Category Archives: News

Litman Gregory, a nationally recognized US wealth and asset management firm, joins the iM Global Partner’s network

ik-investment-partners

Paris, Walnut Creek (CA), March 9, 2021, iM Global Partner today announced that it has  entered into a definitive agreement to acquire Litman Gregory, a nationally recognized  wealth and asset management boutique managing $4 billion in assets under management  and overseeing $2.2 billion of assets under advisory*.

Litman Gregory, founded by Ken Gregory and Craig Litman in 1987 and based in the San  Francisco Bay Area, is a privately-owned company, and a pioneer in providing independent  asset management services to investors. For over three decades, Litman Gregory has focused  on providing in-depth investment research and personalized wealth management to  individuals and multigenerational families to help them achieve their financial goals. The  company also supports nonprofit organizations by serving as their fiduciary partner and  outsourced chief investment officer. Since 1996, Litman Gregory has developed a broad  range of US mutual funds.

In just a few years iM Global Partner has become a premier global asset management  network. The addition of Litman Gregory in the U.S., once completed, is expected to bring  assets under management of the group to over $24 billion (from $20 billion as at end of  December 2020) and will enhance distribution capabilities in the U.S. It further demonstrates  iM Global Partner’s commitment to continued cross-border growth in serving the needs of  sophisticated investors.

Combining Litman Gregory’s capabilities with iM Global Partner creates a uniquely powerful  set of high-quality investment solutions to serve both institutional and private clients in the  U.S. and internationally. Building upon common values and strengths, which are focused on  commitment to investment excellence, innovation and client service, the group will be able  to further enhance service to clients for years to come.

iM Global Partner plans to operate Litman Gregory Wealth Management as a separate  business unit to preserve the strong recognition, independence and expertise that it has built  over many decades with its cross-generational clients.

Steve Savage, CEO of Litman Gregory, said: “We are excited to become a part of iM Global  Partner as it improves our ability to deliver on our mission to excel for our clients. iM Global  Partner brings complementary global research resources and strong alignment on total client  focus. The combination of our organizations is a natural fit because of our shared research  DNA, commitment to independent thinking, integrity and total client focus.”

Philippe Couvrecelle, CEO and founder of iM Global Partner, declares: “Litman Gregory  becoming a part of our group is a major step forward as we continue our U.S. expansion.  This strategic operation allows us to add Wealth Management as a new key activity for iM  Global Partner. Our clients will benefit from the synergies that result when like-minded  organizations leverage their talents and resources to enhance the client experience.”

Jeffrey Seeley, Deputy CEO at iM Global Partner US adds: “We are thrilled to work with our  Litman Gregory colleagues moving forward and see tremendous opportunities for the  continued development of long-term investment solutions to serve various clients in the U.S.  and internationally.”

This operation is subject to the approval of the SEC (Securities and Exchange Commission)  and is expected to close in the second quarter of 2021.

About iM Global Partner

iM Global Partner is a worldwide asset management network dedicated to asset management. It selects and builds long-term partnerships with talented and independent asset management companies through direct capital ownership.

iM Global Partner is present in 11 locations across Europe and the United States and provides its clients with access to the best management strategies of its Partners. iM Global Partner’s wide range of investment solutions thus includes the OYSTER range, a Luxembourg SICAV, but also Mutual Funds and ETFs dedicated to US investors.

iM Global Partner represents over 19 billion USD of assets under management as at December 2020.

www.imgp.com

About Litman Gregory 

Founded in 1987, Litman Gregory is a nationally recognized wealth management firm based  in the San Francisco Bay Area. Litman Gregory Asset Management provides high-touch wealth  and asset management services to individuals, multigenerational families, and nonprofits.  Litman Gregory advises the PartnerSelect Funds, provides investment strategy  implementation to third-party platforms through Litman Gregory Portfolio Strategies, and  offers portfolio guidance and investment research to professional investment advisors  through Litman Gregory AdvisorIntelligence. The firm oversees $6.2* billion in investment  assets. litmangregory.com 

*The Litman Gregory companies that manage assets include Litman Gregory Asset  Management, LLC and Litman Gregory Fund Advisors, LLC. Data are as at end December  2020.

Berkshire Global Advisors and Seward & Kissel served respectively as financial and legal  advisors to iM Global Partner.

Asset & Wealth Management Investment Banking Group of Raymond James and WilmerHale  served respectively as financial and legal advisors to Litman Gregory.

Categories: News

Investment partners, Ardian and EDF Invest finalize €300 million in ESG financing for joint subsidiary

Ardian

09 March 2021 Infrastructure France, Paris

Ardian and EDF Invest further strengthen Géosel’s position as a responsible and sustainable player in the strategic storage sector

Paris, March 9th, 2021 – Ardian and EDF Invest, investment partners since 2015, today announce that they have finalized a new €300 million financing for joint subsidiary Transport Stockage Hydrocarbures (TSH), the majority shareholder of Géosel.

