Category Archives: News

Arcline Investment Management to Acquire Rotating Machinery Services, Inc.

Arcline

Bethlehem, Pennsylvania, January 9, 2025 – Arcline Investment Management (“Arcline”), a growth-oriented private equity firm, today announced the acquisition of Rotating Machinery Services, Inc. (“RMS” or the “Company”), an Original Equipment Manufacturer (“OEM”) and leading third-party provider of parts and services to a long-lived installed base of critical turbomachinery infrastructure globally.

Founded in 1998, RMS has reinvented the concept of an aftermarket turbomachinery business. The Company is equipped to provide a full suite of services including parts manufacturing, component repair, engineering, metrology, and service for both OEM and non-OEM equipment.

 

Arcline commented, “RMS demonstrates key traits we look for in our portfolio companies as a provider of mission critical, highly engineered, non-discretionary aftermarket parts and services to a massive installed base of critical infrastructure. The Company has an excellent reputation among customers and employees and is led by an experienced and deeply knowledgeable management team. We are confident the growth-oriented culture at RMS will fit well within the Arcline portfolio, and we are excited to partner with the management team for the Company’s next chapter of growth.”

John Bartos, CEO of RMS, added, “Arcline’s deep industry and business model experience and focus on growth is a perfect match with our management team, employees, and customers. Our success has been made possible by the hard work and dedication of the entire team at RMS, and we look forward to working with Arcline to continue executing on our vision to redefine the aftermarket turbomachinery business through superior parts offering, service, expertise, and customer focus.”

BMO served as financial advisor to Arcline in connection with the transaction.

 

About Arcline Investment Management

Arcline Investment Management is a growth-oriented private equity firm with $9.1 billion in cumulative capital commitments. Arcline seeks to invest in technology-driven, meaningful to the world industrial businesses that enable a better future. For more information visit www.arcline.com.

About Rotating Machinery Services, Inc.

Rotating Machinery Services, Inc. is headquartered in Bethlehem, Pennsylvania, and is a leading provider of specialty aftermarket repair, maintenance, and overhaul services for large, highly engineered turbomachinery. The Company operates out of nine facilities and serves a diverse, global customer base across a wide range of end markets.

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1211 Avenue of the Americas

Cdpq

RXR Acquires 49% Stake in 1211 Avenue of the Americas from Ivanhoé Cambridge

Real EstateNew York (U.S.) and Montreal (Canada), 

RXR, a fully integrated real estate company and one of the largest owners of commercial and residential properties in the New York region, announced today the closing of the acquisition of a 49% interest in 1211 Avenue of the Americas, one of the most recognizable and distinguished office buildings in New York City. The stake was acquired from Ivanhoé Cambridge, the global real estate group of CDPQ.

RXR and Ivanhoé Cambridge will continue the program to reposition the asset by investing over $300 million into the two million-square-foot property, launching a building modernization program designed to meet the demands of today’s leading global companies. The transformation will feature a reimagined multi-tenant lobby and a revitalized plaza. Improvements will also include a new amenity center, conference rooms, a wellness center, and other enhancements.

With this transaction, RXR and Ivanhoé Cambridge are creating a new partnership where both companies will work on the repositioning of this iconic office property. As the new operator of the building, RXR will also elevate the tenant experience through its signature RXO program, bringing a dedicated hospitality team to curate a dynamic programming calendar, including lobby activations, educational workshops, and wellness initiatives.

The lease extension by FOX and News Corp signed in 2023 secures approximately 55% of the building’s occupancy through 2042. However, the upcoming departure of a law firm in 2028 creates a rare opportunity in one of the most sought-after neighborhoods in New York City: over 600,000 square feet of contiguous premium space.

The availability of this space represents a unique ‘building within a building’ offering in the coveted Rockefeller Center/Midtown submarket, where space is increasingly scarce as availability rates remain well below the average of Midtown Manhattan. The property’s prominent location on Sixth Avenue, combined with its exceptional connectivity, positions it perfectly for companies seeking premium space.

“This transaction underscores our strong conviction in New York City’s office market and its unparalleled resiliency. While some had written off New York City and declared the office era over, we never wavered in our belief in our hometown,” said Scott Rechler, Chairman and CEO of RXR. “By partnering with Ivanhoé Cambridge to transform this iconic tower into a workplace that meets the demands of today’s global companies, we’re demonstrating that well-located, high-quality office buildings can thrive in a post-pandemic world. We’re not just investing in a building – we’re investing in the next chapter of New York City’s growth and recovery,” said Rechler.

