Category Archives: News

J.D. Power to merge with Autodata Solutions, creating a Leading Source of Automotive Data, Analytic and Software Solutions

Thomas Bravo

Acquisition by Thoma Bravo Combines Two Innovative and Complementary Automotive Data Companies with Vision of Strengthening Their Value to Clients and Consumers

TROY, Mich., 16 Dec. 2019 – J.D. Power, a global leader in data analytics and consumer intelligence, today announced a merger with Autodata Solutions, a provider of data and software solutions for the automotive ecosystem. The merger marks the completion of J.D. Power’s acquisition by Thoma Bravo, a leading private equity firm, and owner of Autodata Solutions. The newly combined company will operate under the name J.D. Power and will offer market-leading new and pre-owned automobile transactional data, valuation tools, vehicle feature information and consumer analytics to the automotive industry. J.D. Power will also continue to provide industry leading benchmarks, analytics and customer insights across the Banking & Payments, Wealth & Lending, Telecommunications, Insurance, Health, Travel and Utilities sectors through its Global Business Intelligence division.

“The combination of J.D. Power’s deep data, analytics and customer experience insights with Autodata Solutions’ comprehensive vehicle feature data and dealer and manufacturer technology platforms will create a robust and insightful automotive industry resource for analyzing consumer demand and optimizing the vehicle sales process,” said Dave Habiger, who will continue as President and CEO of J.D. Power. “As the auto industry continues to be disrupted by changing patterns of consumer behavior and new technologies such as connected vehicles, electric vehicles, autonomous vehicles and ridesharing, we are building a company that will help the entire industry rise to the challenge.”

J.D. Power has been delivering incisive industry intelligence on customer interactions with brands and products for more than 50 years. The world’s leading businesses across more than a dozen different industries rely on J.D. Power data, research and insights to guide their customer-facing strategies, while consumers around the world look to J.D. Power ratings as the undisputed mark of quality.

In the automotive sector, J.D. Power is recognized for its Voice-of-the-Customer research and its Power Information Network (PIN) and Used Car Guide (UCG) products, which provide the industry with new and used car transaction information. The company has also pioneered the use of artificial intelligence (AI) capabilities to merge its vast database of consumer behavioral data, pricing information and “Voice of the Vehicle” telematics-based data into powerful predictive models.

Autodata Solutions provides Software as a Service (SaaS) and software solutions that range from back-end automation systems that enable dealer-to-original equipment manufacturer (OEM) vehicle ordering to data-driven, consumer-focused interactive marketing initiatives. Its Chrome-branded solutions increase the effectiveness of the automotive sales ecosystem and include rebates and incentives, Vehicle Identification Number (VIN) decode and describe, and vehicle configuration and comparisons.

Together, the two companies create a complementary set of capabilities that will strengthen the global automobile industry’s ability to forecast vehicle demand and shape strategic decision making.

“The joining of these two leading companies will enable the auto industry to make the process of configuring, ordering and selling cars more efficient, which can improve profitability and capital deployment,” said Scott Crabill, a Managing Partner at Thoma Bravo. “This capability is exactly the kind of proven, concrete insight the auto industry needs as it confronts changing consumer demands in a transforming technology environment.”

“The new J.D. Power delivers the authoritative ground truth and predictive intelligence the automotive industry so desperately needs right now to stay in sync with changing patterns of consumer behavior, rapid-fire technological change and a challenging macroeconomic environment,” said Craig Jennings, former President and CEO of Autodata Solutions, who will continue as President of the Autodata division in the newly combined J.D. Power. “By pairing our platform with J.D. Power’s deep data and analytics capabilities, we’re going to be able to take the guesswork out of the manufacturing and floor planning process, helping manufacturers and dealers drive maximum impact and profitability by getting the new vehicle formula just right. We are excited to be joining the J.D. Power team to make that vision a reality.”

In addition to the investment by Thoma Bravo, J.D. Power’s existing management team will reinvest their ownership interest in the newly combined company. All of the current Autodata Solutions and J.D. Power employees will have the opportunity to take an ownership stake in the company.

The headquarters for the combined company will be in Troy, Mich.

