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Competentia acquires Dare

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Reiten

30 September 2020, Competentia announced the acquisition of Dare. The acquisition adds Singapore to Competentia’s expanding list of global office locations.

Dare is a leading professional recruitment and contract staffing agency with a thirty-year history, expanding the company’s footprint in the Asia Pacific region. Dare’s clients include blue chip companies in the oil & gas, mining, infrastructure, renewables and manufacturing industries. Originally established as a small recruitment agency in Perth since 1988, Dare’s service offering expansion and success has been driven by organic growth. The company has provided skilled professionals at all levels of client organisations for domestic and international projects and has annual revenues of approximately 270 MNOK.

This acquisition significantly expands Competentia’s presence in the Asia Pacific region by strengthening its long-held presence in Australia and adding Singapore to their expanding list of global office locations. The move creates opportunities to increase market share in one of the world’s busiest regions for project staffing in the engineering, construction, manufacturing and technology sectors.

“This is an exciting time for everyone involved,” says Jayden Wallis, CEO of Competentia.

Wallis further adds; “We see the acquisition as an opportunity to further commit ourselves to the region, and to our belief that prospects for major projects in all our key sectors are strong. We’re expecting to see significant growth in the job market as we come out of the COVID pandemic, and we’ll be positioned to help our clients and those looking for new opportunities to get back to work. With an increasing trend for flexible workforces in the global market, we want to be the preferred workforce solutions provider for contractors and clients, and this acquisition will help us increase our capability and scale to be such a provider in the APAC market. In addition, to contractor headcount and revenue, we’re bringing some talented and capable people into our team, and we’re looking forward to seeing all the things they will contribute to our clients and partners in the region.”

Competentia’s long term strategy focuses on the application of new technology, delivering the first significant changes to technical recruitment models in recent years. Inner Circle, a technology platform that brings peer referral to the center of the hiring process, is set for release in Q4.

For further information, please see Competentia’s home page

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Hims & Hers, a Multi-Specialty Telehealth Platform, to Become Publicly-Traded via Merger with Oaktree Acquisition Corp.

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Brentwood

  • Hims & Hers is a telehealth leader modernizing the delivery and accessibility of digital, consumer-focused healthcare services
  • Transaction will enable further investment in growth and new product categories that will accelerate Hims & Hers’ plan to become the digital front door to the healthcare system
  • Combined company to have an implied initial enterprise value of approximately $1.6 billion, with the company expected to have an estimated $330 million in cash after closing
  • Top-tier investors, including Franklin Templeton and clients of Oaktree, anchoring a $75 million PIPE
  • Leading existing institutional backers of Hims & Hers, including Founders Fund, Forerunner Ventures, IVP, Redpoint Ventures, Thrive Capital, McKesson Ventures, and the Canadian Pension Plan Investment Board intend to roll 100% of their equity

Hims, Inc. (“Hims & Hers” or the “Company”), a market leading telehealth company, and Oaktree Acquisition Corp. (NYSE: OAC.U, OAC, OAC WS), a special purpose acquisition company sponsored by an affiliate of Oaktree Capital Management, L.P. (“Oaktree”), announced today that they have entered into a definitive merger agreement. Upon completion of the transaction, the combined company’s securities are expected to be traded on the New York Stock Exchange (NYSE) under the symbol “HIMS.”

Launched in 2017, Hims & Hers has built a proprietary platform that connects consumers to licensed healthcare professionals for care across numerous specialties, including primary care, mental health, sexual health and dermatology, among others. Since its founding, the Company has facilitated more than two million telehealth consultations, enabling greater access to high quality, convenient and affordable care for people in all 50 states. The Company has driven 100%+ compounded annual revenue growth over the last two years and has more than doubled gross margins to 70%+, with revenue that is over 90% recurring in nature.

The future of healthcare will be led by consumer brands that empower people and give them full control over their healthcare. A direct relationship with consumers is the most valuable component in the healthcare system. Hims & Hers has endeavored to build a healthcare system that squarely focuses on the needs of the healthcare consumer. Hims & Hers directs the consumer experience from start to finish, uniquely positioning the Company in the rapidly-emerging telemedicine landscape to lead the industry in B2C-focused telehealth solutions.

Hims & Hers has built a strong customer base of highly loyal brand ambassadors who represent the future of the healthcare system. The Company’s customers embrace its convenient, digitally native product, generating organic growth through word of mouth and user-generated content, which enhances brand awareness and lowers customer acquisition costs. The majority of its consumers are millennials, a high-value generation at the beginning of its lifetime value curve that is poised to expand its purchasing power. The Hims & Hers platform is set up to serve these customers over the long-term by offering great user experience and access to high quality medical care.

As of June 2020, Hims & Hers had approximately 260,000 subscriptions on the platform.

Management Comments

“We’re thrilled to partner with Oaktree Acquisition Corp. to usher Hims & Hers into our next phase of growth as we work to become the front door to the healthcare system, serving as the first stop for peoples’ health and wellness needs across hundreds of conditions,” said Andrew Dudum, CEO and founder of Hims & Hers. “Hims & Hers was founded to make it easier and more affordable for everyone to get the healthcare they need. We remain committed to advancing that goal as we expand into new categories of care and build an enduring healthcare company that brings choice, affordability and access to consumers.”