“We are thrilled to welcome RXR as our partner and operator at 1211 Avenue of the Americas, a landmark property Ivanhoé Cambridge has owned for over a decade,” said Rana Ghorayeb, Executive Vice-President and Head of Real Estate CDPQ/Ivanhoé Cambridge. “Through this partnership, we intend to leverage RXR’s expertise in New York’s real estate market and invest in transforming one of the city’s most iconic buildings. This initiative aligns with our strategy to redefine workplace offerings that cater to the evolving needs of top-tier tenants in the country’s most sought-after markets,” said Ghorayeb.

Strategic Capital Alliance and Newmark advised RXR on the transaction.

ABOUT RXR

Headquartered in New York, RXR is a fully integrated real estate company and one of the largest owners of commercial and residential properties in the New York region. RXR owns and manages over 30.5 million SF of commercial properties and over 9,800 multi-family units.  RXR specializes in public-private partnerships and master developments, including the $4 billion development of Terminal 6 at JFK International Airport and a 1,100-acre, $3 billion mixed-use development in Raleigh, North Carolina.  Additionally, RXR has a multi-billion credit platform that leverages its real estate expertise to originate and acquire commercial real estate loans. RXR’s geographical footprint includes the New York metropolitan region and many of the nation’s fastest-growing markets, including Phoenix, Denver, Dallas, Raleigh, and Tampa.

ABOUT IVANHOÉ CAMBRIDGE

Ivanhoé Cambridge, the real estate portfolio of CDPQ, a global investment group with C$ 452 billion in assets, is built worldwide through strategic partnerships and market leading real estate funds. Ivanhoé Cambridge holds interests in more than 1,500 buildings, primarily in the logistics, residential, office and retail sectors. As of December 31, 2023, it held C$ 77 billion in gross real estate assets.

Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies globally. It does so responsibly and is committed to creating living spaces that foster the well-being of people and communities, while reducing their environmental footprint.

For more information: cdpq.com / ivanhoecambridge.com

– 30 –

For more information

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Novo Holdings co-leads €32 million Series A for Coave Therapeutics to advance pipeline of next-generation genetic medicines

Novo Holdings

Coave Therapeutics (‘Coave’), a biotechnology company focused on developing genetic medicines, today announced its €32 million ($33 million) Series A financing. The financing was co-led by Novo Holdings A/S and Bpifrance, with participation from Invus and UI Investissement, alongside existing investors Seroba Life Sciences, Fund+, Kurma Partners, Omnes Capital and Turenne Capital.

The financing will enable Coave to advance its proprietary ALIGATER™ (Advanced Vectors-Ligand Conjugates) platform, a breakthrough technology addressing key limitations in the delivery of genetic payloads to extra-hepatic tissues, including limited tissue specificity, delivery efficiency and safety.

ALIGATER™ enables conjugation of targeting ligands, such as small molecules, peptides, or antibody fragments, on AAV or non-viral vectors, offering superior delivery efficiency, tissue specificity and safety profile for a broad range of diseases.

The platform streamlines the manufacturing process by avoiding prior AAV capsid modifications. These capabilities could enable Coave to develop best-in-class genetic medicines designed for specific indications.

Further, the funding enables Coave to advance its lead pre-clinical assets towards clinical development, with a primary focus on the central nervous system (CNS), neuromuscular and eye diseases. Coave plans to advance two development candidates to CTA/IND-enabling studies in 2026.

“We are delighted to welcome this group of top-tier investors who share our vision for the ALIGATER™ platform. This funding is a critical milestone for Coave as we work to develop a new generation of targeted, safer, and more efficacious genetic medicines,” said Rodolphe Clerval, CEO of Coave. “It also reinforces our ability to expand collaborations with pharma and biotech partners, driving innovation in the field of genetic medicines for a broad range of diseases.”

Emmanuelle Coutanceau, Partner at Seed Investments, Novo Holdings, commented: “Coave’s unique technology platform, strong proof-of-concept data, and experienced team, position it at the forefront in the development of new generations of genetic medicines. Further, we are pleased to see Coave leveraging the strength of the Novo Holdings life science network by acquiring one of our early-stage companies operating in stealth mode. We are excited to announce this significant step in expanding Coave’s global footprint, with Denmark serving as a stepping stone in its international growth.”

“Coave, with its ALIGATER™ platform for creating a new class of targeted genetic medicines, has the potential to deliver groundbreaking new treatments to patients in need,” said Jean-François Morin, Investment Director at Bpifrance – InnoBio Funds. “With this Series A financing and a top-tier team, Coave will be able to progress its pipeline of internal programs.”

In connection to the financing, Emmanuelle Coutanceau and Jean Francois Morin will join Coave’s Board of Directors.

About Coave Therapeutics
Coave Therapeutics is a genetic medicine company pioneering the development of innovative solutions to enhance the precision, safety, efficacy and manufacturability of genetic medicines. With its proprietary ALIGATER™ platform, Coave is at the forefront of addressing challenges in gene therapy delivery to extra-hepatic tissues, creating a robust pipeline targeting CNS, neuromuscular and eye diseases.

