Category Archives: News

CDPQ provides financing to Medavie Inc. to support advancement of strategic objectives

Cdpq

La Caisse de dépôt et placement du Québec (“CDPQ”) today announced $75 million in financing, which could be increased to $100 million, in the form of a subordinated private debt, to Medavie Inc. (“Medavie”), a Canadian non-profit organization.

Medavie operates Medavie Blue Cross, a premier all-in-one insurance carrier that provides health, dental, travel, life and disability benefits, and administers various government-sponsored health programs, along with Medavie Health Services.

“As a leading health solutions partner in Canada, we are continually reinvesting in our business to help improve the wellbeing of Canadians,” said Bernard Lord, CEO, Medavie. “Our financials are strong and trending for continued growth, and we are pleased to work with CPDQ on an investment structure that best suits our overall needs.”

This transaction, structured directly by CDPQ, will provide Medavie with additional capital as it continues to advance its growth initiative.

“Because of its resilience to economic cycles and the stable returns it generates over a long-term horizon, the insurance sector is perfectly in line with our credit strategy,” said Marc Cormier, Executive Vice-President, Fixed Income, at CDPQ. “CDPQ is delighted to support Medavie, a high-quality organization that has diversified its services to provide health care solutions across Canada.”

In addition to its interests in certain Québec insurers, CDPQ carried out major transactions in this sector abroad in the past few years, with investments in Greenstone in Australia, USI and Sedgwick in the United States, and U.K.-based Hyperion Insurance Group.

ABOUT MEDAVIE

Medavie is a national health solutions partner. Together, with our more than 6,400 employees, we are committed to improving the wellbeing of Canadians.

As a not-for-profit organization, Medavie oversees Medavie Blue Cross, a premier all-in-one benefits carrier and public health program administrator, and Medavie Health Services, a national primary health care solutions organization and the largest private provider of EMS management services in Canada.

We don’t have shareholders. Instead, we are proud to invest in the Medavie Health Foundation to address some of our country’s most pressing physical and mental health care challenges.

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2018, it held CA$309.5 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

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TowerBrook announces the sale of Metallo Group

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TowerBrook Capital Partners today announces that it has signed an agreement with Aurubis AG, Hamburg, for the disposal of Metallo Holdings 3 B.V., (“Metallo”), the Belgian-Spanish non-ferrous metals recycling Group.

Metallo is a recycling and refining company with around 530 employees at its main sites in Belgium and Spain. In the fiscal year 2018, Metallo generated revenues of approximately EUR 985 million. With the transaction, Aurubis continues to actively pursue its multi-metal and recycling strategy.

The closing of the transaction is subject to clearance by the responsible merger control authorities and is expected to take place towards the end of the year. The Supervisory Board of Aurubis AG has already approved the transaction.

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AnaCap acquires leading independent Danish private health insurance business

Anacap

21 May 2019

AnaCap Financial Partners(“AnaCap”), the specialist European financial services private equity firm, today announces the acquisition of a majority stake in SundhedsGruppenA/S (“SundhedsGruppen”), which consists of Dansk Sundhedssikring A/S a leading independent Danish private health insurance provider, and PrimaCare A/S a quality provider of healthcare networks.

AnaCap is acquiring the majority stake in SundhedsGruppen from the Company’s Founders, who will retain a minority.

SundhedsGruppen, provides health insurance and claims management services to clients’ employees and has built a market-leading technological infrastructure that also white labels to other providers in adjunct insurance areas.

The Company has a unique partnership arrangement with medical clinics throughout Denmark that allows for best-in-class provision of healthcare services to its customers’ employees, with a clear focus on specialist support and local availability.

SundhedsGruppen’s proprietary technological platform facilitates accurate identification of optimal healthcare access as well as reporting, feedback and claims management respectively. AnaCap will now look to leverage its deep insurance sector understanding and expertise in improving both technological and digital infrastructure to support enhancements in the customer experience as well as drive growth in new and existing markets.