“We are very pleased to launch our Oaktree Acquisition Corp. franchise with this partnership with Hims & Hers, a rapidly-growing provider of much-needed innovation to the healthcare system,” said Howard Marks, Co-Chairman of Oaktree. “This transaction shows Oaktree Acquisition Corp. to be a complementary extension of Oaktree’s capabilities and builds on our strength in sourcing opportunities throughout the market cycle.”

“We founded Oaktree Acquisition Corp. to partner with a high quality, growing company that will benefit from a public currency for its next leg of growth,” said Patrick McCaney, CEO of Oaktree Acquisition Corp. “Hims & Hers is an ideal match and represents a unique opportunity to invest in a rapidly-growing company that is modernizing the delivery and accessibility of healthcare and wellness solutions. Over the past two years, the Company has experienced significant growth bolstered by the continuing widespread adoption of telehealth and digital patient care solutions – and we think this is just the beginning. We look forward to partnering with Hims & Hers to accelerate the expansion of its high-quality, end-to-end care services across the broader healthcare marketplace.”

Key Transaction Terms

The business combination values the combined company at an enterprise value of approximately $1.6 billion and is expected to deliver up to $280 million of cash to the combined company through the contribution of up to $205 million of cash held in Oaktree Acquisition Corp.’s trust account, and a $75 million concurrent private placement (PIPE) of common stock of the combined company, priced at $10.00 per share, from leading institutional investors, including funds managed by Franklin Templeton and certain Oaktree clients. The enterprise value equals 8.9x estimated 2021 revenue and 12.2x estimated 2021 gross profit, an attractive valuation relative to telehealth peers despite the Company’s leading growth and margin profile.

As part of the transaction, Hims & Hers’ current management and existing equity holders will roll nearly 100% of their equity into the combined company. Leading existing institutional backers of the Company including Founders Fund, Forerunner Ventures, IVP, Redpoint Ventures, Thrive Capital, McKesson Ventures, and the Canadian Pension Fund intend to roll 100% of their shares and the transaction agreement provides for up to $75 million of cash consideration at closing to shareholders, at their election. Assuming no public shareholders of Oaktree Acquisition Corp. exercise their redemption rights and before any potential cash consideration to Hims & Hers shareholders, current Hims & Hers equity holders will own approximately 84%, Oaktree Acquisition Corp. shareholders will own approximately 12%, and PIPE investors will own approximately 4% of the issued and outstanding shares of common stock, respectively, of the combined company at closing. Furthermore, the combined company will be capitalized with up to $330 million in cash, including proceeds received from the transaction together with existing cash on Hims & Hers’ balance sheet. The business combination includes a minimum cash closing condition of $200 million, which is calculated as cash delivered from Oaktree Acquisition Corp.’s trust account, plus cash delivered from the PIPE, minus the up to $75 million of cash consideration at closing to shareholders as described above. Hims & Hers intends to continue investing in growth and new product categories to accelerate its goal of becoming the digital front door to the healthcare system.

The transaction, which has been unanimously approved by the Boards of Directors of each Hims & Hers and Oaktree Acquisition Corp., is subject to approval by Oaktree Acquisition Corp.’s shareholders and other customary closing conditions. The transaction is expected to close in the fourth quarter of 2020.

A more detailed description of the transaction terms and a copy of the Agreement and Plan of Merger will be included in a current report on Form 8-K to be filed by Oaktree Acquisition Corp. with the United States Securities and Exchange Commission (the “SEC”). Oaktree Acquisition Corp. will file a registration statement (which will contain a proxy statement/ prospectus) with the SEC in connection with the transaction.

Advisors

LionTree Advisors is serving as exclusive financial advisor to Hims & Hers and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP is serving as legal counsel.

Credit Suisse and Deutsche Bank Securities are serving as capital markets advisors and private placement agents to Oaktree Acquisition Corp. Deutsche Bank Securities is acting as financial advisor to Oaktree Acquisition Corp. Kirkland & Ellis LLP is serving as legal counsel to Oaktree Acquisition Corp.

Management Presentation

A presentation made by the management teams each of Hims & Hers and Oaktree Acquisition Corp. regarding the transaction will be available on the websites of Oaktree Acquisition Corp. at https://www.oaktreeacquisitioncorp.com/news and Hims & Hers at forhims.com/investor and forhers.com/investor. Oaktree Acquisition Corp. will also file the presentation with the SEC as an exhibit to a Current Report on Form 8-K, which can be viewed on the SEC’s website at www.sec.gov.

About Hims & Hers

Hims & Hers is a multi-specialty telehealth platform that connects consumers to licensed healthcare professionals, enabling them to access high quality medical care for numerous conditions related to primary care, mental health, sexual health, dermatology, and more. Launched in November 2017, the company also offers thoughtfully created and curated health and wellness products. With products and services available across all 50 states and Washington, D.C., Hims & Hers is able to provide all Americans access to quality, convenient and affordable care through a computer or smartphone. Hims & Hers was founded by CEO Andrew Dudum, Hilary Coles, Jack Abraham and Joe Spector at venture studio Atomic in San Francisco, California. For more information about Hims & Hers, please visit forhims.com and forhers.com.