Headquartered in Paris, France, Coave Therapeutics is backed by leading international life sciences investors. For more information about the science, pipeline, and people, please visit coavetx.com and follow us on LinkedIn.

About Bpifrance and InnoBio funds
Bpifrance is the French national investment bank: it finances businesses – at every stage of their development – through loans, guarantees, equity investments and export insurance. Bpifrance also provides extra financial services (training, consultancy) to help entrepreneurs meet their challenges (innovation, export). InnoBio funds are investment funds dedicated to the life sciences, managed by Bpifrance, which is also one of the LPs alongside pharmaceutical companies and institutional investors. These funds aim to invest in companies developing innovative products, close to or in early clinical development, with the objective of bringing them to clinical proof of concept. InnoBio funds take minority equity stake in companies and can lead or co-lead the investment rounds. For more information, please visit: www.bpifrance.com

Further information

Novo Holdings
Marie-Louise Jersin, Senior Lead, Public Relations
maj@novo.dk

 

Coave Therapeutics 
Rodolphe Clerval, CEO
contact@coavetx.com

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Conscia continues European expansion with acquisition in Belgium

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Nordic Capital

With the acquisition of Silta, Conscia makes a market entry into Belgium, continuing its pan-European expansion to support customers across the Benelux region. In addition to a wider geographical footprint, the acquisition strengthens Conscia’s customer value proposition within cybersecurity, managed services, and hybrid cloud.

“We are delighted to welcome Silta to Conscia as our gateway to the Belgian market, aligning with our strategy to position Conscia as a pan-European player. Silta shares our focus on high expertise within key technology areas. Moreover, their customer focus, business model, and values mirror ours,” says Group CEO Erik Bertman, Conscia.

Based in Antwerp, Belgium, Silta is a medium-sized technology company founded in 2018 with expertise in secure, connected, and managed hybrid cloud solutions and services. The company is renowned for its strong customer base and team of 20 skilled professionals.

“At Conscia Netherlands, we have looked for a way into Belgium for some time and are happy to have found a great match with Silta. They have built a rock-solid reputation in Belgium with customers in public, industry and service sectors. Our products and services complement each other effectively, and we see many opportunities for our value proposition in the Belgian market, which is characterized by a few very large organizations and many smaller players,” says Marcel Cappetti, General Manager at Conscia Netherlands.

All employees at Silta will collaborate closely with their Dutch colleagues, fostering knowledge exchange and providing customer support in the Benelux region.

“For many years, Silta has been a valued strategic IT partner for our customers in Flanders. We have been able to distinguish ourselves through our high level of knowledge of cybersecurity, managed services and cloud, and our strategic collaboration with leading technology partners. Together with Conscia, we are entering a new phase of growth for our organization, customers and employees,” says Gunter Van de Cauter, Sales Director, Silta.

Silta will continue as Conscia Belgium. The current directors of Silta, Gunter Van de Cauter and Ronnie Dibbaut, will continue to lead the organization and are the first point of contact for customers and partners in Belgium as part of the management team of the newly established Benelux organization.

Conscia has made 21 acquisitions in nine European geographical markets since 2013. The parties have agreed not to disclose financial details of the transaction.

For further information, please contact:
Group Chief Sales & Marketing Officer Daniel Siberg, Conscia
+46 734 082 778, dasi@conscia.com.

About Silta
Silta is an IT specialist based in the port of Antw

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Yingling Aviation Acquires Global Engineering & Technology, Inc.

Ae Industrial Partners

cquisition further expands Yingling’s strategic footprint in Wichita, KS with additional capacity and strong expertise across the full spectrum of aircraft interior services

WICHITA, Kan.–(BUSINESS WIRE)–Yingling Aviation (“Yingling”), a leading, full-service provider of maintenance, repair, and overhaul (MRO) and fixed-base operation (FBO) services to business and general aviation aircraft, today announced that it has acquired Global Engineering & Technology, Inc. (“GETI”), an aircraft interiors service provider based in Wichita, Kansas. The financial terms of the transaction were not disclosed.

Founded in 1991, GETI specializes in aircraft interior design and restoration and has fabricated interiors for over 4,500 business aircraft to-date. With this acquisition, Yingling will gain access to GETI’s proven capabilities and track record of excellence across the full spectrum of aircraft interior repair and design services, including cabinet restoration, upholstered panel recovering, new furniture production, and seat recovering and refurbishment. Additionally, Yingling will continue to expand its Wichita footprint, with GETI’s over 60,000 square feet of facility space further strengthening capacity for growth.

