Category Archives: News

Volpi Capital to acquire Profit Software

Tesi

Via equity Fond II K/S (“VIA equity”) and Tesi (“Finnish Industry Investment Ltd”), have signed an agreement to divest Profit Holding Oy (“Profit” or “the Company”). The buyer of the company is a newly formed vehicle controlled by funds managed by Volpi Capital LLP (“Volpi”).

Profit Software is an independent software and consultancy services vendor focusing on banks and insurance companies, also offering a wide range of expertise and services within business analytics and data management across multiple industries. The company operates out of six offices across Finland, Sweden and Estonia.

With Profit’s unique positioning as the digital transformation and insurtech leader in the Nordics, the company is expecting to continue its double-digit growth and profitability as the financial services and insurance sectors rapidly digitalizes.

“We have been delighted to contribute to Profit’s strong organic growth, alongside supporting a transformative acquisition. This transaction is a testament to the success of the VIA playbook of supporting Nordic IT companies”, says Benjamin Kramarz, Partner at VIA equity and outgoing Chairman of Profit.

As part of the transaction, the Company’s management team will re-invest alongside Volpi to continue executing the pan-Nordic expansion strategy.

“We are very excited about commencing the next stage of our growth journey in partnership with a leading technology investor such as Volpi. We have had a very successful journey with VIA equity and have appreciated the support that has helped Profit to emerge as a leading digital transformation vendor for Finnish insurance companies and banks. We are looking forward to further acceleration of our Nordic expansion supported by Volpi Capital”, says Ilkka Starck, CEO at Profit.

Marco Sodi, Volpi Capital commented: “For many years now we have been looking at providers of software and services to the financial services and insurance industry and identified Profit as part of our thematic research in the space. The company has gained strong momentum in recent years and we very much look forward to working closely in partnership with Ilkka and his experienced team, to further accelerate their successful growth”.

Profit and VIA equity were advised by Stifel Global Technology Group and Krogerus. Volpi was advised by Roschier.

More information:
Keith Bonnici
Investment Director, Tesi
keith.bonnici@tesi.fi
+358 40 1799 584

About VIA equity
VIA equity is a leading Northern European multi-stage private equity firm with an excellent track record of building and transforming its investments into national and international industry leaders. VIA primarily invest in companies with revenue from EUR 10 million to EUR 100 million. In October 2020, VIA completed the first close of its fund IV with target commitments of EUR175m.

About Volpi Capital
Volpi Capital is a specialist European lower mid-market private equity firm. Volpi has a thesis-driven approach targeting ambitious businesses using enabling technologies to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million, and seeks to drive transformative growth through international expansion and consolidation. The firm was founded in 2016 by Crevan O’Grady and Marco Sodi.

Tesi (Finnish Industry Investment Ltd) is a Finnish state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. We invest profitably and responsibly, hand-in-hand with co-investors, to create the world’s new success stories. Our investments under management total 1.6 billion euros. Ambition for ownership and success – tesi.fi | @TesiFII

Categories: News

Tags:

EQT Private Equity makes a majority investment in Storable, the leading software & technology provider to the self-storage industry

eqt

  • Storable is the leading provider of software, payments, insurance, and marketplace solutions to the self-storage industry in the US
  • EQT Private Equity will support Storable’s continued growth and innovation of its best-in-class product offerings
  • Storable will benefit from EQT’s demonstrated track record of advancing industry leading technology companies and vast expertise in accelerating digital transformation, leveraging its in-house resources and global EQT advisory network

EQT is pleased to announce that EQT Private Equity has made a majority investment in Storable (“the Company”), a leading provider of software and technology to the self-storage industry. Under the terms of the agreement Cove Hill Partners and management will retain a minority stake in the Company.

Storable offers an end-to-end integrated suite of technology solutions to empower self-storage operators to enhance efficiency and optimize occupancy. Storable’s offering includes a market leading software platform with embedded payment and insurance solutions and the leading online marketplace for self-storage operators. Storable is headquartered in Austin, Texas and has approximately 440 employees.

The end-market for self-storage is highly fragmented, has experienced consistent growth over the last few years and is undergoing significant digital transformation. EQT will support Storable’s continued scaling through investments in product innovation and commercial excellence, with a focus on sustainability. EQT has a long track record of advancing strong technology businesses through its collaborative governance approach with management, in-house digital team and global network of EQT advisors.

