Category Archives: News

Plantasjen has reopened all stores

Ratos

Plantasjen has reopened all stores in Norway. From mid-March up to 38 stores have been closed, due to Corona restrictions. This means that all Plantasjen’s stores in the Nordic region now are open.

“It is satisfying that all stores on our markets are now open as we enter our most important sales period of the year. I am extremely impressed by the way our employees have handled the uncertainty during this period. One example is the launch of our e-commerce. Our online sales have accelerated quickly during this period. The effort done by the whole team is great, and we will of course handle the reopening in a responsible way and in line with authority recommendations,” says Nina Jönsson, CEO of Plantasjen.

 

For further information, please contact:
Nina Jönsson, CEO of Plantasjen
+46 (0)720 774 420

Anders Slettengren, Head of business area Consumer at Ratos
+46 (0)725 898 900

 

About Ratos:
Ratos is a business group consisting of 12 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 34 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

 

 

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Equistone acquires majority stake in digitalisation expert TIMETOACT GROUP

Equistone
07 May 2021

Funds advised by Equistone Partners Europe (“Equistone”) have acquired a majority stake in TIMETOACT GROUP, a leading IT consultancy and services provider for medium-sized businesses, large corporations and public sector institutions, based in Cologne, Germany. With Equistone, TIMETOACT GROUP shareholders Felix Binsack and Hermann Ballé have brought a partner on board who will continue to support TIMETOACT GROUP’s already successful buy-&-build strategy with both know-how and capital. The two will continue to lead the company as managing directors and retain a significant stake, while Frank Fuchs will join the management team as CFO. The financial terms of the transaction are undisclosed and remain subject to approval from the relevant competition authorities.

TIMETOACT GROUP comprises nine specialist brands in 16 locations across Germany, Austria and Switzerland: ARS, CLOUDPILOTS, edcom, GIS, IPG, novaCapta, synaigy, TIMETOACT and X-INTEGRATE. The group offers its clients a comprehensive range of IT service solutions in the area of digital workplace, process automation & optimisation, business intelligence, identity & access management as well as customer experience. The group’s clients primarily include medium-sized businesses as well as large corporations in the industrial, financial and service sectors as well as public sector institutions. The group employs approximately 700 people and recorded revenues of around EUR 120 million in 2020, representing an increase of more than 17 percent on the previous year.

As part of the deal, Felix Binsack and Hermann Ballé together with other members of the management team will retain a significant shareholding of close to 50 percent. The group’s management team and Equistone have been able to work together to establish a joint growth strategy for the partnership in a bilateral decision-making process. Key factors for this growth plan will be the continuation of a targeted buy-&-build strategy to strengthen the group’s service portfolio, and accessing new market segments.

“We were looking for a reliable and financially strong partner, who can support us strategically during future growth phases, both organically and through acquisitions, while taking into account our unique company culture. With Equistone, we have found such a partner”, says Felix Binsack, Co-Managing Director of TIMETOACT GROUP. “Especially in supporting companies through the implementation of buy-&-build strategies, Equistone has many years of extensive experience. We are therefore looking forward to this partnership, which will benefit both our employees and customers, as it ideally matches our own strategy for the future”, adds Hermann Ballé, Co-Managing Director of TIMETOACT GROUP.

“The acquisition of TIMETOACT GROUP adds a leading digitalisation expert with a broad range of specialised IT services to our portfolio, in a market that is characterised by strong and steady growth. At the same time, this acquisition also reflects an increased focus on technology companies: a sector with exciting business models, excellent growth prospects, and founders, we can support in their business goals”, says Leander Heyken, Partner at Equistone Partners Europe.

Leander Heyken, Christoph Wüstemeyer and Dr Marc Arens led the transaction on behalf of Equistone. Equistone was advised by wdp (Commercial), EY (Financial & Tax), POELLATH (Legal Corporate), Preu Bohlig & Partner (Legal Technology), Shearman & Sterling (Legal Financing) and GCA Altium (Debt Advisor). The TIMETOACT GROUP owners were advised by flandor (M&A Advisor, Corporate Finance) and Oppenhoff & Partner (Legal).