Located in the heart of the Luberon Regional Natural Park, France, Géosel is the leading storage site for liquid hydrocarbons in France and the second largest in Europe. The company has invested €150 million over the last few years to maintain its facilities and enhance safety standards.

The new financing will enable Géosel to continue its investments, which includes modernizing its industrial assets, accommodating biofuels and fostering the energy transition projects (such as hydrogen).

The financing is provided in partnership with BNP, Crédit Agricole and other long-term institutional investors.

Collectively, Ardian, EDF Invest and Geosel all pride themselves in the high standards set for responsible development. In line with this, the new financing is subject to ambitious objectives pertaining to environmental, social and governance criteria (ESG), including:

  • Reduction of emissions
  • Achievement of international certifications for environmental and quality management;
  • Maintaining the low rate of accidents at work, through a policy of support for employees and high safety standards.

Amir Sharifi, Managing Director and Head of Energy Transition within the Ardian Infrastructure team, commented:”Strategic storage facilities play a key role in security of supply and energy transition. This funding provides increased means to ensure asset security and prepare for a digital and decarbonized future. It illustrates our innovative and responsible way of supporting the transformation of the companies in which we invest. Commitment to social and environmental performance is a fundamental trend that would be great to see deployed among management teams, investors and lenders in the sector.”

Pierre Benoist d’Anthenay, Head of EDF Invest, stated: “I am delighted that TSH has set up a financing scheme that is innovative in terms of its modalities by combining environmental and safety criteria, and in its purpose, which is to finance the Géosel development projects of tomorrow. It is a strong voluntary commitment by the Géosel teams and the combined management teams of EDF Invest and Ardian, in line with the objectives set by the EDF Group to achieve carbon neutrality by 2050. EDF Invest strives in all its holdings to encourage this responsible shareholder logic.”

ABOUT GEOSEL

The Géosel-Manosque underground storage complex, commissioned in 1969, is one of Europe’s leading sites for petroleum products with both operational and strategic uses. It offers a storage capacity of more than 9 million m3 and a network of pipelines, making it a key element in French and European oil logistics. Located in the southeast of France, near Marseille, it is dedicated to the storage of crude oil and refined products. The site is connected to the refineries and petrochemical plants in the Fos/Lavéra area, to the Grand Port Maritime de Marseille and to the European pipeline networks of SPSE, SPMR and ODC (via SPMR).

ABOUT EDF INVEST

EDF Invest is the investment arm of EDF for non-listed Dedicated Assets. Dedicated Assets will fund the decommissioning of EDF’s nuclear power plants in France.
EDF Invest currently manages around €7bn of equity and is targeting €10 billion in the next few years.
Our mission is to diversify EDF’s portfolio of Dedicated Assets and lengthen its investment horizon by targeting 3 non-listed asset classes in France and abroad: Infrastructure, Real Estate and Funds.
Follow EDF Invest on Linkedin: https://www.linkedin.com/company/edf-invest

Visit the website

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$110bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 700 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

LIST OF PARTICIPANTS

  • Financing:

    • Placement Agent, Agent, Arranger and Hedging Provider: CACIB and BNPP
    • Legal advisor: Clifford Chance

  • Shareholders:

    • Financial advisor: Rothschild & Co
    • Legal advisor: Freshfields

PRESS CONTACTS

ARDIAN – Headland

VIKTOR TSVETANOV

VTsvetanov@headlandconsultancy.com +44 207 3435 7469

EDF INVEST

Service de Presse

service-de-presse@edf.fr +33 1 40 42 46 37

Categories: News

Tags:

Charlesbank Capital Partners Makes a Strategic Investment in Ivanti to Partner with Clearlake Capital and TA Associates to Accelerate Growth

TA associates

With Backing from Leading Investors Clearlake, Charlesbank and TA, Ivanti Poised to Continue Leadership in IT Automation and Further Accelerate M&A Strategy

SALT LAKE CITY, UT and BOSTON, MA – Ivanti, Inc. (“Ivanti”), the automation platform that makes every IT connection smarter and more secure across devices, infrastructure and people, today announced that Charlesbank Capital Partners, LLC (“Charlesbank”) has signed a definitive agreement to make a strategic investment in the company. Charlesbank, a leading private investment firm managing more than $8 billion of capital, will join existing investors Clearlake Capital Group, L.P. (“Clearlake”) and TA Associates (“TA”) as an institutional shareholder in Ivanti. Terms of the transaction were not disclosed.

Ivanti provides solutions that automate IT and security operations, enabling customers to discover, manage, secure and service their IT infrastructure from cloud environments to edge devices. Ivanti’s software is utilized by over 40,000 customers across various industries and five continents, and its solutions allow administrators to discover IT assets on-premises, in the cloud and at the edge; improve IT service delivery; and reduce risk with insights and automation.

