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KKR Completes Tender Offer for FUJI SOFT

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KKR

Becomes largest shareholder with 58% of ownership; to proceed with privatization

TOKYO, February 20, 2025– KKR, a leading global investment firm, today announced that in connection with the two-stage tender offer (the “Tender Offer”) for the common shares and share options of FUJI SOFT INCORPORATED (TSE stock code 9749; “FUJI SOFT” or the “Company”) through FK Co., Ltd. (the “Offeror”), the Offeror, an entity owned by investment funds managed by KKR, received tenders in excess of 19.25%, the minimum ownership stake required to conduct a squeeze-out (53.22% in total), and completed the second stage of its Tender Offer (“Second Tender Offer”) on February 19, 2025.

Upon settlement of the Second Tender Offer, including the shares acquired by the Offeror in the First Tender Offer, the Offeror will hold a total of 35,753,281 common shares and share options (758,400 shares on an asconverted basis) of FUJI SOFT (Total Ownership Ratio: 57.92%). Settlement of the Second Tender Offer will commence on February 27, 2025.

In addition to the shares acquired through the Tender Offer, the Offeror aims to acquire the remaining shares of FUJI SOFT through a squeeze-out process, which will result in the Offeror owning 100% of the shares of FUJI SOFT. The Extraordinary General Meeting for the squeeze-out process is scheduled for late April 2025.

FUJI SOFT is a leading Japanese system integration company specializing in control systems and embedded software, business software, and systems. With over 10,000 system engineers, strong technical capabilities and a long track record, FUJI SOFT provides IT services to clients across a wide range of industries. In its “Midterm Business Plan 2028” announced in February 2024, FUJI SOFT set a vision of “becoming the leading company providing systems/software & services in the IT x OT field.” In the fiscal year ending December 2024, the first year of the plan, FUJI SOFT achieved a record high revenue and operating income of 317.5 billion yen and 22 billion yen respectively, with an operating income margin of 6.5%.

Following the Offeror’s announcement of a Tender Offer with the support from the Board of Directors of FUJI SOFT on August 8, 2024, an unprecedented situation arose in which the Offeror’s Tender Offer was followed by Bain Capital’s announcement of a proposed tender offer. As a result, the Offeror’s Tender Offer was completed more than four months later than initially anticipated. The Offeror is grateful for the patience and consistent support it received from FUJI SOFT’s executive team and Board of Directors during this period, and now looks forward to focusing on the business growth of and value creation for FUJI SOFT.

Hiro Hirano, Deputy Executive Chairman of KKR Asia Pacific and CEO of KKR Japan, said, “We are very pleased with the outcome of the tender offer and are thankful for the trust and endorsement shown by FUJI SOFT through this process. We are fully committed and look forward to supporting FUJI SOFT’s plan to enhance its corporate value, under a new and simpler ownership by KKR following the privatization, by leveraging our global network and expertise and to help FUJI SOFT achieve its next stage of transformation. As one of Japan’s leading system integrators, FUJI SOFT plays an important role in enabling Japanese businesses to deliver better solutions and experiences for their customers in this new age of digitalization, cloud computing and AI.”

The Tender Offer will be financed predominantly from KKR Asian Fund IV.

***

This press release should be read in conjunction with the release issued by the Offeror today titled “Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.”

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.

For more information, please contact:
KKR Asia Pacific
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

February 20, 2025

To whom it may concern: Company Name: FUJI SOFT INCORPORATED
Representative: Satoyasu Sakashita, President &
Representative Director
(Code Number: 9749; TSE Prime Market)
Contact: Shinsuke Konishi, General Manager,
Corporate Finance Department
(TEL: 045-650-8811)
Company Name: FK Co., Ltd.
Representative: Michael Longo, Representative Director

Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.

FK Co., Ltd. announces that, as of today, it has published the attached “Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.”

End

This press release is published by FK Co., Ltd. (Tender Offeror) in accordance with Article 30, paragraph (1), item (iv) of the Order for Enforcement of the Financial Instruments and Exchange Act based on a request made by FUJI SOFT INCORPORATED (the Target Company in the Tender Offer).

(Attachment)
“Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749 by FK Co., Ltd.” dated February 20, 2025February 20, 2025

To whom it may concern: Company Name: FK Co., Ltd.
Representative: Michael Longo, Representative Director

Notice Regarding the Results of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749) by FK Co., Ltd.

FK Co., Ltd. (“Tender Offeror”) has conducted a tender offer (“Tender Offer”) from November 20, 2024 for the common shares (“Target Company Shares”) and share options of FUJI SOFT INCORPORATED (Securities Code: 9749; Prime Market of the Tokyo Stock Exchange, Inc. (“TSE”), “Target Company”) under the Financial Instruments and Exchange Act (Act No. 25 of 1948, as amended; “Act”). The Tender Offeror hereby announces that the Tender Offer was completed on February 19, 2025, and combined with the Target Company Shares and share options acquired through the tender offer for the Target Company Shares and share options conducted by the Tender Offeror, with a tender offer period from September 6, 2024 until November 5, 2024, 36,511,681 Target Company Shares and share options (for share options, the number converted into shares) will be acquired (Ownership Ratio (*): 57.92%) as described below.

(*1) The percentage (figures are rounded to the nearest two decimal places) of the number of shares (63,057,570 shares) (“Total Number of Shares after Taking into Account the Potential Shares of the Target Company”) obtained by adding (ⅰ) the total number of outstanding shares of the Target Company as of December 31, 2024 (67,400,000 shares), as stated in the Consolidated Financial Results of the Target Company for the Fiscal Year Ending December 31, 2024 (Under Japanese GAAP) submitted by the Target Company on February 13, 2025 (“Target Company Financial Results”), to (ii) the number of shares (217,800 shares) subject to the Fifth Series Share Options (1,089 options) remaining as of October 15, 2024 reported by the Target Company, and whose exercise period expired as of November 20, 2024, less the number of shares (202,600 shares) subject to the Fifth Series Share Options (1,013 options) owned by the Tender Offeror as November 20, 2024 (equal to 15,200 shares), such sum of item (i) and (ii) being 67,415,200 shares, and subtracting (ⅲ) the number of treasury shares owned by the Target Company as of December 31, 2024 (4,377,630 shares) (Note 2).

