Category Archives: News

Francisco Partners to Acquire International Business of CDK Global for $1.45 Billion

Franciso Partners

Press Release – November 30 2020

Unique Opportunity to Acquire Leading Provider of Automotive Retail Software in EMEA and Asia and Accelerate Product Development and Growth in Support of Industry Transformation

LONDON AND SAN FRANCISCO — Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses, announced today the execution of a definitive agreement with CDK Global, Inc. (Nasdaq:CDK) to acquire CDK’s International business segment (“CDKI”), a leading provider of automotive retail software solutions in EMEA and Asia, for $1.45 billion.

“The automotive retail experience is undergoing dramatic change. With its leading market position in EMEA and Asia, we believe CDKI is uniquely placed to support this transformation in these regions, and that by becoming a standalone company it will better be able to execute on this exciting opportunity,” said Petri Oksanen, Partner at Francisco Partners, who will join the CDKI board of directors upon closing of the transaction. “We look forward to working closely with the CDKI team and both their dealer and OEM customers – as well as the broader ecosystem – to provide the technologies and solutions needed through both organic development and add-on acquisitions to successfully deliver on this ongoing industry transformation.”

“We are impressed with the recent product developments and innovation at CDKI,” added Matt Spetzler, Partner at Francisco Partners, who will also join the CDKI board at closing. “We believe the CDKI team has a sound strategy and strong foundation to leverage towards the goal of becoming the future automotive retail software platform of choice. We will seek to utilize our substantial resources and experience in helping other similarly situated software companies to accelerate the realization of CDKI’s vision.”

“For the last two decades, first with ADP and then with CDK Global, CDKI has operated effectively as an independent unit with different products and solutions, customers, and geographies,” said Neil Packham, President, CDK Global International. “We are excited about the partnership with Francisco Partners and how we can accelerate our strategic journey and growth potential as an independent company. With its broad portfolio, Francisco Partners brings a wealth of transformation experience and relationships to benefit our business for the future opportunities and challenges we face. And like us, they believe in delivering excellent service and products and are committed to outstanding customer service.”

Francisco Partners is being advised by Portico Capital as its financial advisor, RL Frey Inc., and Paul Hastings LLP and Kirkland & Ellis as legal counsel. The transaction is subject to customary regulatory review.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has raised over $24 billion in committed capital and invested in more than 300 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit franciscopartners.com.

About CDK Global

With $2 billion in revenues, CDK Global (NASDAQ:CDK) is a leading global provider of integrated information technology solutions to the automotive retail and adjacent industries. Focused on enabling end-to-end automotive commerce, CDK Global provides solutions to dealers in more than 100 countries around the world, serving approximately 30,000 retail locations and most automotive manufacturers. CDK solutions automate and integrate all parts of the dealership and buying process, including the acquisition, sale, financing, insuring, parts supply, repair and maintenance of vehicles. Visit cdkglobal.com.

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Conscia appoints Morten Hübbe as new Chairman to accelerate growth

Nordic Capital

Conscia appoints Morten Hübbe as new Chairman to accelerate growth Image

 

“Nordic Capital is excited to be part of Conscia’s growth journey, supporting the business through its continued international expansion strategy whilst also strengthening its offering within cybersecurity, multi-cloud and managed services. Morten is a very experienced leader and brings a unique set of skills and experience when it comes to digitalisation and security. We are confident that he will bring very valuable expertise to further support Conscia on its growth journey,” said Fredrik Näslund, Partner, Nordic Capital Advisors.

Morten Hübbe is Group CEO of Tryg, one of the largest non-life insurance companies in the Nordic region and Deputy Chairman of SimCorp, one of the world’s leading providers of integrated investment management solutions. He has a proven track record in building strong fintech businesses. Morten holds 25+ years of insurance experience, of which nearly 20 years have been at the top executive level. In addition, he has Supervisory Board experience from Banking, Software and IT development, for example in KBC, KMD and Zürich Financial Services.  He has also been recently appointed new Chairman of Siteimprove, another Nordic Capital portfolio company.

