and selling shareholders were advised by Arma Partners and White & Case, EQT was also advised by Evercore, and Hg was advised by Morgan Stanley & Co. plc and Skadden.

For further information, please contact:

EQT
press@eqtpartners.com

Hg
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com

TA
Maggie Benoit, mbenoit@ta.com

IFS
EUROPE / MEA / APJ: Adam Gillbe, adam.gillbe@ifs.com
NORTH AMERICA / LATAM: Mairi Morgan, mairi.morgan@ifs.com

About EQT

EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come.

Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.

With a vast European network and strong presence across North America, Hg’s 400 employees and around $75 billion in funds under management support a portfolio of around 50 businesses, worth over $160 billion aggregate enterprise value, with around 115,000 employees, consistently growing revenues at more than 20% annually.

About TA

TA is a leading global private equity firm focused on scaling growth in profitable companies. Since 1968, TA has invested in more than 560 companies across its five target industries – technology, healthcare, financial services, consumer and businesses services. Leveraging its deep industry expertise and strategic resources, TA collaborates with management teams worldwide to help high-quality companies deliver lasting value. The firm has raised $65 billion in capital to date and has more than 150 investment professionals across offices in Boston, Menlo Park, Austin, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

About IFS

IFS is one of the world’s leading providers of Industrial AI and enterprise software for hardcore businesses that service, power, and protect our planet. Our technology enables businesses which manufacture goods, maintain complex assets, and manage service-focused operations to unlock the transformative power of Industrial AI™ to enhance productivity, efficiency, and sustainability.

IFS Cloud is a fully composable AI-powered platform, designed for ultimate flexibility and adaptability to our customers’ specific requirements and business evolution. It spans the needs of Enterprise Resource Planning (ERP), Enterprise Asset Management (EAM), Supply Chain Management (SCM), and Field Service Management (FSM). IFS technology leverages AI, machine learning, real-time data and analytics to empower our customers to make informed strategic decisions and excel at their Moment of Service™.

IFS was founded in 1983 by five university friends who pitched a tent outside our first customer’s site to ensure they would be available 24/7 and the needs of the customer would come first. Since then, IFS has grown into a global leader with over 7,000 employees in 80 countries. Driven by those foundational values of agility, customer-centricity, and trust, IFS is recognized worldwide for delivering value and supporting strategic transformations. We are the most recommended supplier in our sector. Visit ifs.com to learn why.

Categories: News

HealthEdge Secures Strategic Investment from Bain Capital

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BainCapital

BURLINGTON, Mass. – April 8, 2025 – HealthEdge, a leader in healthcare technology solutions, today announced that it has entered into a definitive agreement to be acquired by Bain Capital. The investment is being made by Bain Capital’s Private Equity team. Financial terms of the private purchase from funds managed by Blackstone were not disclosed.

Founded in 2005, and headquartered in Burlington, Massachusetts, HealthEdge is a next-generation SaaS platform that connects health plans, providers, and patients with a suite of end-to-end digital solutions to automate operations, reduce administrative costs and improve overall health outcomes. HealthEdge currently serves over 115 health plans representing more than 110 million covered member lives across the U.S. Its best-in-class solutions and administrative processing systems have earned the Company repeated recognition from leading market analysts.

“We are pleased to welcome Bain Capital as our new partner as we embark on our next chapter of growth and innovation,” said Steve Krupa, CEO of HealthEdge. “We believe we are well-positioned to achieve our vision of being the long-term partner of choice for health plans as we continue to create deeper integrations between our solutions, which support health plans through claims processing, care management, and member engagement. We are thankful for Blackstone’s support over the last five years and look forward to working with Bain Capital as we remain committed to implementing solutions that will redefine the future of healthcare.”

