Category Archives: News

SmartBear Announces Investment from Vista Equity Partners

Franciso Partners

Press Release – October 21 2020

Vista to partner with SmartBear and existing investor Francisco Partners to accelerate product development and growth

Somerville — SmartBear, a leading provider of software development and quality tools, announced today that it has secured a significant investment from Vista Equity Partners (“Vista”), a leading global investment firm focused on enterprise software, data and technology-enabled businesses. Francisco Partners, a leading global technology-focused investment firm, will continue as an investor with Vista and Francisco Partners as equal owners of the company.

SmartBear, which was acquired by Francisco Partners in 2017, is based in the greater Boston area and provides software development solutions used by more than 15 million developers, testers and operations engineers at over 24,000 organizations. SmartBear solutions support the rapidly growing DevOps market and include innovative technologies around API lifecycle management, test automation, test management, performance optimization and collaboration. These solutions are used by leading organizations to accelerate the design, development and release of higher-quality software at scale.

“Speaking on behalf of everyone at SmartBear, I am thrilled to welcome Vista as investors,” said Frank Roe, CEO of SmartBear. “Having the significant backing of two leading PE firms demonstrates the tremendous track record our products and employees have delivered so far, as well as the growth and demand in our markets. As every company is rapidly transforming to digital-first, we’re seeing a dramatically increasing demand for SmartBear solutions from developers, testers and entire organizations focused on consistently delivering high-quality software at the speed that business demands.”

SmartBear solutions span the entire software delivery lifecycle and enable organizations to reduce costs and accelerate time to market. Vista’s capital investment in SmartBear, along with the firm’s deep experience partnering with world-class enterprise software companies and their leadership teams, will enable SmartBear to broaden and strengthen its solutions as well as identify opportunities for continued organic and inorganic growth.

“The SmartBear suite of best-in-class DevOps solutions and its commitment to open source communities is a validation of the strength of its products and positions the company for continued growth in this rapidly accelerating market,” said Michael Fosnaugh, Co-Head of Vista Flagship Fund and Senior Managing Director of Vista. “We look forward to partnering with Frank and the SmartBear team along with Francisco Partners to continue providing innovative and valuable solutions to software teams around the world.”

Brian Decker, Partner, and Evan Daar, Principal at Francisco Partners, remarked, “Since our investment in SmartBear, the company has built an impressive track record as a market-leading platform in the large and growing DevOps market.”

“Frank and the SmartBear team have shown a tremendous ability to accelerate organic and inorganic growth over the last few years and we are excited to continue the journey with the company alongside Vista,” added David Golob, Chief Investment Officer at Francisco Partners.

Evercore acted as lead financial advisor to Francisco Partners and SmartBear on the transaction with Shea & Company also advising. Paul Hastings LLP served as legal advisor to SmartBear, and Kirkland & Ellis LLP served as legal advisor for Vista.

About Vista Equity Partners

Vista is a leading global investment firm with more than $58 billion in cumulative capital commitments. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, credit, public equity and permanent capital strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn @Vista Equity Partners.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch 20 years ago, Francisco Partners has raised over $24 billion in committed capital and invested in more than 300 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

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Vector Capital Completes Acquisition of MarkLogic

Vector Capital

SAN FRANCISCO–(BUSINESS WIRE)–Vector Capital, a leading private equity firm specializing in transformational investments in established technology businesses, today announced the successful completion of its acquisition of MarkLogic Corporation, a leading provider of enterprise data integration and data management solutions.

Completing a leadership transition that started several months ago, Adrian Carr, Chief Operating Officer of MarkLogic, has been named Chief Executive Officer, replacing Gary Bloom. After eight years at MarkLogic, Gary is stepping aside from the CEO role and will continue to support MarkLogic in a consulting capacity. Mr. Carr joined MarkLogic in 2012 as the vice president of EMEA, and most recently served as COO where he led global Sales, Professional Services, Marketing, and Alliances.

“We are pleased to complete the acquisition of MarkLogic, a pioneer in the data integration market that is poised for growth,” said Andy Fishman, a Managing Director at Vector Capital. “We also welcome Adrian as the company’s next CEO and are excited to partner with him as he continues to accelerate the growth of MarkLogic’s automated cloud service offering, Data Hub Service. We thank Gary for his leadership of MarkLogic and see tremendous value in the business that he helped build.”

“I am thrilled to be leading MarkLogic at this important time in its evolution,” said Mr. Carr. “I am eager to work with MarkLogic’s talented team and leverage Vector’s significant resources and industry expertise as we continue to solve complex data management challenges for our customers. It has been an honor to have worked with Gary for the past eight years, and I look forward to building on the strong foundation he established.”

Prior to joining MarkLogic, Mr. Carr worked at Juniper Networks in Europe providing high-performance cybersecurity solutions to public sector organizations and banks. He earned a bachelor’s degree in Computing and Economics from Manchester Metropolitan University.

About MarkLogic
Data integration is one of the most complex IT challenges, and our mission is to simplify it. MarkLogic Data Hub Service is a highly differentiated data platform that eliminates friction at every step of the data integration process, enabling organizations to achieve a 360° view faster than ever. By simplifying data integration, MarkLogic helps organizations gain agility, lower IT costs, and safely share their data.

