Category Archives: News

Frankenius Equity increases its ownership in Gina Tricot

Nordic Capital

November 19 2020
Frankenius Equity increases its ownership in Gina Tricot Image

 

Since 2014, Gina Tricot has been successfully developed by the founding family Appelqvist, together with Sätila, Frankenius Equity and Nordic Capital. Today, Gina Tricot is a leading, sustainable fashion company in the Nordic region with a rapidly growing digital business. Frankenius Equity has now acquired Nordic Capital’s ownership in Gina Tricot and will, alongside the other owners, continue to support the company’s development.

“It is very inspiring and exciting to have the opportunity to increase our ownership. Together with Appelqvist Holding and Sätila, I look forward to continuing to develop Gina Tricot based on the company’s market position today. Together with Nordic Capital, we have made significant investments in the company, with a focus on developing a fast-growing e-commerce business, a more sustainable production combined with the launch of several new concepts in the recent years. Gina Tricot stands for both simplicity and passion, both through its design and culture. This is something we will stick to on our continued joint journey “, says Paul Frankenius, Chairman of the Board and co-owner of Gina Tricot.

Gina Tricot was founded in 1997 in Borås by Annette and Jörgen Appelqvist with the vision of offering good fashion for little money. In 2014, Nordic Capital and Frankenius Equity joined as co-owners, with the joint ambition to create a competitive platform and to develop Gina Tricot’s e-commerce offering, which has become even more important during the current economic situation. Through a new IT system and a leading omnichannel structure, a very fast-growing digital commerce has been created, both in its own channels and with partners. Today, Gina Tricot has an annual turnover of approximately SEK 2 billion with 1,600 employees. The fashion industry is changing rapidly and the business has been strengthened at all levels to create the best customer experience.

“We are very proud of the fantastic journey we have been on together with all of our employees. Together with Nordic Capital, we have switched to a higher degree of digitalisation over the last few years, and we look forward to becoming an even more modern fashion company. The current position and the opportunities are great”, says Jörgen Appelqvist.

“Nordic Capital invested in Gina Tricot with a clear goal of developing and modernizing one of the Nordic region’s most well-known brands. Since then, Gina Tricot has strengthened its digital and commercial capacity to achieve stable profitability and growth, with ongoing support from Nordic Capital’s expertise in, among other things, digitization and sustainability. Together with Gina Tricot’s passionate employees, we have increased the company’s competitiveness” says David Samuelson, Principal, Nordic Capital Advisors.

The parties have agreed not to communicate financial details.

 

Media contacts:

Gina Tricot & Frankenius Equity

Sanna Franklin
Press Contact
Tel +46 70 863 85 55
email: sanna@cultcommunications.com

Nordic Capital

Katarina Janerud, Communications Manager
Nordic Capital Advisor
Tel: +46 8 440 50 50
email: katarina.janerud@nordiccapital.com

 

About Frankenius Equity

Frankenius Equity is a privately owned investment company with a focus on E-com, retail, medical technology and real estate. The company invests mainly together with operating partners and larger investment companies and currently has around ten investments. For more information visit www.fraq.se

About Gina Tricot

Gina Tricot is a Swedish fashion chain that offers exciting and feminine fashion to women in over 30 countries. The company has 162 stores and 1,600 employees. Our strength is to be able to attract the modern woman, in everything from design to price, quality and sustainability. We have a strong passion for fashion and aim to offer the customer a new and interesting shopping experience. For more information, visit www.ginatricot.com

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 15.5 billion in over 110 investments. The most recent fund is Nordic Capital Fund X with EUR 6.1 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further information about Nordic Capital, please visit www.nordiccapital.com

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US LBM to be Acquired by Bain Capital Private Equity

BainCapital

November 13, 2020
US LBM to be Acquired by Bain Capital Private Equity

BUFFALO GROVE, IL, November 13, 2020 – US LBM, a leading distributor of specialty building materials in the United States, today announced the signing of a definitive agreement for Bain Capital Private Equity to acquire a majority stake in the company. US LBM will continue to operate under the leadership of President and CEO L.T. Gibson and the current management team. Financial terms of the private transaction were not disclosed.