The business currently provides insurance cover for approximately 250,000 individuals in Denmark, through a client list comprising several of the Nordics’ largest blue-chip companies, having grown from a founder-backed start-up in 2012. Driven by unique market positioning, the Company generated a c.70% CAGR in premiums during the period 2012-2018 vs. a 5% market norm.

AnaCap will also deploy its expertise in the insurance sector to support management’s ambition to grow market share internationally, into the Nordics and wider geographical markets, as well as through additional insurance market channels. The growth of the business will be through organic expansion models as well as identifying attractive bolt-on acquisition opportunities.

Tassilo Arnhold, Managing Director at AnaCap, comments:“AnaCap is delighted to be partnering with SundhedsGruppen.The Company has created a great insurance technology and data-driven platform with a uniquely differentiated insurer challenger proposition, high customer service standards and competitive underwriting. We are confident that our long-standing expertise in backing businesses poised for international growth will actively support this ambitious growth plan and management team, both through technological and operational investments.

” Klaus Busch, Chairman at SundhedsGruppen, comments:“By combining technology with industry expertise and a unique customer proposition, we have built a fast-growing business aiming to grow internationally and into other related industry verticals.One Stephen StreetLondonW1T 1ALPhone: +44-207-070-5250Fax: +44-207-070-5290E-mail: contact@anacapfp.comTransforming Financial Services Across Europe

We are very pleased to have identified AnaCap as a partner for the next stage of our growth and look forward to their support throughout.

”Kent Jensen, CEO at SundhedsGruppen, comments:

“We are extremely proud of the progress we have made in recent years, during which time we have built and strengthened a leading market position. Together with our highly experienced management and staff, we intend to rapidly expand our differentiated offering into new markets, both geographically and sector specific, where there is clear demand for best-in-class private health insurance.”AnaCap was advised during the process by Deloitte, Carey Olsen and Plesner.

The owners of Dansk Sundhedssikring were advised by Nordic M&A, Omera Consulting, and Moalem Weitemeyer Bendtsen.The financial details for this arrangement were not disclosed.

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CSAM Announces Deal to Acquire KIBI

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Priveq

The transaction expands CSAM’s leadership in the Nordic niche eHealth market OSLO, Norway(May21, 2019) –CSAM announced today that it has entered into an agreement to acquire KIBI –a medical diagnostics and documentation company with offices in Sweden, Finland and Denmark.

KIBI’s medical imaging solutions are used by more than 100 Nordic hospitals and healthcare centreswithin primary, outpatient and inpatient care.The company is one of relatively few in the Nordics that addresses both DICOM and non-DICOM formats, with full integration of all medical imaging components with various electronic patient record (EPR) systems. KIBI’s headquarters are located in Stockholm,Sweden.

-KIBI’s solutions are a strategic complement to CSAM’s strong offerings in medical imaging and connected healthcare domains, said Sverre Flatby, CSAM CEO. –Together, CSAM and KIBI will offer an unmatched portfolio of scalable, integrated and innovative solutions that provide significant value to our customers and their patients. -I am excited for the opportunity ahead as KIBI and CSAM join our visions, solutions and specialised teams, said Robert Cygnaeus, KIBI CEO.

–CSAM has built a strong reputation as a leader in the Nordics, and I am confident that together we can strengthen our presence further indeliveringnicheeHealth solutions that improve healthcare throughout the Nordics and beyond. The acquisition of KIBI is consistent with CSAM’s strategy to pursue growth through a combination of strategic M&As and organic sales. The transaction is estimated to close by the end of May.

-KIBI’s specialised solutions and highly skilled employees are a strong fit with CSAM’s and will help us achieve our short-and long-term growth ambitions, said Flatby. -With this acquisition, CSAM expands its position across the Nordics, increasing our customerbase in Denmark, Finland and Sweden.

CSAM has been a leading provider of medical imaging and connected healthcare solutions in the Nordics for more than a decade. The company works closely with healthcare professionals and organisations to develop software solutions that deliver the highest value for their operations.