“Integrating GETI into our operations will allow us to greatly increase our scope of work for interior renovations while accelerating client turnaround times,” said Bob Rasberry, CEO, Yingling Aviation. “Having collaborated closely with GETI over the years, we have firsthand knowledge of the quality of their team and its outstanding reputation across the industry.”

“Together, we have the potential to unlock real synergies by combining our knowledge and experience in interior fabrications with Yingling’s deep maintenance and repair expertise,” said Kurt Smith, President of GETI. “We look forward to working closely with the Yingling team as we integrate our organizations, diversify our customer base, and bring our comprehensive capabilities to market.”

“The acquisition of GETI marks another milestone in our strategy to build a unique independent MRO platform with deep operating experience and technical expertise to serve the business aviation market,” added Jon Nemo, Managing Partner at AE Industrial Partners. “The range of services GETI provides is a natural complement to Yingling’s MRO business and will allow us to unlock new growth opportunities together.”

About Yingling Aviation

Yingling is a full-service maintenance, repair, and overhaul (MRO) and fixed-base operations (FBO) business located at Dwight D. Eisenhower airport in Wichita, Kansas. Yingling has extensive capabilities from nose to tail, including airframe maintenance, avionics, interiors, paint, propellers, and parts sales in support of a diverse range of business and general aviation airframes. Learn more at www.yinglingaviation.com.

About Global Engineering & Technology, Inc.

Global Engineering & Technology, Inc. (GETI) is a premier provider of aircraft interior solutions based in Wichita, Kansas. Offering the industry’s most versatile and luxurious selection of custom furniture, cabinetry, and upholstery, GETI specializes in enhancing and modifying aircraft interiors. Committed to quality and innovation, the company excels in both new cabin installations and refurbishments, delivering tailored solutions that meet each client’s unique needs.

About AE Industrial Partners

AE Industrial Partners is a private investment firm with $5.6 billion of assets under management focused on highly specialized markets including national security, aerospace and industrial services. AE Industrial Partners has completed more than 130 investments in market-leading companies that benefit from its deep industry knowledge, operating experience, and network of relationships across the sectors where the firm invests. With a commitment to driving value creation in partnership with the management teams of its portfolio companies, AE Industrial Partners invests across private equity, venture capital, and aerospace leasing.

Media Contact:
Stanton Public Relations
Matthew Conroy
(646) 502-3563
aeroequity@stantonprm.com

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IK opens Munich office and promotes three to Partner

IK Partners

IK Partners (“IK” or “the Firm”), a leading European private equity firm, is pleased to announce that it has opened a new office in Munich, Germany as part of its ongoing commitment to investing in the DACH region.

The Munich office will be led by Joachim Dettmar, Partner within IK’s Operations Team and Adrian Tanski, who has been promoted to Partner and sits within the Partnership Fund team. Previously based in IK’s Hamburg office, Adrian joined the Firm as an Associate Director in the DACH Mid Cap team in 2018, where he was involved in a range of transactions, including the exit of KLINGEL Medical Metal in 2023 as well as the acquisitions of MÜPRO in 2022 and CONET in 2021.

IK’s Partnership Fund strategy was launched in 2019 and targets larger, more established businesses at the higher end of the mid-market. IK invests alongside existing owners or new partners through minority positions.

In addition, IK is delighted to announce two further promotions to Partner across the Firm’s Hamburg and London offices:

  • Ingmar Bär – Development Capital Investment Team, Hamburg
  • Alexandra Kazi – Finance and Administration Team, London

Christopher Masek, Chief Executive Officer at IK, commented: “After what has been another very successful year for IK, we are delighted to celebrate the contributions of Adrian, Ingmar and Alexandra, whose commitment and efforts have been recognised through their promotions to the Partner Group. Furthermore, we are reinforcing our well-established base in the DACH region with the opening of a new office in Munich, helping to cement our position as one of the leading partners to European small and medium-sized enterprises.”

Adrian Tanski, Partner at IK, commented: “I am thrilled to be heading up IK’s new Munich office, together with Joachim, to strengthen our presence in the dynamic and attractive DACH market. Munich’s thriving economy, strong industrial base and access to high-calibre talent make it an ideal location for expanding our reach and originating exciting investment opportunities.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

ENDS

Adrian Tanski

  • Adrian Tanski joined IK in 2018 and is the Partner responsible for the DACH Partnership Fund Investment team, based in Munich.
  • He specialises in the Industrials sector and has been involved in several Mid Cap and Partnership Fund transactions across the DACH region.
  • Prior to joining IK, Adrian worked at Emeram Capital Partners, having gained an MBA from London Business School as well as a BA in Business Administration from the University of St. Gallen.
  • In addition to his professional skills, Adrian is an accomplished concert pianist.