In the past six months, Ivanti completed two transformative acquisitions of MobileIron and Pulse Secure, strengthening its Unified Endpoint Management (UEM) and Zero Trust Security solutions, and announced the planned acquisition of Cherwell Software, enhancing its IT Service Management (ITSM) and workflow automation offerings. The recent strategic acquisitions meaningfully increased Ivanti’s scale and addressable market while strengthening its product portfolio. The additional capital from Charlesbank will enable Ivanti to extend its market-leading position further through product innovation and acquisitions. Ivanti will continue to be led by CEO and Chairman Jim Schaper and the current management team.

“Through our partnership with Clearlake and TA, Ivanti has significantly scaled the business, accelerated revenue growth and strengthened relationships with an expanding customer base,” said Mr. Schaper. “We are excited to welcome Charlesbank, an organization that shares both our values and our commitment to serving our customers and helping them solve their business challenges, as we continue innovating and delivering world-class solutions to enable the everywhere workplace. The unique combination of Clearlake, TA and now Charlesbank provides Ivanti with the expertise and capital to accelerate organic growth complemented with continued strategic acquisitions.”

“Ivanti is extraordinarily well-positioned to provide solutions that enable organizations to collaborate and innovate freely,” said Hiren Mankodi and Ryan Carroll, Managing Directors at Charlesbank. “We were attracted to the company’s leadership track record, vision and growth, as well as the value that has been created through recent acquisitions and strategic operational initiatives. We look forward to partnering with Clearlake, TA and the talented management team at Ivanti on the next chapter for this exciting company.”

Behdad Eghbali, Founder and Managing Partner, and Prashant Mehrotra, Partner, of Clearlake, commented, “Since our initial investment, Ivanti has significantly scaled its revenue, expanded its breadth of solutions and strengthened its position in attractive and rapidly growing markets. With the implementation of our O.P.S.® approach, Ivanti has accelerated its revenue growth through both organic and inorganic initiatives. Charlesbank joining our partnership with TA further supports our original investment thesis and sponsorship of the management team’s best-in-class playbook.”

“Since partnering with Ivanti in October 2020 alongside Clearlake, the company has rapidly executed on its growth plan, announcing three strategic acquisitions, successfully driving numerous organic initiatives and more than doubling the business,” said Harry Taylor and Hythem El-Nazer, Managing Directors of TA. “We believe there remains significant opportunity to drive additional innovation and growth given the increasing complexity of IT environments. We are delighted to welcome Charlesbank as a new investment partner and look forward to continuing to support Ivanti in its next phase of growth.”

Charlesbank, Clearlake and TA will have equal representation on the Ivanti Board of Directors. UBS Investment Bank and Citigroup acted as financial advisors for Ivanti. Citigroup and UBS Investment Bank also acted as capital markets advisors for Ivanti. Sidley Austin LLP provided legal counsel for Ivanti, with Ropes and Gray LLP representing Charlesbank. The transaction is expected to close in the second quarter of 2021, pending customary regulatory approvals and closing conditions.

About Ivanti
The Ivanti automation platform makes every IT connection smarter and more secure across devices, infrastructure and people. From PCs and mobile devices to virtual desktop infrastructure and the data center, Ivanti discovers, manages, secures and services IT assets from cloud to edge in the everywhere enterprise — while delivering personalized employee experiences. In the everywhere enterprise, corporate data flows freely across devices and servers, empowering workers to be productive wherever and however they work. Ivanti is headquartered in Salt Lake City, Utah and has offices all over the world. For more information, visit www.ivanti.com and follow @GoIvanti.

About Charlesbank Capital Partners
Based in Boston and New York, Charlesbank Capital Partners is a middle-market private investment firm managing more than $8 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, and also engages in opportunistic credit and technology investments. The firm seeks to build companies with sustainable competitive advantage and excellent prospects for growth. For more information, please visit www.charlesbank.com.

About Clearlake
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials and consumer. Clearlake currently has approximately $30 billion of assets under management and its senior investment principals have led or co-led over 300 investments. The firm has offices in Santa Monica and Dallas. More information is available at www.clearlake.com and on Twitter @ClearlakeCap.

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 Associates can be found at www.ta.com.

Categories: News

Tags:

Allianz to invest in ControlExpert

AllianzX
  • ControlExpert is a leading technology-driven automotive claims processing company active in 16 countries
  • Together with ControlExpert, Allianz expects to significantly improve claims handling through Artificial Intelligence (AI) and automation
  • Transaction is Allianz X’s second majority investment, following the acquisition of Finanzen.de in May 2019

Munich, Langenfeld, 09.03.2020— Allianz X, the digital investment unit of Allianz Group, in cooperation with Allianz Germany, has entered into binding agreements with General Atlantic and other shareholders of ControlExpert for a majority investment in the company. The transaction is subject to the approval of the relevant antitrust authorities.

