Category Archives: News

EQT joins FCLTGlobal and the movement of ending short-termism in the global capital markets

eqt

EQT AB is proud to announce its membership with FCLTGlobal, a non-profit organization with the mission of rebalancing capital markets to support a long-term, sustainable economy, and stimulating long-term behavior across the investment value chain. Members include more than 60 leading asset owners, asset managers and corporations from around the world. It is a rapidly growing initiative, as moving financial markets to the longer-term perspective is one of the most important systematic changes needed to provide companies with space to make the right investment decisions. Becoming a member of FCTLGlobal aligns perfectly with EQT’s purpose of future-proofing companies and making a positive impact with everything we do. It is also well in line with EQT’s thematic approach of investing with the future in mind, as well as the evaluation of a long-hold strategy as a natural extension of the current platform.

FCLTGlobal conducts research and develops tools to drive long-term value, with the guiding principle that working toward short-term financial targets comes at the expense of long-term value creation. Despite the fact that data shows that long-term-oriented investors deliver superior performance and long-term-oriented companies outperform in terms of revenue, earnings, and job creation, the focus in global investing remains largely skewed towards short-term performance.

Christian Sinding, CEO and Managing Partner at EQT AB, said, “The private markets industry has a huge opportunity to change this mindset, to think longer-term and to strive to simultaneously enhance financial returns and improve societies. And our industry has the power to make a real difference with a governance model and active ownership approach that get things done. We are deeply impressed by FCTLGlobal’s mission and research-based approach and are humbled by the opportunity to team up with the organization and all the other members in order to take an even more active role in the movement of tackling short-termism and promoting sustainable growth.”

Sarah Keohane Williamson, Chief Executive Officer, FCLTGlobal, said, “To FCLTGlobal, it is important that our members lead by example, and EQT is showing a strong commitment to integrate sustainability and long-term perspectives into their entire value creation process. We look forward to welcoming EQT and to collaborating on the various aspects of our upcoming research agenda.”

Contact:
Nina Nornholm, Head of Communications, +46 708 550 356
EQT Press office: press@eqtpartners.com

About EQT 
EQT is a purpose-driven global investment organization with close to three decades of consistent investment performance across multiple geographies, sectors, and strategies. EQT has raised more than EUR 84 billion since inception and had as of December 31, 2020 more than EUR 52 billion in assets under management across 17 active funds within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 17 countries across Europe, Asia-Pacific and North America with more than 700 employees.

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

About FCLTGlobal 
FCLTGlobal’s mission is to rebalance capital markets to support a long-term, sustainable economy. We are a non-profit organization supported by leading companies and investors worldwide that develops research and practical tools to drive long-term value creation for companies, savers, and communities. Please visit www.fcltglobal.org for more information.

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Questel acquires IP services leader Morningside

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Questel, one of the world’s largest end-to-end intellectual property solutions providers, has acquired Morningside, a leading IP and language services company.

Founded in 2000 and headquartered in New York, Morningside specializes in patent translation and foreign filing solutions as well as legal, life sciences, and corporate compliance language services. With a global presence of 250 employees, Morningside leverages its industry-leading IP Platform to help clients seamlessly reach new markets while doing more with their budget. Morningside has over 4,000 clients in 55 countries including many Global 500 companies, law firms, and regulatory bodies.

The acquisition is part of Questel’s strategy to act as a one-stop-shop for all of its clients’ IP needs. Since Morningside is one of the largest patent translation companies in the world, the acquisition consolidates Questel’s position as a leading IP translation provider. Morningside also has a major global law firm presence which will allow Questel to significantly expand and diversify its customer base.

“Morningside is an excellent fit for Questel both culturally and strategically,” said Charles Besson, Questel’s CEO. “Translation plays a critical role in providing end-to-end integrated IP solutions to our clients.”

“We are excited to become part of the Questel family,” said Tom Klein, Co-CEO of Morningside. “Our clients will benefit from the additional services, expertise and technology that Questel brings to the table.”

“The synergies here are clear,” added Co-CEO Roland Lessard. “Morningside is one of the largest patent translation providers globally and Questel is the #1 patent filer in the world. Clients of both companies will gain from this acquisition.”

During the past years, through targeted acquisitions, Questel has built the most balanced portfolio of software and tech-enabled services of the IP industry.