About Vector Capital
Vector Capital is a leading global private equity firm specializing in transformational investments in established technology businesses. With more than $3 billion of capital under management, Vector actively partners with management teams to devise and execute new financial and business strategies that materially improve the competitive standing of businesses and enhance value for employees, customers, and all stakeholders. For more information, visit http://www.vectorcapital.com.

Contacts

For Vector Capital:
Nathaniel Garnick / Grace Cartwright
Gasthalter & Co.
(212) 257-4170

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Outdoor Apparel Disruptor SA Company Receives Strategic Investment from TZP Group

TZP Group

Partnership to drive next phase of brand growth, innovation and customer engagement as SA continues to scale the business

News provided by

TZP Group

Oct 21, 2020, 09:00 ET

BOCA RATON, Fla., Oct. 21, 2020 /PRNewswire/ — SA Company (“SA” or, the “Company”) a leading outdoor lifestyle apparel business, announced that it has received a strategic investment from TZP Group (“TZP”), through TZP Capital Partners III, LP, a private equity firm based in New York. Terms of the transaction were not disclosed.

(PRNewsfoto/TZP Group)

Founded in 2014 by CEO Thomas DeSernia, Jr., SA Company is a high-growth e-commerce retailer that is focused on providing quality outdoor apparel and accessories. Well known for its popular Face Shield® line of tubular bandanas, the Company has become synonymous with innovative, affordable products that enhance the outdoor experience, across fishing, hunting, boating, and similar outdoor verticals.  Thomas DeSernia, Jr. will continue to lead the company in his role as CEO, Thomas DeSernia, Sr. will continue in his role as President, and the DeSernia family will maintain a meaningful ownership position in the Company.

SA Company has experienced significant, profitable growth with revenue exceeding $100 million as demand for affordable outdoor apparel has accelerated. As part of the investment, TZP will help support the Company’s operations and continue to drive its growth by deepening existing customer relationships and increasing brand awareness, while also exploring new product categories and retail distribution opportunities in the future.

“TZP has been a great partner to me and our team, well before they became an investor in the business, helping us think through opportunities to enhance the business and positioning SA for continued success. We are excited to enter into this new chapter of growth with TZP and believe that they will be a strong partner as we look to further establish our leadership position in the outdoor lifestyle category,” said Thomas DeSernia, Jr. founder and CEO of SA Company. “We believe that our customers shouldn’t have to choose between price and quality gear, and we’re proud to offer the combination of quality, value and style that they are looking for to safely and comfortably enjoy the outdoor activities they love, now more than ever before. We expect the TZP partnership to help us further accelerate the tremendous growth we have seen in the business to date, allowing us to better serve the needs of our current and future customers and fulfill our mission to make accessible apparel and accessories to enjoy the outdoor lifestyle.”

“SA Company has significantly disrupted the outdoor lifestyle apparel business by focusing on value, comfort and style, providing quality products at competitive prices targeting fishing, hunting, boating, and similar outdoor verticals. Unlike many other brands, SA has tapped into the outdoor enthusiasts’ need to enjoy the outdoors without having to overpay for the gear they need,” said Dan Galpern, Partner at TZP.

“We were impressed by Thomas and his team’s execution, the strong financial performance and scalability of the SA Company business model, the foundation of which was built on an exceptional DTC brand. With a solid platform in place, strong profitability and a loyal, growing community of outdoor enthusiasts, the Company is well positioned to benefit from the continued outdoor and ecommerce industry tailwinds. We are grateful for the opportunity to join Thomas and the talented SA team to help capitalize on the significant growth opportunities ahead,” Mr. Galpern added.

Dan Galpern, Jarrad Berman, Matt Doherty, and Geoffrey Allard worked on the transaction for TZP. Kirkland & Ellis LLP and Greenberg Traurig, LLP provided legal counsel.

About SA Company
SA Company is a leading outdoor lifestyle apparel business known for its innovative, affordable products that enhance the outdoor experience, across fishing, hunting, boating, and similar outdoor verticals. Founded in 2014 by Thomas DeSernia, Jr., in Boca Raton, Florida, SA Company is focused on providing quality outdoor apparel and accessories, offering customers a combination of quality, value and style to safely and comfortably enjoy the outdoor activities they love. SA Company products are available to consumers at www.safishing.com.

About TZP Group
TZP Group, a private equity firm with $1.7 billion raised since inception across its family of funds including TZP Capital Partners, TZP Small Cap Partners and TZP Strategies, is focused on control, growth equity and structured capital investments in business services and consumer companies. Founded in 2007, TZP targets companies with solid historical performance and sustainable value propositions and aims to be a “Partner of Choice” for business owners and management teams. TZP seeks to invest primarily in closely-held, private companies in which the owners desire to retain a significant stake and partner with an investor with complementary operating and financial skills to accelerate company growth, increase profitability, and maximize the value of their retained stake. TZP leverages its investment professionals’ operating and investment experience to provide strategic and operational guidance and is dedicated to long¬term value creation. For more information, please visit www.tzpgroup.com.

