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L Catterton Asia Makes Strategic Investment in Ci FLAVORS

LCatterton

Partnership to Enhance New Brand Development and Accelerate International Expansion

【日本語版は英語版の後に続きます】

Tokyo, December 21, 2021 – L Catterton, the largest global consumer-focused private equity firm, announced today that its Asia fund has made a strategic investment in Ci FLAVORS (or the “Company”), which owns Cosme Company, a leading multi-brand beauty and personal care company in Japan focused on haircare and skincare. The firm will partner with Ci FLAVORS’ management team to bolster the Company’s growth through strategic initiatives such as enhancing new brand development and accelerating international expansion.

Ci FLAVORS boasts a strong portfolio of products, particularly in the mid-end segment of the Japanese haircare market, which has been growing faster than other segments. These products are sold widely throughout the country, especially in drugstores, the dominant sales channel for segment.

Building on its success, Ci FLAVORS continues to expand its portfolio of 37 brands and deepen its presence in drugstores. Its products, which enjoy best-in-class customer reviews and repurchase rates, are regularly refreshed to resonate with consumers. Coupled with its strategic introduction of new brands and sizeable social media following, the Company’s pipeline of attractive products positions it to further penetrate key channels. In addition, Ci FLAVORS has ventured abroad into 25 markets around the world, with a focus on China, where it is experiencing steady growth.

Ci FLAVORS President Yusaku Horiuchi commented, “We are excited about the next stage of our growth and believe L Catterton is the right partner for the journey ahead. As the experts in consumer investing, the firm brings in-depth understanding of the global beauty and personal care market. It has a proven track record of creating value and we look forward to leveraging its distinctive sector expertise and extensive network of industry contacts as we further enhance our portfolio, enlarge our international footprint, and enrich customers’ experiences.”

L Catterton has significant experience investing globally in the beauty and personal care space. Current and past investments in the space include ETVOS, ELEMIS, bliss, Intercos, Marubi, Cover FX, Function of Beauty, TULA, Sociolla, and MERIT.

“Ci FLAVORS has built a strong business, achieving a leading position in Japan and making inroads overseas,” said L Catterton Asia Partner Taka Shimizu. “The mid-end segment of the country’s haircare market has robust fundamentals and is expected to continue expanding, driven by consumers who are increasingly seeking innovative products in the space. Led by an experienced senior management team, the Company is poised to capture growth opportunities, and we are excited about its prospects.”

L Catterton Asia Principal Ray Yamaguchi added, “We look forward to partnering with Ci FLAVORS and sharing our category insights and operating skills with the Company as it continues to strengthen its performance across sales channels and geographic markets. This investment reinforces Ci FLAVORS’s position as it broadens its product suite, ramps up its global expansion efforts and thoughtfully develops more brands that consumers love.”

As part of the partnership between L Catterton and Ci FLAVORS, LVMH Moët Hennessy Louis Vuitton Japan K.K. President Norbert Leuret will assist the Company as a Senior Advisor following the completion of the transaction.

About Ci FLAVORS

Ci FLAVORS is the holding company for Cosme Company, a leading multi-brand haircare and skincare company headquartered in Tokyo, Japan. Since its founding by its President Yusaku Horiuchi in 2011, Cosme Company has continually created and developed unique brands in keeping with its core value of “understanding customers’ demands better than anyone else”. Its major brands include its subsidiary ViCREA, Ltd.’s “&honey”, an organic haircare brand that boasts nourishing and hydrating ingredients like honey and argan oil, and its subsidiary Stella Seed Co., Ltd.’s “8 THE THALASSO”, a haircare brand with the concept of treating hair like skin, thoroughly moisturizing strands and scalp.

About L Catterton

With approximately $30 billion of equity capital across its fund strategies and 17 offices around the world, L Catterton is the largest global consumer-focused private equity firm. L Catterton’s team of nearly 200 investment and operating professionals partners with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad partnership network. Since 1989, the firm has made over 250 investments in leading consumer brands. For more information about L Catterton, please visit lcatterton.com.

CONTACTS

Julie Hamilton (U.S.)
Managing Director, Firm Communications
media@lcatterton.com
+1 203 742 5185

Bob Ong (Asia)
Vice President, External Relations
bob.ong@lcatterton.com
+65 6672 7619

Ci FLAVORS株式会社への資本参加について

【2021 年 12 月 21 日、東京】このたび、コンシューマ業界に特化した世界最大級のプライベートエクイティ投資会社であるLキャタルトン（L Catterton、以下「Lキャタルトン」）のアジアファンド、Lキャタルトン・アジア（L Catterton Asia）は、へアケアを中心とした複数のパーソナルケアブランドを展開するコスメカンパニー株式会社（以下「コスメカンパニー」）を傘下に持つCi FLAVORS株式会社（本社：東京都北青山、代表取締役社長：堀内勇作、以下「Ci FLAVORS」）に対して資本参加を行うことで合意しましたのでお知らせします。Lキャタルトンは、Ci FLAVORSの現経営陣と密接に連携し、海外展開の加速や新規ブランド展開を含む戦略的イニシアティブを通じて、Ci FLAVORSの更なる成長を支援いたします。

