Category Archives: News

The Carlyle Group completes acquisition of shareholding in Cepsa from Mubadala

Carlyle

  • Transaction completed in line with expectations announced on 8 April 2019
  • Carlyle acquires a 37% stake in Cepsa; Mubadala to remain majority shareholder in Europe’s largest privately-owned integrated energy company
  • Philippe Boisseau to be appointed CEO, taking over from Pedro Miro who will retire

Abu Dhabi, United Arab Emirates: Mubadala Investment Company, the Abu Dhabi-based sovereign investor, and global investment firm The Carlyle Group (NASDAQ: CG) have today reached completion of the transaction announced on 8 April 2019. 

Funds affiliated with Carlyle have acquired 37% shareholding in Compañía Española de Petróleos, S.A.U (Cepsa) from Mubadala.  Mubadala will remain the majority shareholder in Cepsa, holding the remaining 63%.

The composition of Cepsa’s Board of Directors reflects the new shareholding, with Mubadala entitled to appoint five members to the Board, including its chairman, and Carlyle to appoint three members.  In addition, there will continue to be one independent member and the company’s Chief Executive Officer will complete the board’s composition.

In parallel with the new shareholder partnership, Carlyle and Mubadala have named Philippe Boisseau as CEO to succeed Pedro Miro, who will be retiring.  Philippe is a seasoned industry leader with an extensive track record of over 30 years, notably with the Total Group, where he served in senior leadership roles in France, the Middle East, the United States and Argentina.

Musabbeh Al Kaabi, CEO, Petroleum & Petrochemicals, Mubadala, and Chairman of Cepsa, said: “We are pleased to have completed the transaction and look forward to working closely with Carlyle and Cepsa’s management on growing the business and creating even greater value from its portfolio and operations.”

“I want to thank Pedro Miro, especially, for his long and dedicated service to Cepsa.  He has played a vital role in developing Cepsa in recent years to become one of Spain’s leading companies and a business that is looking strong for the future.  I also want to welcome our incoming CEO Philippe Boisseau, who will be leading the company’s next phase of growth. Philippe is well known to Mubadala from his time in the Middle East with one of our long-term partners and we are pleased to have him on board.”

Marcel van Poecke, Head of Carlyle International Energy Partners and Vice-Chairman of Cepsa, commented: “Cepsa is an attractive, well-positioned international integrated energy player led by Pedro and his strong leadership team. We are pleased Philippe Boisseau has agreed to become CEO as he has an impressive range of skills and leadership in the international energy sector. I know he will work closely with Pedro and the Cepsa leadership team in the coming weeks to ensure a smooth and successful leadership transition. Carlyle remains excited about its role as an investor, along with Mubadala, in Cepsa.”

About Philippe Boisseau
Philippe Boisseau is a seasoned international executive who has worked throughout his career in the international energy sector.

Previously, Mr. Boisseau served as President, Marketing and Services, a global division of the Total Group and a member of the Executive Committee of Total S.A. (EPA: FP), a French oil and gas company, from January 2012 to April 2016.  Mr. Boisseau also served as President of Total Gas et Energies Nouvelles (Total Gas & Power), a division of Total S.A., from February 2007 to December 2011 and remained in charge of the New Energies activities until April 2016.  He also previously served as a member of Total S.A.’s Management Committee since January 2005.  He served as President, Middle East of Total S.A.’s Exploration & Production division between 2002 and February 2007 and, before that, as General Manager of Total Austral in Argentina from 1999 to 2002.  From 1995 to 1999, he worked in several management positions within the Refining and Marketing division in the United States and France.  At the beginning of his career, he served in various positions within French government ministries.

Mr. Boisseau is a member of the Regalwood Global Energy Ltd. Board of Directors and has also served as a member of the advisory board of the Energy Intelligence Group since 2018.  He is also on the board of Assala Energy and Enermech, both Carlyle International Energy Partners assets. Mr. Boisseau also serves on the board of I-Pulse Inc. since November 2017. Finally, he serves as senior advisor to Tellurian Inc. a US gas liquefaction Company.

Mr. Boisseau graduated from the leading French engineering school, École Polytechnique, and also holds a DEA (master’s degree) in particle physics from the École Normale Supérieure.

About Cepsa
Headquartered in Madrid, Spain, Cepsa is Europe’s largest privately-owned integrated energy company.

Cepsa is a household name and significant Spanish-headquartered company that has evolved through a combination of organic growth and strategic acquisitions.  It now operates assets across the full petroleum value chain in more than 20 countries, delivering through-the-cycle earnings resilience and also operates in the renewables sector.

The company’s upstream assets include significant reserves contained in both the Umm Lulu and SARB fields located offshore Abu Dhabi. Cepsa is also a significant oil producer in Algeria and operates in South America and Southeast Asia.