“Conscia is on a very strong growth trajectory, and I’m looking forward to supporting the Company with my experience in software, technology and entering new markets. I am delighted to be appointed Chairman of Conscia and looking forward to working with CEO Claus Thorsgaard and his management team and Nordic Capital,” says Morten Hübbe.

Morten will succeed Torben Munch as Chairman. Torben has chosen to step down to increase his focus on his operational role as CEO of MFEX and Chairman of Vizrt, both Nordic Capital portfolio companies.

“Nordic Capital like to take this opportunity to thank Torben Munch for his great contributions as Chairman of Conscia,” Fredrik Näslund adds.

Conscia is a leading European provider of security and IT Infrastructure Solutions based on technology from Cisco, complemented with other leading technology partners. Conscia was founded in 2003 in Denmark. Today, Conscia has approximately 750 employees in six countries (Denmark, Sweden, Norway, the Netherlands, Germany and Slovenia) with a total turnover of approx. DKK 2.5 billion (c. EUR 335 mn). In 2019, Nordic Capital acquired Conscia and has, in close partnership with the management team, supported its continued expansion and invested to further strengthen its market leading position and service offering.

Technology & Payments is one of Nordic Capital’s focus sectors where it has extensive experience, a strong and active sector network, and a dedicated team with local presence across Northern Europe. Since 2018, Nordic Capital has made 18 platform investments in this sector including former and current investments such as Bambora, Trustly, Conscia, BOARD International and Signicat.

Footnote: “Nordic Capital” refers to any, or all, Nordic Capital branded or associated investment vehicles and their associated management entities. Nordic Capital is advised by several non-discretionary sub-advisory entities, any or all of which is referred to as “Nordic Capital Advisors”.

Press contacts

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

Conscia

Janni Bilenberg, CMO
Tel: +45 3119 2845
e-mail: jbi@conscia.com

About Conscia

Conscia is a Network of Knowledge and an ICT service provider that specialises in cyber security, IT infrastructure solutions, and managed services. As a trusted advisor Conscia strives to support the customers ‘business-critical IT infrastructure’ across the entire value chain from design, implementation, operation and optimization. The ambition is supported by profound technical competencies and insight, which is displayed through the unique customer portal, this also forms the basis for the best customer experiences and the highest customer satisfaction in the industry. Another strategic goal for Conscia is to be the most attractive workplace for talented IT infrastructure specialists in Europe. Currently Conscia Group has more than 750 employees across six countries (Denmark, Sweden, Norway, Germany, Netherlands, and Slovenia), with an annual turnover of approximately DKK 2,5bn DKK (€335mm). For more information, please visit Conscia.com

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Core sectors are Healthcare, Technology & Payments, Financial Services and Industrials & Business Services. Key regions are Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested more than EUR 15 billion in over 110 investments. The Nordic Capital vehicles are based in Jersey. They are advised by several non-discretionary sub-advisory entities based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as Nordic Capital Advisors. For further information about Nordic Capital, please visit nordiccapital.com

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Kinnevik leads funding round in HungryPanda

Kinnevik

30 Nov 2020, 9:00 AM

Kinnevik AB (publ) (“Kinnevik”) today announced that it is investing USD 35m in a USD 70m funding round in HungryPanda, the global leader in online Asian food delivery.

HungryPanda provides a specialist online ordering platform for Chinese customers living abroad, with a tailored user experience, including language and payment options, to help overcome cultural barriers.

HungryPanda, headquartered in London, was launched in 2017 by Founder Eric Liu, a computer science graduate at the University of Nottingham who wanted to fix a problem he experienced first-hand – getting hold of authentic Chinese food on-demand away from home. The business has quickly grown 30x in three years with a 500-person strong team operating in 6 countries across the world.

The company’s community-focused approach allows it to create an attractive sub-segment within the overall online food delivery market. The business is already profitable in the UK and other major cities such as New York. The investment also furthers Kinnevik’s food strategy and complements our existing investments by adding exposure to the out-of-home space, particularly popular with younger users, in addition to our existing investments in online grocers focused on at-home cooking.

