Category Archives: News

EQT Real Estate signs pre-lease for development of 14.1k sqm education property in Stockholm

eqt
The rapid pace of urbanization and creation of new residential neighbourhoods is placing new demands on cities’ and creating new urban landscapes devoid of necessary local amenities, such as modern education facilities in central locations. Guided by this macro trend and combined with deep sector expertise, EQT Real Estate is playing its part in solving this societal challenge.
Before
EQT Real Estate recognizes the need for modern education properties as particularly high in Stockholm due to the demographic development of a rapidly increasing population. In June 2018, EQT Real Estate acquired the leasehold to Hönsfodret, an education and office asset located on the island of Södermalm in central Stockholm. In collaboration with AcadeMedia, a leading education provider in Northern Europe, EQT Real Estate developed a clear thesis and vision for the property, applying a business-to-business mindset in property development and providing a corporate solution for their real estate needs.
After
EQT Real Estate has signed a 16-year pre-lease with AcadeMedia for a 14.1k sqm development called Campus Södermalm which upon completion of the heavy refurbishment in H2 2022 will house four Upper Secondary Schools. All the schools are currently operational elsewhere in Stockholm and will relocate to provide their students access to a new inspirational environment that promotes a healthy lifestyle with onsite facilities for physical activities and shared communal areas to facilitate student interaction.

The property is currently being remodelled and extended to house state-of-the-art classrooms, labs, a library, a sports centre and spacious communal areas. In addition, the asset will house a student managed restaurant that will serve the local community creating additional amenity for the local residents. Campus Södermalm directly overlooks the water and benefits from multiple means of public transportation in close proximity. Completion of the construction works is expected in the second half of 2022. The lease with AcadeMedia will commence upon completion of the development, in time for the start of the academic year.

The development will target a BREAM certification of ‘very good’. The remodelling of the facade, all doors and windows as well as the roof will ensure that the property will exceed the ESG targets required by occupiers and institutional owners. An indoor bicycle storage room will be provided to accommodate in excess of 170 bikes, encouraging students to choose a healthy means of transportation year-round.

Henrik Orrbeck, Partner at EQT Real Estate, commented: “For a long time, AcadeMedia has been looking for a property with an attractive location in central Stockholm to house Campus Södermalm. EQT identified the leasehold to Hönsfodret, at the time 50 percent vacant, and saw the potential to transform it into one of Stockholm’s foremost educational properties. We are very happy that we were able to help AcadeMedia realize their vision for Campus Södermalm.”

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Currencies Direct Completes £165 Million Dividend Recapitalisation

CVC Capital Partners

Transaction Supported by incumbent lenders CVC Credit and Alcentra

 

Palamon Capital Partners (“Palamon”), a pan-European growth investor, and Corsair, a global specialist investment firm focused on financial & business services and infrastructure, today announced that portfolio company Currencies Direct (the “Company”), a global leader in digital foreign exchange (“FX”) and international payment services to high value private clients and SMEs, completed a £165 million dividend recapitalisation. The recapitalisation was provided by incumbent lenders CVC Credit and Alcentra, who backed Palamon and Corsair’s acquisition of Currencies Direct in 2015. The refinancing includes a 5.5x senior portability feature.

Currencies Direct is one of the largest platforms globally in an increasingly consolidating international payments market. The Company focuses on high-value transactions and the mass affluent segment of the FX market, as well as SMEs. Currencies Direct combines a full-stack, fully digital offering (c. 80% of total trades) with a premium, award-winning customer service model that allows it to cater to the universal needs of its target customer segments.

Since Palamon and Corsair’s acquisition in 2015, Currencies Direct has increased revenue from £40 million (CY2015) to £85 million (CY2020), and nearly tripled EBITDA from £13 million to £33 million over the same period, with net leverage reducing from more than 5.5x at acquisition to 1.1x at the time of the dividend recapitalisation, enabling a substantial return of capital for shareholders.  The Company has grown organically by tripling the size of its customer base, expanding its B2B2C affiliate network and broadening its geographic reach. Currencies Direct also recently signed an exclusive white label agreement to provide FX services to Hargreaves Lansdown, one of the largest wealth managers in the UK with approximately 1.5 million active clients.

