Category Archives: News

Ratos completes divestment of Bisnode

Ratos

On 8 October, Ratos announced that an agreement had been signed to divest Bisnode to Dun & Bradstreet. This divestment has now been completed after the customary regulatory approval and other conditions were met, including payment of the equity value.

The equity value for Ratos’s holding of 70%, as communicated earlier, was SEK 3,900m, yielding a consolidated capital gain of approximately SEK 1,900m. 25% of the equity value will be invested in shares in Dun & Bradstreet, which is listed on the New York Stock Exchange, corresponding to approximately 1% of shares outstanding. In addition, Ratos received a dividend from Bisnode during the fourth quarter of 2020 amounting to SEK 175m in accordance with the terms and conditions of the transaction and earlier communication.

“The divestment of Bisnode is yet another step in Ratos’s evolution to become a business group, with an emphasis on operational development, add-on acquisitions in the companies and new platform acquisitions in companies and industries in which Ratos has in-depth expertise. In conjunction with the sale, we have drawn attention to the value creation that has been achieved in Bisnode and unlocked financial resources to enable Ratos to implement our strategy,” says Jonas Wiström, President and CEO of Ratos.

 

For further information, please contact:
Jonas Wiström, CEO, Ratos, +46 8 700 17 00
Helene Gustafsson, Head of IR and Press, Ratos, +46 70 868 40 50, helene.gustafsson@ratos.com

About Ratos:
Ratos is a business group consisting of 11 companies divided into three business areas: Construction & Services, Consumer & Technology and Industry. In total, the companies have SEK 34 billion in sales and EBITA of SEK 1.3 billion. Our business concept is to develop mid-sized companies headquartered in the Nordics that are or can become market leaders. We enable independent mid-sized companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

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KKR Closes Inaugural Asia Pacific Infrastructure Fund at US$3.9 billion Cap

KKR

January 10, 2021

HONG KONG–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the final close of KKR Asia Pacific Infrastructure Investors SCSp (the “Fund”), a US$3.9 billion fund focused on infrastructure-related investments across Asia Pacific.

“We are thrilled to announce the close of our inaugural Asian infrastructure fund, coming at this pivotal time for the infrastructure sector,” said Ming Lu, Head of KKR Asia Pacific. “We believe that Asia Pacific contains some of the most favorable macroeconomic dynamics in the world, and that the region is expected to account for more than half of the world’s economic growth in the coming years. However, the demand to develop or upgrade critical infrastructure assets outpaces the available public funding in many markets. Private capital is playing an increasingly important role to fill the gap in the region, and through our new fund, KKR is committed to investing in essential infrastructure solutions over a long-term horizon.”

KKR’s infrastructure investment approach combines a disciplined selection process with distinctive deal sourcing and structuring capabilities executed by a dedicated investment team based in markets across Asia Pacific. In line with this approach, the Fund will focus on critical infrastructure with low volatility and strong downside protection where KKR believes it can achieve attractive risk-adjusted returns by leveraging its global network of industry experts, its highly experienced team in Asia Pacific and long history of operational value creation. The Fund has a broad investment mandate across both emerging and developed Asia Pacific, in sectors, including waste, renewables, power and utilities, telecommunications and transportation infrastructure.

At the time of close, the Fund reached its hard cap to become the largest pan-regional infrastructure fund to have been raised for Asia Pacific. The Fund’s size aligns with KKR’s expectations for infrastructure deal flow in the region through the long-term horizon. KKR invested approximately US$300 million in capital alongside external investors through its balance sheet and employee commitments.

David Luboff, Head of Asia Pacific Infrastructure at KKR, said, “Infrastructure is a key priority for KKR in Asia Pacific and we are proud to have built one of the leading infrastructure investment platforms in the region. The size of this fund and the caliber of our limited partners reflect the strength of both our Asia Pacific and infrastructure businesses, and speaks to our ability to deliver attractive, risk-adjusted returns to our investors through a careful investment approach. Bringing together our deep, local market knowledge with decades of global industry expertise uniquely positions us to flexibly meet the crucial infrastructure needs of both developed and emerging Asia Pacific.”