Ingmar Bär

  • Ingmar Bär joined IK in 2018 and is the Partner responsible for the DACH Development Capital Investment team, based in Hamburg.
  • He has been involved in several Small Cap and Development Capital transactions across the DACH region.
  • Prior to joining IK, Ingmar worked at Triton Partners, having gained an MBA from INSEAD, a MSc in Finance from Bocconi University and a MSc in Accounting from Rotterdam School of Management.

Alexandra Kazi

  • Alexandra Kazi joined IK in 2017 and is the Partner responsible for Tax, Legal and Corporate Operations at IK.
  • She has responsibility for structuring matters across IK, its funds and transactions, as well as oversight of tax reporting, governance and various operational initiatives.
  • Prior to joining IK, Alexandra was employed at PwC, having qualified as an ACA Accountant and gained a BSc in Economics and Chinese Studies from the University of Nottingham.

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €17 billion of capital and invested in more than 195 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

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Ardian launches a Continuation Fund with Syclef to support its next phase of growth

Ardian

Ardian, a world-leading private investment house, announces the successful closing of a newly formed Continuation Fund for Syclef, a leading European firm specializing in the installation and maintenance of refrigeration and air conditioning systems.

Representing Ardian’s first Private Equity Continuation Fund, this fund will be managed by Ardian and capitalized by Eurazeo as senior lead investor and Astorg as co-lead investor, following a competitive auction process. The fund comprises commitments from existing investors of Ardian Expansion Fund V and new investors, alongside a significant equity contribution from both Syclef’s Management team, and the Expansion team. The Continuation Fund includes substantial additional capital to further support Syclef’s organic growth plan and acquisition pipeline.

Since Ardian’s investment in November 2020, Syclef has continued to demonstrate outstanding performance. The company has consolidated its market position in France while successfully pursuing its M&A strategy internationally. Today, the Group is recognized as a key player in the energy transition, supporting its customers in the installation of custom-designed natural fluid systems across the refrigeration and air conditioning markets.

Ardian will support the company’s next phase of growth, enabling Syclef to further pursue its international expansion and support the refrigeration and air conditioning industries in transitioning to more efficient natural fluids, allowing Syclef’s clients to improve their energy efficiency and reduce environmental impact.

“We are very proud to have completed the first Private Equity Continuation Vehicle of Ardian with close to 50% of new LPs. It is a great recognition of the Expansion team’s investment strategy to support visionary entrepreneurs in mission-critical companies.” François Jerphagnon, Executive President of Ardian France and Head of Expansion, Ardian

“We are delighted to extend our collaboration with Syclef and the Group’s Management team. We are confident that the extension of this strategic partnership will enable Syclef to pursue its continuing growth trajectory across Europe and further establish itself as a European leader in natural fluids refrigeration and air conditioning systems.” Marie Arnaud-Battandier, Managing Director Expansion, Ardian

“We are delighted to renew our support for Syclef in this next phase of its development. Syclef is now recognized as a key player driving the energy transition across the high-growth refrigeration and air conditioning sectors.” Arthur de Salins, Managing Director Expansion, Ardian

“The entire Management team is delighted to renew its partnership with Ardian’s Expansion team. With Ardian’s support, Syclef has become a much more diversified player geographically. The Group has broadened its offer to the market and is in a stronger position both in financial and extra-financial terms. Thanks to its local presence across Europe and strong expertise in business services, Ardian will be a valuable asset in the ambitious next phase of the Group’s development.” Hervé Lohéac, Chairman, Syclef

LIST OF PARTICIPANTS

  • Participants

    • Ardian : Marie Arnaud-Battandier, Arthur de Salins, Thomas Grétéré, Badr M’haidra
    • Eurazeo: Christophe Simon, Amine Rais, Théo Charpentier, Mahdi Benerradi
    • Astorg: Sebastiaan van den Berg, Michal Lange, Ben Deanfield, Chuck Sandilya

  • Continuation fund

    • Advisor: Lazard Private Capital Advisory (Marion Cossin, Jérôme de Vienne, Thibault Principaud)
    • Fund Lawyers: Clifford Chance (Xavier Comaills, Elodie Cinconze, Alexandre Gardini, Laura Ferrier
    • Corporate Lawyers: Latham & Watkins (Olivier du Mottay, Louise Gurly)
    • Financing Lawyers: Latham & Watkins (Xavier Farde, Carla-Sophie Imperadeiro)
    • Strategic Due Diligence: LEK (David Danon-Boileau, Charles Petracco, Pierre Demuyt)
    • Financial Due Diligence: KPMG (Olivier Boumendil, Benjamin Patte)
    • Legal, Tax and Social Due Diligence: Delaby & Dorison (Emmanuel Delaby, Romain Hantz, Romain Bellamy); GCA (Thomas Brillet)
    • Alexandre Gaudin, Guillaume Oger, Athida Nhouyvanisvong); Valoren (Virginie Lockwood)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT SYCLEF