ControlExpert, a multi-national market leader in AI-supported automotive claims handling, partners with more than 130 insurance companies, car dealerships, repair shops, leasing companies and OEM partners at 17 locations across the world. The company offers an end-to-end platform for companies to digitalize and automate their motor claims management.

“Technical applications and platforms are crucial for capturing new opportunities in the digital era. ControlExpert has emerged as a clear leader in motor claims management in Germany and continues to show growth in international markets. We look forward to bringing together Allianz’s 130 years of experience in claims management and ControlExpert’s technological expertise to drive significant changes in the sector,” said Nazim Cetin, CEO of Allianz X GmbH.

“The cooperation with ControlExpert will enable us to settle automotive claims far more quickly in the future,” stated Jochen Haug, Board Member and Chief Claims Officer at Allianz Versicherungs-AG. “Additionally, we look forward to deploying Artificial Intelligence in key areas such as image recognition and fraud prevention to provide new services and bespoke offers to our customers.”

Following the transaction, ControlExpert will maintain its business model and operational autonomy. The company will retain its name, brand and identity, and will continue to offer its range of services to its clients including Allianz Germany.

“Our long-standing collaboration with Allianz has demonstrated that we share a common ambition in continuing to drive digitalization and customer-centricity forward. With its wide-ranging expertise and international focus, Allianz will support us in achieving further growth both in Germany and in the global markets. In this way, we will take a step closer to realizing our vision of drivers receiving fair compensation for damages on the very same day, anywhere in the world. In the future, it will be possible to handle claims and maintenance processes more quickly and easily, something which all our customers will benefit from,” explained Nicolas Witte, Managing Director of ControlExpert.

“We are looking back on a fruitful partnership with ControlExpert. Since 2017, we have supported the company, the management team around Nicolas Witte and the founding family in rolling out their business model internationally and further institutionalize the company. We are grateful for the constructive and trusting cooperation and wish the company and its employees all the best,” said Jörn Nikolay of General Atlantic.

Categories: News

Tags:

Shiftboard secures credit facility from Espresso Capital

Seattle — March 9, 2021 — Espresso Capital announced today that it has provided a credit facility to Shiftboard, a leading provider of enterprise workforce scheduling software. Shiftboard will use the capital to further strategic investments across the business, including investment in sales and marketing and enhancing key product features, both of which will accelerate growth.

“This strategic partnership with Espresso Capital will enable us to enhance our product offering to serve our customers’ evolving needs,” says Shiftboard President and CEO Sterling Wilson. “Delivering intelligent, highly configurable workforce scheduling capabilities to our customers is our top priority. Industries with continuous operations, like manufacturing, energy, healthcare, and public services, require innovative solutions to complex employee scheduling challenges. This funding allows us to continue delivering the most comprehensive scheduling solutions available, further cementing our position as the leading provider of workforce scheduling technology for mission-critical industries.”

“Shiftboard has been at the forefront of the workforce scheduling market for some time,” says Espresso Executive Director Steven Michau. “They’ve expanded their addressable market with purpose-built technology designed to tackle complex workforce scheduling more effectively. It’s a great company with terrific momentum, and we’re looking forward to supporting this next leg of the company’s growth.”

“Closing this deal with Espresso further confirms our conviction that Shiftboard is well-positioned to answer the market’s call for intelligent workforce scheduling solutions,” says Erik Benson, managing director at Voyager Capital, one of Shiftboard’s existing investors. “We are aligned in our visions for growth and proud to continue supporting Shiftboard’s great product and outstanding team.”

Explaining why Shiftboard chose Espresso Capital, Benson noted, “They offered the most workable solution hands down. Besides offering Shiftboard the liquidity they needed, Espresso provided flexibility and didn’t bury the process in unnecessary administrative overhead. They’ve been great to work with.”

About Shiftboard, Inc.

Shiftboard is a global, leading provider of workforce scheduling solutions for organizations with continuous and mission-critical operations. Backed by Shiftboard’s innovative technologies, organizations can optimize their workforce scheduling practice to lower labor costs, improve efficiency, comply with labor regulations, and create a better employee experience. To date, Shiftboard has supported over 265 million scheduled shifts for thousands of customers, including Fortune 500 companies, providing the employment pipeline for over $9 billion in wages earned. For more information, please visit shiftboard.com.

About Voyager Capital

Since 1997, Voyager Capital has focused on first-round venture investments to help entrepreneurs in the Pacific Northwest and California create winning businesses. Built on the team’s extensive experience with startups and its exceptional network across the industry, the firm’s entrepreneur-centric approach accelerates the pace at which companies can build, execute, pivot and scale. Voyager has $520M under management investing in B2B software, cloud infrastructure, and applications driven by AI and machine learning. With offices in Seattle, Wash., Portland, Ore., and Vancouver, BC, Voyager provides its portfolio the unwavering support and stage-appropriate connections needed to disrupt markets and create sustainable competitive advantage.