MEDIA CONTACTS

TZP Group:
Tiffany Shatzkes
tshatzkes@tzpgroup.com

SA Company:
Jessica Liddell
Jessica.liddell@icrinc.com

SOURCE TZP Group

Related Links

http://www.tzpgroup.com

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Accenture Completes Acquisition of B2B Sales Firm N3

Redbird capital

N3 combines specialized sales talent with AI-powered insights to deepen B2B sales interactions

ATLANTA; Oct. 21, 2020 – Accenture (NYSE: ACN) has completed its acquisition of N3, an Atlanta-based business-to-business (B2B) sales firm that combines specialized talent with artificial intelligence (AI) and machine learning (ML) capabilities to enable smarter, more efficient sales interactions.

Now part of Accenture Operations, N3’s approximately 2,200 employees have specialized skills across complex areas like cloud, platforms and 5G networks. The combination of N3’s cloud-based AI/ML technology with Accenture’s SynOps platform will give Accenture the ability to aggregate millions of interaction points into actionable insights to help clients drive sales growth.

“Bringing N3 into the Accenture family will better enable us to help companies influence purchasing decisions at critical stages,” said Manish Sharma, group chief executive of Accenture Operations. “Together, our real-time insights will augment decision-making, deepen sales interactions and help our clients achieve sustainable growth. We are excited about the potential of what Accenture and N3 can achieve together.”

Founded in 2004, N3 serves many of the world’s leading brands, including Cisco, Microsoft and SAP. The company has locations across five continents, including in Brazil, Costa Rica, India, Ireland, Germany, Japan, Singapore, Spain, the U.K. and the U.S.

Terms of the transaction, which Accenture announced on Sept. 22, were not disclosed.

About Accenture
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 506,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.

Forward-Looking Statements
Except for the historical information and discussions contained herein, statements in this news release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “positioned,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied. For a discussion of risks and actions taken in response to the coronavirus (COVID-19) pandemic, see “Our results of operations have been significantly adversely affected and could in the future be materially adversely impacted by the COVID-19 pandemic” under Item 1A, “Risk Factors” in Accenture plc’s Quarterly Report on Form 10-Q for the quarterly period ended May 31, 2020. Many of the following risks, uncertainties and other factors identified below are, and will be, amplified by the COVID-19 pandemic. These risks include, without limitation, risks that: the transaction might not achieve the anticipated benefits for Accenture; Accenture’s results of operations have been significantly adversely affected and could in the future be materially adversely impacted by the COVID-19 pandemic; Accenture’s results of operations could be adversely affected by volatile, negative or uncertain economic and political conditions and the effects of these conditions on the company’s clients’ businesses and levels of business activity; Accenture’s business depends on generating and maintaining ongoing, profitable client demand for the company’s services and solutions including through the adaptation and expansion of its services and solutions in response to ongoing changes in technology and offerings, and a significant reduction in such demand or an inability to respond to the evolving technological environment could materially affect the company’s results of operations; if Accenture is unable to keep its supply of skills and resources in balance with client demand around the world and attract and retain professionals with strong leadership skills, the company’s business, the utilization rate of the company’s professionals and the company’s results of operations may be materially adversely affected; Accenture could face legal, reputational and financial risks if the company fails to protect client and/or company data from security breaches or cyberattacks; the markets in which Accenture operates are highly competitive, and Accenture might not be able to compete effectively; changes in Accenture’s level of taxes, as well as audits, investigations and tax proceedings, or changes in tax laws or in their interpretation or enforcement, could have a material adverse effect on the company’s effective tax rate, results of operations, cash flows and financial condition; Accenture’s profitability could materially suffer if the company is unable to obtain favorable pricing for its services and solutions, if the company is unable to remain competitive, if its cost-management strategies are unsuccessful or if it experiences delivery inefficiencies; Accenture’s results of operations could be materially adversely affected by fluctuations in foreign currency exchange rates; as a result of Accenture’s geographically diverse operations and its growth strategy to continue to expand in its key markets around the world, the company is more susceptible to certain risks; Accenture’s business could be materially adversely affected if the company incurs legal liability; Accenture’s work with government clients exposes the company to additional risks inherent in the government contracting environment; if Accenture is unable to manage the organizational challenges associated with its size, the company might be unable to achieve its business objectives; Accenture’s ability to attract and retain business and employees may depend on its reputation in the marketplace; if Accenture does not successfully manage and develop its relationships with key alliance partners or fails to anticipate and establish new alliances in new technologies, the company’s results of operations could be adversely affected; Accenture might not be successful at acquiring, investing in or integrating businesses, entering into joint ventures or divesting businesses; if Accenture is unable to protect or enforce its intellectual property rights or if Accenture’s services or solutions infringe upon the intellectual property rights of others or the company loses its ability to utilize the intellectual property of others, its business could be adversely affected; Accenture’s results of operations and share price could be adversely affected if it is unable to maintain effective internal controls; changes to accounting standards or in the estimates and assumptions Accenture makes in connection with the preparation of its consolidated financial statements could adversely affect its financial results; many of Accenture’s contracts include fees subject to the attainment of targets or specific service levels, which could increase the variability of the company’s revenues and impact its margins; Accenture might be unable to access additional capital on favorable terms or at all and if the company raises equity capital, it may dilute its shareholders’ ownership interest in the company; Accenture may be subject to criticism and negative publicity related to its incorporation in Ireland; as well as the risks, uncertainties and other factors discussed under the “Risk Factors” heading in Accenture plc’s most recent Annual Report on Form 10-K, Quarterly Report on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission. Statements in this news release speak only as of the date they were made, and Accenture undertakes no duty to update any forward-looking statements made in this news release or to conform such statements to actual results or changes in Accenture’s expectations.