Kinnevik is joining previous investors 83North and Felix Capital, who between them have experience of building sector-leading platforms including Wolt, Deliveroo and Just Eat. Other investors joining this round include Piton Capital, VNV Global and BurdaPrincipal Investments.

Kinnevik CEO Georgi Ganev commented: “As digital adoption advances, we see an opportunity for community-oriented marketplaces that have a deeper understanding of targeted audiences and a more tailored product. We have been impressed by how Eric and team have leveraged their first-hand user empathy to rapidly scale HungryPanda while remaining capital efficient. We look forward to helping the team expand across products, regions and audiences.”

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social value by building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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Gimv is founding investor of Kinaset Therapeutics in a USD 40m Series A round – funds used to develop novel therapeutics for respiratory diseases

GIMV

30/11/2020 – 08:00 | Portfolio

Gimv invests in Kinaset Therapeutics alongside 5AM Ventures and Atlas Venture in a USD 40m Series A round to support the clinical development of KN-002, a novel dry powder inhalable pan-JAK inhibitor, for the treatment of eosinophilic and non-eosinophilic severe asthma. 

Today, the Company also announced an exclusive global in-license and development agreement with Vectura Group plc (LSE: VEC) (“Vectura”) to develop and commercialize KN-002 (formerly known as VR588). A Phase 1/1b clinical trial in healthy volunteers and patients is poised to begin in the first half of 2021.

Kinaset Therapeutics intends to develop novel therapeutics that can positively impact people affected by intractable diseases, including severe asthma. Asthma is a complex and heterogeneous disease affecting over 300 million people worldwide, with approximately 10% of patients having severe asthma who suffer from frequent exacerbations, compromised lung function, and a reduced quality of life. The company is led by an experienced management team and board of directors with strong backgrounds in the development of respiratory therapeutics.

Bram Vanparys, Partner at Gimv, commented: “I am excited for Gimv to be part of Kinaset Therapeutics, and to support the company in bringing KN-002 to the clinic. Kinaset Therapeutics perfectly fits Gimv’s strategy of investing in drug development companies combining solid science, a strong data package and an experienced team.”

Thomas Harth, Senior Associate at Gimv, adds: “The best-in-class profile and tailormade dry-powder formulation captured our interest from the early start. Together with this very experienced and dedicated management team we are convinced KN-002 can make a real difference to severe asthma patients that have limited treatment options today.”

For further information, we refer to the company’s press release in attachment.

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Cinven and BCI to acquire Compre

Cinven

Cinven, an international private equity firm, and British Columbia Investment Management Corporation (“BCI”), one of Canada’s largest institutional investors, today announce that they have reached an agreement to acquire Compre, a specialist global consolidator of closed books of non-life insurance policies, from CBPE Capital LLP. Financial details of the transaction are not disclosed.

Compre is focused on the acquisition and management of discontinued (also known as ‘run-off’) non- life insurance portfolios and has operations in the UK, Bermuda, Finland, Germany, Malta and Switzerland. The global non-life insurance run-off market is growing steadily, driven by insurers’ increasing focus on balance sheet optimisation, capital efficiency and disposals of non-core business lines. Compre has a proven track record of acquiring portfolios from major institutions including Allianz, Generali, HSBC and Swiss Re. Founded in 1991, Compre employs c. 80 people at its offices in the UK, Continental Europe, and Bermuda.

Cinven and BCI believe that Compre is an attractive investment opportunity based on:

  • Compre’s high-quality, cash and capital-generative business model, that delivers highly predictable long-term profits, with significant downside protection;
  • Its strong and established market position in the European non-life insurance legacy market and, more recently, its growing market position in the US market through its Bermuda platform, with further ambitions to enter the Lloyd’s market going forward;
  • Its track record of acquiring and managing non-life legacy businesses over more than 30 years, comprising 11 company acquisitions and 39 portfolio transactions across various jurisdictions across Continental Europe, the UK and the US;
  • Its proven financial track record of steady and consistent growth in recent years, delivering robust performance through the COVID-19 pandemic and prior downturns;
  • The significant opportunity to capitalise on the increasing demand for legacy solutions and offer its products to a broader range of international clients; and
  • An exceptional management and leadership team, led by CEO, Will Bridger, with significant expertise across its specialist areas.