About Espresso Capital

Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 280 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at www.espressocapital.com.

Categories: News

Tags:

Litman Gregory, a nationally recognized US wealth and asset management firm, joins the iM Global Partner’s network

ik-investment-partners

Paris, Walnut Creek (CA), March 9, 2021, iM Global Partner today announced that it has  entered into a definitive agreement to acquire Litman Gregory, a nationally recognized  wealth and asset management boutique managing $4 billion in assets under management  and overseeing $2.2 billion of assets under advisory*.

Litman Gregory, founded by Ken Gregory and Craig Litman in 1987 and based in the San  Francisco Bay Area, is a privately-owned company, and a pioneer in providing independent  asset management services to investors. For over three decades, Litman Gregory has focused  on providing in-depth investment research and personalized wealth management to  individuals and multigenerational families to help them achieve their financial goals. The  company also supports nonprofit organizations by serving as their fiduciary partner and  outsourced chief investment officer. Since 1996, Litman Gregory has developed a broad  range of US mutual funds.

In just a few years iM Global Partner has become a premier global asset management  network. The addition of Litman Gregory in the U.S., once completed, is expected to bring  assets under management of the group to over $24 billion (from $20 billion as at end of  December 2020) and will enhance distribution capabilities in the U.S. It further demonstrates  iM Global Partner’s commitment to continued cross-border growth in serving the needs of  sophisticated investors.

Combining Litman Gregory’s capabilities with iM Global Partner creates a uniquely powerful  set of high-quality investment solutions to serve both institutional and private clients in the  U.S. and internationally. Building upon common values and strengths, which are focused on  commitment to investment excellence, innovation and client service, the group will be able  to further enhance service to clients for years to come.

iM Global Partner plans to operate Litman Gregory Wealth Management as a separate  business unit to preserve the strong recognition, independence and expertise that it has built  over many decades with its cross-generational clients.

Steve Savage, CEO of Litman Gregory, said: “We are excited to become a part of iM Global  Partner as it improves our ability to deliver on our mission to excel for our clients. iM Global  Partner brings complementary global research resources and strong alignment on total client  focus. The combination of our organizations is a natural fit because of our shared research  DNA, commitment to independent thinking, integrity and total client focus.”

Philippe Couvrecelle, CEO and founder of iM Global Partner, declares: “Litman Gregory  becoming a part of our group is a major step forward as we continue our U.S. expansion.  This strategic operation allows us to add Wealth Management as a new key activity for iM  Global Partner. Our clients will benefit from the synergies that result when like-minded  organizations leverage their talents and resources to enhance the client experience.”

Jeffrey Seeley, Deputy CEO at iM Global Partner US adds: “We are thrilled to work with our  Litman Gregory colleagues moving forward and see tremendous opportunities for the  continued development of long-term investment solutions to serve various clients in the U.S.  and internationally.”

This operation is subject to the approval of the SEC (Securities and Exchange Commission)  and is expected to close in the second quarter of 2021.

About iM Global Partner

iM Global Partner is a worldwide asset management network dedicated to asset management. It selects and builds long-term partnerships with talented and independent asset management companies through direct capital ownership.

iM Global Partner is present in 11 locations across Europe and the United States and provides its clients with access to the best management strategies of its Partners. iM Global Partner’s wide range of investment solutions thus includes the OYSTER range, a Luxembourg SICAV, but also Mutual Funds and ETFs dedicated to US investors.

iM Global Partner represents over 19 billion USD of assets under management as at December 2020.

www.imgp.com

About Litman Gregory 

Founded in 1987, Litman Gregory is a nationally recognized wealth management firm based  in the San Francisco Bay Area. Litman Gregory Asset Management provides high-touch wealth  and asset management services to individuals, multigenerational families, and nonprofits.  Litman Gregory advises the PartnerSelect Funds, provides investment strategy  implementation to third-party platforms through Litman Gregory Portfolio Strategies, and  offers portfolio guidance and investment research to professional investment advisors  through Litman Gregory AdvisorIntelligence. The firm oversees $6.2* billion in investment  assets. litmangregory.com 

*The Litman Gregory companies that manage assets include Litman Gregory Asset  Management, LLC and Litman Gregory Fund Advisors, LLC. Data are as at end December  2020.

Berkshire Global Advisors and Seward & Kissel served respectively as financial and legal  advisors to iM Global Partner.

Asset & Wealth Management Investment Banking Group of Raymond James and WilmerHale  served respectively as financial and legal advisors to Litman Gregory.