About Thoma Bravo, LLC
Thoma Bravo is a leading private equity firm focused on the software and technology-enabled services sectors. With a series of funds representing more than $35 billion in capital commitments, Thoma Bravo partners with a Company’s management team to implement operating best practices, invest in growth initiatives and make accretive acquisitions intended to accelerate revenue and earnings, with the goal of increasing the value of the business. Representative past and present portfolio companies include industry leaders such as ABC Financial, Blue Coast Systems, Deltek, Digital Insight, Frontline Education, Global Healthcare Exchange, Hyland Software, Imprivata, iPipeline, PowerPlan, Qlik, Riverbed, SailPoint, SolarWinds, Sparta Systems, TravelClick and Veracode. The firm has offices in San Francisco and Chicago.

About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power is headquartered in Troy, Mich.

 

Media Contacts

Megan Frank
Thoma Bravo
628-218-0274
mfrank@thomabravo.com

Shane Smith
PCG (East Coast)
424-903-3665
ssmith@pacificcommunicationsgroup.com

 

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3i to receive c. £102m cash from Audley Travel and Hans Anders

3I

3i-backed Audley Travel (“Audley”) and Hans Anders to return c. £102m in cash to 3i Group plc (“3i Group”).

Audley, a leading provider of tailor-made experiential travel, has completed a dividend recapitalisation. 3i Group will receive £67m from this transaction, which together with the shareholder distribution 12 months ago, takes total cash return to date to 3i Group to £93m, equivalent to 0.6x its original investment. For the £67m received from this transaction, it is expected that £18m will be treated as income and the remaining balance as capital proceeds.

3i Group invested in Audley in 2015 to build on its market-leading UK presence and support international growth, particularly in the US, where Audley has seen a 5x increase in bookings over the last 4 years.

Following its acquisition of eyes + more in January 2019, Hans Anders, a market leading, value-formoney optical retailer in North-West Europe has also completed a refinancing. 3i Group will receive €42m (£35m1), which will be treated as a partial return of its investment in Hans Anders.

3i Group invested in Hans Anders in 2017. The fragmented European optical retail market presents significant growth opportunities for Hans Anders.

 

1 Based on a GBPEUR FX rate of 1.19

– Ends-

Download this press release  

 

For further information, contact:
3i Group plc

Silvia Santoro
Shareholder enquiries		 Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com
Kathryn van der Kroft
Media enquiries		 Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

 

Notes to editors

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com

About Audley Travel

Audley is a leading provider of tailor-made experiential travel to over 80 destinations worldwide. Serving clients predominantly in the UK and US, Audley is renowned for its superior customer service and in-depth destination expertise delivered by its country specialists. For more information, please visit www.audleytravel.com

About Hans Anders

Founded in 1982 and headquartered in the Netherlands, Hans Anders is a market leading, value-formoney optical retailer in North-West Europe. The company operates under the Hans Anders, eyes + more and Direkt Optik retail banners, and offers a range of private label and branded spectacles, hearing aids, contact lenses and sunglasses at average price points significantly below its major competitors. For more information, please visit www.hansanders.nl

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AURELIUS Equity Opportunities acquires ZIM Flugsitz GmbH

Aurelius Capital

  • German “Mittelstand” manufacturer of economy and premium economy aircraft seats with good position in a growing market
  • Fourth mid-market acquisition by AURELIUS in 2019

Munich, December 16, 2019 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) will acquire a majority interest in ZIM Flugsitz GmbH, based in Markdorf on Lake Constance, from its founders, the Zimmermann family. ZIM Flugsitz is an established supplier of high-quality aircraft seats for commercial passenger aircraft. With a total of about 210 employees at its headquarters in Markdorf and its production facility in Schwerin, the company generates annual revenues of around EUR 55 million. The transaction is expected to close in January 2020.

Founded in 2008 by the engineers Peter and Angelika Zimmerman, who will continue to hold shares and manage the company after the acquisition, ZIM Flugsitz has steadily grown over the years. The company is well positioned to benefit from the growing long-term market trend with an industry-wide recognized engineering department and an innovative, high quality product portfolio primarily in economy and premium economy class. The company’s customers include numerous international airlines such as Lufthansa, Singapore Airlines, Japan Airlines and ANA.

“Since our foundation, we have managed to grow significantly as a family-owned company and have successfully mastered the entry into the line-fit segment and the premium economy class. Now it is time to align our financing structure and organization to the demands of future growth, and we are pleased to have AURELIUS as an experienced investor on board who will help us with these tasks,” said Angelika Zimmermann, President of ZIM Flugsitz.

AURELIUS will provide financial and operational support. Next to an optimized financing structure, operational improvements will facilitate continued growth, building on a strong portfolio of excellent products and ongoing developments for future products.