Currencies Direct’s strong cash generation has also allowed the Company to self-fund three add-on acquisitions and complete a significant £20 million investment in a full upgrade of its digital assets, including a proprietary and highly scalable transactional platform that opens numerous avenues for additional growth. The platform uses API and Machine Learning capabilities and enables full transactional and bankside straight-through processing. Its multi-tenant architecture allows the Company to seamlessly pursue its global, multi-brand strategy and M&A programme – supporting its continued growth into European, US, and Asian markets. Currencies Direct has also broadened its product range with the launch of new multi-currency wallets that serve customers making smaller transactions, improving the Company’s penetration of the lower mass-affluent market segment.

Ali Rahmatollahi, Partner of Palamon, said, “Completing a sponsor dividend recapitalisation during the global pandemic is a true testament to the business’s resilient model, attractive financial profile, and ability to consistently deliver growth and profitability despite Brexit and difficult market conditions. Our lending partners CVC and Alcentra have been supporting us since the initial acquisition and we are delighted to have their continued backing.”

Derrick Estes and Raja Hadji-Touma, Partners at Corsair, said, “Currencies Direct has undergone a period of tremendous growth and transformation over these last few years while providing unmatched FX and payment processing services to their rapidly expanding customer base. We are pleased that CVC and Alcentra share our confidence in the long-term growth opportunities for the Company and are excited for this next chapter.”

Keith Hatton, Chief Executive of Currencies Direct, said: “With Palamon and Corsair’s financial and strategic support, we have been able to implement a highly successful growth strategy that has nearly tripled the size of the business in five years. Currencies Direct is at an exciting turning point, and our continued investment in technology over the past three years has set the stage for a new phase of transformative growth. Our recent wealth management contract wins and growing global footprint – including through the recent opening of our new office in Singapore – underline our success in pursuing new expansion initiatives.”

Kris Winter, Executive Director at Alcentra said, “We have been supporting Currencies Direct since the initial acquisition and have continued to be impressed by the resiliency and the performance of the business, driven by its differentiated and defensible value proposition.  With banks still holding approximately 80% share of the FX market and new international territories being targeted, there is significant room for Currencies Direct to continue its strong growth trajectory.”

Chris Fowler, Managing Director at CVC Credit said, “Currencies Direct has demonstrated impressive resilience amid global disruption and even managed to increase revenues and EBITDA through 2020. We remain confident in the Company’s long-term growth prospects and are pleased to continue to support the business.”

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EQT Private Equity to sell DESOTEC to Blackstone

eqt
  • EQT Private Equity to sell Belgium-based DESOTEC, a leading European environmental services company and provider of mobile filtration solutions for a broad range of industrial applications through a unique, closed-loop service model
  • DESOTEC has pioneered the market for mobile filters and has achieved strong top-line growth since foundation, which further accelerated under EQT Private Equity’s ownership
  • EQT Private Equity has made substantial investments in DESOTEC’s sales and digitization capabilities, and supported technology- and R&D investments related to its filters and furnaces to enable a more circular service offering

EQT is pleased to announce that the EQT VII fund (“EQT Private Equity”) has entered into an agreement to sell DESOTEC (“the Company”) to private equity funds managed by Blackstone (“Blackstone”).

Based in Roeselare, Belgium, DESOTEC is a leading European environmental services company with a mission to protect the planet through innovative circular filtration solutions, enabling clean water, air, and soil. The Company was founded in 1990 and is focusing on mobile purification solutions mainly based on activated carbon technology.

DESOTEC’s fleet of approximately 2,700 mobile filters is the largest of its kind in Europe and it serves a broad range of industrial applications, including air emission, biogas, remediation, wastewater, and chemicals. The Company’s mobile filters enable its customers to comply with environmental regulations and sustainability requirements, through its closed-loop, “Filtration-as-a-Service” rental solution.

EQT Private Equity acquired DESOTEC in 2017 and has since then made significant investments in its sales and digital capabilities. Moreover, EQT has supported technology- and R&D investments related to DESOTEC’s filters and furnaces to enable a more circular service offering. Today, the Company is a European market leader in its field with an impressive track-record of double-digit organic growth, which was further accelerated under EQT Private Equity’s ownership.

