Category Archives: News

CVC Fund VI to sell Mooney to Intesa Sanpaolo and Enel

CVC Capital Partners

Schumann Investments S.A., a company controlled by CVC Capital Partners Fund VI (“CVC”), signed an agreement with Intesa Sanpaolo S.p.A. (“Intesa Sanpaolo”) and Enel S.p.A. (“Enel”) to sell its 70% stake in Mooney Group valuing the business €1,385m on an EV basis. At closing, expected by mid 2022, Intesa Sanpaolo, which already owns 30% of Mooney, and Enel will each hold 50% in the company.

Headquartered in Milan, Mooney is a leading payment services operator with an extensive proximity network. In 2020, Mooney registered revenues of €153m and an EBITDA of €82m. The company has 20 million customers and has issued almost 1 million proprietary prepaid credit cards. Furthermore, through its stake in MyCicero, Mooney manages a digital platform that provides over 2 million customers with mobility services.

Giampiero Mazza, Managing Partner at CVC, said: “Mooney has come a long way since our acquisition of Sisal Group in 2016. We are proud that our strategy has found its ultimate validation in the acquisition by Intesa Sanpaolo and Enel. We want to thank the management team led by Emilio Petrone in leading the journey from a captive B2B partner to the proximity channel to an independent omni-channel B2B and B2C payment platform. We also want to thank Stefano Barrese at Intesa Sanpaolo for joining our vision in the creation of Mooney. Intesa Sanpaolo and Enel are the perfect partners for Mooney and its customers, providing both continuity and the infrastructure to continue to grow the business’ services and footprint going forward.”

Andrea Ferrante, Senior Managing Director at CVC, added: “Separating Sisal’s gaming and payments businesses was at the core of our value creation strategy since inception. Over the last few years, under Emilio’s stewardship, Mooney has improved its offering to both consumers and merchants becoming the partner of choice of a 46k-strong network of points of sale and a reference point for over 20 million customers. Intesa Sanpaolo have proved to be formidable partners and we wish them all the success in the future.”

CVC was advised by Rothschild & Co., Morgan Stanley, Goldman Sachs, Latham & Watkins, Roland Berger, PWC, Studio Legale Tributario Facchini, Rossi, Michelutti.

Categories: News

Flutter Entertainment to acquire Sisal Gaming

CVC Capital Partners

Acquires Italy’s leading online gaming operator from CVC Capital Partners Fund VI for €1.913bn/£1.62bn

Flutter Entertainment plc (“Flutter” or “the Group”) is pleased to announce the acquisition of Sisal (“Sisal”), Italy’s leading online gaming operator, from CVC Capital Partners Fund VI for a consideration of €1.913bn/£1.62bn. This acquisition fully aligns with the Group’s strategy of investing to build leadership positions in regulated markets globally. The transaction is likely to complete during Q2 2022 and is expected to be accretive to adjusted earnings in the first 12 months post-completion.

Sisal is a leading betting, gaming and lottery operator headquartered in Milan. In the 12 months to December 20211, Sisal expects to generate EBITDA of €248m/£211m, with 58% coming from its online offering and the remainder coming from a combination of retail and lottery operations. Approximately 90% of Sisal’s 2021 EBITDA is generated in Italy with the balance coming from regulated lottery operations in Turkey and Morocco. The business employs circa 2,500 people today.

The addition of Sisal to Flutter delivers several key strategic outcomes:

  • Secures a gold medal position in Italy by bringing the leading online brand into the Flutter portfolio. The combination of Sisal with Flutter’s existing online Italian presence through PokerStars and Betfair will result in a combined online share of 20%2
  • Increases the Group’s exposure to an attractive, fast-growing, regulated online market: Italy is Europe’s second-largest regulated gambling market and one that has seen online penetration grow from 10% in 2019 to approximately 20% today. Sisal’s online revenues have grown by a compound annual rate of 34% since 2016
  • Sisal’s omni-channel offering will deliver a competitive advantage to Flutter’s business, particularly given Italy’s advertising restrictions and the prevalence of cash deposits and withdrawals through retail
  • Increases Flutter’s recreational customer base with the addition of 300,0003 highly engaged online average monthly players and over 9.5m retail customers
  • Further diversifies Flutter’s product and geographical footprint and increases the proportion of Flutter’s revenue from regulated markets which in Q3 2021 was over 91%
  • Bolsters Flutter’s existing talent pool by adding a proven management team that will continue to lead the business and who have sought to take a leadership position in the promotion of safer gambling in Italy