Founded in 2009 with 16 locations in three states, US LBM has grown to be a leading national distributor of specialty building materials operating more than 250 locations. The company’s unique and powerful operating model combines the advantages of its national scale and central team of industry experts with the high service levels, local expertise, entrepreneurial culture and excellent customer relationships of its 37 operating divisions. Since US LBM’s founding, it has grown through acquisitions and has opened more than 30 greenfield locations, including six this year.

“We have grown tremendously over the past 11 years, and with Kelso’s support we were able to accelerate our acquisition strategy that has positioned us for continued growth,” said Gibson. “US LBM’s national platform, local go-to-market strategy, relationships with top suppliers, and record of successful integrations continues to make us an acquirer of choice in the building materials industry. We look forward to working with Bain Capital Private Equity and leveraging their experience of helping industrial companies scale and attract additional partners.”

“L.T. and his team have built an impressive, enduring business with a winning model that combines the advantages of national scale with a strong local market strategy,” said Stephen Thomas, a Managing Director at Bain Capital Private Equity. “We believe US LBM is poised for continued growth and expansion as a leading national building materials distributor. We are excited by the opportunity to work with this talented team and to further grow their integrated platform while maintaining the company’s unique culture, people-first mindset and commitment to superior customer service.”

Bain Capital Private Equity has a long history of investments in industrial businesses and is one of the most active investors in the sector in the US and globally. The firm’s global experience across the industrial distribution and building materials sectors includes investments in a wide range of businesses including HD Supply Holdings, Inc., Imperial Dade, Dealer Tire, LLC, Consolis SAS, Ibstock PLC, and MKM Building Supplies.

Kelso & Co. has been the Company’s investment partner since August 2015.

The transaction is expected to close in December 2020 and is subject to customary closing conditions, including requisite regulatory approvals. Debt financing for the transaction is being led by Barclays and will comprise of a new asset based revolving credit facility and a combination of other new debt financing.

Barclays is serving as financial advisor, Debevoise & Plimpton as legal counsel, and Ernst & Young as accounting advisor to Kelso and US LBM. Kirkland and Ellis LLP is serving as legal counsel, and PwC as accounting advisor to Bain Capital Private Equity.

About US LBM
US LBM is a leading distributor of specialty building materials in the United States. Offering a comprehensive portfolio of specialty products, including windows, doors, millwork, wallboard, roofing, siding, engineered components and cabinetry, US LBM combines the scale and operational advantages of a national platform with a local go-to-market strategy through its national network of locations across the country. For more information, please visit www.uslbm.com.

About Bain Capital Private Equity
Bain Capital Private Equity (https://www.baincapital.com/) has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 250 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital Private Equity has 20 offices on four continents. The firm has made primary or add-on investments in more than 940 companies since its inception. In addition to private equity, Bain Capital Private Equity invests across asset classes including credit, public equity, venture capital and real estate, managing approximately $105 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

About Kelso & Company
Kelso is one of the oldest and most established firms specializing in private equity investing.  Since 1980, Kelso has invested approximately $14 billion of equity capital in over 125 transactions.  Kelso was founded by the inventor of the Employee Stock Ownership Plan (“ESOP”) and, as a result, the principles of partnership and alignment of interest serve as the foundation of the firm’s investment philosophy.  Kelso benefits from a successful investment track record, deep sector expertise, a long-tenured investing team, and a reputation as a preferred partner to management teams and corporates.  Kelso has significant experience investing in financial services, having deployed approximately $3 billion of equity capital in the sector.  For more information, please visit www.kelso.com.

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Asolvi boosts commitment to DACH market with TIVAPP acquisition

Volpi Capital

Asolvi boosts commitment to DACH market with TIVAPP acquisition

Trondheim, Norway — 18th November 2020: Asolvi, Europe’s leading provider of field service and contract management software, today announced that it has agreed to acquire TIVAPP, the leading German field service solution for the fire protection and security sector.

TIVAPP is a specialist service, inventory, test documentation and billing software solution, developed by fire prevention professionals. Founded in Germany, the company has over 20 years of experience in the sector. During that time, TIVAPP has built up a market-leading customer base and established itself as the region’s premier provider of complete solutions for fire protection specialists.