The sale of DESOTEC represents another successful exit for EQT Private Equity in the Benelux and it further cements EQT’s position and momentum in the Benelux market.

Bert Janssens, Partner and Investment Advisor, Head of Benelux and Global Co-Head of the TMT sector team at EQT Partners said, “It has been a privilege to partner with Mario and the ‘DESOTEC Warriors’ team on this successful journey, and to support them in their mission to protect our planet. In the last years, management has executed on an ambitious strategic agenda, which was centered around sales acceleration, digitization, and strengthening the company and circular service proposition. The trajectory under EQT Private Equity’s ownership exemplifies our approach of responsible ownership, focused on investing in companies to accelerate growth. Furthermore, this investment showcases the win-win of investing in companies that provide solutions to societal problems. We are confident that DESOTEC will continue to be successful under its new ownership and we wish the business, management, and all its employees every success in the future.”

Mario Hertegonne, CEO of DESOTEC, said, “Over the past four years we have been on an exciting and transformational journey, supported by EQT who has significantly contributed to helping us transform the business and accelerate growth by making substantial investments. We would like to thank Bert and the EQT team, as well as the DESOTEC supervisory board, for their continued support and we look forward to continuing to develop our business together with Blackstone”.

The transaction is subject to customary conditions and approvals and is expected to close in Q2 2021. The parties have agreed not to disclose the transaction value.

Rothschild & Co acted as financial advisor and Freshfields Bruckhaus Deringer LLP acted as legal advisor to EQT Private Equity and DESOTEC.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization with more than EUR 84 billion in raised capital and currently more than EUR 52 billion in assets under management across 17 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About DESOTEC
DESOTEC, founded in 1990, is the leading European provider of mobile filtration technology through a unique and circular service concept, which helps protect the planet by enabling clean water, air, and soil. DESOTEC’s customer base is constantly growing thanks to a strong focus on 24/7 service and a commitment to design and deliver the best solution in close dialogue with the customer. Through in-depth expertise of industrial applications and continuous investment in mobile filters, centralised reactivation capacity and well-positioned European hubs, DESOTEC ensures that the European industry can meet the increasing regulations for a better and cleaner environment.

More info: www.desotec.com

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Landers Superstore partners with CVC as it targets expansion of its branch network

CVC Capital Partners

Investment from CVC Capital Partners Asia V will improve the membership experience and accelerate new store rollouts

Landers Superstore (“Landers”), one of the fastest growing large-format retailers in the Philippines, has partnered with CVC Capital Partners (“CVC”) as it accelerates its expansion in the Philippine market. Landers has rapidly grown to a network of five branches with more than 45,000 sqm of retail space in Metro Manila and Metro Cebu. From its opening in 2016, Landers has consistently surpassed its revenue targets, and in 2020 achieved year-on-year growth of 22% despite the pandemic.

The market has responded positively to Landers’ membership-only value centric approach. From offering the best deals at its Chevron branded fuel stations to attractive sales discounts for its members in store, the Landers formula of offering access to thousands of global products at reasonable prices is a winning one for Landers’ growing membership.

CVC has a long track record of strengthening companies’ operations in Asia, having been active in the region for over 20 years. CVC’s global network and partnerships provide Landers with access to key strategic components in the areas of supply chain, technology and retail operations, which will be important for its expansion plans. CVC is well positioned to support this strategy while its experience gained through the successful expansion of BJ’s Wholesale Club in the U.S. will be valuable.

Lowell L. Yu, Chairman of Landers Superstore commented: “Landers Superstore is ready for its next stage of growth which will take Landers’ proposition to more communities nationwide. We are excited to have CVC with us in bringing this world-class, global, shopping experience to more Filipinos in the years to come.”

Brice Cu, Managing Director and Head of the Philippines for CVC Capital Partners said: “Landers’ unique and outstanding value proposition to its members has allowed it to build a strong brand in a short period of time. CVC will leverage its global platform and our extensive experience operating and investing in the consumer and retail sectors to help Landers continue to deliver first class services to all its members. We are delighted to partner with the management team to embark on Landers’ next stage of growth.”

