Category Archives: News

Wireless Logic completes acquisition of Datamobile AG

Montagu

Wireless Logic, a global leading IoT connectivity platform provider, is further strengthening its presence in the DACH market with the acquisition of Datamobile AG.

Datamobile AG is an IoT communication specialist that delivers integrated solutions for businesses across a wide range of verticals in EMEA and Asia. With a market heritage in the DACH region spanning over 10 years, Datamobile AG has established itself as an innovative company in the cellular connectivity market and services market leading customers in a number of fast growing sectors including food delivery and e-mobility.

The acquisition will further strengthen Wireless Logic’s European market leadership as well as helping to build our global capabilities.

Oliver Tucker, CEO of Wireless Logic

The acquisition was completed on 19 November 2020 and the core Datamobile AG team will remain in place, led by CEO Gerald Wirtl.

Gerald comments: “Our customers have always been at the forefront of what we do, which is why safety, stability and support are three key drivers in our product and service offering. This ethos is one shared by Wireless Logic, which is why I’m hugely excited about the new opportunities that we will be able to offer our customers and employees under their ownership.”

Oliver Tucker, CEO at Wireless Logic, comments: “In the space of a decade, Datamobile AG has developed its enviable market position through a strong product and service offering and a highly skilled and well-connected team. The acquisition will further strengthen the group’s European market leadership as well as helping to build our global capabilities. In the coming months, Datamobile will further accelerate their growth by leveraging our scale and industry leading technology.”

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Neurana Pharmaceuticals Announces Publication in the Journal of Pain Research

H.I.G. Europe

SAN DIEGO – November 23, 2020 – Neurana Pharmaceuticals, a biotechnology company focused on the treatment of neuromuscular conditions, today announced the publication of results from the dose-ranging Phase 2 STAR Study of tolperisone in patients with acute and painful muscle spasms of the lower back, in the Journal of Pain Research.

“The published clinical data demonstrates the potential benefit of tolperisone in the treatment of acute and painful muscle spasms,” explained lead author Srinivas Nalamachu, M.D., Adjunct Associate Professor, Kansas City University of Medicine and Biosciences. “The efficacy and favorable tolerability profile, along with no observed impact on somnolence, represents a differentiated profile compared to muscle relaxants currently prescribed for the treatment of muscle spasms.”

The manuscript includes safety and efficacy information for 415 patients (tolperisone n=337; placebo n=78) across 38 clinical sites in the United States. Patients experiencing acute muscle spasm of the back received tolperisone or placebo administered three times per day (TID) for 14 days. Tolperisone was well tolerated with no serious adverse events reported. Overall, adverse events were reported in 18.1% of subjects receiving tolperisone versus 14.1% of subjects receiving placebo. The primary efficacy endpoint was patient-rated pain “right now” using a numeric rating scale on Day 14. Mean change from baseline in numeric rating scale score of pain “right now” on Day 14 was –3.5 for placebo versus –4.2, –4.0, –3.7, and –4.4 for tolperisone 50, 100, 150, and 200 mg TID, respectively.

Randall Kaye, M.D., Neurana Pharmaceuticals’ Chief Medical Officer shared, “We are very pleased to see the tolperisone Phase 2 STAR Study clinical results published in the Journal of Pain Research. This data strengthens our confidence in our planned Phase 3 RESUME-1 study, for which we will begin enrollment imminently and anticipate topline data in the second half of 2021.”

The published data is described further in the manuscript, “Tolperisone for the Treatment of Acute Muscle Spasm of the Back: Results From the Dose-Ranging Phase 2 STAR Study (NCT03802565)”, which can be accessed at https://www.dovepress.com/tolperisone-for-the-treatment-of-acute-muscle-spasm-of-the-back-result-peer-reviewed-fulltext-article-JPR.