Cepsa’s retail business includes an extensive network of service stations across the Iberian Peninsula and an integrated energy offering to Spanish consumers, covering liquid fuels, gas and electricity.

The company owns and operates two refineries in Spain and has committed significant capital to ensure they remain among the most efficient in Europe and well positioned to respond to the new IMO quality and emissions requirements when they take effect in January 2020. 

Cepsa is also the global leader in the production of linear alkyl benzene (LAB), a key component in the manufacture of biodegradable detergents and the second largest producer of phenol and acetone.

About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for its shareholder, the Government of Abu Dhabi.

Mubadala’s US $229 billion portfolio spans five continents with interests in multiple sectors including aerospace, ICT, semiconductors, metals and mining, renewable energy, oil and gas, petrochemicals, utilities, healthcare, real estate, pharmaceuticals and medical technology, agribusiness and a global portfolio of financial holdings across all asset classes. Mubadala has offices in Rio de Janeiro, Moscow, New York and San Francisco, with a joint venture in Hong Kong.

Mubadala is a trusted partner, an engaged shareholder and a responsible global company that is committed to world-class standards of governance.  

For more information about Mubadala, please visit: www.mubadala.com

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions.  With $223 billion of assets under management as of June 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest.  The Carlyle Group employs more than 1,775 people in 33 offices across six continents.Web: www.carlyle.com

About Carlyle’s Energy Platform
Carlyle has constructed a broad-based global energy, natural resources and infrastructure platform (currently with $27 billion in assets under management and 95 active portfolio companies), consisting of International Energy, North American Energy, North American Power and Global Infrastructure.

Media Contacts

London          
Rory Macmillan
roderick.macmillan@carlyle.com
Phone: +44 20 7894 1630

US
Christa Zipf
Phone: +1-212-813-4578
Christa.Zipf@carlyle.com

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HireVue Announces Close of Transaction with The Carlyle Group

Carlyle

SALT LAKE CITY – October 15, 2019 – HireVue, provider of the most comprehensive suite of AI-driven talent assessment and video interviewing solutions, today announced the completion of The Carlyle Group’s (NASDAQ: CG) majority investment in HireVue. Existing shareholders, including Granite Ventures, Sequoia and TCV, together with HireVue management, remain minority investors.

“I can’t imagine a better partner for HireVue than The Carlyle Group,” said Kevin Parker, Chairman and CEO at HireVue. “Together we’ll make swift progress on our broad, growth-focused agenda to deliver new hiring solutions and capabilities for the global enterprise.”

“We are delighted to partner with the HireVue team and to support its continued growth as it meets increasing demands for technology-driven interviewing and talent assessment capabilities,” said Patrick McCarter, Managing Director and Co-Head of TMT at The Carlyle Group.

The current executive team at HireVue continues to lead the company under the direction of Mr. Parker.

Equity capital for the investment came from Carlyle Partners VII, an $18.5 billion fund that makes majority and strategic minority investments primarily in the U.S. in targeted industries, including in technology, media and telecommunications (TMT) companies. TMT is a core area of focus for Carlyle, representing more than $30 billion of invested equity since inception.

About HireVue
HireVue is transforming the way companies discover, hire and develop the best talent by combining the power of video, games and AI for better hiring decisions. The HireVue Assessments and Video Interviewing Platform uses a ground-breaking combination of industrial/organizational science and rigorously tested, predictive artificial intelligence to help customers find and engage higher quality talent, faster. HireVue is available worldwide in over 30 languages and has hosted more than 11 million on-demand interviews and one million assessments. Its more than 700 customers worldwide include over one-third of the Fortune 100 and leading brands such as Unilever, Hilton, JP Morgan Chase, Delta Air Lines, Vodafone, Carnival Cruise Line and Goldman Sachs. For more information, visit www.hirevue.com.

HireVue Social Networks
Twitter: www.twitter.com/HireVue
LinkedIn: www.linkedin.com/company/HireVue
Facebook: www.facebook/HireVue
YouTube: www.YouTube.com/user/HireVue
Instagram: www.instagram.com/hirevue/

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.

PRESS CONTACTS

Cynthia Siemens
Communications Director, HireVue
323-509-7361
csiemens@hirevue.com 

Jenny Olson
mPR, Inc.
310-773-2568
jenny@mpublicrelations.com 

Christa Zipf
The Carlyle Group
212-813-4578
christa.zipf@carlyle.com

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Blackstone Real Estate Income Trust to Acquire the Bellagio Real Estate from MGM Resorts International for $4.25 Billion in Sale-Leaseback Transaction

Blackstone

Blackstone Real Estate Income Trust (“BREIT”), and MGM Resorts International (“MGM Resorts”) (NYSE: MGM) announced today that BREIT and MGM Resorts will form a 95%/5% BREIT-led joint venture to acquire the real estate assets of the Bellagio for $4.25 billion in a sale-leaseback transaction.