This is the second investment CVC has announced in the Philippines in the last six months, following the investment in Fast Logistics Group in December 2020.

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Consortium around EMERAM and Gimv to support German digital learning platform sofatutor in the next growth phase

GIMV
Topic: Investment

  • sofatutor is the most comprehensive digital education platform for schoolchildren in the German-speaking countries
  • Number of users has grown during a highly successful 2020 to more than 1 million schoolchildren
  • Additional digital education offerings and integration within in-school activity to be key drivers of future growth

EMERAM Capital Partners, one of the leading investment companies in the German-speaking region with a focus on medium-sized companies, is heading an investor consortium together with the investment company Gimv, amongst others, to lead digital company sofatutor into the next growth phase. The consortium will thus take on from the previous share owners. sofatutor is regarded as one of Germany’s leading digital education platforms for years one to twelve (K-12). Through additional innovative offerings, sofatutor plans to meet the demand for online learning tools and improve access to first-class education. In this way, the strong growth of the past years is to be continued into the future.

Founded in 2008, the company currently has more than one million users. Moreover, sofatutor is used by more than 25 percent of all teachers across Germany and has been introduced in the Federal States of Saxony and Bremen. sofatutor therefore sees itself positioned as the most comprehensive provider for digital learning tools in Germany, Austria and Switzerland, a market with a total of more than 11 million schoolchildren.

The sofatutor product and service portfolio covers a wide range of more than 11,000 videos, as well as exercises and worksheets for 14 different school subjects. Students can access material conveniently via the web-based platform or via sofatutor app and can chat about homework tasks in real-time with qualified teachers.

Dr. Christian Näther, founding partner of EMERAM, says: “High-quality education has an important societal role in any country. We are therefore pleased to support sofatutor in extending its educational offering still further. Sofatutor is already seeing huge demand for its digital learning tools, which has been boosted still further by home-schooling and the pandemic. We would like to continue the success story.” Matthias Obermeyr, Partner at EMERAM, adds: “Thanks to its comprehensive, digital offering, its strong innovation and attractive value proposition, sofatutor already occupies a strong market position. Extending the digital product range and expanding digital learning models offers significant further growth potential.”

Stephan Bayer, CEO of sofatutor and the company’s founder, explains: “With more than one million users and the largest network of teachers integrating sofatutor’s content into their lessons, sofatutor has long been the leading provider of digital learning applications. With the new consortium of investors, we again have a strong group of investors at our side who will accompany and support the company with their expertise in the next growth phase. Innovative digital learning tools will continue to be our DNA into the future. We want to support schools, teachers and schoolchildren not only after school but also by offering digital learning content for school daytime activity.”

Dr. Sven Oleownik, Partner and Head of Germany at European investment company specialized in growth companies, Gimv, comments: “With its investment in sofatutor, Gimv confirms its commitment to investing in future-oriented companies along the fundamental trends of digitalization, sustainability and convenience, and is supporting together with EMERAM an excellently led company which, with its digital offering, is perfectly addressing the United Nations goals with respect to high quality education and digital innovation.”  Koen Bouckaert, Managing Partner and Head Consumer at Gimv, adds: “We are therefore particularly pleased to allocate part of our recently issued sustainable bond towards sofatutor’s growth story, thus making a significant contribution to both the company and society at large.”

The investor consortium around EMERAM and Gimv was advised in the transaction by IEG Investment Banking Group (M&A), GLNS and McDermott (Legal), PwC (Financial, Tax and Commercial) and Xperify (Tech/Marketing).

The transaction is subject to the usual conditions, including approval by the competition authorities. Further financial details are not to be disclosed.

Read the full press release:

English – French – Dutch – German
Gimv
Karel Oomsstraat 37, 2018 Antwerpen, Belgium
www.gimv.com

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Gimv invests in Verkley, a specialist contractor in cable and pipeline networks for energy and water

GIMV
Topic: Investment

Gimv announces that it has acquired a majority shareholding in Verkley, which specialises in building and maintaining underground cable and pipeline networks for energy and water. Gimv has acquired the shares from PMH Investments in Heerenveen). Verkley’s experienced management is also reinvesting. In cooperation with Gimv, Verkley is keen to anchor and expand its activities as an important northern Dutch player in underground infrastructure in a sustainable way.