Arvindh Kumar, Partner at EQT Partners, said: “EQT is excited to invest in Storable and looks forward to partnering with Chuck Gordon and the entire team towards becoming the leading self-storage technology company in the world, doing so in a sustainable and future-proofed manner. The highly fragmented end-market for self-storage has experienced strong growth over the last several years and is undergoing significant digital transformation, for which EQT can provide global expertise. This investment demonstrates EQT’s strong interest in partnering with best-in-class technology companies supported by secular growth trends, exemplified by the self-storage industry.”

Chuck Gordon, CEO of Storable, added: “The entire Storable team is excited to partner with EQT to continue doing what we do best – helping our self-storage owners run better businesses with technology. EQT’s expertise will enable us to further enhance our existing products and launch new technology tools to help our storage clients increase their bottom line. Our clients should expect the same high standards of innovation, data privacy and support going forward.

Dan May, Managing Director of Cove Hill Partners and member of the Storable Board of Directors, added: “Cove Hill is thrilled to be continuing its strong partnership with Chuck and the Storable team as it enters its next chapter of growth. We look forward to welcoming EQT as a strategic partner, as Storable finds new ways to innovate its product offering and provide exceptional value to its dedicated customer base.”

The transaction is expected to close in Q2 2021, subject to customary conditions and approvals.

Evercore acted as financial advisor to EQT, Simpson Thacher & Bartlett LLP provided legal counsel and Kramer Levin Naftalis & Frankel LLP provided insurance counsel. William Blair & Company acted as financial advisors to Cove Hill Partners, and Ropes & Gray LLP provided legal counsel.

With this transaction, EQT IX is expected to be 30-35 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

Contact
Arvindh Kumar, Partner at EQT Partners and Investment Advisor to EQT Private Equity, +1 917 281 0858
US press contact: daniel.yunger@kekstcnc.com, +1 917 574 8582
European / international press contact: press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 75 billion in raised capital and over EUR 46 billion in assets under management across 16 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About Storable
Headquartered in Austin, Texas, Storable offers the self-storage industry’s most comprehensive suite of technology products known as the Storable Platform. The Storable Platform delivers management software, marketing websites, tenant insurance, payments, and the industry’s largest storage marketplace all in one integrated solution, designed to help storage operators increase efficiency, enhance occupancy, and improve profitability. The Storable family of companies includes SiteLink, storEDGE, Easy Storage Solutions, SpareFoot, Select Merchant Solutions, Storsmart, and Bader Insurance. Storable is backed by EQT and Cove Hill Partners and led by Co-Founder & CEO, Chuck Gordon.

More info: www.storable.com

About Cove Hill
Cove Hill Partners is a long-term oriented private equity firm focused on partnering with outstanding management teams to build market-leading consumer and technology companies. The firm was founded in 2017 by seasoned private equity investors to invest their personal capital alongside a small group of likeminded investors. The team currently manages an inaugural fund of over $1 billion with an innovative structure that provides the flexibility to enable a patient, concentrated and value-add approach in a small portfolio of long-term investments.

More info: www.covehillpartners.com

Categories: News

Tags:

Universal-Investment Group enters the Irish fund market

Montagu

Universal-Investment Group enters the Irish fund market

Universal-Investment Group, the largest independent fund service platform in the German speaking region, has strengthened its market position as a European fund service platform with the acquisition of Metzler Ireland Limited.

For Universal-Investment, this is another milestone on the way to achieving its goal of becoming the leading European fund service platform and management company for all asset classes by 2023.  Ireland is an important launch venue for the European investment industry and will become Universal-Investment’s third fund service hub alongside Germany and Luxembourg.

The acquisition of Metzler’s Irish fund management company is part of Universal-Investment’s long-term growth strategy: in the last financial year ending 30 September 2020, assets under management rose over 25 percent to approximately EUR 600 billion.  Following the acquisition of the IT specialist UI Labs in 2019 and online investment community CAPinside in the summer of 2020, this is now the third acquisition in the past two years. Universal-Investment also recently launched Enlyte, one of the world’s first investment platforms for digital assets.