About Oaktree Acquisition Corp.

The Oaktree Acquisition Corp. franchise was formed to partner with high-quality, growing companies to facilitate their successful entry to the public markets. By leveraging the deep capabilities and experience of its sponsor, an affiliate of Oaktree, which manages $122 billion in assets under management as of June 30, 2020, Oaktree Acquisition Corp. seeks to provide best-in-class resources and execution, coupled with a focus on long-term partnership and shareholder value creation. For more information about Oaktree Acquisition Corp. or Oaktree Acquisition Corp. II, please visit oaktreeacquisitioncorp.com.

Additional Information and Where to Find It

Oaktree Acquisition Corp. intends to file with the SEC a Registration Statement on Form S-4 containing a proxy statement/prospectus relating to the proposed business combination, which will be mailed to its shareholders once definitive. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the proposed business combination. Oaktree Acquisition Corp.’s shareholders and other interested persons are advised to read, when available, the preliminary proxy statement/prospectus and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the proposed business combination, as these materials will contain important information about the Company, Oaktree Acquisition Corp. and the proposed business combination. When available, the definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to shareholders of Oaktree Acquisition Corp. as of a record date to be established for voting on the proposed business combination. Shareholders of Oaktree Acquisition Corp. will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus and other documents filed with the SEC, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a written request to: Oaktree Acquisition Corp., 333 South Grand Avenue, 28th Floor, Los Angeles, California.

Participants in the Solicitation

Oaktree Acquisition Corp. and its directors and executive officers may be deemed participants in the solicitation of proxies from Oaktree Acquisition Corp.’s shareholders with respect to the proposed business combination. A list of the names of those directors and executive officers and a description of their interests in Oaktree Acquisition Corp. is contained in Oaktree Acquisition Corp.’s annual report on Form 10-K for the fiscal year ended December 31, 2019, which was filed with the SEC and is available free of charge at the SEC’s web site at www.sec.gov, or by directing a written request to Oaktree Acquisition Corp., 333 South Grand Avenue, 28th Floor, Los Angeles, California. Additional information regarding the interests of such participants will be contained in the proxy statement/prospectus for the proposed business combination when available.

Hims & Hers and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Oaktree Acquisition Corp. in connection with the proposed business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement/prospectus for the proposed business combination when available.

Forward-Looking Statements

Certain statements in this press release may be considered forward-looking statements. Forward-looking statements generally relate to future events or Oaktree Acquisition Corp.’s or Hims & Hers’ future financial or operating performance. For example, statements about the expected timing of the completion of the proposed business combination, the benefits of the proposed business combination, the competitive environment, and the expected future performance (including future revenue, pro forma enterprise value, and cash balance) and market opportunities of Hims & Hers are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Oaktree Acquisition Corp. and its management, and Hims & Hers and its management, as the case may be, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreements with respect to the proposed business combination; (2) the outcome of any legal proceedings that may be instituted against Oaktree Acquisition Corp., Hims & Hers, the combined company or others following the announcement of the proposed business combination; (3) the inability to complete the proposed business combination due to the failure to obtain approval of the shareholders of Oaktree Acquisition Corp. or to satisfy other conditions to closing, including the satisfaction of the minimum trust account amount following any redemptions; (4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the proposed business combination; (5) the ability to meet stock exchange listing standards at or following the consummation of the proposed business combination; (6) the risk that the proposed business combination disrupts current plans and operations of Hims & Hers as a result of the announcement and consummation of the proposed business combination; (7) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (8) costs related to the proposed business combination; (9) changes in applicable laws or regulations; (10) the possibility that Hims & Hers or the combined company may be adversely affected by other economic, business, and/or competitive factors; (11) the limited operating history of Hims & Hers; (12) the Hims & Hers business is subject to significant governmental regulation; (13) the Hims & Hers business may not successfully expand into other markets, including womens’ health; and (14) other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in Oaktree Acquisition Corp.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019, and which will be set forth in registration statement on Form S-4 to be filed by Oaktree Acquisi-tion Corp. with the SEC in connection with the proposed business combination.

Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither Oaktree Acquisition Corp. nor Hims & Hers undertakes any duty to update these forward-looking statements.

Non-Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Oaktree Acquisition Corp., the Company or the combined company, nor shall there be any sale of any such securi-ties in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

Read the full announcement:

Hims & Hers, a Multi-Specialty Telehealth Platform, to Become Publicly-Traded via Merger with Oaktree Acquisition Corp.