As part of the transaction, MGM Resorts will lease the property from the joint venture and continue to manage, operate and be responsible for all aspects of the property on a day-to-day basis. MGM Resorts will sign a long-term lease and continue to be responsible for all operations and capital expenditures of the Bellagio, with the joint venture owning the property and receiving rent payments.

Jon Gray, Blackstone President & COO, said: “As big believers in MGM Resorts and Las Vegas, we are thrilled to partner with MGM to acquire the Bellagio on behalf of our BREIT investors. We look forward to a long and productive partnership with this world-class company.”

Jim Murren, Chief Executive Officer of MGM Resorts, said: “This transaction confirms the premium value of our owned real estate assets, highlights the unique value of Bellagio as a premier asset in gaming and solidifies our status as a premier operator of gaming and entertainment properties. We look forward to partnering with Blackstone on this asset and believe that this transaction will create significant value for our shareholders.”

Blackstone Real Estate has a deep history and expertise in the Las Vegas real estate market across asset classes including office, hospitality and residential.

The sale is expected to close by year end and is subject to customary closing conditions.

Advisors
Weil, Gotshal & Manges LLP served as legal counsel to MGM Resorts and PJT Partners and J.P. Morgan served as financial advisors to MGM Resorts. Citigroup Global Markets Inc. and Morgan Stanley & Co served as financial advisors to BREIT. Morgan Stanley & Co, J.P. Morgan, and Citigroup Global Markets Inc. served as BREIT’s financing advisors. Simpson Thacher & Bartlett LLP served as legal counsel to BREIT.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone’s real estate business was founded in 1991 and has $154 billion of investor capital under management. Blackstone is one of the largest property owners in the world, owning and operating assets across every major geography and sector, including logistics, multifamily and single family housing, office, hospitality and retail. Blackstone’s opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone’s Core+ strategy invests in substantially stabilized real estate globally through regional open-ended funds focused on high-quality assets, and Blackstone Real Estate Income Trust, Inc. (BREIT), a non-listed REIT, invests in U.S. income-generating assets. Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).

About MGM Resorts International
MGM Resorts International (NYSE: MGM) is an S&P 500® global entertainment company with national and international locations featuring best-in-class hotels and casinos, state-of-the-art meetings and conference spaces, incredible live and theatrical entertainment experiences, and an extensive array of restaurant, nightlife and retail offerings. MGM Resorts creates immersive, iconic experiences through its suite of Las Vegas-inspired brands. The MGM Resorts portfolio encompasses 28 unique hotel offerings including some of the most recognizable resort brands in the industry. Expanding throughout the U.S. and around the world, the company in 2018 opened MGM Springfield in Massachusetts, MGM COTAI in Macau, and the first Bellagio-branded hotel in Shanghai. The 81,000 global employees of MGM Resorts are proud of their company for being recognized as one of FORTUNE® Magazine’s World’s Most Admired Companies®. For more information visit us at www.mgmresorts.com.

Forward-Looking Statements
Certain information contained in this press release constitutes “forward-looking statements” within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by the use of forward-looking terminology or the negatives thereof. These may include BREIT’s financial projections and estimates and their underlying assumptions, statements about plans, objectives and expectations with respect to future operations, and statements regarding future performance. Such forward-looking statements are inherently uncertain and there are or may be important factors that could cause actual outcomes or results to differ materially from those indicated in such statements. BREIT believes such factors include whether BREIT will complete the transaction referenced herein within the timeframe anticipated or at all, whether the joint venture and lease agreements referenced herein will be consummated on the terms described herein or at all, and the accuracy of financial or operating information reported or provided by MGM and whether such past operations will be an accurate predictor of future operations. BREIT believes these factors also include but are not limited to those described under the section entitled “Risk Factors” in its prospectus and its annual report for the most recent fiscal year, and any such updated factors included in its periodic filings with the Securities and Exchange Commission (the “SEC”), which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release (or BREIT’s prospectus and other filings). Except as otherwise required by federal securities laws, BREIT undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.

Contacts

Blackstone
Jennifer Friedman
Jennifer.Friedman@blackstone.com
(212) 583-5122

MGM Resorts
Brian Ahern
media@mgmresorts.com

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Apax Funds launch GamaLife with GNB Vida acquisition

Apax

London and Lisbon, 14 October 2019: GamaLife, a new European life and wealth consolidation platform, launches today with the acquisition of GNB – Companhia de Seguros de Vida, S.A. (“GNB Vida”) from Novo Banco Group (“Novo Banco”) in Portugal.