“In the future and additional to our fund platforms in Germany, Luxembourg and our location in Krakow, we will also be present as a high-quality provider in Dublin, offering asset managers and institutional investors our structuring, management company, administration and risk management services for all asset classes. As such, we’re one of the few providers active both as a fund administrator and management company at Europe’s three leading fund hubs. Our customers, business partners and Universal-Investment Group’s employees will benefit from this in the long term,” says Universal-Investment Group Chief Customer Officer, Katja Müller.

Categories: News

Tags:

Montagu to acquire Capita’s ESS business and invest in ParentPay Group

Montagu

Montagu to acquire Capita’s ESS business and invest in ParentPay Group

Montagu Private Equity (“Montagu”), a leading European private equity firm, today announces it has agreed to acquire the Education Software Solutions business (“ESS”) of Capita plc and has also agreed to invest in ParentPay Group (“ParentPay”), a leading provider of education technology. Following successful completion of both investments, ESS will become part of the ParentPay Group.

ESS is a standalone provider of management information system and related software for the education sector. ESS’ flagship product SIMS is used by 19,000 schools in the UK and internationally to collect and manage a database of student information and core school operations.

ParentPay delivers online payments, income management, parental engagement and school catering solutions to over 18,000 schools and caterers across the UK, the Netherlands and Germany.

Through the acquisition of ESS and the subsequent proposed investment, Montagu and ParentPay intend to bring together two high-quality and complementary businesses in the education software market. Montagu and ParentPay intend to utilise their combined expertise and network to support and accelerate innovation within the product portfolio, including the roll-out of ESS’s cloud-native SIMS 8 and other value-add services to schools and parents, catering to their increasingly sophisticated needs.

Edward Shuckburgh, Director at Montagu, said: “We are excited to be backing ESS which is an excellent fit for Montagu’s investment strategy, providing essential services to an extensive customer school base and operating in a market with attractive secular growth drivers. With ParentPay, we are also delighted to be bringing together two businesses with complementary products and shared values, with the ultimate aim of broadening the companies’ respective leading offerings to further benefit end customers.”

Mark Brant, CEO of ParentPay, said: “As one of the UK’s earliest ‘fintechs’, innovation has always been at the heart of ParentPay. By continually adapting and investing we ensure our customers in the UK, the Netherlands and Germany can count on us. Together with ESS and Montagu we will be able to further accelerate innovation in our sector. We look forward to welcoming the ESS team into the ParentPay Group and working closely with Montagu to further enhance the value we deliver to our collective customers.”

Andy Bennett, Managing Director of ESS, said: “We are very pleased with the sale to Montagu, a proven, collaborative investor in high-quality companies and the intention to become part of the ParentPay Group. This deal will provide significant opportunities to grow our business and bring further value to our employees and customers.
We look forward to working with our new owners to support and accelerate innovation within our product portfolio particularly with our SIMS product as we continue to improve and enhance how we support staff in over 19,000 schools across the UK with the tools to manage school life.”

Completion of the ESS sale to Montagu is subject to approval from Capita’s shareholders and the proposed investment in ParentPay is subject to CMA approvals.

Categories: News

Tags:

Latour obtains credit rating from Fitch Ratings

Latour logo

2020-12-17 08:30

Investment AB Latour (publ) has obtained a credit A rating from Fitch Ratings, with a stable outlook.

For more information, please refer to Fitch’s press release:
https://www.fitchratings.com/research/corporate-finance/fitch-assigns-investment-ab-latour-first-time-idr-of-a-outlook-stable-16-12-2020

Göteborg, 17 December, 2020

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Johan Hjertonsson, CEO Latour, +46 702 29 77 93
Anders Mörck, CFO Latour, +46 706 46 52 11

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listed 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 68 billion. The wholly-owned industrial operations has an annual turnover of SEK 15 billion.

Downloads

Categories: News

Eurazeo Capital completes its investment in Questel

Eurazeo

Paris, 17 December 2020 – Eurazeo Capital has completed its investment in Questel alongside IK Investment Partners, Raise Investissement and the management team. The transaction involved the purchase of 100% of Questel’s capital.

Questel is a major intellectual property solutions provider that operates worldwide and employs 900 people in 30 countries, developing SaaS products and an automated brand services and patent filing platform. The company works with close to 6,000 clients, including a number of large multinationals, offering end-to-end collaborative patent and brand management solutions across the innovation and intellectual property cycle, from invention through to filing and renewal.