About Neurana Pharmaceuticals, Inc.
Neurana Pharmaceuticals, Inc. is a privately held, clinical-stage, biotechnology company focused on the treatment of neuromuscular conditions, including acute, painful muscle spasms of the back. The company was founded in 2013 and is based in San Diego. Neurana’s lead development compound is tolperisone, a novel, non-opioid, non-drowsy, non-cognitive impairing treatment, which the company is developing for the large population of patients who experience muscle spasms. In May 2018, Neurana completed a $60 million Series A financing led by Sofinnova Ventures with participation from Longitude Capital, New Leaf Venture Partners and H.I.G. BioHealth Partners to fund the clinical development of tolperisone. For additional information, please visit www.neuranapharma.com.

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CBPE announces the final closing of CBPE Capital Fund X at £561 million hard cap

CBPE

CBPE Capital LLP (“CBPE”) has today announced the final close of its latest fund, CBPE Capital Fund X.  The Fund, which was oversubscribed, surpassed its target of £525 million and achieved its hard cap of £561 million in capital commitments.

The Fund is the successor to CBPE Capital IX, which closed in August 2016 with capital commitments of £459 million, and will be CBPE’s third fund as an independent GP having completed a buyout from Close Brothers Group in 2008.

This successful fundraise enables CBPE to continue its disciplined and consistent investment strategy.  CBPE targets investments in UK head-quartered businesses with Enterprise Values between £25 million and £150 million, focusing on primary buy-out and development capital investments in specific sub-sectors. CBPE partners closely with management teams to enhance the businesses and to pursue tailored plans to accelerate growth.

CBPE received strong support from existing investors, with over 75% of commitments from returning investors. The balance of the capital came from a select number of new, sophisticated international investors. The investor base, which is entirely institutional, includes public and private pension funds, fund-of-funds, insurance companies, endowments and foundations.

Investors in the Fund were attracted to the long-term commitment CBPE has shown to its investment strategy and to the compelling returns that this has generated.  Since the firm began investing in lower mid-market buyout transactions in 2000, CBPE has made a total of 52 investments. Of these, 40 have been realised, delivering aggregate realised returns of 2.8x invested capital.

The closing of the Fund is the latest success for CBPE in a busy year to date. The exits of ABI in February and of SpaMedica in April were the first two realisations from Fund IX and delivered aggregate returns of 4.9x invested capital.  CBPE’s current portfolio of investments includes a number of resilient and growing companies including Xceptor (process automation software for blue-chip financial services clients), Blatchford (manufacturer of some of the world’s most advanced lower limb prosthetic technology) and Rodericks (an expanding group of dental practices across the UK).

Eleanor Mountain, Partner and Head of Investor Relations at CBPE said:

“We are delighted with the support that we have received in the raising of Fund X, which is a testament to the team’s proven ability to generate consistent returns for our investors.  We appreciate the high level of support from our existing investors, and would like to welcome our new investors to the fund.”

Sean Dinnen, Managing Partner of CBPE said:

“CBPE is looking forward to deploying Fund X. We have a long term, demonstrable track record of building great businesses, while delivering returns for investors. We continue to see excellent opportunities in our target market, and we have the right team to capitalise on them.”

Rede Partners acted as global placement advisor and Macfarlanes acted as legal advisor for the fundraise.

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New insurance group Inigo launches with c.$800 million and appoints Sir Howard Davies as Chairman ahead of commencing underwriting on 1 January 2021

Cdpq

Private Equity London,
share

 
  • Secures significant funding from blue chip institutional consortium of investors
  • Led by Richard Watson, former Chief Underwriting Officer of Hiscox, and a team of senior insurance professionals
  • Acquiring certain StarStone Lloyd’s assets, including its managing agency, as a platform to commence underwriting in 2021
  • Targeting a number of underserved sectors of the London Insurance and Reinsurance market
Inigo Limited (Inigo), a new insurance group, announces that it has successfully completed a capital raise of approximately $800 million from a consortium of global investors comprising (amongst others) funds controlled by Caisse de dépôt et placement du Québec (CDPQ), Enstar, J.C. Flowers & Co., Oak Hill Advisors, Qatar Investment Authority, Stone Point and Inigo’s management team. The funds give Inigo the capital base required to proceed with its plans to open for business in the 2021 year of account, subject to approvals from the Corporation of Lloyd’s.