Peter Jackson, Flutter Chief Executive, commented: “I am delighted to add Sisal, Italy’s leading gaming brand, to the Group as we look to attain a gold medal position in the Italian market. For some time we have wanted to pursue this market opportunity via an omni-channel strategy and this acquisition will ideally position us to do so. Sisal has grown its online presence significantly in recent years, aided by its proprietary platform and commitment to innovation. I’m excited to see how Flutter can complement these capabilities through our scale, differentiated products and operational capabilities. We look forward to welcoming Francesco and the rest of the Sisal team to Flutter in 2022.”

Francesco Durante, Sisal Chief Executive, commented: “Over the last five years, thanks to CVC’s support, we have successfully transformed Sisal into a leading digital and international gaming company. Through our commitment to digital innovation, international expansion and safer gambling, we have achieved a leadership position in Italy’s online gaming market and developed our global footprint by winning lottery tenders in Morocco and Turkey. We are delighted to join Flutter and are convinced that through its scale and operational capabilities, we will be able to further strengthen our leadership in the markets we operate in. I look forward to working with Peter and the team on the next chapter of Sisal history.”

Giampiero Mazza, Managing Partner at CVC Italy commented: “We are very proud of the success achieved by Sisal and its transformation since our acquisition in 2016. Through heavy investment in its digital competencies, Sisal has become Italy’s leader in online gaming while also growing its international operations. Furthermore, the Company is leading the Italian industry in ensuring responsible and safe gaming. We want to thank Francesco and the whole management team for their incredible dedication, focus and ambition, and for leading this successful journey in spite of regulatory challenges and the pandemic. Flutter is a fantastic new partner for Sisal and we wish them the very best.”

The full RNS announcement is available here.

1 Financial projections for FY 2021 have been provided by Sisal management and are consistent with 10 months of actual EBITDA performance (£163m) and 2 months of projected performance (£48m). FY 2021 has been used in this release as we believe it is a better reflection of the ongoing earnings power of the business; 2020 performance was materially impacted by Covid-19 related retail restrictions
2 Online market share of gross gaming revenue in October 2021
3 Average number of players in the 12 months to 30 June 2021

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H.I.G. Realty Recapitalizes 20 Carlton House Terrace in St. James, London

LONDON – December 22, 2021 – H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with over $45 billion of equity capital under management, announced today that an affiliate has provided financing for the redevelopment of 20 Carlton House Terrace, an office building totalling approximately 160,000 square feet in the core office market of St. James’s in London.

Riccardo Dallolio, Managing Director and Head of H.I.G. Europe Realty in London, commented: “We are delighted to complete this transaction in line with our strategy of investing in institutional quality value-add projects in central London. We believe this asset has the potential of becoming one of the best buildings in Mayfair and St. James’s where supply-demand dynamics are particularly favourable for best-in-class office buildings”.

Chris Zlatarev, Principal at H.I.G. Europe Realty Partners, added: “The transaction demonstrates our ability to structure joint ventures with high quality partners focused on creating best-in-class buildings. 20 Carlton House Terrace is a build-to-core re-development to provide state-of-the-art office space with futureproof ESG credentials”.

About H.I.G. Capital
H.I.G. is a leading global alternative assets investment firm with over $45 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Rio de Janeiro, São Paulo and Bogotá, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
  4. H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

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EQT Exeter completes EUR 3.0 billion logistics portfolio sale – among the largest in European history

eqt
  • One of the largest European industrial real estate transactions ever, the portfolio consists of 132 high-quality, modern logistics properties totalling 2.2 million square metres, assembled through 102 transactions
  • During EQT Exeter’s ownership, the team executed 79 lease events, generating EUR 70.2 million in rental income; EQT Exeter will continue to lease, property manage, and asset manage the portfolio
  • The deal, which marks EQT Exeter’s fifth multi-billion sale, continues its record as the leading logistics investment manager and landlord globally

EQT Exeter is pleased to announce it has closed a EUR 3.0 billion, 2.2 million square metre logistics portfolio sale on behalf of its private real estate fund, EQT Exeter European Value Venture III. These properties serve the supply chains of major corporations, including facilities for “big box” regional distribution, e-commerce fulfillment, and last mile distribution. The portfolio spans major population centres and key e-commerce and air cargo hubs across Western and Central Europe.

