Category Archives: News

Blackstone announces the acquisition of five hotel businesses in Greece

Blackstone

Barcelona, Athens, 20 September, 2019 – Blackstone Real Estate Partners Europe (“Blackstone”) has reached an agreement to acquire five Greek hotel businesses from the Louis Group, one of the leading hotel groups in the Mediterranean, at a total enterprise value of €178.6 million.

The five hotel businesses are located in the Greek Islands with two in Corfu (Corcyra Beach and Grand Hotel), two in Zante (Zante Beach and Plagos Beach) and one in Crete (Creta Princess). They have a total of 1,464 hotel rooms.

The hotels will continue to be operated by Louis Group under the management of HIP, a hospitality company owned by funds managed by Blackstone. HIP is the largest owner of hotels in Southern Europe, and the acquisition expands its footprint to Greece.

Through HIP, Blackstone will invest meaningful capital to renovate and reposition these hotels.

James Seppala, Head of European Real Estate at Blackstone, said:
“Greece is a fantastic destination with an incredible history, wonderful weather, and meaningfully improving connectivity with the rest of the world.  We are excited to invest here, to help Greece maintain its rightful place as a premier global tourist destination and spur local economic growth.

“This transaction reflects our confidence in the Greek investment environment and we hope to invest further.”

Costakis Loizou, Chairman of Louis Group, said:
“We are delighted to announce this transaction with Blackstone. The transformation of these hotels will be a boost for the Greek tourist sector and we look forward to working with both Blackstone and HIP to enhance the experience of guests staying in these hotels.”

Alejandro Hernández-Puértolas, CEO and Founding Partner of HIP, said:
“We are very pleased to announce our first investment outside of Spain, and more specifically in Greece, a country that is globally renowned for its leisure offering and unique locations. With this acquisition, we see an opportunity to add value by investing and actively managing the hotel businesses as we have done with the rest of our HIP portfolio.”

Completion of the transaction is subject to the customary approval of the relevant antitrust authorities.

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About HIP:

HIP was acquired by Blackstone real estate funds in 2017. Through follow-on acquisitions, HIP’s portfolio has grown to 60 hotels comprising 17,600 keys and is today the third largest investor in European hotels, after Pandox and Covivio. HIP has a dedicated team of professionals who specialize in sourcing, executing, renovating and repositioning under-capitalized and under-managed hotels. The team works in partnership with various hotel operators to enhance the hotels’ management as well as experience for the hotels’ guests. HIP is already investing €500 million in its existing portfolio of Spanish resorts.

About Louis Hotels:

Louis Hotels is a hotel company operating 26 hotels and resorts in Greece and Cyprus.  It is a member of Louis plc, a company listed on the Cyprus Stock Exchange, a leading hotel and tourism group in the East Mediterranean, with over eighty years of experience.

About Blackstone Real Estate:

Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $154 billion of investor capital under management. Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, rental housing, office, hospitality and retail.

Media Contacts:
Blackstone
Ramesh Chhabra / Alexandra Ritterman
Ramesh.Chhabra@blackstone.com  / Alexandra.Ritterman@blackstone.com
+44 (20) 7451-4053 / +44 (20) 7451-4195

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Ardian Infrastructure acquires two photo-voltaic plants in Peru from Solarpack

Ardian

 

The transaction highlights Ardian’s commitment to investment in renewable energy and reinforces its presence in Latin America