The deal will see the TIVAPP team of Fire and Security experts joining Asolvi. This team, in combination with TIVAPP’s market-leading software, will strengthen Asolvi’s position across the DACH market and enhance its native-language customer support. It will also expand existing sales functions across the region, positioning Asolvi for further sustainable growth.

The acquisition demonstrates the strategic importance of the DACH region to Asolvi, as well as the strong growth potential Asolvi sees for the German Fire and Security sector. This is the sixth acquisition since 2016 and forms part of Asolvi’s broader strategy to expand organically, and where appropriate, through acquisitions across Benelux, DACH, the Nordics and the UK.

Commenting on the transaction, Pål M. Rødseth, CEO of Asolvi, said: “We are thrilled to welcome TIVAPP into the Asolvi family. We are already the leading provider of Alarm, Fire and Security service management solutions in the UK and Sweden, TIVAPP fits perfectly into our core strategy of expanding our German and Central European offering. TIVAPP’s native-language expertise and experience will be of central importance as we aggressively pursue opportunities across the region, which will consequently allow Asolvi to add size to developments and meet even further demands of customers in the very near future. TIVAPP’s acquisition represents a superb opportunity for the company’s existing management and to our staff, and we look forward to working closely alongside them as we pursue our common aims and objectives and advance into the future.”

Harry Liedtke, CEO of TIVAPP, added: “Joining with Asolvi makes huge sense for us. Combining our expertise will allow us to build market share and add resources at a much faster pace. It’s with great excitement that we enter this new phase, joining one of Europe’s leading field service management software companies. I am thrilled to be continuing TIVAPP’s journey under the Asolvi umbrella and seeing the benefits this will bring to our organisation and our employees.”

Yuri Mikhalev of Volpi Capital adds: “This is an excellent deal for Asolvi, and the natural next step in their ambitious buy-and-build strategy. We welcome Harry Liedtke and his team to the business, as partnering with TIVAPP will provide a great platform in Germany for Asolvi to capture significant market opportunities in the wider DACH region, in a very attractive vertical.

 

Financial terms of the deal were not disclosed, Mayer Brown and Deloitte acted as advisors to Asolvi.

About Asolvi

With decades of combined experience developing solutions for a variety of field service sectors, Asolvi’s products support thousands of engineers, millions of contracts, and tens of millions of service tasks. Its mission is to continue creating, deploying and refining new functionality and solutions for the largely under-served SME market, through close customer relations and strategic partnerships.

Asolvi is a leading provider of service management software for small and medium-sized enterprises (SMEs) in the field service industry in Europe, employing more than 100 staff in ten offices across the continent. The company was founded in 1991 in Trondheim, Norway, and has grown organically and through recent acquisitions to reach 1,600+ customers in 35+ countries. It is headquartered in Trondheim, Norway, and is a private company owned by Volpi Capital, Viking Venture and the Management. More information about Asolvi’s services can be found at: https://asolvi.com.

About Volpi Capital

Volpi Capital is a specialist European lower mid-market private equity firm. Volpi has a thesis-driven approach targeting ambitious businesses using enabling technologies to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive trans-formative growth through international expansion and consolidation. The firm, which was founded in 2016 by Crevan O’Grady and Marco Sodi, closed its first fund (Volpi Capital Fund I) in April 2018 with commitments of €185 million.

http://www.volpicapital.com

For all media enquiries, please contact:

Samantha Lang

+44 20 3747 2625

info@volpicapital.com

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Sandbäckens acquires Trisec AB

Segula

18 November, 2020

Sandbäckens continues its profitable growth journey and strengthens its position in the Östergötland area through an additional acquisition, Trisec AB. The acquired company offers energy-efficient automation solutions for properties and industrial premises.

Trisec is based in Norrköping and employs 14 people, generating a turnover of c. SEK 25m. The company has a broad customer base consisting of property owners, real estate managers and industrial companies with a geographic footprint spread across Östergötland.

“I am very pleased to welcome Jonas Stenbäck and all co-workers to Sandbäckens. Trisec is a successful company with significant competence and experience of meeting customer demand for energy efficient solutions in different types of properties”, says André Roos, Head of Business Development and Head of region East.