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IK Investment Partners to sell Hansen Protection to Survitec Group

ik-investment-partners

IK Investment Partners (“IK”) is pleased to announce that the IK VII Fund has sold its stake in Hansen Protection AS (“Hansen Protection” or “the Company”) to Survitec Group Ltd (“Survitec”). Financial terms of the transaction are not disclosed.

Hansen Protection, with headquarters in Moss, Norway has over 140 years of experience in design and production of textile products safeguarding people, property and the environment. The Company is a leading European supplier of immersion suits and protective rainwear used in harsh environments and cold water areas, as well as a leading Scandinavian supplier of coated textile products for leisure, marine and niche applications. Trusted by defence, marine, energy, agricultural and emergency response clients for decades, Hansen Protection has a reputation for the provision of outstanding lifesaving products that conform to the most stringent safety standards.

Since partnering with IK in 2013, Hansen Protection has reformed its strategy in the rental and personal protection businesses to also service the growing offshore wind segment though its heliports in Norway, Denmark and the Netherlands, as well as expanding its protective rainwear offering to the wider European market. Through leveraging IK’s operational expertise, the Company has also re-focused on bespoke provision for the energy sector, whilst continuing to win prestigious contracts outfitting European navies, coastguards as well as search and rescue teams.

Terje Gorm Hansen, CEO of Hansen Protection, commented: “It has been our privilege to have partnered with IK, an organisation that shares our Nordic roots and drive for excellence. With their support, we have strengthened our product range and service standards to better serve those that rely on us through the most challenging conditions.”

Christopher Masek, Chief Executive Officer of IK Investment Partners and advisor to the IK VII Fund, said: “With its committed team dedicated to delivering world-class equipment that is trusted and reliable, Hansen Protection has a rich history and an exciting future ahead of it. Together with Survitec, they will continue to provide lifesaving solutions to those working in essential industries and roles.”

Ron Krisanda, Executive Chairman of Survitec Group, said: “The combined portfolios from Survitec and Hansen Protection will offer greater value to our customers by providing one single supplier for Survival Technology. This acquisition reinforces our position as the global leader in the provision of personal protection wear, including suits, lifejackets, and rainwear, across the Marine, Energy, Defence and Aerospace sectors.”

For further questions, please contact:

IK Investment Partners
Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
Email: jmcfarlane@maitland.co.uk

About Hansen Protection

Hansen Protection AS is a high-tech company that develops, designs and manufactures both standard and tailor-made hi-tech textile products for various sectors. The company has over 140 years of experience in manufacturing protective clothing and life jackets for seafarers, and has been designing, developing and making rescue and survival suits for the North Sea Oil Industry since 1976. In addition, the company has activities within canopies and interior fittings for leisure boats, as well as products for agricultural applications and the health sector. For more information, visit www.hansenprotection.no

About IK Investment Partners

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 145 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit: www.ikinvest.com

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KKR to Invest in Charter Next Generation to Grow Specialty Films Leader

KKR

May 6, 2021

All Employees to Become Owners in Company

NEW YORK–(BUSINESS WIRE)– KKR today announced the signing of a definitive agreement to invest in Charter Next Generation (“CNG”), a leading producer of specialty films used in flexible packaging, industrial, healthcare, and consumer applications. KKR will be joining Leonard Green & Partners, L.P. as an equal co-owner of the business, and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will also be investing in the transaction to become a minority owner.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210506005421/en/

With more than 30% of all food produced globally wasted due to spoilage, Charter Next Generation offers solutions for keeping food fresh longer, while maintaining the lowest carbon footprint of any major packaging substrate given its optimized size and lighter weight. These attributes are imperative at a time when in the U.S., for example, 54 million Americans are food insecure, up significantly due to the COVID-19 pandemic. Additionally, with landfills being the third-largest industrial emitter of methane, food waste alone represents 8% of total global greenhouse gas emissions.

CNG manufactures high performance specialty films focused especially on the critical inner lining of packaging, protecting foods and other goods by creating heat resistance, sterility, oxygen and odor barriers, UV shields, moisture protection, and more. These specialty films also allow for recyclability, compostability, and the use of post-consumer resin. In addition, CNG’s high-performance, specialty films are used in a variety of other industrial, healthcare, and consumer applications.