“The transaction proves that the value proposition of our vast operational resources is also appreciated by Germany “Mittelstand” companies. We are looking forward to developing the company together with the Zimmermanns and raising it to the next level,” said AURELIUS CEO Dr. Dirk Markus.

AURELIUS was advised on the transaction by Seabury Capital (M&A), Ebner Stolz (financial due diligence) and Oppenhoff & Rädler (tax due diligence).

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Partners Group to acquire EyeCare Partners, a leading US medical vision services provider

Partners Group

Partners Group, the global private markets investment manager, has agreed to make a significant equity investment on behalf of its clients in EyeCare Partners LLC (“ECP” or “the Company”), the largest vertically integrated medical vision services provider in the US. Partners Group will become the majority shareholder, while ECP’s management team and physician partners will continue to maintain a substantial equity stake. The transaction is expected to close in the first quarter of 2020.

Founded in 2015 and headquartered in St. Louis, Missouri, ECP has an extensive network of full-scope medical optometry and ophthalmology practices, with over 450 locations across 13 states throughout the US. The Company employs over 500 optometrists and 85 ophthalmologists who, together with over 4,400 clinic staff, offer patients end-to-end services covering medical optometry, ophthalmology and sub-specialties, and vision correction products. ECP’s model provides an integrated network of services that cover the entire lifecycle of a patient’s eye care needs, which results in increased patient and physician satisfaction and retention.

Following the investment, Partners Group will work closely with ECP’s management team, led by Chief Executive Officer Kelly McCrann, on strategic initiatives to support ongoing organic and acquisitive growth. Key areas of focus for these initiatives will include the following: increasing the recruitment of high-quality ophthalmologists and optometrists; optimizing the network model; expanding and maximizing ambulatory surgical center utilization; enhancing administrative processes and operating efficiencies; investing in clinical technologies that enhance patient care; and pursuing select M&A partnership opportunities that provide world-class medical vision care and patient experience.

Kelly McCrann expresses the following: “Partners Group has excellent operational support capabilities and an extremely successful track record of working with high-growth companies to build critical mass in the highly fragmented US healthcare sector. We are thrilled to have found a long-term partner that shares our patient- and physician-centric outlook. We are very excited to work with Partners Group to both strengthen ECP’s offering and expand our presence throughout the US.”

Todd Miller, Managing Director, Co-Head Private Equity Directs Americas, Partners Group, states: “As the largest medically focused and integrated eye care services provider in the US, ECP is a market outperformer with strong momentum in a growing industry. We are excited to bring our operational experience with multi-site healthcare operations into partnership with ECP’s talented management team and physician partners, who share Partners Group’s focus on ensuring patient care remains at the forefront of operational decisions. We look forward to working together with Kelly and the entire team to enhance patient care, expand geographically, and build local density, among other things.”

Remy Hauser, Managing Director, Head of Healthcare Industry Value Creation, Partners Group, adds: “Our Thematic Sourcing efforts over the past 24 months identified the medical vision segment as a highly attractive sub-sector within the healthcare sector, ripe for organic growth, expansion, and consolidation. ECP’s vertically integrated model, offering the full spectrum of medical eye health solutions and one network for scheduling, billing and coordination, provides a competitive advantage as it creates a better experience, improved medical outcomes, and retention for patients, physicians and medical providers.”

Kirkland & Ellis LLP represented Partners Group in the transaction.

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Wendel announces the completion of its €200 million share repurchase programme

Wendel

The €200 million share repurchase agreement entered on March 26, 2019, with Goldman Sachs International (“Goldman Sachs”), initiated on April17, 2019,was completed on December 17, 2019. Between April 17, 2019 and December 17, 2019, in the context of this programme, Wendel acquired a total of1,645,338ordinary shares (representing 3.55% of outstanding shares count before the launch of the programme) at an average adjusted price of€121.5555.As a reminder, on April 23, 2019, Wendel made a €200 million payment to Goldman Sachs and received1,169,399 of its own ordinary shares. These shares were canceled on April 25, 2019.Upon completion of the agreement, Wendel received from Goldman Sachs 475,939 additional ordinary shares. This additional number of shares has been determined on the basis of the volume-weighted average price per share, less a discount, over the execution period.The additional 475,939 ordinary shares were delivered on December 19, 2019 were canceled on the same day. Wendel capital will thus be composed of 44,682,308 shares. It is recalled that the 913,184 shares currently held in treasury acquired prior to this share repurchase agreement and allocated to other objectives, are not intended to be cancelled.The liquidity contract, which had been suspended since April 17, 2019, will resume its activity starting from December 20, 2019.

