Category Archives: News

Triton to acquire Visser & Smit Hanab, VW Telecom and Homij

Triton

Frankfurt (Germany), Rijssen (the Netherlands), 5 April 2024 – Funds advised by Triton (“Triton”) have signed an agreement to acquire 100% of VolkerWessels Verbindingen en Netwerken B.V. (“V&N Group”), a company indirectly fully owned by Koninklijke VolkerWessels B.V. (“VolkerWessels”) and controlling the entities Visser & Smit Hanab B.V., VW Telecom B.V. and Homij Technische Installaties B.V. (the VolkerWessels Energy, Telecom and Technical Installation companies cluster). The transaction is still subject to the advice of the central works council of VolkerWessels and customary regulatory approvals. Other terms and conditions of the transaction are not disclosed. Completion of the transaction is expected to take place in Q3 of 2024.

V&N Group is a leading multi-utility service provider with dedicated focus on sustainable and digital solutions in the fields of energy & utility, connectivity and building installation services. The company is present throughout the Netherlands and each of its entities are partners of choice for the main public and private clients in their respective business areas. The Group’s 3,100 employees offer integrated solutions including feasibility studies, advice, design, installation, realization, and maintenance throughout the Netherlands and in Germany.

VolkerWessels took the decision to pursue a sale of its Energy, Telecom and Technical Installation companies cluster following a strategic review which resulted in the decision to focus on its activities in construction & real estate development in the Netherlands and Germany and its infrastructure activities in the Netherlands, the UK and North America. 

Triton has a 25-year track record of successfully building and growing its investments businesses in V&N Group‘s sector across Europe with investments in OCU Group and EQOS among others. The firm is also an experienced investor in the Netherlands, having invested in and significantly supported the growth of companies such as technical services provider Unica. Triton is acquiring V&N Group with a strong belief in the growth potential of the company and its long-established customer relationships, which Triton plans to further invest in. The acquisition builds on Triton’s established reputation as a reliable new home and a good cultural fit for corporate carve-outs as well as family-owned businesses.


Koos van de Linde, Investment Advisory Professional at Triton said: “We have been really impressed with the track record of V&N Group and its management team under the stewardship of VolkerWessels, which has been instrumental in helping accelerate the energy transition, digitalization, and housing needs of the Netherlands. We look forward to working with the management and employees of V&N Group in their next phase of growth and to continue building on the strong relationship between V&N Group and VolkerWessels.”

Stanley Maas, CEO of V&N Group said: “I am looking forward to accelerate the growth necessary to address the opportunities arising from the energy and digitization transition with Triton and I am convinced that the transaction will be beneficial to our employees, clients and other stakeholders.” 

VolkerWessels has been advised by ABN AMRO Corporate Finance, ING Corporate Finance and De Brauw. Triton has been advised by Emendo Capital and Clifford Chance.

About VolkerWessels

VolkerWessels is a leading, international company with a focus on construction and infrastructure. The company operates in the Netherlands, the United Kingdom, North America, and Germany and has a total of more than 130 different operating companies.

For further information: www.volkerwessels.com

About Triton

Founded in 1997 and owned by its partners, Triton is a leading European mid-market sector-specialist investor. Triton focuses on investing in businesses that provide mission critical goods and services in its three core sectors of Business Services, Industrial Tech, and Healthcare.

Triton has over 200 investment professionals across 11 offices and invests through three complementary “All Weather” strategies: Mid-Market Private Equity, Smaller Mid-Cap Private Equity, and Opportunistic Credit.

For further information: www.triton-partners.com

Press Contacts

Triton

Anja Schlenstedt

Email: media@triton-partners.com

VolkerWessels

Peter Zeylmaker

Phone: +31 653 911 572

Email: pzeylmaker@volkerwessels.com

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FinFit & Salary Finance U.S. Announce Merger, Creating America’s Leading Workplace Financial Wellness

Senahill

VIRGINIA BEACH, VA, April 5, 2023 / PRNewswire / — With nearly 50 percent of U.S. workers reporting financial stress, FinFit and Salary Finance U.S. today announce their merger, to better support the financial needs of working Americans. Both companies have been part of the rapidly growing market of financial wellness employee benefits offered through the workplace, as demand has skyrocketed post-pandemic and due to inflation-driven cost of living challenges.The merged organization will service over 500,000 U.S. employers and over 10 million U.S. employees, in employers ranging in size from 4 employees to 400,000 employees, including household name brand employers like Tesla, Allied Universal, and United Way, and through an exclusive partnership with the payroll provider, Paychex.

The combined organization will operate under the FinFit brand, with the updated platform including Salary Finance U.S.’s financial wellness products. With these additions, FinFit’s SaaS-based platform will be the most comprehensive workplace financial wellness platform in the U.S., including a personalized financial assessment, coaching and dashboard, budgeting, spending and savings accounts, and payroll-deducted earned wage access, advances, and loans.

FinFit CEO and Founder David Kilby will continue to lead the combined organization, and Salary Finance’s Co-Founder Asesh Sarkar will serve as President.