The Fund, which was significantly oversubscribed and closed at its hard cap, received strong backing from a diverse group of prominent global infrastructure investors, including public and corporate pensions, sovereign wealth funds, insurance companies, endowments, private banking platforms, family offices and high net worth individual investors.

“The successful close of our new infrastructure fund demonstrates the compelling value proposition that KKR offers to investors. We are grateful for the confidence investors have placed in our Asia Pacific infrastructure strategy and talented team as they look for investments that can deliver stable capital appreciation in today’s volatile environment,” said Alisa Amarosa Wood, Head of KKR’s Private Markets Strategies Group.

KKR first established its global infrastructure team and strategy in 2008 and has since been one of the most active infrastructure investors around the world. Over this period, the Firm has deployed more than US$24 billion across approximately 40 infrastructure investments, and currently has a team of approximately 45 dedicated investment professionals.

“One of our differentiators is KKR’s ability to provide flexible capital solutions to meet the needs of its portfolio companies across all asset classes,” said Raj Agrawal, Global Head of Infrastructure at KKR. “This unique blend of deal sourcing and structuring, along with our deep operational management and active engagement allows us to take advantage of the full range of investment opportunities created by Asia Pacific’s continued emergence as an economic engine for the 21st Century.”

In Asia, KKR has committed US$1.8 billion across six investments as part of the Firm’s dedicated Asia Pacific infrastructure strategy, which was launched in 2019. KKR’s Asia Pacific infrastructure portfolio includes India Grid Trust, India’s leading infrastructure investment trust; Virescent Infrastructure, a renewable energy company in India; Eco Solutions Group, a leading environmental services provider in South Korea; First Gen, a leading Philippines power producer; TSK Corporation, an environmental services management company in South Korea; and Pinnacle Towers, a leading telecommunications infrastructure provider in the Philippines.

Debevoise & Plimpton LLP represented KKR as primary fund counsel for this fundraise.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

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

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

Source: KKR

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Bloomerang Acquires Kindful to Accelerate Vision of Helping Nonprofits Fund Their Missions

JMI Equity

Combined company will offer an expanded set of capabilities to help nonprofits attract more donors, deepen existing donor relationships and improve fundraising effectiveness

INDIANAPOLIS–(BUSINESS WIRE)–Bloomerang, a leader in cloud-based donor management and fundraising software for small and mid-size nonprofits, today announced that it has acquired Kindful, a nonprofit software platform known for its best-in-class third party application integrations and online fundraising tools.

The combination of advanced donor engagement insights provided by Bloomerang and Kindful’s strengths in online giving and integrated applications, accelerates Bloomerang’s vision to deliver the donor management and fundraising platform of the future.

“We’ve always focused on elevating the effectiveness of nonprofits and now we’ll be able to scale it at a much faster pace,” said Ross Hendrickson, CEO of Bloomerang. “Our target market has been underserved by legacy tech and manual processes. They deserve much more. By combining the two top rated companies in this space, we can make a combined platform that helps nonprofits acquire new donors, increase donor loyalty, and ultimately affect their mission through thoughtful fundraising.”

The combined company will offer nonprofits the opportunity to deploy a modern, easy-to-use donor management, donor communication, fundraising and reporting platform that supports the complete donor lifecycle and seamlessly integrates with the broader nonprofit application ecosystem. Bloomerang will also continue its commitment to providing world-class fundraising education and resources through its research initiatives, webinar series, and consultant network. Together, the combined company will support tens of thousands of nonprofit professionals globally and is backed by a team of 200 employees who are passionate about delivering great service and support.

“Kindful’s donor management platform has excelled by making online donation pages, real-time integrations and reporting tools simple, yet powerful for customers,” said Jeremy L. Bolls, Founder and CEO of Kindful. “We’re thrilled to join Bloomerang because together we can help our customers make a greater impact on the world by providing tools that allow them to spend more time and resources on their mission to do more good.”

The acquisition builds on a strong year of momentum for the company. Last September Bloomerang received a strategic growth investment from JMI Equity. Earlier in 2020 the company was named a Leader in Nonprofit CRM software by G2, SoftwareAdvice and Business-Software.com. And, for the fifth consecutive year, Bloomerang was named one of the “Best Places to Work in Indiana.”