GamaLife, backed by funds advised by Apax Partners, intends to build on its acquisition of GNB Vida as the start of a wider consolidation strategy in the life insurance market. Led by Matteo Castelvetri, Group CEO, GamaLife was set up with a view to transform traditional life insurance companies via a forward-thinking approach whereby technological innovation and focus on both transparency and service take a primary role. GamaLife’s acquisition strategy will focus on businesses with high turnaround potential and ability to benefit from cross-border best practices, whilst keeping central functions nimble.

Headquartered in Lisbon, GNB Vida offers protection, savings and retirement products distributed through Novo Banco’s 401 branches. The transaction will see GamaLife relaunch the product and distribution offering of GNB Vida with a view to becoming a true leader in the Portuguese insurance market thanks to a new long-term exclusive distribution agreement with Novo Banco. In doing so, GNB Vida will look to accelerate new product focus, in turn developing innovative solutions for the benefit of its end customers. GNB Vida is delighted to continue its relationship with Novo Banco and partner on this trajectory of accelerated growth.

Mr. Castelvetri said: “We are excited to launch GamaLife and believe Apax are an excellent partner to help us create an innovating pan-European life and wealth platform. We are delighted to complete our first acquisition in GNB Vida and enter the fast-growing Portuguese market. We believe that the combination of Novo Banco’s strong franchise and market position, together with our focus on new products and solutions, will bring substantial benefits to Novo Banco’s 1.3 million customers.”

Frank Ehmer, Partner at Apax Partners, said: “We have been proactively targeting the life insurance and wealth management markets for a number of years. We are excited to back Matteo and his team to grow the GamaLife platform, both organically and through further consolidation of the European market. In doing so, we are pleased to have the opportunity to help cement GNB Vida’s position as a market-leading life insurance partner for Novo Banco.”

About GamaLife

GamaLife is a pan-European life and wealth management platform founded in 2019 and focused on technology and sustainability. GNB Vida, which is regulated by the Autoridade de Supervisão de Seguros e Fundos de Pensões, held total assets of EUR 5.1 billion and total equity of EUR 391 million as of June 2019. For more information see: www.gamalife.com.

About Apax Partners

Apax is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.USD 50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

Media Contacts: 

For Apax Partners

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com

USA Media: Todd Fogarty, Kekst CNC | +1 212-521-4854 | todd.fogarty@kekstcnc.com

UK Media: James Madsen / Matthew Goodman, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

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KKR Acquires Majority Stake in Hyperoptic

KKR

  • UK’s largest residential gigabit broadband provider welcomes new investor
  • Hyperoptic’s gigabit capable fibre network expected to quadruple in the next three years
  • Strong potential for future deployment of full fibre services in UK, from only 8% coverage today

LONDON & NEW YORK–(BUSINESS WIRE)–Oct. 14, 2019– KKR, a leading global investment firm, today announced that it has completed the acquisition of a majority stake in Hyperoptic Ltd, the UK’s largest residential gigabit broadband provider, from funds managed by Newlight Partners LP (“Newlight”) and Mubadala Investment Company. Financial details of the transaction were not disclosed.

Hyperoptic will continue to be led by Chief Executive Officer Dana Tobak, CBE and Executive Chairman Boris Ivanovic. Founded in 2011, Hyperoptic benefits from a full fibre network covering 43 towns and cities across the UK, with gigabit broadband services passing almost 400,000 homes and businesses.

Dana Tobak stated, “We are incredibly grateful to Newlight and Mubadala for their unwavering support and significant contributions to the success of Hyperoptic. Currently, only 8% of the UK has access to full fibre and less than half of that to symmetrical gigabit services.

We are confident that with the support of KKR and their significant expertise enabling high-growth businesses, our ambitious infrastructure plans to build our hyperfast network out to two million homes by 2021 and five million by 2024 will be realised.”

Vincent Policard, Member, and Cristina Gonzalez, Director in European Infrastructure at KKR, said, “Hyperoptic has a market-leading position and superior consumer product. The business is strongly positioned to meet the growing demand for full-fibre services in the UK through further investment and national roll-out, supporting housing development and renovation. Our investment in Hyperoptic builds on KKR’s strong track record in telecommunications infrastructure in Europe, investing in and deploying next-generation digital connectivity.”

David Wassong and Ravi Yadav, co-Managing Partners at Newlight, said, “We are extremely proud to have partnered with the Hyperoptic team during its formative years to build the leading fibre broadband provided in the UK. The roll out of its hyperfast network is poised to expand rapidly in the next few years and we will continue to cheer them on from the sidelines.”

“Mubadala is proud to have been part of the Hyperoptic journey. Our ICT sector strategy is focused on investments in high growth companies with excellent management, and Hyperoptic is a prime example of that,” said Mounir Barakat, Executive Director of ICT, Mubadala.