David Kilby, CEO of FinFit commented, “The post-pandemic world has been tumultuous for the American worker – from inflation to rediscovering a new work-life blend. Financial instability, today more than ever, compounds stress that leads to negative productivity and health outcomes. We are energized to be merging with Salary Finance to take FinFit to the next level, as America’s preeminent financial wellness platform supporting employees through their journey to financial health. Our organizations share this vision, and our combined capabilities and scale will ensure we will deliver on our core values to build financial wellness opportunities for all.”

The merger comes at a time when there has never been more emphasis from businesses to create wellness programs for employees and, in particular, wellness programs that focus on the financial stress and pressure today’s worker feels. According to the most recent research data from FinFit and Salary Finance U.S., which will be released later this spring, 49 percent of U.S. workers are feeling financial stress. A majority, 70 percent, are worried about a recession impacting them, and 61 percent say they have less cash on hand now than they did a year ago. Financial stress in the workforce leads to ineffectiveness at work, troubled relationships, and a drop in productivity, creating a compelling financial and moral case for employers to act.


Asesh Sarkar, Salary Finance Co-Founder and President of FinFit, commented, “Our mission at Salary Finance has been consistent from day one: to help millions of employees around the world become financially healthier and happier. This merger accelerates our path forward and allows us to serve clients and their employees with a more holistic set of benefits. I am excited to be working with David and the combined team as we move to the next stage of our journey.”

Clients of Salary Finance U.S. and FinFit will continue to be served as they are today, with details of the option to upgrade to the new FinFit platform to be shared soon.

About FinFit: FinFit was established in 2008 and currently services over 500,000 organizations across the United States. The company’s SaaS-based model provides holistic financial wellness services that include a personalized financial assessment, premier educational resources, online money management tools, financial coaching, financial solutions, early wage access, spending and savings accounts, student loan services, and a member rewards program. Focus on creating positive, healthy financial behaviors and products to support behavioral change has proven to reduce financial stress and increase employee retention by more than 25%.

View source version on prnewswire.com: prnewswire.com/news-releases/finfit-and-salary-finance-us-announce-merger-creating-americas-leading-workplace-financial-wellness-platform-301790725.html

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EQT enters exclusive talks with ICG Infra to acquire Ocea Group, a leading French water and heat submetering infrastructure provider

eqt
  • Ocea is a provider of smart water and heat metering infrastructure in France, operating under long-term inflation-linked contracts in an industry benefiting from long term visibility and regulation-driven growth
  • Ocea helps the energy transition through measurement of individual consumption, which significantly incentivizes customers to make more environmentally conscious decisions. Submeter installation is shown to reduce energy consumption and water usage by 15%1
  • EQT plans to further accelerate the Company’s growth, applying its track record in the energy and environmental sectors. ICG Infra strongly supported Ocea on significant initiatives to contribute to its growth in the energy transition

EQT is pleased to announce that EQT Active Core Infrastructure fund (“EQT”), has entered exclusive negotiations to acquire Ocea Group (“Ocea”, or the “Company”) from ICG Infrastructure Equity I (“ICG Infra”).

Ocea aims to play a key role in the rollout of smart water and heat submetering devices leading to tangible savings for customers and positive impact for the environment. It operates more than four million heat and water submeters. Through long-term, 10+ year inflation-linked contracts, the company provides a comprehensive range of submetering services to over 7,000 public and private customers, including installation and rental, reading and data collection, and maintenance and replacement.

The Company is expected to benefit from favorable growth trends in the French submetering market owing to regulation and strong consumer demand to allocate and reduce consumption. Penetration rates are expected to improve both across the water and heat segment, while creating significant adjacent business opportunities.

Since acquiring a majority stake in Ocea in 2019, ICG Infra undertook a series of initiatives to support its growth in the energy transition, driven by a management team of seasoned executives led by CEO Emmanuel Croc.

EQT plans to support Ocea’s growth in its core submetering business and across other adjacent solutions in the environmental, data management and smart housing segments. EQT would help Ocea to continue the expansion of its asset and client base, drive growth through capex-enabled sustainable energy solutions and make significant investments in digital customer services.

Fabian Gröne, Partner in the EQT Active Core Infrastructure Advisory Team, said: “This potential investment aligns with EQT’s approach of investing in essential services that have a positive impact on society, and builds on our track record in the circularity and resource efficiency themes. Ocea would mark EQT Active Core Infrastructure’s third investment, which is focused on acquiring core businesses with strong downside protection and inflation-linked contracts backed by thematic market growth – while still providing significant value creation opportunities from EQT’s active ownership approach.”

 

Thomas Rajzbaum, Partner and Head of EQT’s French Infrastructure Advisory Team, added: “We have followed Ocea for a long time and have been deeply impressed by its growth track record. We are thrilled by the prospect of partnering with the management team to further strengthen the Company’s positioning in France and abroad through continued growth in its asset base and investments in digitalisation and sustainable customer solutions.”