Categories: News

Tags:

Questel signs the acquisition of NovumIP, supported by Eurazeo Capital, IK Investment Partners, and RAISE Investissement

ik-investment-partners

Questel, a global IP software and tech-enabled services leader offering an integrated end-to-end platform of software and services across the innovation lifecycle, has announced today the signing of the acquisition of NovumIP, a global intellectual property (IP) technology group comprised of PAVIS and Novagraaf, two European leaders, active in patents annuities and trademarks renewals.

The acquisition will enhance Questel’s presence in the IP value chain through a comprehensive offering delivering a full set of solutions for its global customers and also fully reflects Questel’s ambition to continuously enhance its value proposition for such customers. Integrating patent annuities with Questel’s existing range of solutions, notably its intellectual asset management platform, will be a step-change for customers seeking one convenient location to manage all of their IP activities.

Eurazeo Capital, IK Investment Partners and RAISE Investissement will invest to finance the acquisition of NovumIP. Following the transaction, Eurazeo and the IK IX Fund will each invest an incremental amount of approximately €150 million and together will continue to hold a majority stake in Questel, while Paragon Fund III, an affiliate of NovumIP’s majority shareholder, will invest and become a financial investor of Questel.

Definitive financial information will be disclosed once the transaction is completed. The completion of the transaction is subject to the definitive approval of the German Financial Supervisory Authority (BaFin) as well as the Competition Authorities.

This acquisition demonstrates the commitment of Eurazeo Capital, IK Investment Partners and RAISE Investissement to support the Questel management team as it continues to pursue its expansion strategy into the IP management value chain. This strategy is supported by strong organic growth and a dynamic acquisition strategy that has helped in the past and should prove paramount in allowing  Questel to continue extending its geographic footprint in the future, whilst also providing a differentiated end-to-end set of solutions for its clients.

The NovumIP transaction follows the recent acquisitions by Questel of innosabi, an innovation SaaS company based in Germany, and doeLEGAL, a US software business active in enterprise legal management. These acquisitions represent a great milestone in the Questel journey.

For further questions, please contact:

Eurazeo
Pierre Bernardin
Head of Investor Relations
pbernardin@eurazeo.com
Tel: +33 (0)1 44 15 16 76

Virginie Christnacht
Head of Communications
vchristnacht@eurazeo.com
Tel: +33 (0)1 44 15 76 44

IK Investment Partners
France:
CTCom
Sibylle Descamps
sibylle.descamps@ct-com.com
Tel: +33 (0) 6 82 09 70 07

International:
Maitland/AMO
James McFarlane
jmcfarlane@maitland.co.uk
Tel: +44 (0) 7584 142 665

RAISE Investissement
Charlotte Doyen
charlotte.doyen@raise.com
Tel: +33 674791846

About Eurazeo
Eurazeo is a leading global investment company, with a diversified portfolio of €18.8 billion in assets under management, including nearly €13.3 billion from third parties, invested in over 430 companies. With its considerable private equity, venture capital, real estate, and private debt, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, London, Luxembourg, Frankfurt, Berlin and Madrid. Eurazeo is listed on Euronext Paris. ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €13 billion of capital and invested in over 145 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, please visit www.ikinvest.com

About RAISE Investissement
RAISE Investissement is a capital investment company set up by the RAISE group, founded by Clara Gaymard and Gonzague de Blignières. With €410 million of committed capital, the fund supports high growth medium-sized French companies that generate revenue of between €30 million and €500 million, by investing stakes of between €10 million and €50 million to help them grow. The RAISE group is built around a financing model that combines profitability with generosity as the investment teams (RAISE Investissement, RAISE REIM, RAISE Ventures, RAISE Impact and RAISE LAB) donate 50% of their earnings through the group profit sharing scheme to an internal endowment fund, RAISESHERPAS, which supports startups and helps them grow. This initiative, pioneering in France, creates a virtuous circle involving major corporations, institutional investors, medium-sized businesses and startups. For more information, visit www.raise.co/en/

Categories: News

Tags:

Abacai announces acquisition of Dayinsure

CVC Capital Partners

Abacai Group (“Abacai or “the Group”), the insurtech recently formed by Mark Wilson and Sun Capital Partners today announces the acquisition of Dayinsure to complement its existing insurance businesses.

Founded in 2005, Dayinsure has grown consistently to become a leading provider of temporary motor insurance cover in the UK for car, van, motorhome and business drivers and has strengths in IT and data analytics.

CVC Credit, the dedicated credit arm of leading international private equity and advisory firm CVC Capital Partners, has become a strategic partner of Abacai: providing a combination of equity and debt financing for the acquisition and the Group’s future development.

Abacai will retain Dayinsure as a standalone go-to-market business, and the management team will continue to lead the separate subsidiary. Abacai will continue to focus on serving the insurtech underwriting market through Abacai Capital.