(*2) According to the Target Company, the 4,379,229 treasury shares as of December 31, 2024 stated in the Target Company Financial Results include 1,599 shares, which is equivalent to 40% (the Target Company’s voting rights in Nihon Business Soft Incorporation) of the 3,998 Target Company Shares (Ownership Ratio: 0.01%) held by Nihon Business Soft Incorporation, an equity-method affiliate of the Target Company, and the number of treasury shares held by the Target Company as of December 31, 2024 is 4,377,630 shares (4,379,229 shares less 1,599 shares).

1. Outline of Purchase

(1) Name and Location of the Tender Offeror
Name: FK Co., Ltd.
Location: 11F, Meiji Yasuda Seimei Building, 2-1-1 Marunouchi, Chiyoda-ku, Tokyo

(2) Name of the Target Company
FUJI SOFT INCORPORATED

(3) Type of Shares Subject to Purchase
(1) Common shares
(2) Share options

(A) The fifth series of share options, issued based on a resolution by the Target Company’s board of directors at a meeting held on March 29, 2022 (“Fifth Series Share Options”) (the exercise period for which is from April 1, 2024 to March 29, 2027).

(B) The sixth series of share options, issued based on a resolution by the Target Company’s board of directors at a meeting held on March 28, 2023 (“Sixth Series Share Options”) (the exercise period for which is from April 1, 2025 to March 28, 2028).

(C) The seventh series of share options, issued based on a resolution by the Target Company’s board of directors at a meeting held on March 26, 2024 (“Seventh Series Share Options,” and, together with the Fifth Series Share Options and the Sixth Series Share Options, collectively, “Share Options”) (the exercise period for which is from March 27, 2026 to March 24, 2034).

(4) Number of Shares to be Purchased

Type of Shares Number of Shares to be Purchased Minimum Number of Shares to be Purchased Maximum Number of Shares to be Purchased
Common Shares 41,650,969 (shares) 12,133,398 (shares) – (shares)
Total 41,650,969 (shares) 12,133,398 (shares) – (shares)

(Note 1) If the total number of Shares tendered in the Tender Offer (“Tendered Shares”) (including the number of shares subject to the Share Options tendered in the Tender Offer; the same shall apply hereinafter) is less than the minimum number of shares to be purchased (12,133,398 shares), the Tender Offeror will not purchase any of the Tendered Shares. If the total number of Tendered Shares is equal to or exceeds the minimum number of shares to be purchased (12,133,398 shares), the Tender Offeror will purchase all of the Tendered Shares.

(Note 2) Shares of less than one unit and cross-held shares (meaning the Target Company Shares held by Nihon Business Soft Incorporation; the same shall apply hereinafter) are also subject to the Tender Offer. If a shareholder exercises its right to demand the purchase of shares of less than one unit in accordance with the Companies Act (Act No. 86 of 2005, as amended), the Target Company may buy back its own shares during the purchase period for the Tender Offer (“Tender Offer Period”) in accordance with the procedures required by laws and regulations.

(Note 3) There are no plans for the treasury shares owned by the Target Company to be acquired through the Tender Offer.

(Note 4) Share Options may be exercised until the last day of the Tender Offer Period, and shares of the Target Company to be issued or transferred upon such exercise are also subject to the Tender Offer.

(Note 5) As the maximum number of shares to be purchased in the Tender Offer has not been set, the maximum number of Target Company Shares to be purchased by the Tender Offeror in the Tender Offer (41,650,969 shares) is indicated as the number of shares to be purchased. This maximum number is calculated from (i) the total number of shares issued by the Target Company as of September 30, 2024 as stated in the Consolidated Financial Results for the Third Quarter of the Fiscal Year Ended December 31, 2024 (Under Japanese GAAP) (“Consolidated Financial Results for the Third Quarter of the Target Company”) submitted by the Target Company on November 7, 2024 (67,400,000 shares), (ii) adding the number of Target Company Shares subject to the Share Options (769,800 shares) remaining as of October 15, 2024 as reported by the Target Company (such sum of item (i) and (ii) being 68,169,800 shares), and subtracting (iii) the number of treasury shares held by the Target Company as of September 30, 2024 (4,386,929 shares) (Note 6) and the number of Target Company Securities held by the Tender Offeror as of November 20, 2024 (22,131,902 shares) (equal to 41,650,969 shares).

(Note 6) According to the Target Company, the 4,388,528 treasury shares as of September 30, 2024 stated in the Consolidated Financial Results for the Third Quarter of the Target Company include 1,599 shares, which is equivalent to 40% (the Target Company’s voting rights in Nihon Business Soft Incorporation) of the 3,998 Target Company Shares (Ownership Ratio: 0.01%) held by Nihon Business Soft Incorporation, an equity-method affiliate of the Target Company, and the number of treasury shares held by the Target Company as of September 30, 2024 is 4,386,929 shares (4,388,528 shares less 1,599 shares).

(5) Purchase Period

(1) Purchase Period
From Wednesday, November 20, 2024 to Wednesday, February 19, 2025 (59 Business Days)

(2) Possibility of Extension Based on Request from Target Company
Not applicable.

(6) Purchase Price
(1) 9,850 yen per common share

(2) Share Options
(A) 1,277,000 yen per Fifth Series Share Option
(B) 1,139,600 yen per Sixth Series Share Option
(C) 333,100 yen per Seventh Series Share Option

2. Results of the Tender Offer

(1) Whether the Tender Offer has been Successfully Completed
The Tender Offer included the condition that if the total number of Tendered Shares did not reach the minimum number of shares to be purchased (12,133,398 shares), none of the Tendered Shares would be purchased. However, as the total number of Tendered Shares (14,379,779 shares) exceeds the minimum number of shares to be purchased (12,133,398 shares), as described in the Public Notice for Commencement of Tender Offer (including the subsequentPublic Notice of Changes to Terms of Purchase; the same shall apply hereinafter) and the Tender Offer Registration Statement (including the matters amended in the amendment statements to the Tender Offer Registration Statement that were subsequently submitted; the same shall apply hereinafter), all of the Tendered Shares will be purchased.