With 16 European offices, EQT Exeter mobilized its deep local market knowledge and expansive industry relationships to assemble the portfolio through 102 transactions executed over three years. These investments were made on behalf of logistics value fund investors who sought value growth through development and leasing activities. With its unique vertical integration, including highly localized, fully in-house execution of design, development, and leasing, EQT Exeter: developed 762,000 square metres of the portfolio; leased 715,000 square metres of vacancy; and signed 205,000 square metres in renewals during the fund’s ownership period.

In line with EQT Exeter’s commitment to creating sustainable, future-proofed assets for its tenants, the 762,000 square metres of newly constructed properties will be environmentally accredited and are equipped with the newest renewable design features in the industry. As part of the reletting of existing space, EQT Exeter has taken several steps to reduce environmental impact and improve energy performance, including installing LED lighting and reflective roof materials, improving natural light features, and introducing sustainable urban drainage via stormwater retention schemes and pervious parking features.

Paul Rubincam, Partner and Head of EQT Exeter Europe, said, “This transaction, which marks our fifth multi-billion sale, builds on EQT Exeter’s decade-long track record as the leading logistics investment manager and landlord in Europe. We are proud to deliver another transformational deal for EQT Exeter’s investors, and we look forward to our continued collaboration with the buyer, which has engaged us to continue managing and leasing the properties.”

Clifford Chance advised EQT Exeter, and Eastdil Secured and CBRE served as procuring brokers in this transaction.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT Exeter
EQT Exeter is a global real estate solutions provider serving corporate and consumer tenants with scope and scale. EQT Exeter is among the largest real estate investment managers in the world and is focused on acquiring, developing and managing logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. EQT Exeter was created through the combination of EQT Real Estate and Exeter Property Group.

The EQT Exeter Team comprises 330 experienced professionals operating in close to 40 regional offices around the globe. Collectively, they have consummated over 830 real estate investments. As part of EQT, the team has access to the full EQT Network including more than 600 industry advisors across the globe as well as the EQT’s industry-leading sustainability credentials and framework, and in-house digitalization skills.

About EQT
EQT is a purpose-driven global investment organization with more than EUR 70 billion in assets under management across 27 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 175,000 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

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CVC Fund VIII to invest in FutureLife

CVC Capital Partners

CVC Capital Partners (“CVC”), through CVC Capital Partners VIII, has agreed to acquire a co-controlling holding in FutureLife, a leading pan-European IVF provider, alongside the company’s current investor Hartenberg Holding (“Hartenberg”).

Headquartered in Prague, Czech Republic, FutureLife is a leading Pan-European provider of IVF and related genetics services, with presence across eight European markets including Czech Republic, Ireland, Netherlands, Finland, Romania and Estonia. FutureLife has 42 well-invested clinics and performs in excess of 39,000 IVF cycles annually, IVF add-on and laboratory services, as well as a series of biological and surgical treatments.

FutureLife is well-positioned in a growing and resilient IVF market that is benefitting from secular growth trends, which are underpinned by strong social and demographic tailwinds. Increased personalisation of the treatments, digitalisation and automation across the IVF industry is expected to increase efficiency and customer experience. FutureLife also provides a strong platform from which CVC will support further consolidation of a traditionally fragmented market.

Matěj Stejskal, CEO of FutureLife said: “Partnership with CVC will be the beginning of a new sustainable growth phase for us. FutureLife’s development has been an amazing success story, having built our network very quickly across eight European countries. Our unique partnership model with strong autonomy of the clinics is appealing to many doctors, scientists and partners. Our strategic thinking is focused globally now. Our sector is at an exciting stage of its development and we are lucky to have a great company, partners and colleagues who are willing to grow with us and share knowledge. The next stage for us, is to achieve harmonisation between our clinics and strong organic growth with margin improvement. I strongly believe that CVC with its track record in our core geographies and the broader healthcare sector experience is the right partner for this exciting new chapter of our company.”