For further information, please visit www.sandbackens.se or contact:

Marcus Planting-Bergloo, Managing Partner, Segulah Advisor AB
+46 70 229 11 85, planting@segulah.se

André Roos, Head of Business Development and Head of region East, Sandbäckens
+46 76 000 26 01, andre.roos@sandbackens.se

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Exclusive: Spring Health Provides Path To Mental Health Benefits With $76M Series B

Northzone

0

Spring Health wants to take the guesswork out of finding a mental health provider and the trial and error that occurs during the search. The New York based company closed on a $76 million Series B round of funding to expand its platform.

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“Our approach is founded in science and academia, and not only matches people to the right treatment, but we’ve taken technology and combined it with a human touch to deliver world-class outcomes fast,” April Koh, co-founder and CEO of Spring Health, told Crunchbase News. “We are a ‘single front door’ for employees.”

The Series B was led by Tiger Global, which was joined by GingerBread Capital, Operator Partners, True Capital and individual investors Kyle Lowry (six-time NBA all-star and Toronto Raptors player) and Breanna Stewart (two-time WNBA all-star and Seattle Storm player). Existing investors Northzone, Rethink Impact, The William K. Warren Foundation, Work-Bench, SemperVirens and Able Partners also participated.

The investment brings the company’s total funding to $106 million since Spring Health was founded by Koh and Adam Chekroud in 2016. It also comes on the heels of Spring Health’s $22 million Series A announced in January.

The company is also in a market that is gaining attention from investors. We put together a list of global startups working in mental health and found 400 that received venture-backed funding within the past five years. In fact, investors pumped $8.6 billion into these companies during that time frame, according to Crunchbase data.

Growth

The global behavioral health market is expected to reach $240 billion by 2026, according to a 2019 report by Acumen Research and Consulting. Spring Health is carving out a niche in the precision mental health care space with employees. Koh estimates there are 150 million employees in the U.S. and the market is valued at $20 billion and growing.

Following the Series A, the company tripled its employees, expanded globally into more than 200 regions and was able to offer full employee assistance programs (EAP).

“EAPs are the traditional incumbents in the space,” Koh said. “They are an outdated model that we are trying to revamp and reinvent.”

Although entering the market just within the past two years, the company’s revenue has grown six times this year to date after growing four times in 2019.

Now with the Series B, Spring Health is focused on increasing its team again over the next few months and expanding capabilities around customer experience.

“Personalization and efficacy are key,” Koh said. “We take a comprehensive and sophisticated approach to understanding what you are struggling with, and what is best for you. Our goal is not to just match you with a therapist out of the gate, but what is the best course of treatment.”

What investors have to say

Pär-Jörgen Pärson, general partner at Northzone, said the firm did a deep dive into the mental health space, but found most startups were addressing potential customers who already knew what they needed for treatment.

“When we came across Spring Health, immediately it struck us about the one front door and way to guide people to the right treatment, and their quantitative approach to figuring out which methods worked for each person,” he said in an interview. “Also looking at the two co-founders, they complement each other and are very driven. We think they will become the best player in this industry that helps millions of people.”

Illustration: Dom Guzman

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Avassa closes 60MSEK in a funding round co-led by Industrifonden

Industriefonden

November 18, 2020

Avassa Raises €5.8M to Develop its Platform for Managing Massively
Distributed Edge Clouds

STOCKHOLM, November 18, 2020 — Avassa, a pioneer in the management of distributed edge clouds, today announced it has secured €5.8M in a funding round co-led by Fairpoint Capital and Industrifonden. The funds will go toward accelerating the development of its Platform-as-a-Service (PaaS) for managing massively distributed edge clouds for container applications.

Avassa’s founding team has a string of successful ventures building software for automating and orchestrating distributed systems between them. The most recent company, Tail-f Systems, was acquired by Cisco Systems in 2014.

Distributed Cloud – the next generation of computing – builds on the advantages created by cloud computing while extending the range and use cases to specific and distributed locations.

Running applications across vast numbers of edge locations brings many advantages over centralized cloud environments. Done right, the edge cloud approach provides increased autonomy, resiliency and data privacy paired with blazing fast local execution. Additionally, regulations and local requirements demand applications and data to stay within well-defined administrative boundaries of enterprises.

Avassa’s management platform for distributed clouds enables infrastructure and operations teams to deploy, monitor and observe container applications across massively distributed locations where the location truly matters.