(2) Date of Public Notice of Tender Offer Results and Name of Newspaper in which Public Notice Thereof is Given Pursuant to Article 27-13, Paragraph 1 of the Act, the results of the Tender Offer were announced to the news media at the TSE on February 20, 2025, in the manner stipulated in Article 9-4 of the Order for Enforcement of the Financial Instruments and Exchange Act (Cabinet Order No. 321 of 1965, as amended) and Article 30-2 of the Cabinet Office Order on Disclosure Required for Tender Offer for Share Certificates by Persons Other Than Issuers (Ministry of Finance Order No. 38 of 1990, as amended).

(3) Number of Shares Purchased

Type of Shares Number of Tenders Converted Into Shares Number of Purchases Converted Into Shares
Shares 14,339,979 (shares) td 14,339,979 (shares)
Share Option Certificates 39,800 39,800
Corporate Bonds with Share Options ― ―
Beneficiary Securities of Share Certificates in Trust (        ) ― ―
Depository Receipts for Securities (       ) ― ―
Total 14,379,779 14,379,779
Total Number of Potential Shares 39,800 (39,800)

(4) Change in Ownership Ratio of Shares through the Purchase

Number of voting rights represented by Shares owned by the Tender Offeror before the purchase 214,133 (Ownership Ratio of the Shares before the purchase 33.57%)
Number of voting rights represented by Shares owned by specially related persons of the Tender Offeror before the purchase – (Ownership Ratio of the Shares before the purchase -%)
Number of voting rights represented by Shares owned by the Tender Offeror after the purchase 337,532 (Ownership Ratio of the Shares after the purchase 56.05%)
Number of voting rights represented by Shares owned by specially related persons of the Tender Offeror after the purchase – (Ownership Ratio of the Shares after the purchase -%)
Number of voting rights of all shareholders of the Target Company 629,211

(Note 1) “Number of voting rights of all shareholders of the Target Company” is the number of voting rights of all shareholders as of June 30, 2024, as stated in the 55th Semiannual Report submitted by the Target Company on August 9, 2024. However, since shares of less than one unit, cross-held shares, and the Target Company Shares to be issued or transferred upon the exercise of the Share Options are also subject to the Tender Offer, in the calculation of “Ownership Ratio of the Shares before the purchase” and “Ownership Ratio of the Shares after the purchase”, the denominator is the number of voting rights (637,921) represented by the number of shares which is calculated from (i) the total number of shares issued by the Target Company as of December 31, 2024 as stated in the Target Company Financial Results (67,400,000 shares), adding (ii) the number of Target Company Shares subject to the Share Options remaining as of October 15, 2024 as reported by the Target Company (769,800 shares) (such sum of item (i) and (ii) being 68,169,800 shares), and subtracting (iii) the number of treasury shares held by the Target Company as of December 31, 2024 (4,377,630 shares) (equal to 63,792,170 shares).

(Note 2) “Ownership Ratio of the Shares before the purchase” and “Ownership Ratio of the Shares after the purchase” has been rounded off to two decimal places.

(5) Calculation in Cases of Conducting the Purchase by Pro-Rata Method
Not applicable.

(6) Settlement Method
(1) Name and Location of Head Office of the Financial Instruments Business Operator or Bank etc. Responsible for Settlement

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
1-9-2, Otemachi, Chiyoda-ku, Tokyo

Mitsubishi UFJ eSmart Securities Co., Ltd. (sub-agent)
3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo

(2) Settlement Commencement Date
February 27, 2025 (Thursday)

(3) Settlement Method
Promptly following the expiration of the Tender Offer Period, notifications of the purchases in the Tender Offer will be mailed to the addresses or locations of the those applying to sell in response to the offer to purchase the Shares in the Tender Offer (“Tendering Shareholders”) (or their standing proxies, for shareholders of foreign countries (including corporate shareholders; “Foreign Shareholders”)). Issuance of notifications by the sub-agent will be delivered by electromagnetic means through the screen after login.

Purchases will be made in cash. At the instruction of the Tendering Shareholders (or their standing proxies for Foreign Shareholders) and promptly after the date of commencement of settlement, the proceeds of sales of Shares that were purchased in the Tender Offer will be remitted by the tender offer agent or sub-agent to the place designated by the Tendering Shareholders (or their standing proxies, for Foreign Shareholders), or paid into the accounts of the Tendering Shareholders whose applications for tender were accepted by the tender offer agent or sub-agent.

3. Policies after the Tender Offer and Future Prospects There will be no changes to the policies after the Tender Offer from those stated in the Public Notice for Commencement of Tender Offer and the Tender Offer Registration Statement regarding the Tender Offer.

4. Place where a Copy of the Tender Offer Report is to be Made Available for Public Inspection
FK Co., Ltd.
11F, Meiji Yasuda Seimei Building, 2-1-1 Marunouchi, Chiyoda-ku, Tokyo

Tokyo Stock Exchange, Inc.
2-1 Nihombashi Kabutuocho, Chuo-ku, Tokyo

 

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CapMan Real Estate fund CapMan Hotels II acquires Midstar Fastigheter AB, establishing a leading Nordic hotel platform

Capman

CapMan Real Estate fund CapMan Hotels II acquires Midstar Fastigheter AB, establishing a leading Nordic hotel platform

CapMan Hotels II (CMH II) has signed an agreement to acquire Midstar Fastigheter AB, a well-established Nordic hotel real estate portfolio, encompassing 28 assets in the Nordics. This transaction is one of the largest of its kind in the region and significantly expands and diversifies CapMan Hotels II’s Nordic hotel portfolio, strengthening its position as a key player in the Nordic hotel investment market. The transaction significantly contributes to CapMan Plc’s long-term objective to grow the company’s assets under management within real assets.

Midstar Fastigheter AB is a pan-Nordic property company focused exclusively on hotel real estate investments, with assets located in Sweden, Denmark, and Norway. The assets will be managed by CapMan Real Estate.

The acquired portfolio comprises 28 hotel properties, offering a total of 4,709 rooms, with plans to increase the capacity to 4,887 rooms by 2027 through targeted value-enhancing initiatives. The hotels complement CapMan Hotels II’s current portfolio very well with properties in major metropolitan areas such as Copenhagen, Stockholm, Gothenburg, and Oslo in addition to regional hotels in prime locations, aligning with CapMan’s focus on high-quality assets in key markets.