Paris, September 20, 2019 – Ardian, a world leading private investment house, has acquired a 49% stake in two photovoltaic (PV) plants in Tacna and Panamericana, in southern Peru, from Solarpack, the Spanish multinational integrated management company. The deal is part of Ardian’s ongoing commitment towards investing in renewable energy.
The plants have a combined capacity of 48.6MW after repowering. The transaction is the latest development in Ardian’s successful partnership with Solarpack since 2016, when Ardian acquired four other Solarpack photovoltaic plants in Chile and Peru. Solarpack will continue to handle the plants’ operations and management services.
The investment cements Ardian’s position as a leading player in the renewable energy sector and will bring Ardian Infrastructure’s total installed renewable energy capacity to nearly 3GW across wind, solar, hydro and biomass in Europe and the Americas. Investing in energy renewable assets is part of Ardian commitment to fighting against climate change and building a sustainable economy.
Juan Angoitia, Senior Managing Director at Ardian Infrastructure, said: “This investment is a significant milestone in strengthening both our commitment to sustainability and our presence in Latin America, an increasingly important global hub for renewable energy. Our investment in Tacna and Panamericana expands our portfolio of renewable energy assets and strengthens our partnership with Solarpack and the high quality assets investment opportunities they provide.”
Pablo Burgos, CEO of Solarpack, added: “The global need for renewable energy sources is increasing day-by-day, so our ability to continue to build, develop and operate solar plants at pace is more important than ever. Our ongoing industrial partnership with Ardian has been beneficial with a long-term investment approach and we look forward to continue working closely with Ardian.”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 620 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 970 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

ABOUT SOLARPACK

Solarpack is a Spanish multinational company specializing in the development, construction and operation of solar PV plants. The company’s team of more than 100 professionals is developing a pipeline of more than 1.2 GW. The company has commissioned 35 MWp in five sites in Spain, 37 MWp in Chile, 26 MWp in Uruguay and 62 MWp in Peru. Solarpack performs the operation and maintenance of the plants it develops, and manages own and third-party assets for a total of 230 MW.
 

PRESS CONTACTS

ARDIAN
Headland
Viktor Tsvetanov
Tel: +44 20 3435 7469
vtsvetanov@headlandconsultancy.com

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Dr. Gerrard P. Bushell Named Executive Chair of The New Terminal One Development Project at JFK International Airport and Chair of The Carlyle Group’s CAG Holdings

Carlyle

Dr. Gerrard P. Bushell Named Executive Chair of The New Terminal One Development Project at JFK International Airport and Chair of The Carlyle Group’s CAG Holdings

NEW YORK – The Carlyle Group’s (NASDAQ: CG) global airport investment platform, CAG Holdings, today announced the appointment of Dr. Gerrard P. Bushell, former President and CEO of the Dormitory Authority of the State of New York (DASNY), as Executive Chair of The New Terminal One Development Project at JFK and Chair of CAG Holdings. Dr. Bushell will be responsible for delivering the New Terminal One Development Project at JFK International Airport.

The Port Authority of New York and New Jersey selected the New Terminal One Development Project team to lead the redevelopment and expansion of JFK’s Terminal One in accordance with Governor Cuomo’s Vision Plan for JFK. The New Terminal One Development Project team is an innovative coalition of airlines, labor, minority- and women-owned businesses, and strong operating and financial partners including The Carlyle Group and CAG Holdings, JLC Infrastructure, Ullico and Munich Airport International. CAG Holdings is a portfolio company of the Carlyle Global Infrastructure Opportunity Fund and is led by an experienced U.S.-based team that has managed more than 70 airport projects globally.

When completed, the proposed New Terminal One Development Project will encompass the sites of the current Terminal One, Terminal 2 and the former Terminal 3. The New Terminal One Development Project will reimagine the international passenger experience at JFK while creating opportunities for local and minority- and women-owned business enterprises (MWBE) across all phases of the project.

The Terminal One Group Association (TOGA), comprised of Air France, Japan Airlines, Korean Air, and Lufthansa, will continue to operate and maintain the existing Terminal One until completion of the New Terminal One Development Project.

Peter Taylor, Co-Head of Carlyle’s Global Infrastructure Opportunity Fund, said, “We are pleased to have Gerrard on board as Executive Chair of the New Terminal One Development Project team and Chair of CAG Holdings. With his demonstrated ability to work across the public and private sectors, we are confident that he will effectively lead one of the largest public-private partnership projects in America and help improve outcomes for all stakeholders.”