Investment in public utilities is a must: with solar energy and wind power coming to the fore, and with growing demand for electrical energy for electric vehicles, heat pumps, ICT systems and other uses, today’s electricity networks are inadequate for the future. In the northern Netherlands in particular, many electricity networks need to be significantly reinforced. Parallel with this comes water transition: water resources made scarcer by climate changes demand good management, including major investments to maintain and replace existing drinking water networks.

The opportunities and growth possibilities for a well-reputed player like Verkley (Drachten – NL, www.verkley.nl) are great. For 50 years, the company has been building mains and connecting piping for network companies in the northern Netherlands. Next to that Verkley specialises in consultancy, engineering and project management for cable and pipeline networks. In order to deepen its service to its clients, Verkley is also keen to expand its specialization in engineering and more complex horizontal soil drilling (trenchless technologies). With Gimv, Verkley has found the right partner to realise these ambitions.

Verkley enjoys a strong reputation for quality, safety, flexibility and technical competence, criteria that are very important in its customers. In this way the company has built up an impressive customer base over the past decades, with many multi-year contracts. With some 150 permanent employees and 150 flex workers, the company is able to respond quickly and flexibly to changing circumstances. Verkley generated a turnover of EUR 38 million in 2020 out of two facilities, one in Drachten (head office) and one in Groningen.

Erik Blauw, CEO of Verkley, explains: “With the arrival of Gimv and its expertise, we hope to be an even better partner for our customers. By taking on board this experienced partner with a strong network in our sector, we are ready for the next phase of growth. Our shared vision on long-term value creation is the best guarantee for success in our markets and for continuity for all our stakeholders. At the same time if offers greater career opportunities and development prospects for our employees.”

Rombout Poos and Roland Veldhuijzen Van Zanten (Gimv), form the deal team. In their words: “Verkley is a strong player in a segment that responds to important trends that are closely aligned with the strategy of our Sustainable Cities platform. We look forward to working with Erik Blauw and his team to realise the further expansion of Verkley – and with it the energy and water transition in the Netherlands.”

Erik Mampaey, Managing Partner Gimv and Head Sustainable Cities, adds:“Through its Sustainable Cities platform, Gimv once again invests in the energy transition towards a data-driven sustainable society, one of the greatest ESG challenges that we actively embrace.”

Durk van der Meer, managing director of PMH Investments, says: ‘It is not easy to say goodbye to a magnificent company, after working together to bring Verkley to its present outstanding condition. But a change of shareholders is good for the company’s next growth phase and for maintaining its market position through excellence.”

The transaction is subject to customary closing conditions, including approval by the competition authorities. No further financial details on this transaction are being published.

Read the full press release:

English – French – Dutch
Gimv
Karel Oomsstraat 37, 2018 Antwerpen, Belgium
www.gimv.com

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Coalition Raises $175M to Build the Future of Commercial Insurance

March 17, 2021

Coalition, a leading cyber insurance and security company, today announced it has raised $175 million to accelerate its rapid growth and global expansion. Index Ventures led the funding with participation from General Atlantic and the company’s existing investors, valuing Coalition at $1.75 billion.

“We founded Coalition four years ago with a mission to solve cyber risk, introducing a technology-led approach to risk management and insurance underwriting, pricing, and distribution,” said Joshua Motta, CEO and co-founder of Coalition. “Our ambitions now extend beyond cyber insurance. Nearly one in ten Fortune 500 companies is an insurance company, yet most were founded before World War II. With this funding, we plan to bring our technology-driven approach to other lines of commercial insurance as we seek to build the digital insurance company of the future.”

With this funding, Coalition plans to invest in three key areas:

Build the digital insurance company of the future. “We believe the future of insurance will be defined by technology, and we will continue to invest in building a leading technology company focused on innovation across all aspects of the insurance value chain,” said Motta.

Expand to new product lines. Following its strong growth in cyber and technology insurance, Coalition plans to imminently launch new insurance products to address a range of risks facing the modern enterprise — many of which are not well covered by standard business insurance policies.