Questel’s enterprise value is €915 million. Eurazeo and IK have each invested an initial amount of around €175 million and together will hold a majority stake in the company. Eurazeo China Acceleration Fund has also invested in Questel.

About Eurazeo
• Eurazeo is a leading global investment company, with a diversified portfolio of €18.8 billion in assets under management, including €13.3 billion from third parties, invested in over 430 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering in-depth sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

• Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid.
• Eurazeo is listed on Euronext Paris.
• ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

EURAZEO CONTACTS PRESS CONTACT
PIERRE BERNARDIN
HEAD OF INVESTOR RELATIONS
mail: pbernardin@eurazeo.com
Tél : +33 (0)1 44 15 16 76

VIRGINIE CHRISTNACHT
HEAD OF COMMUNICATIONS
mail: vchristnacht@eurazeo.com
Tel: +33( 1 44 15 76 44

MAITLAND/amo
DAVID STURKEN
mail: dsturken@maitland.co.uk
Tel: +44 ( 7990 595 913

Categories: News

Tags:

FSN Capital V* has signed an agreement to acquire 100% of TASKING

Fsn Capital

 

FSN Capital V* has signed an agreement to acquire 100% of TASKING, a leading provider of software tools for autonomous driving development, from Altium Limited.

TASKING offers high-performance, embedded software development tools for automotive OEMs and Tier 1 suppliers. Its strategic partnerships with semiconductor manufacturers, OEMs, and suppliers makes TASKING a leading player in the embedded software development industry for advanced driving assistance systems (ADAS) and autonomous driving.

TASKING provides complete development environments that allow software engineers to create reliable, safe, and high-performance embedded software applications. Over 50,000 engineers around the globe rely on TASKING compilers and debuggers every day for their development needs and millions of cars are running on code developed with TASKING’s tools.

Robin Mürer, Partner at FSN Capital Partners (investment advisor to the FSN Capital Funds) , commented: “The automotive industry is seeing a fundamental shift to software powered capabilities – not least to achieve autonomous driving over time. At the same time, the requirements and regulations for software in automotive applications are disparately higher than in most other industries. TASKING is a market-leader in development tools for safe, secure and performant software development. We are excited to partner with Franz Maidl and the highly skilled TASKING team in Germany, the Netherlands, Russia, the US, China, India and Japan as we see opportunities to expand TASKING’s product range and drive their presence with customers around the world.”

Franz Maidl, GM at TASKING, said: “The acquisition will establish TASKING as a leading independent software provider for safety critical applications. FSN Capital will provide TASKING with the flexibility to fuel our many growth opportunities as a standalone company.  The backing of FSN Capital is testament to the tremendous track record our products and employees have delivered so far, as well as the growth opportunity and demand in our markets.  The entire TASKING team is thrilled to continue the journey together and is looking forward to a bright future for our solutions, our team, and especially our customers”. 

The transaction was executed on a proprietary basis by FSN Capital V. It is subject to approval from applicable authorities.

To learn more about the company, please go to: https://www.TASKING.com/

FSN Capital V was advised by McKinsey, Altos Advisors, PwC, Latham Watkins, Crosslake International, Frank Partners and Marsh.

* FSN Capital GP V Limited acting in its capacity as general partner for and on behalf of each of FSN Capital V L.P., FSN Capital V (B) L.P. and FSN Capital V Invest L.P. 

For more information please contact the following persons at FSN Capital Partners (investment advisor to the FSN Capital Funds):

Robin Mürer, Partner
rm@fsncapital.com 

Morten Welo, Partner & COO/IR
mw@fsncapital.com

This Press Release does not constitute an offer or solicitation in any jurisdiction to invest in FSN Capital VI and should not be considered to be an invitation or inducement to engage in any investment activity.

Categories: News

Tags:

German Bionic raises $20M led by Samsung for exoskeleton tech to supercharge human labor

Bgv

Exoskeleton technology has been one of the more interesting developments in the world of robotics: Instead of building machines that replace humans altogether, build hardware that humans can wear to supercharge their abilities. Today, German Bionic, one of the startups designing exoskeletons specifically aimed at industrial and physical applications — it describes its Cray X robot as “the world’s first connected exoskeleton for industrial use,” that is, to help people lifting and working with heavy objects, providing more power, precision and safety — is announcing a funding round that underscores the opportunity ahead.

