Category Archives: News

ISS has granted Weinberg Capital Partners exclusivity with a view towards finalizing agreement to sell ISS Hygiène et Prévention in France.

Weinberg Capital Partners

Paris, Friday 6th September 2019.

In the framework of the deployment of its WCP# 3 LBO fund, Weinberg Capital Partners announces that it has entered into exclusivity with ISS Group with a view towards acquiring its French subsidiary ISS Hygiène et Prévention (ISS H&P).

ISS H&P, a subsidiary of ISS Group since 2002, offers hygiene and prevention services for the pest control, air hygiene, sewerage and fire protection for companies and local communities. The company, which is the only player on the market to cover these four segments, employs nearly 1 500 people and relies on a network of 42 agencies. In 2018, ISS H&P achieved a turnover of €118m from more than 48 000 customers through nearly 600 000 interventions.

The completion of the transaction is subject to the approval of the French Antitrust Authority and the consultation of employee representation bodies. Expected before the end of the year, this acquisition would be the third of the WCP#3 fund.

Philippe Klocanas, Partner at Weinberg Capital Partners, comments: « This transaction illustrates perfectly our strategy to invest in French SMEs recognized for their solid know-how. We will bring financial and human resources to carry out the sustainable development of ISS Hygiène et Prévention in the long term ».

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Ardian Infrastructure acquires shares of a chilean toll road business

Ardian

Santiago de Chile, September 6th, 2019 – Ardian, the world’s leading private investment firm, together with the Chilean Fund Manager, CMB, agreed to acquire a 33% stake in a Chilean toll road business from Brookfield Infrastructure. The business that is being acquired is comprised of a 100% interest in Vespucio Norte Express and Túnel San Cristóbal in Santiago de Chile.

Vespucio Norte Express is a critical urban express highway in Santiago de Chile with 29 kilometers of extension of a multi-lane road (3X3) with a free flow system, which border the city from the north-east to the south-west connecting two of the city’s wealthiest areas to the industrial side of the capital. Túnel San Cristóbal in Santiago de Chile is a 4 kilometers toll tunnel expressway in Santiago, which includes two uni-directional (2×2) tunnels that connect the district of Providencia with the district of Huechuraba. Both districts are densely populated with consolidated commercial areas. The remaining concession life of these two assets are 14 and 18 years respectively.

Juan Angoitia, Senior Managing Director at Ardian, said: “The Chilean concession system has a long and consistent history of development, fostering very productive and valuable public-private partnerships based on a robust legal framework system. The Chilean concession system has become a cornerstone of the economic development of the country. The acquisition of two key assets in the urban toll road system of Chile’s capital is a strategic milestone for Ardian Infrastructure, a world leading investor in the road sector”.

The transaction is Ardian’s Infrastructure first investment in Chilean transport sector. Ardian is already active in the energy sector in the country. Asset Chile acted as financial advisor and Baraona Fischer & Cia as legal counsel to Ardian and CMB. The closing of the transaction is subject to the satisfaction of customary regulatory and other approvals.

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 610 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 CMB

CMB is Chile’s largest and most experienced infrastructure fund manager, with over 25 years of successful experience in greenfield and brownfield investments in the country. CMB has over US$540 million in assets under management and has completed 17 investments in multiple infrastructure assets. CMB recently raised its third infrastructure fund, which is the largest of its kind in Chile. CMB is part of Larrain Vial, the leading independent investment bank in the Andean region with over 84 years of investment management experience in Latin America.
www.cmbprime.cl

PRESS CONTACTS

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

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iSTAR Medical announces EUR 40.1 million financing round lead by Gimv to support further development of an innovative glaucoma treatment

GIMV

iSTAR Medical SA, a Wavre-based private medical device company developing novel ophthalmic implants for the treatment of glaucoma, today announces the completion of a EUR 40.1 million Series C financing. The financing was led by Gimv and LSP (Life Sciences Partners), with participation by Earlybird and BNP Paribas Private Equity. Gimv will invest EUR 10 million in total. Existing shareholders including Capricorn Partners, Walloon Region Investment Fund (SRIW) and Belgian Federal Investment Fund (SFPI‐FPIM) also participated. This financing will support iSTAR Medical’s development towards commercialisation of its MINIject device in Europe and US.