Jozef Janov, Managing Partner at Hartenberg added: “FutureLife is an exciting story that traces its roots back to an idea in 2013 to build a European IVF leader. We knew from the beginning that to achieve this we would need to meticulously select our targets and build a strong base platform. FutureLife has since completed 22 acquisitions in eight countries including the recent acquisition of Nij Group in the Netherlands. The Group’s focus is to provide the highest quality and broadest range of fertility treatment to aspiring parents, whilst complementing this with synergistic genetics, biological treatments and surgeries.

“Management has an ambitious but actionable growth plan that sees FutureLife growing organically and through M&A. Therefore, at this stage in the development of the company and market, we believe it is the right time to take a new partner on board for FutureLife that can work alongside us. We consider CVC to be the right partner with whom we can accelerate towards our goal of becoming the largest and highest quality women’s health platform globally.”

István Szőke, Managing Partner overseeing CVC’s private equity activities in the EEME regions, added: “CVC has extensive experience of partnering with ambitious Czech headquartered businesses to support their international expansion, through previous successful investments such as Avast and StarBev. We believe that FutureLife can be a global leader in the fertility sector and we look forward to working with Matěj and his team, as well as our new partners at Hartenberg to accelerate the growth of this exciting business opportunity.”

Cathrin Petty, Managing Partner and head of Healthcare commented: “We see significant potential in this sector, having monitored it closely for a number of years. In FutureLife we are delighted to be backing a world class diagnostic and clinical research business, and are very excited to support the company in its next phase of development and growth.”

Categories: News

Culligan International and Waterlogic Group Holdings announce combination to create a leader in sustainable drinking water solutions and services

Castik Capital
  • Combination will accelerate delivery of sustainable consumer and commercial water solutions and services, providing clean, safe and soft water to more than 100 million consumers globally
  • Complementary geographic and business profiles will help drive growth by bringing these solutions to both existing and new markets and additional distribution channels
  • The combined company will save more than 40 billion plastic bottles annually through sustainable water filtration, purification and treatment solutions

Culligan International (“Culligan”), the innovative brand in consumer-focused sustainable water solutions and services, and Waterlogic Group Holdings (“Waterlogic”), a global designer, manufacturer, distributor and service provider of purified drinking water dispensers, today announced that they have signed a definitive agreement to combine and create a leader in clean and sustainable drinking water solutions and services.

Culligan is a leading global consumer water solutions and services provider whose mission is to deliver clean, safe and soft water to improve consumers’ health and wellness and reduce single-use plastics. Waterlogic has pioneered the application of advanced technology in the design of its water dispensers for offices, healthcare, education, hospitality, and public settings to deliver sustainable and safe water.

Together, the combined company will shape the future of clean and sustainable drinking water globally, providing water solutions and services for customers at home, at work, at leisure and on-the-go. The transaction brings additional scale and expertise to drive innovation in the development of new water filtration, purification and treatment solutions, expanding those to both existing and new markets, and additional distribution channels. In addition, by addressing the fundamental need for the provision of clean, safe, soft, and sustainably sourced water and the reduction of single-use plastics, the combined company and its customers will help deliver against the United Nations Sustainable Development Goals (“SDGs”) and meet their respective leading Environmental, Social and Governance (“ESG”) commitments.

Scott Clawson, Chief Executive Officer of Culligan International, said: “For more than eight decades, Culligan has served as a leading provider of water treatment solutions and services for consumers. Our focus has been on driving innovation, delivering the best consumer experience and providing solutions that are both good for people and the planet, while also moving the market forward. Today’s announcement represents an important step in our evolution toward those goals as we add Waterlogic’s talent, distribution partners and innovative technology to our complementary offerings around the globe. Together with the Waterlogic team, we believe we can drive the future of clean and sustainable drinking water solutions globally and serve a broader group of customers in the $250 billion global consumer water market.”