The Compre transaction represents the second investment from Cinven’s new financial services sector-focused strategy, which will be focused on similar long-term investment opportunities across Europe.

Cinven Funds’ previous investments in the European insurance sector include Guardian Financial Services in the UK; Eurovita in Italy; and Viridium in Germany. Cinven recently announced an agreement to acquire Miller, a specialist insurance broker. Other financial services investments by the Cinven Funds include Partnership Assurance, NewDay, Avolon and Premium Credit.

BCI has made a number of investments in financial services companies, including Hayfin Capital Management, Verifone, and BMS Group.

Luigi Sbrozzi, Partner of Cinven, commented:

“Cinven is delighted to be investing in Compre alongside BCI. Over the last 30 years Compre has built a proven platform in the highly specialised insurance and reinsurance run-off market, and a reputation amongst its clients for consistently creating and realising value. Compre is extremely well placed to access new growth markets, such as the US and Lloyd’s, and to broaden its client offering further. We look forward to working with Compre’s management team to deliver these growth opportunities, drawing on the deep expertise of the Cinven team in the insurance sector.”

Jim Pittman, Executive Vice President & Global Head, Private Equity, BCI, said:

“We are impressed by the quality of the platform built by Will Bridger and his team and are excited to partner alongside Cinven to support the continued growth of the business. BCI’s investment in Compre follows as a result of our proactive, sector focused origination strategy and relationship building efforts with the company. We look forward to supporting Compre in its development and in turn providing attractive and stable long-term risk-adjusted returns for our pension plan and insurance fund clients.”

Will Bridger, CEO, Compre, added:

“We are also delighted to be partnering with Cinven and BCI as we embark upon our next phase of growth. This has been a historic year for Compre. We completed our first US transaction, launched our Bermudian reinsurer and now, subject to regulatory approval, have new shareholders supporting further growth of the business. This was made possible through the commitment of everyone at Compre and our drive and determination for what we do. The legacy market is on an exciting trajectory and, together with our new shareholders, we will be best placed to deliver the ambitious plan we have for Compre.”

The transaction is expected to complete in Q2 2021 and is subject to regulatory approvals.

Cinven and BCI advisors included: Macquarie Capital (M&A); Allen & Overy and Latham & Watkins (Legal); PwC (Commercial, Financial, Actuarial, Operations, IT); FTI Consulting (Actuarial, Operations, IT, Communications); Deloitte (Tax, Structuring) and Marsh (Insurance).

Management advisers were Liberty Corporate Finance (Financial Advisor) and DLA Piper (Legal and Tax).

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Juriba acquires AppAvail to enable automated application management

BGF

Juriba, the leading provider of digital transformation IT command and control software has acquired AppAvail, a leading-edge application packaging and testing automation software platform, to add automated smoke testing, functional testing, User Acceptance Testing (UAT) as well as automated application packaging and management to its Evergreen IT Management solution, Juriba Dashworks.

Juriba is a fast-growth technology business that specialises in digital transformation software, providing innovative solutions for medium-sized to large corporates and multinational organisations. The company is the creator of Dashworks, a project ‘command and control’ platform for enterprises, which helps organisations manage end-user IT transformation and Evergreen IT projects with greater accuracy and speed, at a reduced cost.

Iain Fraser, CRO & Head of M&A at Juriba, said: “We are thrilled to welcome AppAvail to the Juriba family! Many of our larger customers struggle to keep pace with the ever-increasing velocity of technological change they must manage every day! As just one example, hundreds of applications can be automatically compatibility tested against a new OS over a weekend without any user intervention. With AppAvail becoming part of Juriba, IT managers can deliver End User IT change much faster with a significantly reduced business disruption.”