Ci FLAVORSは、2011年に傘下のコスメカンパニーを設立以来、美容・健康分野において、お客様に求められる個性的なブランドを創り出し展開しております。国内のバラエティストア及びドラッグストアを中心に、主力である自社企画ヘアケア商品に加えスキンケアなど37ブランドを取り扱い、中国を始めとした世界25か国以上に商品を提供しております。今回の提携を機に、現在の主力事業であるパーソナルケア事業に加え、より高品質な商品・ブランド展開を行うプレステージ事業を立ち上げるほか、海外においてもより積極的な展開を行うことで、日本を代表とするビューティーカンパニーの一社となることを目標としております。

本件について、Ci FLAVORS代表取締役社長の堀内勇作氏は次のように述べています。「Lキャタルトンは、グローバルのコンシューマ業界に対する深い理解や、日本及び世界有数のコスメブランドへの豊富な投資実績を有しています。過去数年にわたり大きな成長を経験してきた当社にとって、更なる成長段階へと踏み出すにあたり重要だったのは、当社が新たに進出したい領域・地域におけるノウハウおよびネットワークを持つ戦略的パートナーを見つけることでした。今後はLキャタルトンが有する、業界における卓越した専門知識やネットワークを活用することで、海外展開やより高品質なブランド・商品のポートフォリオの拡充を図ってまいります。」

Lキャタルトンによる化粧品分野へのこれまでの投資実績としては、エトヴォス、ELEMIS、bliss、intercos、MARUBI、COVER FX、Function of Beauty、TULA、SociollaおよびMERITなどが挙げられます。

Lキャタルトン・アジアの清水俊孝パートナーは次のように述べています。「Ci FLAVORSが位置するマスプレミアムヘアケア業界は、ドラッグストアチャネルの拡大、若者のライフスタイルやSNSの活用、購買行動の変化などを背景に、今後も継続的な成長が期待されます。その中でもCi FLAVORSは、数多くのヒットブランドを継続的に生み出すことに成功し、同業界内で強いポジショニングを築いております。Lキャタルトンは、Ci FLAVORSの更なる成長に向けて、新たなブランド立ち上げや新規カテゴリーへの参入といった成長戦略を積極的にご支援させて頂く所存です。」

また、Lキャタルトン・アジアの山口龍平プリンシパルは次のように述べています。「これまで数多くのブランドを創出し消費者のニーズに応えてきたCi FLAVORSと次の成長ステージを共にする機会に恵まれたことを大変喜ばしく感じております。Lキャタルトンのリソースを結集し、日本を代表するビューティーカンパニーとなるというCi FLAVORSのミッションの遂行を最大限支援してまいります。」

なお、経営体制の一層の強化を図るため、LVMHモエ ヘネシー・ルイ ヴィトン・ジャパン株式会社の代表取締役社長であるノルベール・ルレ氏がCi FLAVORS株式会社のシニア・アドバイザーとして就任する予定です。

【Ci FLAVORS株式会社について】

Ci FLAVORSは、2011年に傘下のコスメカンパニーを設立後、美容・健康分野において、お客様に求められている個性的なブランドを創り出しています。代表的なグループ会社として、ハチミツをはじめとした保水成分にこだわったオーガニックヘアケアブランドの「&honey（アンドハニー）」等を展開する株式会社ヴィークレア、スキンケア発想の美容液ヘアケアの「8 THE THALASSO（エイトザタラソ）」等を展開するステラシード株式会社がございます。

【Lキャタルトンについて】

Lキャタルトンは、全世界で17オフィスを構え、複数のファンド戦略を通じ300億ドル以上の資金を有する、世界最大かつ最もグローバルに展開するコンシューマ業界特化のプライベートエクイティ投資会社です。Lキャタルトンのチームは200名以上の投資およびオペレーションのプロフェッショナルから成り、投資先の経営陣と世界中で連携し、深い業界知見、オペレーショナル・エクセレンス、そして様々なパートナーとのネットワークを有効活用することを通じ、経営戦略を実行していくことで投資先企業の成長を支援しています。Lキャタルトンは1989年より、業界を代表するコンシューマ・ブランドへの投資を250件以上行ってきました。Lキャタルトンの詳細については、www.lcatterton.comをご覧ください。

【本件に関するお問い合わせ先】
Lキャタルトン・ジャパン株式会社
電話番号： 03-4577-8940

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Blackstone Invests in Mitiga’s Cloud Incident Readiness and Response Solution

Blackstone Invests in Mitiga's Cloud Incident Readiness and Response Solution

NEW YORK, Dec. 21, 2021 /PRNewswire/ — Mitiga, the cloud incident response company, today announced that Blackstone Innovations Investments has participated in Mitiga’s Series A financing round, joining ClearSky, Atlantic Bridge and DNX.

Organizations worldwide rely on Mitiga’s solution to reduce the impact of cloud attacks by optimizing their incident readiness and resilience. Today’s harsh reality is that cloud attacks are inevitable. Mitiga’s focus on readiness and resilience enables companies to dramatically increase their response and recovery capabilities when cloud incidents occur.