Jeremy Ben-David, Founder and Group Chief Executive Officer of Waterlogic, said: “The cultural, strategic and industrial logic of this transaction is clear and compelling. Both Waterlogic and Culligan are purpose-led businesses with ESG engrained in our operations. Innovation has been a key driving factor in the historical success of both companies and together, our far-reaching global footprint across multiple markets will empower us to have an even greater positive impact on people and the environment by bringing clean, safe, and soft water to more customers around the world. I look forward to working with Scott and the Culligan team and am excited about the future we will be able to offer to our customers, employees, partners and the communities we serve.”

Leadership and Governance

The combined company will be led by Mr. Clawson, Chief Executive Officer of Culligan. The Waterlogic leadership team will play a critical role in the combined company, with Mr. Ben-David serving as Chief Executive Officer EMEA and a member of the Executive Leadership Team, and continuing his role as Chief Executive Officer Waterlogic once the transaction is complete.

Funds managed by BDT Capital Partners, LLC (“BDT”), a merchant bank that provides closely held businesses with long-term, differentiated capital, acquired a majority interest in Culligan in July 2021. BDT and its co-investors will be the majority shareholder of the combined company. Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor, alongside Waterlogic management. Castik Capital focuses on identifying and developing investment opportunities across Europe where long-term value can be generated through active partnerships with management teams. Castik Capital, Waterlogic’s management team and other existing Waterlogic shareholders will maintain a meaningful minority ownership position in Culligan going forward. Terms of the transaction were not disclosed.

Approvals and Closing

The transaction is expected to close in the second half of 2022, subject to the receipt of regulatory approvals and the satisfaction of other customary closing conditions. Until the transaction closes, both companies will provide regular updates and continue to operate business as usual as two independent companies.

ABOUT CULLIGAN INTERNATIONAL

Founded in 1936 and headquartered in Rosemont, Illinois, Culligan International is a world leader in delivering premium water services and solutions that improve the health and wellness of consumers. Committed to sustainable solutions, the company offers some of the most technologically advanced water filtration and treatment services and solutions available, including water softeners, drinking water systems, and whole-house systems for homeowners and bottleless coolers for businesses. Culligan’s network of dealers and direct operations is the largest in its industry, with more than 7,500 employees and 1,000 dealers in 90 countries. Culligan’s 35+ brands serve more than 50 million consumers every year and share a mission of bringing better water to consumers anywhere they need it – in the home, at work or on the go. For more information visit: www.corporate.culligan.com.

ABOUT WATERLOGIC

Waterlogic is an innovative designer, manufacturer, distributor and service provider of drinking water dispensers and accessories designed for environments such as offices, factories, hospitals, restaurants, hotels, schools and public spaces. From freestanding, countertop and integrated dispensers to high-volume hospitality solutions, water filling stations, fountains and boilers, every solution focuses on delivering the best quality water in the safest and most sustainable way. Waterlogic has its own subsidiaries in 23 countries. In addition, Waterlogic’s extensive independent global distribution network spans over 50 countries around the world in North and South America, Europe, Asia, Australia and South Africa. For more information visit: www.waterlogic.com.

Media contacts

Andrew Spinelli/Alice Gibb
Brunswick Group
+1 312 468 7431 / +44 20 7823527134
CulliganWaterlogic@brunswickgroup.com

Categories: News

Thompson Street Capital Partners Announces First Continuation Fund in Partnership with AlpInvest

Carlyle
  1. LOUIS (December 22, 2021) – Thompson Street Capital Partners (“TSCP”), a private equity firm based in St. Louis, today announced the closing of its first Continuation Fund capitalized by AlpInvest and a leading group of limited partners.

The Continuation Fund was established to acquire Revenue Management Solutions (“RMS”) and BCM One Holdings, Inc (“BCM One”). The transaction closed with a combined enterprise value of approximately $1.2 billion and the Continuation Fund includes substantial additional capital to drive organic growth initiatives and strategic acquisitions at both companies.