About Wendel

Wendel is one of Europe’s leading listed investment firms. The Group invests in Europe, North America and Africa in companies which are leaders in their field, such as Bureau Veritas, Cromology, Stahl, IHS, Constantia Flexibles, Allied Universaland Tsebo. Wendel plays an active role as a controlling or lead shareholder in these companies. We implement long-term development strategies, which involve boosting growth and margins of companies so as to enhance their leading market positions. Wendel is listed on Eurolist by Euronext Paris. Standard & Poor’s ratings: Long-term: BBB, stable outlook –Short-term: A-2 since January 25, 2019 Moody’s ratings: Long-term: Baa2, stable outlook –Short-term: P-2 since September 5, 2018 Wendel is the Founding Sponsor of Centre Pompidou-Metz. In recognition of its long-term patronage of the arts, Wendel received the distinction of “Grand Mécène de la Culture” in 2012.

For more information: Follow us on Twitter @WendelGroup

Press contacts Analyst and investor contacts

Christine Anglade-Pirzadeh: +33 (0)1 42 85 63 24

Olivier Allot: +33 (0)1 42 85 63 73

c.anglade@wendelgroup.como.allot@wendelgroup.com

Caroline Decaux: +33 (0)1 42 85 91 27

Lucile Roch: +33 (0)1 42 85 672

c.decaux@wendelgroup.coml.roch@wendelgroup.com

Categories: News

Glamox acquires ES-SYSTEM

Triton

Oslo (Norway) 13 December 2019 – Glamox, a Triton fund IV company, has secured over 98 per cent of shares in the polish lighting company ES-SYSTEM, the largest lighting company in Poland by turnover.  

Glamox has acquired a total of 98.21% of shares in ES-SYSTEM through a public tender to shareholders concluded on December 4th. The tender was published on 14 October at 3.5 PLN per share, meaning company equity is recognized at a value of 150 million PLN (approx. 354 million NOK). The transaction was completed on 10 December and the purchase has been approved by the relevant competition authorities.

ES-SYSTEM is the leading supplier of professional lighting solutions in the Polish market. The company was founded in 1990 and has headquarters in Kraków, Poland with nearly 900 employees and factories in Wilkasy and Dobczyce and a yearly turnover of 192 million PLN (approx. 443 million NOK) (2018).  

The acquisition gives Glamox access to an attractive lighting market with high growth driven by a healthy macro-economy and a high level of activity in the construction and installation industry.

“The acquisition of ES-SYSTEM is in line with Glamox’s strategy of buying up leading companies in Western and Central Europe with matching customer segments, channels and market position. ES- SYSTEM’s products will further strengthen the range of products we are able to offer to our customers. In addition to giving us a leading position on the Polish market it will also strengthen us on our core markets,” says CEO of Glamox, Rune Marthinussen.

Glamox intends to acquire all shares in ES-SYSTEM and will put in motion an obligatory buy-out procedure for the remaining shares under the conditions stipulated by Polish law. Glamox also intends to withdraw ES-SYSTEM from the Warsaw Stock Exchange. 

About Glamox

Glamox is a leading provider of lighting solutions to the Northern European professional building market and to the global marine and offshore markets.

The Glamox Group is a global organization with approximately 1 400 employees and an annual turnover of NOK 2.8bn (2018). The Group owns a range of quality lighting brands including Glamox, Aqua Signal, Luxo, Norselight, LINKSrechts and Küttel. Glamox is committed to meeting customer needs and expectations by providing quality products and solutions, service and support.

As of December 2017, Funds advised by Triton are the majority owners of Glamox. 

About Triton

About Triton 

Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors. The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth.

The 42 companies currently in Triton’s portfolio have combined sales of around €16,7 billion and around 80,800 employees

Press Contacts

Triton
Fredrik Hazén
Phone: +46 709 483 810

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Funds advised by Apax Partners to acquire Coalfire from The Carlyle Group and The Chertoff Group

Apax

Investment to help Coalfire accelerate growth across compliance and cybersecurity service offerings

Westminster, Colorado and New York, December 13, 2019: Funds advised by Apax Partners (the “Apax Funds”) today announced they have reached an agreement to acquire Coalfire, a provider of cybersecurity advisory and assessment services, from The Carlyle Group (NASDAQ: CG) and The Chertoff Group. The transaction is expected to be completed in early 2020, subject to regulatory approval. Financial terms were not disclosed.