Inigo is being founded by Richard Watson, former Chief Underwriting Officer of Hiscox who stepped down from the group last year after 33 years, along with Russell Merrett, former Managing Director of Hiscox London Market, and Stuart Bridges, former Chief Financial Officer of both Hiscox and ICAP.

Sir Howard Davies, Chairman of NatWest Group, has been appointed as Chairman. Sir Howard has a distinguished career in the City, business and government; he was Chairman of the Financial Services Authority from 1997 until 2003, Director of the London School of Economics from 2003 until 2011, and Chairman of Phoenix Group from 2012 until 2015.

As part of its preparations, Inigo also announces that it has signed an agreement to acquire certain insurance underwriting assets of StarStone Underwriting Ltd including its Lloyd’s Syndicate 1301 and its managing agency, from Enstar Group, subject to regulatory approvals. These are intended to form the foundation for Inigo’s operations as a specialty insurer, writing a streamlined portfolio of insurance and reinsurance risks. No legacy underwriting will be transferred to Inigo.

Inigo believes that current conditions are ideal to launch a new insurance business, at a time when demand across a number of classes of insurance and reinsurance is high. Inigo has chosen London as its principal base since it regards the overall insurance ecosystem offered by Lloyd’s as exceptionally attractive and believes it will best support the growth and development of the new syndicate.

Richard Watson said: “This significant capital raising, together with our acquisition, gives us the platform we need to turn Inigo from a concept into reality. We believe that 2021 will mark the beginning of an exciting growth phase for Lloyd’s and the London Insurance Market and Inigo will contribute to growing the specialty and reinsurance marketplace, as it returns to profitability. Sir Howard Davies joining our board validates our vision for Inigo and our determination to provide credible additional capacity and services to customers and brokers.

We are fully supportive of the direction that John Neal, Lloyd’s CEO, is taking the market, making it a more attractive and efficient place in which to trade. For a company like ours, entirely focused on underwriting, London also has the depth of young talent we need to develop the analytical and data-led approach that is at the core of what we hope to do.”

Inigo was advised on the transaction by Evercore, Guy Carpenter Securities and Clifford Chance.

About Inigo

Inigo is a specialty insurance and reinsurance business that will operate in the Lloyd’s of London market. The business is led by Richard Watson, Stuart Bridges and Russell Merrett bringing together a collective experience in excess of 80 years in the industry in aggregate.
www.inigoinsurance.com

For more information

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Wireless Logic completes acquisition of Datamobile AG

Montagu

Wireless Logic, a global leading IoT connectivity platform provider, is further strengthening its presence in the DACH market with the acquisition of Datamobile AG.

Datamobile AG is an IoT communication specialist that delivers integrated solutions for businesses across a wide range of verticals in EMEA and Asia. With a market heritage in the DACH region spanning over 10 years, Datamobile AG has established itself as an innovative company in the cellular connectivity market and services market leading customers in a number of fast growing sectors including food delivery and e-mobility.

The acquisition will further strengthen Wireless Logic’s European market leadership as well as helping to build our global capabilities.

Oliver Tucker, CEO of Wireless Logic

The acquisition was completed on 19 November 2020 and the core Datamobile AG team will remain in place, led by CEO Gerald Wirtl.

Gerald comments: “Our customers have always been at the forefront of what we do, which is why safety, stability and support are three key drivers in our product and service offering. This ethos is one shared by Wireless Logic, which is why I’m hugely excited about the new opportunities that we will be able to offer our customers and employees under their ownership.”

Oliver Tucker, CEO at Wireless Logic, comments: “In the space of a decade, Datamobile AG has developed its enviable market position through a strong product and service offering and a highly skilled and well-connected team. The acquisition will further strengthen the group’s European market leadership as well as helping to build our global capabilities. In the coming months, Datamobile will further accelerate their growth by leveraging our scale and industry leading technology.”