About Bloomerang

Indianapolis-based Bloomerang is a cloud-based donor management and fundraising platform designed to help nonprofits reach, engage and retain the advocates they depend on to achieve their vision for a better world. For more information about Bloomerang, visit: https://bloomerang.co.

About Kindful

Kindful is a Nashville-based software company that provides powerful software to help nonprofits organize data and manage donors better. Featuring online donation pages, donor management tools, reporting tools, and integrated partnerships with industry-leading services, Kindful’s platform is designed to help nonprofit employees manage their donors easier, saving time and creating better insights. Kindful proudly powers thousands of world-changing organizations both in the U.S. and internationally, and has consistently been recognized by G2 as a leader in nonprofit software and named to the 2020 Inc. 5000 for the first time. For more information, please visit kindful.com.

About JMI Equity

JMI Equity is a growth equity firm focused on investing in leading software companies. Founded in 1992, JMI has invested in over 150 businesses in its target markets, successfully completed over 100 exits and raised more than $4 billion of committed capital. JMI partners with exceptional management teams to help build their companies into industry leaders. For more information visit jmi.com.

Contacts

Media:
Bloomerang
Steven Shattuck, Chief Engagement Officer
steven.shattuck@bloomerang.co

Categories: News

AM-Pharma announces enrollment and financing of COVID-19 cohort in phase III REVIVAL trial

GIlde Healthcare

  • First patients with COVID-19 enrolled in the REVIVAL Phase III study
  • COVID-19 patients with sepsis-associated acute kidney injury will be included in an exploratory cohort in the pivotal trial enrolling up to 1,600 SA-AKI patients overall
  • RVO, an agency of the Dutch Ministry of Economic Affairs and Climate Policy, provides a loan of up to €5 million for the COVID-19 cohort clinical study

Utrecht (the Netherlands) – AM-Pharma B.V., an emerging leader focused on the treatment of kidney disease, sepsis and organ injury, today announced that the first patients with COVID-19 infection and sepsis-associated acute kidney injury (SA-AKI) have been enrolled in the Company’s Phase III REVIVAL pivotal trial in an exploratory cohort to assess the safety, tolerability and clinical benefit of recombinant alkaline phosphatase.

Patients with severe COVID-19 infection often present with acute severe inflammation and organ failure. Recent studies conducted in the US demonstrated that up to 90% of the COVID-19 patients that received mechanical ventilation also suffered from AKI and that the development of AKI in these patients is associated with poor prognosis.1 AM-Pharma received an innovation credit of up to EUR 5 million from the “Netherlands Enterprise Agency” (RVO.nl), which has been established by the Dutch Ministry of Economic Affairs and Climate Policy to support the development of innovative programs with promising market potential.

“The ongoing coronavirus pandemic and the lack of treatment options for severe cases has been devastating for patients, their families and medical communities around the world,” commented Erik van den Berg, Chief Executive Officer at AM-Pharma. “The prevalence of COVID-19 infections and the high AKI comorbidity support our decision to include this additional cohort into our Phase III REVIVAL pivotal study. By providing our proprietary recombinant alkaline phosphatase to clinicians for evaluation in severe COVID-19 cases, we aim to make our novel treatment option available for these patients.”

The REVIVAL Phase III pivotal trial is a randomized, double-blind, placebo-controlled, two-arm, parallel-group, multi-center trial to evaluate the efficacy and safety of AM-Pharma’s proprietary human recombinant alkaline phosphatase for the treatment of patients with SA-AKI. The study will enroll approximately 1400 patients with SA-AKI in the main study population. In two exploratory cohorts, up to 100 patients with moderate Chronic Kidney Disease (CKD) and up to 100 patients with COVID-19 will be enrolled. The primary aim of the study is to confirm the improvement on the primary endpoint of 28-day all-cause mortality, as observed in the Phase II STOP-AKI study. Secondary endpoints include the treatment effect on long-term Major Adverse Kidney Events (MAKE), on the use of organ support, length of stay in the ICU and on 90-day all-cause mortality. Further information on this study can be found at www.clinicaltrials.gov, NCT04411472 (REVIVAL).