About Questel

Questel’s mission is to facilitate the development of innovation in an efficient, secure, and sustainable way. Questel is a true end-to-end intellectual property solutions provider to more than 20,000 clients and one million users across 30 countries. We offer a comprehensive software suite for searching, analyzing, and managing inventions and IP assets. Questel also provides services throughout the IP lifecycle, including prior art searches, patent drafting, international filing, translation, and renewals. These solutions, when combined with our IP cost management platform, deliver clients an average savings of 30-60% across the entire prosecution budget. www.questel.com

About Morningside

Morningside equips the world’s leading organizations with a full suite of end-to-end intellectual property and language solutions. With over 4,000 clients in 55 countries, Morningside is globally recognized for its subject matter expertise and technology innovation in regulated markets such as IP, legal services, life sciences, and corporate compliance. Our IP management solutions and translation services ensure your ideas seamlessly reach new markets and audiences while allowing you to do more with your budget. Global 500 companies, international law firms, and regulatory bodies all rely on Morningside as a trusted partner to make intelligent choices for their most valuable assets. www.morningtrans.com

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Insight Partners has signed an agreement with IK Investment Partners, Five Arrows Principal Investments and Naxicap Partners to invest in iad

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IK Investment Partners (“IK”), Five Arrows Principal Investments (“Five Arrows”) and Naxicap Partners are delighted to announce that they have signed an agreement for Insight Partners (“Insight”) to invest in iad International (“iad” or “The Company”).

iad is Europe’s leading digital real estate broker and is redefining the real estate market in Europe with a disruptive agent-enablement model. The iad network of over 14,000 independent real estate agents, across six countries, is underpinned by a proprietary end-to-end technology platform which serves the entire transaction lifecycle from sourcing of mandates through to execution, signing and closing. Founded in 2008 and headquartered in Lieusaint, France, iad employs over 300 people and generated more than €300 million of revenue in 2020.

Since IK, Five Arrows and Naxicap Partners’ investment in 2016, iad has grown significantly to become the leading real estate network in France, and has successfully expanded into Portugal, Italy, Spain and Germany. In 2020, iad entered the Mexican market via a strategic acquisition. Annual revenue has quadrupled in the past four years.

Clement Delpirou, CEO of the iad Group, commented:“We are hugely grateful for the support from IK, Five Arrows and Naxicap over the last four and a half years. During this time, we have consolidated our position in France and embarked on a successful journey of international expansion, while developing and optimising our operations and technology. Looking forward, we are excited to add Insight Partners as an investor in iad.”

Dan Soudry and Rémi Buttiaux, Managing Partners at IK, said:“iad is exactly the type of business we take pride in partnering with. From the outset, we identified its potential to become a market leader in France and the opportunity to expand into new territories. We continue to be impressed by the Company’s entrepreneurial spirit and are excited for its long-term prospects, together with the existing and new shareholders.”

Emmanuel Roth, Co-Managing Partner, and Nicolas Robin, Managing Director, at Five Arrows Principal Investments, added: “iad is a fantastic success story. It is disrupting the real estate sector and enabling thousands of entrepreneurial agents to launch their own businesses. We are grateful to Roland Tripard, Clement Delpirou and the rest of the impressive management team who have developed an effective and scalable technology platform. We believe the Company has a strong future and look forward to continuing our journey with them and the other shareholders.”

Laurent Sallé, Director at Naxicap Partners further remarked: “iad is a great example of the type of business we have the honour of partnering with. From 2012, we have watched the Company grow from strength to strength and are pleased to have played a role in its development. We are excited to remain as an investor and have no doubt that iad will remain a significant driver for change in the real estate industry.”

Deven Parekh, Managing Director at Insight Partners, said: “Insight has invested in new, disruptive businesses in the broader real estate ecosystem and we are excited to welcome iad to that group. This experience combined with our ScaleUp operational focus will help iad continue to grow and expand its footprint both within and outside France.”

Financial terms of the transaction are not disclosed and are subject to legal and regulatory approvals.

For further questions, please contact:

IK Investment Partners
Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
Email: jmcfarlane@maitland.co.uk

Five Arrows Principal Investments
Emma Rees
Phone: +44 7703 715 763
Email: emma.rees@rothschildandco.com

Naxicap Partners
Valérie Sammut
Phone : +33 4 72 10 87 99
Email: valerie.sammut@naxicap.fr

Insight Partners
Nikki Parker
Phone: +1 571 353 4273
Email: nparker@insightpartners.com

About iad

Created in 2008, iad is a real estate network exclusively made up of independent commercial agents registered in the special register of commercial agents and whose activity is the marketing of real estate properties in a network. The DNA of iad is based on 3 pillars: real estate, the internet and network marketing. Based in Lieusaint in Seine et Marne, iad is today the leading French network of real estate agents in terms of number of advisers (Source: Meilleursreseaux.com). For more information: www.iadfrance.fr

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 €14 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, visit: www.ikinvest.com

About Five Arrows Principal Investments

Five Arrows Principal Investments (FAPI) is the European private equity arm of Rothschild & Co’s Merchant Banking business. Merchant Banking manages over €15.7bn globally which includes approximately €3.8 billion dedicated to corporate private equity, as well as a series of funds dedicated to senior and junior credits, primary and secondary fund investing and co-investments, with offices in Paris, London, New York, Los Angeles and Luxembourg.