The Augsburg, Germany-based company has raised $20 million, funding that it plans to use to continue building out its business, as well as its technology, both in terms of the hardware and the cloud-based software platform, German Bionic IO, that works with the exoskeletons to optimize them and help them “learn” to work better.

The Cray X currently can compensate up to 30 kg for each lifting movement, the company says.

“With our groundbreaking robotic technology that combines human work with the industrial Internet of Things (IIoT), we literally strengthen the shop floor workers’ backs in an immediate and sustainable way. Measurable data underscores that this ultimately increases productivity and the efficiency of the work done,” says Armin G. Schmidt, CEO of German Bionic, in a statement. “The market for smart human-machine systems is huge and we are now perfectly positioned to take a major share and substantially improve numerous working lives.”

The Series A is being co-led by Samsung Catalyst Fund, a strategic investment arm from the hardware giant, and German investor MIG AG, one of the original backers of BioNtech, the breakthrough company that’s developed the first COVID-19 vaccine to be rolled out globally.

Storm Ventures, Benhamou Global Ventures (founded and led by Eric Benhamou, who was the founding CEO of Palm and before that the CEO of 3com) and IT Farm also participated. Previously, German Bionic had only raised $3.5 million in seed funding (with IT Farm, Atlantic Labs and individual investors participating).

German Bionic’s rise comes at an interesting moment in terms of how automation and cloud technology are sweeping the world of work. When people talk about the next generation of industrial work, the focus is usually on more automation and the rise of robots to replace humans in different stages of production.

But at the same time, some robotics technologists have worked on another idea. Because we’re probably still a long way away from being able to make robots that are just like humans, but better in terms of cognition and all movements, instead, create hardware that doesn’t replace, but augments, live laborers, to help make them stronger while still being able to retain the reliable and fine-tuned expertise of those humans.

The argument for more automation in industrial settings has taken on a more pointed urgency in recent times, with the rise of the COVID-19 health pandemic: Factories have been one of the focus points for outbreaks, and the tendency has been to reduce physical contact and proximity to reduce the spread of the virus.

Exoskeletons don’t really address that aspect of COVID-19 — even if you might require less of them as a result of using exoskeletons, you still require humans to wear them, after all — but the general focus that automation has had has brought more attention to the opportunity of using them.

And in any case, even putting the pandemic to one side, we are still a long way away from cost-effective robots that completely replace humans in all situations. So, as we roll out vaccinations and develop a better understanding of how the virus operates, this still means a strong market for the exoskeleton concept, which analysts (quoted by German Bionic) predict could be worth as much as $20 billion by 2030.

In that context, it’s interesting to consider Samsung as an investor: The company itself, as one of the world’s leading consumer electronics and industrial electronics providers, is a manufacturing powerhouse in its own right. But it also makes equipment for others to use in their industrial work, both as a direct brand and through subsidiaries like Harman. It’s not clear which of these use cases interests Samsung: whether to use the Cray X in its own manufacturing and logistics work, or whether to become a strategic partner in manufacturing these for others. It could easily be both.

“We are pleased to support German Bionic in its continued development of world-leading exoskeleton technology,” says Young Sohn, corporate president and chief strategy officer for Samsung Electronics and chairman of the board, Harman, in a statement. “Exoskeleton technologies have great promise in enhancing human’s health, wellbeing and productivity. We believe that it can be a transformative technology with mass market potential.”

German Bionic describes its Cray X as a “self-learning power suit” aimed primarily at reinforcing lifting movements and to safeguard the wearer from making bad calls that could cause injuries. That could apply both to those in factories, or those in warehouses, or even sole trader mechanics working in your local garage. The company is not disclosing a list of customers, except to note that it includes, in the words of a spokesperson, “a big logistics player, industrial producers and infrastructure hubs.” One of these, the Stuttgart Airport, is highlighted on its site.

“Previously, efficiency gains and health promotion in manual labor were often at odds with one another. German Bionic Systems managed to not only break through this paradigm, but also to make manual labor a part of the digital transformation and elegantly integrate it into the smart factory,” says Michael Motschmann, managing partner with MIG in a statement. “We see immense potential with the company and are particularly happy to be working together with a first-class team of experienced entrepreneurs and engineers.”