“Although traditional incident response solutions focus on what happens after a breach, Mitiga’s unique solution combines incident readiness and response, helping companies prepare for a breach before it happens,” said Adam Fletcher, Chief Security Officer at Blackstone. “As an investor and a customer, we know how important it is to be prepared before an incident occurs, especially in cloud infrastructure. We look forward to a successful partnership and to the company’s next phase of growth.”

“Blackstone believes that Mitiga’s solution is truly differentiated in the marketplace and is the first company to build a cloud-centric incident response platform,” said Tal Mozes, Mitiga Chief Executive Officer. “Adam Fletcher has become a trusted partner, and his experience and insights are helping to shape Mitiga’s solutions for tomorrow’s challenges.”

In adopting Mitiga’s dynamic-readiness approach companies can automate the processes of collecting and analyzing cloud forensics data, eliminating time-consuming data acquisition delays before beginning the incident investigation, response, and recovery.

Importantly, Mitiga’s shared-responsibility business model fundamentally changes the economics of incident response. Instead of charging additional fees for incident response and recovery, Mitiga believes its platform-based solution fully prepares customers for all aspects of a cloud incident and therefore their subscribers face no add-on fees for incident response.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

About Mitiga
Mitiga’s technology and services lower the impact of cyber breaches and optimize readiness for cloud and hybrid incidents and accelerate both response and recovery times when incidents occur. Importantly, Mitiga’s readiness prioritization also increases resiliency for future incidents. Mitiga’s shared-responsibility model is unique. Unlike others, who charge additional fees for incident response and recovery, Mitiga subscribers face no add-on fees. For more information, visit www.mitiga.io.

“Our patented see-through display technology is the key enabler for augmented reality devices such as smart-glasses where weight, display quality and form factor are key attributes. These can be best realized by feather-weight single-layer optics which is our unique forte and we are now gearing to scale these capabilities for mass production for our customers forthcoming consumer offerings” said Antti Sunnari, co-founder and CEO of Dispelix.  “This new investment will allow us to serve more OEM customers better and faster, as their trusted and dedicated waveguide partner.”

“Dispelix’ see-through displays are the lightest and thinnest on the market and maintain vivid colors, image quality and wide field-of-view” commented Juuso Olkkonen, CTO and co-founder of the company.  “Our team of world-class scientists and engineers continue to push the boundaries of what’s possible with our arsenal of unique software and hardware technologies – fundamentally changing the way nanophotonics based waveguides are designed and delivered.

“We invested in Dispelix as they have a unique mix of technologies that delivers a superior end-user experience for mixed reality smart-glasses and other AR devices – offering the lightest, lowest power and highest resolution displays” said Paul Murray, Partner with Atlantic Bridge. “Their ability to scale these benefits for their growing list of OEMs will be a key enabler in the adoption of next generation mixed reality platforms and to help deliver on the promise of the Metaverse”

The Dispelix offerings, with 43 granted or pending patent families currently being integrated into an increasing number of consumer products under development by the company’s OEM customers – these products are expected to hit the market during 2023.

 

About Dispelix

Dispelix is a global leader in waveguide  design technology.  Dispelix designs and manufactures the best diffractive single layer, full color waveguide displays in the world.  Its patented DPX waveguides unlock freedoms in AR design with unmatched image quality, performance and efficiency. Led by the world’s most sought-after experts in optics, photonics and manufacturing, Dispelix powers AR experiences that push boundaries. Dispelix is located in Finland, China, Taiwan with US headquarters in San Francisco.  Learn more at www.dispelix.com

 

About Atlantic Bridge

Atlantic Bridge is a global technology investment firm with over €1.2 billion of assets under management across seven funds, investing in deep tech companies in Europe and the U.S. Atlantic Bridge supports portfolio companies in scaling internationally with a global investment team and offices across London, Palo Alto, Dublin, Munich and Paris. For more information, visit http://www.abven.com

 

About CCB Trust

China Construction Bank Corporation, headquartered in Beijing, is a leading large-scale commercial bank in China. Its predecessor, China Construction Bank, was established in October 1954. It was listed on the Hong Kong Stock Exchange in 2005 and the Shanghai Stock Exchange in 2007. At the end of 2020, the Bank’s market capitalization reached US$191,889 million, ranking fourth among all listed banks in the world. For more information, visit ccb.com

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Advent International acquires majority stake in Encora, a leading provider of digital engineering services

Advent International

BOSTON and SCOTTSDALE, Ariz. December 21, 2021 – Encora, a global digital engineering services company specializing in software product development services for fast-growing enterprises and digitally native companies and Advent International (“Advent”), a leading global private equity firm, today announced that Advent has acquired a majority stake in Encora’s business. As part of the agreement, Warburg Pincus, the existing majority shareholder of Encora, retains a minority stake.

“We are thrilled to enter into this partnership with Advent as we continue to scale our differentiated software engineering service offerings,” said Venu Raghavan, chief executive officer, Encora. “Advent’s deep business and technology services sector expertise, along with its global footprint, complements Encora’s strengths and creates opportunities to grow our business in key markets around the world.

Warburg Pincus has been a great partner to us over the last two and a half years, accelerating our rapid growth to a valuation of approximately $1.5B. We look forward to continuing to work alongside them in this next phase of growth.”