FAPI is focused on investing in middle-market companies with highly defensible market positions; strong management teams; business models with high visibility of organic unit volume growth and strong free cash flow conversion; and multiple operational levers that can be used to unlock latent value. Sectors are limited to data and software, technology-enabled business services and healthcare. For more information: www.rothschildandco.com/en/merchant-banking/corporate-private-equity

About Naxicap Partners

As one of the top private equity firms in France, Naxicap Partners – an affiliate of Natixis Investment Managers* – has €3.7 billion in assets under management. As a committed, responsible investor, Naxicap Partners builds solid, constructive partnerships with entrepreneurs so that their projects can succeed. The firm has 39 investment professionals spread across five offices in Paris, Lyon, Toulouse, Nantes and Frankfurt. For more information: www.naxicap.fr/en

About Insight Partners

Insight Partners is a leading global venture capital and private equity firm investing in high-growth technology and software ScaleUp companies that are driving transformative change in their industries. Founded in 1995, Insight Partners has invested in more than 400 companies worldwide and has raised through a series of funds more than $30 billion in capital commitments. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Across its people and its portfolio, Insight encourages a culture around a belief that ScaleUp companies and growth create opportunity for all. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.

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Apax Funds to acquire Rodenstock

Apax

Funds advised by Apax (the “Apax Funds”) today announced an agreement to acquire Rodenstock Group (“Rodenstock”), a leading manufacturer of premium ophthalmic lenses, from Compass Partners.

Founded in 1877, Rodenstock has been a global leader in prescription lenses for over 140 years, with a strong track record of innovative product development and market leading technologies. Headquartered in Munich, Germany, Rodenstock employs around 4,900 people worldwide and is represented by sales subsidiaries and distribution partners in more than 85 countries. Rodenstock has a strong and growing pipeline of innovation; its patented DNEye Pro technology stands at the core of its business strategy and made Rodenstock the first company to measure the individual shape and size of each eye and use thousands of data points to produce individualised eyeglass lenses, called Biometric Intelligent Glasses (B.I.G. VISION™). The company’s portfolio also includes eyewear under the Rodenstock and Porsche Design brands.

The Apax Funds will support the Rodenstock management team’s vision of accelerating the company’s growth through innovation, commercial execution and digitisation, whilst continuing to deliver the highest level of service to clients and partners. The Apax Healthcare team have a deep understanding of innovative MedTech through prior investments in the space, including companies such as Candela, a pioneering non-surgical aesthetic device company, and Acelity, the global leader in wound-care products.

Anders Hedegaard, CEO of Rodenstock, said: “We are excited to partner with the Apax Funds, who have a proven culture of investing for growth, and who will be able to support Rodenstock’s continued quest to develop and produce the highest quality lenses for our customers. During 2020 we saw tremendous growth driven by our B.I.G. VISION™ technology, which helped us emerge from the Covid-19 crisis stronger than most of our competitors. Our innovative technology enhances the value proposition that can be delivered by our opticians, who in turn are delivering optimal vision to consumers. With the support of Apax we are looking to expand our presence even further by offering our customers more excellent and innovative products.”

Steven Dyson, Partner at Apax and Co-Head of Healthcare, commented: “Rodenstock fits perfectly with the Apax Funds’ healthcare strategy of investing in innovative companies with a differentiated customer proposition and the potential to achieve stand-out growth. Under Anders’ management, Rodenstock’s strategic refocus has already translated into strong performance in 2019 and 2020, despite the Covid-19 pandemic, creating a robust foundation for future success.”

Arthur Brothag, Partner at Apax, added: “Rodenstock has a strong reputation for innovation and German engineering proven over 140 years, and has created a paradigm shift in progressive lenses with B.I.G. VISION™. We look forward to leveraging the Apax Funds’ experience and know-how in MedTech and supporting the entire Rodenstock team on further driving innovation and accelerating transformational growth.”

Tim Wright, Partner at Compass Partners, commented: “In the last 5 years Rodenstock has been transformed into a global leader in ophthalmic lenses. We are delighted that the Apax Funds have agreed to acquire the business. We believe their partnership with Anders Hedegaard and his team will provide a strong platform for future growth which will allow Rodenstock to maximise its full potential.”

The transaction is subject to applicable regulatory approvals and is expected to close in the middle of 2021. Financial terms were not disclosed.