“We have seen the potential of AM-Pharma’s proprietary recombinant human alkaline phosphatase to benefit patients with sepsis and acute kidney injury, as demonstrated in the Phase II STOP-AKI study,” said John A. Kellum, M.D., Professor, Vice Chair Department of Critical Care Medicine and Director at the Center for Critical Care Nephrology at University of Pittsburgh. “This is very relevant for severe COVID-19 patients as many of these patients also experience AKI, with increased AKI severity being correlated with increased mortality.”

Professor Peter Pickkers, M.D., Ph.D., Chair of Experimental Intensive Care Medicine, Radboud University Medical Center, and principal investigator of the REVIVAL study added: “The relative reduction in mortality of 40% and significant improvement in renal function over the course of the Phase II STOP-AKI study period support the hypothesis that AM-Pharma’s drug candidate might provide a unique treatment opportunity for severe COVID-19 patients with acute kidney injury. I am excited to continue our collaboration with AM-Pharma for this trial.”

For the Phase III REVIVAL trial, potentially over 100 sites across Europe and North America are actively recruiting patients with SA-AKI in the trial. Enrollment completion of the first 400 patients in the main study population is expected by the end of 2021. The company expects to complete target enrollment and to announce data on the primary endpoint of 28-day all-cause mortality in 2023.

 

About AKI, Sepsis and COVID-19

Acute Kidney Injury (AKI) involves inflammatory processes in the kidney which can lead to complete loss of renal function. Hospital?acquired AKI affects annually around 3 million patients in Europe, the US and Japan, and is associated with mortality in roughly 700,000 patients. It occurs in 40-60% of critical care admissions. Depending on the severity and cause of renal injury, mortality ranges from 10% to as high as 60%. In the US alone, hospitals spend around $10 billion each year on managing this major medical problem.

Sepsis is a condition that is responsible for 1 out of 3 deaths in hospitals and is defined as life-threatening organ dysfunction caused by a dysregulated host response to infection. The kidney is the most commonly affected organ, resulting in SA-AKI and significantly increasing the risk for mortality and morbidity in sepsis. No singular effective therapy to alter the progression of these devastating conditions has been approved, while the healthcare burden for sepsis in the US alone is $16.7 billion on an annual basis.

In patients with COVID-19 requiring ICU care, the prevalence of AKI is 46% and up to 90% in COVID-19 patients who need mechanical ventilation. Development of AKI is associated with a poor prognosis with a mortality rate of approximately 50%. There is currently no treatment available for COVID-19 patients with AKI other than renal replacement therapy. Non-surviving patients have severe inflammation and excessive immune activation.

About recombinant alkaline phosphatase

AM-Pharma’s therapeutic candidate is a proprietary recombinant human Alkaline Phosphatase (AP) constructed from two naturally occurring human isoforms of the AP enzyme. The Company’s compound is highly stable and active and has a dual mechanism of action via dephosphorylation of lipopolysaccharides (LPS) and extracellular ATP. AM-Pharma has shown that treatment of patients with exogenous AP not only reduces local and systemic inflammation but also protects the kidney against further damage.

About AM-Pharma

AM-Pharma’s purpose is to save and improve the lives of patients confronted with kidney disease, sepsis and organ injury. Our initial focus is sepsis-associated acute kidney injury, the cause of death for hundreds of thousands of people hospitalized each year. Our proprietary recombinant human alkaline phosphatase has the potential to become the first treatment for sepsis-associated acute kidney injury and is now in a global pivotal Phase III clinical trial. We are a dedicated team driven to bring treatment options to severely ill patients, their families and acute care professionals. Find out more about us online at www.am-pharma.com.

About Gilde Healthcare

Gilde Healthcare is a specialized healthcare investor managing over $1.5 billion across two fund strategies: venture & growth capital and private equity. Gilde Healthcare’s venture & growth capital fund invests in fast growing companies active in digital health, MedTech and therapeutics. The venture & growth companies are based in Europe and North America. For more information, visit the company’s website at www.gildehealthcare.com.