About CSAM

CSAM has established itself as a leading Nordic niche player in the specialised eHealth market with a unique blend of best-in-class innovative technology, and outstanding human skills. The company’s diverse portfolio of software solutions enables healthcare providers to access relevant clinical information at the point of care. CSAM’s commercial headquarters are located in Oslo, Norway. The company also has local offices in Stockholm, Karlstad, Gothenburg, Helsinki, Oulu, Tampere, Tromsø and Warwickshire, as well as a wholly owned software engineering subsidiary in the Philippines.A privately-owned company backed by strong financial partners, CSAM aspires to achieve continued growth both organically and through selected mergers and acquisitions. For more information, visit www.csamhealth.com.

For more information, please contact:

Sverre Flatby, CEOJennifer Goode, Communications Directorsverre.flatby@csamhealth.comjennifer.goode@csamhealth.com+47 9159 9159+1-705-760-0782KIBI contact:Robert Cygnaeus, CEOAnn-Christine Jungmar, CCOrobert.cygnaeus@kibi.seann-christine.jungmar@kibi.se+46 58 23951+46 70912 31 11

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Navigant and InfraRed Capital Partners launch Compass Energy Platform to streamline distributed energy infrastructure projects

InfraRed Capital Partners

InfraRed Capital Partners (“InfraRed”), in collaboration with Navigant (NYSE: NCI), is pleased to announce the launch of Compass Energy Platform LCC (“Compass”), a joint venture that provides an innovative platform to help cities and utilities develop and finance local energy infrastructure solutions.

Compass brings together the combined expertise of a diverse set of energy infrastructure project experts in one platform. Navigant’s Energy segment contributes its deep industry insight and experience, while InfraRed brings its energy project structuring and development expertise as well as funding for Compass’ future pipeline of projects.

Compass leverages a public-private partnership financing model to assist clients in the development of energy resources. This includes access to expert engineering and construction service providers that can improve the delivery and efficiency of local energy services to communities and businesses. Resources also include the use of distributed generation technologies, such as solar, wind, and batteries, combined with smart asset networks, such as microgrids and district heating and cooling systems.

“Compass seamlessly integrates all aspects of a local energy project, aligning local government, businesses, investors, engineering and construction firms, and other stakeholders to deliver highly efficient infrastructure solutions,” said Thomas Buss, director at InfraRed Capital Partners.

Jan Vrins, leader of Navigant’s global Energy segment, commented “As we build the energy system of the future, local governments and utilities are increasingly focused on promoting sustainable, distributed energy infrastructure projects that increase resiliency and the security of supply. While these projects can be complex and carry risk, Compass simplifies this process by delivering end-to-end program management, project structuring and development and access to financing resources.”

Rick Bolton, CEO of Compass and director of new projects within Navigant’s global Energy segment, said “Compass works to create more resilient economies and communities, while also streamlining the process for the many stakeholders involved in implementing local energy infrastructure projects. From start to finish, Compass helps to mitigate risk by assisting the client in its selection of the appropriate business and commercial models and partnerships for the project.”

In addition to its strategic relationships with Navigant and InfraRed, Compass has a growing list of relationships with implementation service providers, creating a complete energy development platform. Compass’ implementation relationship partners include Burns Engineering (engineering), PowerSecure (microgrid development, operation, and maintenance), Concord Engineering (engineering), WXY Studio (urban planning), Greener by Design (stakeholder engagement), and Advanced Energy Agency (stakeholder engagement logistics).

Enquiries

Tulchan Communications
+44 (0) 20 7353 4200
Sheebani Chothani

More Information

InfraRed Capital Partners is a leading global investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul, Sydney and Mexico. With around 150 professionals it manages US$12bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe.

Since its inception, InfraRed has launched 19 funds, including two companies listed on the London Stock Exchange: HICL Infrastructure Company Limited and The Renewables Infrastructure Group (TRIG), both of which are members of the FTSE 250. To date, InfraRed has realised six funds, demonstrating its ability to create real value for its stakeholders.