KKR’s investment builds on the firm’s track record as an owner and operator of European telecommunications infrastructure, including major joint ventures with Telxius and Altice in Spain and France respectively focused on mobile connectivity and towers, along with its ownership of Deutsche Glasfaser, a leading German fibre broadband provider. The investment in Hyperoptic is being made through KKR’s Global Infrastructure Investors Fund III.

LionTree Advisors acted as the exclusive financial advisor to Hyperoptic and the selling shareholders in connection with the transaction.

-ENDS-

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 Hyperoptic

Hyperoptic was founded in 2011 to shake up the UK broadband market and is now the country’s largest and fastest-growing gigabit network provider. It delivers the nation’s fastest broadband speeds of up to 1Gbps (1,000 megabits per second), which is over 18x faster than the UK average.

Hyperoptic is a leader in “full” fibre optic technology, delivering fibre-to-the-premises (FTTP), not just fibre-to-the-cabinet (FTTC). Its future-proofed infrastructure is bringing transformational internet speeds and connection stability to millions of people across the UK.

Hyperoptic works with property owners, developers and professionals, designing and installing dedicated fibre infrastructure to new buildings and existing developments.

Working with more than 200 property developers, Hyperoptic is live in 43 towns and cities with an ambition to reach 5 million homes and businesses by 2024.

The company was awarded ‘Best Superfast Broadband’ provider by the Internet Service Providers’ Association for six years in a row. In 2019 it received awards for ‘Best Customer Service’ and ‘Best Business ISP’. It has also featured in the Sunday Times Hiscox Tech Track 100 for the last three years – the UK’s private tech companies with the fastest-growing sales.

Hyperoptic encourages every customer to leave a review on Trustpilot, where it has a 5* rating – significantly higher than other UK broadband providers – and it continues to stay high despite customer numbers growing rapidly.

About Newlight Partners LP

Newlight Partners LP (Newlight) is a private investment firm focused on collaborating with management teams and strategic investors to build unique, durable businesses, predominantly in North America. For more than 15 years, the Newlight team has helped build successful enterprises in five sectors, including financial services, telecommunications, power and renewable energy, healthcare services and business services. Led by David Wassong and Ravi Yadav, Newlight has invested approximately $6 billion in over 100 investments since 2005, first as the Strategic Investments Group at Soros Fund Management LLC (Soros), and now as Newlight after the team’s spin out from Soros in 2018. Newlight has approximately $4 billion in capital commitments and assets under management.

Source: KKR

KKR
Alastair Elwen
Finsbury
+44 20 7251 3801
Alastair.elwen@finsbury.com

Newlight
Jonathan Gasthalter / Nathaniel Garnick
Gasthalter & Co.
212-257-4170

Hyperoptic
Kathryn Williamson
+44 7598 790515
Kathryn.williamson@hyperoptic.co.uk

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The Carlyle Group and Stellex Capital Management Complete Acquisition of Vigor and MHI Holdings; Appoint Jim Marcotuli Chief Executive Officer of New Company

Carlyle

NEW YORK, NORFOLK, Va., PORTLAND, Ore. & SEATTTLE, Wa. – Global investment firm The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital Management today announced they have closed on their acquisition of Vigor Industrial LLC and MHI Holdings LLC. In addition, Carlyle and Stellex announced they have appointed Jim Marcotuli as CEO of the newly created company comprising Vigor and MHI, effective today.

Marcotuli brings more than 30 years of leadership experience in the defense and manufacturing industries. He has served in a number of executive and operating roles with Carlyle portfolio companies and in industries spanning defense, aerospace, transportation, and automotive.

“Vigor and MHI have tremendous potential for growth and I am grateful for the opportunity to lead the new company,” said Marcotuli. “I am eager to engage with the employees who have made these companies what they are today, and to work with the team to create sustainable value for our customers.”

“Jim is a proven leader who excels at driving strong performance through motivating and building great teams,” said Derek Whang, Principal at The Carlyle Group. “He is a natural fit for Vigor and MHI, both in his leadership style and his background, and we’re looking forward to partnering with Jim and all employees and supporting them in this next phase of growth.”

“Jim is a results-oriented executive who builds and successfully executes strategies to drive sustained improvement and growth,” said David Waxman, Managing Director at Stellex Capital.  “We have known Jim for many years and are confident that he will build upon the solid foundations of Vigor and MHI to create an even stronger company.”

Frank Foti, Vigor’s founding CEO and prior majority owner, has stepped out of his role as CEO of Vigor while remaining an investor in the new parent company and serving as its Vice Chairman of the Board of Directors. Tom Epley will continue to lead MHI Ship Repair & Services LLC and MHI Holdings LLC and will report to Marcotuli.