 

 

About Rodenstock

The Rodenstock Group is a global leader in high-quality ophthalmic lenses. With the philosophy “B.I.G. VISION™ FOR ALL” the lens manufacturer stands for a paradigm shift in individual progressive lenses. The company, which was founded in 1877 with its headquarters in Munich, Germany, employs around 4,900 people worldwide and is represented with sales offices and distribution partners in more than 85 countries. Rodenstock maintains production plants at 14 locations in 13 countries. For more information, visit www.rodenstock.com/press.

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For nearly 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Healthcare, Tech, Services and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.

Apax is authorised and regulated by the Financial Conduct Authority in the UK.

Advisors

Apax was advised by Linklaters (legal advisers) and PwC (financial and tax advisers).

Compass was advised by Jefferies (M&A), Dickson Minto and Sidley Austin (legal advisers) and PwC (financial and tax advisers).

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Activa Capital signs the sale of Active Assurances Groupe to Meilleurtaux

Activa Capital

Active Assurances Groupe, a native digital broker of car and health insurance products, joins the Meilleurtaux group after three years of strong growth alongside Activa Capital.
Founded in 2011 by Thomas Riottot, Denis Salmoiraghi and Didier Naccache, Active Assurances has enjoyed uninterrupted growth since its launch. The company has quickly established itself as the leading independent online car insurance broker. With management centres in France and Madagascar, the Active Assurances group is set to generate 120,000 new policies during the 2020/2021 financial year (ending in June) and double its turnover.

The acquisition of Active Assurances will enable Meilleurtaux to support its customers across the entire value chain, from comparison to the sale and management of car and health insurance policies. The final completion of the transaction is expected in the coming weeks.
This new operation, scheduled for the end of April 2021, comes only three years after Activa Capital and Bpifrance joined the Group. During this period, Active Assurances has developed a wholesale division, completed the transforming acquisition of AFI Assurances created by Frédéric Bacmann, enabling it to duplicate its health insurance model, and acquired a portfolio of complementary health policies.

Alexandre Masson and Christophe Parier, Managing Partners of Activa Capital, said: “Since we took a stake in the capital with Bpifrance in May 2018, Active Assurances has experienced exceptional growth under the impetus of its managers. After two acquisitions, including a structural one in the health sector, the Group has achieved its initial 5 year roadmap in less than 3 years. We are very proud and happy to have supported the Group in this strong growth. This transaction demonstrates once again the relevance of Activa Capital’s positioning since 2015, focused on supporting founding entrepreneurs in transforming primary LBO transactions.”

Thomas Riottot, Chairman of Active Assurances Groupe, added: “We were immediately attracted to the DNA of the Meilleurtaux Group because of its strong presence on the web, its brand awareness and its know-how in digital acquisition and digital paths. After three years of structuring our operations and strong growth in all our businesses alongside Activa Capital, joining Meilleurtaux is a new development opportunity for Active Assurances.”

Participants
Buyers Silverlake: Christian Lucas Meilleurtaux: Guillaume Autier
Vendors
Active Assurances: Thomas Riottot, Didier Naccache, Denis Salmoiraghi, Frédéric Bacmann, Nolwenn oreal
Activa Capital: Alexandre Masson, Christophe Parier, David Quatrepoint, Timothée Héron
Bpifrance: Ménelé Chesnot, Adonis Arnaud Management Advisors Investor advisors / financing Lawyer: Degroux Brugere Financial Due Diligence: Deloitte
Vendors Advisors Corporate Lawyer: White & Case (Marc Petitier, Maud Fillon) Management Tax Lawyer: Arsene Taxand (Franck Chaminade)
M&A : Cambon Partners (Guillaume Eymar, Vincent Ruffat, Côme Mullie)
Financial, legal, tax and social Due Diligence: Deloitte (Vincent Rapiau, Christophe Mazaud)
Strategic Due Diligence: Roland Berger (Jean-Michel Cagin, Christophe Angoulvant, Ronan de Bellecombe)

About Active Assurances
Active Assurances is an insurance broker specialised in the on-line sale of automotive insurance policies. Based in Boulogne-Billancourt, in autonomous partnership with leading insurance companies, Active Assurances develops, distributes, and manages automotive insurance policies. For further information, visit activeassurances.fr

About Activa Capital
Activa Capital is an independent private equity firm, owned by its partners, characterized by a proactive build-up strategy. It currently manages more than €300 million on behalf of institutional investors by investing in French SMEs and ETIs with high growth potential and an enterprise value of between €20 and €100 million. Activa Capital assists them to accelerate their development and international presence. To find
out more about Activa Capital, visit www.activacapital.com