Dr. Bushell said, “I look forward to joining the strong, innovative and diverse New Terminal One Development Project and CAG teams. Together, we will deliver the world’s premier gateway to New York and the United States and support the Port Authority of New York and New Jersey and their local communities in meeting their objectives.”

Dr. Bushell brings a wealth of experience from business, government and labor to the New Terminal One Development Project and CAG teams. In 2015, he was appointed President and CEO of DASNY, a national leader in the municipal bond market and one of the country’s most prominent public builders with a construction portfolio valued at more than $6 billion. Under Dr. Bushell’s leadership, DASNY issued more than $38 billion of municipal debt for public and private infrastructure projects across New York State for higher education, health services, science and technology and government justice clients.

“Gerrard’s deep understanding of the New York infrastructure market will help ensure that our vision for the New Terminal One Development Project is delivered in concert with the JFK and Queens communities,” said Amit Rikhy, President and CEO of CAG Holdings. “Furthermore, his deep understanding of public-private partnerships will strengthen CAG’s experienced management team and help us execute our strategy.”

During his tenure, Dr. Bushell expanded DASNY’s mission to encompass innovation, growth and inclusion. He reimagined and restructured DASNY’s businesses and introduced the “OneDASNY” mandate which purposefully placed clients and client outcomes at the center of DASNY’s financing, procurement and project management capabilities. Dr. Bushell also successfully advanced New York State’s MWBE’s goals beyond 30%.

“We are pleased to welcome Gerrard to the New Terminal One Development Project team.  This is a very important project involving critical infrastructure that will benefit from the strong leadership and vision that Gerrard brings,” said JLC Managing Partner Jim Reynolds. “Gerrard’s mix of public and private sector experience positions him well to provide leadership and deliver on the goals of all stakeholders.”

“We’re excited to have the New Terminal One Development Project move forward under Dr. Bushell’s leadership. He understands the importance of partnership models that meet the needs of workers, management and investors,” said Edward Smith, President and CEO for Ullico Inc.

Prior to DASNY, Dr. Bushell was as an accomplished investment advisor who counseled leading institutional investors and raised private and public investment capital. He served as a senior sales and client officer supporting investment solutions for Alcentra and Insight at BNY Mellon, Director in the Client Partner Group at Kohlberg Kravis Roberts & Co. (KKR), Managing Director at Arden Asset Management, and the Head of Institutional Sales at the Legg Mason Company, ClearBridge Advisors, formerly Citi Asset Management.

Dr. Bushell started his career in government and labor serving in senior roles for Comptroller H. Carl McCall, Councilwoman C. Virginia Fields, and District Council 37 of the American Federation of State, County and Municipal Employees (AFSCME).

Dr. Bushell is a graduate of Columbia University in both the College and Graduate School of Arts and Sciences. He received a B.A., M.A., and Ph.D. in Urban Political Economy from the Department of Political Science.

 

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About The Carlyle Group and CAG Holdings
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 $223 billion of assets under management as of June 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.

CAG Holdings is The Carlyle Group’s dedicated US-based investment platform for airport infrastructure investment opportunities globally. CAG Holdings is led by an experienced management team with a track record of over 70+ airport projects globally combined with a deep, localized understanding of the US airport market.

For media inquiries, contact Christa Zipf at christa.zipf@carlyle.com or at +1-212-813-4578.

About JLC Infrastructure
JLC Infrastructure is an investor and asset management firm focused on the transportation, communications, energy, utilities and social infrastructure sectors in the United States. The firm was formed in 2015 by Loop Capital and Magic Johnson Enterprises and currently manages investments in the redevelopments of Terminal B at LaGuardia Airport and Jeppesen Terminal at Denver International Airport (the Great Hall Project).

For media inquiries, contact info@jlcinfra.com.

About Ullico
For more than 90 years, Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. Family of Companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC (Member FINRA/SIPC).; and Ullico Investment Advisors, Inc.