Marcotuli previously served as the Interim Chairman and CEO of Remington Outdoor Company and prior to that served as CEO of North American Bus Industries (NABI).  He has held board seats and senior positions in various manufacturing companies predominately in the aerospace and automotive industries.

A native of Pennsylvania, Marcotuli holds a multi-disciplinary Bachelor of Science degree from Pennsylvania State University, with emphases in accounting, business administration and management psychology.

Carlyle’s equity for the investment came from the Carlyle U.S. Equity Opportunity Fund II, a $2.4 billion fund that focuses on middle-market and growth companies in the United States and Canada.

*****

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.

About Stellex Capital Management LP
Stellex Capital is a private equity manager that invests in and oversees U.S. and European corporate assets. With $870 million of committed capital, Stellex’s focus is on companies going through business or industry transitions, as well as special situation opportunities. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement, and growth. Portfolio companies benefit from Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insight and access to capital. Sectors of particular focus include specialty manufacturing, industrial and business services, aerospace & defense, and government services. Additional information may be found at www.stellexcapital.com.

About Vigor Industrial LLC
Vigor is a values-driven, diversified industrial business operating in seven locations with 2,300 people in Oregon, Washington and Alaska. Built around a collection of powerful, unique assets and differentiated capabilities, Vigor excels at specialized shipbuilding, ship repair and handling important, complex projects in support of energy generation, our nation’s infrastructure and national defense. With deep respect for people and the planet, Vigor strives to be a positive, regenerative force for good – environmentally, in the lives of its employees and in the community. Vigor.net

About MHI Holdings LLC
MHI Holdings LLC consists of three major providers serving the U.S. Navy, Military Sealift Command, Maritime Administration and Commercial ship owners and operators worldwide. MHI Ship Repair and Services is a major marine repair and conversion contractor with shipyard and full-service pier facilities located in Norfolk, Virginia. The Company has earned their well-regarded reputation by providing reliable and quality ship repair services to its clients with accurate job pricing for over 33 years. Seaward Marine Services is a global provider of underwater hull cleaning and ship husbandry services to the U.S. Navy. Accurate Marine Environmental performs tank cleaning and gas free engineering, including the removal of hazardous and non-hazardous materials for the marine and commercial industries, disaster response services and operates a wastewater treatment facility in Portsmouth, Virginia.

Media Contacts
The Carlyle Group: Christa Zipf
christa.zipf@carlyle.com
212-813-4578

Stellex Capital Management and MHI Holdings: Rosalia Scampoli
Marketcom PR
rscampoli@marketcompr.com
212-537-5177 x7

Vigor Industrial: Athena Maris
athena@marisagency.com
503-957-1565

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Carlyle Credit Opportunities Fund Provides Entire €140 Million Debut Debt Financing Package for Unifrutti Group

Carlyle

Funds to Refinance Existing Debt and Fuel Expansion Projects

LONDON – Global investment firm The Carlyle Group (NASDAQ: CG) today announced that its Carlyle Credit Opportunities Fund has provided the entire €140 million debt financing package for Unifrutti, having subscribed to 100 percent of Unifrutti’s debut debt issuance. The global producer, marketer and distributor of fresh fruit, owned by the De Nadai family, intends to use the funds to refinance existing debt facilities and support its expansion plans.

Carlyle’s Credit Opportunities Fund is a $2.4 billion fund that invests in directly originated private capital solutions primarily for upper middle market borrowers, including non-private equity sponsored, family or entrepreneur-owned companies.

Taj Sidhu, Managing Director and Head of Carlyle’s European Credit Opportunities advisory team, said, “Carlyle’s global team, with deep expertise in key markets around the world, was critical to our ability to identify and underwrite this deal for Unifrutti, one of the world’s largest producers and distributors of fruit products.”

Nicola Falcinelli, Managing Director of Carlyle’s European Credit Opportunities advisory team, said, “We are pleased to support Unifrutti’s continued expansion as it meets growing demand for high-quality, fresh fruit. In addition to providing this financing package, we will work closely with the Company as a strategic partner to support potential acquisitions and growth projects as opportunities arise.”

Marco Venturelli, Group CEO of Unifrutti, said, “We have big ambitions and we believe that Carlyle is the ideal financial partner to support our expansion projects across the globe. There is a positive outlook in the fresh fruit market and we will continue consolidating our leadership position with the objective of creating value for our shareholders.”

An 18-person team based in New York and London advises the Carlyle Credit Opportunities Fund, and invests across the capital structure through a combination of secured loans, senior subordinated debt, mezzanine debt, convertible notes and other debt-like instruments, as well as preferred and common equity. The fund benefits from proprietary investment opportunities originating from within Carlyle and the firm’s global resources and operating expertise.