Press contacts
Alexandre Masson                                     Christophe Parier                                                            Christelle Piatto
Managing Partner                                      Managing Partner                                                          Communications Manager
+33 1 43 12 50 12                                     +33 1 43 12 50 12                                                          +33 1 43 12 50 12
alexandre.masson@activacapital.com      christophe.parier@activacapital.com                              christelle.piatto@activacapital.com

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LEO Foundation and Nordic Capital partner up to further strengthen LEO Pharma’s leading position in medical dermatology

Nordic Capital

Nordic Capital, a leading global healthcare private equity investor, invests in LEO Pharma and becomes an active minority owner and partner to the LEO Foundation. The investment will support LEO Pharma on its journey to strengthening its global leadership in medical dermatology and help accelerate innovation and growth. The LEO Foundation will remain the company’s majority owner.

In 2020, LEO Pharma launched its 2030 strategy with the ambition to be a global leader in medical dermatology by expanding its leading branded topical dermatology franchise and developing a deep, innovative pipeline. To support the company’s long-term objectives and ambitious growth strategy, the LEO Foundation now welcomes Nordic Capital as a new active minority owner. Nordic Capital will invest EUR 450 million in LEO Pharma and support the 2030 strategy in partnership with the LEO Foundation who will remain the company’s majority shareholder.

LEO Foundation and Nordic Capital partner up to further strengthen LEO Pharma’s leading position in medical dermatology Image

“The partnership with Nordic Capital is a strong confirmation that LEO Pharma is an exceptional company with a valuable heritage in topical dermatology that has clear potential to grow into a leader in innovative therapies,” said Jesper Mailind, CEO of the LEO Foundation. “I am very enthusiastic about the opportunity to welcome Nordic Capital onboard. With Nordic Capital we have secured a supportive and seasoned partner going forward with deep medical expertise and a strong track record supporting value creation in innovative healthcare businesses globally. Further, their strong Scandinavian heritage lends itself to a common cultural understanding and approach. I am confident that the partnership will further enhance the considerable growth potential of LEO Pharma, and it is a natural next step on LEO Pharma’s journey.”

Nordic Capital is one of the most active and experienced investors in healthcare globally. The firm has a strong track record of investing in innovative companies and building industry leaders in close partnership with management teams and co-owners. Since inception in 1989, Nordic Capital has invested more than EUR 7 billion in 29 healthcare investments across Europe and North America. Within pharmaceuticals, Nordic Capital’s current and previous investments include Acino, Nycomed, Fougera, Biovitrum and Meda. Today, Nordic Capital has 14 portfolio companies in the broader healthcare sector with c. 44,000 employees and aggregate revenues in excess of EUR 6 bn.

“We could not be more pleased that Nordic Capital is partnering with the LEO Foundation and LEO Pharma,” said Jonas Agnblad, Partner, Co-Head of Healthcare, Nordic Capital Advisors. “Dermatology is one of the fastest growing therapeutic areas within pharmaceuticals. We see scientific advances addressing significant unmet needs in the coming years, resulting in tremendous value for patients and healthcare systems. Nordic Capital shares the LEO Foundation’s and management’s vision and strategy for LEO Pharma. That strategy delivers growth through exciting upcoming innovative product launches as well as continued focus on the market-leading established product portfolio. This is a combination that we believe will deliver strong growth and opportunity in the future.”

Catherine Mazzacco, CEO of LEO Pharma, said: “I am delighted to welcome Nordic Capital as our new co-owner and partner in our ambitious endeavors to make LEO Pharma a global leader in medical dermatology. I am confident that we, with our new ownership model, have paved the way for further acceleration of our strong growth ambitions, and that this will enable us to further strengthen our dedication to dermatology, with a sustained focus on building a strong pipeline and innovating across science and technology to the benefit of patients.”

The transaction is subject to customary regulatory approvals and completion is expected to take place in the first half of 2021. The terms of the transaction were not disclosed.

Moelis & Company acted as financial advisor and Plesner acted as legal advisor to the LEO Foundation and LEO Pharma. BofA Securities acted as financial advisor and Accura acted as legal advisor to Nordic Capital.

About LEO Pharma

The company is a leader in medical dermatology with a robust R&D pipeline, a wide range of therapies and a pioneering spirit. Founded in 1908, LEO Pharma has devoted decades of research and development to advance the science of dermatology, setting new standards of care for people with skin conditions. LEO Pharma is headquartered in Denmark with a global team of 6,000 people, serving 93 million patients in more than 130 countries.

For more information about LEO Pharma, please visit: www.leo-pharma.com

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 EUR 16 billion in over 110 investments. Nordic Capital Advisors have local offices in Sweden, Denmark, Finland, Norway, Germany, the U.K. and the U.S.