iSTAR Medical (https://www.istarmed.com) was founded in 2011 and is a clinical-stage, medical technology company focused on the development of novel ophthalmic implants for patients with glaucoma. Glaucoma is the second leading cause of adult blindness globally affecting more than 92 million people worldwide and driven by an increase in intraocular pressure. Micro-invasive glaucoma surgery (MIGS) is the most promising and fastest-growing therapeutic option in the treatment of glaucoma. iSTAR Medical’s MINIject, an ab-interno MIGS implant, provides a powerful and reliable solution to safely reduce intraocular pressure (IOP) by enhancing aqueous humour outflow from the anterior chamber to the supraciliary space, and has been designed to be a best-in-class MIGS device. Unlike other technologies, MINIject uses the innovative STAR® material, a soft and flexible, medical-grade silicone with a micro-porous, multi-channel geometry.

Bram Vanparys, Partner in Gimv’s Health & Care team, says: “We are looking forward to help building iSTAR Medical to become the leading player in the MIGS field. With the support and expertise of a solid specialized Life Science syndicate, iSTAR Medical now has all the tools to leverage and expand the excellent clinical results of the MINIject. We look forward to support the company in its further development of the MINIject in Europe and the upcoming US pivotal trial.”

This investment marks Gimv’s continued activity in the life sciences sector. With the recent successful exit of Breath Therapeutics and the substantial capital raise in AgroSavfe, the Health & Care platform is committed to further expand the life sciences portfolio.

For more information on this transaction, we refer to the press release of iSTAR Medical in attachment.

Read all press releases

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Loopia acquires Planeetta Internet Oy – one of the leading web hosting providers in Northern Europe

Axcel

Loopia Group AB has today signed an agreement to acquire Planeetta Internet Oy. The business provides sustainable cloud driven webhosting solutions, including e-commerce, to companies of all sizes. For Loopia, this is well aligned with the strategy for growth in the Nordic countries and Central Eastern Europe and another step towards having the scale to provide an even better user experience for our 500 000+ customers.

Planeetta Internet Oy has 20 000 customers and 36 employees in Helsinki, Joensuu and Rovaniemi. In addition to bringing loyal customers and a strong position in the Finnish market, with the brands Planeetta, Ops.Host, Neutech and Webhotellit.com, Planeetta also brings a broadened product- and services suite to the group, including a website maintenance business and an innovative approach to scalable cloud hosting accounts.

”Backed by Loopia Group, Planeetta will be in a perfect position to continue grow through acquisitions in Finland to further strengthen our position as a leader in sustainable cloud driven webhosting solutions”, says Lauri Kasti, founder and Managing Director of Planeetta Internet Oy.

”Planeetta’s smart webhosting solutions complement the business in Loopia Group and support our ambition to deliver a superior user experience, technological innovations and outstanding local support to small and medium sized businesses and consumers across Europe”,  says Sara Laurell, CEO Loopia Group.

After the transaction, Loopia will have around 200 qualified employees in total and 500 000+ customers in Scandinavia, Central Eastern Europe, and in a few Western European markets.

About Loopia Group
Loopia Group is an innovative European web services and hosting business with its largest operations in Sweden, Finland, the Czech Republic and Slovakia. Loopia also provides services to customers in Germany, Great Britain, Hungary, the Netherlands, Norway, Serbia and Spain. Our main brands are Loopia, Active24, Websupport and Planeetta. Since June 2018, Loopia Group has been owned by Axcel, a Nordic private equity firm focusing on mid-market companies.
https://loopiagroup.com/

 

For more information, please contact:
Sara Laurell, CEO Loopia Group, +46 72 708 4848, sara.laurell@loopiagroup.com

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Register Group joins team.blue

HG Capital

team.blue today announces that Register Group, an international leader in digital services for professionals, will join the new European tech powerhouse. With this combination, team.blue will significantly reinforce its position as a leading digital enabler for companies and entrepreneurs across Europe.

Below is an extract of team.blue‘s full release. Read it here.

team.blue’s goal is to shape technology and create powerful digital enablement and presence tools for companies and entrepreneurs. The company was formed in 2019, following a merger between the Combell Group, a European leader in mass hosting services for SMEs, and the TransIP Group, a leading hosting and Virtual Private Server (‘VPS’) provider based in the Netherlands.