Exoskeletons as a concept have been around for over a decade already — MIT developed its first exoskeleton, aimed to help soldiers carrying heavy loads — back in 2007, but advancements in cloud computing, smaller processors for the hardware itself and artificial intelligence have really opened up the idea of where and how these might augment humans. In addition to industry, some of the other applications have included helping people with knee injuries (or looking to avoid knee injuries!) ski better, and for medical purposes, although the recent pandemic has put a strain on some of these use cases, leading to indefinite pauses in production.

Categories: News

Tags:

Providence Equity Agrees to Acquire a Majority Stake in La Centrale

Providence

December 16, 2020

Providence Equity Partners in Exclusive Negotiations to Acquire a Majority Stake in Leading French Car Classifieds Provider Groupe La Centrale from Axel Springer

  • Providence would further drive the development of Groupe La Centrale with now-minority shareholder Axel Springer
  • Providence has a long and successful history of investing in European technology and media businesses

LONDON AND BERLIN — 16 DECEMBER 2020 — Providence Equity Partners L.L.C. (“Providence”), a premier private equity firm that specializes in the media, communications, education, software and services industries, today announced that it has entered into exclusive negotiations for the acquisition of a majority stake in Groupe La Centrale (the “Company”), a leading provider of car classifieds in France, from Axel Springer. Financial terms were not disclosed.

Groupe La Centrale is comprised of four brands through which it covers the entire lifecycle of a vehicle: La Centrale, Promoneuve, Caradisiac and MaVoitureCash. Upon completion, Providence would support the continued development of the Company’s best-in-class, multi-dimensional digital platform and seek opportunities to expand capabilities that will enhance customer satisfaction through investment in value-add services. The transaction will enable Axel Springer to focus even more on its growth and investment strategy in the jobs and real estate sectors, within its digital classifieds offering.

“We believe Groupe La Centrale is an outstanding business underpinned by best-in-class technology, which positions it well for continued leadership and innovation in the French auto classifieds market,” said Karim Tabet, Senior Managing Director at Providence. “Our investment is driven by our conviction that Groupe La Centrale’s well-known brands and capabilities present a significant opportunity for organic growth and service expansion.”

Robert Sudo, Managing Director at Providence, added: “Customers are demanding more products, services and optionality from classifieds providers. Leveraging Providence’s resources and experience and Groupe La Centrale’s world-class digital platform, we believe there is opportunity to add value to both dealers and drivers. Axel Springer’s continued investment is a testament to the Company’s growth potential and we are looking forward to working together alongside François Couffy and his team.”

Stephanie Caspar, President National News Media & Marketplaces at Axel Springer, said: “Groupe La Centrale has established an excellent position in the French market since Axel Springer’s entry, thanks to François Couffy and his excellent team. Together with Providence Equity Partners, we seek to build on this position and continue to develop the Company further in order to increase its value in the long term. At the same time, this transaction is in line with our growth and investment strategy in the Classifieds Media segment, where we want to focus on the two strong pillars of jobs and real estate.”

The proposed transaction would close in the first quarter of 2021, subject to customary closing conditions, including completion of the information and consultation procedures of the Company’s works council and clearance by the requisite antitrust authorities.

Media contacts

Providence Equity Partners
Sard Verbinnen & Co.
Charlie Chichester / Rory King
Prov-SVC@sardverb.com

Axel Springer SE
Jorg Keller
jorg.keller@axelspringer.com
+49 30 2591 77617

About Providence Equity Partners
Providence is a premier global private equity firm with more than $44 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 170 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. Providence has a long history of successfully investing in the automotive technology sector. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit www.provequity.com

Categories: News

Tags:

New primary LBO deal for Omnes and its small cap funds with regional operator Tennaxia

Omnes Capital

a publisher of SaaS solutions to help listed companies and SMEs / mid-market companies in France with their CSR strategies.

Wednesday, December 16, 2020

Omnes has become a core minority shareholder in Tennaxia by investing more than €8 million in the company through its 3rd generation small cap funds. This marks Omnes’ fifth deal with the latest vintage of its small cap funds. The Small Caps team is also expected to complete strategic external growth in the IoT sector by the end of the year through an additional investment in ABMI (majority holding acquired at the end of 2018).