The transaction was led by AlpInvest, a subsidiary of Carlyle Global Investment Solutions, and supported by a diverse group of high-quality investors, including both TSCP Fund IV and Fund V limited and general partners. The transaction includes significant equity contributions from the founders and management of both companies.

RMS, a TSCP Fund IV investment, provides more than 1,000 leading healthcare providers, revenue cycle management and other healthcare entities with automation solutions for more than $220 billion of cash payment reconciliations as well as correspondence management and other workflows. BCM One, a TSCP Fund V investment, delivers managed services to support unified communications, network management and optimization, and other technical services to more than 20,000 customers and channel partners.

“Establishing our first continuation fund represents a significant event for Thompson Street Capital Partners,” said Bob Dunn, Managing Partner of TSCP. “BCM One and RMS are two of the best-performing portfolio companies in TSCP’s twenty-year history and we are excited to continue our partnership with both businesses through this vehicle.”

Scott Thomas, CEO of RMS stated, “Our partnership with TSCP ensures we continue to deliver our customers the forward-thinking products and services they need to be successful. The additional support from both existing and new investors allows us to retain our leadership position in a fast-paced, quickly changing environment through ongoing technological innovation and the ability to take advantage of opportunities for both organic and strategic growth.”

Geoff Bloss, BCM One’s CEO said, “The resources TSCP provides has allowed us to better assist our customers in managing complex, scalable technologies to meet their network needs while remaining focused on our own prospects for growth. We’re excited about their additional support and our ability to position ourselves for continued success moving forward as a leading managed service provider around its Next Gen Communication offerings.”

Brian Kornmann, Managing Director at TSCP, added “We are grateful to AlpInvest and all the investors who supported this effort.  We have been fortunate to partner with RMS and BCM One and look forward to working closely with the executive teams and founders of the businesses to continue to aggressively pursue, and execute on, growth strategies to continue the strong performance of both businesses.”

Garrett Hall, Managing Director at AlpInvest said, “We are excited to expand our partnership with Thompson Street Capital Partners and support two exceptional companies in their continued value creation on behalf of new and existing investors.”

Evercore served as financial advisor to TSCP in the transaction with Kirkland & Ellis serving as TSCP’s legal counsel. BCM One was supported in the transaction by both William Blair and QAdvisors while RMS was supported by RW Baird.  Sidley Austin served as legal counsel to both Companies. Ropes & Gray LLP acted as legal counsel for AlpInvest.

About Thompson Street Capital Partners

Thompson Street Capital Partners (tscp.com) is a St. Louis-based private equity firm focused on investing in founder-led middle market businesses in the Life Sciences & Healthcare, Software & Technology, and Business and Consumer Services and Products sectors. TSCP partners with management teams to increase value by accelerating growth, both organically and via acquisitions.

About BCM One Holdings, Inc.  

Founded in 1992, BCM One (www.bcmone.com) is a leading managed solutions provider offering businesses a one-stop shop for integrated technology needs. Now serving more than 19,000 customers worldwide, BCM One offers a variety of solutions supporting businesses’ critical network infrastructure – unified communications, SIP Trunking and UCaaS services, SDWAN, cloud, security and connectivity solutions.

About RMS

Founded in 2006, and based in Oklahoma City, Oklahoma, RMS (www.rmsweb.com) is the leading technology-based healthcare remittance automation platform tool available in the market. Currently used by more than 1,000 acute care, revenue cycle management, dental and pharmacy clients, RMS allows healthcare providers, outsourcers and facilities to optimize the remittance matching, reconciliation, and management processes. The Company, which processes over 16 million transactions each month, offers its technology-driven solutions both directly to customers and through established channel relationships with leading financial institutions throughout the United States.