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CVC Growth Fund announces successful exit of Kount in $640 million deal

Global data and analytics company Equifax expected to complete acquisition in Q1 2021, subject to regulatory review

CVC Capital Partners (“CVC”) announced today that the CVC Growth Fund has signed a definitive agreement to sell Kount Inc. (“Kount” or “the Company”), a provider of Artificial Intelligence (AI)- driven fraud prevention and digital identity solutions, to global data and analytics company Equifax in a deal valued at $640 million. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions and regulatory review.

Formed in 2007 and headquartered in Boise, Idaho, Kount’s best-in-class fraud prevention solutions protect the customer journey and digital innovations for over 9,000 brands globally. The Company has earned recognition as a leader in digital fraud prevention, with over 13 years of data informing its advanced Machine Learning (ML) and AI-based models. This patented technology prevents digital payments fraud, new account fraud, and account takeovers to increase revenue for digital businesses, acquiring banks, and payment service providers.

“Kount was an industry leader when the CVC Growth Fund invested, and since then the company has gone from strength to strength under CEO Brad Wiskirchen’s leadership, more than tripling revenue during the investment period,” said Jason Glass, Partner at CVC Growth Partners. “Through a trusted relationship with Brad, we have supported the expansion of the management team, new investment in sales and marketing and the launch of industry-leading product offerings including Kount Control, the first adaptive protection solution to stop account takeover fraud, and the Kount Identity Trust Global Network.”

“I would like to thank the CVC Growth Partners team for an incredibly rewarding partnership over the past five years,” said Wiskirchen. “The challenges of online fraud have grown exponentially and, with the guidance and support of CVC, Kount has been able to not just meet those challenges but also innovate and extend our industry leadership. Today we are well positioned to take our business to the next level with Equifax.”

“Our partnership with Kount is a perfect example of CVC Growth Partners’ strategy in action,” added John Clark, Managing Partner at CVC Growth Partners. “Through our thematic origination approach we source opportunities to partner with uniquely positioned technology companies in large, growing markets. We then help them to overcome barriers to growth, and to successfully accelerate their development, empowering them to become leaders in their fields.”

Barclays acted as exclusive financial advisor and Fried Frank acted as legal advisor to Kount.

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Altamir to invest in Mentaal Beter via the Apax France X fund

Altamir

Paris, 8 January 2021 – Apax Partners SAS has reached an agreement with NPM Capital NV to acquire 100% of the NL Mental Care Group B.V. (Mentaal Beter), an innovative mental health care service provider in the Netherlands, operating through the brands Mentaal Beter, Vitalmindz, Alleskits and Opdidakt. This acquisition would be taken alongside the company’s management team who will retain a stake in the company and will continue to lead the business.
This significant investment would enable Mentaal Beter to accelerate its digitalisation strategy to further improve access and quality of care in the coming years. Mentaal Beter also wants to internationalise its unique business model and skills across Europe.
The intended acquisition is subject to approval by the relevant authorities (the Dutch Healthcare Authority (NZa) and the Dutch Competition Authority (ACM)).

Mentaal Beter, initially a franchise model, has grown into a successful network of mostly owned practices with more than 120 locations across the Netherlands. Since 2013, with the active support of NPM Capital, the firm has invested in company training for psychologists to become licensed therapists, as well as IT systems and E-health capability. In addition, Mentaal Beter has strengthened and modernised its structure by setting-up an effective central shared service center that handles most administrative tasks, allowing therapists to focus on patients’ care.

About Altamir
Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with an investment portfolio of more than €1.2bn. Its objective is to provide shareholders with long-term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.
Altamir’s investment policy is to invest via and with the funds managed or advised by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.
In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax’s sectors of specialisation (TMT, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in continental Europe and larger companies in Europe, North America and key emerging markets).
Altamir derives certain tax benefits from its status as a SCR (“Société de Capital Risque”). As such, Altamir is exempt from corporate tax and the company’s investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.
For more information: www.altamir.fr
Contact
Claire Peyssard Moses
Tel.: +33 1 53 65 01 74 / E-mail: investors@altamir.fr

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Latour acquires VM Kompensator A/S

Latour logo

2021-01-08 13:30

Investment AB Latour has, through its wholly owned subsidiary DENSIQ AB, part of Latour Industries AB, acquired VM Kompensator A/S (VM Kompensator) based in Bække, Danmark.