Founded in 2003, Syclef is a leading European player in the installation and maintenance of refrigeration systems. The Group is specialized in medium and large refrigeration installations, in industrial refrigeration (logistics platforms, storage warehouses, food processing, etc.), commercial refrigeration (supermarkets, convenience stores, etc.) and air conditioning. The Group’s customer base relies on Syclef to manage its complex and critical refrigeration systems. The Group benefits from a key player position in the energy transition, using innovative sustainable technologies such as natural refrigerant fluids.

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Nordic Capital-backed Cary Group expands into France through acquisition of 123 Pare-Brise

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Nordic Capital

Cary Group, a European market leader in vehicle glass repair and replacement (VGRR) services, has signed an agreement to acquire 51% of the French company 123 Pare-Brise, a leading independent VGRR specialist in France.

Founded in 2020 and headquartered in Marquette-lez-Lille and Bourgoin-Jallieu, 123 Pare-Brise operates a network of 129 owned workshops across France. The acquisition provides Cary Group with a strategic entry into the French VGRR market, which has significant size and growth potential. As a leading player in the French market, 123 Pare-Brise operates with a fully integrated network of workshops and a business model that is focused on direct-to-consumer sales. The company employs just under 900 employees with total sales of approximately 100 MEUR.

“The acquisition of 123 Pare-Brise is a significant milestone for Cary Group as we continue to expand our presence in Europe. The French market for repair, replacement and calibration of vehicle glass is an important part of the European market. The acquisition of 123 Pare-Brise is a natural step in our consolidation journey and strengthens Cary Group’s position in Europe. We are impressed by the strong growth of the company, the exceptional quality of their services and workshop network and we look forward to working closely with their talented team“, says Anders Jensen, CEO of Cary Group.

“We are excited to join forces with Cary Group, a company that shares our commitment to quality and customer satisfaction. This partnership will enable us to leverage Cary Group’s resources and expertise to further enhance our services and expand our reach in the French market”, says Norbert Sibert, Alberic Bienvenu and Ludovic Vaesken, founders of 123 Pare-Brise.

The current management team of 123 Pare-Brise, will remain in place to ensure continuity and drive the company’s growth post-acquisition.

Cary Group’s acquisition strategy focuses on platform acquisitions to enter new geographic markets, add-on acquisitions to strengthen its presence in existing markets, and smaller acquisitions to improve its footprint and achieve additional scale. Over the past four years, Cary Group has made several key platform acquisitions, including Autoglass Clinic and Touring Glass in Belgium, Dansk Bilglas in Denmark, Autoglas in Luxemburg, Expressglass in Portugal, Auto Cristal Ralarsa in Spain, and Zentrale Autoglas in Germany. These acquisitions have not only increased revenue but also established Cary Group in new markets, contributing to the consolidation of the highly fragmented European VGRR market.

For further information, please contact:

Helene Gustafsson, Head of Corporate Communication, Cary Group
Tel: +46 70 868 40 50
Email: Helene.gustafsson@carygroup.com

 

About Cary Group
Cary Group specialises in sustainable solutions for vehicle glass repair and replacement, with a complementary offering in vehicle damage repair. With good accessibility, high-quality products and smart solutions, we help our customers make simplified and sustainable choices. We call it Smarter solutions for sustainable car care. For more information, please visit www.carygroup.com.

 

About 123 Pare-Brise

Founded in May 2020 by industry experts, 123 Pare-Brise is a French brand specializing in the repair and replacement of all types of auto glass. With fast, reliable and accessible services, it has established itself as a benchmark player in France. 123 Pare-Brise is based in the Hauts-de-France and Auvergne Rhône Alpe regions of France and relies on a branch network to guarantee consistent quality of service in all its centres. With its strong workforce, the company will have 130 centres by early 2025 and has a clear ambition: to become the leading independent integrated network in France.

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Smartfin closes third growth fund at €250 million with backing from EIF

Smartfin

investments in Europe’s leading B2B technology scale-ups

  • Smartfin closes its fifth fund (and third growth fund) at its €250m target.
  • Backers of the new fund include returning private and institutional investors as well as new ones, including for the first time the European Investment Fund through its ESCALAR program.
  • The new fund enables the firm to double down on investing in Europe’s most promising B2B technology companies, with now more than €600m in total investment commitments.
  • Two recent investments with the new fund, dubbed Smartfin Capital III, have already been announced: CrazyGames and Emma.

Brussels, Belgium – 9 January 2025: Smartfin, a leading growth equity investor in European B2B technology companies, has successfully closed its third growth fund at its €250 million target.