“We are excited about this transaction and its positive impact on our hotel fund. The acquisition of this high-quality portfolio outside of Finland strengthens our position as a key player in the Nordic hotel investment market, and it aligns perfectly with our investment strategy. We see significant potential in this platform and are confident in its ability to deliver strong returns, driven by the continued growth of the Nordic hotel market”, says Mika Matikainen, Managing Partner of CapMan Real Estate.

“CapMan Hotels II is a well-performing five-star rated fund in the GRESB sustainability benchmarking, and we are equally committed to enhance the sustainability performance of the Midstar Fastigheter portfolio. In addition to sustainability improvement efforts, we will be working closely with the hotel operators to identify and implement other value-enhancing initiatives”, says Thomas Laakso, Partner, CapMan Real Estate.

The acquisition grows CapMan’s assets under management by EUR 0.4 billion and significantly supports CapMan’s objective to increase assets under management to EUR 10 billion during the ongoing strategy period. It is also an excellent example of how CapMan can generate growth by scaling of existing products, which is one of CapMan’s three main growth levers alongside new product launches and M&A.

The agreement was signed on February 19th, 2025. The transaction is subject to customary regulatory approval from the Swedish Competition Authority and the transaction will close shortly after such approval has been granted.

In connection with the transaction, SEB Corporate Finance, Skandinaviska Enskilda Banken AB (publ) acted as sole financial advisor to CapMan Hotels II. Mannheimer Swartling Advokatbyrå AB acted as the lead legal advisor and CBRE as commercial advisor.

For more information, please contact:

Mika Matikainen, Managing Partner, CapMan Real Estate, mika.matikainen@capman.com

Thomas Laakso, Partner, CapMan Real Estate, thomas.laakso@capman.com

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.1 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

In the image above (from left to right): Marienlyst Strandhotel, Clarion Hotel Ernst, Scandic Landvetter

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Per Franzén appointed new CEO of EQT AB as of May 2025

eqt

  • The Board of Directors of EQT AB (“EQT”) has appointed Per Franzén as new CEO and Managing Partner, effective as of the Annual Shareholders’ Meeting on 27 May 2025. During this transition period, Christian Sinding will remain as CEO

  • Per Franzén has spent nearly two decades at EQT, currently serving as Deputy Managing Partner and Head of Private Capital Europe & North America. He has been instrumental to EQT’s growth and success, most recently leading the EUR 22 billion raise of EQT X, which was the largest private equity fund closed globally in 2024
  • After the transition, Christian Sinding will become an Institutional Partner. In this role he will Chair the EQT Council, which brings together some of EQT’s most experienced leaders with external expertise to build partnerships and provide EQT and its clients the insights needed to stay ahead in an ever-evolving world. He will also continue to Chair the Global Investment Forum and remain a member of several Investment Committees

The Board of Directors of EQT AB (“EQT”) has appointed Per Franzén as the new CEO and Managing Partner of EQT, effective as of the Annual Shareholders’ Meeting on 27 May 2025. Per Franzén will succeed Christian Sinding, who has led EQT through a period of extraordinary transformation, growing the firm from a market capitalization of around EUR 7 billion at the time of its 2019 IPO to around EUR 40 billion at the time of this announcement. Per becomes CEO at a time of strength for EQT, which recently reported record levels of investments, increased exit activity, and significant portfolio valuation growth for 2024. This transition sets EQT up for continued success as it enters a EUR 100 billion fundraising cycle and looks to execute on new initiatives, including launching additional investment strategies, expanding distribution channels, and accelerating brand building efforts.

Per has spent nearly two decades at EQT, currently serving as Head of Private Capital Europe & North America and Deputy Managing Partner. He has been instrumental to EQT’s success, most recently leading the EUR 22 billion raise of EQT X, which was the largest private equity fund closed globally in 2024. Today, EQT Private Capital Europe & North America manages EUR 113 billion in total assets under management, making it EQT’s largest business line.

Commenting on his appointment, Per Franzén said: “It is an honor to be appointed CEO of EQT. I am truly passionate about the firm, having spent most of my career here, and I am deeply committed to building on the fantastic global platform we have established under Christian’s leadership. It’s exciting to lead EQT into its next chapter together with the team and the support of the Board, and I’m grateful that Christian will remain at EQT as an Institutional Partner. I look forward to continuing to deliver exceptional value to our clients and shareholders, while upholding our core values.”

Christian Sinding will remain CEO during the period leading up to the Annual Shareholders’ Meeting, to ensure the best possible transition. Christian, who joined EQT in 1998 and has served as CEO since 2019, will then become an Institutional Partner. In this role he will Chair the newly formed EQT Council, which aims to amplify EQT’s ability to create meaningful partnerships, provide clients with the insights needed to succeed for the long-term, and accelerate the impact of its global business. Christian will also continue to Chair the Global Investment Forum, which brings together EQT’s most senior investment professionals to optimize performance by sharing expertise and insights from across all of EQT’s strategies. He will remain a member of several EQT fund Investment Committees.

“As I reflect on my journey with EQT so far, I am filled with immense pride and gratitude for what we have accomplished together as a firm. Going from being employee number eleven to having nearly two thousand fantastic colleagues in over twenty markets is an unforgettable journey. Together, we have shown that a values-driven firm, which attracts and retains exceptional people, can deliver excellent performance that in the process benefits both our clients and the world at large,” said Christian Sinding, incoming Institutional Partner at EQT. “I would like to thank Conni and the rest of the Board for their support during my time as CEO. I am proud to hand over the leadership to Per and as Chair of the Council and Global Investment Forum, as well as through my membership of several investment committees, I am excited to continue supporting EQT.”

Conni Jonsson, Chairperson of the Board of EQT, said: “Christian has taken EQT through a period of remarkable transformation. His vision, dedication and unwavering commitment have been instrumental in establishing EQT’s leading global position. He successfully led us through our 2019 IPO and has had a relentless attention to performance and culture as EQT has expanded into new markets and strategies. On behalf of the Board, I would like to extend my deepest appreciation to Christian and I am pleased that he will become an Institutional Partner.”