Barry Angell, CEO of Juriba said: “These new automated smoke testing, functional testing, UAT, and application management capabilities were an important puzzle piece that will make our Dashworks an even more powerful Evergreen IT Management solution — particularly for Windows 10 Servicing, Office 365 Servicing, and Patch Management Testing. Because of the already significant integration with Dashworks, our customers can accelerate their Windows 10 Servicing, Office ProPlus readiness and application packaging processes right away.”

The former AppAvail products, Automated Application Packaging (PKG+), Application Packaging Manager (APM), and Application Compatibility Engine (ACE), are now a part of the expanded Dashworks Application Manager solution with the smoke test and packaging modules available to purchase individually.

Craig Jones, Co-Founder of AppAvail said: “We are delighted to be joining the Juriba team. The complimentary nature of our technologies, alongside the dynamic and growth driven strategy that Juriba put forward is tremendously exciting both for the product and our joint customers. More than ever, customers require innovative, automated alternatives to antiquated processes and the combination of our software platforms brings a world class, end to end solution to the Evergreen IT market.”

Juriba is backed by BGF following an investment into the business earlier this year to support its expansion plans.

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EQT Infrastructure and Proximus form partnership to bring fiber to 1.5 million households in the Flemish Region of Belgium

eqt

  • EQT Infrastructure and Proximus sign joint venture agreement to build a fiber-to-the-home network for at least 1.5 million households and businesses in the Flemish Region of Belgium
  • EQT Infrastructure and Proximus are committed to invest significantly into the increased digitalization of the Belgian society
  • The JV will benefit from EQT Infrastructure’s vast fiber roll-out experience and Proximus’ unrivalled expertise in the Belgian telecom market, and together the parties aim at realizing a substantial increase of the fiber coverage in Flanders

The EQT Infrastructure V fund (“EQT Infrastructure”) and Proximus, Belgium’s largest telecom operator, are pleased to announce the signing of a partnership agreement. As part of this agreement, the two parties will form a new joint venture (JV) that will design, build and maintain a fiber-to-the-home (FTTH) network in Flanders. EQT Infrastructure will initially own 50.1 percent of the JV and Proximus will hold 49.9 percent.

EQT Infrastructure and Proximus have identified large opportunities in accelerating the build-out pace of the FTTH network in the Flemish Region of Belgium. FTTH is the fastest and most reliable broadband solution available and is instrumental in managing the increasingly growing internet bandwidth demands of the future. EQT and Proximus are committed to invest significantly into the JV over the coming years with the ambition to bring the required fiber connectivity to Flanders so that its residents and businesses can actively participate in the Gigabit Society.

The JV will benefit from the combination of EQT Infrastructure’s vast experience from developing strong fiber companies in Europe and North America, and Proximus’ unrivalled expertise in the Belgian telecom market and long-standing relationships with municipalities and housing associations. Together, the parties will create an efficient rollout machine to build a fiber network, which will be open and accessible to all operators. The JV intends to connect its first customers during 2021 and the overall goal is to bring fiber connectivity to at least 1.5 million households and businesses over the coming years. The JV will be supported by a strong board of directors with hands-on experience from fiber deployment in Belgium and other European markets.

Matthias Fackler, Partner at EQT Partners, said: “We are very happy to have found a strong partner in Proximus for this exciting fiber rollout opportunity in Belgium. As the leading investor in digital infrastructure, EQT sees the growing need for future-proof and reliable broadband access all over the European continent. Through this partnership, we look forward to facilitating digital inclusion and sustainable economic growth in Flanders and the Belgian society as a whole.”

Guillaume Boutin, CEO of Proximus, said: “I am very pleased that we have signed this final agreement with EQT Infrastructure. This will enable us to reinforce our leading position in multi-gigabit infrastructures, in an era where reliable, next-generation fixed and mobile connectivity has become more important than ever. It also illustrates our positive attitude towards cooperation and co-investment, which will be an important trigger to guarantee a faster, broader and more cost-efficient roll-out. I’d like to congratulate the teams involved on both sides, as this agreement marks another major step forward to build the most future-proof and open network for Belgium and bring high-speed connectivity solutions to every citizen”.