Founded in 2001, Coalfire is a cybersecurity advisor that helps organizations avert threats, close gaps, and effectively manage cyber risk. By providing independent, tailored advice and services that span the cybersecurity lifecycle, Coalfire helps clients develop scalable programs that improve their security posture. The company today has more than 1,800 government and commercial clients and extensive cloud security experience, working with seven of the top ten SaaS providers. Coalfire’s more than 730 employees operate from 11 locations in the United States and the United Kingdom.

The investment from the Apax Funds will support Coalfire in accelerating its growth. Rohan Haldea, Partner at Apax Partners, said: “Coalfire is an established and highly-respected cybersecurity advisory and assessment services firm that is well-positioned for further growth due to cybersecurity trends and the vision of its strong management team. The Apax Funds’ investment will assist the company in particular by increasing Coalfire’s investment in technology; continuing to invest in thought leadership, especially with respect to securing cloud environments; and deepening capabilities across assurance standards while scaling its penetration testing and cyber risk services business.”

Tom McAndrew, Coalfire CEO, said: “We are thrilled with our new partnership with Apax, which will help drive our growth plans while continuing our commitment to our customers, people, and core values. The leadership, support, and investment provided by Carlyle, Chertoff, and Baird Capital have been instrumental in our success over the last four years, and we are excited to begin this new chapter.”

Carlyle Managing Director Steve Bailey said: “It has been a great pleasure working with Tom and his team, along with The Chertoff Group, to support Coalfire’s tremendous growth over the past four years as we leveraged our cybersecurity investing experience. We wish them much continued success.”

Haldea added: “We look forward to working with the Coalfire team as they broaden their services to support customers in navigating an environment that is characterized by an increasing range of cybersecurity challenges.” The Apax Funds have a successful track record of partnering with tech-enabled services businesses, including Engineering, EVRY, Fractal Analytics, GlobalLogic, Lexitas, ThoughtWorks, and Zensar.

William Blair served as financial advisor and Latham & Watkins served as legal advisor to Coalfire. PwC served as accounting advisor to Carlyle. Kirkland & Ellis LLP served as legal counsel to the Apax Funds.

The Carlyle Group invested in Coalfire in 2015 through its U.S. Equity Opportunity Fund I, a $1.1 billion U.S. middle-market fund.

About Coalfire

Coalfire is the trusted cybersecurity advisor that helps private and public-sector organizations avert threats, close gaps and effectively manage risk. By providing independent and tailored advice, assessments, technical testing, and cyber engineering services, we help clients develop scalable programs that improve their security posture, achieve their business objectives and fuel their continued success. Coalfire has been a cybersecurity thought leader for nearly 20 years and has offices throughout the United States and Europe. For more information, visit www.coalfire.com.

About Apax Partners

Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare, and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

About The Carlyle Group 

The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit, and Investment Solutions. With $222 billion of assets under management as of September 30, 2019, 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 more than 1,775 people in 33 offices across six continents.

About The Chertoff Group 

The Chertoff Group is a global advisory services firm that invests in and provides consulting, business development and M&A advisory services for clients in the security, defense and government services sectors.  The Chertoff Group applies security expertise, technology insights, and policy intelligence to help clients build resilient organizations, gain competitive advantage, and accelerate growth. Through its investment banking subsidiary Chertoff Capital, the firm provides M&A advisory services in global security markets and growth equity investments in cyber and tech-enabled security and defense sector companies.  For more information, visit www.chertoffgroup.com

About Baird Capital 

Baird Capital makes venture capital, growth equity and private equity investments in strategically targeted sectors around the world. Having invested in more than 300 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit BairdCapital.com.