“This is the next logical step for EQT and we now enter an exciting new phase with Per at the helm. I have worked with Per for nearly two decades, so I know he is a role model for EQT’s distinct values and performance-driven culture. As Head of EQT Private Capital Europe & North America, Per has proven his ability to build and lead a large, multi-strategy, international team. I look forward to supporting him on this next step and am confident that with Per as CEO, thanks to his experience and performance mindset, EQT will continue delivering outstanding results for our clients and shareholders,” added Conni Jonsson.

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:30 CET on 17 February 2025.

About Per Franzén
Per Franzén joined EQT Partners in Stockholm in May 2007. He currently serves as Head of Private Capital Europe and North America and Deputy Managing Partner. He is a member of the EQT Executive Committee and Chairman of the Equity Partners Investment Committee.

Per is currently based in London but has previously worked in the Stockholm and Munich offices. He has been involved in a number of investments, including Anticimex, IVC Evidensia and IFS. Prior to joining EQT, Per spent six years at Morgan Stanley’s London and Stockholm offices working in M&A, Leveraged Finance and Nordic Banking.

Please find photos of Per Franzén here.

About the EQT Council
The EQT Council aims to amplify EQT’s ability to create meaningful partnerships, provide clients the insights needed to succeed for the long-term, and accelerate the impact of its global business. The EQT Council brings together some of EQT’s most experienced leaders with external expertise and is Chaired by Christian Sinding.

From EQT, members also include EQT AB Chairperson Conni Jonsson and Lennart Blecher, Head of Real Assets and Deputy Managing Partner. They are joined by Marcus Wallenberg, the Vice Chair of Investor AB who holds a number of other Director and Board roles. Over time, EQT plans to expand the Council to further strengthen its expertise.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of over three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has 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.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

More info: www.eqtgroup.com

Follow EQT on LinkedIn, X, YouTube and Instagram

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Carlyle Aviation Partners Issues AASET 2025-1 Trust Asset-Backed Securitization

Carlyle

First Commercial Aircraft ABS Issuance in 2025

MIAMI, DUBLIN, SINGAPORE – February 19, 2025 – Carlyle Aviation Partners Ltd. (“Carlyle Aviation Partners”) today announced it has closed its seventeenth aircraft portfolio transaction: AASET 2025-1 Trust (“AASET-2025-1”). AASET 2025-1 issued $518 million of Secured Notes that will be used to purchase a portfolio of 23 aircraft.

AASET 2025-1 marks the first commercial aircraft asset-backed securitization (ABS) issuance in 2025, signaling a strong opening of the year for the aircraft securitization market. AASET 2025-1 features a master trust structure first utilized last year by Carlyle Aviation that allows the trust to finance previously identified aircraft at its option.

“We are encouraged by the strong demand and favorable terms of this transaction. The innovative master trust structure of AASET 2025-1 highlights our continued commitment to excellence in this space,” said Javier Meireles, Chief Executive Officer of Carlyle Aviation.

“We are proud of our leadership in the aircraft ABS market and believe the innovative master trust structure will benefit issuers and investors alike, offering larger asset pools with more diversification,” said Bill Hoffman, Chairman of Carlyle Aviation.

Goldman Sachs was sole structuring agent, global coordinator, and joint lead bookrunner. Milbank LLP was the issuer counsel and Phoenix American was the managing agent.

The Secured Notes to be issued by AASET 2025-1 in the transaction have not been registered under the United States Securities Act of 1933, as amended (the “Securities Act”), and were offered only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and outside the United States to non-U.S. persons in accordance with Regulation S under the Securities Act. The Secured Notes may not be sold in the United States absent registration under the Securities Act or pursuant to an applicable exemption from registration requirements under the Securities Act.

About Carlyle Aviation Partners
Carlyle Aviation Partners is the commercial aviation investment and servicing arm of Carlyle’s Global Credit business, with $194 billion in assets under management as of September 30, 2024. It is a multi-strategy aviation investment manager that seeks to capitalize on its extensive technical knowledge, in-depth industry expertise and long-standing presence in the aviation sector. As of September 30, 2024, it has a team of more than 120 employees and offices in the US, Ireland and Singapore. For more information, visit www.carlyle.aero.

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 $447 billion of assets under management as of September 30, 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.

Contacts:

Investors
Danielle Calleja
786-476-2394
daniellec@carlyle.aero
Carlyle Aviation Partners

Media
Kristen Ashton
(212) 813-4763
kristen.ashton@carlyle.com 
Carlyle

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Carlyle Announces the Listing of Hexaware Technologies, the Largest Technology Services IPO Globally in Over a Decade

Carlyle

Mumbai, India and New York, February 19, 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced the listing of Hexaware Technologies Ltd (“Hexaware”), a leading global IT services company, on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) in India. Hexaware’s total IPO issue size of $1 billion marks it as the largest technology services IPO globally in over a decade. It is also the largest technology services IPO and largest sponsor-owned IPO in India. 

Hexaware is a global technology and business process services company that specializes in AI-first solutions, and has over 31,000 employees across 54 offices in 28 countries. The company offers AI-powered platforms and enables enterprises worldwide to realize digital transformation at scale and speed by partnering with them to build, transform, run, and optimize their technology and business processes. It serves clients across the banking, financial services, capital markets, healthcare, insurance, manufacturing, retail, education, telecom, high-tech & professional services, travel, transportation, and logistics sectors.

Carlyle acquired Hexaware in 2021 through a global cross-platform deal by Carlyle Partners (CP) and Carlyle Asia Partners (CAP). Since then, Carlyle has leveraged its global network and expertise across the U.S. and India to help Hexaware’s management team drive revenue growth, margin expansion, and new customer relationships, while also strengthening its digital capabilities through both organic and inorganic initiatives. 

“Hexaware’s IPO is the largest technology services IPO globally over the last decade and marks an important milestone in the company’s journey,” said Patrick McCarter, Co-Head of Global Technology at Carlyle. “This moment reflects the strength of its talented management team, customer centricity, superior growth profile and differentiated digital capabilities. It also highlights the collaboration across Carlyle’s global network, leveraging our expertise in both India and the U.S. to create value for stakeholders.”