VM Kompensator is a leading Danish designer and manufacturer of compensators and expansion joints used in Industrial applications. The company, founded in 2015, is headquartered in Bække, Danmark. Net sales 2020 amount to DKK 23 million with strong operating margin and growth.

“I am very happy to welcome VM Kompensator to the DENSIQ family”, says Krister Seleskog, CEO of DENSIQ AB. “VM Kompensator will be a very good addition to our current portfolio and further strengthen our position as a leading supplier of sealing technology.”

“We are really happy that we have now become part of DENSIQ and the Latour Group and are very much looking forward to become a stronger player in the market within expansion joints”, says Michel Moustgaard, CEO and founder of VM Kompensator.

Göteborg, January 8, 2021

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Krister Seleskog, CEO DENSIQ AB, +46 720 10 21 40
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 70 billion. The wholly-owned industrial operations has an annual turnover of SEK 15 billion.

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Hg invests in Prophix to continue to scale the business and invest further in product and technology

HG Capital

Mississauga, Canada; New York, USA and London, UK: 6th January 2021 – Prophix, a global leader in Corporate Performance Management (CPM) software, today announces an investment from Hg, a leading global software investor. Hg’s investment is expected to accelerate and scale Prophix’s growth and fund further development of its product capabilities.

This deal will result in Prophix employees and management participating to acquire the company alongside Hg, who will hold the majority investment. This will allow staff to benefit more directly from the organization’s ongoing growth.

Founded in 1987 and based in Ontario, Canada, Prophix is a leading provider of CPM software serving mid-market companies across multiple industries worldwide, providing planning, budgeting and financial reporting software into the ‘office of the CFO’. Prophix’s software allows organizations to improve their financial reporting capabilities, while also standardizing and streamlining the budgeting process to generate significant ROI through a faster time to close, reduction in budgeting errors and an ability to reforecast in a more agile way. Prophix is a leader in its segment with over 1,600 customers, industry-leading retention rates and best-in-class customer NPS.

“Our journey so far has shown us that there is still so much to play for in our industry. We have significant ambitions for the business and Hg’s investment and operational experience in software will help us reach these goals. We will look to serve our customers better than ever before, as we invest further in our sales and marketing functions, further our R&D capabilities, accelerate our transition to the cloud and look to scale our business across several regions, including in Europe. Hg has successfully helped businesses to accomplish these goals many times over and we’re excited to tap into some of this experience to unlock our full potential.”

Alok Ajmera, Chief Executive Officer of Prophix

“This is a really momentous announcement for the team at Prophix and we warmly welcome Hg as a key strategic partner today. It has been an incredible journey to date, and I am so grateful to the enormous talent that has seen us get to this stage. Together with Hg we will move forward with an unstoppable team and a very bright future for the business.”

Paul Barber, Founder and Executive Chairman of Prophix

This partnership with Prophix reinforces Hg’s focus on mission critical B2B software sitting at the intersection of Hg’s experience in ERP and Tax & Accounting. This transaction represents Hg’s seventeenth investment in this space in the last 16 years, with total invested capital of over $3.5 billion. Prophix is also the fourth software business based in Canada that Hg has invested in over the last 12 months.

“Prophix sits right at the heart of a universe that we have been investing in for almost two decades. This means that we recognise high-quality when we see it and Prophix falls firmly into this category. Prophix is a great business run by an impressive team. They have created a best-in-class cloud product that serves a very satisfied customer base, with a huge runway for further growth. We’re really excited about joining the team.”

Jonathan Boyes, Partner at Hg

“We see significant growth opportunity from the continued adoption of CPM software by mid-market organizations, as the need for real-time financial information and the ability to budget & reforecast in a more agile way becomes increasingly important. Prophix is positioned incredibly well to benefit from this trend, which is a testament to the successful efforts of Paul, Alok and the rest of the Prophix team.  We look forward to partnering with Alok and his team to help the company continue to realise its future growth potential.”