InfraRed has been investing in the infrastructure market for over 20 years and is an expert in the development, financing and management of infrastructure projects from their conception, design and construction into their operating phases. With over 200 infrastructure projects under management, it has a long and successful track record investing in low carbon generation and renewable energy infrastructure projects, including wind farms, solar parks and natural gas turbines, as well as energy-enabling infrastructure such as energy storage and flexible generation. To date, InfraRed has developed greenfield projects with over 2GW of renewable energy and flexible power capacity.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment and its infrastructure business has been awarded the highest rating.

Further details can be found on InfraRed’s website, www.ircp.com.

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InfraRed Capital Partners sells interest in Iqaluit International Airport project

InfraRed Capital Partners

InfraRed Capital Partners (“InfraRed”) has completed the sale of a majority interest in Arctic Infrastructure Limited Partnership to Concert Infrastructure Fund (“Concert Infrastructure”).

Arctic Infrastructure Limited Partnership is the entity responsible for the improvement, operation and maintenance of the Iqaluit International Airport in Nunavut.  The Iqaluit Airport project is a 34-year concession for the design, construction and financing of the expansion and redevelopment of the existing Iqaluit International Airport in Iqaluit, Nunavut, Canada, and the provision of operations and maintenance services for the Government of Nunavut.

The original CAD 290m capex project included the design and construction of a new air terminal building and combined services building, the repaving and expansion of the runway and the enhancement of roadways and lighting systems. The facility opened in December 2017 and has been a recipient of several awards including the CCPPP National Awards gold award for infrastructure in 2017. It was the first complete airport infrastructure project to be built as a P3 in North America

InfraRed has developed this strategically located asset over five years and delivered on its ambitious and transformative plan to regenerate, in artic conditions at times, a decades-old facility which became operational in December 2017.

Enquiries

Tulchan Communications
+44 (0) 20 7353 4200
Sheebani Chothani

More Information

InfraRed Capital Partners is a leading global investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With around 150 professionals it manages US$12bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe.

Since its inception, InfraRed has launched 18 funds, including two companies listed on the London Stock Exchange: HICL Infrastructure PLC (“HICL”) and The Renewables Infrastructure Group (“TRIG”), both of which are members of the FTSE 250. To date, InfraRed has realised six funds, demonstrating its ability to create real value for its stakeholders.

InfraRed has been investing in the Infrastructure market for over 20 years and is one of world’s largest managers of social and transportation infrastructure projects. InfraRed has evolved its business from principally managing PPP projects at its inception to a diversified and international investment business, with over 80 infrastructure investment professionals, managing over 200 investments in PPP projects, renewable energy, regulated and economic infrastructure businesses.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment and its infrastructure business has been awarded the highest rating.

Further details can be found on InfraRed’s website, www.ircp.com.

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Cala Health Raises $50 Million Series C Funding

Baird Capital

BURLINGAME, Calif.–(BUSINESS WIRE)–Cala Health, Inc., a bioelectronic medicine company developing wearable therapies for chronic disease, today announced it has completed a $50 million Series C financing. Cala Health will use the funds to introduce Cala TrioTM, a breakthrough therapy for hand tremors in people with essential tremor, to the market as well as expand its therapeutic pipeline. As part of the financing, industry veteran Stacy Enxing Seng will be joining Cala Health’s team as an Independent Director and Board Chair.

“We are excited to continue partnering with Cala Health on its journey to support patients with chronic disease with wearable neuromodulation therapies”

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New investors in the Series C financing include Novartis, Baird Capital, LifeSci Venture Partners, TriVentures, and others. All existing investors participated in the round, including Johnson & Johnson Innovation – JJDC, Inc. (JJDC), Lux Capital, Lightstone Ventures, Action Potential Venture Capital, dRx Capital, and GV.