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Eurazeo brands completes investment in Dewey’s Bakery Michael P. Senackerib named Dewey’s CEO Scott Livengood assumes Executive Chairman Role

Eurazeo

Paris, October 1st, 2020 –
Eurazeo is pleased to announce it has completed a $25 million minority investment in Dewey’s Bakery, a clean-label cookie and cracker manufacturer based in Winston-Salem, North Carolina. Eurazeo Brands, the division of Eurazeo focused on differentiated consumer brands with global growth potential, is investing alongside Chairman and majority owner Scott Livengood, and incoming Chief Executive Officer Mike Senackerib, who joins Dewey’s Bakery as part of Eurazeo’s investment.

Founded in 1930, Dewey’s Bakery produces premium soft baked cookies, crisp cookie thins, and savory crackers featuring delicious, authentic, and bakery-inspired flavors. Dewey’s is a leading manufacturer of custom-branded products for the largest food retailers in the US and an emerging national brand in natural, specialty, and mainline grocery channels. The Company also operates several retail bakeries in the Winston-Salem area with longstanding roots in the local community.

Scott Livengood, Chairman of Dewey’s Bakery, said:

“Dewey’s could not be more excited to partner with Eurazeo Brands and Mike Senackerib on this new chapter of growth for our company. Dewey’s has established a strong presence in both specialty food retailers and supermarkets across the country driven by our amazing products, capabilities, and team. With access to Eurazeo’s deep resources and know-how, paired with Mike’s proven leadership working on some of the most iconic brands in F&B, we aim to become a leader in our category in the years ahead.”

Senackerib is a seasoned food and beverage executive and brings deep category operating expertise to Dewey’s as CEO. Highly regarded as a leader and brand builder in the food industry, he has 30+ years of experience across a wide array of successful brands. Mike held senior executive and marketing roles at Nabisco (Mondelez), Kraft Foods, and Campbell Soup Company. He served as Senior Vice President and General Manager of Nabisco’s portfolio of cookie and cracker brands, including Oreo’s, Ritz, Wheat Thins, Triscuit, and others. Most recently, Senackerib was co-founder of start-up food company Farm & Oven Snacks.
“Dewey’s could not be more excited to partner with Eurazeo Brands and Mike Senackerib on this new chapter of growth for our company. Dewey’s has established a strong presence in both specialty food retailers and supermarkets across the country driven by our amazing products, capabilities, and team. With access to Eurazeo’s deep resources and know-how, paired with Mike’s proven leadership working on some of the most iconic brands in F&B, we aim to become a leader in our category in the years ahead.”
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Mike Senackerib, CEO of Dewey’s Bakery, added: Leveraging its proven brand building, operating, and consumer expertise, Eurazeo Brands will partner with Dewey’s to accelerate and enhance its marketing activities and manufacturing capabilities in order to grow both its branded product business and support its longstanding private label division.

Jill Granoff, CEO of Eurazeo Brands, said:

“We have followed Dewey’s success over the years and are delighted to partner with Scott and Mike to drive further growth. We believe Dewey’s unique products, proven manufacturing capabilities, strong customer relationships, and leadership team are a recipe for continued momentum in a growing category.”

Jim Goldman, senior advisor to Eurazeo and a seasoned food and beverage executive, and George Birman, principal at Eurazeo Brands, will join Dewey’s Board of Directors. This marks Eurazeo Brands’ seventh investment since May 2017 and its third investment within food and beverage.

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CapMan expands BVK’s Danish portfolio

CapMan Real Estate press release                                      30.9.2020 at 08:00 EEST

CapMan expands BVK’s Danish portfolio

CapMan Real Estate expands Bayerische Versorgungskammer’s (BVK) Danish portfolio. The new acquisition for a real estate fund managed by Universal-Investment-Luxembourg S.A. is a 37,440 sqm residential project in Kirkebjerg, Brøndby developed by CASA A/S, who originally purchased the property in December 2019. The transaction, amounting to more than 1 billion DKK, will be one of the largest residential transactions in Denmark in 2020.

The residential project on Søndre Ringvej 27 is part of the new Kirkebjerg area in Brøndby, where CASA is already developing the property at Søndre Ringvej 33. Kirkebjerg will be Brøndby’s new, vibrant neighborhood with apartments, terraced houses and green areas.

The 37,440 sqm on Søndre Ringvej 27 is situated only a few minutes’ walk from Glostrup station and the new light rail, which will open in 2025. The project totals 463 homes in four blocks as well as a parking garage with room for most cars, so space is left for several green areas. The apartments will all have a balcony or patio and will vary in size from 2-5 rooms (60-107 sqm).

The property is acquired on a forward funding basis from CASA, who will also be the general contractor. Construction of the property starts in November 2020 with delivery of the turnkey project expected by early 2023.

”This project provides a nice addition to BVK’s residential real estate portfolio and we are looking forward to continue our good relationship with BVK, Universal Investment and CASA working on this outstanding residential project,” comments Robert Feldt, Investment Director at CapMan Real Estate.

From grey industry to green residences

In the coming years, Kirkebjerg will be transformed from an industry area to a vibrant neighborhood with up to 2,000 new homes. The first homes are expected to be ready in 2021. Large, green areas are to be used for outdoor recreational areas for future residents and neighbors.

The four new blocks on Søndre Ringvej 27 will furthermore be built according to DGNB Gold standards to enhance the green footprint. The 463 apartments have been designed by Arkitema Architects.