Emmanuel Croc, Chief Executive Officer of Ocea, said: “I would like to thank ICG for their strong contribution and expertise over the last four years, and we would be delighted to welcome EQT as a new long-term partner. We see the demand for submetering solutions steadily increasing amidst continued volatility in energy costs, increased customer awareness and desire to save coupled with a favorable regulatory landscape. By combining Ocea’s footprint and customer relationships with EQT’s experience in the energy sector, we plan to scale the platform further and grow in attractive adjacencies such as geothermal.”

Guillaume d’Engremont, Head of Infrastructure at ICG, commented: “Since we first invested in Ocea, our support has allowed the Company to continuously strengthen its position as a leading energy efficiency player by growing its installed base of sub-meters whilst also expanding into additional business lines synergetic with its core business. We are proud to have accelerated this critical mission over the past four years. It has been a pleasure to partner with Emmanuel Croc and the management team, who are doing a fantastic job further growing Ocea in the French market with an industry-leading efficiency and sustainability focus.”

The transaction is subject to customary regulatory conditions and approvals including information and consultation of the works council of Ocea. It is expected to close in Q2-Q3 2024.

EQT was advised by Rothschild & Co (financial), Linklaters LLP (legal), BCG (commercial and ESG) and KPMG (finance and tax).

ICG was advised by Ayache (legal), Bird&Bird (legal) and Eight Advisory (finance).

1Source: ADEME, L’individualisation des frais de chauffage, February 2023

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Active Core Infrastructure will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

Contact
EQT Press Office, press@eqtpartners.com
ICG Press Office, Catherine.Armstrong@icgam.com

About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 130 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About Ocea Group
Groupe OCEA employs around 550 people throughout France (28 agencies) to accelerate the energy transition of collective housing and tertiary buildings through its 3 subsidiaries:

  • Ocea Smart Building: sub-metering of water and heating, water and energy costs allocation and digital solutions for energy management. Our client promess is to reduce their consumption (up to 15% on average across the portfolio).
  • Isiom Conseil: assisting public and private clients for audits and actions plans in order to optimize their property assets, specially on energy efficiency.
  • Qowisio: the specialist in IoT solutions (like temperature sensors, Air Quality,… ) and connectivity

More info: https://www.groupe-ocea.fr/

About ICG
ICG provides flexible capital solutions to help companies develop and grow. We are a leading global alternative asset manager with over 35 years’ history, managing $86.3bn of assets1 and investing across the capital structure. We operate across four asset classes: Structured and Private Equity, Private Debt, Real Assets, and Credit.

ICG develops long-term relationships with its business partners to deliver value for shareholders, clients and employees, and uses its position of influence to benefit the environment and society. ICG is committed to being a net zero asset manager across our operations and relevant investments by 2040.

ICG is a member of the FTSE 100 and listed on the London Stock Exchange (ticker symbol: ICP). Further details are available at www.icgam.com. You can follow ICG on LinkedIn, X (Twitter) and Instagram

ICG Infra Team manages more than €2.5bn in Europe and seeks to partner with successful management teams and founders, providing growth capital to mid-market businesses across the energy transition, digital and mobility sectors.

ICG Infra Team leverages ICG’s DNA of bespoke capital solutions, investing across capital structures in equity and structured equity instruments creating a defensive risk-return profile for its portfolio whilst seeking to deliver consistent returns for its investors.

1 As at 31 December 2023

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SheerID Launches Income Verification Solution Enabling Telcos to Serve Families No Longer Covered by Affordable Connectivity Program

Brighton Park Capital

Solution makes it easy for Telcos to digitally verify over 42 million individuals who qualify for government assistance programs for reduced price plans and promotions

PORTLAND, Ore.–(BUSINESS WIRE)–SheerID, the global leader in identity verification for commerce, today announced the availability of its instant verification solution for low-income households for telecom carriers. Already in use by brands such as Walmart – in support of the company’s Walmart+ Assist program – SheerID’s verification solution provides an easy way for companies to verify households who qualify for government assistance programs. With the federal government ending funding of the Affordable Connectivity Program (ACP) this month, SheerID’s verification solution provides a means for carriers to continue reduced rate pricing and promotions to families who need extra financial support. In addition, it allows Telcos to pursue continued federal funding through programs such as the broadband equity and deployment (BEAD) program.

“We are honored to help telcos that need new alternatives to the ACP to continue to provide their much needed products and services to families in need throughout the United States.”

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Since the creation of ACP, carriers could count on the government to verify which of their customers are on government assistance and thus eligible for special discounts on their products and services. Now that ACP is being discontinued, telcos can no longer seamlessly verify and serve millions of customers who qualify for reduced rate programs. The end of ACP also represents the loss of government subsidies for rural broadband deployment. Providing low-cost plans to verified low-income customers is an efficient and effective way to ensure digital equity.

How SheerID verifies customers who qualify for government assistance

SheerID uses authoritative data sources to verify if someone meets the income eligibility guidelines for SNAP. In addition, SheerID can verify if someone is enrolled in a government assistance program like WIC, Medicaid, SSI, TANF, TTANF, NSLP and LIHEAP through document review. Once SheerID verifies the individual through its seamless white-label verification experience on the Telco’s website, the carrier can offer needed reduced-rate plans and other promotions such as discounts on refurbished phones to customers.