“We are excited to continue partnering with Cala Health on its journey to support patients with chronic disease with wearable neuromodulation therapies,” said Neil Tiwari, General Partner, dRx Capital, a Novartis & Qualcomm joint investment company.

Nicole Walker, General Partner at Baird, added “Cala Health is advancing neuromodulation therapy options without the need for surgery, using body-worn electronics. Baird is thrilled to invest in this field and in the company’s future growth.”

“We are delighted to work with such a strong team of investors and advisors who share our vision for the future of bioelectronic medicines. This financing follows exciting momentum from the past year, including receiving De Novo clearance from the Food and Drug Administration for our therapy for essential tremor and announcing a licensing agreement and ongoing collaboration with Partners Healthcare Innovation and its affiliate, Massachusetts General Hospital,” said Kate Rosenbluth, PhD, Founder and CEO, Cala Health.

Cala Health is preparing for the limited release of the prescription Cala Trio therapy, including an innovative commercial strategy that delivers prescription therapy with the convenience of consumer electronics by serving the patients as a direct distributor. The company recently announced completing enrollment in the largest therapeutic study ever conducted in essential tremor in the US, the landmark PROspective study for SymPtomatic relief of Essential tremor with Cala Therapy (PROSPECT).

About Cala Health, Inc.

Cala Health is a bioelectronic medicine company transforming the standard of care for chronic disease. The company’s wearable neuromodulation therapies merge innovations in neuroscience and technology to deliver individualized peripheral nerve stimulation. The first indication for Cala Health’s wearable therapy is essential tremor, a disease experienced by more than seven million people and characterized by severe hand tremors. New therapies are under development in neurology, cardiology, and psychiatry. The company is headquartered in the San Francisco Bay Area and backed by leading investors in both healthcare and technology. For more information, please visit www.calahealth.com.

Contacts

Media Contact:
Terri Clevenger
terri.clevenger@icrinc.com
(203) 856-4326

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Ivalua Exceeds $1B Valuation in New Funding Round to Accelerate Global Expansion & Technology Innovation

Ardian

Valuation establishes Ivalua as the next unicorn founded in France

Paris, France – May 21th, 2019 – Ivalua, a leading provider of global Spend Management cloud solutions, today announced that it has raised $60 million in growth equity funding to further accelerate its rapid growth. This capital raise values the company at a ‘unicorn’ level of more than $1 billion, making Ivalua one of only a handful of unicorns founded in France. Ivalua recently announced that it is on pace to exceed $100 million in annual revenue in 2019.

Investors in this round include Tiger Global Management, a new investor in Ivalua, and Ardian Growth, one of Ivalua’s early investors who increased its overall investment level. Tiger Global Management joins Ivalua’s founders, KKR and Ardian Growth as shareholders. Ivalua’s management retains a majority stake in the company to ensure stable, long term planning and a continued focus on customers.

Spend Management software has emerged as an increasingly strategic tool for businesses, boosting profitability by streamlining procurement processes, improving collaboration with suppliers and optimising cash flow. The Spend Management market is sized at more than $20 billion and continues to develop rapidly as one of the most dynamic segments of the broader software-as-a-service (SaaS) market.

Ivalua has continued to increase its market share due to the unique advantages of its platform. The depth and breadth of its fully unified suite, combined with the unique combination of rapid delivery and unmatched flexibility, allow it to support customers at every stage of their digital transformations. The flexibility allows it to rapidly and uniquely develop and launch industry-specific solutions while maintaining a single code base. Customers realise more and faster value and never outgrow the platform, which allows Ivalua to consistently boast the industry’s highest retention rate, at over 98%, while also rapidly acquiring new customers.

Ivalua has grown while maintaining profitability. The additional funding will support future investments in organic product innovation, global expansion and possibly strategic acquisitions. David Khuat-Duy, CEO and Founder of Ivalua, said, “This investment by one of the world’s leading investment funds is a further testament to Ivalua’s long term strategy and business model. This additional capital will allow us to deliver ever more value to our customers and secure future growth.”