The closing of the transaction is expected in Q1 2021, subject to customary regulatory approvals.

With this transaction, EQT Infrastructure V is expected to be 15-20 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size, and subject to customary regulatory approvals.

Contact
Matthias Fackler, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, +49 89 25 54 99 0
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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

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

About Proximus
Proximus Group (Euronext Brussels: PROX) is a provider of digital services and communication solutions operating in the Belgian and international markets. Delivering communication and entertainment experiences for residential consumers and enabling digital transformation for enterprises, we open up a world of digital opportunities so people live better and work smarter. Thanks to advanced interconnected fixed and mobile networks, Proximus provides access anywhere and anytime to digital services and data, as well as to a broad offering of multimedia content. Proximus is a pioneer in ICT innovation, with integrated solutions based on IoT, Data analytics, cloud and security.

With 12,931 employees, all engaged to offer customers a superior experience, the Group realized an underlying Group revenue of EUR 5,686 million end-2019.

More info: www.proximus.com and www.proximus.be

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CVC Credit Partners prices its fifth CLO since June

Cordatus XIX increases CVC Credit Partners’ total new CLO issuance in 2020 to more than $2 billion

CVC Credit Partners (“CVC Credit”) is pleased to announce the pricing of Cordatus XIX, a Collateralized Loan Obligation (“CLO”) fund totalling €379 million arranged by Barclays.

This will be the fifth CLO fund raised by CVC Credit in 2020 and increases our aggregate global issuance for the year to c.$2.0 billion (c.€1.7 billion). It is also the third European CLO fund raised, following the closing of Cordatus XVII in June (€290 million) and Cordatus XVIII in November (€383 million), together these three funds total more than €1 billion.

Cordatus XIX was assembled in just six weeks from a warehouse which opened in October and will have a four-year reinvestment period (which is a market first in Europe post-COVID). As with previous Cordatus CLOs, the fund is primarily comprised of broadly syndicated First Lien Senior Secured Loans.

Guillaume Tarneaud, Senior Managing Director and Portfolio Manager at CVC Credit Partners, said: “We are delighted to have priced our third European CLO of the year and pleased to have constructed a robust portfolio by taking advantage of attractive loan prices pre US elections. This latest raising increases our aggregate CLO AUM in Europe to circa $7.5 billion.”

Gretchen Bergstresser, Global Head of Performing Credit at CVC Credit Partners, said: “Despite the challenging economic environment we have continued to grow our CLO business in 2020 and now have global CLO assets of more than $17 billion. We have a top class, transatlantic performing credit business, split evenly between London and New York and we hope our next U.S. focused CLO will come to market soon.”

Closing is expected in January 2021 and is subject to customary closing conditions.

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Neo Distribution joins Powersports Distribution Group (PDG)

Torqx Capital

Powersports Distribution Group (PDG) is proud to announce that it has concluded the purchase of the entire share capital of Neo Distribution (also known as Putoline Distribution) in the UK. With this acquisition PDG further strengthens its position as a National Distributor of premium motorcycle parts and accessories in the United Kingdom.

The purchase of Neo Distribution follows the acquisition of Bradbury Brothers and Rob Hunter in 2019, the combined Company now trading as Hoco Parts UK Ltd. from its Huddersfield facility.

John Hayden & Sally Hayden, Directors added; “We are delighted with this transaction and look forward to working together with our staff and the Hoco Parts UK team under the umbrella of Powersports Distribution Group. We are very happy that we have been able to conclude this deal even in these times of uncertainty. This a great opportunity for us and will strengthen the position of all our brands and help us to offer an even greater service to our existing UK dealer base.”