For media inquiries, contact Cori Houlihan at choulihan@ullico.com or at +1 202 354 8044.

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Kiwa develops certification for IoT equipment

NPM Capital

Kiwa has developed a certification scheme for both Internet of Things (IoT) devices and the apps with which you can operate them. The international leader in testing, inspection and certification has signaled an increase in manufacturers of ‘smart equipment’ who want their products to be assessed independently on specific IoT aspects. Kiwa, an NPM Capital portfolio company, assesses and certifies according to international safety standards.

To increase the safety level of IoT equipment, the Dutch Ministry of Economic Affairs and Climate wants the Delft University of Technology to conduct research from now until 2021 into the safety of Internet of Things equipment, such as smart thermostats, refrigerators and security cameras. If a product is found to be unsafe, the Dutch Ministry will contact the manufacturer to improve it.

This research is part of the Digital Safe Hardware and Software Roadmap, a joint plan by the Ministry of Economic Affairs and the Ministry of Security and Justice. The Roadmap contains measures to move the market to increase the security level of the Internet of Things, including supervision and certification. Kiwa responds to this with the certification scheme.With these measures, the Netherlands anticipates structural European and international rules.

Also read ‘How can companies make business out of the Internet of Things’

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Latour completes acquisition of Custom LeatherCraft Mfg. LLC.

Latour logo

On August 30th, Investment AB Latour, through its wholly-owned subsidiary Hultafors Group AB, signed an agreement to acquire Custom LeatherCraft Mfg. LLC (“CLC”) based in Los Angeles, CA, USA. All closing conditions have now been fulfilled and the transaction has been completed as of September 16th.

Göteborg, September 16, 2019

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Ole Kristian Jødahl, CEO Hultafors Group AB, +47 900 88 305
Jens Eriksson, Director, M&A and Strategy Hultafors Group AB, +46 702 114 601

Hultafors Group is one of Europe’s largest companies to supply workwear, footwear, head protection, hand tools and ladders for professional users. The products are developed, manufactured and marketed as their own brands, which are available through leading distributors in about 40 markets, with emphasis on Europe and North America. Hultafors Group has more than 800 employees and an annual turnover of more than SEK 2.6 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 59 billion. The wholly-owned industrial operations had an annual turnover of about SEK 12 billion in 2018.

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Energy Transfer to acquire Semgroup

Alinda

Energy Transfer LP (NYSE: ET) has announced that it has entered into a definitive merger agreement whereby Energy Transfer will acquire SemGroup Corporation (NYSE: SEMG) in a share and cash transaction valued at approximately $5 billion.

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This represents a 65% premium to the closing price of SemGroup shares as of September 13, 2019.

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The transaction is expected to close in late 2019 or early 2020, subject to the approval by SemGroup’s stockholders and other regulatory approvals.

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Energy Transfer’s acquisition of SemGroup will increase Energy Transfer’s scale across multiple regions.

Energy Transfer will significantly strengthen its crude oil transportation, terminal and export capabilities with the addition of the Houston Fuel Oil Terminal (HFOTCO), a world class crude oil terminal on the Houston Ship Channel with 18.2 million barrels of crude oil storage capacity, five deep-water ship docks and seven barge docks. HFOTCO is supported by stable take-or-pay cash flows from diverse, primarily investment grade customers. Energy Transfer is also announcing its plans to construct a new crude oil pipeline, the Ted Collins Pipeline, to connect HFOTCO to Energy Transfer’s Nederland Terminal.

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Energy Transfer’s crude oil assets on the Gulf Coast will also benefit from SemGroup’s interest in the Maurepas Pipeline and its connections to the St. James refining complex.

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Energy Transfer owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins.

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Investment funds managed by Alinda Capital Partners sold HOFTCO to SemGroup in June 2017. Following the September 2019 announcement by Energy Transfer, the funds have sold their interest in SemGroup shares.