Encora is an established leader in outsourced software product development services, using deep technical expertise in machine learning, AI, data science, cloud services and other next-generation digital engineering disciplines to accelerate strategic innovation for tech-enabled companies whose market position and growth are driven by proprietary software products. Since rebranding as Encora in 2020, the Company has expanded its focus within the Consumer Tech and Enterprise Tech sectors, and grown its global talent pool to over 6,300 associates across 40 global offices across LatAm, India, APAC and the U.S.

“We have seen tremendous growth in the digital technology services sector over the past few years, as the need for strong technology products has escalated across industries,” said Shweta Jalan, managing director at Advent. Jan Janshen, managing partner at Advent, also said, “we believe Encora is well positioned to capitalize on the growing digital services market, and we are excited to partner with Venu, Encora’s talented management team, and Warburg Pincus to support the company’s growth in key markets across North America, Europe, India, Asia Pacific and Latin America, where Advent has a strong presence and domain expertise.”

This new partnership enables Encora to accelerate its global growth, both organically and through targeted M&A opportunities, expand its differentiated delivery model and advance its customer-facing digital services. Encora continues to focus on serving the software and digital engineering needs of enterprise SaaS companies, midmarket technology companies, and large enterprises.

“Encora has built an industry leading position, driven by its sharp customer focus and ability to attract high quality technology talent across the globe,” said Steven Glenn, managing director, chief financial officer and chief operating officer, Warburg Pincus. “Advent is a great addition to the team and we look forward to continuing to support Encora’s bright future.”

Advent, with $81 billion in assets as of June 30, 2021, has invested in over 380 companies across 42 countries, throughout North America, Europe, Latin America and Asia. It has significant investment experience in both the business and technology services sectors and in the key markets where Encora
operates.

About Encora

Headquartered in Scottsdale, AZ, Encora is an established leader in software and digital engineering services, specializing in innovation acceleration for leading edge technology companies. Encora has over 6,300 associates in 40+ offices and innovation labs across U.S., Mexico, Costa Rica, Brazil, Colombia, Peru, Bolivia, India, and Asia Pacific. Encora’s global talent pool, micro-industry vertical expertise and proprietary agile engineering capabilities enable clients to improve their speed to impact.

For more information, visit:
Website: www.encora.com
LinkedIn: https://www.linkedin.com/company/encorainc/

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 380 companies across 42 countries, and as of June 30, 2021, had $81 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 245 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After more than 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

About Warburg Pincus

Warburg Pincus LLC is a leading global growth investor. The firm has more than $67 billion in private equity assets under management. The firm’s active portfolio of more than 215 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 20 private equity funds, which have invested more than $97 billion in over 960 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore.

For more information, visit:
Website: www.warburgpincus.com
LinkedIn: www.linkedin.com/company/warburg-pincus/

 

Media contacts

For Encora
Joshua Kanter, Chief Marketing Officer
480-991-3635
joshua.kanter@encora.com

Alec Robertson
Brodeur Partners on behalf of Encora
585-281-6399
arobertson@brodeur.com

For Advent International
Khushal Devera
Ketchum Sampark Pvt. Ltd.
+91 98196 66376
khushal.devera@ketchumsampark.com

For Warburg Pincus
Kerrie Cohen, Head of Corporate Communications, U.S.
212-878-9207
kerrie.cohen@warburgpincus.com

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Litorina exits Euroflorist

Litorina
  • Euroflorist Intressenter, majority-owned by Litorina, divests Euroflorist to a consortium of highly regarded investors
  • During Litorina’s holding period Euroflorist has built an international footprint as a leading online platform for flower sales across northern Europe and the UK with an attractive and rapidly growing DTC box offering
Euroflorist

Litorina exits Euroflorist, a leading international online flower sales platform, to a consortium of investors led by Magnus Silfverberg, previously CEO of Bisnode and Betsson, and Johan Tjärnberg, CEO of Trustly and CEO/co-founder of Bambora, alongside a group of co-investors. The transaction was completed through divestment of the operating group of companies and the seller is Euroflorist Intressenter, where Litorina holds the majority of the shares. The transaction closed on December 17, 2021.

During Litorina’s holding period, Euroflorist has grown organically and through selective add-on acquisitions to become one of the leading European online platforms for flower sales, with activity in 11 countries. The company has successfully leveraged its extensive international florist network to drive growth in online sales. The traditional florist delivery model has been complemented by a differentiating and margin accretive DTC box business, which still holds substantial further penetration potential. Through excellent execution, the company successfully capitalised on the strong demand driven by the pandemic in 2020-21 and is well-positioned to benefit from the structural positive market shift. During Litorina’s ownership, the company more than doubled sales with earnings increasing more than fivefold.

“Euroflorist’s platform model for flower delivery comes with several attractive characteristics. At its core lies the high scalability and low capital requirements. Litorina invested with a view to leverage that model and capitalise on the increased e-com penetration to drive international growth, and I am pleased to see that this generated a good return for our investors.” says Jörgen Ekberg, Executive Chairman at Litorina. ”The international footprint of the business and the margin accretive DTC box offering constitutes an attractive foundation for continued success for Euroflorist”, Jörgen continues.