Contact:

Jeremy Milner
BackBay Communications
(401) 862-9422
jeremy.milner@backbaycommunications.com

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

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KKR, Ontario Teachers’ and PSP Investments complete acquisition of Spark Infrastructure

KKR

SYDNEY–(BUSINESS WIRE)– KKR, Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”) and Public Sector Pension Investment Board (“PSP Investments” and together, “the Consortium”) today announced the completion of the acquisition of all issued securities of Spark Infrastructure (ASX: SKI) in an all-cash transaction for approximately A$5.2 billion. All regulatory approvals have been obtained.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20211221005823/en/

Spark Infrastructure invests in essential energy infrastructure businesses within Australia, which serve over 5 million homes and businesses, and are deeply involved in supporting the transition of Australia’s electricity grid to one that is increasingly reliant on renewable energy. Spark Infrastructure’s portfolio comprises:

– 49% of SA Power Networks, the sole operator of South Australia’s electricity distribution network, supplying approximately 896,000 residential and commercial customers across the state;
– 49% in Citipower and Powercor (together known as “Victoria Power Networks”), the operator of distribution networks that supply electricity to over 1.1 million customers in Melbourne and central and western Victoria;
– 15.01% of TransGrid, the largest high-voltage electricity transmission network by volume in the National Electricity Market, connecting generators, distributors and major users in New South Wales and the Australian Capital Territory; and
– 100% of the 120MWDC /100MWAC Bomen Solar Farm located north of Wagga Wagga in New South Wales.

Andrew Jennings, a Director on KKR’s Infrastructure team in Australia, said, “We are excited to invest in Spark Infrastructure, which is a world-class business that plays a critical role in Australian communities. Alongside Ontario Teachers’ and PSP Investments, we look forward to working with the management teams of Spark Infrastructure and its portfolio companies, to support the business’ objectives to improve grid stability and build secure, high-quality and cost-effective electricity infrastructure for customers across the country.”

“Spark Infrastructure aligns perfectly with our strategy to invest in high-quality regulated infrastructure assets globally that will both benefit from and support the transition to a low-carbon economy,” said Bruce Crane, Managing Director and Head of Asia Pacific Infrastructure & Natural Resources at Ontario Teachers’. “We look forward to working with our partners and management to continue to optimize network performance and reliability while also supporting future growth of the portfolio.”

“We are excited to add Spark Infrastructure to our Infrastructure portfolio and to continue nurturing our established relationships with KKR and Ontario Teachers’,” said Sandiren Curthan, Senior Director, Infrastructure Investments, PSP Investments. “As Australia transitions away from coal, Spark Infrastructure’s electricity transmission and distribution networks are well-positioned to enable the clean energy transition toward a low-carbon economy.”

KKR is making the investment through its core infrastructure strategy which focuses on investing in high-quality regulated assets in developed OECD markets.

About KKR
KKR is a leading global investment firm that offers alternative asset management and 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 The 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 and on Twitter @KKR_Co.

About Ontario Teachers’ Pension Plan Board
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is the administrator of Canada’s largest single-profession pension plan, with C$227.7 billion in net assets (all figures at June 30, 2021 unless noted). It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.6% since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region offices are located in Hong Kong and Singapore, and its Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded as at January 1, 2021, invests and administers the pensions of the province of Ontario’s 331,000 active and retired teachers. For more information, visit otpp.com.

About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada’s largest pension investment managers with C$204.5 billion of net assets under management as of March 31, 2021. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and credit investments. Established in 1999, PSP Investments manages and invests amounts transferred to it by the Government of Canada for the pension plans of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York, London and Hong Kong. For more information, visit investpsp.com or follow us on Twitter and LinkedIn.

Citadel-MAGNUS
James Strong
+61 448 881 174
JStrong@citadelmagnus.com

Source: KKR

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Totalmobile ranked as one of Deloitte’s Technology Fast 50 Ireland

Bowmark

We are delighted to announce that Bowmark-backed Totalmobile has been named as one of Deloitte’s Technology Fast 50 Ireland, ranking Ireland’s’ fastest-growing technology companies based on revenue growth.

 

Tom Keen, Investment Director at Bowmark, said: “Totalmobile has grown at an impressive rate in 2021. Alongside strong organic growth, the team welcomed two acquisitions – Cognito iQ and GeoPal – which added new product capabilities and expanded Totalmobile’s presence into new verticals. Congratulations to Jim Darragh and the whole Totalmobile team!”