Hg, a strategic investor in both team.blue and Register Group, will invest further into the new combined group. Hg has a history of creating industry champions by scaling platforms internationally, whilst also helping to build businesses through transformational M&A, backing entrepreneurs and reinforcing organic growth through sector experience and operational support.

In team.blue, Hg is supporting the creation of a true European champion in digital services for professionals. The entrepreneurs behind team.blue have created a highly innovative business, with exceptional customer feedback and the ability to scale rapidly across geographies. We look forward to continuing our partnership.

Nick Jordan and Joris Van Gool, Hg 

In connection with the transaction, Register is expecting to restructure its indebtedness which may include redemption or repurchase of debt securities issued by it.

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Onex Partners Announces Secondary Sale of SIG Combibloc

Onex

Toronto, September 5, 2019 – Onex Corporation (“Onex”) (TSX: ONEX) and its affiliated funds (the “Onex Group”) today announced they sold approximately 30.0 million shares of SIG Combibloc Group (“SIG”) (SWX: SIGN), a leading systems and solutions provider for aseptic carton packaging.

At the placement price of CHF 12.00 per share, gross proceeds to the Onex Group will be approximately $367 million, of which Onex’ share will be approximately $129 million as a Limited Partner in Onex Partners IV and as a co-investor. The Onex Group will continue to hold approximately 133.2 million shares of SIG for an interest of 42%. Onex will continue to hold approximately 46.9 million shares for a 15% interest.

The placement, which was made through an accelerated book building process to institutional investors, is expected to close on September 9, 2019, subject to customary closing conditions.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any of these securities in the United States, Australia, Canada or Japan or any other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification or the publication of a prospectus under the securities laws of any such jurisdiction. The securities may not be offered or sold in the United States absent registration or an applicable exemption from United States registration requirements. No public offer of securities is to be made in the United States, Australia, Canada or Japan. Copies of this document may not be sent to jurisdictions, or distributed in or sent from jurisdictions, in which this is barred or prohibited by law.

This announcement is not an offer of securities for sale in or into the United States. The shares of SIG have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”), or under the laws of any State of the United States and may not be offered or sold in or into the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. No public offering of securities will be made in the United States.

This announcement and any offer of securities to which it relates are only addressed to and directed at persons who are (1) qualified investors as defined under Regulation (EU) 2017/1129 (the “Prospectus Regulation”) and (2) who have professional experience in matters relating to investments who fall within article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or are persons falling within article 49(2)(A) to (D) (“High net worth companies, unincorporated associations, etc.”) of the Order or are persons to whom an offer of the placement shares may otherwise lawfully be made. With respect to each member state of the European Economic Area (each a “Member State”), no offer of the shares has been made and will not be made to the public in that Member State in accordance with the Prospectus Regulation, no action has been undertaken or will be undertaken to make an offer to the public of the shares sold by the investors requiring a publication of a prospectus in any Member State. As a consequence, the shares may only be offered or sold in any Member State pursuant to an exemption under the Prospectus Regulation. No action has been taken by Onex or any of its affiliates that would permit an offering of such shares or possession or distribution of this announcement or any other offering or publicity material relating to such shares in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required by Onex to inform themselves about, and to observe, any such restrictions. Persons (including, without limitation, nominees and trustees) who have a contractual or other legal obligation to forward a copy of this announcement should seek appropriate advice before taking any action.

About Onex

Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, private debt and other credit strategies; and Gluskin Sheff’s actively managed public equity and public credit funds. In total, Onex has approximately $39 billion of assets under management, of which approximately $6.9 billion is its own shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.The Onex Partners and ONCAP businesses have assets of $53 billion, generate annual revenues of $31 billion and employ approximately 172,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

Forward-Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as“believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For further information:

Emilie BlouinDirector,

Investor Relations

Tel: +1.416.362.7711

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KKR Acquires a Majority Stake in EuroKids International

KKR

Investment in a leading Indian education services provider to support high-quality, holistic learning programs for future generations

MUMBAI, India–(BUSINESS WIRE)–Sep. 5, 2019– Global investment firm KKR and leading Indian education services provider EuroKids International Pvt. Ltd. (“EuroKids” or the “Company”) today announced that KKR has completed the acquisition of a majority stake in EuroKids franchise from the existing investor consortium led by Gaja Capital.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190905005477/en/

EuroKids will continue to be managed by its team of experienced educators, administrators and management team led by Co-Founder & Group CEO Prajodh Rajan, who will also remain a shareholder in the Company.