”We are grateful for the cooperation we have with CapMan Real Estate, BVK and Brøndby Municipality on the development of Kirkebjerg. The transformation from grey industry to green residences couldn’t be closer to our hearts in CASA, which makes us even prouder to be developing and constructing this project,” says CEO at CASA A/S, Torben Modvig.

CapMan Real Estate’s Nordic organization includes more than 40 committed real estate investment professionals, managing over €2.8 billion in real estate investments.

For further information please contact:

Robert Feldt, Investment Director, CapMan Real Estate, tel. +45 5051 8841
Ditte Hejberg Sorknæs, Kommunikationschef, CASA A/S, tel. +45 6057 6516

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

About Bayerische Versorgungskammer:

Bayerische Versorgungskammer is the competence and service center for occupational and communal pension schemes and Germany´s largest pension scheme group under public law. As a public authority of the Bavarian Ministry of the Interior, it is the joint executive body of twelve liberal professions´ and communal pension schemes. Bayerische Versorgungskammer covers about 2.4 million insured persons in total, with contributions of € 5.0 billion and about € 3.6 billion pension payments annually. It currently has € 81.7 billion assets under management and more than 1,350 employees.

About CASA A/S

CASA was founded in 2006 and has grown to be one of Denmark’s leading property developer and general contractors. 60% of the company was sold in 2016 to the Danish private equity fund CataCap. More than 15% of CASA is owned by the employees, who are dedicated to developing the company they are a part of. With an annual turnover of 2.5 billion DKK, an average growth rate at 23% and projects all over Denmark within property development, construction and renovation, CASA is now amongst the largest developers and contractors in Denmark. The company has a green profile with an ambition of at least 80% of all new construction being certified sustainable by 2021. www.casa-as.dk

About Universal-Investment

With fund assets of around EUR 528 billion under administration, thereof EUR 400 billion in own vehicles and around EUR 128 billion in, inter alia, insourcing, well over 1,500 mutual and special investment mandates and a workforce of around 750, Universal-Investment is the largest independent investment company in the German-speaking region. With the acquisition of UI labs in January 2019, the industry-leading IT data specialist now completes the Group’s service portfolio by adding front office and data solutions. The investment company is the central platform for independent asset management and unifies the investment know-how of portfolio managers, private banks, asset managers and investment boutiques. Founded in 1968, the Universal-Investment Group is headquartered in Frankfurt/Main and has subsidiaries, branches and holdings in Luxembourg, Poland and Austria. It is one of the pioneers of the investment industry and has meanwhile become the market leader in the areas of master-KVG and private label funds. According to the 2020 PwC ManCo Survey, Universal-Investment is the largest AIFM ManCo in Luxembourg; among the Third-Party-ManCos, Universal-Investment ranks second (as of July 31, 2020).

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Ardian Infrastructure’s team appoints Joseba Echave as Head of Financing

Ardian

30 September 2020 Infrastructure Paris, France

The appointment sees Ardian Infrastructure’s team build out its operational platform, paving the way for another decade of growth and success

Paris,30th September 2020 – Ardian, a world leading private investment house, today announces the appointment of Joseba Echave as Head of Financing for Ardian Infrastructure.

In this newly created role based in Luxembourg, Joseba will be responsible for negotiating and securing debt financing solutions for Ardian Infrastructure platform in Europe and in the Americas. The role is one of several global functions within the Infrastructure team, also including Deputy Head of Infrastructure, Head of Asset Management, CIO and COO, as well as regional and sector leads. The structure reflects the strong ambitions of the team, together forming a robust operational infrastructure to support its portfolio management and investments over the years to come.

Joseba joins from Cintra (Ferrovial Group), where he worked as Project Finance Director. He was responsible for the closing of infrastructure transactions in Europe and North America. During Joseba’s career, he garnered 15 years of multi-faceted experience and was based in Paris (France), London (UK), Madrid (Spain) and Austin (Texas, US). He received his BA in Civil Engineering from the Polytechnic University of Madrid and an MBA from London Business School.

The Ardian Infrastructure team, which is led by Mathias Burghardt (Head), has grown significantly since its foundation in 2005, now comprising 50 professionals across eight offices. Ardian Infrastructure holds $16bn AUM, investing assets across the transport, energy and telecoms sectors.

Mathias Burghardt, Head of Ardian Infrastructure, said: “Joseba is a fantastic addition to our team. His deep experience in American and European capital markets will further strengthen our investment and portfolio management practices. In an increasingly complex world, experiencing technological and macro-economic disruptions, our focus is on supporting infrastructure investments and managing our portfolio in a way that ensures a sustainable future for what are often vital community assets. Joseba will play an important role in helping us do that.”

Joseba Echave, said: “At a time when infrastructure has a pivotal role to play, there are both opportunities and challenges ahead. Ardian Infrastructure is an international leader and I can’t wait to play my part to help build on the team’s strong track record, working with Mathias and the rest of the team to invest in and support key infrastructure assets.”