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KKR Grows Real Estate Industrial Portfolio with Four New Acquisitions in Atlanta

KKR

November 23, 2020

Acquires 1.6 million SF from Four Separate Sellers to Expand KKR’s Industrial Footprint in Atlanta

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the acquisition of four industrial distribution properties across the greater Atlanta metropolitan area for an aggregate purchase price of approximately $136 million.

The newly acquired properties consist of three high quality, shallow-bay, last mile distribution properties with an average vintage of 2006. The fourth property is a large, state of the art fulfillment center completed in 2020 which is leased to high quality, investment grade tenant on a long term basis. Together the four properties represent 1.6 million square feet. The properties were acquired from four different sellers.

“These acquisitions are part of our ongoing effort to expand our industrial portfolio across high growth Sunbelt markets,” said Roger Morales, KKR Partner and Head of Commercial Real Estate Acquisitions in the Americas.

“We are excited to increase our footprint in Atlanta, given the markets’ strong supply-demand fundamentals and long-term growth trajectory,” said Ben Brudney, a Director at KKR overseeing the firm’s industrial real estate efforts. “These are important acquisitions for us as we continue to develop and diversify our industrial footprint to include both infill and multi-tenant assets, as well as larger, single tenant fulfilment centers.”

KKR is making the investment in the three smaller properties through its Real Estate Partners Americas Fund II. The fourth property is an investment by KKR’s core plus real estate strategy and the first industrial investment by the core plus real estate strategy in Atlanta.

Across its funds, KKR owns over 18 million square feet of industrial properties in strategic locations in major metropolitan areas across the U.S. Since launching a dedicated real estate platform in 2011, KKR has grown real estate AUM to approximately $14 billion across the U.S., Europe and Asia as of September 30, 2020. The global real estate team consists of over 90 dedicated investment professionals, spanning both the equity and credit businesses.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

Cara Major or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Source: KKR

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Permira Growth Opportunities agrees to acquire minority stake in Full Truck Alliance

Permira

Permira, the global private equity firm, announced that a company backed by the Permira Growth Opportunities Fund (“PGO” or the “Fund”) has agreed to acquire a minority stake in Full Truck Alliance Co. Ltd. (“FTA” or “Manbang”), China’s largest online B2B marketplace for commercial freight, connecting truckers and shippers. The Permira Growth Opportunities Fund is the lead new investor in this fundraising round which saw a total equity raise of US$1,690 million from new and existing investors.

FTA is the leading online commercial freight platform in China in the full-truck-load (FTL) segment. Its mobile applications provide match-making services to shippers, third-party logistics providers and truck drivers in China’s road freight logistics market, improving transportation efficiency by reducing transaction costs and the number of empty return loads. With 1.9 million and 5 million monthly active shippers and truckers respectively on the platform, FTA has captured a significant share of market participants and freight traffic across the country. The platform has also become the leading ecosystem for value-added services, including electronic toll collection, financial and energy services for commercial trucking in China.

Robin Bell-Jones, Partner at Permira Hong Kong, said: “This exciting investment in FTA represents PGO’s first investment in China and is a strong fit for the Fund, building on Permira’s track record of backing leading online marketplaces and tech-enabled logistics businesses, including Allegro in Europe and Lytx in the US.”

Speed Liu, Investment Director at Permira Shanghai, added: “FTA is a pioneer serving China’s vast and rapidly growing commercial trucking market. With COVID-19 accelerating the demand for efficient logistics in China, FTA is exceptionally well-placed to continue to build a more efficient market and expand its services for both shippers and truckers across China.”

Media contacts

Nina Suter Head of Communications – Director +44 (0) 207 632 4037

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Altamir announces the sale of ECi Software Solutions, which was held via the Apax IX LP fund

Altamir

Paris, 20 November 2020 – Apax Partners LLP announces the sale of the investment held alongside Carlyle in ECi Software Solutions to Leonard Green and Partners, a US private equity company. Apax Partners LLP will reinvest a minority stake in the company via the Apax IX LP fund.