The funds managed by Alinda Capital Partners continue to hold an interest in the Maurepas Pipeline, acquired in August 2018.

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Sanoma completes the acquisition of Iddink Group

NPM Capital

Sanoma has completed the acquisition of Iddink Group from NPM Capital. Earlier the acquisition was announced on 11 December 2018 and at the time it was still subject to customary closing conditions, including the approval of Dutch competition authorities, which was received and announced on 29 August 2019. Iddink will be reported as part of Sanoma Learning SBU as of 1 October 2019.

Iddink’s integrated learning and school administration platforms provide its customers – pupils, parents, schools and teachers – with access, communication and learning tools. Iddink’s business is complementary to Sanoma’s Dutch subsidiary Malmberg, a leading educational publisher for primary, secondary and vocational education.

With the acquisition, Sanoma enters the integrated digital learning platform business in the Netherlands. Iddink will remain a separate operational company within Sanoma Learning.

NPM Capital held a majority stake in Iddink Group since 2014.

Also read ‘NPM Capital sells educational service provider Iddink Group to Sanoma Learning’

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Ardian Co-Investment raises $2.5 billion for latest fund

Ardian

Paris, September 12, 2019. Ardian, a world leading private investment house, today announces it has raised $2.5 billion for its latest co-investment fund, Ardian Co-Investment Fund V.

The fund attracted more than 190 investors across Europe, the US and Asia, more than three times the size of Ardian Co-Investment’s previous investor base. It also doubles the $1.2 billion raised for Ardian’s fourth-generation fund in 2015.

In line with its established investment strategy, which has underpinned the top quartile performance of its recent funds, Ardian Co-Investment will target minority investments alongside top-tier GPs diversified by company size, sector and geography. Through Ardian Fund of Funds, Ardian Co-Investment has access to more than 600 GPs around the world. This unique network provides Ardian Co-Investment with an exceptional deal pipeline.

Investors in the fund comprise major pension funds, insurance companies, HNWIs, endowments and foundations, and financial institutions, with particular growth among pension funds and HNWIs. Around half of the investors in the fund were new to Ardian, while a significant portion was also completely new to co-investment funds.

Benoît Verbrugghe, Member of the Executive Committee of Ardian, said: “As well as highlighting our strong position in co-investment, this latest fundraise shows how co-investment can act as a gateway to Ardian and its broader offer. Ardian Co-Investment combines direct investment expertise with the exceptional GP relationships from fund of funds, and with Ardian’s overarching approach of loyalty and excellence to investors. This fund is an excellent achievement.”

A burgeoning co-investment market

The strategy for this latest co-investment fund focused on significantly expanding Ardian’s investor base. This was driven by increased market recognition of co-investment and how it allows a broader investment allocation strategy. The size of Ardian’s fund highlights this growing appetite, as investors increasingly seek diversified and stable returns.

Of the 194 total investors in the fund, 153 were new to Ardian Co-Investment and 92 were new to Ardian. Many were completely new to co-investment as an asset class, attracted by the low-risk, diversified entry into opportunities presented by quality LBO funds.

Alexandre Motte, Head of Co-Investment and Patrick Kocsi, Senior Advisor, added: “We are witnessing a major shift in appetite for co-investment. A significant number of investors in this fund are completely new to this kind of investment activity. While this reflects our strong track record, it also underlines the increased attraction of co-investment during times of economic and political uncertainty. The combination of our investment expertise and unparalleled access to deals means we are exceptionally placed to provide investors with the kind of diversification and returns they are seeking.”