For more 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”.

About the LEO Foundation

The LEO Foundation is one of Denmark’s largest commercial foundations. The Foundation is the controlling owner of the pharmaceutical company LEO Pharma and its main objective is to ensure the company’s long-term development and success. Besides the ownership, the Foundation provides philanthropic grants with the aim to support the best international research in skin diseases and make Denmark a global beacon for skin research.

For more information about the LEO Foundation, please visit: www.leo-foundation.org

Press contacts:

LEO Foundation
Signe Krabek
Head of Communication and Public Affairs
Tel: +45 20 49 68 69
Email: signe.krabek@leo-foundation.org

Nordic Capital
Katarina Janerud
Communications Manager
Tel: +46 8 440 50 50
Email: katarina.janerud@nordiccapital.com

LEO Pharma
Henrik Kyndlev
Director, Senior Media Advisor
Tel: + 45 31 40 61 80
Email: hdtdk@leo-pharma.com

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EQT Private Equity broadens investor base in Epidemic Sound – brings in AMF, Alecta and TIN

eqt
  • EQT Private Equity brings in blue chip investors Alecta, AMF and TIN in a minority sale in Epidemic Sound
  • The new partners broaden Epidemic Sound’s investor base and add additional resources to support its long-term growth
  • EQT remains as largest owner of Epidemic Sound and continues to back its mission to soundtrack the internet

EQT is pleased to announce that the EQT Mid Market Europe fund (“EQT Private Equity”) brings in Swedish blue chip pension funds Alecta and AMF and fund management company TIN through a minority sale in Epidemic Sound (“Epidemic” or “the Company”), the market leading platform for restriction-free music.

Today’s announcement comes just two weeks after the news that EQT Growth and Blackstone Growth jointly have invested USD 450 million in the Company. The welcoming of AMF, Alecta and TIN now concludes Epidemic Sound’s total funding round of approximately USD 540 million at a USD 1.4 billion valuation.

Epidemic Sound’s mission to soundtrack the internet by providing content creators and online storytellers with restriction-free music is not something that happens overnight, but the Company is taking incremental steps in that direction. Today, Epidemic’s music is played for over one billion hours on average per month on YouTube alone – a 400 percent increase since July 2019. AMF, Alecta and TIN all share Epidemic’s long-term mindset and bringing them in as partners broadens the investor base and adds additional resources to support continuous growth.

After having acquired a 40 percent stake in Epidemic Sound in 2017, EQT Private Equity has over the past years invested heavily in growing the Company’s online reach and distribution capabilities. EQT has also supported the transition of Epidemic’s physical sales operations to a digital and highly scalable sales channels offering. Furthermore, over the past few years, the Company’s organizational backbone has been significantly improved while revenues have increased by more than five times.

Following today’s announcement, EQT Private Equity and a group of minority shareholders are partially selling stakes, but EQT remains as the largest owner in Epidemic Sound as a testimony to its belief for long-term value creation and strong growth potential.

Victor Englesson, Partner and Investment Advisor at EQT Partners, commented, “Epidemic Sound is a Swedish success story and the company is the most recent unicorn coming out of our country. CEO Oscar Höglund and his team have built Epidemic by combining two of Sweden’s most well known export commodities – music and technology, and EQT is proud to continue supporting their global growth journey. We are also excited to welcome blue-chip investors AMF, Alecta and TIN as new partners. In their capacity as managers of Swedish pension capital, they all share our mindset of long-term and responsible ownership.”

Oscar Höglund, Co-founder and CEO of Epidemic Sound, commented, “I’m delighted to welcome our new investors on board to help us accelerate our mission to soundtrack this generation’s greatest achievement: the internet. Together with our investors and our creative communities, we’re excited to continue supercharging two things that have become synonymous with Sweden: music and technology.”

The transaction closed on 22 March 2021.

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

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

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

About Epidemic Sound
Epidemic Sound, the market leading platform for restriction-free music, is headquartered in Stockholm, heard around the globe and on a mission to soundtrack the world.

The company has democratized access to music for storytellers. Its innovative digital rights model paves the way for creators – everyone from YouTubers to small businesses to the world’s largest brands – to use ‘restriction-free music’ to take their content to the next level, whilst simultaneously supporting the musicians it works with both financially and creatively.

The company was co-founded in 2009 and has offices in six major cities across the globe: Stockholm, New York, Los Angeles, Seoul, Hamburg and Amsterdam. Epidemic is backed by EQT, Blackstone Growth, Creandum, Atwater Capital and its Chairperson is Vania Schlogel, Managing Partner & Founder at Atwater Capital.