KKR will work closely with EuroKids and its portfolio of brands to identify both organic and inorganic growth opportunities and ways to enhance offerings and practices. Areas of focus include tech-enabled/digital learning and tailored pedagogy to provide more students with access to a world-class, holistic education. Having acquired Kangaroo Kids and Billabong High franchise in 2017, EuroKids has a successful track record of mergers & acquisitions in the education services space, and looks to continue adding high-quality education brands to its portfolio.

EuroKids is one of India’s largest education services providers in the Pre-School and K-12 segments. Its portfolio of award-winning brands, which includes EuroKids, EuroKids DayCare, Kangaroo Kids, EuroSchool and Billabong International, serves more than 120,000 students from 1,115 Pre-Schools and 35 K-12 schools across five countries. Since the launch of its first Pre-School in 2001, EuroKids has built one of India’s most trusted and well-regarded education brands with a child-first ideology focused on safety and learning experiences backed by new-age curriculum that meets international standards and promotes holistic development in children. Earlier this year, EuroKids launched their EUNOIA Pre-School curriculum focused on Mindful practices like Attention, Resilience and Kindness.

Mr. Rajan said, “We are excited to build on our momentum and position our business for its next phase of growth alongside a firm of KKR’s caliber. Our mission is to provide Pre-School and K-12 students with a holistic educational foundation that will instill in them a love for learning that will continue throughout their academic career and give them the tools to succeed long-term. We are thrilled to receive investment and support from KKR which shares our vision, ambition and passion for education.”

Ajay Candade, Director at KKR, said, “The desire for high-quality educational services is at an all-time high in India. The country has over 125 million children in the two-to-six age range, as well as the largest K-12 population in the world at 320 million people. We are excited to support families looking to provide their children with a world-class, new-age learning environment. EuroKids is recognized as a true industry leader that provides innovative education solutions, and we are excited to work with Prajodh and the EuroKids team to accelerate the Company’s growth and advance its mission to bring the highest-quality education to students across India.”

Gopal Jain, Managing Partner of Gaja Capital, said, “We are extremely proud to have partnered with co-founders Prajodh Rajan and Vikas Phadnis, along with the entire management team since our investment in 2013 to support a period of tremendous growth and development for EuroKids. This is a world-class organization – and one of India’s most well-regarded education brands – which is poised to expand rapidly in the coming years.”

KKR has a strong track record and expertise in the education space, including through its former investments in Cognita Schools, a UK-based global private schools group, Weld North Education, a platform operator of digital and SaaS educational solutions, and Kindercare, a US-based operator of early-education and child care education facilities.

KKR makes its investment from its Asian Fund III. Further terms of the transaction were not disclosed.

EY-Parthenon, Cyril Amarchand Mangaldas, Barclays and Simpson Thacher & Bartlett served as advisors to KKR. Avendus Capital was the exclusive financial advisor to the Company and the Sellers, and Nishith Desai & Associates being the legal advisor to the Company, and Pioneer Legal being the legal advisor to Gaja Capital.

About EuroKids International

EuroKids International is India’s leading education services company in the Early Childhood and K-12 education space, focused at delivering the ‘Joy of Learning’ by enhancing its pedagogy and consistently building a holistic, nurturing and secure learning environment for children. Over the last 18 years, EuroKids International has played an active role in the evolution of the education landscape with its portfolio of brands committed to deliver a robust foundation for future generations. EuroKids International’s portfolio of brands includes EuroKids, EuroKids DayCare, Kangaroo Kids, EuroSchool & Billabong International spread across 350+ cities and five countries. The group is also committed to creating long-term sustainable entrepreneurial opportunities especially for women entrepreneurs and has enabled employment of over 10,000 individuals across the country. Having bagged multiple prestigious awards in the education segment including Best Education Brands, 2018, EuroKids is constantly REINVENTING EDUCATION in the country. For more information on EuroKids International, please visit www.eurokidsgroup.com.