Mark Wilson, CEO and Co-Chairman of Abacai, commented: “Temporary motor insurance is a high growth segment at the core of the sharing economy. M&A is one of the two pillars of our growth strategy and we are excited to have completed this transaction so soon after we created Abacai.”

Barry Bown, CEO of Dayinsure, commented: “We are delighted to become part of Abacai. The customer focussed business model, is a good fit with our own. Teaming up will allow us to grow our footprint and accelerate our development.”

Categories: News

Tags:

Nordic Capital and Boost.ai announce partnership to accelerate growth and expand conversational AI platform into new markets

Nordic Capital

Nordic Capital and Boost.ai announce partnership to accelerate growth and expand conversational AI platform into new markets Image

Boost.ai, a global leader in conversational AI for Fortune 1000 companies, and Nordic Capital, a leading private equity firm focusing on fast growing companies in Northern Europe, today announced an agreement to enter into a partnership where Nordic Capital will actively support Boost.ai in its rapid expansion. Nordic Capital intends to further strengthen the Company’s strong market position by helping it to accelerate growth and expansion into new markets, working closely with the CEO and co-founders. The founders, the management team, and the current owners of Boost.ai, including Finstart Nordic and Alliance Venture, will continue as investors alongside Nordic Capital.

Boost.ai empowers leading enterprises and public sector organisations in Europe and North America to automate and scale customer service, support and sales. The Company offers a no-code conversational AI platform, with a strong focus on customer service and support, that helps bridge the digital gap between brands and their customers, through the use of tailored AI-powered chatbots to meet the demand of large enterprises.

Boost.ai was founded in 2016 by CEO Lars Ropeid Selsås together with co-founders Hadle Ropeid Selsås and Henry Vaage Iversen. The Company has experienced unprecedented growth as demand for its conversational AI platform has soared. Headquartered in Stavanger, Norway, the Company has established satellite offices in Oslo, Stockholm, and Santa Monica, and employs a diverse team of more than 100 employees from 18 countries. Boost.ai’s client base consists of many of the top organisations in the Nordics such as Nordea, Telenor, Santander and DNB, and spans multiple industries including financial services, e-commerce, healthcare and the public sector. At the end of 2020, the Company had annual recurring revenue of NOK ~100 mn.

Lars Selsås, Founder and CEO, Boost.ai commented: “Nordic Capital was always our first choice of partner to take Boost.ai to the next level. They share our vision of becoming a global category leader and, at the same time, can help to maintain our leadership position in the Nordic market. Nordic Capital’s investment in our Company and technology is an endorsement of our success so far, and their team’s experience and strong track record with companies at our growth stage makes me confident that we will achieve great things together.”

Nordic Capital will support Boost.ai’s rapid growth trajectory allowing for further international expansion.

Technology & Payments is one of Nordic Capital’s focus sectors, with 18 platform investments made in the Nordic region since 2001. It has a strong and active sector network and a dedicated Technology & Payments team with local presence across Northern Europe. Nordic Capital’s previous experience in this sector includes investments such as Bambora, Trustly, CINT, Conscia, Siteimprove, Vizrt and Signicat.

Jess Tropp, Principal, Nordic Capital Advisors commented: “We are incredibly impressed by Boost.ai’s founders, management team and employees and the company’s superior conversational AI platform which has achieved industry leading resolution rates, evidenced by very strong customer satisfaction. We believe that Boost.ai represents a rare investment opportunity to invest in a leading Nordic based SaaS company with an attractive growth outlook from increased market penetration, as well as an opportunity to support expansion and internationalisation. Nordic Capital is truly excited about partnering with the founders and management to accelerate Boost.ai’s growth ambitions in the coming years.”

Boost.ai’s management team, led by founder and CEO Lars Ropeid Selsås, will continue to operate and manage the Company following the transaction. Co-founder Henry Vaage Iversen will continue as CCO.

The terms of the transaction were not disclosed.

 

Press contacts:

Boost.ai
Kristian Mossige, Chief Marketing Officer
Tel: +47 98 40 86 03
E-mail: kristian@boost.ai

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: + 46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 About Boost.ai

Boost.ai specialises in enterprise-grade conversational artificial intelligence (AI). Inventor of the world’s most user-friendly conversational AI platform, Boost.ai empowers frontline customer service teams to automate customer service interactions with proprietary self-learning AI and a no-code solution that’s quick to deploy, easy to learn and highly scalable. Able to handle unlimited intents while consistently maintaining resolution rates of 90 percent, Boost.ai’s technology is used by companies like Telenor, DNB and Silvercar by Audi to successfully automate thousands of interactions. Boost.ai is a privately held Norwegian software company founded in 2016 with headquarters in Stavanger and satellite offices in Santa Monica (US), Oslo and Stockholm. Learn more at boost.ai

 About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 16 billion in over 110 investments. The most recent fund is Nordic Capital Fund X with EUR 6.1 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further information about Nordic Capital, please visit www.nordiccapital.com

 

Footnote: “Nordic Capital” refers to any, or all, Nordic Capital branded funds and vehicles and associated entities. The general partners of Nordic Capital’s funds and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which is referred to as “Nordic Capital Advisors”.