Kapil Modi, Managing Director at Carlyle India Advisors, said: “Hexaware exemplifies how we seek to leverage our One Carlyle global network to help businesses scale and expand. We are proud to have partnered with Hexaware on its growth journey and congratulate its exceptional management team on this milestone. Carlyle remains committed to partnering with the Hexaware team as it continues to focus on client centricity and delivering differentiated value for its customers, and as it embarks on its next phase as a publicly traded company.”

“We thank Carlyle for their strong partnership, as well as their global relationships, network and expertise, which have helped us grow significantly over the past four years”, said R Srikrishna, CEO of Hexaware. “Listing on the public markets represents a significant step forward for Hexaware. This is an opportunity to deepen our relationships with stakeholders and reinforce our commitment to operating with transparency, accountability, and a focus on delivering meaningful solutions to our clients. We are excited about the road ahead.” 

 

 

Carlyle’s buyout funds, including Carlyle Partners and Carlyle Asia Partners, have deep experience investing in the technology sector, and have invested over $38 billion of equity in over 290 deals globally as of 31 December 2024.

 

***

 

 

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 US$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 over 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 Contacts

Carlyle

Lonna Leong
+852 9023 1157
lonna.leong@carlyle.com

Brittany Berliner
+1 (212) 813-4839
brittany.berliner@carlyle.com

 

Adfactors PR 

Manibalan Manoharan
Tel: +91 9833949919
E-mail: manibalan.manoharan@adfactorspr.com

 

Categories: News

Ardian Signs An Agreement for the Acquisition of Goldman Sachs Alternatives’ Stake in AFCO

Ardian

Ardian, a world-leading private investment house, today announces that it has completed the acquisition of the ownership position in Aviation Facilities Company Management, LLC (“AFCO”) previously held by the Infrastructure business at Goldman Sachs Alternatives. AFCO is an independent industry leader in the investment, development, management, and operation of on-airport cargo facilities and other airport infrastructure in the U.S.

Headquartered in Dulles, Virginia, AFCO’s business currently includes more than 3.5 million square feet of airport infrastructure, with 29 properties at 15 airport locations around the U.S. and U.K., including on-airport air cargo warehouses and aircraft apron, ground support equipment maintenance and concession logistics facilities, aircraft maintenance hangars, and a robust pipeline of new development and acquisition opportunities at key airports.

Through this new partnership with Ardian, AFCO will have access to valuable resources and operational expertise, enabling the company to advance its growth strategy, including through targeted acquisitions.

“We are delighted to partner with AFCO and leverage the team’s experience, knowledge and the relationships they have developed over the past three decades in the airport infrastructure space as we continue to build on the company’s strong foundation and accelerate growth. On behalf of the Ardian team, we look forward to working closely with the AFCO management team in this exciting next chapter of partnership”. Stefano Mion, Co-Head of Infrastructure Americas and Senior Managing Director, Ardian

“This investment builds on our strategic initiative to expand into the infrastructure and aviation market. Ardian launched this initiative over ten years ago and has since held and exited investments in London Luton and 2i Aeroporti and, most recently, made a significant investment in Heathrow to become the airport’s largest shareholder. AFCO is the ideal partner as we continue to expand our industry footprint around the world, particularly in the U.S. and the broader Americas region, and focus on acquiring strategic infrastructure assets with a proven track record.” Leonarda Orani, Managing Director, Ardian

“We are delighted to have partnered with AFCO since 2018 to support the company as it accelerated its growth and strengthened its position as a leader in on-airport cargo warehousing in North America, demonstrating resilient infrastructure characteristics as the market environment evolved,” (…) “Our investment in AFCO, sourced on a bilateral, proprietary basis, represents the unique access to compelling infrastructure opportunities provided by our One Goldman Sachs franchise.  We wish the management team and Ardian success on the next phase of their journey.” Teresa Mattamouros, Managing Director in Infrastructure, Goldman Sachs Alternatives

“We appreciate the supportive partnership we have had with Goldman Sachs Alternatives over the past seven years. We have instituted a number of value creation initiatives, including an innovative financing structure that has allowed us to invest in existing facilities and strategically expand our portfolio through new acquisitions and developments and create cost-effective solutions for our airport and tenant partners” (…) “As we look ahead, we are excited about our new relationship with Ardian and look forward to drawing on the team’s expertise as a global player and international leader in essential infrastructure, including transportation and aviation, as we continue to grow our company.” Chuck Stipancic, CEO, AFCO

The closing of the transaction is subject to customary closing conditions.

DC Advisory served as a financial advisor and Gibson Dunn served as legal counsel to Ardian. RBC Capital Markets, LLC and Eastdil Secured, LLC served as financial advisors and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Goldman Sachs Alternatives.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $177bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.

At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT AFCO

AFCO has more than thirty-years of experience in aviation and airports and is a recognized leader in the investment, development, management and operation of airport support infrastructure. With broad, best in class capabilities and deep experience, AFCO provides an unparalleled level of service, comprehensive and innovative solutions and value to their clients including airports, municipalities, commercial and cargo airlines, aircraft maintenance, repair and overhaul service providers, general and corporate aviation and a wide variety of other airport users.

aviationfacilities.com

ABOUT INFRASTRUCTURE AT GOLDMAN SACHS ALTERNATIVES

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has more than $3.1 trillion in assets under supervision globally as of December 31, 2024. Established in 2006, Infrastructure at Goldman Sachs Alternatives has invested $16 billion across 40 portfolio companies since its inception. The business has a long track record of investing across the key sectors of infrastructure, including energy transition, digital infrastructure, transportation & logistics and circular economy.

Follow us on LinkedIn.

am.gs.com

Media Contacts

ARDIAN

H/ADVISORS ABERNATHY

ardian@h-advisors.global

Goldman Sachs

Joseph Stein

Joseph.Stein@gs.com+44 207 774 4080

AFCO

Chuck Stipancic

cstipancic@aviationfacilities.com

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Sauer Brands completes acquisition by Advent

Advent
  • Industry veteran E. Yuri Hermida appointed Chief Executive Officer, effective March 12

 

RICHMOND, VA, February 19, 2025 – Sauer Brands Inc. (the “Company”), a scaled platform of leading condiments and seasonings brands, today announced the completion of its previously announced transaction in which Advent International (“Advent”), a leading global private equity investor, has acquired Sauer Brands from Falfurrias Capital Partners (“Falfurrias”). Terms of the transaction were not disclosed.