This fund marks a significant milestone for the firm, with an introductory participation of the European Investment Fund (EIF) through its ESCALAR program to address the financing gap experienced by European high-growth companies.

The closure of its third growth fund brings Smartfin’s total investment commitments to over €600 million, only a decade after its founding in 2014.

The successful fundraise, notably in challenging market conditions, underscores the trust and confidence of both new and returning investors in Smartfin’s investment strategy and track record.

The new fund, dubbed Smartfin Capital III, will focus on growth-stage B2B technology companies across Europe, furthering Smartfin’s commitment to supporting transformative tech scale-ups that drive innovation and deliver long-term value.

Smartfin has already made its first two investments with the new fund: CrazyGames (a global browser-based casual gaming platform) and Emma (a leading multi-cloud management platform designed to streamline and optimize cloud infrastructure).

A Proven Track Record of Success

Smartfin Capital III is the firm’s fifth fund, building on the success of its two early-stage funds (Smartfin Ventures I & II) and two prior growth funds (Smartfin Capital I & II). In the past decade, Smartfin has established itself as a key player in the European tech ecosystem, with a portfolio of innovative companies that span multiple sectors.

Notable active and past investments across its funds include Deliverect, a leading provider of food delivery integration software; Bright Analytics, a consolidated management reporting platform;  Recharge, a global one-stop-shop branded payments platform; Hex-Rays, a specialist in reverse engineering software; Zivver, a secure communications platform for email, video and file sharing; Silverfin, a cloud-based platform transforming accounting workflows acquired by Visma; Theo Technologies, a global leader in video streaming technology acquired by Dolby; Newtec, a pioneer in satellite communications acquired by ST Engineering; and UnifiedPost, a publicly listed fintech company revolutionizing invoicing and payments for SMEs.

For more information on our portfolio, please visit https://smartfinvc.com/portfolio/.

These investments demonstrate Smartfin’s ability to identify and support exceptional growth companies, helping them scale and succeed in competitive markets. Smartfin’s approach combines strategic guidance, operational expertise, a long-term view and access to an extensive network, ensuring that portfolio companies are well-positioned to achieve their growth ambitions.

“This successful fundraise reflects the strength of our team and the confidence our investors place in us.” said Jürgen Ingels, Founding Partner of Smartfin. “The partnership with EIF, through the ESCALAR program, is an international quality stamp that reaffirms our commitment to backing exceptional entrepreneurs and fostering innovation in Europe’s B2B technology ecosystem. We are excited to continue building on our strong track record and scaling the next generation of tech leaders.”

EIF Partnership: A Stamp of Quality

The inaugural participation of the EIF in Smartfin Capital III through its ESCALAR program represents a significant endorsement of Smartfin’s investment philosophy and performance.

ESCALAR, established by EIF to provide growth financing to high-potential funds and companies, will enable Smartfin to expand its impact and support more promising ventures across Europe, while at the same time providing a stepstone in further institutionalizing its operations.

“Investing in scale-ups and technology is not just about fostering innovation; it’s about empowering the next generation of leaders who will drive Europe’s economic growth and global competitiveness. With Smartfin we want to support an innovation ecosystem where European technology companies and entrepreneurship can thrive,” commented Marjut Falkstedt, EIF Chief Executive.

About Smartfin

Smartfin is a European venture and growth capital investor, managing over €600 million in investment commitments and investing in early and growth-stage B2B technology companies. Smartfin has an open-ended investment philosophy and invests throughout Europe. Smartfin’s team combines a successful venture capital and private equity investment track record with extensive operational experience in setting up, building, and managing leading international technology companies. This differentiates Smartfin as an experienced and entrepreneurial, truly hands-on and value-added partner to its portfolio companies. For more info, please visit https://www.smartfinvc.com.

About EIF

The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe’s micro, small and medium-sized enterprises (SMEs) by helping them to access finance. The EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, the EIF fosters EU objectives in support of sustainability, innovation, research and development, entrepreneurship, growth and employment. For more info, please visit https://www.eif.org/index.htm.

 

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FTV Capital Completes Record $4.05 Billion Growth Equity Fundraise

FTV Capital

FTV VIII-Ascend_hero

Oversubscribed eighth flagship fund at $3.4 billion and inaugural Ascend fund at $651 million bring FTV’s total capital raised to over $10.2 billion. Alongside fundraise, FTV elevates and expands leadership team with new promotions.