Laurent Foata, Head of Ardian Growth added, “We have been supporting Ivalua since 2011, at the start of their global expansion. We see Ivalua as the future leader in the large and fast growing Spend Management market. I am extremely grateful to Ivalua’s founders for their long term trust, and congratulate the team for this tremendous journey in which they remain the majority shareholder.”

About Ivalua

Ivalua is the Procurement empowerment platform. Recognised as a Leader by Gartner and other analysts, Ivalua’s Source-to-Pay suite is leveraged by over 300 leading companies across the globe to manage over $500 Billion in direct and indirect spend. The platform’s combination of ease-of-use, depth, breadth and flexibility ensures high employee and supplier adoption, rapid time to value and the ability to meet unique or evolving requirements, evidenced by the industry’s leading 98%+ retention rate. Realise the possibilities at :
www.ivalua.com. Follow us at @Ivalua.

About Tiger Global Management

Tiger Global Management, LLC is an investment firm that deploys capital globally. The firm’s fundamentally oriented investments focus primarily on the global Internet, software, financial technology, consumer and industrial sectors. The private equity strategy has a ten-year investment horizon and targets growth-oriented private companies. Such investments have included Spotify, Juul, Harry’s, Warby Parker, Peloton, JD.com, Facebook, LinkedIn, Yandex, Mail.ru Group, Despegar and Ola. The public equity efforts emphasise deep due diligence on individual companies and long-term secular themes. Tiger Global Management, LLC was founded in 2001 and is based in New York with affiliate offices in Hong Kong, Singapore, Bangalore and Melbourne.

About Ardian

Ardian is a world-leading private investment house with assets of US$90bn 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 600 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 880 clients through five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

Media Contact

Tom Reynolds / Robert Fretwell
Spark Communications for Ivalua
0207 436 0420
ivalua@sparkcomms.co.uk
Ardian
Headland
Viktor Tsvetanov
vtsvetanov@headlandconsultancy.com
Tel: +44 (0)20 3435 7469

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KKR and Western Natural Resources Form Partnership to Pursue Oil and Gas Investments in Williston Basin

KKR

HOUSTON & OKLAHOMA CITY–(BUSINESS WIRE)–May 20, 2019– KKR, a leading global investment firm, and Western Natural Resources, LLC (“Western”) today announced a new partnership to acquire producing and undeveloped oil and gas assets in the Williston Basin.

The Williston Basin includes meaningful existing production and high quality, well-defined remaining drilling inventory well suited to KKR’s Energy Real Assets strategy, which prioritizes the generation of free cash flow and strong asset level returns in the upstream oil and gas sector.

Western’s CEO Heath Mireles and his team bring extensive operating experience to the partnership, having drilled, completed and operated thousands of wells over the Williston Basin’s long history. The Western team will leverage their collective experiences from time spent at large public operators as well as other private companies to acquire, manage and develop producing wells and drilling locations throughout the play.

Ben Conner, Director on KKR’s Energy Real Assets team, said, “The Williston continues to be a core area of focus for us as we see a significant opportunity to acquire high quality producing assets with attractive long-term value creation opportunities to be delivered through superior technical and operational execution. We have known Heath and members of his team for years and believe our partnership is well positioned to acquire and manage assets in the Williston for the long run.”

Heath Mireles, CEO of Western added, “We are excited to partner with KKR and bring what we feel is a differentiated view and business model to the basin to build a premier asset base focused on delivering strong risk-adjusted returns.”

KKR is making its investment in the partnership through funds affiliated with KKR’s Energy Real Assets strategy, which has invested approximately $4.0 billion in capital across 12 transactions since 2015 and manages a portfolio of oil and gas assets in numerous unconventional and conventional resource areas across the United States.

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 Western

Western is a private company focused on the acquisition and exploitation of upstream oil and gas assets. Headquartered in Oklahoma City, Oklahoma, its primary objective is to build and operate a large-scale portfolio of producing oil and gas wells and drilling locations in the Williston Basin. For additional information about Western, please visit Western’s website at www.wnrllc.com.