Supporting additional communities with exclusive promotions

Given the vital importance of Internet-access in today’s world, providing an exclusive offer to households that qualify for government assistance helps generate goodwill and supports the mission of a company’s brand. This phenomenon is also true when a brand provides personalized discounts to other communities, such as teachers, students, and healthcare workers. From surveys conducted by SheerID, more than 60% of all consumer communities said a personalized offer would make them promote that brand to friends and family. T-Mobile has generated goodwill by offering special promotions to military and first responders, while AT&T offers promotions to a number of communities including military, first responders, teachers, and healthcare workers. SheerID’s verification solution protects all of these offers by verifying that consumers who try to redeem these offers are indeed part of the community.

“This is an important initiative to help people around the country – regardless of their economic situation, gain access to the Internet and achieve digital equity,” stated Jake Weatherly, CEO of SheerID. “We are honored to help telcos that need new alternatives to the ACP to continue to provide their much needed products and services to families in need throughout the United States.”

More information about SheerID’s Telco solutions can be found here.

About SheerID

SheerID is the global leader in identity verification for commerce. With SheerID, brands identify and acquire customers from highly valued consumer communities — such as the military, students, teachers, and first responders — with personalized offers through loyalty programs, digital wallets, and more, that are gated by instant verification from the largest set of authoritative data worldwide. SheerID verifies more than 2.5 billion people via 200,000 authoritative data sources to increase sales while mitigating fraud, provides global insights from hundreds of the world’s leading brands, and never shares or sells customer data. As a result, the world’s biggest brands — including Amazon, Home Depot, Spotify, and T-Mobile — rely on SheerID as their identity verification partner. Founded in 2011, SheerID is backed by Fortson VC, Brighton Park Capital, Centana Growth Partners, Voyager Capital, and CVC Growth Partners.

SheerID is ISO Certified and is a member of the MACH Alliance, the group of independent technology companies dedicated to advocating for open, best-of-breed technology ecosystems. In 2023, SheerID ranked among the highest-scoring businesses on Inc. Magazine’s Annual List of Best Workplaces. For more information, please visit SheerID or follow us on Twitter, LinkedIn, Facebook, and TikTok.

Contacts

Michael Lindenberger
LindyPR
michael@lindypr.net
+1.415.531.1449

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REDUCED secures EUR 6 million financing led by Novo Holdings to scale its natural food ingredients business

Novo Holdings

REDUCED, a Copenhagen-based company that uses fermentation technology to transform food and agriculture industry side streams into natural food ingredients, today announced it has secured EUR 6 million in new financing. The funds were raised from a range of investors, including new investment from Novo Holdings and the Nordic flavour house Einar Willumsen, as well as existing investors EIFO and Rockstart Agrifood.

 

Proceeds from the round will be used to further develop its technology platform, broaden its portfolio of savoury ingredients, secure production capacity, implement certifications, and increase sales and marketing efforts.

 

Since REDUCED was founded in 2020 by William Anton Lauf Olsen & Emil Munck de Voss, the Company has developed proprietary processes that use novel fermentation technology to derive unique umami flavours from food industry side streams at a lower cost, due to shortened process time scales, and with a significantly lower CO2 impact.

 

Rooted in gastronomy, REDUCED’s Head of Research & Development, Lorenzo Tirelli, and Head of Product, Bram Kerkhof, both previously worked in the fermentation lab of the internationally acclaimed Danish restaurant Noma, which was frequently rated as one of the World’s 50 Best Restaurants1.

 

REDUCED’s technology enables the extraction of the savoury umami flavours from both vegetable and animal side streams and convert them using fermentation into clean label ingredients. The global market for savoury food ingredients is estimated to be worth more than EUR 31.5 billion, and EUR 8.8 billion for global clean label savoury flavourings2.

 

REDUCED’s wide range of products include organic chicken stock concentrates made from retired laying hens, and a stock concentrate made from vegetables that don’t meet the strict appearance or size criteria of supermarkets, along with fermented umami sauces which add complexity and a lingering aftertaste to food.

 

REDUCED currently supplies more than 100 food service businesses and delivers ingredients to food manufacturers in collaboration with leading food ingredient suppliers.

 

Emil Munck de Voss, Co-Founder & CEO of REDUCED, said:
“This investment will be transformative for the Company as we expand and extend the range of products we can offer, drawing on our gastronomic heritage to create unique flavours. Not only will this bring great new products to the market, but it will also help to reduce CO2 emissions and make the most of the side streams available in the food production chain. We are ready to continue the work we have started and accelerate the impact we can make on the food industry.”

 

Thomas Grotkjær, Partner, Bioindustrial Investments, Novo Holdings commented:
“REDUCED brings an exciting combination of strong Nordic cuisine and fermentation technology to the growing trend of sustainability in food production. With delicious natural products, that are already in demand from over 100 customers, we are pleased to support the REDUCED team in their journey from innovative start-up to industrial scale.”