The fund is already around 30% invested through 20 transactions. These include co-investments in Alvest, a leading manufacturer in the aviation industry, alongside CDPQ and Zayo, a provider of fiber infrastructure, alongside EQT Partners.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 620 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 970 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

PRESS CONTACTS

HEADLAND

TOM JAMES

tjames@headlandconsultancy.com
Tel: +44 (0)203 805 4840
CARL LEIJONHUFVUD
cleijonhufvud@headlandconsultancy.com
Tel: +44 (0)20 3805 4827

 

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Antares Supports Sterling Investment Partners’ Investment in HeartLand

Antares

CHICAGO–(BUSINESS WIRE)–Antares announced today that it served as sole lead arranger and is acting as administrative agent for a senior secured credit facility to support Sterling Investment Partners’ investment in HeartLand.

“We’re very pleased to support Sterling Investment Partners and the continued growth of HeartLand, said Doug Cannaliato, senior managing director of Antares. “HeartLand is a market leader, has enjoyed strong growth both organically and through acquisitions, and is led by an experienced and committed management team.”

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Headquartered in Kansas City, MO, HeartLand was founded in 2016. The company provides commercial landscape services through five regional companies across the Central United States. HeartLand’s service offerings include full-service grounds maintenance, landscape enhancements and upgrades, and de-icing and snow removal during the winter.

“We’ve worked with Antares for over 20 years and we appreciate consistency and reliability,” said Charles Santoro, founder and managing partner of Sterling Investment Partners. “To complete the financing for HeartLand, we required a lender who could match our expedited diligence process and provide a complete and flexible financing solution. Once again, Antares delivered.”

“We’re very pleased to support Sterling Investment Partners and the continued growth of HeartLand, said Doug Cannaliato, senior managing director of Antares. “HeartLand is a market leader, has enjoyed strong growth both organically and through acquisitions, and is led by an experienced and committed management team.”

About Antares

With approximately $24 billion of capital under management and administration as of December 31, 2018, Antares is a private debt credit manager and leading provider of financing solutions for middle-market private equity-backed transactions. In 2018, Antares issued nearly $25 billion in financing commitments to borrowers through its robust suite of products including first lien revolvers, term loans and delayed draw term loans, 2nd lien term loans, unitranche facilities and equity investments. Antares world-class capital markets experts hold relationships with over 400 banks and institutional investors allowing the firm to structure, distribute and trade syndicated loans on behalf of its customers. Since its founding in 1996, Antares has been recognized by industry organizations as a leading provider of middle market private debt, most recently being named the 2018 Lender of the Year by ACG New York. The company maintains offices in Atlanta, Chicago, Los Angeles, New York and Toronto. Visit Antares at www.antares.com or follow the company on Twitter at www.twitter.com/antarescapital. Antares Capital is a subsidiary of Antares Holdings LP., collectively (“Antares”).

Contacts

Antares Capital
Carol Ann Wharton
475-266-8053
carolann.wharton@antares.com

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KKR Makes Major Investment in Leading Labor Market Analytics Provider Burning Glass

KKR

KKR Global Impact Extends its Focus on Addressing Global Societal Challenges

BOSTON & NEW YORK–(BUSINESS WIRE)–Sep. 11, 2019–

KKR, a leading global investment firm, and Burning Glass Technologies, the world’s leading real-time labor market data source, today announced that KKR has completed the acquisition of a majority stake in Burning Glass from Providence Strategic Growth. Financial details of the transaction were not disclosed.

The investment is part of KKR’s Global Impact strategy, which is focused on identifying and investing behind companies whose core business models provide commercial solutions that contribute measurable progress toward one or more of the United Nations Sustainable Development Goals (SDGs). By providing the data to drive lifelong learning and market-aligned training, Burning Glass is delivering measurable progress in achieving two of the United Nations SDGs – Quality Education, and Decent Work and Economic Growth.

“By harnessing real-time labor market data, Burning Glass predicts the jobs and skills workers will need in the future, equipping educators, companies and governments with the tools necessary to meet this challenge and contribute meaningful progress toward these goals. We are proud to be investing in Burning Glass to meet this imperative,” said Robert Antablin, Co-Head of KKR Global Impact.

Burning Glass data are relied on by hundreds of clients worldwide, ranging from major employers, universities, and public agencies to multinational organizations like the OECD and the World Economic Forum. The firm has the world’s largest and most sophisticated labor market analytics engine, which it leverages to support workforce development and higher education. Burning Glass’ robust data engine tracks and analyzes job market supply and demand in real-time using proprietary analytics and taxonomies. The world-leading analytics draw on a Burning Glass database of more than a billion current and historical job openings and the company’s pioneering use of big data analytics to understand the changing nature of skills in the job market. Through a range of software applications, the company empowers learning institutions, enterprises, and government agencies in career-aligned program development, strategic workforce management, and in addressing the rapidly growing skills gap.

“Technology is disrupting workers and industries around the world. Predicting tomorrow’s jobs, and the skills needed for those jobs, will empower workers to navigate this disruption, companies to upskill their workforce, and policymakers to promote economic growth,” said Ken Mehlman, Co-Head of KKR Global Impact.

The company will continue to be led by its current executive team, including CEO Matt Sigelman and COO Josh Ticktin.

“The ability for universities to reinvent themselves to address new opportunities amidst existential challenges, the ability for companies to anticipate disruptive technology trends and plan for changing talent needs, the ability for workers and learners to unlock opportunity and mobility, all depend on being empowered with the right information. Burning Glass’s solutions deliver the insight that helps all constituencies to the job market understand the landscape of opportunity more clearly, plan more effectively, and connect more successfully,” said CEO Matt Sigelman. “We are excited for the opportunity to partner with KKR because, for all that we have accomplished, we have only just begun to scratch the surface of our potential to drive the transformative change needed for greater prosperity and efficiency.”

“Since our initial investment in 2015, Burning Glass has solidified its position as the world’s leading job market data source by using data to address challenges in the labor market and shape the future of work,” said Matt Stone, Principal at Providence Strategic Growth (PSG), the growth equity affiliate of Providence Equity Partners. “PSG would like to thank the Burning Glass team, in particular, Matt Sigelman and Josh Ticktin, for the opportunity and partnership over the last four years. We are excited for the company’s continued innovation and growth under KKR’s ownership.”

Burning Glass is the fourth investment out of KKR’s Global Impact strategy, following investments in Barghest Building Performance, Ramky Enviro Engineers Limited, and KnowBe4. Over the last decade, KKR has been a leader in driving and protecting value throughout the firm’s private markets portfolio through thoughtful Environmental, Social and Governance (“ESG”) management, as well as measuring and reporting on performance to the public and investors. The firm also has a history of investing in businesses that promote sustainable solutions to societal challenges. This experience of responsible investment combined with a changing landscape of global challenges led to KKR’s decision to create a dedicated Global Impact business in 2018. KKR’s investment in Burning Glass will build on this experience.

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 Burning Glass Technologies

Burning Glass Technologies is an analytics software company that has cracked the genetic code of an ever-changing labor market. Powered by the world’s largest and most sophisticated database of labor market data and talent, the Company delivers real-time data and breakthrough planning tools that inform careers, define academic programs, and shape workforces.

Burning Glass’ applications drive practical solutions and are used by employers, workers, and educators to make data-driven decisions. Educational institutions, online learning providers and publishers use Burning Glass’ applications to align programs to career opportunity; market programs based on their career ROI; and inform student academic and career decisions. Employers, HR software providers, job boards and recruiters use Burning Glass to analyze their current talent pool and project future needs. This insight allows users to develop strategic workforce plans; build market-informed job and skill definitions; and gain rich competitive intelligence.

Based in Boston and with 320 employees worldwide, Burning Glass is playing a growing role in informing the global conversation on education and the workforce, and in creating a labor market that works for everyone.

Find out more at https://www.burning-glass.com/.

About Providence Strategic Growth Capital Partners L.L.C.

Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and is a leading equity investment firm focused on the media, communications, education and information industries. PSG is headquartered in Boston, MA, while Providence has offices in Providence, New York and London. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.

Source: KKR

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