“Charter Next Generation offers the gold standard when it comes to materials science, product quality, innovation, and technical expertise in specialty films,” said Josh Weisenbeck, KKR Partner who leads KKR’s Industrials investment team. “We are looking forward to investing in the company’s growth as they continue to raise the bar in innovation and sustainability.”

“Continuous investment in our film technologies and in our team is mission critical for us, which is why we are excited to partner with these exceptional, forward-thinking firms – particularly for their steadfast approach to employee engagement and ownership,” said Kathy Bolhous, CEO of Charter Next Generation. “Offering all employees ownership in the company aligns everyone around our objectives while providing financial rewards for their efforts, fitting well with our employee first culture.”

For over a decade, KKR’s Industrials team has focused on employee engagement as a key driver in building stronger businesses. The strategy’s cornerstone has been to allow all employees to take part in the benefits of ownership by granting them the opportunity to participate in the equity return alongside KKR. Beyond sharing ownership, KKR also supports employee engagement by investing in training across multiple functional areas and by partnering with the workforce to give back to the community.

“We are thrilled to have the opportunity to invest in Charter Next Generation not only because they are an industry leader on many fronts, but also because Kathy and her team are completely aligned with how we approach building stronger manufacturing companies: by building stronger company cultures through a robust employee engagement and ownership program,” said Pete Stavros, KKR Partner and Co-Head of Americas Private Equity at KKR.

Goldman Sachs, Morgan Stanley & Co. LLC, and Latham & Watkins LLP served as advisors to CNG, while Kirkland & Ellis and Deloitte served as advisors to KKR.

KKR is making the investment in CNG through its Americas XII Fund. Further terms were not disclosed.

About Charter Next Generation

Charter Next Generation is North America’s leading independent producer of high-performance, specialty films used in flexible packaging and other end-use markets. Known for sustainable, innovative products and world-class manufacturing capabilities, the company’s quality and expertise are unsurpassed. Its sustainability first mindset, and relentless pursuit of excellence, make it an ideal partner to help brand owners reach their long-term sustainability goals. Visit Charter Next Generation at: https://cnginc.com

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 LGP

Leonard Green & Partners, L.P. (“LGP”) is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 100 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials. For more information, please visit www.leonardgreen.com.

For Charter Next Generation:
Bill Singer
(856) 981-0991
bill.singer@cnginc.com

For KKR:
Cara Major or Miles Radcliffe-Trenner
(212) 750-8300
media@kkr.com

Source: KKR

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Gimv increases its interest in German GPNZ to further support and develop the dental platform in its growth ambitions

05/05/2021 – 07:30 | Portfolio

Gimv has increased its interest in GPNZ (Gesellschaft für Praxisnachfolge in der Zahnmedizin), a fast-growing, high-quality dental platform in Germany. In addition to a significant capital increase into the company, Gimv has acquired the shares of co-investors Cannonball® and co-founder Marcus Geier. The founder and CEO of GPNZ Roman Wachtel also participated in the capital increase. The additional resources will be used to conclude further partnerships and to continue the group’s dynamic growth path. 

The dentistry group GPNZ (Gesellschaft für Praxisnachfolge in der Zahnmedizin, Munich, – www.gpnz.de) was launched in late 2018 with the aim of becoming a leading high-quality dental chain in Germany through buy and build. In collaboration with the co-investors and the current management, GPNZ has established itself as a fast growing dental platform, having assembled a group of high quality dental practices and supported them with tailor-made development plans, backed by a strong team at the Munich headquarters as well as effective regional support.

Acquisition of high quality and successful dental practices with best-in-class dentists and staff is an essential part of GPNZ’s consolidation strategy in a large but highly fragmented market, bringing benefits for dentists, staff and patients. Dentists reduce time spent on administrative, HR, marketing or commercial tasks and can focus on their medical role. They also gain flexibility in working hours and reduce their entrepreneurial risk. Staff is supported in terms of marketing, recruiting, and invoicing. Patients benefit from a wider range of professional medical services under one roof and convenience, either through additional specialisations, greater capacity or extended opening hours. Patient satisfaction and ensuring top quartile medical quality as a minimum standard in each practice are key priorities for GPNZ.

