Category Archives: News

REM – Optimization agreement concluded with NouvLR

Cdpq

  • Mont-Royal tunnel closing postponed
  • No change to REM global schedule
CDPQ Infra, a subsidiary of Caisse de dépôt et placement du Québec, announced today the conclusion of a work optimization agreement with NouvLR, the consortium building the REM. This agreement reinforces the delivery schedule for the overall project while adjusting certain aspects of the work, which continues to move forward at a sustained pace.Accordingly, the closing of the Mont-Royal tunnel will be postponed until March 30, 2020, so that the consortium can improve its preparation for the work to be done on this part of the project. This postponement will not impact the total time the tunnel will be closed or the overall timing for commissioning thanks to an acceleration of work on all branches. It will also remove one winter season from the period during which alternative public transportation measures will be implemented.

In addition, this agreement is an active response to challenges identified during the first 18 months of work, including:

  • Timely access to sites and infrastructure necessary to deliver the project across Greater Montréal, where there are multiple work sites in operation simultaneously.
  • An increase in the pace of all design work carried out by the consortium for the project to be delivered within the planned global schedule.
  • The availability of the labour necessary to deliver the REM in a stressed job market. Over the course of the project, 34,000 positions will be required to execute the REM work.

The work optimization and response to challenges addressed by the agreement result in a 3.6%, or $230 million, adjustment to the REM budget. The project’s total construction cost is now $6.5 billion and maintains returns within the 8-9% range.

Given the priority placed on respecting the overall schedule, execution milestones have also been defined as performance conditions in the agreement concluded with NouvLR, particularly with regard to the Mont-Royal tunnel. The payment of portions of the amounts announced today will thus be conditional to these milestones being achieved. The new agreement therefore follows the principles of rigour and the best value for money applied by CDPQ Infra from the very start of the REM project.

Fare reduction measures

To provide riders of the Deux-Montagnes line with more predictability in the context of the postponement of the Mont-Royal tunnel closing, CDPQ Infra will implement fare reduction measures at the beginning of 2020. Specifically, CDPQ Infra will provide riders with a free monthly fare for January and up to 30% off the cost of monthly TRAIN and TRAM fares from January to March. The total cost for these two measures will be fully incurred by CDPQ Infra.

About CDPQ Infra

CDPQ Infra is a wholly owned subsidiary of Caisse de dépôt et placement du Québec, a long-term institutional investor with CAD326.7 billion in net assets as of June 2019. CDPQ Infra is responsible for the development, funding and operation of large-scale infrastructure projects, including the Réseau express métropolitain (REM). The REM is a new, 67-km integrated public transit network that will link downtown Montréal, the South Shore, the West Island (Sainte-Anne-de-Bellevue), the North Shore (Deux-Montagnes) and the airport in a unified, fully automated LRT system.

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  • Emmanuelle Rouillard-Moreau
    Advisor, Media Relations
    CDPQ Infra
    514 847-2896
    media@cdpqinfra.com

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KDC/ONE to Merge with HCT Group

Cdpq

Québec, Private Equity Longueuil, Québec and Los Angeles,
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Creates a Global Leader in Manufacturing and Packaging Solutions for the Beauty and Personal Care Industry

Knowlton Development Corporation (“KDC/ONE”), a leading value-added partner to beauty, health and personal care brands, and HCT Group (“HCT”), an innovative, global leader delivering full-service solutions in the design, engineering, manufacturing, formulation, filling and logistics of cosmetics products, today announced that they have entered into a definitive agreement to create a comprehensive global end-to-end solutions provider for the beauty and personal care industry.

As an innovative, global one-stop solution for customers ranging from Fortune 500 companies to indie, emerging and prestige brands, the two companies will partner to provide customers with an expanded suite of manufacturing and packaging solutions. Following the close of the transaction, Nicholas Whitley, President and CEO of KDC/ONE, and Tim Thorpe, President and CEO of HCT, will continue as CEOs of each business.

Established in 2002, KDC/ONE has grown organically and through acquisitions to become a leading custom formulator and manufacturer serving the prestige beauty, personal care and household sectors. With 16 state-of-the art manufacturing facilities in North America and Europe, KDC/ONE offers high-touch innovation, operational excellence and speed to market to well-known and emerging brands. In December 2018, Cornell Capital, together with Caisse de dépôt et placement du Québec (“CDPQ”), Investissement Québec (“IQ”) and HarbourVest Partners, LLC (“HarbourVest”), acquired KDC/ONE with a focus on driving international growth and enhancing the company’s high-quality manufacturing capabilities. Since then, KDC/ONE has made three acquisitions to scale the platform, acquire new technologies and expand globally.