The sellers were advised by Carnegie, Vinge and PwC.

For further information, please contact:

Magnus Silfverberg, +46 (0) 702 714 700, CEO at Euroflorist
Jörgen Ekberg, +46 (0) 708 113 160, Executive Chairman at Litorina

Euroflorist is a leading international online flower sales platform with operations in eleven European countries. Every year, Euroflorist delivers millions of floral greetings, reception flowers, gifts and funeral wreaths through some 5,000 directly affiliated flower shops and external suppliers. Since its inception in 1982, Euroflorist has grown internationally through its own establishments and through acquisitions of florist networks. Euroflorist began to offer online flower gifts as early as 1995, which today represent approximately 85% of the total sales. For more information, please visit www.euroflorist.se.

Litorina, founded in 1998, invests in niche market-leading companies with headquarters in the Nordics. Litorina partners with management teams and entrepreneurs that want to take their companies to their full potential. Litorina aims to build larger, better and more sustainable companies by contributing relevant experience, knowledge, passion and resources to accelerate growth. For more information, please visit www.litorina.se.

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Marcone Acquires Professional Plumbing Group

Strategic Acquisition Expands Marcone into Plumbing Parts and Equipment

ST. LOUIS, Dec. 20, 2021 /PRNewswire/—Marcone, the leading residential appliance parts distributor and portfolio company of Genstar Capital, today announced that it has acquired Professional Plumbing Group (PPG), a distributor of plumbing products for repair and remodel applications, from Dunes Point Capital, LP.

PPG designs, manufactures, markets and distributes high-quality plumbing products. PPG’s portfolio includes products from two proprietary brands – Wolverine Brass, and Speakman – as well as third-party products across all of the leading brands. Wolverine Brass is a respected brand selling high quality plumbing products for the past 125+ years exclusively to professional plumbers and trade personnel; Speakman is a 150+ year-old brand widely known for high quality showers and other fixtures. PPG sells 20,000 SKUs to more than 10,000 customers including plumbing technicians, third-party distributors, ecommerce providers and retailers and through commercial channels such as hospitality. PPG has nearly 300 employees and is based in Concordville, PA.

Jim Souers, Chief Executive Officer of Marcone, stated, “PPG is a superb business and a leader in the plumbing specialty marketplace operating through highly diversified sales channels with long-established customer relationships. Its brands are well known and trusted among the trade community and is a strong strategic fit with our go forward strategy. We are excited to capitalize on increased spending on plumbing products from consumers, technicians and larger strategic accounts, and look forward to working together with PPG to accelerate growth. We are pleased to welcome PPG’s strong management team and organization to the Marcone family.”

Rob Rutledge, Managing Director at Genstar Capital, said, “When we partnered with Marcone and its management team earlier this year, we knew it was a truly outstanding business in its core market with a large opportunity to expand by selling other parts and services into the home. PPG represents an exciting step into the large and fragmented plumbing market, with material revenue opportunities across the combined customer base.”

About Marcone

Marcone is an authorized distributor for major brands such as Whirlpool, Electrolux, General Electric, Maytag, Bosch, Samsung, L-G and many more.  Through its vast distribution network, Marcone supplies the largest inventory of original replacement parts in the country for household appliances such as refrigerators, ranges, dishwashers, microwaves, washers, and dryers.  Marcone exports to over 120 countries and also operates a comprehensive training institute offering quality business and technical training. Headquartered in St. Louis, Marcone has 12 regional distribution centers and nearly 50 retail centers.

About PPG

PPG is a distributor of plumbing products for repair and remodel applications. PPG distributes two proprietary brands (Wolverine Brass and Speakman), along with third-party plumbing products. PPG serves ten thousand customers across four channels: direct-to-trade, commercial, ecommerce, and retail. PPG is headquartered in Concordville, PA and employs nearly 300 people. For more information, visit https://www.ppg-inc.com.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years.  Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $33 billion of assets under management and targets investments focused on targeted segments of the financial services, industrials, healthcare, and software industries.

Contact: Chris Tofalli                                                                                    
Chris Tofalli Public Relations                                                                        
914-834-4334

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Audax Private Equity Announces Strategic Investment in Integrate

Audax Group

Audax Private Equity (“Audax”) today announced it has completed a strategic growth investment in Integrate.com, Inc. (“Integrate” or the “Company”), a leader in B2B Precision Demand Marketing, an emerging category that helps B2B marketers develop omnichannel demand strategies and drive marketing ROI. Financial terms of the transaction were not disclosed.

Integrate connects data, channels, technology, and team members to create intelligent buyer and account journeys and deliver Precision Demand Marketing at scale. Its core offering, the Demand Acceleration Platform (“DAP”), centralizes, connects, and elevates multichannel B2B buying experiences to help accelerate demand and convert leads to revenue. In 2021, Integrate’s B2B marketing customers processed over 14.5 million marketable and compliant leads through their governance engine.