Despite the Covid pandemic, GPNZ has maintained strong momentum, with a further nine practices coming on board or having signed in the last 15 months. The company is led by an experienced management team with expertise in various healthcare fields (compliance, dentistry, marketing, hospital management, etc.) to fully support the organic growth of the practices. Long-term mutual goal alignment is ensured by management’s co-investment into GPNZ.

In the transaction announced today, co-founders Cannonball® and Marcus Geier, both having played instrumental roles in the first phase of establishing GPNZ, will sell their shares to Gimv. Gimv and CEO Roman Wachtel are committed to a further capital contribution to the company.

Philipp v. Hammerstein, Partner at Gimv, comments: “We are very pleased with the development of the group since the start of our journey back in 2018. I wish to express my sincere thanks to Cannonball®  and Marcus Geier for their invaluable contributions in establishing the company to where we stand today. We are excited about further prospects and committed to further supporting the team and developing the group going forward.”

Dominik F. Hesse, Managing Partner at Cannonball®, adds: “We are proud of having co-founded this success story and contributed significantly to building the company being both part of the management team and financial investor. It is now the right moment for us to hand over the baton. We would like to thank Gimv and the management team for this partnership and wish them all the best for the future development of GPNZ.”

Roman Wachtel, CEO of GPNZ sums up: “We are grateful for the further commitment, as well as the ongoing reliable support, deep sector knowledge and buy and build experience contributed by Gimv. We are looking forward to the future and remain fully committed to continue GPNZ’s successful path as a leading dental platform where patients experience the highest medical standards.”

This acquisition further underpins Gimv’s position as one of the most active European investors in the healthcare industry and its ambition to positively contribute to the United Nations Sustainable Development Goals of good health and well-being. Gimv currently has 23 participations in companies in the healthcare and life sciences sector. The Gimv portfolio also includes several clinic and practice groups, as well as medical technology and biotech companies.

No further financial details on this transaction are being published.

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Confluent Medical Announces Strategic Investment in The Electrospinning Company

Ampersand
Confluent Medical Invests in The Electrospinning Company To Expand Design Options Utilized in Structural Heart Markets

Confluent Medical Technologies and Electrospinning Company logos

SCOTTSDALE, Ariz.–(BUSINESS WIRE)– Confluent Medical Technologies Inc. (Confluent) announced today a strategic investment in The Electrospinning Company Ltd. (Electrospinning).  Electrospinning, a UK-based company, has developed a proprietary electrospinning process which will expand the design options utilized in the structural heart market and fully automate the process of attaching biomedical textiles to heart valve frames.

Electrospinning Company productsImplant designs for the fast-growing, transcatheter structural heart market primarily utilize a custom textile that is sutured to a high-performance Nitinol metal frame.  Confluent’s Nitinol and biomedical textile expertise, in combination with Electrospinning’s leadership in electrospun nanofiber biomaterials expands the design options that Confluent customers can utilize in the structural heart market. Additionally, the application of the textile to the valve frame will be fully automated, simplifying the manufacturing process.

“The investment in Electrospinning reinforces Confluent’s strategy of Applying Materials Science to MedTech Innovation,” said Dean Schauer, CEO and President of Confluent Medical. “This partnership creates an opportunity for our two companies to facilitate further expansion of innovative structural heart products on behalf of our customers.”

About Confluent Medical Technologies

Confluent Applies Materials Science to MedTech Innovation.  Confluent’s engineered solutions to the most challenging design problems enable our OEM medical device customers to offer life-saving implantable products.  Our customers rely on Confluent for materials science and associated manufacturing expertise which is critical to the function and value of their most demanding, high growth products – proprietary expertise which spans processing of high purity Nitinol, ultra high density knitting of biomedical textiles and precision laser treatment of specialty polymers.  Confluent partners with leading OEM’s to create a selective product portfolio which includes such complex applications as transcatheter heart valves, neurovascular implants, endovascular stent grafts and advanced smart catheters.  With facilities in Fremont and Laguna Niguel, California;  Warwick, Rhode Island;  Windham, Maine;  Austin, Texas;  Chattanooga, Tennessee;  and San Jose, Cost Rica, Confluent has earned the confidence of the leaders in the medical device community through a proven track record of innovative materials science, engineering and manufacturing.  Additional information about Confluent is available at www.confluentmedical.com.