International expansion. Following its expansion into Canada in 2020, Coalition plans to expand its offerings into multiple new international markets.

“Coalition is a clear leader in this space and we’re excited to support their vision to reimagine commercial insurance,” said Shardul Shah, Partner at Index Ventures. “Not only does Coalition provide peace of mind after a loss, but also peace from mind: their risk management platform, predictive analytics, and incident response services help organizations decisively and affirmatively remain resilient to risk.”

“Despite a surge in cyber attacks and ransomware, Coalition has delivered industry-leading loss performance by leveraging differentiated technology across the policy lifecycle,” said Paul Stamas, Managing Director and Global Co-Head of Financial Services at General Atlantic. “We’re excited by the innovation that Coalition is driving in cyber insurance.”

Coalition has raised $300 million in equity funding from leading global technology investors including Index Ventures, General Atlantic, Ribbit Capital, Vy Capital, Hillhouse Capital, and Valor Equity Partners, among others. Founded in 2017 by Joshua Motta and John Hering, Coalition is one of the largest providers of cyber insurance and security in the United States and Canada. Today, Coalition serves over 42,000 customers, providing no-cost cybersecurity tools to prevent losses, security and incident response services to contain them, and comprehensive insurance to help organizations recover from failures and breaches. The investment follows long-term capacity commitments from leading global insurers Swiss Re and Arch Insurance.

To learn more about Coalition, visit coalitioninc.com.

About Coalition

Coalition is a leading provider of cyber insurance and security, combining comprehensive insurance and proactive cybersecurity tools to help businesses manage and mitigate cyber risk. Backed by leading global insurers Swiss Re Corporate Solutions, Arch Insurance, Lloyd’s of London, and Argo Group, Coalition provides companies with up to USD $15 million of cyber and technology insurance coverage in all 50 states and the District of Columbia, as well as CAD $20M of coverage across 9 provinces and 3 territories in Canada. Coalition’s cyber risk management platform provides automated security alerts, threat intelligence, expert guidance, and cybersecurity tools to help businesses remain resilient in the face of cyber attacks. Headquartered in San Francisco, Coalition has presences in New York, Los Angeles, Chicago, Dallas, Washington DC, Miami, Atlanta, Denver, Austin, Vancouver, and Toronto.

Media Contacts

Mary Armstrong & Emily Japlon
General Atlantic media@generalatlantic.com

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Seaya Ventures leads a €3 million investment in Aquí tu Reforma

Seayaventures
Barcelona, March 17, 2021 – Aquí tu Reforma, Spain’s first technology-based home improvement franchise company, has completed a €3 million financing round led by venture capital fund Seaya Ventures and with the participation of existing investors such as Encomenda Capital, among others. Seaya’s investment portfolio includes 29 disruptive technology companies that have become leaders in their respective industries, including Cabify and Glovo, the first two unicorns in Spain.

The objective of the round is to consolidate Aquí tu Reforma’s leadership in Spain and to continue developing its own disruptive technology, launch new technology-based products and services and internationalise the company, reaching other countries in Europe and Latin America. The renovation sector in Spain is forecast to grow by 13% in 2021 and is expected to generate more than €60 billion. This industry will be essential for the economic reactivation and achieving the 2030 agenda to decarbonise the European economy.

Aquí tu Reforma is committed to the sector’s digitalisation and sustainability, with the implementation of a circular economy plan that optimises resources and systems, improving waste management and minimising the impact on the environment.

The company is led by its founders Francisco Morán, CEO, and Enric Aparici, managing director, and started its activity in 2019 with the mission to digitise the sector. Francisco Morán explains that “we have been very clear from the outset that we wanted value added partners and Seaya is the perfect ally”.

Antonio Giménez de Córdoba, Seaya Ventures partner, valued Aquí tu Reforma’s “commitment to the renovation sector’s digitalisation and its potential to improve the sustainability of homes and cities. At Seaya, we are very clear that we want to invest in companies that have a positive impact on society.”

Aquí tu Reforma has a network of 106 franchises in 46 Spanish cities and a team of more than 500 people in franchises and 30 people in the head office. The company plans to double its workforce by the end of the year. “We are reinforcing the technology and marketing teams and all areas related to customer service, both in terms of management with our franchises and for end customers,” says Morán. The company’s immediate projects include the launch of ATR Market, an exclusive procurement platform for franchises, and new technological tools, such as an app and augmented reality technology.