 

Jan Grøndal, Chief Executive Officer, Einar Willumsen said:
“REDUCED has the potential to make a significant impact in the food ingredients industry and we want to be a part of that. We are impressed by the Company’s ability to convert technology to commercial products and their approach to flavour creation. In Denmark, we have a tradition for creating high-value food ingredients companies, and we strongly believe REDUCED could be the next one.”

 

About REDUCED
Founded in 2020, REDUCED is challenging the flavour industry, by creating intense natural flavour solutions from side streams and surplus produce from the food and agricultural industry.

The Copenhagen-based company has developed unique fermentation processes, allowing the utilisation of various side streams to create umami-rich flavour solutions. REDUCED’s mission is to deliver flavour solutions with low carbon impact by repurposing side streams and provide cost-effective, natural, and flavour-rich food ingredients.

 

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective.

 

In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seeds, Venture, Growth, Asia, Bioindustrial and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk

 

About Einar Willumsen A/S
Einar Willumsen is a Nordic flavour house with more than 123 years of experience. Ever since its establishment in 1901, EW has been practicing its slogan: “When taste and speed matter”. The company uses nature’s recipes to create unique and authentic taste experiences for beverages, dairy, confectionery, and bakery industries, based on a strong skillset within e.g. Flavour creation, application technology, distillation, bio solutions, and extraction technology. On top of creating the perfect taste solutions and final applications, the company assists with e.g. regulatory and compliance assistance and is therefore a full solutions provider.

Further information

Marie-Louise Jersin, Senior Communications Partner,
+45 3049 4957
maj@novo.dk

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BC Partners Credit and Riddell Team-up on Strategic Investment to Fuel Future Growth

BC Partners Logo

NEW YORK and DES PLAINES, Ill., April 3, 2024 /PRNewswire/ — BC Partners Credit, the credit arm of BC Partners, a leading alternative asset management firm, and Riddell, Inc., the industry leader in football helmet technology and sports protection innovation, today announced a strategic partnership that will further advance Riddell’s central role in the game of football into the future.

Founded in 1929 and based in Des Plaines, Ill., Riddell is an iconic brand serving the football equipment market and sports community for nearly a century. Riddell is the premier designer and manufacturer of football helmets, protective sports equipment, head impact sensing and reporting technologies, and related apparel and accessories. The Company also serves as the exclusive licensee of the NFL for collectible helmets and maintains promotional rights with the League as an authorized supplier of helmets worn by more than 77% of NFL players. Riddell is deeply involved in football with key touchpoints at the grassroots level as representatives are strategically based in local communities to address customer needs and provide support.

Riddell’s historically strong growth and financial performance have only improved in recent years, driven by the Company’s robust head protection and technologies roadmap, increased market share, and positive football participation trends. BC Partners’ $400mm investment in Riddell, which includes convertible preferred equity and debt, will empower Riddell to accelerate innovation and make compelling investments in the business for the benefit of all stakeholders. BC Partners will join Riddell’s Board, working closely with Riddell’s management team and committed investors, including majority investor Fenway Partners, who have been pivotal to Riddell’s longstanding success. Riddell will refinance certain existing debt and provide a dividend to current investors as part of the transaction.

“From its market leadership, attractive financial profile, and differentiated portfolio, Riddell has demonstrated it is built for sustained success,” said Ted Goldthorpe, Head of BC Partners Credit. Mr. Goldthorpe continued, “We are pleased to have structured an investment that is customized for Riddell, as the Company embarks on an exciting growth trajectory, with increased investments in research and product development, strategic partnerships, and a best-in-class distribution platform. Dan and the entire Riddell team are exceptional, and we are excited to partner with them.”

Dan Arment, President, and Chief Executive Officer of Riddell, said, “Riddell proudly welcomes BC Partners as advisors and investors in our business. We clearly maintain a shared vision for maximizing Riddell’s role in the rapidly evolving products and services landscape within football and sports. This alignment will ultimately strengthen Riddell’s service to our customers, drive increased financial performance, and deliver value for our investors, including BC Partners and Fenway Partners.”

Said Fenway Partners Co-Founder and Managing Partner, Peter Lamm, “We welcome BC Partners to the Riddell team and look forward to working with them to drive continued innovation and growth. With the best management team in the industry, Riddell is well positioned to deliver outstanding performance for athletes and value for all of its investors.”

Three Ocean Partners served as the sole financial advisor to BC Partners Credit on both the preferred and debt financing, and King & Spalding LLP acted as legal advisor.

UBS Investment Bank and Baird served as financial advisors to Riddell, and Lowenstein Sandler LLP acted as the legal advisor to the Company in connection with the transaction.

About Riddell

Riddell was founded with a goal of giving back to the football community while advancing and improving athlete protection. As the long-standing leader in football head protection and protective athletic equipment for 95 years, Riddell is leading the game to a strong future by creating a path to next generation protection. Riddell also offers best-in-class reconditioning services to help ensure athletes have access to clean, sanitized, and recertified equipment. Off the field, Riddell’s licensed collectibles business is regarded as the cornerstone of football collectibles for fans and collectors of college and the NFL. For more information, visit www.Riddell.com or follow @RiddellSports on Instagram, Twitter, Facebook, and YouTube.