# # #

Contact:

Jenn Francis
Accenture
+1 312 693 4411
jennifer.francis@accenture.com

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EQT AB (publ) Q3 announcement 2020

eqt

CEO COMMENT – THIRD QUARTER 2020
”The third quarter of 2020 has been busy with activities across the board. On the transaction side, EQT’s thematic investment strategy continues to identify and execute attractive opportunities, with Danish based Natural Colors being a good example of a company supported by the sustainable consumer health and environmental megatrends. In total, we signed investments of EUR 6 billion and the pipeline continues to look stable. The portfolio value creation agenda is on track, but market uncertainties related to the pandemic remain. Even though only a few of the portfolio companies operate in the hardest hit sectors, a second wave and a prolonged pandemic may have a negative impact across the portfolio. Looking ahead, a number of strong EQT fund portfolio companies are being prepared for exits, should market conditions remain supportive.

There is a good demand for EQT funds, with the EQT IX and EQT Infrastructure V fundraisings running according to plan. In early October, EQT Real Estate II was closed at EUR 1 billion. I am also excited about the launch of EQT Growth, another core area for EQT’s future expansion. With numerous growth opportunities in existing strategies and the launch of new strategies, we see the need to accelerate investments in people and our platform into 2021. Looking forward, we will continue our purpose-driven approach, both in EQT AB and the portfolio. We see continued structural growth and interesting long-term opportunities for EQT while remaining vigilant for risks.”

Christian Sinding, CEO

HIGHLIGHTS DURING THE THIRD QUARTER 2020

  • Total investments by the EQT funds in the quarter amounted to EUR 6.0bn
  • Investments announced during the quarter include IFS in Sweden (EQT IX and EQT VIII), idealista in Spain (EQT IX), Chr. Hansen Natural Colors in Denmark (EQT IX), Colisée in France (EQT Infrastructure V), EdgeConneX in the US (EQT Infrastructure IV) and the launch of a joint-venture to build rental homes in the UK (EQT Real Estate II)
  • Total gross fund exits in the quarter amounted to EUR 1.9bn
  • Expected value creation (Gross MOIC) remains ”On plan” in key funds in Private Capital and Real Assets, while EQT Infrastructure III, as of September 30, 2020, continued to develop ”Above plan”
  • EQT IX was activated and started generating management fees, as announced on July 14, with EUR 13.3bn of commitments as per September 30, 2020
  • EQT VIII had a step-down in AUM-base of EUR 3.4bn
  • The hard cap for EQT Infrastructure V was announced at EUR 15.0bn. EQT AB currently expects to recognize management fees from EQT Infrastructure V from November 1, 2020
  • The hard cap of EUR 1.0bn for EQT Real Estate II was reached
  • Investment level in key funds as of September 30, 2020, excluding events after the reporting period: 15-20% in EQT IX (0%), 80-85% in EQT Infrastructure IV (50-55%) and 5-10% in EQT Infrastructure V (0%)
  • EQT VII Gross MOIC increased from 1.7x in the second quarter to 2.0x in the third quarter
  • The divestment of Credit is expected to close during the fourth quarter
  • Following high activity level throughout the organization and in preparation for the next step of EQT’s growth journey, investments in personnel will be accelerated in the coming quarters to future-proof e.g. Client relations and capital raising, EQT technology and Fund management
  • From September 24, 2020, Partners continue to be subject to lock up agreements towards EQT AB, with the right to pledge shares to a bank, as described in the IPO prospectus. Further, EQT AB has granted waivers from lock ups on EQT AB shares for a limited number of individuals, primarily related to discontinued and divested business lines. Under the waivers, shares representing less than 1.5% of EQT’s share capital are expected to be divested. Any sale process would be coordinated by EQT AB

    HIGHLIGHTS DURING THE LAST TWELVE MONTHS (COMPARED TO LTM ENDING SEPTEMBER 2019)

  • Total fund investments of EUR 9.6bn (EUR 10.5bn)
  • Total gross fund exits of EUR 4.2bn (EUR 5.3bn)
  • Fee-generating AUM of EUR 46.5bn as of September 30, 2020 (EUR 36.8bn). This change is primarily driven by the activation of EQT IX during Q3 2020
  • Number of full-time equivalent employees and on-site consultants (FTE plus) amounted to 709 (636) at the end of the period, of which FTEs amounted to 657 (579)

    EVENTS AFTER THE REPORTING PERIOD

  • The EQT Growth strategy was announced on October 19 with Microsoft Corporate Vice President Marc Brown joining as Partner and Head. With EQT Growth, EQT will be among the very few private markets firms in the world with investment strategies that address the needs of companies throughout their lifecycle
  • On October 16, EQT Infrastructure V announced the acquisition of a stake in Deutsche Glasfaser. With the investment, EQT Infrastructure V is expected to be 10-15% invested based on its target fund size of 12.5bn
  • Thomas von Koch, Partner and previous Managing Partner, being one of EQT’s most senior investment professionals, has decided to revert to focus on EQT funds’ investment activities. As a consequence, he is leaving the Executive Committee as of October 2020

Presentation of EQT AB’s Q3 2020 announcement
Financial analysts and media are invited to participate in a conference, including a presentation at 08:30 CEST.