More info: www.epidemicsound.com

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Audax Private Equity Completes the Sale of AI Fire to Snow Phipps Group

-Audax Private Equity (“Audax”) has completed the sale of AI Fire, LLC (“AI Fire” or the “Company”) to Snow Phipps Group (“Snow Phipps”).

Headquartered in Long Beach, CA, AI Fire is a leading fire and life safety provider to both national account customers via a vendor partner network and regional customers through its self-perform district operations. The Company offers a broad range of services including routine inspections, repair services, customized work orders, and system installations. AI Fire serves over 10,000 unique customers across national chains and healthcare, financial, industrial, and other commercial end-markets. The Company operates a network of 20 district offices and two national call centers. Since Audax’ investment in AI Fire in April 2017, the Company has completed 11 acquisitions, adding broader service capabilities, and expanding the self-perform footprint in the Northeast, Texas, and Rocky Mountains.

Mike Lloyd, CEO of AI Fire, said, “Audax has been a valuable partner in helping us grow AI Fire into a leading national provider of fire and life safety services. With Audax’ support, we were able to grow the Company organically and via acquisitions while investing in key talent and systems to support and sustain growth. We look forward to partnering with the Snow Phipps team to continue executing on our growth strategy.”

Jay Mitchell, Managing Director at Audax, said, “We are proud to have partnered with Mike Lloyd and the AI Fire team in creating a leading platform in the national fire and life safety market. The Company expanded its service offering and geographic footprint through organic initiatives and strategic acquisitions while investing in talent and corporate infrastructure. We wish continued success for Mike and the entire team as they embark on their next chapter of growth.”

Terms of the transaction were not disclosed. Kirkland & Ellis LLP and Goulston & Storrs PC served as legal advisors and Lincoln International LLC served as financial advisor to AI Fire.

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The Carlyle Group partners with END.

Carlyle

London, UK – Global investment firm The Carlyle Group (NASDAQ: CG) today announces that it has agreed to acquire a majority stake in luxury, streetwear and sportswear retailer END. (www.endclothing.com). The stake is being acquired from founders Christiaan Ashworth and John Parker, who will retain a significant minority stake and remain Co-CEOs of the company. Index Ventures, who currently hold a minority stake, will fully exit. The transaction will close on 1 April 2021.

Founded in 2005 and headquartered in Newcastle, UK, END. is a global multi-brand, digital-led retailer, featuring luxury and contemporary fashion and the best in sneakers and streetwear. The company partners with more than 500 designers and brands, and has developed a highly engaged and loyal customer base through its exclusive collaborations and its unique omni-channel offering, including its online platform, mobile apps and physical stores. END. is widely recognised for its focus on a high-quality consumer experience and its curated product selection. The company employs more than 650 people in the UK and ships to over 100 countries worldwide. In the year to 31 March 2020, END. generated revenues of £170m, of which 65% related to sales outside of the UK.

Leveraging its significant experience in the Consumer sector, The Carlyle Group will support END.’s expansion, both within the domestic UK market as well as internationally. Equity for the investment will be provided by Carlyle Europe Partners (CEP) V, a €6.4bn fund investing in European opportunities across a range of sectors and industries, and an affiliate of Carlyle Asia Partners (CAP) V, a US$6.6bn fund focused on buyout and strategic investments across a range of sectors in the Asia Pacific region.

Christiaan Ashworth and John Parker, Co-Founders and Co-CEOs, said: “We are thrilled to welcome Carlyle as our new partner. Their experience and strong track record in Luxury and Streetwear will be invaluable to us in supporting END.’s long-term and sustainable growth strategy. Carlyle’s industry knowledge and truly global platform will be instrumental as END. continues to reach an increasingly international audience. We’d also like to thank Index Ventures for being a fantastic partner and great to work with over the last 7 years.”

Massimiliano Caraffa, Managing Director leading Consumer & Retail for the Carlyle Europe Partners advisory team, said: “We are attracted to END.’s distinctive style, which mixes luxury and contemporary brands with the best in sneakers and sportswear. We are excited by the many growth opportunities that lie ahead for the company, including the launch of womenswear as well as further international expansion.”

Patrick Siewert, Managing Director for the Carlyle Asia Partners advisory team, said: “Christiaan and John have built a unique offering in the market and we look forward to supporting END. through leveraging our strategic industry knowledge and global network, while staying true to the company’s core values that have supported its success to date.”

The investment in END. builds on Carlyle’s long-term global focus on Consumer, a sector in which the firm has invested over $20 billion to date. A core component of Carlyle’s strategy has been to grow brands through international expansion. Recent exits in the Consumer space include Golden Goose and Supreme.