About The Electrospinning Company

Electrospinning offers contract services to design, develop and manufacture nanofiber biomaterials for medical devices and regenerative medicine. Based on the electrospinning platform technology, Electrospinning uses their expertise and experience to support clients in a range of different therapeutic indications, including the supply of the first electrospun biomaterial to be incorporated into an FDA-approved medical device. Electrospinning is located on the Harwell Innovation Campus near Oxford, UK. Additional information about The Electrospinning Company is available at www.electrospinning.co.uk.

For information please contact Confluent Medical, https://confluentmedical.com/.

Contact: Brittany Mai, Brittany.Mai@confluentmedical.com

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Aurora Capital Partners Acquires Real Estate Software Solutions Provider Grace Hill

Aurora Capital

LOS ANGELES – May 4th, 2021 – Aurora Capital Partners (“Aurora”), a leading middle-market private equity firm, today announced that it has acquired Grace Hill (the “Company”), a leading provider of comprehensive talent performance and customer experience software-driven solutions for the real estate market, from investment funds managed by Stone Point Capital LLC (“Stone Point”).

Grace Hill provides the industry’s only talent and performance management solutions covering policies, training, and assessment. These solutions are designed to develop and retain top property management talent, to drive improved property performance, and to reduce operating risk.

“We are thrilled to partner with Dru Armstrong, Kendall Pretzer, and their team through the next phase of Grace Hill’s growth,” said Rob Fraser, Partner at Aurora. “The management team has created an integrated multi-product platform that sets the foundation for accelerated expansion going forward. As a true market leader with excellent stability characteristics and significant growth potential, Grace Hill is well-suited for Aurora’s buy, build, and partner strategy.”

“Aurora has an exceptional track record of partnering closely with management teams to accelerate growth prospects,” said Dru Armstrong, Chief Executive Officer of Grace Hill. “Over the past few years, in partnership with Stone Point, Grace Hill has been fortunate to continue to grow our business and build stronger partnerships with our customers. We look forward to leveraging Aurora’s deep expertise and hands-on experience to build upon our significant momentum.”

Headquartered in Greenville, South Carolina, the Company serves roughly 75% of leading multifamily property operators, affordable housing managers and commercial office owners and managers. More than 500,000 professionals and 1,700 companies nationwide rely on Grace Hill’s suite of solutions.

“Our mission is to help the multifamily and commercial real estate industries develop their talent base to elevate performance,” said Kendall Pretzer, Chief Operating Officer for Grace Hill. “Partnering with Aurora will allow us to further enhance our product offerings and better serve our existing and future customers.”

Aurora’s investment in Grace Hill follows its recently announced acquisition of Curtis Bay, and represents the fourth investment from Aurora Equity Partners VI, which was activated in September. Grace Hill is the latest Aurora portfolio company offering software-driven solutions, including additional platform investments in Zywave and FMG Suite in the past year.

William Blair acted as exclusive financial advisor to Grace Hill on the transaction. Baird acted as exclusive financial advisor to Aurora on the transaction.

About Aurora Capital Partners
Aurora Capital Partners is a leading private equity firm focused principally on control investments in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. Aurora provides unique resources to its portfolio companies through its Strategy & Operations Program and its team of experienced operating advisors. Aurora’s investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information about Aurora Capital Partners, visit: www.auroracap.com.

About Grace Hill
Grace Hill provides technology-enabled talent performance solutions that help owners and operators of real estate properties increase property performance, reduce operating risk and grow top talent. Its industry-leading solutions covering policy, training, assessment, and data-driven insights are bolstered by years of real estate experience, in-depth service-level expertise and outstanding customer support. Today, more than 500,000 real estate professionals from more than 1,700 companies rely on talent performance solutions from Grace Hill. Visit us at gracehill.com or on LinkedIn.