NEW YORK & SAN FRANCISCO – FTV Capital, a prominent sector-focused growth equity investment firm, today announced the successful completion of its latest growth equity fundraise with $4.05 billion in capital commitments. Spanning two complementary funds – its eighth flagship fund, FTV VIII, and a new vehicle dedicated to smaller investments, FTV Ascend I (“Ascend I”) – the new capital allows FTV to deepen and expand its approach to supporting innovative, high-growth companies with equity checks ranging from $20 million to $300 million while maintaining a concentrated portfolio of investments in its funds. With this fundraise, FTV has raised over $10.2 billion, invested over $6.7 billion in 149 portfolio companies and realized over $7.4 billion since the firm was founded in 1998.

FTV VIII closed oversubscribed at $3.4 billion, surpassing its target and closing well-above FTV VII, its predecessor fund, which closed at $2.35 billion in March 2022. Ascend I closed oversubscribed at $651 million, also surpassing its target. Both funds will make control and minority equity investments in companies across the enterprise and financial technology landscape – areas where the firm has deep experience and expertise built over multiple decades. FTV VIII will target investments ranging from $60 million to $300 million, partnering with management teams to accelerate growth and expansion, and Ascend I will take the same approach with check sizes ranging from $20 million to $60 million.

“On behalf of the FTV partnership, I want to thank our colleagues, limited partners, portfolio companies, Global Partner Network® executives and countless collaborators in our extended network for their continued support as we carry forward the mission we’ve advanced for over 26 years – partner with the most visionary entrepreneurs who are shaping global industries and help them achieve their ambitious growth objectives,” said Brad Bernstein, managing partner at FTV Capital. “Since our founding, we’ve developed a distinctive model to support management teams – combining our flexible capital, deep domain expertise, expansive Global Partner Network® and value creation resources – rooted in the promise to build collaborative, long-term partnerships. Our strong results are a testament to our focus and the talented team members at FTV who relentlessly strive to be the very best champions for entrepreneurs. As growth equity plays an increasingly vital role in the innovation ecosystem, we’re thrilled to launch Ascend I alongside our flagship fund so that we can support more entrepreneurs across a broader equity check spectrum while ensuring that every FTV portfolio company benefits from the breadth and depth of our platform.”

The close of this fundraise follows a year of record momentum and results for FTV. In 2024, the firm deployed a record $1.6 billion and generated over $1.0 billion in realizations. New investments include Arden, BillingPlatform, Kore.ai, Orbus Software, ParkHub, VALD and Zema Global. Significant realizations include Agiloft, Docupace, Egress and Tango Card. FTV VIII and Ascend I are also off to a strong start with two announced investments in FTV VIII, including Orbus Software and Windward, and several soon-to-be-announced investments in both funds.

“In what’s been a challenging fundraising environment for many GPs, we are grateful for the overwhelming support from existing and new limited partners for both the next vintage of our flagship fund and the debut of Ascend I,” said Karen Derr Gilbert, partner and chief operating officer at FTV Capital. “Our limited partners share our conviction in FTV’s disciplined investing approach and our strong track record across market cycles. We look forward to putting this capital to work to generate exceptional outcomes for our investors and portfolio companies alike.”

With this fundraise, FTV announced the expansion of its leadership team with several promotions, including: 

  • Karen Derr Gilbert, who joined FTV in 1999 and became partner in 2013, will assume an expanded leadership role as partner and chief operating officer, in which she will lead strategic initiatives to help effectively drive the firm’s growth. Gilbert has been instrumental in leading FTV’s successful fundraising efforts and the institutionalization of its Global Partner Network. 
  • Mike Cichowski, who joined the firm in 2023 as a partner, was named co-head of FTV Ascend. Cichowski leads investments in financial technology and services. 
  • Alex Malvone was promoted to partner and co-head of FTV Ascend, alongside Cichowski. Malvone has been with FTV since 2013 and leads investments in enterprise technology and services with involvement in notable investments including EBANX, LogicSource, Paddle and RapidRatings. 
  • Brent Fierro was promoted to partner. Fierro has been with FTV since 2013 and leads investments in financial technology and services with involvement in notable investments including Enfusion, Lean Solutions Group, Masttro and Zema Global. 
  • Paul Cabral, chief financial officer, was promoted to partner. Since joining FTV in 2023, Cabral has had a significant impact on the firm’s financial operations and investor reporting. 

Kirkland & Ellis LLP served as fund counsel. 

About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised more than $10.2 billion to invest in innovative, high-growth companies across two sectors: enterprise technology and services and financial technology and services. Founded in 1998, FTV has developed a highly differentiated and disciplined growth equity model, which leverages the firm’s deep domain expertise and thematic investing approach to help portfolio companies accelerate growth. FTV also provides companies with access to its Global Partner Network®, a strategic group of more than 600 executives from many of the world’s leading financial services firms and FTV Propel®, an in-house team of seasoned operational leaders who deliver counsel and resources across a range of critical business functions. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

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