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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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Paragraf increases Series A round to £16.2m to accelerate product delivery

IQ Capital

UK-based graphene electronics technology company Paragraf announces today the addition of £3.4m to its series A round, with Draper Esprit joining as significant investor, bringing the total to £16.2m. The round was led by Parkwalk and included investment from IQ Capital, Amadeus Capital Partners, Cambridge Enterprise, the commercialisation arm of the University of Cambridge and Partners Investment Company, as well as several angel investors. The additional funding will enable Paragraf to significantly accelerate the delivery of its first graphene-based electronics products to market, transitioning the company into a commercial, revenue-generating entity.

As graphene appears to be reaching its tipping point in many low-cost applications such as road surfacing, paint and clothing where its improved wear resistance properties are offering benefits, the widely speculated, high-performance electronics applications have remained tantalisingly out of reach. Paragraf’s patent-protected break-through approach to graphene synthesis has enabled the company to develop some of the first graphene electronics devices using standard mass production scale approaches.

Paragraf has achieved very early delivery to market of its first product, a super-high sensitivity magnetic field detector with order of magnitude performance enhancements over existing sensors. The technology also provides operational capabilities over temperature, field and power ranges that no other device can currently achieve. On the back of this success the company has made a strategic decision to take on additional financing, enabling the business to super charge its development roadmap.

 

Dr Simon Thomas, CEO and Co-founder of Paragraf, said: “By accepting additional investment Paragraf is demonstrating its drive and commitment to rapidly productising its game changing graphene technologies, accelerating the timeframe in which these devices can be developed and, importantly, delivered to market.”

 

David Cummings, Partner at Draper Esprit, said “Graphene is known to be a material with huge potential, but Paragraf’s approach takes this into the realm of the commercially possible. We’re delighted to be able to support this dynamic company in accelerating the delivery of its first graphene-based electronics products and are looking forward to working closely with them as they continue to develop their technology.”

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Gryphon Investors Invests in Heartland Veterinary Partners

Gryphon Investors

Leading General Veterinary Practice Headquartered in the Midwest Provides Proven Platform for Continued Expansion

San Francisco, CA – December 12, 2019 —Gryphon Investors (“Gryphon”), a San Francisco-based middle-market private equity firm, announced today that it has made a majority investment in Heartland Veterinary Partners (“Heartland” or “the Company”), a leading veterinary support organization in the Mid-American and Southern U.S. markets. Tyree & D’Angelo Partners (“TDP”) and management will retain minority stakes alongside Gryphon. This transaction marks a continuation of Gryphon’s successful track record in helping to build leading multi-site healthcare services businesses. Terms of the deal were not disclosed.

Headquartered in Chicago, the Company partners with over 200 veterinarians across nearly 100 veterinary practices. The Company is focused on providing high-quality general veterinary services to companion animals and has an exceptional reputation within the industry due to its veterinarian-centric mission, vision, and values. CEO Dr. George Robinson, a 30-year veterinarian and industry expert, will remain with the Company and will retain an ownership stake, as will other members of senior management.

“Pets are an important part of the family unit in America. American pet ownership continues to grow and there is a long-term trend towards high-quality preventative care as well as exceptional medical treatment to improve the lives of pets,” said Kevin Blank, Healthcare Operating Partner at Gryphon. He added, “We believe that Heartland is well-positioned for growth in the highly fragmented veterinary services market and has demonstrated an ability to partner with veterinarians to better serve their communities.”

Luke Schroeder, Gryphon Principal, said, “Heartland offers scalable systems, standardized back office support operations, and a predictable and attractive business model generating strong, cash-based revenue. The Company has a terrific reputation as a partner of choice for veterinarians and there are opportunities to continue to grow the customer base and expand the services offered to pet owners. In addition, we will continue to prioritize growth through acquisitions.”

“We’re pleased to partner with Gryphon, which has a long track record of helping companies like ours successfully grow their businesses,” said Dr. Robinson. “With the support of Gryphon’s deep operational and financial resources, we look forward to expanding our network of affiliated veterinarian hospitals and accelerating growth across our core geographies.”

Houlihan Lokey acted as financial advisor to Gryphon, and William Blair was the financial advisor to Heartland. Kirkland & Ellis acted as legal advisor to Gryphon, and Winston & Strawn acted as legal advisor to Heartland.

About Heartland Veterinary Partners
Heartland Veterinary Partners is one of the highest quality and fastest growing veterinary support organizations in the United States, with nearly 100 veterinary practices across the Mid-American and Southern markets. Heartland’s footprint continues to rapidly expand through the successful execution of veterinary practice acquisitions and partnerships with independent practicing veterinarians focused on delivering general veterinary services to companion animals. For more information, please visit www.heartlandvetpartners.com.