Ben Meyer, Partner and co-lead of Hg’s New York team

The terms of the transaction were not disclosed. Advising Prophix on the transaction were Shea & Company as financial advisor and Osler, Hoskin & Harcourt LLP as legal advisor. Advising Hg were Stifel (M&A), Skadden (legal), Kirkland & Ellis (financing), Deloitte (accounting and tax) and EY (commercial and technology).

For further details:

Tom Eckersley (Hg)
+44 (0)20 8396 0930

Diana Vaughton and Samantha Chiene (Brunswick, UK)
+44 (0)207 404 5959

Alex Yankus and Harry Mayfield (Brunswick, USA)
+1 917 818 5204
HG@brunswickgroup.com

Rachel Douglas (Prophix)
+1 (905) 279-8711 Ext: 502
rdouglas@prophix.com

Colleen Irish (Tier One Partners, USA)
+1 (617) 842-1511
cirish@tieronepr.com

About Hg

Hg is a leading European investor in software and services, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses. Hg has funds under management of over $30 billion, with an investment team of over 140 professionals, plus a portfolio team of more than 30 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 30 software and technology businesses, worth over $50 billion aggregate enterprise value, with over 35,000 employees globally. For further details, please visit the Hg website: https://hgcapital.com/.

About Prophix

Your business is evolving. And the way you plan and report on your business should evolve too. Prophix helps midmarket companies achieve their goals more successfully with its innovative Corporate Performance Management (CPM) software. With Prophix, finance leaders improve profitability and minimize risk by automating budgeting, planning and reporting, and puts the focus back on what matters most – uncovering business opportunities and driving competitive advantage. Whether in the cloud or on-premise, Prophix supports your future with a platform that flexes to suit your strategic realities, today and tomorrow. https://www.prophix.com/

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STARK Group welcomes CVC Capital Partners Fund VII as its new partner

08 Jan 2021

CVC Fund VII to acquire 100% of the leading distributor of heavy building materials in Northern Europe.

CVC Capital Partners Fund VII has signed an agreement to acquire 100% of STARK Group, a leading distributor of heavy building materials in Northern Europe.

STARK Group has grown rapidly in recent years through successful acquisitions and organic growth with a strategic focus on being a trusted partner bringing scale benefits to professional craftsmen. The company has been owned by an affiliate of Lone Star Funds since April 2018.

Headquartered in Denmark, STARK Group is a leading B2B distributor of heavy building materials for the construction industry in the Nordics and Germany, with a focus on serving professional craftsmen. The business partners with 10,000 suppliers to serve c. 235,000 customers from more than 400 locations in Denmark (incl. Greenland), Sweden, Norway, Finland, and Germany.

“We are excited to partner with CVC to continue the journey we started together with Lone Star. We have enjoyed this collaboration, which has been instrumental in supporting us to achieve strong growth over recent years.” says Søren P. Olesen, CEO, STARK Group. “We continue to see plenty of opportunities for further development and expansion both in respect of further organic growth and through accretive bolt-on acquisitions in the attractive markets in which we operate. We know CVC very well from the past and look forward to benefitting from their industry expertise, strategic insights and appetite to play an active role in future market consolidation. I could not imagine a better owner to support STARK Group going forward.”

Christoffer Sjøqvist, Senior Managing Director at CVC, adds: “We have followed STARK Group closely for many years and have been impressed with the quality of the business and its people. We are delighted to be supporting the company going forward and look forward to working closely with Søren P. Olesen and his team to continue to grow STARK Group.”

The transaction is subject to customary conditions and approvals and is expected to close in Q2 2021. Legal and financial terms have not been disclosed.

STARK Group and Lone Star Funds were advised by Lazard. CVC was advised by Nordea and Rothschild & Co.

Upon completion, Søren Vestergaard-Poulsen, Managing Partner at CVC, will join the board of STARK Group as Chairman. Christoffer Sjøqvist will also join the board.