Founded by Chris Thorpe, along with his wife Clare and eldest son James in 1992, HCT has grown organically to become a global leader providing full-service, turnkey solutions across concept development and design, manufacturing, fill and assembly, and logistics and operations. With headquarters in Santa Monica and offices in New York, New Jersey, London, Paris, Milan, Hong Kong, South Korea and Shanghai, HCT partners with more than 400 clients comprising some of the most iconic names and most successful beauty brands across indie, prestige and mass segments.

“This transformative transaction will enhance how we serve beauty and personal care brands around the world,” said Nicholas Whitley. “Our vertically integrated platform will offer the industry a true one-stop solution. With the support of our partners at Cornell Capital, as well as CDPQ, IQ and HarbourVest, we have been able to build our reputation as a top-tier innovator for an expanded base of customers. HCT’s cutting-edge designs, engineering, manufacturing and global reach will enable us to further elevate our product and service offerings to better serve and anticipate the evolving needs of our valued customers.”

“KDC/ONE and HCT have highly complementary business models and together will offer a unique solution to our world-class client base,” said Tim Thorpe. “The transaction will enable us to leverage adjacent customer relationships, geographic footprints and products. On behalf of my family and the entire company, I’m proud of all that we have accomplished and look forward to exploring synergies across both businesses for the benefit of customers and employees.”

“Together, these businesses will provide greater innovation and growth opportunities in one of the most attractive subsectors in the CPG space,” said Justine Cheng, Chair of the KDC/ONE Board of Directors and Partner at Cornell Capital. “KDC/ONE and HCT have best-in-class management teams and we expect that KDC/ONE’s manufacturing capabilities with HCT’s packaging design expertise will enable the new platform to better serve its customers globally. In addition, the transaction will improve the overall financial profile of the companies through further diversification and increased scale.”

Charles Émond, Executive Vice-President, Québec, Private Equity and Strategic Planning, at CDPQ added, “As a longstanding partner of KDC/ONE, we are pleased to support this Quebec-based company as it continues to grow into a global leader in the industry. This transaction strongly positions KDC/ONE as it executes on its acquisition and diversification strategy.”

Financing for the transaction will include significant equity reinvestment from Cornell Capital, as well as from the other existing financial sponsors and HCT management. UBS Securities LLC and Jefferies LLC are acting as joint lead arrangers for the transaction, with UBS as the left lead arranger. Specific financial terms of the transaction were not disclosed. The transaction is expected to close in early 2020 and is subject to customary closing conditions.

Jefferies Group LLC is acting as financial advisor to KDC/ONE and Cornell Capital, and Weil, Gotshal & Manges LLP is acting as legal advisor. Houlihan Lokey is acting as financial advisor to HCT, and Morgan Lewis & Bockius LLP is acting as legal advisor.

About KDC/ONE

KDC/ONE is the largest North American custom innovator, formulator and manufacturer serving the prestige beauty, personal care and household sectors. Established in 2002, KDC/ONE is headquartered in Longueuil, Québec and employs over 5,000 employees across 16 state-of-the-art facilities throughout North America, the UK, France and the Czech Republic. KDC/ONE also operates two state-of-the-art innovation and R&D centers, one in Saddle Brook, New Jersey and one in Irvine, California. The business delivers high-touch innovation, operational excellence and speed to market to well-known and indie, emerging and prestige brands. Over the past four years, KDC/ONE has experienced rapid growth through the successful completion of eight notable acquisitions, most recently in California and Europe with the acquisitions of Benchmark Cosmetics Laboratories, of the ALKOS Group and of the manufacturing operations of Swallowfield plc. For more information, visit www.kdc-one.com.

About HCT Group

For over 25 years, HCT Group has remained a global leader in cosmetic manufacturing — and partners with many of the most successful beauty brands to create the industry’s most iconic products. Founded by Chris Thorpe, along with his wife Clare and eldest son James in 1992, HCT provides full-service, turnkey solutions across concept development and design, manufacturing, fill and assembly, and logistics and operations. With headquarters in Santa Monica and offices in New York, New Jersey, London, Paris, Hong Kong, South Korea and Shanghai, HCT partners with more than 400 clients comprising some of the most iconic names and most successful beauty brands across indie, prestige and mass segments. For more information, visit www.hctgroup.com.