“We look forward to partnering with Audax and continuing our momentum following this exceptional year of growth,” said Jeremy Bloom, co-founder and CEO of Integrate. “We believe Audax’ expertise and track record of building value will position us well to capitalize on the sizeable and growing core market opportunity, as well as adjacent verticals and geographic expansion opportunities. We are thrilled to have Audax’ support as we continue to develop our product set and grow our customer base.”

“Integrate’s differentiated SaaS-based workflow product provides unique value by replacing the expensive need for an in-house or agency-based, labor-intensive solution,” said Tim Mack, Managing Director at Audax. “With companies allocating more of their marketing budgets to digital channels, Integrate offers demonstrable ROI for their customers, making them an essential partner to their customer base. We’re excited to work with Jeremy and the rest of the Integrate team to help support the Company’s further growth and value creation.”

“Integrate’s solution helps B2B marketers solve complex challenges across a variety of demand generation channels. By helping to power account-based, buyer-driven omnichannel marketing strategies, the platform has proven itself to be an invaluable resource for some of the world’s largest marketers,” said Iveshu Bhatia, Managing Director at Audax. “We’re excited to partner with Jeremy and the Integrate team in their next phase of growth.”

Ropes & Gray served as legal counsel to Audax and Goodwin Proctor served as legal counsel to Integrate. Integrate was advised by BrightTower, a New York based investment banking firm focused on software, information, and technology enabled services.

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KKR adds healthcare real estate assets to Krest Portfolio

KKR

NEW YORK–(BUSINESS WIRE)–KKR, a leading global investment firm, today announced that KKR Real Estate Select Trust Inc. (“KREST”) has acquired a portfolio of core medical office buildings and ambulatory surgery centers located in seven Sun Belt states (the “Portfolio”). The Portfolio was assembled by Montecito Medical, a leading player in the medical office space, and FCA Partners, a real estate investment management company. The transaction will recapitalize the Portfolio with Montecito Medical retaining its interest in and operational responsibility for the properties.

The purchase marks KREST’s first acquisition of core healthcare real estate assets, further diversifying the fund’s portfolio following its recent first-time multifamily property investment, as well as its first international property acquisition. The investment aligns with KREST’s focus on thematically-driven, stabilized, income-generating commercial real estate, which is one of the fund’s three primary investment strategies.

The Portfolio consists of 15 outpatient medical office buildings and ambulatory surgery centers totaling approximately 400,000 square feet. The properties are located across the southern United States in growth submarkets within Arkansas, Florida, Georgia, North Carolina, Tennessee, Texas and South Carolina. The Portfolio is over 99% leased to a mix of leading investment grade health systems and specialist medical groups in practice areas including orthopedics and ophthalmology, with a weighted average lease term greater than 10 years.

“We are pleased to invest in mission-critical real estate for a premium group of tenants who are providing in-demand medical care to high-growth communities across the Sun Belt,” said Peter Sundheim, a senior leader on KKR’s real estate team. “We believe these properties operated by Montecito Medical are positioned to benefit from long-term trends in healthcare and population growth, making them a great match for KREST.”

“This transaction places our Southern Core Medical Office Portfolio in the hands of a great long-term owner with deep expertise across healthcare and real estate sectors,” said Chip Conk, Chief Executive Officer of Montecito Medical. “We are happy to deliver a great outcome for our investors while continuing to maintain and grow our operational platform.”

“This acquisition represents a meaningful diversification of our KREST investment portfolio, and we are thrilled to expand the portfolio with new exposure to healthcare real estate,” said Billy Butcher, Chief Executive Officer of KREST and Chief Operating Officer of KKR Global Real Estate.

“We appreciate the great work of our partners at Montecito Medical in assembling this portfolio of quality medical office assets,” said Al Lindemann, Managing Partner of FCA Partners. “We continue to believe in the long-term value of medical office assets as part of our client portfolios.”

Newmark’s Healthcare Capital Markets Group advised Montecito Medical and KKR on the transaction and provided advice to KKR on debt financing. BMO Harris Bank’s Healthcare Real Estate group provided financing for the transaction. Simpson Thacher & Bartlett LLP acted as legal counsel to KKR, and Allen Matkins Leck Gamble Mallory & Natsis LLP acted as legal counsel to Montecito Medical and FCA.

About KREST

KKR Real Estate Select Trust Inc. (“KREST”) is a continuously offered, registered closed-end fund that thematically invests in high quality, stabilized, income-oriented commercial real estate equity and debt. The fund is open to all investors with daily subscriptions and its primary investment objective is to provide attractive current income, with a secondary objective of long-term capital appreciation. KREST is managed by KKR Registered Advisor LLC, an affiliate of KKR & Co. Inc., and utilizes the experience and reach of KKR’s global real estate team and the resources available through the KKR platform. For additional information about KREST, please visit its website at www.krest.reit.

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 Montecito Medical

Montecito Medical is one of the nation’s largest privately held companies specializing in healthcare-related real estate acquisitions and funding the development of medical real estate. Montecito is a leading resource for both medical real estate owners and healthcare providers seeking to monetize or expand their holdings. Since 2006, it has completed transactions across the United States involving more than $5 billion in medical real estate. Headquartered in Nashville, TN, Montecito has been named as a “key influencer in healthcare real estate” by GlobeSt.com and the editors of Healthcare Real Estate Insights. For more information about Montecito Medical, please visit www.montecitomac.com.