The presentation and a video link to follow the conference live can be found atwww.eqtgroup.com/shareholders/financial-reportingand a recording will be available afterwards.

To participate by phone, please use the following dial-in details below, at least 10 minutes in advance.
Sweden:+46 856 642 651
UK:+44 3333000804
USA:+1 6319131422

Confirmation Code: 65003104

Information on EQT AB’s financial reporting
The EQT AB Group has a long-term business model founded on a promise to its fund investors to invest capital, drive value creation and create consistent attractive returns over a 5 to 10-year horizon. The Group’s financial model is primarily affected by the size of its fee-generating assets under management, the performance of the EQT funds and its ability to recruit and retain top talent.

The Group operates in a market driven by long-term trends and thus believes quarterly financial statements are less relevant for investors. However, in order to provide the market with relevant and suitable information about the Group’s development, EQT publishes quarterly announcements with key operating numbers that are relevant for the business performance (taking Nasdaq’s guidance note for preparing interim management statements into consideration). In addition, a half-year report and a year-end report including financial statements and further information relevant for investors is published. Finally, EQT also publishes an annual report including sustainability reporting.

Contact
Kim Henriksson, CFO, +46 70 665 41 23
Olof Svensson, Shareholder Relations Director, +46 72 989 09 15
Nina Nornholm, Head of Communications, +46 70 855 03 56
EQT Press Office, press@eqtpartners.com

This is information that EQT AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CEST on 21 October 2020.                                                                                                 

About EQT
EQT is a purpose-driven global investment organization with a 25-year track-record of consistent investment performance across multiple geographies, sectors, and strategies.

EQT has raised more than EUR 75 billion since inception and currently has around EUR 50 billion in assets under management across 20 active funds within three business segments – Private Capital, Real Assets and Credit. With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 17 countries across Europe, Asia Pacific and North America with more than 700 employees.

More info: www.eqtgroup.com
Follow EQT on: LinkedIn, Twitter, YouTube and Instagram

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Clearview Re“Capitol”izes Capitol Imaging

Clearview

Stamford, CT, October 21, 2020 — Clearview Capital Fund IV, L.P. and its affiliates (“Fund IV”) announced today the recapitalization, in
partnership with management, of Capitol Imaging Services, LLC (“Capitol Imaging” or the “Company”). The transaction closed on October 1,
2020.

Headquartered in Metairie, LA, Capitol Imaging is a leading provider of outpatient diagnostic
imaging services in Louisiana and Alabama. Through its 20-freestanding facilities, the Company
offers multi-modality capabilities including MRI, CT, and mammography, among others. The
Company was founded by Dr. John Hamide who began acquiring diagnostic imaging centers in
2013. He and the management team have since completed 18 acquisitions, building one of the
largest outpatient imaging platforms in the Gulf South region today.
Through its market leading position, the Company stands to benefit from favorable industry
dynamics expected to drive increases to outpatient imaging volumes as a result of its comparatively
low cost relative to hospital-based alternatives. Additionally, management’s proven acquisition
track record paired with an actionable add-on pipeline present a unique consolidation opportunity
for the Company.

Fund IV partnered with the Company’s founder, Dr. John Hamide, as well as management, to recapitalize
the business and provide additional capital to support the Company’s organic and acquisition
growth initiatives. Dr. Hamide will remain on the Company’s board of directors while retaining a
meaningful equity stake, and the Company’s CEO, John Stagg, will continue to manage the
day-to-day operations of the business.
“We are excited to be working with Dr. Hamide, John Stagg and the entire Capitol Imaging team,”
commented Geoff Faux, Principal of Clearview Capital. “We believe the Company has a tremendous
opportunity to strengthen its density within its existing footprint and expand into new markets
in the Gulf South region.”

“Our team is thrilled to partner with Clearview Capital to accelerate our growth trajectory,”
remarked John Stagg, CEO. “We are excited to have a strong and experienced partner who is as
committed to our success as we are and will help us further build our infrastructure and geographic reach.”
“The partnership with Clearview is a fantastic opportunity to augment the Company’s acquisition strategy,” added Dr. John Hamide. “Clearview
brings the relevant experience in healthcare services, as well as experience executing buy-and-build growth strategies, to allow us to acquire on
a larger scale than ever before.”

Capitol Imaging is the third platform investment in Fund IV, a $550 million committed fund raised in 2018.