Aurora Capital Partners
11611 San Vicente Boulevard, Suite 800
Los Angeles, California 90049
(310)-551-0101 | info@auroracap.com

Investment Opportunities
Scott Erickson
Head of Business Development
(310)-286-3556 | serickson@auroracap.com

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Verizon Media to be Acquired by Apollo Funds

Transaction Expected to Accelerate Growth of the Internet and Digital Media Leader

Verizon to Maintain Minority Stake in the New Company to be Known as Yahoo

NEW YORK, May 03, 2021 (GLOBE NEWSWIRE) — Verizon (NYSE: VZ) and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today announced that funds managed by affiliates of Apollo (the “Apollo Funds”) entered into an agreement to acquire Verizon Media for $5 billion. Verizon will retain a 10% stake in the company, which will be known as Yahoo at close of the transaction and continue to be led by CEO Guru Gowrappan.

One of the world’s premier global technology and media companies, Verizon Media is comprised of iconic brands such as Yahoo and AOL, as well as leading ad tech and media platform businesses. The corporate carveout will allow Verizon Media to aggressively pursue growth areas and stands to benefit its employees, advertisers, publishing partners and nearly 900 million monthly active users worldwide.

“We are excited to be joining forces with Apollo,” said Guru Gowrappan, CEO, Verizon Media. “The past two quarters of double-digit growth have demonstrated our ability to transform our media ecosystem. With Apollo’s sector expertise and strategic insight, Yahoo will be well positioned to capitalize on market opportunities, media and transaction experience and continue to grow our full stack digital advertising platform. This transition will help to accelerate our growth for the long- term success of the company.”

“We are thrilled to help unlock the tremendous potential of Yahoo and its unparalleled collection of brands,” said Reed Rayman, Private Equity Partner at Apollo. “We have enormous respect and admiration for the great work and progress that the entire organization has made over the last several years, and we look forward to working with Guru, his talented team, and our partners at Verizon to accelerate Yahoo’s growth in its next chapter.”

“We are big believers in the growth prospects of Yahoo and the macro tailwinds driving growth in digital media, advertising technology and consumer internet platforms,” said David Sambur, Senior Partner and Co-Head of Private Equity at Apollo. “Apollo has a long track record of investing in technology and media companies and we look forward to drawing on that experience to help Yahoo continue to thrive.”

“Verizon Media has done an incredible job turning the business around over the past two and a half years and the growth potential is enormous,” said Hans Vestberg, CEO, Verizon. “The next iteration requires full investment and the right resources. During the strategic review process, Apollo delivered the strongest vision and strategy for the next phase of Verizon Media. I have full confidence that Yahoo will take off in its new home.”

Verizon Media reported strong, diversified year-over-year revenue growth the past two quarters, driven by innovative ad offerings, consumer ecommerce, subscriptions, betting and strategic partnerships. Yahoo, one of the best recognized digital media brands in the world and the fourth most visited internet property globally, continues to evolve as a key destination for finance and news among Gen Z. This was most recently marked by Yahoo News becoming the fastest growing news organization on TikTok.

Under the terms of the agreement, Verizon will receive $4.25 billion in cash, preferred interests of $750 million and retain a 10% stake in Verizon Media. The transaction includes the assets of Verizon Media, including its brands and businesses. The transaction is subject to satisfaction of certain closing conditions and expected to close in the second half of 2021.

Goldman Sachs served as lead financial advisor to Verizon in the transaction. Evercore also served as financial advisor to Verizon. Kirkland & Ellis LLP and Freshfields Bruckhaus Deringer LLP are serving as legal counsel to Verizon.

LionTree served as lead financial advisor to and will invest alongside the Apollo Funds, bringing its global strategic relationships to Yahoo as the company continues to accelerate growth and pursue strategic investments in key verticals and product areas.