The transaction, which is expected to close in December 2020, will give Altamir a MOIC of around 4.2x. This represents an uplift of 18% to ECi’s fair value as of 30 June 2020.

ECi Software Solutions is a leading provider of ERP software solutions to small-to-medium-sized businesses, with more than 22,000 customers worldwide.

Under Apax Partners LLP and Carlyle ownership, ECi enjoyed rapid growth, both organically and through strategic M&A. The 15 acquisitions completed since 2017 helped the company gain significant market share and scale internationally, notably in Europe and Australia.

 

About Altamir

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with an investment portfolio of more than €1.2bn. Its objective is to provide shareholders with long-term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.

Altamir’s investment policy is to invest via and with the funds managed or advised by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.

In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax’s sectors of specialisation (TMT, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in continental Europe and larger companies in Europe, North America and key emerging markets).

Altamir derives certain tax benefits from its status as a SCR (“Société de Capital Risque”). As such, Altamir is exempt from corporate tax and the company’s investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.

For more information: www.altamir.fr

 

Contact

Claire Peyssard Moses

Tel.: +33 1 53 65 01 74 / E-mail: investors@altamir.fr

 

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Sovereign exits its investment in BIMM – Europe’s leading provider of creative arts education

Sovereign Capital

Sovereign Capital Partners, the UK private equity Buy & Build specialist, announces the realisation of its investment in education provider BIMM, the largest and leading provider of creative arts education in Europe through a sale to funds managed by ICG plc, the global alternative asset manager. The exit follows a highly successful ten-year partnership with BIMM.

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When Sovereign first invested in BIMM the Group had 1,150 contemporary music students in colleges in Brighton and Bristol. Today, the Group has 12 colleges across Europe. These include London, Dublin, Birmingham, Manchester, Berlin and Hamburg, established through five strategic acquisitions and five new campus roll-outs and the Group now has over 8,200 students across the creative arts education areas of music, film and performing arts.

BIMM is renowned for its expertise in the tuition of contemporary music and as part of its strategic diversification, BIMM moved into the broader creative arts education market to include film and performing arts. This was achieved through the acquisitions of the Institute for Contemporary Theatre, based in Brighton in 2017, Performers College in 2019, and recently the acquisition of the prestigious Northern Ballet School which also became the location for BIMM’s Institute of Contemporary Theatre Manchester campus.

The high quality and relevance of BIMM’s specialist vocational education offering is reflected in the continued increase in student enrolments, its 83% graduate employment rate in Creative Arts, and being granted Taught Degree Awarding Powers in the UK, by Order of the Privy Council in March 2019 which further enhances the Group’s attraction to students. Well known alumni include Ella Mai, George Ezra, Mercy Sotire and James Bay and BIMM’s Patron is The Who’s, Roger Daltrey.

Adam Carswell, Chief Executive, BIMM said, ‘This has been an incredible journey with Sovereign. Everyone at BIMM has always been passionate about bringing a high-quality education offering to students who want to learn the skills that are most relevant to provide them with the best possible chance of a successful career in the creative industries, following their dreams and career ambitions. The attractiveness of our offering to students has been constant and with Sovereign’s continued investment and strategic support, we have been able to achieve more than we had ever envisaged. It’s been an amazing 10 years for BIMM and I have been privileged to work with our incredibly talented lecturers, our staff and my board colleagues, as well as the team at Sovereign. I very much look forward to leading BIMM’s continued success and growth.’

James Dargan, Investment Director, Sovereign said, ‘The BIMM team are both passionately creative and commercially strong. It has been tremendous to work with them to support both the follow-on acquisitions and the roll-out of new colleges. The arts and culture industry contributes around £11 billion a year to the UK economy; this is a very attractive market to graduate into and the students value the vocational nature of the courses BIMM is recognised for. I am sure the Group will continue to go from strength to strength.’