* * * * *

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.

About Unifrutti Group
Unifrutti is a global producer, marketer and distributor of high quality fresh fruit. The company plants, harvests, ripens, packages, stores, ships and distributes a wide selection of fruit varieties to over 500 customers in 50 countries. It is one of the world’s largest producers and distributors of bananas, apples, grape, lemons and other fruit products. Unifrutti sources primarily in Chile, the Philippines, South Africa and Europe.  Most of the production is coming from owned and managed farms or from partner producers. Unifrutti was founded in 1948 by the Italian De Nadai family (the “Sponsor”) which remains the 100% shareholder of the business.

Media Contacts
UK – Roderick (Rory) MacMillan
The Carlyle Group
Phone: +44 (0) 207 894 1630
Roderick.MacMillan@carlyle.com

US – Christa Zipf
The Carlyle Group
Phone: +1-212-813-4578
Christa.Zipf@carlyle.com

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Latour acquires Caljan

Latour logo

Investment AB Latour (publ) has signed an agreement to acquire Caljan based in Aarhus, Denmark. The acquisition, which requires approval from European authorities, is expected to close in December.

Caljan is a leading supplier of automation technology for parcel handling in the logistics and e-commerce sectors. The product offering includes telescopic conveyors, automatic label and document handling and solutions for logistics depots. The company, founded in 1963, has headquarter in Denmark and subsidiaries in Germany, France, UK, Latvia and USA. Net sales amount to approx. EUR 100 million, with an operating margin exceeding 15 per cent and with strong growth. The company has 450 employees.

“Caljan is a high-performer with a market leading position in the logistics sector and strong customer relationships with prominent logistics and e-commerce companies. We are pleased with this acquisition and convinced that Caljan is well positioned for continued global growth, driven primarily by strong developments within e-commerce. Additionally, Caljan gives us interesting exposure to a new segment with a robust underlying global trend. We welcome Caljan as a new business area to our wholly-owned industrial operations”, says Johan Hjertonsson, CEO of Investment AB Latour.

“I am delighted to embrace Latour as our new owners. They are a long-term industrial owner that can support Caljan’s plans for expanding into new technologies and new markets”, says Henrik Olesen, CEO of Caljan.

As a result of the acquisition the net debt (excluding IFRS 16) of Investment AB Latour is expected to increase by EUR 250 m.

Göteborg, 11 October, 2019

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson
President and CEO

For further information, please contact:
Johan Hjertonsson, President and CEO Investment AB Latour +46 702 29 77 93
Anders Mörck, CFO Investment AB Latour +46 706 46 52 11
Gustav Samuelsson, Director M&A, Investment AB Latour, +46 46 735 52 55 59

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of nine substantial holdings with a market value of about SEK 57 billion. The wholly-owned industrial operations have an annual turnover of about SEK 12 billion.

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Apax Funds and consortium partners complete sale of Acelity to 3M for $6.725 billion

Apax

Completion of transaction marks end of highly successful collaboration with management team to transform Acelity into a global medical device leader

San Antonio and New York, October 11, 2019: Funds advised by Apax Partners together with consortium partners Canada Pension Plan Investment Board and the Public Sector Pension Investment Board, today announced the completion of the sale of Acelity and its KCI subsidiaries to 3M for $6.725 billion.

Apax Funds and consortium partners complete sale of Acelity to 3M for $6.725 billion

Since 2011, Apax and its consortium partners worked to reshape Acelity from a loose collection of businesses into a focused global leader. This was achieved through a strategic M&A program which included targeted acquisitions as well as the disposals of non-core businesses. In addition, a range of activities were undertaken to accelerate organic growth, including investments in R&D, medical education, clinical studies, and the expansion of its sales force. The result of these initiatives transformed Acelity into the world’s largest wound care company focused on advanced wound care, including negative pressure wound therapy.

Steven Dyson and Arthur Brothag, Partners at Apax Partners, said, “We are proud of our work with Acelity and our consortium partners. In many ways, this transaction represents what Apax seeks to achieve: namely, developing a high conviction thesis through sub-sector insights, forming a strong partnership with a talented management team, and working together to transform a business to become the global leader in its space. We wish Acelity well and look forward to watching the company continue to thrive under new ownership.”

R. Andrew Eckert, CEO of Acelity during the ownership of the Apax Funds and its consortium partners, said: “It has been a pleasure to work with Apax and its consortium partners. They have demonstrated a very strong understanding of our space and helped us reshape our business and invest to capture significant growth. It’s incredibly fulfilling to reflect on the rapid expansion in innovation and new products Acelity has delivered to the marketplace in this time. I especially want to recognize the Acelity workforce for their dedication to improving patients’ lives worldwide in bringing these new therapies forward.”