Media Contacts

For Coalfire

Global Media: Mike Gallo, Lumina Communications | +1 212-239-8594 | luminacoalfire@luminapr.com

UK Media: Bryn Madden, Citypress | +44 161 235 0338 | coalfire@citypress.co.uk

For Apax Partners

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com

USA Media: Todd Fogarty, Kekst CNC | +1 212-521-4854 | apax@kekstcnc.com

UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

For The Carlyle Group

Christa Zipf, The Carlyle Group | +1 212-813-4578 | christa.zipf@carlyle.com

For The Chertoff Group

Global Media:  Meagan Hawkins | +1 202-552-5243 | meagan.hawkins@chertoffgroup.com

For Baird Capital

Rachel Kern | +1 414-298-5101 | rkern@rwbaird.com

Notes to Editors

London-headquartered Apax Partners (www.apax.com), and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms

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Altor to divest Ålö to JOST

Altor

Altor Fund III (“Altor”), Fort Knox Förvaring AB and Management Investors have today signed an agreement to divest Ålö Holding AB (“Ålö”), a world leader within material handling solutions in the agricultural industry to JOST Werke AG (“JOST”). JOST is a world leading supplier of systems to the Truck and Trailer Industry.

Ålö is a global market leader in top-quality front loaders and associated implements for agricultural tractors, with sales in more than 40 countries. Front loaders and implements are sold under the Quicke brand as well as in cooperation with tractor OEMs. The company has production facilities in Sweden, US, China and France.
“We are pleased to have found an excellent new home for Ålö” says Bengt Maunsbach, Partner at Altor Equity Partners. “JOST has strong capabilities to support Ålö in developing its many important OEM relationships and a global manufacturing footprint that will both open up new markets and provide economies of scale”.

“Ålö stands stronger than ever today” says Niklas Åström, CEO of Ålö. “We have during the past years developed and launched breakthrough new products such as the Q-Series premium loader and the Q-Companion digital control system. Together with our leading offer of implements, parts and service this has enabled Ålö to grow with both our OEM partners and in the dealer market”.

“We are delighted to bring Ålö into our portfolio of leading industrial brands” says Joachim Dürr, CEO of JOST. “We look forward to work with Ålö’s strong management team and to help Ålö continue to grow”.

The transaction is conditioned upon merger control approval and is expected to be finalized early 2020. The sellers were advised by Alantra, Swedbank Investment Banking, White & Case and EY.

For more information, please contact:
Tor Krusell, Head of Communications at Altor, Tel: +46 70 543 87 47

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in more than 60 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Dustin, Byggmax, Piab, Aalborg Industries, Trioplast, SATS and RevolutionRace. For more information please visit www.altor.com

About Ålö
Ålö is a world leader in Front Loaders for the Agricultural Industry. The products are sold under the Quicke brand. Ålö develops and manufactures about 40,000 loaders every year and has revenue of about 2 billion SEK and about 700 employees. Ålö has manufacturing in Sweden, China, USA and France. For more information about Ålö please visit https://www.alo.se

About JOST
JOST is a leading global producer and supplier of safety-critical systems for commercial vehicles. The Company’s core brands “JOST”, “ROCKINGER”, “TRIDEC” and “Edbro” are well-recognized in the industry and highly regarded for their quality and continuous innovation. With its sales and production facilities in 22 countries across five continents, JOST has direct access to all major truck and trailer manufacturers and relevant end customers. JOST currently employs about 2,900 staff worldwide and has been listed on the Frankfurt Stock Exchange since 20 July 2017. For more information about JOST please visit https://www.jost-world.com

 

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KKR Completes Purchase of a Majority Interest in NVC China

KKR

HUIZHOU, China–(BUSINESS WIRE)–Dec. 12, 2019– Global investment firm KKR and NVC International Holdings Limited (“NVC International”) (Stock Code:2222) today announced the completion of KKR’s purchase of a majority interest in NVC Lighting’s China lighting business (“NVC China” or the “Company”). With the completion of the transaction, KKR owns 70 percent of NVC China and NVC International holds the other 30 percent.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191212005229/en/

NVC China is a leading manufacturer of branded lighting products in China, and additionally provides lighting solutions to consumers and business clients through a robust distribution network across the country. Together with KKR and NVC International, NVC China aims to enhance its ability to meet Chinese consumers and businesses’ demand for high-quality lighting products and solutions. With the support of KKR’s extensive operational expertise, the Company will look to adopt enhanced technologies and practices to differentiate itself as an industry innovator in areas such as energy conservation.

Paul Yang, Member and Head of KKR Greater China, said, “NVC China is a true leader in China’s growing lighting market with a well-known brand and world-class operations. KKR will support the NVC China management team and look to accelerate the Company’s expansion plans and identify new opportunities for growth across cutting-edge design, digital optimization, and environmental sustainability. We look forward to working with NVC China’s current operation centers and distributors with strengthened and continuous investment in China, enhancing NVC China’s long-term planning and brand competitiveness, to a win-for-all within NVC’s ecosystem.”