About FCA Partners

FCA Partners is a Charlotte, NC based real estate investment advisor with a focus on identifying high quality assets and operating partners in the growth markets of the Southeast and TX. The firm has assembled a portfolio of over 50 assets with value in excess of $2 billion on behalf of its institutional clients since its founding in 2014.

CONTACTS

Media Contacts:
For KKR:
Miles Radcliffe-Trenner
+1 212-750-8300
media@kkr.com

For Montecito Medical:
Brandi Meeks
+1 615-921-3850 x3878

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Adams Street Partners Closes 2021 Global Fund with $832 Million in Commitments

CHICAGO, IL – December 20, 2021 – Adams Street Partners, a private markets investment firm with more than $49 billion under management, has held the final closing of the Adams Street 2021 Global Fund Program with approximately $832 million in committed capital. Adams Street’s global program provides investors exposure to a comprehensive private markets portfolio with exposure to all of Adams Street’s investment strategies, including primaries, secondaries, co-investments, growth equity, and private credit.

The global fund program saw strong worldwide demand, with commitments coming from new and existing investors in North America, Europe, the Middle East, and Asia. Backers included a broad set of public and corporate pension plans, high net worth individuals, foundations, and endowments. Adams Street’s global program was first offered in 1996 and has been consistently managed through disciplined risk management and portfolio construction techniques.

“Investors worldwide are increasingly attracted to private market investment solutions that are data-driven and have the ability to produce attractive risk-adjusted returns,” said Jeff Diehl, Managing Partner and Head of Investments at Adams Street. “We are grateful for the confidence our investors have placed in us and the Adams Street Global Fund to help meet their return objectives while seeking to successfully navigate risks.”

About Adams Street Partners

Adams Street Partners is a global private markets investment manager with investments in more than 30 countries across five continents. The firm is 100% employee-owned and has more than $49 billion in assets under management. Adams Street strives to generate actionable investment insights across market cycles by drawing on nearly 50 years of private markets experience, proprietary intelligence, and trusted relationships. Adams Street has offices in Austin, Beijing, Boston, Chicago, London, Menlo Park, Munich, New York, Seoul, Singapore, and Tokyo. Visit www.adamsstreetpartners.com

Media Inquiries:
Rich Myers / Rachel Goun
Profile Advisors
+1 347 343 2999
adamsstreet@profileadvisors.com

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Ampersand Completes Sale of Adaptas Solutions to IMI plc

Ampersand

WELLESLEY Mass., PALMER Mass., Dec. 20, 2021 /PRNewswire/ — Ampersand Capital Partners announced today that it has completed the sale of its portfolio company Adaptas Solutions to IMI plc for $271 million in cash. Adaptas is a leading provider of mission-critical components for complex laboratory instruments in the life sciences, diagnostics and lab automation markets.

Ampersand invested in Detector Technologies in 2018 and partnered with CEO Jay Ray to build the company (renamed Adaptas Solutions) into a global leader through both acquisitions and internal investments. Together the team acquired Scientific Instrument Services, ETP Ion Detect, Yuanshang Technology, Applied Kilovolts, Ceramax and Cadence Fluidics. Today Adaptas is the market leading provider of mass spectrometry subsystems and components, such as electron multipliers, filaments, power supplies and ion optic grids. In addition, Adaptas manufactures custom fluidic modules and lab automation products including motion control components, syringe pumps and rotary shear valves. The company, with over 340 employees, is based in Palmer, Massachusetts, USA and also has facilities in Pennsylvania USA, West Sussex in the United Kingdom, New South Wales in Australia and Qidong in China. Adaptas projects over $80 million of revenues for 2021.

“Ampersand has been a valued strategic partner and provided the resources to build our organization to support rapid growth and acquisitions. Their knowledge of our industry and network have helped Adaptas refine and execute its growth strategy,” said Jay Ray. “IMI will allow Adaptas to expand the breadth of our product offerings as we continue to develop innovative products and services for our customers.”

Geoff Teillon, Partner of Ampersand Capital Partners, added, “Adaptas has grown to become the ‘Intel Inside®’ for mass spectrometry OEMs. IMI’s product portfolio will allow the team to further accelerate Adaptas’ market penetration and execute on its robust pipeline of new business opportunities, especially in lab automation and liquid handling.”

Baird served as exclusive financial advisor to Adaptas, McDermott Will & Emery served as Adaptas’ legal counsel and PwC served as Adaptas’ financial and tax diligence advisor.

About Ampersand Capital Partners

Founded in 1988, Ampersand is a middle market private equity firm with more than $2 billion of assets under management dedicated to growth-oriented investments in the healthcare sector. With offices in Boston and Amsterdam, Ampersand leverages its unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. Additional information about Ampersand is available at ampersandcapital.com.