“We are thrilled to welcome Sauer Brands into our portfolio and build upon the success the Company has already achieved to date,” said Tricia Glynn, a Managing Partner at Advent. “Our aspirations are to enable even more consumers to discover and fall in love with Sauer’s brands, including Duke’s Mayo, Mateo’s Gourmet Salsa and Kernel Season’s.”

In connection with the close of the transaction, Sauer Brands also announced that E. Yuri Hermida has been appointed as the Chief Executive Officer of the Company, effective March 12. Hermida brings decades of proven experience in building and scaling consumer brands, including most recently serving as EVP, Chief Growth and Strategy Officer of Constellation Brands, a leading beverage alcohol company. Hermida previously served as President of Sovos Brands, a consumer-packaged food company focused on acquiring and building disruptive growth brands, and as Executive Vice President of Reckitt, a multinational producer of consumer goods in the health, hygiene and nutrition categories, where he oversaw the company’s multibillion-dollar North American Hygiene business.

As previously announced, Todd Lachman, a seasoned consumer packaged goods executive, has joined Sauer Brands as Chair of the Board of Directors.

“Now that the transaction is officially complete, we are thrilled to welcome Yuri to drive an ambitious growth strategy in concert with an accomplished leadership team for Sauer Brands,” said Todd Lachman, Board Chair of Sauer Brands. “With Yuri’s deep expertise and proven track record in leading and growing multibillion-dollar brands across geographies, we will be well-positioned to catapult Sauer Brands into its next chapter of growth.”

“I am honored to join Sauer Brands at such a pivotal time and am excited to partner with the talented Sauer team and Advent, a proven investor in the global food space,” said E. Yuri Hermida, incoming CEO of Sauer Brands. “I admire Sauer Brands’ legacy of delivering high-quality, flavorful condiments and seasonings that consumers trust and have kept going back to throughout its nearly 140-year history. As CEO, I look forward to building on this impressive foundation and expanding our reach to even more customers and consumers.

Morgan Stanley & Co. LLC served as lead financial advisor and McGuireWoods LLP served as legal advisor to Sauer Brands. William Blair & Company, L.L.C. served as co-financial advisor to Sauer Brands. Centerview Partners LLC served as financial advisor and Weil, Gotshal & Manges LLP served as legal advisor to Advent.

About Sauer Brands

Sauer Brands Inc. was founded as The C.F. Sauer Company in 1887, in Richmond, Virginia. The company produces a broad line of inspired flavors to excite and delight consumers including condiments, spices, seasonings and extracts. The company’s manufacturing facilities are in Richmond, Virginia; Mauldin, South Carolina; New Century, Kansas; and San Luis Obispo, California. The company sells well-known brands including Duke’s Mayonnaise, Kernel Season’s, The Spice Hunter, Mateo’s Gourmet Salsa and Sauer’s. Sauer Brands Inc. also produces high-quality private label products for the retail and away-from-home channels. Learn more at www.sauerbrands.com.

About Advent International

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $93.5 billion in assets under management* and have made more than 420 investments across 43 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 650+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of September 30, 2024. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

Media Contact

Leslie Shribman
Head of Communications, Advent International
lshribman@adventinternational.com

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Motus Extends Reach with Strategic Acquisition of Everlance

Thomabravo

Acquisition expands Motus’ capabilities to optimize spend, mitigate risk, and increase productivity for companies of all sizes, from the largest enterprises to sole proprietors

BOSTON—Motus, the industry leader in vehicle reimbursement and risk mitigation for businesses with employees that actively drive for work, today announced the acquisition of Everlance, a mileage and expense tracking solution for small businesses, teams, and sole proprietors. The acquisition further strengthens Motus’ ability to provide trusted and innovative reimbursement solutions for companies of all sizes, supporting every kind of employee who drives as a part of their job.

Founded in 2015 by Alex Marlantes and Gabriel Garza, Everlance was created to empower mobile workers with easy-to-use productivity tools. The company’s self-managed vehicle reimbursement solution has helped over 4 million drivers track their miles automatically, log expenses, and maximize their take-home pay.

The complementary offerings will enable Motus to serve the broadest range of companies with solutions that range from highly tailored and integrated to self-installed and self-managed. Everlance’s origins in the consumer market bring a top-rated mobile app and employee experience, while Motus’ leading analytics and business intelligence deliver unparalleled decision support capabilities. The unique strengths of each company combine to create a product portfolio that will be able to meet customers’ needs today and in the future.

“The success of so many organizations depends on employees driving their own cars as part of their jobs,” said Phong Nguyen, CEO, Motus. “For those businesses with sales teams, merchandisers, home healthcare or a host of other critical roles—it can be a struggle to gain the visibility and control they need to optimize reimbursement spend, mitigate risks, and bolster the productivity of all those employees on the road. By joining forces, Motus and Everlance will be able to offer our customers a more robust set of mileage reimbursement, driver safety and training, and related tax and compliance solutions for every kind of employee who drives.”

“Motus and Everlance have an incredible opportunity to help organizations of all sizes reimagine reimbursement solutions for employees who actively drive for work,” said Alex Marlantes, CEO, Everlance. “I’m thrilled about the immense value that our combined teams can deliver by bringing best-in-class reimbursement solutions to the market.”

Motus is a portfolio company of leading private equity firms Permira and Thoma Bravo. For more information about today’s news, please visit: www.motus.com

About Everlance
Everlance is a top-rated mileage and expense tracking app designed to help self-employed individuals and businesses save money and time. With over 4 million users, Everlance offers an automatic, accurate, and easy-to-use solution for tracking miles and expenses, ensuring users maximize their tax deductions and take-home pay.

About Motus
Motus is the definitive expert in mobile workforce solutions. Its platform simplifies the reimbursement and management of vehicle and device costs through personalized calculations. Powered by an unmatched pool of data, refined over more than 80 years, and updated in real time, Motus is the platform of choice for top Fortune 500 companies and organizations committed to workplace agility. Motus automotive data, captured and analyzed across the world’s largest retained pool of drivers, also underpins the annual Internal Revenue Service (IRS) business mileage standard, the amount an individual can deduct for business vehicle expenses. For more information, please visit www.motus.com  or connect with us on Twitter, Facebook, Instagram or LinkedIn.