Joseba Echave

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of 100 billion US dollars 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 690 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 around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Press Contact

Ardian – Headland

Gregor RIEMANN

griemann@headlandconsultancy.com +44 207 3435 7469

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Ardian North America Direct Buyouts Team announces agreement for the acquisition of Acousti Engineering Of Florida

Ardian

Ardian’s Investment Will Boost the Growth Strategy of Leading Specialty Interior Contractor

New York, September 30, 2020 – Ardian, a world-leading private investment house, today announced that its North America Direct Buyouts team reached agreement to acquire Acousti Engineering Company of Florida, a leading specialty contractor of complex interior systems for commercial and institutional buildings, from the Verner family and retiring members of the management team. Ardian will acquire a majority stake, while the ongoing management team will continue to own a meaningful minority share of the business.

Acousti provides a wide range of general and custom construction applications and interior finish applications for commercial construction customers. Founded in 1943 and headquartered in Orlando, Florida, its services include acoustic ceilings, flooring, walls, specialty products for interior systems, and specialty exterior applications. The company has 20 branches throughout Florida, Georgia, North Carolina, South Carolina, Virginia and Texas. With approximately 900 employees, Acousti is a leading specialty contractor installing complex, custom and specialty interior systems from a wide variety of manufacturers. The company has particular expertise in the healthcare, education, transportation, entertainment, office and infrastructure-related end markets.

Ardian’s investment will facilitate a transition of the senior management team: Randy Keller will become the President and Chief Executive Officer, Bill Carballo will become the Executive Vice President and Chief Operating Officer and Chris Robertson will become the Chief Financial Officer. Mr. Keller has been at Acousti for 34 years and is currently a Vice President and the Director of Operations. Mr. Carballo has been with Acousti for 27 years and is currently a Vice President and the Regional Manager of Southeast Florida. Mr. Robertson has been with Acousti for seven years and is currently the Controller.

“Acousti is a market-leading interior finishing specialty subcontractor, ideally positioned to grow both within its existing geographic markets and to expand to new locations. Acousti’s highly capable leadership, blue-chip customer base, and broad capabilities give us great confidence in the company’s potential. We foresee significant further expansion opportunities for the company ahead,” said Kevin Kruse, Managing Director, Ardian North America Direct Buyouts.

Todd Welsch, Director, Ardian North America Direct Buyouts, added, “Randy, Bill and Chris collectively have decades of experience working at Acousti. We are excited to partner with them to accelerate the growth rate of the business, while continuing to provide its existing customers with industry-leading levels of service.”

“We are tremendously grateful for all of the support and contributions of the retiring executive management team and Verner family to put Acousti in the successful position it is in today,” said Randy Keller, the incoming President and CEO. “We see significant opportunities to expand both our geographic reach and to broaden the service offering throughout our existing network of branches. We are delighted to have Ardian as a partner as we embark on the next stage of our growth,” continued Mr. Keller.

“Our 900 employees are dedicated to providing excellent levels of service to our customers every day, ensuring that our work is done safely, on-time and on-budget. The new leadership team is committed to upholding Acousti’s outstanding reputation, and we are excited about the opportunities ahead,” remarked Bill Carballo, the incoming Executive Vice President and Chief Operating Officer.

“We look forward to working with Randy, Bill, Chris and the incredible people who make up the Acousti employee base on this next chapter in the company’s development,” added Mr. Kruse.

Ardian launched its North America Direct Buyouts activity in October 2016 when it hired the team from Seven Mile Capital Partners. The North American fund focuses on lower middle market buyouts, specifically middle market industrial and related business services companies in North America.

Financial details were not disclosed.

ABOUT ACOUSTI ENGINEERING OF FLORIDA

Acousti Engineering Company of Florida and its offices throughout the Southern United States are committed to providing the highest quality products, installation, and other services to our valued customers. Our commitment to representing the latest innovative construction materials and providing unsurpassed quality workmanship will never change. That is why we remain the largest interior construction company in the South East and one of the largest in the United States.

Visit the website

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$100bn 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 690 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 around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Press contact

The Neibart Group

EMMA MURPHY

emurphy@neibartgroup.com + 1 347-968-6800

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Announcing $268 million in Series E funding

August Capital

We’re excited to share that GitLab has completed a $268 million Series E round of fundraising that pushed the company’s valuation to $2.75 billion. This latest funding round was led by existing investors Goldman Sachs and ICONIQ, but also included participation from nine new-to-GitLab investors.

Our plans for the funding are straightforward: GitLab will invest to make all of our DevOps platform offerings, including monitoring, security, and planning, best in class so we can enable our enterprise customers to continue to bring products to market faster.

At a time when the DevOps tools market is expected to triple by 2023 (from $5.2 billion last year to $15 billion, according to IDC), it was clear there was an opportunity for our company to pursue additional funding. “To be competitive today, companies need to be 10x faster to market. We made an early bet that enterprises would benefit from a single application experience for DevOps teams to accelerate getting software products to market faster and more securely,” says CEO Sid Sijbrandij. “I love hearing how our customers are innovating faster with a single DevOps application that enables Dev, Ops, and Security to collaborate, and this funding will help more organizations experience the benefits of this unified DevOps experience.”