About BC Partners & BC Partners Credit

BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. To date, BC Partners Credit has completed more than 400 transactions. For further information, visit www.bcpartners.com/credit-strategy.

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EVORIEL: Fresh impetus for a key French player in property management services

Bridgepoint

The Residential Property Management Services previously part of Nexity have now been united under the EVORIEL group and will continue to grow with the support of new shareholder, Bridgepoint. Drawing on its experience in real estate and its nationwide reach, EVORIEL brings together more than 200 agencies, three iconic brands, over 3,100 highly committed employees and nearly one million clients.

True to its tradition and commitment to clients, the EVORIEL group offers a unique blend of complementary services through three iconic brands:

  • Lamy, setting the standard in on-the-ground services with a presence in over one hundred cities across France,
  • Oralia, a network of premium agencies offering tailored services in the heart of major urban areas,
  • Richardière, specialising in property management for institutional and major private investors.

 

EVORIEL will ensure all clients continue to benefit from the services provided by its in-house broker, Lamy Assurances, an unrivalled expert in real-estate insurance solutions, issuing more than 110,000 contracts per year.

 

“These time-honoured brands have a tangible reputation for trustworthiness and are the driving force behind our commitment to provide tailored solutions to our clients, whether they are co-owners, landlords, tenants, large private investors or institutional investors. This fresh impetus reinforces our determination to remain at the forefront of the property management services market while continuiing to bring only the best to our clients. Our belief in profitable and responsible growth is underpinned by the quality of the people with whom we work, and especially our shareholder Bridgepoint. We are committed to a set of core values that make all the difference: (i) always acting as a socially responsible company while balancing the needs of our employees and clients; (ii) pledging to ensure that our clients’ projects stand the test of time without compromising the future; (iii) asserting our role as a trusted third party while reliably advising our clients and ensuring both ethics and  transparency for all actors in our ecosystem.”

Karine Olivier, CEO of EVORIEL.

 

With its emphasis on personal connections and deep involvement in community life, the EVORIEL group is cementing its position as a leading force in transforming property management services for cities and their residents.

“We are eager to continue this new journey alongside our employees, clients and partners. This new departure opens up really promising prospects. That is why the group remains firmly focused on the future and will continue to promote sustainable cities with strong local networks to ensure a sustainable and equitable ecological transition, drawing on its decades of experience on the ground.”

Thierry Smadja, Deputy CEO of EVORIEL.

 

“We are thrilled to begin working with everyone at EVORIEL to unlock the full potential of a sector we hold in high esteem and understand well. We are confident that together, through the synergies developed with Nexity, we can continue to cement its position as a leading player in property management services.”

Vincent-Gaël Baudet, Head of Bridgepoint Europe in France.

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Grade has finalized the acquisition of FCG Digital Oy

Viking Venture

Viking Venture portfolio company, Grade has finalized the acquisition of Finnish industry leader FCG Digital Oy. Through this acquisition, Grade strengthens its position as the leading Nordic HR-tech players within the public sector.

 

FCG Digital is Finland’s leading digital solutions provider for job advertising and recruitment towards the public sector. Many Finnish municipalities and governmental bodies currently use the recruitment software. FCG Digital OY and its main product Kuntarekry handles over 4 million unique visitors annually with over 55,000 job advertisements and half a million job applications floating through the platform.

The agreement between the seller, FCG, and the buyer, Grade, was signed on January 25, 2024. Completion took place on April 2, 2024, after closing conditions had been met.

Grade & FCG Digital Oy

Market-leading in HR-tech for the public sector

– Grade has experienced strong organic growth since 2021, when Grade, Varbi, and Workbuster merged. Our customer base within the public sector is steadily expanding, and our existing customers are choosing to digitalize more and more of their processes related to the employee journey. In 2023, we entered the Norwegian market through the acquisition of Jobbnorge. Entering Finland is a natural next step, so when the opportunity to merge with FCG Digital materialized, it felt like a strategically important decision and something we are very excited about, says Rickard Kajson, CEO at Grade.

Through the acquisition of FCG Digital Oy, Grade becomes the leading Nordic HR-tech players within the public sector. Grade’s customer base consists of numerous Norwegian and Swedish regions, municipalities, universities, authorities, and major private companies. Now, they have a significant part of the public sector in Finland as well.

– When Viking Venture invested in 2021, our goal was to build Grade to become the number one player within HR recruitment tech in the Nordics. With the acquisition of FCG Digital OY we have accomplished our initial goal, and we will continue to strengthen our position, says Joar Welde, Partner at Viking Venture and Chairman of the Board at Grade.

Digital solutions for the entire employee journey

– It’s fantastic that we have found an owner for our system solutions with such focus on recruitment and employee development within the public sector. With the sale, the offering significantly improves for FCG’s current system customers, says Tommi Kajasoja, the CEO of FCG.