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Blackstone Growth (BXG) Announces Majority Investment in Supergoop!, Category Creator in SPF Innovation and Everyday Sun Protection

Blackstone

NEW YORK, SAN ANTONIO – December 20, 2021 – Blackstone (NYSE:BX) today announced that funds managed by Blackstone Growth (BXG) (“Blackstone”) have entered into a definitive agreement for a majority investment in Supergoop!, the first protective skincare brand that puts SPF at the forefront. The company, founded by former teacher and skincare industry pioneer Holly Thaggard, has enjoyed tremendous growth over the past five years given an increasing recognition of the importance of daily skin protection – a direct result of Supergoop!’s efforts for more than 15 years. Thaggard, Supergoop!’s CEO Amanda Baldwin and the existing senior management team will continue to maintain significant equity ownership in the business alongside Blackstone. The investment will help fuel Supergoop!’s commitment to launch category-creating innovations; drive consumer behavior change through education and best-in-class brand marketing; and expand the company’s national and global reach.

Supergoop! strives to educate and inspire the world to wear SPF. Every. Single. Day™. Thaggard launched the brand in 2005, after a close friend was diagnosed with skin cancer at age 29, with the mission of developing highly innovative dermatologist-approved, clean-ingredient SPF products that feel good to wear, make it easier to incorporate sunscreen into everyday routines and help consumers make daily sun protection a habit. Today, with nearly 50 formulas, Supergoop! has created a new category of daily-use SPF for everyone, from makeup-loving millennials to Gen Z skincare enthusiasts, wellness-minded men to six-month-old babies – truly spanning across generations and geographies. Its formulas are award winning – earning two TIME Magazine’s Best Invention of the Year honors and seven consecutive Allure Best of Beauty Seals, as well as being named one of WWD Beauty Inc.’s Power Brands. Rooted in its mission to educate and inspire, Supergoop!’s Ounce by Ounce program ships complimentary Supergoop! to classrooms across America and the brand recently received recognition on Inc.’s Best in Business: Most Inspiring Companies list.

“Over fifteen years ago, I founded Supergoop! with a mission to transform the sunscreen industry and eradicate skin cancer by making everyday essentials with SPF that people want to wear,” said Holly Thaggard, Supergoop! Founder and Chair of the Board. “Today, we’ve changed consumer behavior and attitudes toward SPF through innovative products and education. We couldn’t be more thrilled to join the Blackstone family of female-founded, category-creating companies to further that mission. Their experience of driving growth around the world is exceptional and will be critical to furthering our efforts to change the way the world thinks about sunscreen.”

Ann Chung, Global Head of Consumer for Blackstone Growth (BXG), said: “By creating a new category in SPF-focused skincare, Holly is the kind of innovative founder who is inspiring mission-driven entrepreneurs globally. Supergoop!’s everyday products that look and feel great while providing meaningful protection from sun damage are changing the way people view sunscreen. We’re proud to support the continued expansion of this business and to welcome Holly, Amanda and their incredible management team into the Blackstone family.”

“We are on an incredible journey at Supergoop! and are excited for the road ahead. As we look forward to the future, we wanted a partner who could help us drive the business to reach the next level,” said Amanda Baldwin, Supergoop! CEO. “We’re excited to work with the team at Blackstone because they think differently, reinforce our strengths and will help the team scale Supergoop! through expanded brand awareness, international exposure and out-of-the-box product innovation.”

Today’s investment in Supergoop! is the most recent example of a number of innovative female-founded companies Blackstone is proud to back. This includes in just the last two years SPANX, the mission-driven womenswear brand founded by Sara Blakely; Bumble, the online dating app where women make the first move founded by Whitney Wolfe Herd; Hello Sunshine, the mission-driven media company that puts women at the center of every story it creates, founded by Reese Witherspoon; Medable, a leading cloud platform for patient-centered clinical research co-founded by its CEO Dr. Michelle Longmire; Hotwire Communications, a leading provider of cutting-edge fiber-based telecommunication services co-founded by its CEO Kristin Johnson; and GeoComply, a global leader in geolocation compliance technology, co-founded by its Chairman Anna Sainsbury. This is in addition to female-led technology businesses in which Blackstone has invested, such as Ancestry.com, Articulate and Ellucian.

Investors who will continue to support Supergoop! in its next phase of growth include The Thaggard and Emery families, Encore Consumer Capital, CULT Capital, Green Park & Golf Ventures, CircleUp, Grace Beauty and SWAT Equity. Supergoop! was advised by Goldman Sachs and GreenbergTraurig. Blackstone’s financial advisor for the transaction was Raymond James & Associates, Inc. and legal advisor was Simpson Thacher & Bartlett LLP. Terms of the transaction, which is subject to customary closing conditions, were not disclosed.

About Supergoop!

Holly Thaggard launched Supergoop! to stop the skin cancer epidemic and change the way the world thinks about sunscreen. Supergoop! creates highly innovative, feel-good products that make integrating SPF into everyday routines easy (and fun!) in order to inspire consumers to do the number one thing they can for their skin- wear SPF! For more information, visit www.supergoop.com.

About Blackstone 

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Contacts

For Supergoop!:
Ashley Freudenheim
supergoop@derris.com

For Blackstone:
Matt Anderson
matthew.anderson@blackstone.com
(518) 248-7310

Mariel Seidman-Gati
mariel.seidmangati@blackstone.com
(917) 698-1674

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