Andrew Hayden, Chairman, Sovereign added, ‘We are very proud to have had the opportunity to work with an excellent management team to create a clear market leader in creative arts higher education. We have invested in BIMM over the years to support transformational growth and to help ensure that quality has remained front and centre. The talent that has blossomed under the care of the BIMM staff is extraordinary. It’s been a real privilege to have played a part in BIMM’s story and we wish the Group every continued success.’

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Precision Medicine Group Secures Major Investment from Blackstone

Blackstone

NEW YORK & BETHESDA, Md., November 20, 2020 — Precision Medicine Group (PMG) and Blackstone (NYSE: BX) today announced that PMG, a leading next-generation provider of drug development and commercialization services, has completed a major investment and recapitalization led by funds managed by Blackstone (“Blackstone”). The investment includes significant participation from Precision’s co-founders, Ethan Leder and Mark Clein, as well as current shareholders Berkshire Partners, TPG Growth, Oak HC/FT, and Vida Ventures.

Bethesda, Maryland-based PMG is a leading provider of mission-critical services to help biopharmaceutical companies conduct clinical trials and bring novel therapies to market by integrating deep therapeutic knowledge, data and analytics, and human expertise. With precision medicine as its foundation, PMG’s specialized capabilities enable the development and delivery of more targeted treatments for patients, addressing the next wave of innovation in global health advancement, expanded access, and outcomes improvement.

This new round of investment will fuel the expansion of PMG’s global footprint and technical capabilities to help accelerate the development, approval, and commercial reach of breakthrough treatments from life science innovators. Blackstone’s deep understanding of the drug development process and extensive operating resources will help deliver significant value to the partnership.

Mark Clein, PMG CEO, said: “We are thrilled to have Blackstone join us for this next phase of growth. Their serious commitment to the life sciences and global scope and scale make them an ideal partner to support our vision of success and expanded capabilities for the next generation of bio-pharma innovators.”

Julia Kahr, a Senior Managing Director at Blackstone, said: “PMG has built a compelling set of services that address the most important challenges facing biopharmaceutical and diagnostic companies. We are eager to back Mark and Ethan and the highly talented employees around the world to support their deep and ongoing commitment to PMG’s clients and look forward to pursuing the immense opportunity ahead by leveraging new technologies, expertise, and scale. We are also delighted to be joining Berkshire, TPG Growth, Oak HC/FT, and Vida to help accelerate this success.”

Anushka Sunder, Managing Director at Blackstone, added: “We have high conviction in the unprecedented wave of innovation PMG’s clients are driving in personalized medicines and novel drug mechanisms, especially in oncology and rare disease. PMG integrates deep science, extensive biomarker and genetic data, evidence of economic value, and market access insights to improve the speed, cost, and success rates of bringing life-changing therapies to patients. We are excited to support the continued expansion of PMG’s platform and broad therapeutic reach.”

Goldman Sachs & Co. LLC acted as lead financial advisor to PMG. Jefferies LLC and Perella Weinberg Partners also acted as financial advisors to PMG and Debevoise & Plimpton LLP acted as legal advisor to PMG. Morgan Stanley & Co. LLC, BofA Securities, and Barclays acted as financial advisors and Sullivan & Cromwell LLP acted as legal advisor to Blackstone. Terms of the transaction were not disclosed.

About Precision Medicine Group:
Formed in 2012, Precision Medicine Group is a specialized services company supporting next generation approaches to drug development and commercialization. Precision provides an integrated infrastructure that supports pharmaceutical and life sciences companies as they develop new products in the age of precision medicine. The company is headquartered in Bethesda, Maryland with offices throughout North America and Europe. For more information, visit precisionmedicinegrp.com.

About Blackstone
Blackstone is one of the world’s leading investment firms. 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 $584 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.

Media Contacts

For Precision Medicine Group:
Louis Landon
310-984-7707
louis.landon@precisionformedicine.com

For Blackstone:
Matt Anderson
+1-212-390-2472
matthew.anderson@blackstone.com

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