Source: KKR

Media:
Kristi Huller or Cara Major, + 1-212-750-8300
media@kkr.com

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TPG agrees to sell Cancer Treatment Services International to Varian Medical Systems

TPG Capital

Mumbai and San Francisco – May 20, 2019 – TPG Growth, the middle market and growth equity platform of alternative asset firm TPG, announced today that it has signed a definitive agreement to sell Cancer Treatment Services International (CTSI) to Varian Medical Systems (NYSE: VAR) for $283 million. CTSI is part of Asia Healthcare Holdings (AHH), a healthcare operating platform founded by TPG Growth. The transaction is expected close approximately two weeks and is subject to customary closing conditions.

CTSI owns and operates an expanding network of cancer treatment facilities across India and South Asia, including several brands: the American Oncology Institute, CTSI’s flagship network comprised of multi-disciplinary radiation, medical, and surgical oncology focused cancer hospitals across South Asia; US-based CTSI Oncology Solutions, which provides cancer treatment planning services to healthcare providers worldwide; and AmPath, an integrated reference laboratory and pathology services provider in India. CTSI employs more than 1,500 people across its operations in India and the US, and fulfills a significant patient demand in the region for quality cancer treatment protocols.

“We invested in CTSI in 2016 with the belief that the company was in a strong position to address a substantial and growing need for quality cancer care in India. Today, CTSI is one of the largest and leading providers of high-quality oncology services across the country and broader South Asia,” said Matthew Hobart, Partner at TPG Growth. “CTSI’s growth story is an example of what we are trying to achieve through AHH, which is to provide dynamic single-specialty healthcare companies the resources and expertise to meaningfully build and scale their businesses. The transaction today marks an exciting step for CTSI and an important milestone in AHH’s evolution as one of the leading healthcare platforms in South Asia.”

When CTSI was first acquired by TPG Growth, it operated one facility in Hyderabad, India. In just three years, with AHH’s support and the onboarding of a highly talented management team, the company has grown to a network of 11 cancer hospitals with a pipeline of six more hospitals under execution. The success of CTSI builds on the track record of TPG’s healthcare investing franchise around the world, which has invested $14 billion of equity in the sector. More than 20 percent and approximately $3 billion of equity has been invested outside the US, across leading healthcare delivery networks including Parkway Holdings (Singapore), Healthscope (Australia), Manipal Health (India), Asiri Health (Sri Lanka), and United Family Healthcare (China).

“The genesis of AHH was to build single-specialty healthcare delivery businesses. Majority positions in these early stage entities give our team the unique opportunity to mold the future of these companies by giving them the right management teams, capitalization, and profitable growth trajectory. CTSI validates this unique approach to Indian healthcare,” said Vishal Bali, CEO of Asia Healthcare Holdings. “Leveraging TPG’s global healthcare franchise, we worked together to grow CTSI from sourcing to exit.”

AHH seeks to build a market-leading franchise in single-specialties across India and South Asia, and helps power companies through a single management team. AHH’s operation is unique to Indian healthcare and unparalleled in the region. Recently, AHH acquired Nova Fertility and its network of 20 IVF centers which, when combined with AHH’s existing network of 12 Women & Children hospitals under the Motherhood brand, will be India’s largest mother and child-focused healthcare platform in India.

TPG Growth

TPG Growth is the middle market and growth equity investment platform of TPG, the global alternative asset firm. With approximately $12.8 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $104 billion of assets under management. For more information, visit www.tpg.com.

About CTSI

CTSI is a provider of university-level, comprehensive treatment for cancer patients. Founded by physicians and businessmen with substantial experience in the development, operation and networking of cancer services, CTSI provides innovative and technologically advanced treatment solutions through an IT-based model that allows integration and centralization of core services. The company began international operations at its flagship cancer hospital in Hyderabad, India in 2013 and currently has several operational cancer centers and ongoing development projects. For more information, visit http://www.cancertreatmentservices.com.

 

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