About Aquí tu Reforma

Aquí tu Reforma is the leading brand of home renovation franchises, whose main objective is to improve well-being in sustainable cities, with people at the centre and technology as the backbone. The network has 106 franchises, located in the main cities of Spain. The company offers renovation financing through its AQUÍ Credit platform. The company, which started its activity in 2019, was founded by Francisco Morán and Enric Aparici. More information at www.aquitureforma.com

About Seaya Ventures

Based in Madrid, Seaya Ventures has been backing the best entrepreneurs and teams in Europe and Latin America since 2013. Seaya focuses on helping founders scale their businesses and enable them to become global leaders. More information at www.seayaventures.com

 

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TA Associates Makes a $100 Million Strategic Investment in Appfire to Partner With Silversmith Capital Partners to Accelerate Company’s Growth

TA associates

Leader in Atlassian Ecosystem Secures Growth Stage Financing to Support Continued Expansion and Accelerate the Broad Adoption of its Digital Transformation Apps

BOSTON, MA – Appfire, a leading provider of apps that help teams solve modern challenges with digital solutions, today announced that it has received a $100 million investment from TA Associates, a leading global growth private equity firm. With this investment, Appfire intends to continue its leadership within the Atlassian ecosystem with more than 85 purpose-built products on the Atlassian Marketplace and over 110,000 active installations worldwide.

TA’s investment in Appfire comes on the heels of a $49 million strategic investment from Silversmith Capital Partners in May 2020. Since Silversmith’s investment, Appfire has made six acquisitions within the Atlassian ecosystem—Artemis, Beecom, Bolo, Botron, Innovalog and Navarambh—significantly expanding the company’s footprint.

“TA’s commitment to growth and innovation aligns with our passion for helping teams everywhere drive efficiency and productivity,” said Randall Ward, CEO of Appfire. “We believe this investment is a testament to Appfire’s outstanding team and a clear validation of our vision, strategy and execution. We are excited to continue our partnership with Silversmith and welcome TA as a strategic growth partner.”

Founded in 2005 as a professional services company, Appfire was one of the first Atlassian partners and transitioned to a product company in 2013. The Appfire team has developed domain expertise in creating, launching and distributing apps through the Atlassian Marketplace. The company’s growing portfolio of apps empowers teams worldwide with workflow automation, business intelligence, publishing and administrative tools, at companies, including Google, Amazon and Starbucks.

“We are thrilled to complete this strategic investment in Appfire and to support Randall and his team in the next stage of the company’s evolution,” said Michael Libert, a principal at TA Associates, and Hythem El-Nazer, a managing director at TA Associates. “We look forward to working closely with the Appfire and Silversmith teams in driving organic growth, leveraging the company’s robust M&A platform and supporting Atlassian’s goal of having best-of-breed products.”

“Since our investment a year ago, Appfire’s exceptional team, unique culture and strong products have helped leading companies around the world navigate an accelerated need for digital-first, cloud-native solutions. Customers leverage Appfire’s workflow automation, data integration, administration and reporting apps to do their best work,” said Sri Rao, general partner, Silversmith Capital Partners. “We are thrilled to partner with Hythem, Michael and the TA team as Appfire enters an exciting next phase of evolution.”

As part of the investment, Michael Libert and Hythem El-Nazer of TA have joined Appfire’s Board of Directors.

“Appfire is a great example of the incredible innovation occurring in the Atlassian marketplace and how our ecosystem can provide customers with the tools and technologies they need to unleash the potential of every team,” said Martin Musierowicz, head of channel, Atlassian. “Appfire continues to deliver great capabilities for our customers, and we’re excited to support their continued growth.”

Kirkland & Ellis LLP served as legal counsel to Appfire and TA Associates. Baird served as the exclusive financial advisor to Appfire.

About Appfire
Appfire is an award-winning Atlassian Platinum Marketplace Partner and has been a global authority in the Atlassian ecosystem for more than 15 years. Appfire’s popular Artemis, Beecom, Bob Swift, Bolo, Botron, Feed Three, Innovalog and Wittified product brands comprise the largest portfolio of apps on the Atlassian Marketplace with 85+ purpose-built products and over 110,000 active installations worldwide. Learn more at www.appfire.com.

About TA Associates
TA is a leading global growth private equity firm. Focused on targeted sectors within five industries – technology, healthcare, financial services, consumer and business services – the firm invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $33.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $3 billion per year. The firm’s more than 100 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA can be found at www.ta.com.

About Silversmith Capital Partners
Founded in 2015, Silversmith Capital Partners is a Boston-based growth equity firm with $2.0 billion of capital under management. Silversmith’s mission is to partner with and support the best entrepreneurs in growing, profitable technology and healthcare companies. Representative investments include ActiveCampaign, Appfire, Centauri Health Solutions, DistroKid, Impact, LifeStance Health, MediQuant, Panalgo, Unily, Validity, and Webflow. The partners have over 75 years of collective investing experience and have served on the boards of numerous successful growth companies including ABILITY Network, Archer Technologies, Dealer.com, Liazon, Liberty Dialysis, MedHOK, Passport Health, SurveyMonkey, and Wrike. For more information about Silversmith, please visit www.silversmith.com.

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Norkart becomes a Ferd company

Ferd

Ferd is acquiring the total share capital of Norkart, a market leader in municipal technology, mapping and real estate information. Norkart’s digital solutions and unique data platform help improve the quality and efficiency of the services that over 330 Norwegian municipalities offer their residents, and provide operationally critical information to the public sector and business and industry.

Photo: Norkart

“We feel both humble and proud that Ferd was chosen to be part of the further development of Norkart. It is a company that we have followed for a number of years, and we have invested significant resources in understanding the market and the company’s position and potential. We are impressed by the expertise, products and customer relationships that the company has built up, and not least by its people and unique culture”, explains Krisztina Horvath, Investment Professional at Ferd Capital.

“Norkart is a company that helps make society smarter, better and more efficient using digitalisation and data. It is therefore a good fit with Ferd’s vision of creating enduring value and leaving clear footprints, and also with our strategy of strengthening Ferd’s focus on technology”, adds Gustav Martinsen, also an Investment Professional at Ferd Capital.

Gustav Martinsen explains that Norkart started out in 1961 as a pioneer in digital map production and has since built up unique expertise in maps and municipal engineering technology, as well as a significant database of map and real estate information, which is the basis for its current products and services.

“The company now has Norway’s most complete data warehouse for geographical information. By digitalising municipalities and work processes between the private and municipal sectors, Norkart helps improve municipal services and community resource usage, and it also contributes to significant value creation by providing high-quality information on which to base decisions to a wide spectrum of private sector customers, primarily the real estate and construction industry, but also insurance companies needing to carry out risk assessments”, he explains.

Krisztina Horvath emphasises that Norkart’s markets are growing strongly as a result of digitalisation and the desire to make greater use of data, and that a number of Norkart’s competitors have consolidated their businesses in recent times.

“As the company’s largest shareholder, the Algerøy family took the initiative of finding a new owner last autumn. Its aim was to put Norkart in a position to lead the way in this consolidation and to strengthen the company’s market position”, she explains – and adds that there was much interest among Norwegian as well as international investors in owning the company.

“Ferd won out in the face of stiff competition following an exciting process with a real marathon finish’, explains Sven Henrik Andresen, another Ferd Capital Investment Professional and a member of the team responsible for the acquisition, which also included Are Dragesund and Rikke Reinemo, both of whom are Investment Professionals and Co-Heads of Ferd Capital.

Sven Henrik Andresen adds that Ferd is now looking forward to investing further in people, technology and the development of innovative solutions:

“Ferd will contribute financial muscle and commercial expertise in order to strengthen Norkart in its work to identify new avenues for growth, both organic and through acquisitions, when the opportunity arises”, he comments.

Norkart has 190 employees and reported revenue of NOK 338 million in 2020 following growth of nearly 13% on average for the last five years. Over this same period its underlying earnings have doubled. The company has offices in Sandvika, Lillehammer, Bergen, Trondheim and Kristiansand.

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