 

Categories: News

Gilde Healthcare portfolio Volta Medical treats first U.S. patients with persistent cardiac arrythmias

GIlde Healthcare
December 21, 2021
Marseille, France, Providence (Rhode Island), USA & Utrecht, the Netherlands

Volta Medical, a pioneering health tech company developing artificial intelligence (AI)-based software solutions to treat cardiac arrythmias, today announced the introduction of its leading-edge product, VX1, at three leading U.S. hospitals. New York Presbyterian Queens, Northwell Health’s Lenox Hill Hospital in New York City, and Ascension St. Vincent’s Riverside, Jacksonville, FL, are the first U.S. hospitals to implement VX1, which is designed to improve outcomes for patients undergoing atrial fibrillation (AF) ablation procedures.

 

All three hospitals also are recruiting AF ablation patients to participate in an international, randomized controlled clinical trial to evaluate the outcomes of VX1-guided ablation versus standard ablation called TAILORED-AF trial. The international, multi-center trial will involve 25 sites and 342 patients and is expected to report results in 2024. VX1 is cleared as a medical device by the U.S. Food and Drug Administration and CE-certified by the European Union.

VX1 is the first commercially available AI software to help clinicians combat high failure rates in the use of ablation for treating persistent, drug-resistant AF. AF, characterized by an irregular and chaotic heartbeat (cardiac arrythmia), can lead to more serious health issues such as heart failure and stroke. During AF ablation, a specialized cardiologist known as an electrophysiologist inserts catheters through the blood vessels into the heart to burn or freeze tissue that is causing abnormal electrical signals in the upper chamber, or atrium. The procedure creates scarring that restores a normal heartbeat.

The VX1 system analyzes electrical signals measured during the procedure and identifies abnormalities in real-time. VX1 is versatile and can be installed in most operating rooms and is compatible with the main multipolar catheters and mapping systems.

About atrial fibrillation (AFib or AF)
An estimated 6.1 million people in the United States have AF with projections to reach nearly 12.1 million in 2030. Worldwide, it affects more than 33 million people. Symptoms include palpitations, lightheadedness and shortness of breath. In some patients, AF can lead to heart failure. AF is not only an extremely costly public health issue but also a major risk factor for stroke, posing a 4-to-5 times greater risk than for the general population. AF is commonly treated with medication that regulates or slows the heart rate. For patients who cannot tolerate or are resistant to anti-arrhythmic drug therapy, ablation is the current standard of care. Ablation uses heat or cold energy to create tiny scars in the heart to block abnormal electrical signals and restore a normal heartbeat. However, the efficacy of this approach depends largely on the experience and intuition of the electrophysiologist. With 50% of persistent AF patients requiring repeat treatments, the need for more precise therapies is significant.

About the TAILORED-AF trial
TAILORED-AF is an international, multicenter trial designed to determine if a tailored VX1 AI software-guided ablation strategy targeting areas of spatiotemporal dispersion in combination with pulmonary vein isolation (PVI) is superior to a conventional anatomical ablation strategy targeting PVI alone for the treatment of persistent AF. The primary endpoint of the study is the absence of documented AF episodes > 30 seconds, with or without anti-arrhythmic drugs (AADs), 12 months after a single index ablation procedure. Secondary endpoints include absence of AF and/or atrial tachycardia (AT) episodes after a 12-month period, following one or more procedures, as well as safety. Volta Medical expects results from the TAILORED-AF trial in 2024.

About Volta Medical
Volta Medical is a health tech company developing AI software solutions to assist cardiac electrophysiologists in the operating room. Volta’s overarching goal is to significantly improve cardiac arrythmia management by developing state-of-the-art, data-driven medical devices based on large databases of procedural data with the highest standards of data protection. Founded by three physicians and a data scientist in 2016 in Marseille, France, Volta’s first product, VX1, assists cardiologists in the real-time identification of specific abnormal electrograms, known as dispersed electrograms. For more information, visit the company’s website at www.volta-medical.com.

About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor with two fund strategies: Venture&Growth and Private Equity. The firm operates out of offices in Utrecht (The Netherlands), Frankfurt (Germany) and Cambridge (United States). Gilde Healthcare Venture&Growth invests in fast growing, innovative companies active in (bio)pharmaceuticals, healthtech and medtech that are based in Europe and North America. For more information, please visit: www.gildehealthcare.com.

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