Today more than 100,000 organizations use GitLab, including Ask Media Group, Charter Communication, Delta Air Lines, Goldman Sachs, Ticketmaster, Nvidia, and many more. We just found out we were ranked 32nd in the Forbes 2019 Cloud 100 – and we were the only cloud-agnostic DevOps tool maker named! Our ARR (annual recurring revenue) growth rate is 143%, a sign of customer satisfaction and strong demand.

A fast pace

This latest fundraising effort happened less than a year after we announced our Series D round of $100 million. At that time the company was valued at $1.1 billion; with today’s announcement, our valuation has more than doubled in less than a year.

It’s been an amazing journey to get to this point, and it’s worth remembering where we came from. In 2015 fewer than 10 people worked at GitLab; today over 800 team members contribute from 55 countries around the world. And we’re still growing, as our 222 open positions show. More than 4,800 people actively contribute code to GitLab, and we receive an average of 180 improvements to each monthly release. In March 2019 we had one million merge requests, which was a milestone indeed. We’re on this journey together and we couldn’t be more excited to see where it takes us. Today you’ll find us at our first ever user conference, GitLab Commit, in Brooklyn and then again in London on October 9. We’re looking forward to the inspiring customer stories that have made this all possible.

The funding was announced live in the keynote of GitLab Commit Brooklyn, also see the playlist of all talks that day.

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Main Capital acquires majority stake in AI-powered HR technology provider Textkernel

Main Capital

The Hague, 29 September 2020 – Textkernel is a global leader in developing AI and semantic technology for talent acquisition. Its customer base includes global staffing and recruitment firms, multinational corporations and software vendors. The company is headquartered in Amsterdam and currently employs approximately 154 people across offices in the Netherlands, France, Germany the U.K. and the U.S..

Textkernel provides AI-powered technology, which improves the talent acquisition and management solutions of over 1,000 customers globally.  This includes companies such as Adecco, Randstad, Manpower as well as large corporate organizations such as Otto GmbH & Co KG, The Colas Group, and ENGIE SA. Textkernel’s solutions are business-critical for recruiting and staffing organizations.

By offering a turnkey solution that is already integrated into globally-known and widely adopted core (HR) software systems such as Bullhorn, SAP SuccessFactors, Oracle Taleo and Oracle Cloud Recruiting, Cornerstone- Lumesse and Talentsoft, Textkernel has been able to expand its customer base and potential reach into the corporate HR market segment.

Textkernel’s flagship product, Search! & Match!, connects candidates to jobs by leveraging ever-sophisticated algorithms that identify multiple means of making potential matches. By leveraging the latest in Natural Language Processing (NLP) and Artificial Intelligence (AI) technology, professionals active in talent management are able to pinpoint the best candidates and job matches within increasing volumes of candidate and job data.

Collaboration Textkernel and Main

  • Current management team Gerard Mulder (CEO) and Guus Meijer (COO) will stay onboard and are investing in Textkernel alongside Main Capital.
  • Together, Textkernel and Main will focus on autonomous growth and further development of the technology platform required to execute on its ambitious growth plans in the coming period.
  • In addition, the combination will pursue a selective strategy for smart acquisitions in the broader HR software space.

Gerard Mulder, CEO at Textkernel: “We are delighted to have the support of Main Capital Partners to drive our ambitious expansion plans for the future.  Despite the challenging economic context, we see ample runway for growth across diverse customer segments and geographies. Having Main Capital as a strategic investment partner allows us to benefit from their deep expertise and diverse SaaS network.  We look forward to delivering on our vision as an AI provider for business leaders seeking innovative solutions to solve their most pressing talent acquisition and management challenges.”

Pieter van Bodegraven, Partner at Main Capital Partners: “Strong potential is visible in this particular part of the HR software market. We have known the management team of Textkernel for many years and are pleased with the opportunity to collaborate. We are impressed by the fact that the company is able to realize autonomous growth in a profitable way, while expanding internationally at the same time.”

About Textkernel
Textkernel works with over 1,000 HR and staffing organizations worldwide to bring the latest in artificial intelligence technology to our customers’ fingertips. We work with large, global companies across multiple industries deliver multilingual parsing, semantic search and match, and labor market intelligence solutions.

About Main Capital Partners
Main Capital is a strategic investor with an exclusive focus on the software sector in the Benelux, DACH and Nordics. Main has a long term horizon around successful partnerships with management teams, with the aim of building larger software groups together. Main has approximately € 1 billion in assets under management for investments in mature and growing software companies.

Main Capital’s current portfolio includes fast-growing software and SaaS software companies such as MACH AG, Exxellence, WoodWing, Alfa, Optimizers, Assessio, GBTEC, Onventis, HYPE Innovation, cleversoft, Enovation, SDB Group, Jobrouter, GOconnectIT, Inergy, KING Software, Artegic, OBI4wan, b+m Informatik, ChainPoint, Sofon and RVC. Successful former companies that have grown significantly under Main’s leadership: Connexys (HR software), Roxit (government software), Axxerion (facility management software), Ymor (APM software), Onguard (credit management software) and TPSC (healthcare GRC software).