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K1 Completes Sale of Certent to insightsoftware

K1

LOS ANGELES, January 7, 2021 — K1 Investment Management, LLC (“K1”), a leading investment firm focusing on high-growth enterprise software companies, today announced that it has completed the sale of its portfolio company Certent, Inc. (“Certent”), the category leader in software-as-a-service solutions for financial disclosure management and equity compensation. insightsoftware, a global provider of enterprise software solutions for the Office of the CFO, backed by TA Associates and Genstar Capital, acquired the business.

K1 first invested in Certent in 2012 and was the only institutional investor in the company. Since K1’s initial investment, Certent’s customer base grew by more than 3x and its revenue grew by more than 5x.

With K1’s backing, Certent achieved significant scale and profitability through an active buy-and-build strategy. Certent leveraged K1’s sector specialization, sourcing capabilities and operational resources to complete and integrate five add-on acquisitions which expanded the company’s product line and geographic breadth. Additionally, 13 Certent executives, including the company’s CEO, CTO and SVP of Global Services, graduated from K1’s proprietary year-long executive development course, the Advanced Management Program (“AMP”).

“We appreciate K1’s support in helping us achieve significant growth and market penetration over the years,” said Jorge Martin, CEO of Certent. “Looking back, the journey exceeded all of my expectations. The investments K1 made in me personally and in our team and culture allowed us to build the category leader in equity and disclosure management. We are excited to join forces with insightsoftware and look forward to the next phase of the company’s evolution.”

Certent first appeared on Inc. Magazine’s Inc. 5000 list in 2013 and has remained on the list every year since then. Additionally, in October 2020, the company was ranked #1 in customer satisfaction and recognized as a market leader in G2 Crowd’s inaugural report for equity management software, further validating the company’s market presence.

“When we first met Certent, we were drawn to the mission-critical software products it provided to finance and legal teams of public and private companies,” said Taylor Beaupain, Managing Partner at K1. “Certent has since grown to become the category leader in its space.  It has been an incredible journey to support the company’s growth over the years, and we are thrilled that Jorge and the Certent team will further build their capabilities within the broader insightsoftware platform.”

Certent was advised by Raymond James as financial advisor and Morris, Manning & Martin LLP as legal counsel.

About K1

K1 builds category-leading enterprise software companies. As a global investment firm, K1 assists high-growth businesses to achieve successful outcomes, and invests alongside strong management teams that continue to guide their organizations on a day-to-day basis. With over 100 professionals, K1 changes industry landscapes by assisting with operationally-focused growth strategies designed to assist portfolio companies scale efficiently. Since inception of the firm, K1 has partnered with over 135 enterprise software companies including industry leaders such as Apttus, Buildium, Checkmarx, ChiroTouch, Clarizen, ControlUp, Emburse, FMG Suite, Granicus, Graduway, IronScales, Litera Microsystems, Onit, Rave Mobile Safety, RFPIO, Smarsh, WorkForce Software and Zapproved. For more information about K1, please visit k1capital.com or follow us at linkedin.com/company/k1im.

About Certent

Certent, Inc., founded in 2002, helps customers elevate their business with smart, intuitive solutions for modern finance. Our advanced solutions for disclosure management, narrative reporting, and equity management help business and finance leaders improve accuracy, save time, and get more done. Deploy with confidence over the cloud, backed by our end-to-end support services, deep expertise, and global reach. Integrate easily with existing systems and data sources. Certent helps you redefine your approach to governance, risk, and compliance. The company operates in seven countries and serves over 2,400 public, private, and pre-IPO companies around the world.

About insightsoftware

insightsoftware is a leading provider of financial reporting and enterprise performance management software. We enable best-in-class performance for the Office of the CFO to connect and analyze their enterprise data in real time, driving greater financial intelligence across their organization. Over 25,000 organizations worldwide rely on insightsoftware’s portfolio of best-in-class reporting, analytics, budgeting, forecasting, consolidation, and tax solutions to provide them with increased productivity, visibility, accuracy, and compliance. Visit insightsoftware.com for more information.

 

SOURCE: https://www.prnewswire.com/news-releases/k1-completes-sale-of-certent-to-insightsoftware-301202536.html

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