About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $100 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.

About Tyree & D’Angelo Partners
Based in Chicago, IL, Tyree & D’Angelo Partners is a leading lower middle market private equity firm that makes control ownership investments in businesses that generate less than $50 million of annual revenue and $1–$5 million of EBITDA. TDP seeks to establish true collaborative partnerships with business owners and management teams that will lead to substantial creation of value over a long-term investment horizon. To date, TDP has completed over 200 partnerships across its portfolio companies. For more information, please visit www.tdpfund.com.

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Cegeka reinforces international position by acquiring KPN Consulting

GIMV

Cegeka and telco company KPN have agreed to sell KPN Consulting to Cegeka. KPN Consulting, which comprises all activities of KPN ICT Consulting and Call2, offers a wide array of bespoke ICT advice and support services regarding, among other things, ICT strategy, cloud services, and data analysis. The transaction fits into Cegeka’s Northern Europe growth strategy. This acquisition will see the Hasselt-based IT company double its turnover in the Netherlands, making it one of the country’s biggest IT service providers. KPN Consulting employs 750 staff and 250 contractors.

As part of the transaction, KPN and Cegeka will partner up to ensure services to KPN customers continue without interruption. According to the terms of this partnership, Cegeka will continue to provide advice and support services to KPN as its preferred provider.

Karim Henkens

“KPN Consulting’s services integrate seamlessly into the portfolio of Cegeka’s Dutch branch, presenting us with a strategic advantage. Customers can count on Cegeka as a reliable IT partner helping them to remain relevant in a quickly evolving digital world. The operation lets us strengthen our market position in the Netherlands, allowing us to keep on growing.”

Karim Henkens, Managing Director Netherlands, DACH and Nordics.

KPN Consulting’s services will be continued under the Cegeka name. For KPN, this transaction is in line with its strategy to speed up corporate simplification and to focus on its most important ICT services in the B2B market.

“This is an important step for Cegeka in our continuing international growth. Thanks to this acquisition, our activities in the Netherlands are now the same size as those in Belgium, dovetailing perfectly with our strategy. Also, local embeddedness is a strategic means for us to be closer to our customers, with additional presence in the north and west of the Netherlands.”

Stijn Bijnens, CEO Cegeka Group.

 

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Observe Medical ASA listed on Oslo Axess

Reiten

Observe Medical ASA was listed on Oslo Axess the 4th of November 2019. The company is a spin-off from Navamedic and contains their Medtech division. Observe medical has developed the first digital urine meter for use in intensive care units that can transfer data wireless to the patient data management system, called Sippi®. Sippi® is now undergoing the final tests and is ready for commercialization.

Observe Medical will have its headquarter in Oslo, Norway and their operational business in Stockholm and Gothenburg, Sweden. The current focus is within urology where its products contribute to increased patient safety and a more efficient care system.

Sippi® BLE 2.0 is the first digital urine meter for use in intensive care units that can transfer data wireless to the patient data management system. Sippi® also comprises the unique technology Sippcoat®, which prevents bacterial migration in closed collection systems. Sippi® is CE marked according to the new Medical Device Directive and is currently being launched at selected hospitals in the Nordics and Germany.

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Oakly Capital agrees sale of WebPros to CVC Fund VII

Oakley

Oakley Capital (“Oakley”) is pleased to announce that, along with other co-investors, it has reached an agreement to sell its stake in WebPros Group (“WebPros”), a leading provider of web hosting automation software, to CVC Fund VII, generating overall gross returns to Fund III of 6.7x MM and c.140% IRR including previous distributions in under three years of ownership. The transaction is subject to customary regulatory approvals.

As part of the transaction, Oakley Capital IV (“Fund IV”) will invest $200 million alongside CVC Fund VII as a minority partner to benefit from long-term growth opportunities and new product developments.

Fund III originally invested in WebPros in 2017 and completed six acquisitions to create a product portfolio that addresses the full end-to-end customer lifecycle for shared hosting providers. The group now employs over 450 people across four continents and supports customers across the globe.

Fund IV’s investment in WebPros provides an opportunity for Oakley to continue its partnership with the management team and co-investors, and to benefit from the significant long-term growth potential in WebPros, through its extensive product roadmap. CVC Capital Partners brings a complementary skillset and deep relevant expertise to support the strategic vision of the business.

Arma Partners acted as WebPros’ financial adviser in connection with this transaction. Kirkland & Ellis International LLP and CMS Cameron McKenna Nabarro Olswang LLP acted as legal advisers to Oakley in connection with this transaction.

Peter Dubens, Managing Partner of Oakley Capital, commented:

“The success of WebPros to date is the result of many features that are typical of an Oakley investment. A partnership with entrepreneurs we have backed before, a buy-and-build strategy which tackled a high degree of complexity and a sector in which we have deep experience. We would like to thank the team for all their hard work in bringing the group together and look forward to supporting the business in its next phase of growth alongside CVC.”

Leif Lindbäck, Senior Managing Director at CVC Capital Partners, added:

“CVC has a proven track record of teaming up with entrepreneurs and like-minded investors to support and build better businesses. WebPros brings critical automation and security tools to hosting providers, web agencies and their customers. We look forward to partnering with Oakley Capital and working closely with the management team to continue building the leading global SaaS hosting platform for server management.”

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Laborie, a subsidiary within Patricia Industries, acquires global leader in childbirth and neonatal medical products for USD 525m

Investor

As announced yesterday, Laborie has entered an agreement to acquire Clinical Innovations, a leading provider of single-use, clinician-preferred products for hospital labor & delivery and neonatal intensive care unit departments. Key products include the Kiwi Complete Vacuum Delivery System, which is used in complicated childbirth procedures and the Koala Intrauterine Pressure Catheter, which monitors the strength of contractions during childbirth.

In 2019, Clinical Innovations’ revenues are expected to amount to approximately USD 70m. The company has a track record of high organic growth, as well as strong profitability and cash conversion.

The total consideration amounts to USD 525m on a debt-free basis, which will be funded mainly by equity from Patricia Industries.

“Within Patricia Industries we have built a number of great platform companies with leading market positions in attractive niches. To profitably grow these companies is a key priority. The acquisition of Clinical Innovations is a highly attractive addition to Laborie’s existing operations”, comments Investor CEO Johan Forssell.

“Laborie has a market-leading product portfolio in urology and gastroenterology and multiple opportunities to accelerate growth in new and existing markets globally. Contributing additional capital to Laborie to acquire a high quality business with a similarly strong position in market segments benefitting from multiple long-term growth drivers, is an attractive investment proposition”, comments Noah Walley, Co-Head Patricia Industries.

The acquisition is subject to approval by relevant competition authorities and is expected to be completed during the first quarter, 2020.
About LABORIE Medical Technologies
LABORIE is a leading global developer, manufacturer and marketer of innovative medical technology and consumables used in gastrointestinal procedures and for the diagnosis and treatment of pelvic health in the Urology, Gynecology, and Colorectal fields. Laborie is a portfolio company of Patricia Industries.

About Patricia Industries
Patricia Industries, a part of Investor AB, makes control investments in leading companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Our ambition is to be the sole owner of our companies, together with strong management teams and boards. We invest with an indefinite holding period, and focus on building durable value and capturing organic and non-organic growth opportunities.

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Oakley Capital agrees sale of WebPros to CVC Fund VII

WebPros brings critical automation and security tools to hosting providers, web agencies and their customers.

Oakley Capital has announced that, along with other co-investors, it has reached an agreement to sell its stake in WebPros Group (“WebPros”), a leading provider of web hosting automation software, to CVC Fund VII. The transaction is subject to customary regulatory approvals.

As part of the transaction, Oakley Capital IV will invest $200 million alongside CVC Fund VII as a minority partner to benefit from long-term growth opportunities and new product developments.

Arma Partners acted as WebPros’ financial adviser in connection with this transaction. Kirkland & Ellis International LLP and CMS Cameron McKenna Nabarro Olswang LLP acted as legal advisers to Oakley in connection with this transaction.

Peter Dubens, Managing Partner of Oakley Capital, commented: “The success of WebPros to date is the result of many features that are typical of an Oakley investment. A partnership with entrepreneurs we have backed before, a buy-and-build strategy which tackled a high degree of complexity and a sector in which we have deep experience. We would like to thank the team for all their hard work in bringing the group together and look forward to supporting the business in its next phase of growth alongside CVC.”

Leif Lindbäck, Senior Managing Director at CVC Capital Partners, added: “CVC has a proven track record of teaming up with entrepreneurs and like-minded investors to support and build better businesses. WebPros brings critical automation and security tools to hosting providers, web agencies and their customers. We look forward to partnering with Oakley Capital and working closely with the management team to continue building the leading global SaaS hosting platform for server management.”

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