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 Gaja Capital

Gaja Capital is one of India’s leading independent private equity firms providing growth capital to mid-market companies. Founded in 2004, Gaja Capital’s team of sector and functional specialists combine investing, entrepreneurial and operating experience to deliver tangible value beyond capital. For more information on Gaja Capital, please visit http://www.gajacapital.com.

Source: KKR

Media:
For EuroKids International
Amit Yadav
amit.yadav@eurokidsindia.com

For KKR
KKR Asia Pacific
Anita Davis
+852 3602-7335
Anita.Davis@KKR.com

KKR Americas
Kristi Huller / Cara Major
+1 212-750-8300
Media@KKR.com

Sard Verbinnen & Co (for KKR Asia Pacific)
Miles Radcliffe-Trenner
+852 3842-2200
KKR-SVC@sardverb.com

Edelman (for KKR India)
Siddharth Panicker
+91-9820-857-522
siddharth.panicker@edelman.com

For Gaja Capital
Gopal Jain
+91-22-2421 2280
gopal.jain@gajacapital.com

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Register Group joins team.blue

HG Capital

team.blue today announces that Register Group, an international leader in digital services for professionals, will join the new European tech powerhouse. With this combination, team.blue will significantly reinforce its position as a leading digital enabler for companies and entrepreneurs across Europe.

Below is an extract of team.blue‘s full release. Read it here.

team.blue’s goal is to shape technology and create powerful digital enablement and presence tools for companies and entrepreneurs. The company was formed in 2019, following a merger between the Combell Group, a European leader in mass hosting services for SMEs, and the TransIP Group, a leading hosting and Virtual Private Server (‘VPS’) provider based in the Netherlands.

Hg, a strategic investor in both team.blue and Register Group, will invest further into the new combined group. Hg has a history of creating industry champions by scaling platforms internationally, whilst also helping to build businesses through transformational M&A, backing entrepreneurs and reinforcing organic growth through sector experience and operational support.

In team.blue, Hg is supporting the creation of a true European champion in digital services for professionals. The entrepreneurs behind team.blue have created a highly innovative business, with exceptional customer feedback and the ability to scale rapidly across geographies. We look forward to continuing our partnership.

Nick Jordan and Joris Van Gool, Hg 

In connection with the transaction, Register is expecting to restructure its indebtedness which may include redemption or repurchase of debt securities issued by it.

 

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AURELIUS successfully closes sale of Solidus Solutions

Aurelius Capital

  • Sales price of EUR 330 million (enterprise value): largest exit in the history of AURELIUS
  • Multiple on money invested of approx. 16x
  • Positive earnings effect of more than EUR 100 million booked in the third quarter of 2019
  • Successful carve-out and transformation into the global market leader for sustainable packaging solutions made from recycled paper

Munich, September 5, 2019 –AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) successfully closed the sale of its subsidiary Solidus Solutions to private equity funds advised by Centerbridge Partners L.P. for an enterprise value of approx. EUR 330 million on today’s date. The deal represents the company’s largest exit to date, achieving a money multiple of approx. 16x over the 4 years of ownership by AURELIUS. AURELIUS will book a positive earnings effect of more than EUR 100 million on this transaction in the third quarter of 2019.

Successful carve-out and transformation into the global market leader for sustainable packaging solutions made from recycled paper

AURELIUS acquired Solidus Solutions in 2015 as a carve-out from the exchange-listed Smurfit Kappa Group and set it up as an independent company after renaming it. With the aid of operational experts from AURELIUS, a new IT infrastructure and standalone finance and legal structures were established and an extensive investment program totaling EUR 60 million was adopted.

Three strategic add-on acquisitions with tremendous synergy potential greatly expanded the company’s geographical footprint and substantially improved its operational efficiency: The acquisitions of Fibor Packaging (2016), Abelan South (2017) and Northern Paper (2018) led to a revenue increase of around EUR 135 million and an expansion of activities in France, Germany, Spain and the UK, elevating Solidus to the status of a pan-European company.

The adjusted EBITDA of EUR 12.5 million at the acquisition date more than quadrupled in the four years of ownership by AURELIUS. Solidus Solutions is today the leading manufacturer of solid board packaging solutions made from recycled paper in Europe. The company produces and sells its products at 15 locations in seven countries: the Netherlands, Belgium, France, Germany, Spain, Portugal and the United Kingdom. Solidus operates ultra-modern production and manufacturing facilities for solid board, printed cardboard and coreboard, which are sold to customers in more than 70 countries across the world.