Holdings in funds managed by Clearview Capital include Higdon Outdoors, LLC, a designer and supplier of premium-branded hunting and pet
accessories; Workforce Solutions, a provider of management consulting services focused on organizational improvement, leadership development, communications and advocacy for a broad array of clients; Apothecare Pharmacy, LLC, an institutional pharmacy targeting the behavioral health sector; Community Medical Services Holdings, LLC, a provider of medication-assisted treatment programs for patients suffering from substance use disorders; UpSwell, LLC f.k.a Mudlick Mail, LLC, a data-driven direct mail and related marketing solutions provider;
Nielsen-Kellerman Co., a designer and manufacturer of premium environmental and athletic performance measurement instruments; Orchard &
Vineyard Supply f.k.a. Wilson Orchard & Vineyard Supply, a provider of orchard and vineyard supplies and solutions, and outsourced vineyard
management services; Controlled Products, LLC, a manufacturer and distributor of premium quality synthetic turf; Elevation Labs f.k.a. Northwest
Cosmetic Labs, a formulator and manufacturer of cosmetic and skin care products for prestige brands; Derby Building Products, Inc. f.k.a.
Novik, Inc., an innovator, manufacturer and distributor of polymer building products; Child Health Holdings, Inc. d.b.a. Pediatric Health Choice,
the country’s largest operator of prescribed pediatric extended care (“PPEC”) centers for medically complex children; and Pyramid Healthcare,
Inc., a provider of substance use disorder and mental health treatment programs for adults and adolescents.

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RV Rental Marketplace Leader RVshare Raises $100+ Million in Growth Capital Led by KKR

KKR

AKRON, Ohio and AUSTIN, Texas, Oct. 21, 2020 /PRNewswire/ — RVshare, the world’s first and largest peer-to-peer RV rental marketplace, today announced a $100+ million fundraising round led by global investment firm KKR, with participation by existing investor Tritium Partners. The fundraising will provide capital, as well as access to KKR’s operational resources and global network, to help RVshare build on its leadership position and record 2020 growth with goals to rapidly scale the RV rental industry.

RVshare connects travelers looking to experience RV travel with RV owners interested in turning their RV into a second source of income. Since the company’s founding in 2013, RVshare has successfully built a leading position in the emerging market of RV rentals, amassing more than two million days booked on its platform and over 100,000 RVs ranging from luxury motorhomes to campervans to travel trailers.

“At RVshare, our mission is to expand the definition of travel, providing a unique, seamless experience that will allow travelers to build lifelong memories with loved ones,” RVshare’s CEO Jon Gray said. “I am very proud of our employees and thankful to our customers for helping build RVshare into the market leader it is today – and we are only at the beginning of where our business can go. This financing and the support of KKR’s global platform positions us well to invest in future growth and provide the best experience for our owners and renters.”

“We are thrilled to work together with RVshare to build on the success they have achieved to date as a market leader in an important yet underserved category of travel,” said Jake Heller, Co-head of KKR’s Technology Growth team in the Americas. “Jon and team have proven they can deliver explosive growth with impressive capital efficiency and we look forward to leveraging KKR’s global experience and network in mobility, travel and technology to help unlock new opportunities for RVshare.”

Ben Pederson, Principal with KKR’s Technology Growth team, added: “RVs are the preferred accommodation for the more than 40 million US households that go camping each year. Younger generations of travelers are discovering and embracing domestic travel and RVshare is providing a seamless marketplace experience where RV owners can share their passion for camping and unlock the value of their assets.”

“RVshare has helped provide amazing travel experiences for millions of travelers and has seen sensational growth since its founding,” Managing Director of Tritium Partners Phil Siegel said. “As a result of the pandemic, RVshare has seen an acceleration of growth as consumers have sought out RVs as a way to travel during these challenging times. Tritium is excited to continue investing in this team, business, and a category that is just getting started. Adding the KKR team, with their fantastic set of experiences and resources, will help take RVshare to much greater heights.”

KKR is making its investment through its Next Generation Technology Growth Fund II, a global fund dedicated to growth equity investments in the technology space. KKR has established a strong track record of supporting technology-focused growth companies, having invested over $2.7 billion in related investments since 2014.

GCA Global served as financial advisor to RVshare on the deal.

About RVshare
RVshare is the first and largest peer-to-peer RV rental marketplace. With more than 100,000 vehicles available, RVshare’s diverse inventory ranges from affordable travel trailers to luxury motorhomes and can accommodate any outdoor adventure, whether it’s a weekend of camping or a cross-country tour of national parks. Through RVshare, families and groups can experience a one-of-a-kind trip and create memories that will last a lifetime. In addition to offering a unique travel experience, RVshare provides RV owners in North America the opportunity to turn their RV into a second income. For more information, visit www.rvshare.com. Follow us on Facebook, Instagram, Twitter, and YouTube.

About KKR 
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, 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 Tritium Partners
Founded in 2013, Tritium Partners is a private equity firm focused on technology and services companies with exceptional growth potential. Tritium’s founder team, which came together from strategic consulting and boutique banking backgrounds, has exclusively focused on growth investing in their careers. With > $900 million of assets under management, Tritium actively partners with talented founders and executives to build market-leading companies through high-growth initiatives, while maintaining capital efficiency. Tritium’s approach emphasizes creating long-term value through strategic growth initiatives and acquisitions, with a focus on FinTech and financial services, Internet marketplaces, software data and analytics, supply chain and logistics, and tech-enabled business services.

SOURCE RVshare

Related Links

http://www.rvshare.com

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Polytek Development Corp. Announces Acquisition of Incredible Solutions

Arsenal Capital Partners

October 20, 2020

EASTON, Pa. and CRYSTAL RIVER, Fla., Oct. 20, 2020 — Polytek Development Corp. (“Polytek”), a manufacturer of specialty polymers for mold making, casting, and coating applications, announced today the acquisition of Incredible Solutions. Polytek is a portfolio company of Arsenal Capital Partners.

Founded in 2017 and located in Crystal River, Florida, Incredible Solutions supplies epoxy coating and casting systems that are used to coat wood bars and table tops, create decorative surfaces and mixed-media furniture such as river tables, and complete a variety of other works of art and craft.

Incredible Solutions will join Polytek’s consumer brand portfolio and further expand the company’s offering of coating and casting solutions that are formulated specifically for do-it-yourself and artistic communities. These brands offer user-friendly products and accessories that are available direct-to-consumer via a variety of convenient channels, including company-operated e-commerce sites, mass retail, and online marketplaces.

Doug Lorenz, CEO of Polytek, commented, “Incredible Solutions has had tremendous success in their first three years of business and we’re very excited to bring them onto the Polytek team and continue to grow with them in the coming years.”

Charlie Ives, owner of Incredible Solutions, added, “We are really looking forward to teaming up and collaborating with Polytek. Ultimately, our goal is to continue to serve our customers to the best of our ability while introducing new product options and creative ways to use them.”

Charlie Ives will remain in an active role within the Incredible Solutions brand, and the two companies will continue to do business under their existing names.

Genesis Capital, LLC acted as the financial advisor to Polytek.

About Polytek® Development Corp.
Founded in 1984, Polytek® Development Corp. is headquartered in Easton, PA with operations in Pomona, CA, Galesburg, MI, Franklin, IN, and Grants Pass, OR. Polytek is a leading manufacturer of specialty polymers including polyurethane elastomers and casting resins, silicone, epoxies, latex, thermoplastic elastomers, and board materials. These systems are used primarily in mold making, casting, and coating applications in industrial and consumer sectors, including construction and restoration, arts and crafts, DIY, product design and manufacturing, entertainment, and education. Polytek® brands include Raw Material Suppliers, Alumilite, BCC Products, Environmental Technology, Inc., Pro Marine Supplies, and Stone Coat Countertops. corporation.polytek.com

About Incredible Solutions
Located in Crystal River, FL, and founded by a husband and wife duo in 2017, Incredible Solutions was established to service a rapidly growing do-it-yourself epoxy market. The company quickly grew into a top seller on e-commerce platforms while maintaining the customer service hallmarks of a small, family-run business. Today, Incredible Solutions continues to provide user-friendly epoxy coating and casting solutions to do-it-yourselfers, artists, and craftsmen. www.incrediblesolutionsonline.com

About Arsenal Capital Partners
Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrial and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, completed 45 platform investments and achieved 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience.  The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add.  www.arsenalcapital.com

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Kleinfelder Acquires Gas Transmission Systems

Wind Point Partners

Acquisition strengthens Kleinfelder’s gas utilities and pipeline services

Chicago, IL, October 20, 2020 – Wind Point Partners (“Wind Point”) and portfolio company The Kleinfelder Group, Inc. (“Kleinfelder”), a leading engineering, construction management, design, and environmental professional services firm, are pleased to announce that Kleinfelder has acquired Gas Transmission Systems, Inc. (“GTS” or the “Company”). The acquisition bolsters Kleinfelder’s U.S. market position as an industry-leading gas utilities and pipeline services expert.

Founded in 1998 and headquartered in Walnut Creek, California, GTS provides pipeline engineering, consulting and program management services to gas utilities and pipeline operators with a focus on infrastructure integrity management and rehabilitation. The combination will further expand Kleinfelder’s energy infrastructure services and capabilities. GTS operates out of five offices throughout California, Arizona and Georgia.

 

“We are excited to partner with GTS and its talented team, and we look forward to supporting them in GTS’s next phase of growth.”

Nathan Brown, Managing Director

Louis Armstrong, President and CEO of Kleinfelder, noted, “As a well-established gas utilities and pipeline services firm, GTS is a strong addition to Kleinfelder. This transaction aligns with our strategic direction and strengthens Kleinfelder’s service capabilities for utilities across the U.S. The specialized expertise of GTS will accelerate Kleinfelder’s growth in the power and utilities market and position the firm for further expansion.”

 

Nathan Brown, Managing Director at Wind Point Partners, commented, “GTS exemplifies our acquisition strategy of acquiring complementary businesses that expand and strengthen Kleinfelder’s service offerings, geographic reach, and customer base. We are excited to partner with GTS and its talented team, and we look forward to supporting them in GTS’s next phase of growth.”

GTS’s organizational structure will remain under the direction of Ben Campbell, who has been GTS President since early 2020. “GTS is very excited to be partnering with Kleinfelder,” said Mr. Campbell.  “Similar to GTS, Kleinfelder has a great reputation for delivering high quality technical services to its clients.  Together, we will be able to provide even more vertically integrated services and solutions to benefit our clients.  I look forward to an extraordinary future working together.”

GTS represents the fourth acquisition for Kleinfelder since partnering with Wind Point in November 2018. Kleinfelder’s acquisition strategy will continue to focus on acquiring leading engineering, environmental and professional services firms with complementary employee-focused cultures and a trusted commitment to clients.

Winston & Strawn LLP served as legal counsel and KPMG provided transaction advisory and tax services to Kleinfelder. Senex Advisory served as sell-side financial advisors.

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BrightFarms Secures $100 Million Series E Round of Funding to Expand High-Tech Indoor Farming Across the U.S.

Wp Global Partners

BrightFarms plans to reach most U.S. major markets by 2025; Cox Enterprises assumes majority ownership

News provided by

Cox Enterprises

Oct 20, 2020, 11:10 ET

IRVINGTON, N.Y., Oct. 20, 2020 /PRNewswire/ — BrightFarms, a leading next-generation indoor farming company supplying U.S. grocery retailers with packaged salad greens, has secured more than $100 million in debt and new equity capital to support robust expansion plans. The Series E round of funding was led by Cox Enterprises, which now owns a majority stake in the company, and includes a follow-on investment from growth equity firm Catalyst Investors. BrightFarms will use the funds to invest in its current farms and retail programs and expand its network of regional indoor farms across the U.S.

BrightFarms has raised more than $200 million in funding to date to build the nation’s first brand of locally grown produce and has established close partnerships with leading retailers such as Ahold Delhaize, Kroger and Walmart. BrightFarms currently distributes its products to more than 2,000 stores in the U.S. and expects to expand its distribution to more than 15,000 stores by 2025. The company has indoor farming operations in Illinois, Ohio, Pennsylvania and Virginia, with three new farms currently under development in North Carolina, Massachusetts and Texas.

BrightFarms is a leader in the rapidly growing indoor farming industry, a movement that seeks to disrupt the conventional produce industry by replacing the complex long-distance West Coast supply chain. Its growing methods use 80% less water, 90% less land and 95% less shipping fuel than traditional agriculture. A BrightFarms indoor farm yields 10 times more leafy greens per acre when compared to growing in a field. By growing its produce closer to consumers, BrightFarms delivers fresher, pesticide-free packaged greens to supermarkets in as little as 24 hours after harvest, about a week faster than leafy greens grown conventionally on the West Coast.

“Our goal over the next five years is to make quality, locally-grown greens a staple on grocery shelves and in refrigerators nationwide,” said Steve Platt, CEO of BrightFarms. “We are thrilled to have the strong financial backing of Cox Enterprises, an organization that closely aligns with our mission to build a healthier and more sustainable future, and to have the additional support of our long-term partners at Catalyst Investors. Together we are ready to scale our model for local indoor farming in every major market in the U.S.”

BrightFarms’ vision for next-generation agriculture – a sustainable, scalable and disruptive model – closely aligns with the Cox Cleantech objectives and ethos.

“Cox Cleantech’s goal is to build meaningful businesses that solve fundamental problems facing society and our environment,” said Steve Bradley, vice president of cleantech for Cox Enterprises. “BrightFarms provides this opportunity through its sustainable model of growing food in the same communities where it’s consumed, resulting in food that’s fresher, safer, better tasting and better for the environment.”

To learn more about BrightFarms, visit www.brightfarms.com.

About BrightFarms
BrightFarms is a leading provider of locally grown packaged salads, serving the freshest, tastiest and most responsibly grown produce to consumers nationwide. BrightFarms operates hydroponic greenhouse farms in the communities it serves, enabling it to eliminate time, distance, and costs from the food supply chain. BrightFarms’ growing methods, a model for the future of scalable, sustainable local farming, use far less energy, land and water than long distance, field-grown agriculture. Forbes has recognized BrightFarms as one of the “100 Most Consumer Centric Companies” and Fast Company has recognized BrightFarms as “One of World’s 50 Most Innovative Companies” and one of the “Top 10 Most Innovative Companies in Food.” BrightFarms is funded by leading investors Cox Enterprises, Catalyst Investors, WP Global Partners and NGEN Partners. For more information, please visit www.brightfarms.com.

About Cox Cleantech
Established in 2017, Cox Cleantech is a part of Cox Enterprises, a $21 billion company with a 122-year history in communications, automotive and media business. The team is helping advance innovative solutions and technologies designed to sustainably meet the needs of a rapidly growing global population. Cox Cleantech invests in and acquires businesses that use natural resources efficiently, reduce humanity’s impact on the planet and create resilient systems for an ever-changing world. Learn more at coxenterprises.com/cleantech.

About Catalyst Investors
Catalyst Investors is a growth equity firm founded in 2000. Catalyst’s mission is to earn superior returns by helping entrepreneurs build great companies. Catalyst employs a rigorous top-down research focus that seeks to identify investment opportunities in companies and industries that will exhibit strong revenue growth. The firm works in true partnership with talented management teams to build long-term value. Past and present Catalyst portfolio companies include SaaS-based businesses (Weave, Fusion Risk Management, Jobvite, MessageLabs, MINDBODY), Business Services (Datavail, Effectual, Envoy, Reputation Institute), Food Tech (BrightFarms, ChowNow), Healthcare IT (Clinicient, PresenceLearning), and Internet Infrastructure (InSite Wireless Group, Latisys, Xplornet). For more information, visit www.catalyst.com.

SOURCE Cox Enterprises

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