About Apax Partners

Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. The Apax Funds invest in companies across four global sectors of Healthcare, Tech & Telco, Services, and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

In Healthcare, the Apax Funds have invested c.$8 billion of equity across medical devices, pharmaceuticals, healthcare services and healthcare IT. Within the medical devices sub-sector, the Apax Healthcare team has partnered with a variety of businesses such as Mӧlnlycke, Vyaire Medical, Candela and Healthium to create strategic leaders in their space.

Media Contacts

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com

USA Media: Todd Fogarty, Kekst CNC | +1 212-521 4854 | todd.fogarty@kekstcnc.com

UK Media: Matthew Goodman, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

Notes to Editors

London-headquartered Apax Partners (www.apax.com), and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.

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Ardian acquires stake in Saal Digital

Ardian

Leading European online platform for high-end photo products wants to expand its business with Ardian’s support

Frankfurt am Main / Siegen, October 10, 2019 – Ardian, a world-leading private investment house, is acquiring a stake in Saal Digital. Based in Siegen, Germany, the company is one of the leading manufacturers of high-end photo products in Europe. Together with Ardian, the company wants to expand its business activities and thus realize its significant growth potential. The previous shareholders Nordwind Capital and the Saal family will continue to hold a substantial stake in the company and have reinvested on a significant scale in the course of the transaction. Florian Stellwag and Robin Saal will continue to head business development as members of the management team together with Reinhard Saal and Tim Saal.

Saal Digital was founded in 1986 by Reinhard Saal and has expanded to become a leading online platform for high-end photo products in Europe. These include photo books with special lay-flat bindings, wall prints on aluminum Dibond or under acrylic glass, and photo prints. While a wide range of customizable templates is available for retail customers, Saal Digital has a particularly large clientele among professional photographers, media designers and graphic designers as well as photo enthusiasts. These users can design their creations in standard graphics programs and upload them to the software specifically developed by Saal Digital, where they can edit the images and choose from a variety of design options.

Florian Stellwag, member of the managing board of Saal Digital, said: “Our products allow people to record milestones in their lives such as weddings, births, birthdays and important celebrations and experiences. We have a passion for what we do that is marked by enthusiasm, professionalism and commitment. Our company sets itself apart not only through its high quality but also through its loyal and satisfied customers and employees. With our own production facilities, we focus on the continuous development of Saal Digital’s innovative photo products. At the same time, we utilize every possibility that digitization has to offer.”
Robin Saal, member of the managing board of Saal Digital, added: “Our customers include both professional photographers and photo enthusiasts who appreciate our tremendous variety of products and our high quality standards. In Ardian, we have gained a co-shareholder who shares the enthusiasm for our company and our view of the growth prospects.”

Marc Abadir, Managing Director in the Ardian Expansion team, said: “Saal Digital has a leading market position in the growing online market for high-end photo products. The company is characterized by strong customer loyalty and has significant growth potential in the German-speaking region, in Europe and beyond. We look forward to supporting the excellent management team in the further development of the company.”
The transaction remains subject to the authorization by the competition authorities.

ABOUT SAAL DIGITAL

Saal Digital is a leading online platform for high-end photo products in Europe and was founded in 1986 by Reinhard Saal in Siegen, Germany. With more than 160 employees, the company develops and makes products such as photo books with special lay-flat bindings and wall prints on aluminum Dibond or under acrylic glass and distributes them in 24 countries. Professional media designers, graphic designers and photographers as well as semi-professional photo enthusiasts receive a complete solution from one source. They can design their creations in standard graphics programs and upload them to the software specifically developed by Saal Digital, where they can edit the images and choose from a variety of printing options. Moreover, a variety of customizable templates are also available for retail customers.
www.saal-digital.de/

ABOUT ARDIAN

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

LIST OF PARTICIPANTS

Ardian: Marc Abadir, Dirk Wittneben, Yannic Metzger, Nicolas Münzer, Marlon Sandvoss
Legal Corporate: White & Case (Dr. Stefan Koch, Tomislav Vrabec)
Legal Finance: Willkie, Farr & Gallagher (Jan Wilms)
Tax: Taxess (Gerald Thomas, Richard Schäfer)
Debt Advisory: Quarton International (Marco Schunder)
Commercial: EY Parthenon (Hendrik N. Walter)
Financial: EY (Ulrich Gold)
M&A Advisory: Goetzpartners (Milan Saric), Wunworks (Dr. Gernot Wunderle)

PRESS CONTACTS

CHARLES BARKER
ardian@charlesbarker.de
TOBIAS EBERLE
Tel: +49 69 79409024
PETER STEINER
Tel: +49 69 79409027

Categories: News