This means that more than 40% of the €125 million raised through the 3rd generation funds (Omnes Expansion 3 and LCL Expansion 3) in early 2020 with institutional investors, family offices and retail investors (notably through LCL’s private banking and wealth management channels) has been deployed. For reference, the team’s investment strategy is to make minority or majority investments of between €8 million and €15 million in French SMEs that lead their niche segment and operate in BtoB services, BtoC services and industry in particular.

The team actively partners ambitious business leaders and their staff to help them accomplish their operational transformation goals, both through organic and external growth. In addition to an investment multiple of nearly 2.5x, the team’s track record reflects an active external growth policy (on average, one external growth deal per portfolio company) and a large proportion of primary deals.

 

A SaaS specialist to help French businesses with their ESG strategies

Tennaxia, founded in 2001 by Bernard Fort and Maxime Delorme, is a leader in cloud-based solutions to help listed companies and SMEs / mid-market companies in France with their CSR/EHS strategies. It has developed solutions and services to sustain and enhance businesses’ non-financial performances.

Tennaxia has two interlocking products:

  • A fully-configurable SaaS platform to manage EHS/CSR strategy coupled with regulatory intelligence solutions that give customers bespoke insight (depending on their activity) into changing regulations (75% of revenue)
  • Consulting services (spot audits, compliance, etc. – 25% of revenue).

The CSR/EHS reporting market is enjoying significant double-digit growth, driven by (I) strong demand from civil society as a whole, (ii) more stringent regulations and (iii) mounting investor interest in such issues.

 

The company is targeting revenue in excess of €7 million by the end of March 2021. It currently employs more than 60 people at its offices in Laval, Paris and Lyon.

The aim of the transaction is to enable Tennaxia to pursue and step up its cross-selling and upselling strategy for its existing solutions, to strengthen its sales teams and to attract new customers in France and international markets, notably by leveraging the strategic and exclusive partnerships it has already forged (with Euronext and Bpifrance first and foremost).

 

Bernard Fort, founding CEO, Tennaxia: “This deal recognises, on an institutional level, the quality of our know-how and our software solutions. With Omnes’ help, we are confident that we can fully tap into Tennaxia’s potential in a growth market. We have built a very strong company that is trusted by our customers and are now finding ways to push ahead with our development, particularly in responsible investing (ESG) and international markets.” 

Frédéric Mimoun, Senior Director, Omnes: “This growth capital deal has come about after more than twelve months of direct dialogue with Tennaxia’s founding chairman. Our ambitious growth plan is based both on the company’s position as a trailblazer in a high-potential growth market and on the quality of its tried-and-tested software solutions in SaaS mode.”

Omnes Capital is being partnered in this “limited” LBO (less than 2x EBITDA) by Bpifrance and Arkea Capital, a subsidiary of Arkea, through its investment vehicles Arkea Capital Investissement (historical shareholder of Tennaxia) and Arkea Capital 2.

 

Parties:

Founder / Shareholder managers: Bernard Fort / Maxime Delorme and Christophe Remy

Independent directors: Bernard Bourigeaud and Isabelle Saladin

Omnes (LCL Expansion 3, LCL PME Expansion 3 and Omnes Expansion 3):
Frédéric Mimoun, Senior Director
Victor Versmee, Associate

 

Co-investors:
Arkea Capital (Arkea Capital Investissement and Arkea Capital 2):

Eric Besson-Damegon and Sylvie Le Bras

Bpifrance Investissement: Nicolas de la Serre

 

Buyer advisers
LL Berg (legal issues): Olivier Abergel, Gaëlle Quillivic, Fiona Kalach and Loïc Chomet

Vivien et Associés (labour issues): Marie-Emilie Rousseau-Brunel and Christophe Calvao

Ayache (tax and labour issues): Jacques Messeca and, Céline Boisselier
Oderis (financial issues): Thomas Claverie and Léo Placzek

Kea Euclyd (customers): Christine Durroux, Claire Gourlier and Rémi Philippe

PraXis (commercial): François Laurent-Besson

Indefi (ESG): Julien Berger

Vendor advisers
Action Expertise (corporate): Sophie Galmisch, Sébastien Brunhes and Marie Soubise

Categories: News

Tags: