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Priveq – a new growth partner for Lamiflex

Priveq

Lamiflex, a world leading supplier of transport packaging solutions mainly to the steel, aluminum and cable industries, is bringing in Priveq Investment (“Priveq”) as growth partner for the future. CEO and management as well as the former majority owners will continue to be a part of the owner group.

Lamiflex was founded in 1992 and started with the product ”Lamiflex”, protecting steel pipes and bars during transportation. The portfolio has today grown to offer complete solutions to a number of industries, i.e. oil and gas as well as the automobile industry. The company works in seven countries with headquarters in Nyköping in the south of Sweden with 63 employees in total.

During the last 30 years, the world steel production, excluding China, has been on a relatively even level even during economic decline and at times with volatile steel prices. Since a few years back, a structural shift has occurred in the market for transport packaging in the steel and aluminum industry – mainly steel protection and non-automatic processes have been replaced by plastic protection and automatisation, which is expected to drive Lamiflex’s addressable market mainly in Europe and South Korea. Through the partnership with Priveq, good conditions are created for continued growth and development of the company.

”We are impressed by the way Lamiflex has managed to establish itself as a niche actor with a strong offer and a unique position in the market. We look forward to work together with Lamiflex and actively support the company ahead.”, says Johan Koch, Partner at Priveq.

”We are very pleased to have Priveq as a growth partner in Lamiflex. Priveq has a broad experience from over 100 growth companies and we are convinced that Priveq will help us in taking the next step in our development.”, says Adrian Robert, CEO of Lamiflex.

”As Chairman of the Board and co-owner, I am leaving the baton to Priveq with warm hands. Together with the other former main owners, I will continue to invest and follow Lamiflex in to the next phase of growth and we are convinced that Priveq is a great partner to do this with.” says Wiking Henricsson, resigning Chairman of the Board in Lamiflex.

For more information, please contact:

Johan Koch, Partner and Investment Manager, Priveq Investment
Tel: +46 (0)70 813 04 18
johan.koch@priveq.se

Adrian Robert, CEO Lamiflex
Tel: +46 (0)72 858 99 81
adrian.robert@lamiflex.se

About Lamiflex
The Lamiflex Group is a world leading supplier of transport packaging solutions mainly in the steel, aluminum and cable industries as well as within oil and gas. The portfolio consists of material, machinery, services and methods for optimal packaging solutions. The Lamiflex Group is headquartered in Nyköping in the south of Sweden and with subsidiaries all over the world.

More information is available at www.lamiflex.se.

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The Carlyle Group agrees to invest in LPG Systems, manufacturer of non-surgical aesthetic and physiotherapy devices

Carlyle

Fresh capital will support international expansion and growth

Valence, France, 16 July 2018 – Global alternative asset manager The Carlyle Group (NASDAQ: CG) today announces that it has agreed to acquire a majority stake in LPG Systems (LPG), the specialist manufacturer of non-surgical aesthetic and physiotherapy devices, to support the company’s continued international expansion and growth trajectory. Equity for the transaction will come from Carlyle Europe Technology Partners III and Carlyle Asia Growth Partners V. The Guitay family will remain shareholders alongside Carlyle. The transaction is subject to customary regulatory approval and is expected to close by end of September this year.

Founded in 1986 by Louis-Paul Guitay, LPG has developed a non-surgical technology that serves the global medical, physiotherapy and aesthetics markets. The company’s technology enables physicians to provide advanced solutions for a broad range of medical, therapeutic and aesthetic applications including body contouring, cellulite and fat reduction, facial rejuvenation, burn treatment, scars reduction, lymphatic drainage and neuro physical training. Physiotherapists, medical clinics as well as Spas and luxury hotels in more than 100 countries currently use LPG devices.

Key to LPG’s success is its unique, patented technology, based on cells stimulation called Endermologie®. It is a treatment that the company has developed in close collaboration with scientists and practitioners, and is widely recognized by more than 140 scientific studies and 80 medical publications. LPG’s product portfolio is designed around the concept of well-being, offering a balance between efficiency and natural, painless treatments.

Nathalie Guitay, Chair of LPG, said: “Carlyle’s investment is testament to the strength of LPG’s product portfolio and our unparalleled technology. For more than 30 years, we have invested in R&D to develop non-surgical devices with wide-ranging applications that are suitable for our customers and patients. With the support of Carlyle, and drawing on its experience in international healthcare and consumer markets, we believe we are well positioned to further grow LPG’s international presence and to broaden our customer base whilst enhancing our product portfolio and the application of our devices.”

Vladimir Lasocki, Managing Director and co-Head of the Carlyle Europe Technology Partners team, said: “LPG is a business with strong brand recognition and an incredible reputation among both medical practitioners and end customers. LPG has successfully expanded the use of its technology across a broad range of physiotherapeutic and medical-aesthetic applications, and today they are well positioned to take advantage of the rising demand for non-surgical, natural treatments.”

Ling Yang, Managing Director of the Carlyle Asia Partners team, added: “We believe there is a great opportunity to further expand LPG’s business in Asia, particularly in China and Japan, through Carlyle’s local presence. We look forward to partnering with LPG’s management team as the company continues to grow and innovate.”

*****

About LPG Systems

For 30 years, LPG has been developing, manufacturing and marketing patented advanced technologies for the medical, physiotherapy, aesthetic and athletic markets worldwide. Endermologie® is the only 100% natural, non-invasive and non-aggressive technique that exist today. It mechanically stimulates the cells to naturally revive and rejuvenate skin. It allows simultaneous treatment of fat reduction and body contouring.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $201 billion of assets under management across 324 investment vehicles as of March 31, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,575 people in 31 offices across six continents.

Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary

About Carlyle Europe Technology Partners

Carlyle Europe Technology Partners (CETP) seeks to invest in European technology, media and telecommunications (TMT) companies. CETP’s European team of advisors provides strategic direction and resources to help accelerate the growth of companies in which CETP has invested and to support their efforts to expand internationally and to open up new market opportunities. The current fund is now the fourth one in the CETP franchise. In total, more than 143 investors from 34 countries have made commitments to CETP funds.

About Carlyle Asia

The Carlyle Asian private equity team (excluding Japan) has more than 50 investment professionals in eight offices, including Beijing, Hong Kong, Jakarta, Mumbai, Seoul, Shanghai, Singapore and Sydney. As of March 31, 2018, Carlyle’s Asian private equity platform has invested more than US$15 billion of equity, and currently has US$16.3 billion of assets under management.

In China, Carlyle has invested more than US$8 billion of equity in over 95 transactions as of March 31, 2018.

In Japan, Carlyle is the only global alternative asset manager to establish a dedicated Japan buyout fund denominated in yen. Carlyle’s Japan buyout funds, which have made 23 investments in Japan, have a track record of supporting Japanese mid-cap companies’ overseas business expansion, enhancing their operational efficiency and strengthening their management infrastructure.

Media Contacts

LPG Systems
Mandarine Basset
mandarine.basset@lpgsystems.com

The Carlyle Group

Katarina Sallerfors
Katarina.sallerfors@carlyle.com
+44 (0)20 7894 3554

Brian Zhou
Brian.zhou@carlyle.com
+86 10 57067070

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KKR to Acquire RBmedia

KKR

LANDOVER, Md. & NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, and RBmedia, a leading digital audiobook and related spoken content producer, today announced the signing of a definitive agreement under which KKR will acquire RBmedia from Shamrock Capital. Financial details of the transaction were not disclosed.

RBmedia is the largest independent publisher of audiobooks in the world with a catalogue of more than 35,000 titles spanning all genres – from romance to business to sci-fi – with thousands of works being added each year. RBmedia’s collection spans best-sellers to award winners to emerging works from up-and-coming authors. The company also distributes content to consumers directly through two divisions: Audiobooks.com, a leading audiobooks subscription service, and RBDigital, a state-of-the-art cloud-based digital media platform for libraries and library patrons. RBmedia reaches consumers through distribution agreements with an array of platform partners such as Audible, Google, and Rakuten.

“This is an exciting time for RBmedia as audiobooks are the fastest growing segment in the digital publishing industry today. We are delighted to partner with KKR to build on that momentum and to expand upon the growth we’ve achieved in the space thus far in partnership with Shamrock,” said Tom MacIsaac, President and CEO of RBmedia.

“The proliferation of mobile devices and voice-enabled ecosystems has created an always-on consumer who increasingly seeks out new content to enjoy,” said Richard Sarnoff, Chairman of Media, Entertainment, and Education for KKR. “This trend has made audiobooks the most growthful segment of the publishing industry. RBmedia is very well positioned to capitalize on these dynamics with the industry’s largest independent catalogue of premier audio content that can be flexibly delivered across platforms, worldwide.”

“We are thrilled to partner with Tom MacIsaac and the talented team at RBmedia,” said Ted Oberwager, Director at KKR. “We look forward to continuing the company’s history of innovation and to growing RBmedia for the years to come.”

KKR has a long history of successfully investing in market-leading businesses in the digital media and content sectors. KKR’s recent and related investments include WebMD, UFC, Sonos, BMG Rights Management, Next Issue Media, Fotolia, Emerald Media, and Nielsen, among others.

KKR is making the investment in RBmedia primarily from its KKR Americas XII Fund.

“Shamrock is extremely grateful to the RBmedia team for their partnership, entrepreneurial spirit and ability to lead the business over the past three years,” said Mike LaSalle, Partner at Shamrock. “KKR’s resources and expertise will enable the company to continue to capitalize on the tremendous opportunity this market represents.”

Goldman Sachs & Co. LLC is serving as financial advisor to KKR on the transaction, with Simpson Thacher & Bartlett LLP serving as legal advisor. LionTree is serving as financial advisor to RBmedia on the transaction, with Cooley LLP serving as legal advisor.

About RBmedia

RBmedia is a global leader in spoken audio content and digital media distribution technology that reaches millions of consumers—at home, in the car, and wherever their mobile devices take them. RBmedia produces exclusive titles and delivers the finest digital content—including audiobooks, streaming video, educational courses, entertainment titles, and much more. Headquartered in Landover, Maryland, RBmedia comprises an ever-expanding group of the best brands in spoken audio content and digital media distribution technology. Find out more at www.rbmediaglobal.com.

About KKR

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

About Shamrock Capital

Shamrock is a Los Angeles-based investment firm with approximately $1.9 billion of assets under management, investing exclusively in the media, entertainment and communications sectors. Shamrock was originally founded in 1978 as the family investment company of the late Roy E. Disney and has since evolved into an institutional money manager with a leading group of investors including endowment and pension funds. Shamrock partners with strong management teams and takes an active, collaborative approach to creating value in each investment. Shamrock’s current investments include Appetize, Branded Cities, BTI Studios, FanDuel, Giant Creative, Isolation Network, Maple Media, Mobilitie, Omega Wireless, Questex, RBmedia, Screenvision Media, Silvergate Media, Wazee Digital, and Wpromote. For more information, visit: www.shamrockcap.com.

KKR:
Kristi Huller or Cara Major
212-750-8300
media@kkr.com
or
Shamrock Capital:
Mickey Mandelbaum or Jaimee Pavia
212-279-3115
mmandelbaum@prosek.com
jpavia@prosek.com

Source: KKR

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Cinven to acquire and combine Viridium Group and Generali Lebensversicherung AG

Cinven

Transformational acquisition creating clear leader in German life insurance consolidation market

International private equity firm, Cinven, today announces that the Sixth Cinven Fund has agreed to acquire the Viridium Group (‘Viridium’ or ‘the Group’), a leading life insurance consolidation platform in Germany, and to provide equity funding for Viridium to acquire Generali Lebensversicherung AG (‘Generali Leben’), a life insurer with c. 4 million policies and c. €40 billion of assets under management, in a transformational acquisition.

Headquartered in Neu-Isenburg, Viridium currently manages c. 1 million insurance policies and c. €15 billion of assets. Generali Leben is one of the Life subsidiaries of Generali Deutschland AG, the second largest German primary insurance Group, and is focused on traditional life guaranteed insurance products. The combination of Viridium and Generali Leben will create a clear leader in the German life insurance consolidation market, with c. 5 million policies and assets under management of c. €55 billion, and generate significant operational synergies.

Cinven’s Financial Services team believes the combination of Viridium and Generali Leben is an attractive investment for the Sixth Cinven Fund given:

  • The German life insurance market remains highly fragmented with a significant number of acquisition opportunities for a leading consolidator such as Viridium;
  • Viridium operates a well-invested and scalable administration platform, with IT infrastructure that has been specifically designed to administer the full spectrum of German life insurance policies;
  • Generali Leben policyholders will benefit from the cost advantages of the Viridium model over the long-term, as a core part of the Viridium Group and from the comprehensive co-operation with Generali Deutschland;
  • The combination of Viridium and Generali Leben will enable the realisation of material operational synergies due to their unique expertise and their successful investment in superior IT infrastructure, allowing for scale effects;
  • Viridium will adopt all existing agreements and the c. 300 employees, currently already managing the closed book of Generali Leben, will become part of the Viridium Group;
  • Viridium’s significant asset and risk management capabilities will benefit the Generali Leben policyholders by ensuring that the business remains robustly capitalised over time. The combined entity will also benefit from improved diversification at Group level; and
  • These synergies, together with the full focus on best in class service makes combination a highly attractive platform for both policyholders and employees.

Generali Deutschland and Viridium will establish an innovative comprehensive partnership to serve the interests of customers and all stakeholders. Generali Deutschland AG will also retain a minority stake of 10.1% in Generali Leben and a Supervisory Board position and has an option to purchase a stake of up to 10% in Viridium at completion. Hannover Re, one of the largest reinsurance groups in the world, will reinvest as part of the transaction to maintain its stake in the combined Viridium and Generali Leben entity.

Caspar Berendsen, a Partner at Cinven, commented:

“We know Viridium and its management team extremely well, with our Financial Services and German teams having worked alongside them to successfully execute Viridium’s consolidation strategy over the past four years. The Group has acquired and integrated several sizeable life insurance businesses already, and now the acquisition of Generali Leben represents a transformational step-change for the business. In almost quadrupling its assets under management, the enlarged business will provide considerable further benefits for all stakeholders.”

Rory Neeson, a Partner at Cinven, added:

“Cinven has a long and proven track record of successfully investing in the life insurance consolidation sector in Europe through its investments in Guardian Financial Services, Viridium and Eurovita. This transaction represents an attractive opportunity for the Sixth Cinven Fund to create a clear leader in the German life insurance consolidation market. The combined Group will have a diversified portfolio of traditional guaranteed and unit-linked insurance policies and it will be the proven scale consolidator in its market with a unique integration track record. We expect the enlarged Viridium Group to continue to benefit from further M&A opportunities in future.”

Dr. Heinz-Peter Roß, Chief Executive of Viridium, added:

“We are delighted that Cinven is continuing to invest in Viridium, enabling us to acquire Generali Leben, as we continue to grow the business through the consolidation of life insurance businesses currently owned by other German insurers. We have demonstrated our ability to manage these businesses for the benefit of all stakeholders through our well-invested administration platform, as well as improving returns through more efficient asset management and implementing robust risk management.”

Completion of this transaction is subject to approval by the German Federal Financial Supervisory Authority (BaFin) and the respective anti-trust authorities.

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Cinven Fund 5 to sell specialist life insurance provider, Viridium Group

Cinven

Successful German life insurance consolidation further strengthens Cinven’s Financial Services track record

International private equity firm, Cinven, today announces that the Fifth Cinven Fund has agreed to sell Viridium Group (‘Viridium’ or ‘the Group’), a leading consolidation platform for life insurance companies and portfolios in the German market for an undisclosed consideration.

The Fifth Cinven Fund acquired Viridium (formerly Heidelberger Leben Group) in March 2014 for an enterprise value of approximately €300 million. This transaction created the initial platform for Cinven’s strategy to consolidate the German life insurance market, building on its successful consolidation of the UK life insurance market through its investment in Guardian Financial Services.

At acquisition, Viridium had a portfolio of c. 600,000 policies and €5.2 billion of assets. Over the past four years, Cinven has actively supported the transformation of Viridium into the largest and most advanced life insurance consolidation platform in Germany:

  • Cinven has worked closely with Viridium’s management team to consolidate the German market, acquiring Skandia’s Germany and Austria businesses from Old Mutual Group in October 2014 and subsequently acquiring the life insurance business of Protektor Lebensversicherungs-AG in July 2017, renamed to Entis. As a result of these acquisitions, Viridium now manages a combined total of c. 1 million insurance policies and c. €15 billion of assets;
  • An advanced, modular and scalable IT platform has been developed and implemented in order to integrate large scale portfolio migrations; and
  • The management team has been further strengthened with appointments of a new Chairman, CEO, COO, CIO and Chief Actuary to enable the Group to capitalise on, and subsequently integrate, market consolidation opportunities.

Cinven has a strong track record in the Financial Services sector, particularly in life insurance consolidation. In the UK, Cinven successfully realised its investment in Guardian Financial Services to Admin Re in 2016. In Italy, Cinven is currently executing a life insurance consolidation strategy through its investment in Eurovita, which was formed through the acquisitions and subsequent combination of ERGO Previdenza, Old Mutual Wealth Italy and Eurovita Assicurazioni.

In Germany, Cinven’s other current investments include STADA, the European manufacturer of prescription generics and over-the-counter pharmaceutical products; and Synlab, the European clinical laboratory services company. This transaction follows Cinven’s successful German realisations in the past 18 months including CeramTec, the global manufacturer of high performance ceramics (March 2018); HEG; the European provider of hosting and domain services to consumers and SMEs (April 2017); and SLV, the lighting manufacturer and distributor (January 2017).

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TA Associates Announces Minority Investment in Prudent Corporate Advisory Services

TA associates

BOSTON, MUMBAI and AHMEDABAD – TA Associates, a leading global growth private equity firm, today announced that it has completed a minority investment in Prudent Corporate Advisory Services (“Prudent”), an independent distributor of mutual fund and other wealth products in India. Financial terms of the transaction were not disclosed.

Founded in 2001, Prudent provides personal and corporate investment planning services through the distribution of mutual funds, bonds, broking and insurance products. The company operates through its network of over 10,000 Independent Financial Advisors (“IFAs”) and has in excess of 18,000 Cr of assets under management (“AUM”). Prudent provides its IFA partners with training and development services, technology platforms to grow and manage their client-base, back-office services, and sales and marketing support. The company is headquartered in Ahmedabad, Gujarat and operates a total of 70 branches across 19 states in India.

“With its IFA-centric business model, multiple service offerings and robust technology platforms, we believe Prudent represents a unique and exciting investment opportunity,” said Aditya Sharma, Senior Vice President, TA Associates Advisory Private Limited, who will join the Prudent Board of Directors. “We look forward to collaborating with the entire Prudent team to help take the company to the next level.”

“TA’s investment is a critical milestone for Prudent as we embark on our next phase of growth and seek to deepen our presence across multiple states and untapped markets,” said Sanjay Shah, Founder and Managing Director of Prudent Corporate Advisory Services. “As an active and respected investor within the financial services vertical, TA has developed a quality reputation of forming trust-based relationships with founders and management teams that lend themselves to positive results. It is evident that TA shares our vision to incorporate additional value creation for our customers and IFA partners, and we are thrilled to have them as part of the Prudent family.”

The Indian asset management industry’s AUM has grown at a compounded annual growth rate (CAGR) of 18% over the last 10 years. As of the end of March 2018, the industry had a total AUM of approximately $338 billion. Furthermore, according to AMFI, the industry’s AUM is expected to grow at a 23% CAGR for the next 5 years and reach $936 billion by 2023.

“Due to growing investor awareness and increasing mutual fund penetration, we anticipate that the Indian asset management space will experience significant long-term growth,” said Dhiraj Poddar, Country Head of India at TA Associates Advisory Private Limited, who also will join the Prudent Board of Directors. “Because of this trend, we have spent a fair amount of time and resources tracking the Indian asset management, distribution and allied services space. We believe that Prudent is well-positioned to capitalize in this large and developing marketplace and can provide notable benefits to India’s growing wealth management sector.”

“Since Prudent’s founding, we have strived to provide the highest quality end-to-end services and training programs for our network of IFAs to ensure that we are positioning them for success,” said Shirish Patel, Chief Executive Officer of Prudent Corporate Advisory Services. “With TA’s investment, we will look to scale the business to meet the evolving needs and goals of our dedicated client base. We welcome TA as an investor in Prudent and are eager to begin working with their talented team of investment and operating professionals.”

DSK Legal provided legal counsel to TA Associates. Shardul Amarchand Mangaldas & Co. provided legal counsel to Prudent.

About Prudent Corporate Advisory Services
Prudent Corporate Advisory Services provides personal and corporate investment planning services through the distribution of mutual funds, bonds and third-party products. In addition to having a large pool of its own clients, Prudent also manages geographically diverse business operations through an exclusive platform for Independent Financial Advisors (IFAs). Prudent provides the advisors with the latest training and consultation, technology, operations, back-office and support for sales and marketing. Prudent distributes its products to approximately 560,000 retail investors through its network of over 10,000 IFAs. The company is headquartered in Ahmedabad, Gujarat and operates a total of 70 branches across 19 states in India. More information about Prudent can be found at www.prudentcorporate.com.

About TA Associates
Now in its 50th year, TA Associates is one of the largest and most experienced global growth private equity firms. Focused on five target industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in nearly 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 growth companies. TA has raised $24 billion in capital since its founding in 1968 and is committing to new investments at the pace of $1.5 to $2 billion per year. The firm’s more than 80 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

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H.I.G. Capital Announces the Sale of Kondor

HIG Capital

LONDON – July 13, 2018 – H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with more than €20 billion of equity capital under management, announced today that one of its affiliates has sold Kondor Limited, a specialist provider of category management solutions for audio and mobile accessory products into the retail and mobile network channels in the UK and Europe, to DCC Technology (which principally trades under the Exertis brand), part of DCC plc, the leading international sales, marketing and support services group. Terms of the transaction were not disclosed.

Headquartered in Dorset, England, Kondor distributes audio and mobile accessory products to a broad range of e-tail, retail and mobile operator customers. H.I.G. invested in Kondor in 2014, and has since overseen a full reorganisation of the business. H.I.G. worked in partnership with Kondor to professionalise back office systems, develop Kondor’s access to market data, optimise the company’s product range, improve stock management and fulfilment, and grow the headcount of the business from 188 to around 250 employees. A new CEO, Beatrice Lafon, was appointed in 2017.

Carl Harring, Managing Director at H.I.G. Capital, commented on the transaction: “The consumer electronics accessories market has grown over recent years and is set for further expansion. We have enjoyed working with the Kondor team and, following intensive efforts to re-focus the business on its core product offering, it is now best positioned for future growth, both domestically and internationally.”

Beatrice Lafon, Chief Executive Office at Kondor, commented: “I would like to thank H.I.G. for their support in the expansion of Kondor. Their assistance in improving internal operations and refining our customer base leaves us in a market-leading position, with the potential for significant organic and inorganic growth. With the financial backing of DCC, and the combined benefits of working with the European retail divisions at Exertis, we will be in a strong position to continue to grow and develop the range of bespoke services we offer to our partners.”

Donal Murphy, Chief Executive of DCC plc, commented: “The acquisition of Kondor is in line with DCC Technology’s strategy to expand its service offering to both our suppliers and customers. Increasingly DCC Technology’s partners are seeking full category management solutions, as well as data driven insights into product performance, and the acquisition of Kondor will further enhance our service offering.”

About Kondor
Kondor is a market maker connecting over 100 brands to over 250 customers with a dominance in Mobile and Consumer Electronics Accessories. Kondor operates in all major channels, creating partnerships across brands, retailers and territories, on line and off line, thanks to its insights, speed-to-market, sector and product expertise.

What makes Kondor stand out is its ability to create value for all its partners through a complete range of in-house bespoke services: Category Management, Advanced eCommerce Solutions, Marketing Agency, R&D and Sourcing, IT Capability, Logistics & Warehousing.

Kondor is the Master Distributor for Samsung, represents three of the top five best-performing case brands in the UK, and owns multiple category-leading and award-winning own brands covering Audio, Imaging, Protection and Power.

Its state-of-the-art 120,000 sq ft warehouse holds over 34,000 pick locations, turns over 100,000 units per day, and as many as 90% of all the products Kondor distributes are customised in some way.

Kondor’s vision is to be the ultimate sales and distribution partner, trusted by its partners globally for its insights, its innovation, its pace, its network and its results. Kondor is The Smart Choice.

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €20 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

  1. H.I.G.’s. equity funds invest in management buyouts, recapitalisations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real assets funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

About DCC Technology
DCC Technology, is a leading route-to-market and supply chain partner for global technology brands.

DCC Technology, which principally trades under the Exertis brand, provides a broad range of consumer and business technology products and services to customers across the consumer, B2B and enterprise markets. It operates in 13 countries with its principal operations in the UK, Ireland France, Sweden, and the United Arab Emirates. It also has operations in Poland, China, the US, Germany, Spain and Norway.

About DCC plc
DCC is a leading international sales, marketing and support services group with a clear focus on performance and growth. It operates through four divisions: LPG, Retail & Oil, Healthcare and Technology.

DCC is an ambitious and entrepreneurial business operating in 15 countries, supplying products and services used by millions of people every day throughout Europe. Building strong routes to market, driving for results, focusing on cash conversion and generating superior sustainable returns on capital employed enable the Group to reinvest in its business, creating value for its stakeholders.

Headquartered in Dublin, employing approximately 11,000 people, DCC’s four divisions are:

  1. DCC LPG – a leading LPG sales and marketing business with operations in Europe, Asia and the US and a developing business in the retailing of natural gas and electricity;
  2. DCC Retail & Oil – a leader in the sales, marketing and retailing of transport and commercial fuels, heating oils and related products and services in Europe;
  3. DCC Healthcare – a leading healthcare business, providing products and services to healthcare providers and health and beauty brand owners; and
  4. DCC Technology – a leading European sales, marketing and services partner for global technology brands.

DCC plc is listed on the London Stock Exchange and is a constituent of the FTSE 100. In its financial year ended 31 March 2018, DCC generated revenue of £14.3 billion and operating profit of £383.4 million.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

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Francisco Partners Announces Strategic Minority Investment by Blackstone and Goldman Sachs Asset Management

Franciso Partners

San Francisco – Francisco Partners, a leading technology-focused private equity firm, announced that Blackstone’s (NYSE: BX) Strategic Capital Group and Goldman Sachs Asset Management’s Petershill program (“Petershill”) (NYSE: GS) have acquired a minority stake in Francisco Partners. The investment provides Francisco Partners with balance-sheet capital to continue to develop its strong platform while increasing commitments to its own funds, strengthening its alignment with limited partners. Terms of the transaction were not disclosed.

Dipanjan “DJ” Deb, Co-founder and CEO of Francisco Partners, said, “Since our inception, we have always prided ourselves on the strength of our relationships. We have the opportunity to work with great management teams who create solutions across all sectors of technology. We have incredible limited partners and now we are proud to bring on two strategic partners in Blackstone and Goldman Sachs to help us continue to grow our platform so that we can build on the success of the past 20 years. We are excited about the opportunities ahead of us and welcome the resources and expertise that these firms bring to FP.”

Scott Soussa, Head of Blackstone Alternative Asset Management’s Strategic Capital Group which specializes in acquiring long-term interests in alternative managers, said, “Francisco Partners is driven by a talented investing team with deep industry expertise. For nearly two decades, the team has stood out as a leading partner to businesses in the technology sector and we, alongside Petershill, are proud to support their continued growth.”

Robert Hamilton Kelly, Managing Director in the AIMS Group at Goldman Sachs Asset Management, said, “We look to partner with differentiated businesses with their best years ahead of them, and we believe Francisco Partners is a perfect example of such a firm. They have a well-deserved reputation for thoughtful investment and strategic operational execution across the technology space.”

Michael Brandmeyer, co-CIO of the AIMS Group at Goldman Sachs Asset Management, said “The Francisco Partners team is impressive and we appreciate the commitment and continuity of the organization. We, together with Blackstone, look forward to supporting the firm’s development and believe in its continued success.”

Evercore served as financial advisor to Francisco Partners. Kirkland & Ellis LLP served as legal counsel to Francisco Partners, Simpson Thacher served as legal counsel to Blackstone and Fried Frank served as legal counsel to Goldman Sachs.

About Francisco Partners

Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled services businesses. Since its launch over 18 years ago, Francisco Partners has raised over $14 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

About Blackstone Alternative Asset Management

Blackstone Alternative Asset Management (BAAM®), Blackstone’s Hedge Fund Solutions platform, is the world’s largest discretionary investor in hedge funds, with approximately $79 billion in assets under management. BAAM manages a diversified set of businesses including a customized solutions business, a special situations platform, a hedge fund seeding business, an open-ended mutual fund platform and a business that purchases stakes in established alternative asset managers. In all of BAAM’s business lines, it carefully selects and partners with fund managers across a variety of asset classes and strategies to create solutions for its investors. Through its sharp focus on clients’ goals, a rigorous due-diligence process and access to Blackstone’s global insights, BAAM strives to generate attractive risk-adjusted returns across market cycles while preserving capital during stressed market environments.

About the Goldman Sachs Asset Management AIMS Group

The Alternative Investments & Manager Selection (AIMS) Group provides investors with investment and advisory solutions across leading private equity funds, hedge fund managers, real estate managers, public equity strategies and fixed income strategies. Institutional and individual investors access these opportunities through new fund commitments, multi-manager programs, strategic partnerships, secondary-market investments, co-investments, management-company stakes, and seed-capital investments. The Petershill Strategies are a part of the AIMS Group, which manages over $200 billion, providing manager diligence, portfolio construction, risk management, and liquidity solutions to investors around the world.

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Addington Capital and ICG-Longbow form first joint venture to acquire £45 million Bonsai portfolio

ICG

Addington Capital, the property investment and asset management company has acquired the five property “Bonsai” portfolio for £45 million with debt and equity funding provided by ICG-Longbow, Intermediate Capital Group’s real estate business. The mixed use portfolio of high yielding residential, office and retail properties has been acquired from EPISO3, an opportunity fund advised by Tristan Capital Partners.

The portfolio consists of:

  • 120,000 sq ft of office and residential property at Headingley, Leeds
  • 50,000 sq ft of retail and residential at Elm Park, Hornchurch, Essex
  • 32,000 sq ft of retail/potential residential at South Woodham Ferrers, Essex
  • 44,000 sq ft of offices at Carew House in Wallingford
  • 118,500 sq ft Union Square shopping centre, Torquay

Martin Roberts of Addington Capital, said, “We have acquired these properties for the development and asset management opportunities that they offer, underpinned by the current strong cash flow. We intend to work these properties further to provide returns to our investors and are delighted to be working with ICG-Longbow in our first transaction together.

Addington’s founders have just launched ADDLiving, a residential property management and letting platform.

Martin added: “The fact that on exit, half of the value of the portfolio will be in residential property reflects our push into this market place.”

Matthew Main, Director of ICG-Longbow said, “This investment is in line with our strategy of funding properties or portfolios with value-add potential, especially where underpinned by an existing cash flow and/ or in a supply constrained sector such as residential. We are pleased to be partnering with Addington, who bring a long track record of identifying and realising such opportunities in both commercial and residential properties.”

For further details please contact:

ICG-Longbow,
Olivia Montgomery
+44 203 201 7508

Maitland,
Rebecca Mitchell
+44 207 379 5151

About ICG-Longbow

ICG-Longbow is the trading name of Intermediate Capital Group PLC’s (“ICG”) real estate business, and is authorised and regulated by the FCA. ICG-Longbow is an active lender across all real estate in the UK with over €3.6bn in the real assets strategy. ICG has €28.7bn of assets under management globally (as at 31 March, 2018); are listed on the London Stock Exchange (ticker symbol: ICP), and regulated in the UK by the Financial Conduct Authority (FCA). Intermediate Capital Group, Inc. is a wholly-owned subsidiary of ICG and is registered as an investment adviser under the U.S. Investment Advisers Act of 1940.

Please visit: http://www.icgam.com

About Addington Capital

Addington Capital was set up in 2010 by Martin Roberts and Matthew Allen as an independent asset management and investment business. Addington has an established platform in the office, retail and residential sectors and acts as an operating partner, working closely with its partners to create value through active asset management.

Please visit: http://www.addingtoncapital.com

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Categories: News

Francisco Partners Announces Strategic Minority Investment by Blackstone and Goldman Sachs Asset Management

Blackstone

San Francisco, July 13, 2018 – Francisco Partners, a leading technology-focused private equity firm, announced that Blackstone’s (NYSE: BX) Strategic Capital Group and Goldman Sachs Asset Management’s Petershill program (“Petershill”) (NYSE: GS) have acquired a minority stake in Francisco Partners. The investment provides Francisco Partners with balance-sheet capital to continue to develop its strong platform while increasing commitments to its own funds, strengthening its alignment with limited partners. Terms of the transaction were not disclosed.

Dipanjan “DJ” Deb, Co-founder and CEO of Francisco Partners, said, “Since our inception, we have always prided ourselves on the strength of our relationships.  We have the opportunity to work with great management teams who create solutions across all sectors of technology.  We have incredible limited partners and now we are proud to bring on two strategic partners in Blackstone and Goldman Sachs to help us continue to grow our platform so that we can build on the success of the past 20 years.  We are excited about the opportunities ahead of us and welcome the resources and expertise that these firms bring to FP.”

Scott Soussa, Head of Blackstone Alternative Asset Management’s Strategic Capital Group which specializes in acquiring long-term interests in alternative managers, said, “Francisco Partners is driven by a talented investing team with deep industry expertise. For nearly two decades, the team has stood out as a leading partner to businesses in the technology sector and we, alongside Petershill, are proud to support their continued growth.”

Robert Hamilton Kelly, Managing Director in the AIMS Group at Goldman Sachs Asset Management, said, “We look to partner with differentiated businesses with their best years ahead of them, and we believe Francisco Partners is a perfect example of such a firm. They have a well-deserved reputation for thoughtful investment and strategic operational execution across the technology space.”

Michael Brandmeyer, co-CIO of the AIMS Group at Goldman Sachs Asset Management, said “The Francisco Partners team is impressive and we appreciate the commitment and continuity of the organization.  We, together with Blackstone, look forward to supporting the firm’s development and believe in its continued success.”

Evercore served as financial advisor to Francisco Partners. Kirkland & Ellis LLP served as legal counsel to Francisco Partners, Simpson Thacher served as legal counsel to Blackstone and Fried Frank served as legal counsel to Goldman Sachs.

About Francisco Partners
Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled services businesses. Since its launch over 18 years ago, Francisco Partners has raised over $14 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

About Blackstone Alternative Asset Management
Blackstone Alternative Asset Management (BAAM®), Blackstone’s Hedge Fund Solutions platform, is the world’s largest discretionary investor in hedge funds, with approximately $79 billion in assets under management. BAAM manages a diversified set of businesses including a customized solutions business, a special situations platform, a hedge fund seeding business, an open-ended mutual fund platform and a business that purchases stakes in established alternative asset managers. In all of BAAM’s business lines, it carefully selects and partners with fund managers across a variety of asset classes and strategies to create solutions for its investors. Through its sharp focus on clients’ goals, a rigorous due-diligence process and access to Blackstone’s global insights, BAAM strives to generate attractive risk-adjusted returns across market cycles while preserving capital during stressed market environments.

About the Goldman Sachs Asset Management AIMS Group
The Alternative Investments & Manager Selection (AIMS) Group provides investors with investment and advisory solutions across leading private equity funds, hedge fund managers, real estate managers, public equity strategies and fixed income strategies. Institutional and individual investors access these opportunities through new fund commitments, multi-manager programs, strategic partnerships, secondary-market investments, co-investments, management-company stakes, and seed-capital investments. The Petershill Strategies are a part of the AIMS Group, which manages over $200 billion, providing manager diligence, portfolio construction, risk management, and liquidity solutions to investors around the world.

Contacts
Francisco Partners
John Moore
+1 (215) 657-4971
john.moore@zenogroup.com 

Blackstone
Paula Chirhart
+1 (212) 583-5263
paula.chirhart@blackstone.com

Goldman Sachs
Patrick Scanlan
+1 (212) 902-5400

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