Categories: News

Tags:

Nordic Capital acquires Sortera, a growth leader within recycling, to support accelerated expansion and the development of industrial solutions for the circular economy

Nordic Capital

Nordic Capital acquires Sortera, a growth leader within recycling, to support accelerated expansion and the development of industrial solutions for the circular economy Image

Nordic Capital has signed an agreement to acquire Sortera, the fastest growing environmental services provider of focused recycling and waste solutions in Sweden. Sortera has grown by assisting both the environmental and operational performance of its customers. Nordic Capital intends to accelerate Sortera’s ongoing international expansion and further strengthen its sustainable service offering.

Sortera is a fast-growing Nordic environmental contractor within collection, recycling, processing and broking of residual products from the building and construction sector. Sortera operates primarily within the B2B SME segment in Sweden and Finland through its three business areas: Recycling (RMI construction recycling services), Materials (End-to-end environmental solutions for waste and water) and Industry (Industrial removal of bulk materials and liquids). Through its operations, Sortera contributes to a circular economy in construction – the second largest recycling opportunity globally after the mining industry. The Company’s services enable the increased use of old materials in new construction, reducing the need for raw materials and hence Greenhouse Gas (GHG) emissions. Sortera is based in Stockholm, Sweden and has recently expanded into Finland. Since its inception in 2006, the Company has grown to become one of the market leaders in Sweden by focusing on environmental concerns, and by offering its customers increased flexibility, high reliability, short lead times, excellent quality, and superior customer support. Sortera has circa 420 employees and revenues of approximately SEK 1.4 bn in 2020.

Nordic Capital is an active owner with deep experience in growing industrial and business services companies, in which it selectively invests. By closely following the sector, Nordic Capital has gained significant knowledge of the construction recycling industry where it sees strong potential for growth. Nordic Capital has strong credentials in ESG and sustainability lies at the heart of its investment strategy. The ambition is to contribute operational and financial resources to support Sortera’s, international sustainability journey in close partnership with the Company’s management team and founder Conny Ryk.

“During 2020 we further strengthened our market position and continued to invest in future growth. With our recent acquisition in Finland, we have taken the first step to replicating the success in new markets. I am proud of what we have accomplished and look forward to continuing the journey together with Nordic Capital and maintaining the best interests of our employees, customers, and suppliers,” comments Sebastian Wessman, CEO of Sortera.

“Nordic Capital is very impressed with what Sortera and the owners have built so far and is excited to support the continued journey. We have followed Sortera for a long time and believe that Nordic Capital has the expertise and resources to support the management team in the forthcoming international expansion that Sortera is embarking upon. This investment is at the core of Nordic Capital’s Responsible Investment and Industrial & Business Services investment strategy, and Sortera will be able to leverage on the experience that we have gained from similar journeys and our broad external network. The positive climate impact generated by companies like Sortera is becoming more important and relevant given the environmental challenges that we all face today,” says Andreas Näsvik, Partner and Head of Industrial & Business Services, Nordic Capital Advisors.

Nordic Capital invests selectively in the Industrial & Business Services sector where it has deployed

more than EUR 3.7 billion in 39 platform investments since inception. These include current portfolio companies Consilium Safety Group, iLOQ and Cary Group (formerly Ryds Bilglas) and former investment Anticimex.

The terms of the transaction with the seller Summa Equity were not disclosed. The transaction is subject to customary regulatory approvals.

 

Press contacts:

Sortera

Sebastian Wessman, CEO
Tel: +46 72 886 95 97
e-mail: Sebastian.Wessman@Sortera.se

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: + 46 8 440 50 50
e-mail: Katarina.Janerud@NordicCapital.com

About Sortera

Sortera Group is a Nordic environmental company which, through its three business areas (Recycling, Industry and Materials), strives to be the leading environmental entrepreneur on the Nordic market, with solutions that contribute to increased sustainability and improved environmental performance in all of the company’s operations. With just over 420 employees and a turnover of ca SEK 1.4 billion, Sortera conducts its own operations from sales, collection, treatment and recycling to final recipients. Sortera performs daily services for thousands of companies and private individuals in the Nordic region.

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested more than EUR 16 billion in over 110 investments. The most recent fund is Nordic Capital Fund X with EUR 6.1 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the UK and the US. For further information about Nordic Capital, please visit www.nordiccapital.com

 

Footnote: “Nordic Capital” refers to any, or all, Nordic Capital branded funds and vehicles and associated entities. The general partners of Nordic Capital’s funds and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which is referred to as “Nordic Capital Advisors”.

Categories: News

Tags: