Category Archives: News

Gilde Healthcare raises €200 million for new private equity fund

GIlde Healthcare

Targeting lower mid-market healthcare investments in the Benelux and DACH regions

Utrecht (the Netherlands) and Frankfurt (Germany) – Gilde Healthcare, the European specialist investor in healthcare, today announces that it has raised €200 million for its third private equity fund, Gilde Healthcare Services III. The fund will focus on healthcare providers, suppliers of medical products and service providers in the lower mid-market. The fund operates offices in Utrecht (The Netherlands) and Frankfurt (Germany).

The fund reached its hardcap in a few months’ time and was raised with Dutch institutional investors including, among others, PGGM/Pensioenfonds Zorg en Welzijn and Rabo Corporate Investments and various international fund-of-fund investors. To date, Gilde Healthcare has raised more than €1 billion for its dedicated healthcare investment funds. Examples of recent private equity investments include hospital software provider Performation, integrated telecom solutions provider Zetacom and drug discovery contract research organization MercachemSyncom.

Jasper van Gorp, Managing Partner at Gilde Healthcare: “We are pleased with the high level of interest for our new fund which is testament to our investment strategy and track record. We see a strong deal flow of healthcare providers, suppliers of medical products and service providers in the Benelux and DACH regions. Via our local presence we are well-positioned to source proprietary healthcare transactions in the lower mid-market.”

The new private equity fund is focused on established and profitable businesses in Europe with an EBITDA of between €2-15 million, preferably headquartered in the Benelux or DACH (Germany, Switzerland and Austria) regions.

In addition to capital, Gilde Healthcare provides hands-on support to the management of its portfolio companies, via activities such as implementing a growth strategy and leveraging its deep healthcare industry expertise and international network. Gilde Healthcare believes optimal value creation in healthcare is associated with better care at lower cost.

Recently, Gilde Healthcare strengthened its private equity team with additional experienced investment professionals: Rafael Natanek (previously a partner at Bain Consulting in the European healthcare practice) joined as partner and Boyd Rutten (previously at private equity firm EQT Partners) joined as senior associate.
About Gilde Healthcare

Gilde Healthcare is a specialized European healthcare investor managing €1 billion across two fund strategies: private equity and venture & growth capital. Gilde Healthcare’s private equity fund invests in profitable European lower mid-market healthcare companies including healthcare providers, suppliers of medical products and service providers, with a primary focus on the Benelux and DACH regions. Gilde Healthcare’s venture & growth fund is focused on fast growing health tech and therapeutics companies based in Europe and North America. https://gildehealthcare.com

Media Contacts

Gilde Healthcare

Jasper van Gorp
Managing Partner
Newtonlaan 91
3584BP Utrecht
The Netherlands
vangorp@gildehealthcare.com
+31 (0)30 219 2533

Dr Fabian Braemisch
Partner DACH-region
Neue Mainzer Strasse 74
60594 Frankfurt
Germany
braemisch@gildehealthcare.com
+49 69 153 255 870

CFF Communications

Jan van Ewijk
+31 (0)20 575 4011
+31 (0)6 14229820
jan.vanewijk@cffcommunications.nl

Aniek Zweers
+31 (0)20 575 4032
+31 (0)6 31973375
aniek.zweers@cffcommunications.nl

Categories: News

Platinum Equity to Acquire Spanish Seafood Provider Iberconsa from Portobello Capital

Platinum

LOS ANGELES (March 7, 2019) – Platinum Equity today announced the signing of a definitive agreement to acquire a majority stake in Grupo Ibérica de Congelados, S.A. (“Iberconsa”) from Portobello Capital and affiliates of the company’s founding families. The sellers and members of the Iberconsa management team will be minority investors alongside Platinum Equity. Financial terms were not disclosed. The transaction is expected to close in Q2 2019.

Headquartered in Vigo, Spain, Iberconsa is a global provider of frozen seafood products, including hake, Argentine red shrimp and squid. The company is vertically integrated across the full value chain, including wild catch, processing, commercialization and distribution.

“Iberconsa has established itself as a leader in the markets it currently serves,” said Platinum Equity Partner Louis Samson. “The company has grown substantially in recent years and can benefit from Platinum’s operational expertise to help maximize the benefits of its increased scale. We also intend to further grow the business through new acquisitions by deploying our M&A resources to help the management team expand the company’s product portfolio and geographic reach.”

Iberconsa maintains an owned fleet of 45 vessels, five processing plants and four cold storage distribution facilities. Iberconsa’s fleet operates primarily in Argentina, Namibia and South Africa, and the company’s products are sold in more than 60 countries.

“Iberconsa has established itself as a leader in the markets it currently serves,” said Platinum Equity Partner Louis Samson. “The company has grown substantially in recent years and can benefit from Platinum’s operational expertise to help maximize the benefits of its increased scale. We also intend to further grow the business through new acquisitions by deploying our M&A resources to help the management team expand the company’s product portfolio and geographic reach.”

“We are proud of everything Iberconsa has accomplished during our ownership, expanding its fleet and establishing itself as a strong platform for additional growth in a fragmented market,” said Juan Luis Ramírez, Founding Partner at Portobello Capital. “We are re-investing in the business because we believe it is well positioned for continued success.”

Iberconsa CEO Alberto Freire will continue to lead the business following the transfer of ownership.

“We believe in the future of our company and are confident that Platinum Equity is the right partner to help us achieve the next stage of growth and expansion,” said Mr. Freire.

Platinum Equity’s proposed acquisition of Iberconsa is the latest example of the firm’s increasing momentum in Europe. Last year Platinum Equity completed the $2.1 billion acquisition of Zug, Switzerland and Chesterbrook, PA-based blood glucose monitoring company LifeScan from Johnson & Johnson. The firm also acquired Wyndham’s European vacation rental business for $1.3 billion.

Platinum Equity sold Exterion Media to British media and entertainment group Global in November 2018, and sold Paris-based Worldwide Flight Services to Cerberus Capital Management, L.P. in October 2018 in a transaction valued at approximately €1.2 billion.

Lazard and Deloitte are serving as financial advisors to Platinum Equity on the acquisition of Iberconsa. Latham & Watkins is serving as Platinum Equity’s legal advisor on the transaction.

Nomura and Ernst & Young (“E&Y”) are serving as financial advisors to the sellers. E&Y is also serving as the sellers’ legal advisor on the transaction.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 250 acquisitions.

About Portobello Capital
Founded in 2010, Portobello Capital is a leading independent Mid-Market Private Equity manager based in Spain that invests in Southern Europe. It has €1.3 billion of assets under management, a team of 27 professionals and 15 companies in its portfolio (Angulas Aguinaga, Centauro and Vivanta, among others). Portobello Capital manages two primary funds: Fund III was closed at €375 million in August 2014 and it is fully invested, and Fund IV closed in February 2018 and is currently being invested. Portobello Capital is also managing a secondary vehicle with €300 million.

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Connected Capital leads investment in ChannelSight

Connected Capital
ChannelSight , the Dublin-based leaders in ‘Where to Buy’ technology for large brands has closed a Series-B financing round of $10 million, led by Connected Capital, the Amsterdam-based B2B SaaS investor. Channelsight will use this round to consolidate its global ‘Where-to-Buy’ leadership position.

Founded in 2013, ChannelSight’s platform enables brands such as Philips, Bosch, Pepsi and Mondelez to drive sales from their digital content and understand what content and ads work most effectively across all digital channels. Existing investors include Nauta Capital, ACT Venture Capital and Enterprise Ireland, all of whom participated in this latest fundraising round. This round of financing will accelerate ChannelSight’s product roadmap delivery and global expansion.

“ChannelSight’s solution is innovative – it strengthens digital reach and increases sales conversions while providing unique insights to global consumer and B2B brands”, said Mathijs Robbens, General Partner at Connected Capital. “More importantly, we are impressed by the team who have been able to scale ChannelSight to become a market leader in both Europe and the US.”

Hundreds of global brands in 65 countries now use ChannelSight technology to help users frictionlessly move from the brand’s digital content to retailers where they can purchase the product they are interested in. An advanced insights platform gives brands access to unique business intelligence that enables future budget allocation to be optimised, and increases the ROI brands gain from their content and campaigns.

“ChannelSight is modernising how brands drive profitable user engagement with their content across digital channels and markets”, said John Beckett, CEO and co-founder of ChannelSight. “This new round of investment will enable us to accelerate the delivery of innovative new product lines and increase our global reach. We’re excited about the impact this will have for our clients and are proud to partner with Connected Capital and our existing investors to build further momentum and continue our strong annual growth.” ChannelSight currently employs 70 people and is now hiring for an additional 30 roles across product, marketing, sales and engineering in their Dublin, Brasov and Thessaloniki offices. “We believe that ChannelSight is a truly exciting company with global ambitions and market defining potential.”, said John Flynn, Managing Partner at ACT Venture Capital. “Having shown significant growth, we have confidence the team is in place to lead the expansion. ACT is delighted to support the acceleration of this expansion and will continue to support Channelsight’s global ambitions.”

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GI Partners Announces Strategic Minority Investment by Blackstone

Blackstone

San Francisco, March 6, 2019 – GI Partners, a leading middle-market alternative asset manager, announced today that funds affiliated with Blackstone’s (NYSE: BX) Strategic Capital Group has acquired a minority stake in the firm.

The investment provides GI Partners with balance sheet capital to reinvest in the business and engage in strategic initiatives. Terms of the transaction were not disclosed.

Rick Magnuson, Founder and Executive Managing Director of GI Partners, said: “This investment is a testament to the strength of the people and processes which have driven our success over the last two decades. We look forward to leveraging the partnership with Blackstone as we continue to grow and diversify the business for the benefit of our investors.”

Scott Soussa, Head of Blackstone Alternative Asset Management’s Strategic Capital Group, which specializes in acquiring long-term interests in alternative managers, said: “Under Rick’s leadership, GI Partners has established itself as a leading firm in middle-market private equity and real estate investing. Their differentiated sourcing capabilities and strong operating expertise have led to sustained success since their founding and position the firm well for continued growth.”

Evercore served as financial advisor to GI Partners. Kirkland & Ellis served as legal counsel to GI Partners and Simpson Thacher served as legal counsel to Blackstone.

About GI Partners
Founded in 2001, GI Partners is a private investment firm based in San Francisco, California. The firm has raised over $17 billion in capital from leading institutional investors around the world to invest in private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the Healthcare, IT Infrastructure, Services, and Software sectors. The real estate team invests across a broad range of platforms and strategies. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information on GI Partners and its entire portfolio, please visit www.gipartners.com.

About Blackstone Alternative Asset Management
Blackstone Alternative Asset Management (BAAM®), Blackstone’s Hedge Fund Solutions platform, is the world’s largest discretionary investor in hedge funds, with approximately $78 billion in assets under management. BAAM manages a diversified set of businesses including a customized solutions business, a special situations platform, a hedge fund seeding business, an open-ended mutual fund platform and a business that purchases stakes in established alternative asset managers. In all of BAAM’s business lines, it carefully selects and partners with fund managers across a variety of asset classes and strategies to create solutions for its investors. Through its sharp focus on clients’ goals, a rigorous due-diligence process and access to Blackstone’s global insights, BAAM strives to generate attractive risk-adjusted returns across market cycles while preserving capital during stressed market environments.

Contacts
GI Partners
Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
chris@tofallipr.com

Gretchen Robinson
Investor Relations
415-688-4800
grobinson@gipartners.com

Blackstone
Paula Chirhart
+1 (212) 583-5263
paula.chirhart@blackstone.com

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Bluebee receives Health Data Hosting (HDS) accreditation

Rijswijk, The Netherlands: 6 March 2019 – Bluebee, a global bioinformatics solutions provider, has been awarded the HDS:2018 certification for its Information Security Management System (ISMS). The Hébergeurs de Données de Santé or Health Data Hosting (HDS) accreditation is required for entities hosting personal health data governed by French laws. The British Standards Institution (BSI) conducted the audit and confirmed Bluebee’s compliance with all requirements and controls defined by the French Agency, Agence des Systèmes d’Information Partagés de Santé (ASIP).