Wang Donglei, Chairman of the Board of NVC International, said, “We are thrilled to welcome KKR as a new shareholder in NVC China to position this business for its next phase of growth. We are confident that the resources and operating expertise that KKR brings to the NVC China team will be extremely valuable for the long-term success of this business. We are excited to remain invested in NVC China alongside KKR which will allow NVC International and its shareholders to continue to benefit from the Company’s future successes.”

NVC China will continue in its commitment to the China market and focus on addressing the increasing demand of Chinese consumers and business clients for high-quality lighting products. The support of KKR’s resources and operational expertise will enable the business to undertake a long-term growth strategy that is also supported by China’s ongoing consumption, industrial and commercial upgrades, as well as the promotion of environmental protection, health and energy conservation. These trends underpin healthy long-term sector growth for the lighting industry in China, and NVC China will invest in its business to ensure the NVC brand stays ahead as a technology and business model innovator.

KKR made its investment from its flagship Asian Fund III. China is a core focus within KKR’s Asia Pacific strategy and will continue to prosper going forward. KKR has deployed more than US$4.6 billion since 2007 to support the development of domestic champions into industry leaders. KKR delivers deep, local expertise to Chinese companies across various sectors through its offices in Beijing, Hong Kong, and Shanghai.

About KKR

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

About NVC International

NVC International is a leading lighting solutions holding company. It designs, develops, produces, markets and sells a variety of lighting products, with a strong focus on energy-saving and health-promoting lighting products. After the transaction, NVC International will be primarily engaged in its non-lighting business in China and international business, which includes the design, development, production, marketing and sales of lighting products.

Source: KKR

Investors:
NVC International IR Team
Victoria Yu/Janet Tang
+852 3970 2238
ir@nvc-international.com; nvclighting@wsfg.hk

Media:
For KKR:
KKR Asia Pacific
Anita Davis, +852 3602 7335
Anita.Davis@KKR.com
Or
KKR Americas
Kristi Huller / Cara Major, +1 212-750-8300
Media@KKR.com

FTI Consulting (for KKR China)
Dee Wang, +86 21 2315 1138
kkrchina@fticonsulting.com

For NVC International:
Victoria Yu/Janet Tang
+852 3970 2238
ir@nvc-international.com; nvclighting@wsfg.hk

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ICE acquires WMPH Vacations to expand its cruise business and add new product capabilities

3I

3i-backed International Cruise & Excursions (“ICE”), a global leader in travel loyalty solutions, has acquired We Make People Happy Vacations (“WMPH”), a leading cruise travel agency. Don Walker and Uf Tukel, the WMPH co-founders, are re-investing alongside 3i and the other ICE shareholders. Don and Uf will join ICE and take on senior leadership roles for the combined business.

Founded in 2004 and headquartered in Delray, Florida, WMPH is a key partner to all major cruise lines, operating through its primary brand, iCruise, which is a leader in the industry and one of the best online resources for consumers to research and book cruises.

The acquisition will help enhance ICE’s cruise offering and will provide new sales capabilities, digital marketing and product technology. This will strengthen ICE’s travel-oriented closed-user groups (CUGs) and further enhance ICE’s leading cruise programmes.

Brian Fontana, CEO, ICE, commented: “We see a number of commercial synergies between the two organisations, and look forward to this next phase of the journey for WMPH and ICE. We would like to welcome co-founders Don Walker and Uf Tukel to the ICE team.”

Andrew Olinick, Partner at 3i, US added: “ICE has a track record of long term growth and introducing innovation into the travel industry.  ICE remains committed to cruise as a core market and we are excited about the significant new business and organic growth opportunities with WMPH in the ICE family.”

WMPH will continue to operate from its Delray, Florida headquarters, with support from ICE’s international service centres.  Located near major cruise suppliers, the company is well positioned to build and maintain partner relationships.  Founders Uf Tukel and Don Walker will join the leadership team at ICE and strengthen ICE’s commitment to excellence in cruise, product and marketing solutions.

3i invested in ICE in June 2018. ICE is headquartered in Scottsdale, Arizona with additional offices in Carlsbad, Australia, UK, Portugal, India, Mexico, New Zealand and the Philippines. It provides technology-based travel loyalty solutions for organisations such as Carnival, American Express, USAA and Diamond Resorts.

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