– We look forward to welcoming 54 new colleagues to Grade. Together, we will be able to offer FCG Digital’s customers additional opportunities to digitize the employee journey with digital reference checking, candidate feedback, learning, competency management, and employee development. The strength of our product suite lies in seamlessly following the employee throughout the entire employee lifecycle – of course, based on the requirements that organizations within the public sector demand, such as accessibility and security, says Rickard Kajson, CEO at Grade.

Business as usual for FCG Digital’s customers

As part of the acquisition, Grade acquires all shares of FCG Digital Oy from FCG. The operations continue as previously operated. Misa Leiber will continue as Country manager and responsible for the day-to-day operations and looks positively towards FCG Digital’s future.

– By becoming part of Grade, we can further enhance and develop our digital solutions to meet the needs of our customers. All our well-known system solutions, including their support and maintenance, will continue just as usual without interruption, along with the employees that our customers are familiar with, concludes Misa Leiber, Operations Manager at FCG Digital.

About Grade

The growing Grade Group now consists of the companies FCG Digital, Jobbnorge, Varbi, Grade, Workbuster, Realcruit, and Refensa. Grade provides flexible solutions in Talent Management for the entire employee journey. In 2024, Grade is expected to generate approximately 390 MSEK in revenue, of which around 370 MSEK is recurring revenue. The largest owner is Viking Venture.

About FCG Digital

FCG Digital is Finland’s leading provider of digital solutions for job advertising and recruitment within the public sector. The company had a turnover of approximately 67 MSEK in 2023.

Contact

Rickard Kajson – CEO, Grade: +46 76 501 05 36

David Pode – M&A, Grade: +46 70 540 99 55

 

Header Image (from left): Rickard Kajson, CEO at Grade and Misa Leiber, Operations Manager at FCG Digital.

Categories: News

VNV Global portfolio company BlaBlaCar closes EUR 100 mln financing

VMV Global

VNV Global AB (publ) (“VNV Global” or the “Company”) portfolio company BlaBlaCar, the world’s leading community-based travel app, today announced it has successfully secured a EUR 100 mln revolving credit facility that will fuel its growth ambitions and affirm its position as the go-to marketplace for shared travel globally.
BlaBlaCar also announced it closed 2023 with EUR 253 mln in revenues, representing a 29% increase from the previous year. Having been profitable for the last 24 months, BlaBlaCar shared that they closed 2023 with positive EBITDA. By optimizing empty seats in cars and buses and encouraging shared travel, BlaBlaCar also helped reduce the carbon footprint of travel by 2 million tonnes of CO2 only in 2023.
The objective with the new financing is to extend BlaBlaCar’s multimodal strategy, combining several modes of shared transportation with the extensive coverage of its carpooling network, across the geographies where it operates.

Nicolas Brusson, co-Founder and CEO of BlaBlaCar, said:
“This EUR 100 mln financing will enable us to pursue an ambitious growth strategy, including M&A where we are currently exploring several opportunities. Combined with continuous innovation, M&A is a tool to help us achieve market leadership faster. Moving forward, the way we operate is geared towards achieving profitable growth as a fundamental principle. This milestone demonstrates BlaBlaCar’s maturity and financial stability. Nevertheless, we must remain humble: there’s still a long way to go in our journey to make travel more sustainable and humane. This step allows us to pursue our mission with confidence. Today, it enables us to finance new projects, encourage new innovations and explore new acquisitions.”
For more information, please see a press release from BlaBlaCar through the following link.

For further information please contact:

Björn von Sivers, CFO
Telephone: +46 8 545 015 50
Email: bjorn@vnv.global

About Us

VNV Global brings together patient capital and network effect businesses to achieve the scale that drives profitability over the long term. We are opportunistic investors in business models that build strong moats. The common shares of VNV Global are listed on Nasdaq Stockholm, Mid Cap segment, with the ticker VNV. For more information on VNV Global, visit www.vnv.global.

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VNV Global portfolio company BlaBlaCar closes EUR 100 mln financing

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Blue Owl Capital to Acquire Kuvare Asset Management for $750 Million

Blue Owl logo
  • Acquisition will add up to $20 billion in AUM for Blue Owl and support the launch of Blue Owl Insurance Solutions
  • Blue Owl also invested $250 million in Kuvare UK Holdings

NEW YORK, April 3, 2024 — Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL), a leading alternative asset manager, announced today it has entered into a definitive purchase agreement to acquire Kuvare Insurance Services LP (dba Kuvare Asset Management) (“KAM”) for $750 million. 

KAM is a boutique investment management firm focused on providing asset management services to the insurance industry, including Kuvare UK Holdings (“Kuvare”). Blue Owl will fund the KAM acquisition through a combination of $325 million in cash and $425 million in Blue Owl Class A common stock. The KAM acquisition is expected to close in the second or third quarter of 2024 and remains subject to customary regulatory approvals and other closing conditions and specified termination rights. Upon closing of the KAM acquisition, most KAM employees are expected to join Blue Owl. In addition, there is potential for up to a $250 million earnout subject to certain adjustments and achievements of future revenue targets.