“We are uniquely well-positioned to take on the challenges that lie ahead as the industry moves toward a truly distributed cloud computing paradigm, which also includes edge computing. The key characteristics of this new paradigm are that location plays an important role, and that applications are placed in the locations they are needed. With our background in building and shipping large distributed systems for automation and orchestration we have the skills and experience to solve the most pressing issues surrounding these industry developments,” says Carl Moberg, co-founder and CTO at Avassa.

“This investment is testament to the opportunity at hand and the team we have lined up. It will allow us to quickly ramp up our engineering capabilities to accelerate the development of our industry-changing solution,” says Fredrik Lundberg, co-founder and CEO at Avassa.

The funding round is co-led by Fairpoint Capital and Industrifonden.

“We are thrilled to be partnering with the Avassa team together with Industrifonden”, says Ulf Lewander, Investment Director at Fairpoint Capital. “The Avassa team has repeatedly proven they have the right skills for building large-scale, distributed software systems for orchestration and management of networks and software applications. This is an opportunity that fits very well with our investment focus, and we firmly believe there is a huge market opportunity for Avassa.”

“Industrifonden is proud to join the Avassa team on their mission to open the edge cloud computing opportunity to many more players through their unique Platform-as-a-Service offering. The team’s stellar track record and innovative software solution, combined with the massive market trend toward the edge makes us confident that the future for Avassa will be exciting,” says Hadar Cars, Investment Director at Industrifonden.

About Avassa Systems
Avassa is a privately held company that solves the management challenges of massively distributed edge cloud environments so that infrastructure and operations teams can deploy, monitor and observe container applications at scale. Avassa Systems AB was founded in 2020 and is headquartered in Stockholm, Sweden. www.avassa.com

About Fairpoint Capital
Fairpoint Capital is a B2B technology investment fund. We leverage on more than two decades of technology venture capital investments. Our investment focus is unique technologies and business models that are highly scalable. Preferably the products address global markets with strong growth drivers. Investments are focused towards the Nordic region. www.fairpoint.se

About Industrifonden
Industrifonden is a Nordic venture capital investor based in Stockholm. Industrifonden invests in breakthrough technologies and science-based innovation – the Industry of Tomorrow. The portfolio includes companies like Funnel, inRiver, Nextory, Oncopeptides and Calliditas. www.industrifonden.com

Press Contact
Carl Moberg
+46 70 6212908
press@avassa.io

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RedSail Technologies, LLC Positioned to Buy PioneerRx® to Transform Community Pharmacy

Franciso Partners

Spartanburg, SC — RedSail Technologies, LLC has signed an agreement to acquire PioneerRx, LLC. The transaction is currently undergoing a standard regulatory review and will close upon receipt approval.

PioneerRx, an innovator and leader in pharmacy software for community pharmacy, will join other leading brands that are part of the RedSail Technologies family – QS/1®, Integra®, PUBLIQ® Software, and PowerLine®.

“We are determined to transform pharmacy and adding PioneerRx to our family of brands will help accelerate our efforts to develop one of the most clinically advanced and profitable pharmacy networks in the country,” commented RedSail Technologies, LLC CEO, Kraig McEwen. McEwen continued, “PioneerRx’s track record speaks for itself – tremendous growth, delighted customers, and best in class service. We are thrilled for them to become part of the RedSail family.”

“PioneerRx is excited about the opportunity to become part of RedSail Technologies as our company continues to drive amazing solutions that are revolutionizing independent pharmacy. PioneerRx’s mission is to save and revitalize independent pharmacy and we believe teaming up with RedSail Technologies will accelerate our ability to do this,” said Jeff Key, PioneerRx President and CEO.

Jeff Key and the PioneerRx leadership team will continue to lead the PioneerRx organization, with operations in Irving, Texas and Shreveport, Louisiana. RedSail Technologies, LLC is headquartered in Spartanburg, South Carolina with operations in Anacortes, Washington.

Goldman Sachs served as the exclusive financial advisor to PioneerRx and assisted in structuring and negotiating the transaction on its behalf. Alston & Bird LLP served as legal counsel to PioneerRx. Kirkland & Ellis LLP served as legal counsel to RedSail Technologies.