About Cornell Capital

Cornell Capital LLC is a private investment firm that takes a value-driven approach to investing. Partnering with strong and entrepreneurial management teams, the firm seeks opportunities in market- leading businesses across the consumer, financial and industrial/business services sectors. Founder and Senior Partner Henry Cornell, who served as the Vice Chairman of Goldman Sachs’ Merchant Banking Division prior to founding Cornell Capital in 2013, leads a highly seasoned senior leadership team with decades of shared investing experience. The firm currently manages over $3.1 billion of assets and has offices in New York and Hong Kong. For more information, visit www.cornellcapllc.com.

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 June 30, 2019, it held CAD 326.7 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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Bassem Saleh appointed new CEO of TFS

Ratos

Bassem Saleh has been appointed new CEO of TFS. Bassem is Chief Medical Officer at TFS and Executive Vice President of Clinical Development Services, the largest Business Area at TFS. He will assume his role as CEO today, 17 December. János Filakovský is stepping down from his position as CEO and leaving the company.

Bassem Saleh has solid executive leadership skills and long industry experience from both CROs (Contract Research Organisations) and Biopharma including Premiere Research, ICON, PRAHS and Chugai (Roche group). Most recently Bassem has been heading up TFS largest Business Area Clinical Development Services (CDS) with strong results and is an appreciated leader in the company. Bassem is a medical doctor specialized in Pharmaceutical Medicine and Oncology.

“Bassem has impressed the board of TFS with the results he has delivered in the business. He is an appreciated leader at TFS and with his background from the industry we believe he is an ideal person to further develop TFS as CEO. We thank János for his contributions to TFS,” says Jonas Wiström, CEO of Ratos and Business Area President Industry.

Ratos became an owner of TFS in 2015. On behalf of its customers, the company conduct clinical trials in more than 40 countries worldwide and works with a broad international customer base of leading research companies. Revenues for the rolling 12 months at 30 September 2019 amounted to 86.0 MEUR and EBITA was 1.8 MEUR.

 

For further information, please contact:
Jonas Wiström, President and CEO, Ratos, +46 8 700 17 00
Per Magnusson, Chairman TFS and Director Operations, Ratos, +46 70 676 64 26
Helene Gustafsson, Head of IR and Press, Ratos, +46 70 868 40 50

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Ampersand Capital Partners Acquires Peptides International And Merges Company With New England Peptide

WELLESLEY, Mass., GARDNER, Mass. and LOUISVILLE, Ky., Dec. 16, 2019 /PRNewswire/ — Ampersand Capital Partners announced today that it has completed the acquisition of Peptides International and merged it with existing portfolio company New England Peptide. This merger brings together two leading providers of peptide synthesis services as well as a broad catalog of unique peptide products to assist in drug discovery and diagnostic product development endeavors around the world.

Based in Louisville and founded in 1983, Peptides International is a global leader in catalog and custom peptide production, providing high-quality synthesis services to an extensive range of pharmaceutical, biotech, and other life science customers. Peptides International is specialized in addressing the most complex peptide projects and offers customers full chemical optimization and scale-up services.

“New England Peptide is excited to announce that in our 20th year as a custom peptide synthesis company, we have merged with Peptides International,” said Sam Massoni, CEO of New England Peptide. “This transaction adds meaningful scale, capabilities, customer relationships, and a similarly strong market reputation to what we have built at New England Peptide.”

Jackie Spatola, current CEO of Peptides International added: “Ampersand Capital’s acquisition of PI enables high-quality custom peptide market development, which fortifies our 35-year-old company’s world leader strategy and position. We look forward to offering even better services to our worldwide customer base through working with New England Peptide.”

José de Chastonay, Chairman of the Board added: “Whereas New England Peptide has a leading position in manufacturing thousands of small-scale peptides and antibody related services, Peptides International is best known for making larger-scale quantities of high-quality custom peptides and for maintaining a unique catalog of off-the-shelf products. The combination of the two companies creates a comprehensive, “one-stop-shop” for non-GMP peptides.”

“Ampersand’s goal with our original investment in New England Peptide earlier this year was to build a world-class leader in peptide synthesis services, and this transaction furthers that goal,” stated Eric Lev, Partner at Ampersand. “Ampersand looks forward to working with the management team in the next phase of organic and inorganic growth as the company strives to provide industry-leading peptide solutions to the biotechnology, pharmaceutical, and academic markets.”