Separately, Blue Owl made a long-term investment in Kuvare today, purchasing $250 million of preferred equity. This investment creates long-term alignment between Blue Owl and Kuvare and provides valuable growth capital to Kuvare’s insurance companies, each of which will become new asset management clients of Blue Owl. Founded in 2015, Kuvare is a technology-enabled financial services firm operating several insurance and reinsurance businesses and has become a top 20 fixed and indexed annuity writer in the United States. Kuvare’s business segments include retail, institutional reinsurance and specialty insurance advisory services.

In addition to the preferred equity investment, Blue Owl and Kuvare entered into investment management agreements (“IMAs”) that will allow Blue Owl to deploy up to $3 billion of assets across its existing Credit, GP Strategic Capital and Real Estate investment platforms, which can grow over time. Upon the closing of the KAM acquisition, Blue Owl will be allocated up to $20 billion of AUM, in aggregate. Kuvare will continue to manage the overall asset allocations for its insurance businesses and strategic investments. Blue Owl’s IMAs with Kuvare insurance companies will be additive to Blue Owl’s permanent capital base while enhancing Kuvare’s investment capabilities.

These transactions are expected to be accretive to Blue Owl in 2024.

Doug Ostrover, Co-CEO of Blue Owl said: “The creation of Blue Owl Insurance Solutions represents a significant moment in Blue Owl’s journey. Our acquisition of KAM allows us to provide broader solutions to the multi-trillion-dollar insurance market at scale. KAM’s capabilities in investment grade credit and real estate strategies supplement Blue Owl’s existing strength in these asset classes and further accelerate our ability to bring differentiated products and strategies to the market for Kuvare and third-party insurance clients.”

Marc Lipschultz, Co-CEO of Blue Owl said: “Our preferred equity investment in Kuvare reflects our confidence in the growth trajectory of the business; both through its extensive distribution network and proven reinsurance strategy. This partnership with Kuvare anchors Blue Owl’s expanding presence in the insurance channel, greatly complementing our robust institutional and wealth footprint and further diversifying the markets for which we provide investment solutions. In aggregate, we believe these transactions reflect a creative approach to expanding our offerings for the insurance market at an attractive price.”

Dhiren Jhaveri, Founder, Chairman and CEO of Kuvare added: “It is an important and exciting step in the evolution of Kuvare to associate in such an impactful way with an asset manager of Blue Owl’s caliber. We always strive to be excellent stewards of assets entrusted to us by our policyholders and reinsurance partners, and the team at Blue Owl has demonstrated a unique commitment to helping us achieve our goals. We especially look forward to continued collaboration with our many valued KAM colleagues who will join the Blue Owl team at close of this transaction.”

A supplemental investor presentation with respect to the transaction is available on the shareholders section of Blue Owl’s website.

Ardea Partners LP and PJT Partners LP are serving as lead financial advisors to Blue Owl in connection with the transactions. BofA Securities, BMO Capital Markets Corp., Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, Mizuho and its affiliate Greenhill & Co, Morgan Stanley & Co. LLC, and Truist Securities, Inc. are also acting as co-financial advisors to Blue Owl. Kirkland & Ellis LLP acted as legal advisor to Blue Owl.

J.P. Morgan Securities LLC is acting as lead financial advisor to KAM, and as co-placement agent on the investment in Kuvare. RBC is acting as financial advisor to Kuvare and as co-placement agent on the investment in Kuvare. Sidley Austin LLP acted as legal advisor to Kuvare.

Blue Owl Investor Contact
Ann Dai
Head of Investor Relations
blueowlir@blueowl.com

Blue Owl Media Contact
Nick Theccanat
Principal, Corporate Communications & Government Affairs
nick.theccanat@blueowl.com

Kuvare Media Contact
Erica Davis
Director, Corporate Communications
media@kuvare.com 
800-637-6318
About Kuvare Holdings
Kuvare is a technology-enabled financial services platform providing life insurance and annuity products to consumers, reinsurance solutions to institutional markets, advisory services to insurance businesses, as well as asset management solutions. Headquartered in the Chicago area, and founded in 2015, Kuvare has $37 billion of assets and is committed to a sustainable long-term growth strategy. The family of Kuvare companies includes Lincoln Benefit Life Company, Guaranty Income Life Insurance Company, United Life Insurance Company, and Kuvare Life Re (Bermuda), and Ignite Partners. For more information about Kuvare, please visit https://kuvare.com.

 

Forward Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date made. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owl’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include the risk of the KAM acquisition not closing on a timely basis, if at all; the inability to recognize the anticipated benefits of strategic acquisitions; costs related to acquisitions; the inability to maintain the listing of Blue Owl’s shares on the New York Stock Exchange; Blue Owl’s ability to manage growth; Blue Owl’s ability to execute its business plan and meet its projections; potential litigation involving Blue Owl; changes in applicable laws or regulations; and the possibility that Blue Owl may be adversely affected by other economic, business, geo-political and competitive factors.

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