Read the release on PR Newswire here.

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Electro Rent Sells intellirent

Platinum

Company divests ancillary division focused on power and infrastructure markets

LOS ANGELES (February 19, 2025) – Platinum Equity portfolio company Electro Rent today announced the signing of a definitive agreement to sell its intellirent division to Sandbrook Capital.

intellirent provides electrical test and measurement (“T&M”) equipment primarily serving the power generation and distribution, data center and renewable energy industries.

Electro Rent, which has owned intellirent since 2018, expressed confidence in the company’s continued growth under new ownership.

“The intellirent segment has grown significantly under our ownership and established itself as a leader in the power and electrical testing equipment rental market across a range of testing environments and industries,” said Mike Clark, Chief Executive Officer at Electro Rent.

Clark said he expects a seamless transition.

 

“We believe this sale allows us to unlock the value of intellirent while Electro Rent focuses on further growth and investment in its core business. We will continue working with Mike and the management team to maximize the company’s potential.”

Louis Samson and David Glatt, Platinum Equity

“The business is a non-core North American division that mostly operates independently and primarily serves different customers and end users than Electro Rent’s other business segments,” explained Clark. “It’s well-built to operate as a standalone enterprise led by a dedicated management team under the leadership of Neil McCaw.”

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

“We believe this sale allows us to unlock the value of intellirent while Electro Rent focuses on further growth and investment in its core business,” said Platinum Equity Co-President Louis Samson and Platinum Equity Managing Director David Glatt in a joint statement. “We will continue working with Mike and the management team to maximize the company’s potential.”

Harris Williams served as financial advisor to Electro Rent and Platinum Equity on the sale of intellirent. Latham & Watkins LLP is serving as legal advisor to Electro Rent and Platinum Equity on the divestiture.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of more than 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 29 years Platinum Equity has completed more than 450 acquisitions.

About Electro Rent

Electro Rent is a leading global provider of testing and technology solutions that enable its customers to accelerate innovation and optimize investments. Electro Rent offers a single-source solution, including rental, financial solutions, sale of new and used equipment, calibration and asset optimization, serving industry-leading organizations in communications, aerospace and defence, automotive, energy, education and general electronics. The company was founded in 1965. More information is available at www.electrorent.com.

About intellirent

intellirent is the leading provider of medium-to-high-voltage electrical testing equipment rentals, offering industry-leading service and an extensive fleet to support a diverse customer base. By delivering fast, reliable, and technically sophisticated rental solutions, intellirent plays a critical role in power grid modernization, data center expansion, and industrial infrastructure projects. The company’s deep expertise and commitment to customer service have solidified its position as a trusted partner in the specialty rental market.

Categories: News

Rise Growth Partners Acquires Minority Stake in Grimes & Company to Accelerate Growth and Geographic Expansion

Charlesbank

Partnership aims to strengthen planning structure, expand firmwide expertise and enhance national presence

AUSTIN, TX — February 19th, 2025 – Rise Growth Partners (‘Rise’), the wealth management industry’s first synergistic financial partner for growth-oriented registered investment advisors (RIAs), today announced its second strategic minority investment, backing Grimes & Company, LLC (‘Grimes’). A full-service, family-owned and operated wealth management firm with around $5.7 billion in assets under management (AUM), Grimes serves approximately 3,000 households nationwide and has built a heritage of growth through its thoughtful, high-touch approach to financial planning and investment management. This partnership will help fuel Grimes’ continued momentum, enabling the firm to deliberately expand its geographic presence, further refine its centralized planning process and attract growth-focused advisor teams and firms.

“We’ve always believed that growth should be intentional, and this partnership is the next step in executing on that vision,” said Kevin Grimes, CEO and Chief Investment Officer at Grimes. “The Rise team immediately understood the scalability of our business, the uniqueness of our model and our exciting vision for the future. With their expertise and resources, we’ll be positioned to multiply our impact while maintaining the collaborative culture and relationship-driven client experience that have defined Grimes and its success to date.”

Founded by Timothy (Tim) Grimes and now led by son Kevin Grimes, the eponymous firm has built a reputation for centralized planning and investment strategies that scale without sacrificing personalization. With presence in Massachusetts, Texas, Florida and Nebraska, Grimes has already expanded beyond its New England roots and is now poised to accelerate its footprint in select areas. This trajectory of growth, alongside its dedication to providing independent, client-focused financial planning, has earned the firm recognition among Barron’s Magazine Top 100 Independent Advisors, Barron’s Magazine Top 1,200 Advisors State by State and Financial Advisor Magazine’s Top Independent RIA Firms.

“Grimes has built an incredible business by delivering truly bespoke investment portfolios at scale, something rare in an industry dominated by model-driven approaches,” said Joe Duran, Managing Partner at Rise. “We see a tremendous opportunity to partner with investment-centric firms that value centralized planning and growth while maintaining the flexibility of customized portfolios. Our goal is to help Grimes realize its potential of becoming a lighthouse brand in the industry, expanding its national presence by attracting like-minded teams who share this commitment to excellence.”

Grimes added: “This partnership allows us to build something even more special, enabling us to become a magnet for top talent and remain an industry leader for years to come. For our clients, it means even more resources, expanded expertise and enhanced planning capabilities, all while maintaining the same hands-on approach they value. For our advisors, it means greater access to best-in-class technology, additional investment and planning support and a strategic growth partner that allows them to better serve their clients. We are not sacrificing our independence or culture; we are enhancing it.”

“Great wealth management is not just about numbers—it’s about vision, strategy and an unwavering commitment to clients’ success,” said Terri Kallsen, Managing Partner at Rise. “The Grimes team embodies all three, turning financial goals into lasting legacies.”

Rise, backed by a strategic investment commitment from Charlesbank Capital Partners (‘Charlesbank’), was created to empower growth-oriented RIAs with the resources, expertise and capital they need to accelerate growth without ceding control. Unlike many traditional strategic acquirers, Rise partners with firms that want to scale while preserving their culture, independence and client-first philosophy.

For more information on Rise and its innovative approach to building the next generation of RIAs, visit risegrowth.com. To learn more about Grimes and its acclaimed team of advisors, visit grimesco.com.

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