The Carlyle Group was advised by Morgan Stanley and RBC (M&A) and Latham & Watkins (Legal). The sellers were advised by Goldman Sachs (M&A) and Womble Bond Dickinson (Legal).

*****

Media Contacts:

END.
Press@endclothing.com

The Carlyle Group
Andrew Kenny
Andrew.kenny@carlyle.com
+44 7816 176120

About END. (www.endclothing.com)

Founded in 2005 and headquartered in Newcastle, UK, END. is a global multi-brand, digital-led retailer, featuring luxury and contemporary fashion and the best in sneakers and streetwear. The company partners with more than 500 designers and brands, and has developed a highly engaged and loyal customer base through its exclusive collaborations and its unique omni-channel offering, including its online platform (www.endclothing.com), mobile apps and physical stores. END. is widely recognised for its focus on a high-quality consumer experience and its curated product selection. The company employs more than 650 people in the UK and ships to over 100 countries worldwide.

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Investment Solutions. With $246 billion of assets under management as of December 31, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs 1,825 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.

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Unit4 Announces Strategic Growth Buyout by TA Associates for a Transaction Value in Excess of US$2 Billion

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TA associates

Partnership with TA will accelerate Unit4’s global growth ambitions, both organically through cloud-based product innovation and through M&A to unlock new markets and industries

LONDON – Unit4, a global leader in enterprise cloud software for people-centric organizations, today announced it has signed a definitive agreement to receive a majority investment from TA Associates, a leading global growth private equity firm. Partners Group, a leading global private markets firm, will invest alongside TA, on behalf of its clients. Mike Ettling, CEO of Unit4, will continue to lead the company, supported by the existing management team. Advent International, the current majority shareholder in Unit4, will exit its stake in the company.

Unit4 and TA will partner to further accelerate the company’s vision of “people-centric ERP” (Enterprise Resource Planning) for mid-market enterprise organizations. As a leader that innovates for and serves people-based services industries including professional services, public sector, nonprofit and higher education, this partnership with TA will help Unit4 address the specific challenges and requirements of organizations in these industries globally.

“Our partnership with TA and Partners Group couldn’t come at a better time. With the launch of ERPx, our next generation cloud-native ERP platform, expansion of our global partner ecosystem, the creation of a strong and viable customer community with Community 4U, and deeper “people” investment in our core and growth markets, Unit4 is poised to see dramatic growth through this next phase of our journey,” said Mike Ettling, CEO of Unit4. “Our customers have expressed a need for rapid innovation, not just efficiencies, to support their growth aspirations while continuing to navigate the headwinds of the global pandemic. We believe our game-changing software and people-first, services-based mindset will help our customers thrive as the market begins to regain its momentum.”

“We have followed Unit4 for many years and have been impressed with the company’s growth and dedication, under Mike’s leadership, to serving mid-market, people-centric organizations, which aligns well with our investment philosophy,” said Morgan Seigler, a Managing Director of TA and co-head of TA’s Europe Technology Group. “We are excited to partner with Mike and the Unit4 team in the next phase of their journey and to help them invest in and deliver industry-relevant enterprise solutions that drive retention, expansion and growth in organizations across the globe.”

“Unit4 is a high-quality software solutions business with strong fundamentals and significant potential for transformative growth. TA is a firm we know very well, and we are delighted to partner with them on acquiring this exciting business,” added Bilge Ogut, Partner, Global Head Private Equity Technology, Partners Group.

The transaction is expected to close in early summer of 2021 pending customary regulatory approvals and closing conditions.

Arma Partners and Evercore are serving as financial advisors and De Brauw Blackstone Westbroek is acting as legal counsel to Unit4. Alvarez & Marsal is serving as financial and tax advisor, and Kirkland & Ellis is acting as legal counsel to TA Associates.

About Unit4
Unit4’s next-generation enterprise solutions power many of the world’s most people-focused mid-market services organizations. Our cloud ERP, HCM and FP&A applications transform work to be more meaningful and inspiring through software that’s self-driving, adaptive and intuitive, intelligently automating administrative tasks while providing easy access to the answers people need. Unit4 serves more than 6,000 customers in industries including professional services, public sector, nonprofit, and education. For more information please visit www.unit4.com, follow us on Twitter @Unit4global, or visit our LinkedIn page.

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

About Partners Group
Partners Group is a leading global private markets investment manager. Since 1996, the firm has invested over USD 145 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group is a committed, responsible investor and aims to create broad stakeholder impact through its active ownership and development of growing businesses, attractive real estate and essential infrastructure. With over USD 109 billion in assets under management as of 31 December 2020, Partners Group serves a broad range of institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.

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