Tom Beyers, CEO of parent company PDG, said; “We are very pleased to welcome Neo Distribution to the Group and we look forward to further developing the Company together with John and Sally. The acquisition of Neo Distribution is an important step in the further development of our Hoco Parts UK platform, which we are actively expanding with a well-filled M&A pipeline still ahead of us.“

About Neo Distribution
Neo Distribution, which started as Putoline Distribution Limited, was bought by John Hayden & Sally Hayden in 2004. While keeping the focus on the exclusive distribution of Putoline Motorcycle Lubricants, Action air filters and maintenance products, they later added product groups which include Roof Motorcycle helmets and Kappa luggage, accessories and helmets. A combined sales staff of 13 people enthusiastically serve more than 1000 customers around the UK. The Company and its warehouse are located near Peterborough in the UK. For more information please visit: www.neodistribution.co.uk

About PDG
Powersport Distribution Group is a leading European group active in the distribution of parts and accessories for motorcycles, headquartered in Breda (the Netherlands). PDG‘s value proposition is to be the preferred partner for its customers and suppliers based on its broad premium product assortment, ease of ordering, availability, service level and perfect fit. PDG is proud to have the most professional and passionate individuals on board, to work with the industry’s most respected brands and to earn the trust of thousands of customers every day.

The Group currently consists of three divisions:
(1) General motorcycle aftermarket BtB distribution with Hoco Parts, a premium motorcycle parts & accessories distributor in the Benelux, France, Denmark and the UK.
(2) Category management with DC AFAM, an after-market supplier to European motorcycle parts distributors with transmission & battery brands like AFAM, Nitro and Shido.
(3) Vintage Parts Distribution with CMS, the leading global distributor of vintage Japanese motorcycle parts

PDG is majority owned by Torqx Capital Partners in partnership with management and former owners. For more information please visit: www.powersportsdistributiongroup.com

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Paragon invests in 7days Group

Paragon

Paragon Partners, one of the leading private equity firms in Europe, together with French co-investor Chequers Capital, has agreed to acquire a majority stake in 7days Group, a leading supplier of medical workwear. The management team, led by CEO Ulrich Dölken, will significantly re-invest as part of this transaction.

With the support of its new majority shareholders, Paragon and Chequers, 7days plans to further accelerate its growth trajectory in Germany and the rest of Europe in the coming years. 7days will benefit from continuing strong market trends such as the increasing professionalization of medical workwear and increased hygiene awareness in the wake of the Covid-19 pandemic, which promise future growth potential in a fragmented market.

Marco Attolini, Managing Partner at Paragon, says: “We have been deeply impressed by the attractive market dynamics and the outstanding positioning that 7days has achieved in recent years through its highest quality products and strong customer focus. We look forward to actively shaping the further development and growth of the 7days Group in partnership with management.“

Ulrich Dölken and Carsten Meyer, CEO and CFO of 7days Group: “With the support of our new partners, Paragon and Chequers, we want to continue to achieve the highest level of customer satisfaction with high-quality workwear for medical professionals. We are pleased to have two strong partners at our side, who will help us further expand our market position in the coming years.“

About 7days
7days was founded in 1999 in Lotte near Osnabrück. Today, the company is a leading supplier of modern and innovative workwear for medical professions. 7days designs, produces and distributes a wide range of high-quality workwear, from tunics to lab coats, for more than 300,000 customers in the healthcare sector in twelve countries, including Germany, Austria, Switzerland, France, Belgium, the Netherlands and Scandinavia. 7days has a vertically integrated business model with diversified supply chains and distributes its products through a fully integrated multi-channel distribution platform, including both catalog marketing and e-commerce channels. This has enabled the company to achieve consistent growth in its German home market and internationally. Today, 7days employs 240 people and is expected to generate sales of over €40 million in 2020. Further details can be found on the company website: www.7days.de

About Paragon
Founded in 2004, Paragon is one of the leading independent private equity firms in Europe, with more than EUR 1.2 billion of equity under management. Paragon works closely with portfolio companies to achieve sustainable growth and operational excellence. The investment portfolio covers various industries and currently comprises 15 companies. The firm is based in Munich, Germany.

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