About RedSail Technologies RedSail Technologies, LLC, offers innovative and comprehensive healthcare and governmental software solutions. It trailblazed the community and institutional pharmacy software markets more than 40 years ago and has competed in governmental software arena for 50 plus years. RedSail’s mission is to empower its customers to serve their communities by being unwavering in its adherence to RedSail’s corporate values – Forward-Thinking, One Team, Relationships, Tempo and Experts. Learn more about RedSail Technologies at www.redsailtechnologies.com

About PioneerRx PioneerRx is committed to saving and revitalizing independent pharmacy. With unmatched customer support and continuous updates, PioneerRx Pharmacy Software equips pharmacies to thrive in a clinical, patient-centered future. By implementing suggestions from users and paving the way for leading industry trends, they empower pharmacies for continues success and improved patient outcomes. See why PioneerRx is the most installed independent pharmacy software: Visit www.pioneerrx.com.

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Transforming the digital candidate experience

Gp Bullhound

Paris, 18 November 2020

GP Bullhound acted as exclusive financial advisor to talent experience platform Easyrecrue, on its sale to iCIMS.

Easyrecrue, founded in 2013, is a European leader in video interviewing and digital assessment. Easyrecrue provides a talent experience platform to optimise the candidate and employee experience, from recruitment to internal mobility.

This acquisition triples iCIMS’ global footprint, now with more than 100 employees in EMEA, and extends the capabilities of the Talent Cloud, providing its user community of more than 330 million candidates and hiring professionals with an opportunity to leverage cutting-edge video interviewing technology and assessment capabilities.

“We’ve been really impressed by iCIMS’ market leadership, innovation, and ambition, and are very excited to join forces in our shared mission to bring to the world a simplified and improved candidate experience,” said Mickaël Cabrol, Founder and CEO of Easyrecrue, and now Managing Director of EMEA at iCIMS.

“Together, we’re providing global employers with the ability to quickly and digitally hire and engage with the world’s best talent. We are thrilled to have chosen GP Bullhound to accompany us on this journey. Their sector expertise, their dedication and their drive have been key in achieving a fantastic result.”

Guillaume Bonneton, Partner, and Joy Sioufi, Executive Director at GP Bullhound, commented: “We are delighted to have advised Easyrecrue on finding the right partner for the next stage of their journey, on their path to becoming a leading global player on the HR SaaS market.”

This transaction is further testament to GP Bullhound’s expertise in SaaS, with 12 deals completed in the last 12 months in the sector alone, having previously advised Allyo on its acquisition by Hirevue, Bridgepoint on the $160m investment in Sendinblue, and EcoVadis on the $200m investment from CVC Growth Partners, among many others.

Enquiries

For enquiries, please contact:

Guillaume Bonneton, Partner

guillaume.bonneton@gpbullhound.com Joy Sioufi, Executive Director

joy.sioufi@gpbullhound.com

About GP Bullhound

GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the world’s best entrepreneurs and founders. Founded in 1999, the firm today has offices in London, San Francisco, Stockholm, Berlin, Manchester, Paris, Hong Kong, Madrid and New York. For more information, please visit www.gpbullhound.com

 

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Belcan Acquires AVISTA

Ae Industrial Partners

Acquisition Brings Additional Depth to Belcan’s Systems and Software Engineering Group

Cincinnati, Ohio – November 18, 2020 – Belcan, LLC (“Belcan”), a global supplier of engineering, supply chain, technical recruiting, and information technology (IT) services to the Aerospace, Defense, Automotive, Industrial, and Government services markets, announced today that it has acquired Avista, Inc. (“AVISTA” or the “Company”), a provider of safety-critical and mission-critical software engineering services to the world’s leading OEMs in the aerospace, defense, industrial and medical industries. Terms of the transaction were not disclosed.

This marks the 16th acquisition by Belcan under its ownership by AE Industrial Partners, LP (“AEI”), a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets. AVISTA is being sold by TransDigm Group as part of their portfolio optimization efforts following the acquisition of Esterline Technologies in 2019.

For more than 30 years, AVISTA has provided safety-critical and mission-critical software engineering services spanning the entire development life cycle. The Company provides software engineering, verification and validation services, and certification support to the world’s leading aerospace, defense, industrial and medical companies as well as government and military organizations. Headquartered in Platteville, Wisconsin, AVISTA also has facilities in Cedar Rapids, Iowa, and Blaine, Minnesota. AVISTA President Steven Ungs and the Company’s management team will be joining Belcan.