Bluebee’s ISMS governs HDS outsourcer host activities, including development, management, support and maintenance of cloud infrastructure and cloud-based information systems that process large volumes of omics and health data. The achievement of this accreditation reaffirms Bluebee’s continued commitment to providing the most secure and reliable data management solutions to clinical laboratories, diagnostic assay manufacturers and population genomics initiatives.

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Axonics® Announces Fourth Quarter and Full Year 2018 Financial Results and Operational Update

GIlde Healthcare

IRVINE, CA – Axonics Modulation Technologies, Inc. (NASDAQ: AXNX) a medical technology company focused on the development and commercialization of novel implantable Sacral Neuromodulation (“SNM”) devices for the treatment of urinary and bowel dysfunction, reported today financial results for the fourth quarter and year ended December 31, 2018, and provided an update on operational initiatives.

Recent Business Highlights

  • In Q4, commercial sales of the miniaturized rechargeable Axonics r-SNM® System totaled $0.5 million.
  • On February 11, filed full-body magnetic resonance imaging (“MRI”) data with the U.S. Food and Drug Administration (“FDA”) seeking conditional labeling for the miniaturized rechargeable Axonics r-SNM System.
  • On February 19, disclosed top-line six-month clinical results on the full cohort of patients for the ARTISAN-SNM pivotal clinical study of the Axonics r-SNM System which indicated 90% of all implanted subjects met the efficacy endpoint and that the study met all primary and secondary endpoints.
  • On February 21, filed a detailed six-month clinical study report with the FDA on the results of the ARTISAN-SNM pivotal clinical study.
  • On February 22, announced CE Mark approval for full-body MRI conditional labeling in Europe for the Axonics r-SNM System, making the Axonics system the first SNM device that allows a safe full-body MRI scan while implanted.
  • On March 4, appointed Michael H. Carrel to the Board of Directors.

Raymond W. Cohen, CEO of Axonics, commented, “We view the generation of $0.5 million of revenue in the fourth quarter, serving a handful of customers with a small team of sales professionals, to be a harbinger of things to come. We are seeking measurable market share gains in 2019 from our two primary markets in Europe, the United Kingdom and the Netherlands. The accounts we have secured in these markets are exceeding our expectations in terms of the percentage of SNM implants using the Axonics system. Moreover, we now have the only SNM device with full-body MRI labeling, an advantage that should aid us in gaining further traction.”

Cohen continued, “Our primary focus continues to be gaining FDA approval in the shortest possible timeframe. To that end, and based on interaction with the FDA, we determined our best course of action was to further enrich our current literature-based PMA with the full cohort of ARTISAN-SNM study data as well as the full-body MRI data. As we advance our regulatory strategy, we continue to press forward on our initiative to be fully prepared to execute a broad, fully staffed U.S. launch upon FDA approval. We are building a world-class team and have been pleased that many experienced neuromodulation and urology professionals view Axonics as an attractive place to work that represents an exciting career opportunity. Overall, we are making excellent progress on our key operational objectives.”

Fourth Quarter 2018 Financial Results

Net revenue was $0.5 million in the fourth quarter ended December 31, 2018, derived from the sale of the Company’s r-SNM Systems to customers in Europe and Canada, as compared to no net revenue for the same period of last year.

Gross margin was 50.4% in the fourth quarter of 2018.

Operating expense was $9.7 million for the fourth quarter of 2018, as compared to $4.9 million in the prior-year quarter. This increase was primarily due to higher personnel costs across the organization as well as the costs of operating as a public company.

Net loss for the fourth quarter of 2018 was $9.7 million as compared to $4.9 million in the prior-year quarter. Net loss per share for the fourth quarter of 2018 was $0.50 per share.

As of December 31, 2018, cash, cash equivalents and short-term investments were $157.5 million.

Dan L. Dearen, Axonics President and CFO, said, “We have been actively hiring commercial, operations, regulatory, and quality personnel to ensure we execute on our strategy of fielding a full complement of sales and marketing professionals with sufficient inventory on hand to support a U.S. launch upon FDA approval. To date, we have hired 60 well-qualified sales professionals, 11 regional sales directors and 12 clinical specialists, putting us ahead of schedule and in a good position with the build out of our team and its ability to execute if the approval were to come before our initial projection. The accelerated costs associated with that shift puts us in the best position to achieve our commercial goals when approved.”

Full Year 2018 Financial Results

Net revenue was $0.7 million in fiscal year 2018, derived from the sale of the Company’s r-SNM Systems to customers in Europe and Canada, as compared to $0.1 million in fiscal year 2017.

Gross margin was 49.7% in fiscal year 2018, compared to 7.9% gross margin in fiscal year 2017. The increase in gross margin is primarily due to country and product mix.

Operating expense was $32.5 million in fiscal year 2018, as compared to $18.2 million in fiscal year 2017. This increase was primarily due to increases in personnel, regulatory submissions and clinical development, contract fabrication and manufacturing, and legal costs.

Net loss for the year was $32.5 million as compared to $18.1 million in the prior year. Net loss per share for fiscal year 2018 was $4.64 per share.

Webcast and Conference Call

Today, on Tuesday, March 5, 2019, at 4:30 p.m. Eastern Time, the Company will host a conference call with the investment community to discuss the financial results and recent business developments.
Interested parties may access the live call via telephone by dialing (866) 687-5771 (U.S.) or (409) 217-8725 (International) and using conference ID 3386378.

A live webcast of the call may be accessed by visiting the Events & Presentations page of the investors section of the Company’s website at ir.axonicsmodulation.com. A replay of the webcast will be available shortly after the conclusion of the call and will be archived on the Company’s website for 90 days.
About Axonics Modulation Technologies, Inc.

Axonics, based in Irvine, CA, is focused on the development and commercialization of novel implantable Sacral Neuromodulation devices for patients with urinary and bowel dysfunction. Overactive bladder affects an estimated 87 million adults in the U.S. and Europe. Another estimated 40 million adults are reported to suffer from fecal incontinence. SNM therapy is a well-established treatment that has been widely used and reimbursed in Europe and the U.S. for the past two decades. The Axonics r-SNM System is the first rechargeable Sacral Neuromodulation system approved for sale in Europe, Canada and Australia, and the first SNM system to gain CE mark for full-body MRI conditional labeling. Premarket Approval (PMA) for the r-SNM System is currently pending with the U.S. FDA. For more information, visit the Company’s website at www.axonicsmodulation.com.

Forward Looking Statements

Statements made in this press release that relate to future plans, events, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Words such as “planned,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. While these forward-looking statements are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in Axonics filings with the Securities and Exchange Commission, all of which are available online at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Axonics undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

 

Contacts:

Axonics’ Contact

Axonics Modulation Technologies, Inc.
Dan Dearen, +1-949-396-6320
President & Chief Financial Officer
ir@axonics.com

Investor & Media Contact

W2Opure
Matt Clawson, +1-949-370-8500
mclawson@w2ogroup.com

 

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Gaw Capital Partners Wins Two Awards at PERE Awards 2018 – Asia’s Deal of the Year & Industry Figure of the Year

Gaw Capital

HONG KONG, March 5, 2019 – Gaw Capital Partners is delighted to have been awarded Asia’s ‘Deal of the Year’ for its HK$23 billion acquisition of 17 Hong Kong shopping centres from Link REIT, which was completed in February 2018, and Asia’s ‘Industry Figure of the Year’ for Goodwin Gaw at this year’s PERE Awards.
The firm was also very pleased to have been a runner up for Global ‘Office Investor of the Year’, Global ‘Retail Investor of the Year’, ‘Capital Raise of the Year’ in Asia for its Gateway Real Estate Fund VI and ‘Firm of the Year’ in Asia and China respectfully.
The awards and recognitions follow another successful year for Gaw Capital, in which it closed major deals in China, Australia and Japan. These include the acquisitions of a further 12 Hong Kong shopping centres from Link REIT, Shanghai’s Ocean Towers and four premium Grade A offices at Shanghai MixC through its funds under management.
During 2018, the firm raised additional US$4.8 billion of equity commitments, acquired 24 projects in 15 cities and disposed 7 projects in 8 cities through its funds under management. The total deal transaction volume exceeds US$11.9 billion globally.
Mr. Goodwin Gaw, Chairman and Management Principal at Gaw Capital Partners, commented, “It is an honor to have received these accolades and recognitions, which have been the result of our strong teamwork culture. The awards reflect the recognition globally of Gaw Capital’s creativity and capabilities on some of the most complex but high-potential real estate transactions. We thank PERE for the awards and express our heartfelt gratitude to our LPs, partners and team for your continuous support, partnership and hard work.”
The Global PERE Awards recognize significant highlights in the global real estate industry and is highly respected across the global real estate private equity industry.

 

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Onex Completes Sale of BrightSpring Health Services

Onex

Toronto, March 5, 2019 – Onex Corporation (“Onex”) (TSX: ONEX) and its affiliates (the “Onex
Group”) today announced they have completed the sale of BrightSpring Health Services
(“BrightSpring”) to affiliates of KKR. BrightSpring is a leading provider of diversified home and
community-based health services to complex, high-cost populations.
In June 2004, Onex Partners I made an initial minority investment in BrightSpring (formerly
ResCare) and in November 2010, Onex Partners III invested additional capital to acquire a
majority stake in a take-private transaction. In total, the Onex Group invested $204 million, of
which Onex’ portion was $41 million. The Onex Group has received total proceeds of
approximately $1.0 billion, including prior distributions of $218 million. Onex’ portion of the sale
proceeds was approximately $190 million, including $39 million of carried interest. This results
in a blended gross multiple of invested capital of 5.7 times and a 17% gross rate of return on
Onex’ investment.

About Onex
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and
ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with
talented management teams. At Onex Credit, Onex manages and invests in leveraged loans,
collateralized loan obligations and other credit securities. Onex has $31 billion of assets under
management, including $6.4 billion of Onex proprietary capital, in private equity and credit
securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are
collectively the largest investors across Onex’ platforms.
Onex’ businesses have assets of $51 billion, generate annual revenues of $32 billion and employ
approximately 217,000 people worldwide. Onex shares trade on the Toronto Stock Exchange
under the stock symbol ONEX.

For more information on Onex, visit its website at
www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

This news release may contain forward-looking statements that are based on management’s current
expectations and are subject to known and unknown uncertainties and risks, which could cause
actual results to differ materially from those contemplated or implied by such forward-looking
statements. Onex is under no obligation to update any forward-looking statements contained
herein should material facts change due to new information, future events or otherwise.

For further information:
Emilie Blouin
Director, Investor Relations
Tel: +1 416.362.7711

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KKR Completes Acquisition of BrightSpring Health Services

KKR

BrightSpring merges with PharMerica to form leading provider of health and pharmacy services

 

LOUISVILLE, Ky.–(BUSINESS WIRE)–Global investment firm KKR and BrightSpring Health Services (“BrightSpring”), one of the largest home and community-based health services providers, announced today that KKR has closed on its acquisition of BrightSpring. As part of this transaction, BrightSpring has merged with PharMerica Corporation (“PharMerica”) to now become a leading provider of both home and community-based health and pharmacy services for high-need and medically complex populations.

The strategic combination of BrightSpring and PharMerica creates a uniquely positioned, diversified health care platform with comprehensive care capabilities across clinical, pharmacy, and non-clinical support services in multiple care settings. Upon close, the combined company will serve over 300,000 clients daily in 47 states, Puerto Rico and Canada with combined revenue of approximately $4.5 billion.

“Today marks the start of a new and exciting chapter for BrightSpring and PharMerica. We look forward to working with the team on the combined company’s next phase of growth and development,” said KKR member Max Lin.

“Combining BrightSpring and PharMerica brings together two well-respected, high quality and innovative leaders within their markets. Together, we will have unmatched capabilities to drive improved outcomes and reduced costs through integrated service and care models for all of the people and stakeholders we serve. Through the combination of our community-based health services and pharmacy capabilities, our complementary offerings will have valuable benefits to our clients, patients and customers and provide new opportunities together,” said Jon Rousseau, President and Chief Executive Officer of BrightSpring and Chief Executive Officer of PharMerica.

With the combined enterprise led by Rousseau as CEO, Bob Dries has been named the President of PharMerica as part of the combination. “Greater independence, improved health outcomes and reduced hospitalizations all depend on three things to be present – non-clinical support services, daily medication optimization and clinical monitoring and interventions when required, which is what we are focused on providing to deliver value as a combined company,” said Dries. “With PharMerica, we provide industry leading medication availability, cost containment results, and clinical, regulatory and education support for our customers and their residents and patients – through our proprietary programs and systems,” he added.

BrightSpring and PharMerica will continue to support all operations from Louisville, Kentucky, where both businesses are headquartered, and anticipate many benefits to its customers and people served from its scale and scope of integrated services. The combined organization will continue to take a local and customized approach when serving its behavioral, senior and specialty populations in the community, as well as offering differentiated capabilities and a unique set of comprehensive offerings to the skilled nursing, senior living, hospital, behavioral provider, and home infusion and specialty clinic customers that it serves. The increased breadth of the company’s services and its proximity in serving complex populations, which are most often significant polypharmacy populations, will provide added solutions and opportunities for working with Medicare, states and other payers to improve outcomes and lower costs.

Under the terms of the deal originally announced on Dec. 10, 2018, KKR has purchased BrightSpring for approximately $1.32 billion with an affiliate of Walgreens Boots Alliance, Inc. as a minority investor. KKR is making the investment from KKR’s Americas XII Fund.

About BrightSpring

BrightSpring Health Services is the parent company of a family of brands and services that provides clinical, nonclinical and pharmacy and other ancillary care services for people of all ages, health and skill levels across home and community settings. BrightSpring is one of the largest providers of diversified home and community-based health services to complex, high-cost populations. Its primary businesses include: behavioral health (including autism services), home health care (including personal care, home health, and hospice), neuro therapy, and job placement and vocational training, supported by pharmacy and telecare ancillary technologies and services. These businesses employ over 45,000 dedicated team members in more than 40 states and provide services to over 2 million people annually.

BrightSpring Health Services is focused on providing quality and lower-cost outcomes to challenging and high-cost populations, through best-in-class services and technology innovation. Its Connected Home care model is becoming an industry-leading approach to the future of health care services to achieve strong quality and compliance while also driving efficiency and cutting waste. The company’s care professionals work in thousands of communities across the United States providing critically needed daily support services, as well as clinical and pharmacy health services, in community settings. Founded and headquartered in Louisville, Kentucky, BrightSpring has been making a difference in people’s lives and communities since 1974 – helping people live their best life. For more information, visit www.BrightSpringHealth.com.

About PharMerica

PharMerica Corporation is a leading provider of institutional and community-based pharmacy services. The company serves the long-term care, senior living, hospital, home infusion, behavioral, specialty and oncology pharmacy markets. Today, PharMerica operates 96 institutional pharmacies, 20 specialty home infusion pharmacies and five specialty oncology pharmacies in 45 states. PharMerica is a customer service and patient-focused organization serving institutional healthcare providers, such as skilled nursing facilities, senior living communities, hospitals, behavioral and seniors individuals receiving in-home care, and patients with cancer. The company provides highly reliable and accurate medication delivery and support services to approximately 250,000 individuals a day with unmatched service reliability, cost containment, and clinical, regulatory and educational support for its clients and their residents and patients. For more information visit www.PharMerica.com.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_C.

Contacts
KKR Americas
Kristi Huller
+1 212-750-8300
Media@KKR.com

BrightSpring / PharMerica
Barnard Baker
+1 502-630-7254
Barnard.Baker@BrightSpringHealth.com

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Cinven to acquire INSEEC U.

Cinven

Investment in a leading European private higher education group

International private equity firm, Cinven, today announces that it has agreed the acquisition of INSEEC U. (‘the Group’), a leading European institution of private higher education and research. The consideration is not disclosed.

Founded in 1975 in Bordeaux, France, today INSEEC U. operates 16 schools worldwide with campuses across France, the UK, the US, China, Switzerland and Monaco, as well as online education programmes. INSEEC U. offers degrees and accreditation programmes principally in Management & Business, Engineering, Communications & Marketing and Political Science, providing courses for approx. 25,000 students annually. Over the past few years, INSEEC U. has become the first cross-disciplinary education platform in France, combining cutting-edge research, agile teaching, innovative teaching methods and CSR values, in order to provide strong and enduring employability to its students.

Having focused on the education subsector for some time, based on its attractive market dynamics, Cinven’s Business Services Sector team worked closely with its French Regional team to identify INSEEC U. as a compelling investment opportunity, given:

  • The European higher education market represents a growing and non-cyclical market, driven by the increasing numbers of students enrolling in higher education;
  • The private sector is gaining share within higher education, due to attractive employability prospects for graduates; and it has material scope for consolidation;
  • The Group has proven its ability to deliver strong organic growth across the economic cycle supported by the quality of its courses in attractive disciplines, strong student employment outcomes, its strong brand positioning and product innovation;
  • INSEEC U. has successfully developed its online education programmes, which have benefitted from investment in technology supported by the Group’s scale advantage, with further scope for significant growth;
  • INSEEC U. is well positioned to continue its consolidation of the highly fragmented private higher education market, both in France where it is already the market leader and internationally; and
  • INSEEC U. is led by a strong management team with a proven track record of developing the Group successfully over the long-term.

Bpifrance, the French government agency, has been a minority investor in INSEEC U. since 2016 and is fully committed to continue supporting the development of the business and the private higher education sector in the years ahead.

Rory Neeson, Partner at Cinven, said:

“Our Business Services Sector team has been focused on investment prospects in education for some time given the attractive trends we see in this sector. INSEEC U. represents an excellent opportunity given its strong student outcomes, market-leading position, and the scale and professionalism of its operations. In particular, INSEEC U. ranks as a leader across its key disciplines and is highly regarded by students and recruiters for both the quality of its teaching and its students’ post-graduation employability. We look forward to working with the highly talented management team, led by Catherine Lespine, to further grow the business in France and internationally, both organically and through acquisition.”

Pierre Estrade, Partner at Cinven, added:

“INSEEC U. operates in a highly attractive, scalable and resilient market, with strong underlying macro trends expected to continue driving growth, particularly across Europe. The Cinven team is highly experienced at growing businesses internationally as well as executing successful buy and build strategies and we look forward to working with the team at INSEEC U., led by Catherine Lespine, to achieve this.”

Nicolas Paulmier, Partner at Cinven added:

“In this fast changing world, higher and continuous education is a key enabler for societies to evolve. Through its size and agility, Inseec U is set to become a major European player in higher education.”

Catherine Lespine, Chief Executive Officer of INSEEC U., commented:

“We are delighted to be partnering with Cinven, whose strategy for our business is fully aligned with the vision the INSEEC U. senior management team has for the Group. We look forward to working together: continuing INSEEC U’s successful growth trajectory and benefitting from Cinven’s international footprint and significant experience of supporting growth both organically and through consolidation.”

The transaction is subject to customary regulatory and antitrust approvals.

Advisors to Cinven on the transaction included: Messier Maris et Associés and Financière de Courcelles (M&A), Eight Advisory (Financial), Freshfields (Legal), TAJ (Tax), BCG and PMSI (Commercial)

Advisors to the Group and Shareholders on the transaction included: Rothschild (M&A), PwC (Financial), Linklaters (Legal, Tax), TAJ (Legal), LEK (Commercial), Fidufrance (Management)

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