Note for the editor:
For more information, please contact:

Charly Zwemstra (Managing Partner)
Main Capital Partners B.V., Paleisstraat 6, 2514 JA, Den Haag
Tel: +31 (0) 70 324 3433 / +31 (0) 6 5127 7805
charly@main.nl
www.main.nl

Gerard Mulder (CEO)
Textkernel B.V.
Nieuwendammerkade 26A-5, 1022 AB Amsterdam
Tel: +31 (0) 20 494 2496
mulder@textkernel.com
www.textkernel.com

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Vector Acquisition Corporation Announces Closing of $300 Million Initial Public Offering

Vector Capital

SAN FRANCISCO–(BUSINESS WIRE)–Vector Acquisition Corporation (the “Company”), a special purpose acquisition company led by Alex Slusky and formed for the purpose of entering into a combination with one or more businesses, today announced the closing of its initial public offering of 30,000,000 units at a price of $10.00 per unit. Total gross proceeds from the offering were $300 million before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The units began trading on the Nasdaq Capital Market under the ticker symbol “VACQU” on September 25, 2020. Each unit consists of one Class A ordinary share of the Company and one-third of one warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on the Nasdaq Capital Market under the symbols “VACQ” and “VACQW,” respectively.

Deutsche Bank Securities Inc. and BofA Securities, Inc. acted as joint book-running managers for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 4,500,000 units at the initial public offering price to cover over-allotments, if any.

The offering was made only by means of a prospectus. Copies of the final prospectus related to the offering may be obtained from: Deutsche Bank Securities Inc., Attention: Prospectus Department, 60 Wall Street, New York, New York 10005, telephone: 800-503-4611 or email: prospectus.cpdg@db.com; or BofA Securities, Inc., Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001 or email: dg.prospectus_request@bofa.com.

A registration statement relating to the securities became effective on September 24, 2020 in accordance with Section 8(a) of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the Company’s offering filed with the Securities and Exchange Commission (“SEC”). Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contacts

Nathaniel Garnick / Grace Cartwright
Gasthalter & Co.
(212) 257-4170

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CapMan Real Estate and CASA joint venture invests in Frederiksberg

CapMan Real Estate press release 29 September 2020 at 10:00 am EEST

CapMan’s new value-add real estate fund CMNRE III has acquired a prominent property on Lindevangs Allé 8-12, Frederiksberg in a joint venture with property developer CASA. The transaction marks the start of a cooperation between CapMan and CASA focused on transforming and developing outdated properties into modern office space.

CapMan and CASA have acquired an outworn property in the heart of Frederiksberg, part of the City of Copenhagen, which will now undergo a major transformation. Over the coming years, the property will be renovated and upgraded into modern, dynamic office space.

“In recent years, we have worked with a number of transformation projects where the starting point has been well-located properties with significant development potential. For years, this property has been used for educational purposes and it is now our plan to convert it to its original use as office space. We see potential in creating an attractive and modern office environment, which further adds to the appeal of the area,” says Hasse Wulff, Investment Director at CapMan Real Estate.

From an outdated to an inspiring office environment

The large, almost 5,000 sqm, building will undergo a renovation with a focus on sustainability, where e.g. the façade is retrofitted with insulation for energy optimisation.

Student housing is being developed in the neighbouring property. CASA anticipates that the new tenants in the offices and student housing will further contribute to the development of a dynamic community in an attractive part of Frederiksberg. The new office building will be an integrated part of Frederiksberg and offer an active and inspiring environment where tenants, neighbours, and other residents of Frederiksberg can thrive.

Construction is expected to start in early 2021.

CapMan’s Real Estate team comprises over 40 real estate professionals in Helsinki, Stockholm, Copenhagen and Oslo. CapMan Real Estate currently manages a total of EUR 2.8 billion in real estate assets.

For further information, please contact:

Hasse Wulff, Investment Director, CapMan Real Estate, tel. +45 4013 0433
Ditte Hejberg Sorknæs, Head of Communication, tel. +45 6057 6516

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. Our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, wealth management, and analysis, reporting and back office services. Altogether, CapMan employs around 150 people in Helsinki, Stockholm, Copenhagen, London and Luxembourg. We are a public company listed on Nasdaq Helsinki since 2001 and a signatory of the UN Principles for Responsible Investment (PRI) since 2012. Read more at www.capman.com.

About CASA A/S

CASA was founded in 2006 and has grown to be one of Denmark’s leading property developer and general contractors. 60% of the company was sold in 2016 to the Danish private equity fund CataCap. More than 15% of CASA is owned by the employees, who are dedicated to developing the company they are a part of. With an annual turnover of 2.5 billion DKK, an average growth rate at 23% and projects all over Denmark within property development, construction and renovation, CASA is now amongst the largest developers and contractors in Denmark. The company has a green profile with an ambition of at least 80% of all new construction being certified sustainable by 2021. www.casa-as.dk  

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