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Advarra Announces Intent to Acquire Forte, Market-Leading Provider of Clinical Technology Solutions

The move strengthens the site-centric solutions portfolio of the largest global research compliance services organization

COLUMBIA, Md. and MADISON, Wis., September 5, 2019—Advarra, the premier provider of institutional review board (IRB), institutional biosafety committee (IBC), and research quality and compliance consulting services, is pleased to announce the intent to acquire Forte, the industry’s leading provider of standards-based clinical research technology solutions for major academic medical centers, cancer centers, and health systems. Forte offers a fully integrated suite of solutions for clinical trial management, clinical data management, and research administration, including OnCore, Forte’s flagship enterprise CTMS.

“Forte is known across the research community as the gold standard for eClinical technology solutions,” said Pat Donnelly, CEO of Advarra. “Their organizational culture and values are the perfect complement to Advarra’s ‘altogether better’ approach to advancing clinical research. We look forward to collaborating with Forte’s customers and team members to continue to enhance their outstanding products and services with additional investment to serve our mutual clients.”

The combined organization supports nearly 100,000 active protocol records with top academic medical centers and health systems. Forte boasts 98 percent cumulative customer retention over 19 years of operation, serving 72 percent of NCI-designated cancer centers and 70 percent of the top 50 NIH-funded research institutions in 2019. The transaction supports continued growth for both businesses, as Advarra offers the greatest institutional reach of any independent IRB, serving well over 3,200 research institutions, health systems, and academic medical centers.

“We’re extremely proud of the highly collaborative customer community we have built over the last 19 years, which has resulted in a site-centric, integrated suite of industry-leading standards-based products and services,” said Shree Kalluri, CEO and Founder of Forte. “Joining Advarra is a great win for the research community and provides an outstanding platform for an interconnected clinical research ecosystem. Together we can transform clinical research and impact patients’ lives through the combination of eClinical technology solutions and research compliance and human subject protection services.”

“After our acquisition of Advarra in July, the Forte transaction represents a significant next step in developing, acquiring, and growing best-in-market solutions for products and services that streamline research, support faster study start-up, and enhance human research protections,” said David Golde, Managing Director of Genstar Capital. “We are excited about the value the combined organization will bring to Advarra and Forte customers.”

Forte is a portfolio company of Primus Capital. Ropes & Gray served as legal counsel to Advarra. Baird served as exclusive financial advisor and Goodwin Proctor LLP served as legal counsel to Forte. The transaction is expected to close later in September.

About Advarra

Advarra, headquartered in Columbia, Md., provides institutional review board (IRB), institutional biosafety committee (IBC) and global research compliance services to clinical trial sponsors, CROs, hospital systems, academic medical centers and investigators. Its robust regulatory expertise and innovative technology ensure the highest standards of research review are met, while putting participants first and meeting complex human research protection oversight requirements. Advarra supports all phases of research across multiple therapeutic areas. For more information, visit advarra.com.

About Forte

Forte provides software and services in the critical areas of clinical trial management, clinical data management, and research administration for cancer centers, academic medical centers, and health systems. With a strong belief in community, collaboration, and standards-based development, Forte also facilitates the Onsemble Community, a customer-exclusive group for peer networking, best practices, and support. Twice a year at the Onsemble Conference, clinical research professionals meet in person and discuss the latest challenges and solutions in clinical research. Forte provides all research professionals complimentary blog articles, eBooks, webinars, and more to support continuous learning on industry topics. For more information, visit forteresearch.com.

About Genstar Capital

Genstar Capital is a leading private equity firm that has been actively investing in high quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $17 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrial technology, and software industries. For more information on Genstar, please visit www.gencap.com.

About Primus

Capital Primus Capital is a growth-oriented private equity firm focused on investing in leading healthcare, software, and technology-enabled services companies. Primus has invested in over 130 companies, partnering with exceptional management teams to accelerate growth and create shareholder value by applying its industry knowledge, financial resources, and investment experience. For more information about Primus Capital, please visit www.primuscapital.com.

MEDIA INQUIRIES:

Contact: Chris Tofalli
Chris Tofalli Public Relations
914-834-4334

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