RBC Capital Markets also served as financial advisor to the Apollo Funds in connection with the transaction, alongside Barclays, BMO Capital Markets Corp., Deutsche Bank and Mizuho Securities USA LLC; all are also providing financing for the transaction. Mizuho Securities USA LLC also served as lead structuring advisor to the Apollo Funds. Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal counsel to the Apollo Funds.

About Verizon
Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $128.3 billion in 2020. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

About Apollo

Apollo is a leading global investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo, among others. Apollo had assets under management of approximately $455 billion as of December 31, 2020 in credit, private equity and real assets funds. For more information about Apollo, please visit www.apollo.com.

About Verizon Media

Verizon Media, a division of Verizon Communications, Inc., houses a trusted media ecosystem of premium brands like Yahoo, TechCrunch and Engadget to help people stay informed and entertained, communicate and transact, while creating new ways for advertisers and media partners to connect. From XR experiences to advertising and content technology, Verizon Media is an incubator of innovation and is revolutionizing the next generation of content creation in a 5G world.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at verizon.com/news. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Allison Butler
Corporate Communications
Verizon Media
(202) 669- 9887
allison.butler@verizonmedia.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

Kim Ancin
+ 1 908-801-0500
kimberly.ancin@verizon.com

Investor Contact
Peter Mintzberg
Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0528
APOInvestorRelations@apollo.com

 

Primary Logo

Source: Verizon Sourcing LLC

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EURAZEO COMPLETES ITS INVESTMENT IN ULTRA PREMIUM DIRECT

Eurazeo

Eurazeo has completed its majority investment in Ultra Premium Direct, alongside co-founders Sophie and Matthieu Wincker and Eutopia, existing minority shareholder via Otium Consumer, which would reinvest in the transaction via its new fund.

As a leading player in the French premium pet food market, Ultra Premium Direct aims at democratizing premium pet food, distributing its products directly through its own website and subscription service, at an attractive price point. Focused on improving pet health and well-being Ultra Premium Direct develops high protein products in collaboration with veterinarian nutritionists in its owned industrial and R&D plant in Agen, South of France.

Eurazeo will invest 68 million euros to hold a majority stake in the company. It will represent Eurazeo’s Brands team second investment in Europe after the acquisition of Swedish brand Axel Arigato in November 2020.

ABOUT EURAZEO
Eurazeo is a leading global investment group, with a diversified portfolio of €21.8 billion in Assets Under Management, including €15.0 billion from third parties, invested in 450 companies. With its considerable private equity, private debt and real assets expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid.
Eurazeo is listed on Euronext Paris.
ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

EURAZEO CONTACTS
Virginie Christnacht
HEAD OF COMMUNICATIONS vchristnacht@eurazeo.com
+33 (0)1 44 15 76 44
Pierre Bernardin
HEAD OF INVESTOR RELATIONS pbernardin@eurazeo.com
+33 (0)1 44 15 16 76

PRESS CONTACT
DAVID STURKEN
MAITLAND/AMO dsturken@maitland.co.uk+44 (0)7990 595 913

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CVC Credit supports H.I.G. Capital’s acquisition of KPMG’s UK Restructuring business

CVC Capital Partners

Debt facilities will support company, now known as Interpath Advisory, in its growth and transition to independence

CVC Credit is pleased to announce that it has provided senior debt facilities to support H.I.G. Capital’s (“H.I.G.”) acquisition of KPMG’s UK restructuring business, a leading provider of insolvency, financial restructuring and turnaround services in the UK and globally. The business which has been renamed Interpath Advisory (“Interpath”), will use CVC Credit’s investment to fund its transition to an independent business and strengthen its existing capabilities as it continues to grow its advisory offering in the UK and beyond.

Interpath is a leading multidisciplinary practice of over 40 managing directors and more than 525 staff located across the full breadth of the UK. The group advises companies, lenders, equity holders and a wide range of other stakeholders including Government, regulators and pension trustees to navigate through the issues associated with economic disruption and overcome financial and operational challenges.

Neale Broadhead, Partner at CVC Credit, said: “We were pleased to support H.I.G. in their acquisition of Interpath and to provide continuing support to the management team as they embark upon the next stage of their growth at a time when their services will be in great demand.”

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