About New England Peptide

Established in 1998, New England Peptide designs and manufactures peptide and antibody solutions for drug, vaccine and diagnostic development organizations worldwide. Headquartered in Gardner, MA, the company specializes in custom peptide synthesis, polyclonal antibody production, stable-labeled bioanalytical peptide standards, and catalog peptide products. New England Peptide operates in a 25,000 square foot facility with significant laboratory space to service all customer and regulatory requirements. Additional information about New England Peptide is available at www.newenglandpeptide.com.

About Peptides International

Peptides International, headquartered in Louisville, Kentucky, specializes in manufacturing and distributing high purity, biologically active peptides, enzyme substrates and inhibitors, innovative polymers and related products, and custom peptide synthesis services to life sciences and research institutions throughout the world. Founded in 1983, the company operates out of a 12,000 square foot facility certified to ISO 9001:2015. Additional information about Peptides International is available at www.pepnet.com.

About Ampersand Capital Partners

Founded in 1988, Ampersand is a middle market private equity firm dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive superior long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of its core healthcare sectors, including Avista Pharma Solutions, Brammer Bio, Confluent Medical, Genewiz, Genoptix, Talecris Biotherapeutics, and Viracor-IBT Laboratories. Additional information about Ampersand is available at ampersandcapital.com.

Related Links
http://ampersandcapital.com

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Management to acquire Eleda Group

Triton

Stockholm (Sweden), 16 December 2019 – Funds advised by Triton (Triton) have signed an agreement to sell Eleda Infra Services Group (Eleda) to a consortium made up by the group’s management team. Terms of the transaction are not disclosed.

Eleda is an infrastructure services group formed by Triton through the consolidation of the regional companies Akeab, KEWAB, Mark & Energibyggarna and Salboheds Bygg & Anläggningstjänster focusing on civil engineering, excavation and other infrastructure services. Headquartered in Stockholm, the group has around 800 employees and achieved pro forma sales of around SEK 3.0 billion at the end of September 2019.

“We would like to thank the management team, the employees and all other stakeholders for their contributions to the successful development of Eleda during Triton’s ownership. We view this as an appropriate time for management to take over as full owners and to continue developing the company further” says Peder Prahl”, Director of the General Partner to the Triton funds.

“Through the creation of Eleda, our Nordic Triton Smaller Mid-Cap (TSM) team and the company’s board have in a joint effort with management succeeded in transforming four companies leading in their respective regional geographies into a national platform with a corporate culture marked by a strong entrepreneurial spirit and coherent processes. We are happy that the management team, who have remained significant shareholders throughout TSM’s ownership, are ready to continue this successful journey.” says Andi Klein, Investment Advisory Professional and responsible for the Triton Smaller Mid-Cap Fund.

”During Triton’s ownership period, Eleda has had the opportunity to grow into one of the leading companies of our market. We today have a well-functioning platform which offers high-quality infrastructure services. With financing and acquiring the company ourselves, we now look forward to a continued growth together with our employees”, says Johan Halvardsson and Peter Condrup, representatives of the management consortium.

About Eleda Group

Eleda Group is an expansive group focusing on civil engineering, contract and other infrastructure services. The Group operates through regional companies across southern and western Sweden. These companies all have similar business models and operational focus and currently include Akeab, KEWAB, Mark & Energibyggarna and Salboheds Bygg & Anläggninstjänster. Eleda Group’s corporate culture is marked by a strong entrepreneurial spirit, and the companies work independently in complementary geographical areas with the goal of being a leading player in their respective regional markets. Eleda Group, which has its headquarters in Stockholm, has around 800 employees and sales of approximately SEK 3.0 billion in the 12 months to September 2019. Eleda Group is owned by Triton and a broad group of key individuals in the Group.

For further information: https://www.eleda.se/en

About Triton

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

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

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

Press Contacts

Triton
Fredrik Hazén
Phone: +46 709 483 810

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

Thomas Bravo

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

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

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

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

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

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

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

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

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

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

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

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

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

 

Media Contacts

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

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

 

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

3I

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

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

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

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

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

 

1 Based on a GBPEUR FX rate of 1.19

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Download this press release  

 

For further information, contact:
3i Group plc

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

 

Notes to editors

About 3i Group

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

About Audley Travel

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

About Hans Anders

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

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AURELIUS Equity Opportunities acquires ZIM Flugsitz GmbH

Aurelius Capital

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

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

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

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

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

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

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

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

Partners Group

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

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

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

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

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

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

Kirkland & Ellis LLP represented Partners Group in the transaction.

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

Wendel

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

About Wendel

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

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