“We’re impressed with AVISTA’s highly-skilled and experienced team who have long-standing relationships with their outstanding customer base,” said Lance Kwasniewski, CEO of Belcan. “AVISTA and its engineers will add greater technical depth to Belcan’s Systems and Software Engineering Group and provide us with a larger footprint in the Midwest. We welcome Steve and his team to Belcan.”

“Becoming part of Belcan will allow us to expand our network and offer our customers a broader array of services,” said Mr. Ungs. “We know that Belcan shares our strong commitment to excellent customer service, and we look forward to continuing the success that being part of a robust, thriving company has already brought us.”

Kirkland & Ellis LLP served as legal advisor and PricewaterhouseCoopers LLP was the financial advisor to Belcan. BakerHostetler served as legal advisor and Seabury Securities was the financial advisor to TransDigm Group.

About Belcan
Belcan is a global supplier of engineering, supply chain, technical recruiting, and IT services to customers in the aerospace, defense, automotive, industrial, and government sectors. Belcan engineers better outcomes for customers – from jet engines, airframe, and avionics to heavy vehicles, automobiles, and cybersecurity. Belcan takes a partnering approach to provide solutions that are adaptable, integrated, and value-added, and has been earning the trust of its customers for over 60 years. For more information, please visit www.belcan.com.

About AVISTA
Since 1987, AVISTA has provided safety-critical and mission-critical software engineering services to the world’s leading OEMs in the aerospace, defense industrial and medical industries. With over 1,500 successful software projects completed, the Company has worked with leading aerospace and defense companies, as well as government and military organizations. For more information, please visit www.avistainc.com.

About AE Industrial Partners
AE Industrial Partners is a private equity firm specializing in Aerospace, Defense & Government Services, Power Generation, and Specialty Industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its deep industry knowledge, operating experience, and relationships throughout its target markets. AE Industrial Partners is a signatory to the United Nations Principles for Responsible Investing. Learn more at www.aeroequity.com.

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CONTACT:
Lambert & Co.
Jennifer Hurson
(845) 507-0571
jhurson@lambert.com

or

Caroline Luz
(203) 656-2829
cluz@lambert.com

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Latour acquires VEGA S.R.L.

Latour logo

2020-11-18 08:30

Investment AB Latour has, through its wholly-owned subsidiary Latour Industries, signed an agreement to acquired VEGA S.R.L. (VEGA) based in the Marche region, Italy. The acquisition is expected to close in January, 2021.

Vega is a leading Italian designer and manufacturer of passenger interface systems and electronic systems for elevators and platform lifts. The company, founded in 2004, is headquartered in Italy with subsidiaries in USA, Brazil, Albania, and China. Net sales amount to over EUR 20 million with strong operating margin and growth. The company has approx. 200 employees in total, of which 45 are employed in R&D.

“I am very happy to welcome VEGA to Latour Industries”, says Björn Lenander, CEO of Latour Industries. “VEGA has a very strong position as independent designer and manufacturer of displays, fixtures, control systems and electronics for both elevators and platform lifts. VEGA has customers in most major markets and a great potential for further growth.”

“VEGA acquisition from Latour represents a landmark moment and a strategic and unique opportunity to create value for our customer. Being part of Latour, we will be enhancing our position in the sector and brings us valuable industrial experience in the next phase of our growth journey”, says Paolo Vitturini, CEO and co-founder of VEGA.

As an effect of the acquisition the net debt (excl. IFRS 16) of the Latour Group is expected to increase compared to the net debt level at the end of September 2020, to around SEK 6.4 billion, all else equal.

Göteborg, 18 November 2020

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Björn Lenander, CEO Latour Industries AB, +46 708 19 47 36
Gustav Samuelsson, Business Development Investment AB Latour, +46 735 52 55 59
Latour Industries consists of a number of operating areas, each with its own business concept and business model. The ambition is to develop independent entities within the business area which can eventually become new business areas within the Latour Group. Latour Industries has an annual turnover of SEK 3 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 69 billion. The wholly-owned industrial operations has an annual turnover of SEK 15 billion.

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