“HealthEdge is enabling health plans to transition towards a modern tech ecosystem via its cloud-based claims adjudication software and complementary suite of value-added solutions. In a world of growing operational complexity, we believe that HealthEdge can streamline operations, improve care delivery, and increase engagement among healthcare payers, provider, and patients,” said Devin O’Reilly and Paul Moskowitz, Partners at Bain Capital. “The HealthEdge Solutions Suite is a mission-critical system that sits at the heart of the health plan tech stack in one of the most complex HCIT ecosystems we’ve seen. We believe HealthEdge can be a driving force for GenAI enablement at health plans, and we look forward to partnering with the management in the next phase of growth.”

“We are proud to have been part of HealthEdge’s journey over the last five years, partnering with management to evolve the business from an emerging modern software solution for payors to a mission-critical platform of high-value technologies for payors, caregivers, and patients,” said Ram M. Jagannath and Anushka M. Sunder, Senior Managing Directors at Blackstone. “Over the course of our investment, Blackstone partnered with HealthEdge to innovate new solutions, acquire and integrate strategically important software solutions, drive sustained growth, and build a comprehensive technology platform to address challenges across the American healthcare ecosystem. It has been a pleasure driving this phase of the transformation, and we wish Steve, the entire management team, and Bain Capital continued success in driving HealthEdge’s next chapter of strategic growth.”

The transaction is expected to close during the second quarter of 2025, subject to customary closing conditions.

TripleTree is acting as lead financial advisor, Kirkland & Ellis as legal counsel, and Ares Management as lead financing partner to Bain Capital. Evercore and UBS Investment Bank are acting as financial advisors, and Simpson Thacher & Bartlett as legal counsel to Blackstone.
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About HealthEdge
HealthEdge® is building a future without limits for health plans, where they can deliver better service and care, make more informed decisions and streamline operations. Through an integrated platform of solutions for core administration (HealthRules® Payer), payment accuracy (HealthEdge Source™), provider network management (HealthEdge Provider Data Management), care management (GuidingCare®) and member experience (Wellframe™), health plans can converge their data and harness
automation to drive more informed decisions, improve touchless transaction processing and payment accuracy, foster meaningful collaboration and enhance service and care delivery. HealthEdge is trusted by over 115 health plans covering more than 110 million member lives across the U.S. See what it means to converge without limits at HealthEdge.com and follow us 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. 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 @BainCapital on LinkedIn and X (Twitter).

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1.1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries, and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

 

Media Contacts

 Scott Lessne

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Altor divests Qmatic to Valsoft

Altor Fund II (“Altor”) has entered into an agreement to divest Qmatic Group AB (“Qmatic”) to Valsoft Corporation Ireland (“Valsoft”), a vertical software specialist based in Canada.

Altor invested in Qmatic in 2007, the company then focused on providing queue management solutions. The partnership aimed to continue building Qmatic’s platform and expanding into new markets and customer segments. Today, Qmatic is the leading Customer Journey Management solution globally, a position that was established through M&A and organic growth. Under Altor’s ownership, Qmatic has also transitioned from a mainly hardware-focused company to a software company with a multi-tenant SaaS platform.

About Altor

Since inception, the family of Altor funds has raised more than EUR 12 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Silo AI, Meltwater, Raw Fury, and F24.

About Qmatic

Qmatic is a global leader in reshaping connections between people and services for truly excellent customer experiences. Working seamlessly with partners all over the world, we provide over 2 billion customer journeys every year, on more than 65,000 systems, in over 120 countries and across several sectors such as finance, healthcare, retail and public services. Creating a world where everyone can access the services they need.

About Valsoft

Valsoft acquires and develops vertical market software companies that deliver mission-critical solutions. A key tenet of Valsoft’s philosophy is to invest in established businesses and foster an entrepreneurial environment that shapes a company into a leader in its respective industry. Unlike private equity and VC firms, Valsoft does not have a predefined investment horizon and looks to buy, hold, and create value through long-term partnerships with existing management and customers. Learn more at www.valsoftcorp.com.

Press contact

Karin Åström

Head of Communications

karin.astrom@altor.com

+46 707 64 86 59

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