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GFL Environmental Inc. Announces Agreement to Sell Environmental Services Business Valued at $8.0 Billion

Apollo logo
  • $8.0 billion valuation significantly exceeds management’s initial expectations
  • Proceeds to be used to repay up to $3.75 billion of debt and for opportunistic share repurchases of up to $2.25 billion
  • Transaction allows GFL to roll $1.7 billion of equity in a tax efficient structure allowing for significant future value accretion
  • Pro forma Net Leverage(1) of 3.0x creates greater financial flexibility and accelerates path to investment grade
  • Reduces annualized cash interest by approximately $200 million, significantly improving Adjusted Free Cash Flow1 conversion
  • Maintains synergies between Environmental Services and Solid Waste businesses

VAUGHAN, ON, Jan. 7, 2025 /PRNewswire/ – GFL Environmental Inc. (NYSE: GFL) (TSX: GFL) (“GFL” or the “Company”) today announced that it has entered into a definitive agreement (the “Transaction Agreement”) with funds managed by affiliates of Apollo (NYSE:APO) (the “Apollo Funds”) and BC Partners (the “BC Funds”) for the sale of its Environmental Services business for an enterprise value of $8.0 billion (the “Transaction”). GFL will retain a $1.7 billion equity interest in the Environmental Services business and expects to realize cash proceeds from the Transaction of approximately $6.2 billion net of the retained equity and taxes.

GFL intends to use up to $3.75 billion of the net proceeds from the Transaction to repay debt, making available up to $2.25 billion for the repurchase of GFL shares, subject to market conditions, and the balance for transaction fees and general corporate purposes. Net Leverage (1), pro forma for the planned use of proceeds, is expected to be 3.0x.

“The sale of our Environmental Services business at an enterprise value of $8.0 billion is substantially above our initial expectations and is a testament to the quality of the business that we have built,” said Patrick Dovigi, Founder and Chief Executive Officer of GFL. “The transaction will allow us to materially delever our balance sheet which will accelerate our path to an investment grade credit rating. A deleveraged balance sheet will provide ultimate financial flexibility to deploy incremental capital into organic growth initiatives and solid waste M&A and allow for a greater return of capital to shareholders through opportunistic share repurchases and dividend increases, while maintaining a targeted Net Leverage (1) in the low 3’s.”

Mr. Dovigi continued, “The transaction allows us to monetize the Environmental Services business in a tax efficient manner while retaining an equity interest that will allow us to participate in what we expect to be continued value creation from these high-quality assets. In addition, GFL will maintain an option, not an obligation, to repurchase the Environmental Services business within five years of closing.”

“The repayment of debt is expected to reduce our annualized cash interest expense by approximately $200 million, resulting in significantly improved free cash flow conversion,” added Mr. Dovigi. “We will provide more details on the financial impact of the transaction when we report our 2024 full year results in February and host our Investor Day on February 27 at the New York Stock Exchange.”

Mr. Dovigi concluded, “After a long, robust and highly competitive process, we are excited to have selected the Apollo Funds and BC Funds to partner with on this transaction. We have a long-standing relationship with BC Partners, to whom we have delivered significant returns on their capital. We also look forward to working with Apollo, a leading alternative asset manager, with deep expertise and a demonstrated track record of value creation for its stakeholders.”

Craig Horton, Partner at Apollo, said, “GFL Environmental Services is a leading North American provider of increasingly essential industrial and waste management services, with a broad customer base and exposure to attractive and growing end markets. We believe this transaction will provide the Environmental Services business with greater flexibility to pursue organic and inorganic growth opportunities as an independent business, while also taking advantage of the strategic, value-added resources and structuring capability of the Apollo platform. This is a great example of partnership capital from the Apollo Funds, including our Hybrid Value and Infrastructure strategies, and we look forward to working with the talented management team as well as GFL and BC Partners to accelerate growth and drive value creation.”

Paolo Notarnicola, Partner and Co-Head of Services at BC Partners added, “Our long and successful relationship with Patrick and the GFL team underlines BC Partners’ true partnership approach, supporting entrepreneurial leaders at high-growth businesses in defensive sectors to scale and grow. Under Patrick’s leadership we have seen GFL’s Environmental Services business grow from a small franchise in Ontario in 2018 to a leading operator with over $500 million in Adjusted EBITDA. Going forward, we are excited about the growth potential of this business, which is best placed to capitalize on the significant consolidation opportunity in the environmental services industry, including further expansion in the United States. In addition, we look forward to working with the management team of GFL Environmental Services and our partners at GFL and Apollo to accelerate the delivery of the margin-enhancing and growth opportunities we have identified together.”

Pursuant to the Transaction Agreement, GFL will retain a 44% equity interest in the Environmental Services business and the Apollo Funds and BC Funds will each hold a 28% equity interest. The Transaction is expected to close in the first quarter of 2025 and is subject to certain customary closing conditions. The Transaction is not subject to any financing conditions.

GFL’s board of directors (interested directors having recused themselves) unanimously approved the Transaction upon the recommendation of a special committee comprised solely of independent and disinterested directors (the “Special Committee”).  In arriving at its unanimous recommendation that the Transaction is in the best interests of the Company, the Special Committee considered several factors, including among other things, a fairness opinion delivered to it by its independent financial advisor, Canaccord Genuity Corp., that the consideration to be received under the Transaction is fair to the Company from a financial point of view.

Brown, Gibbons, Lang & Company Securities, Inc. and J.P. Morgan Securities LLC served as financial advisors and Latham & Watkins LLP and Stikeman Elliott LLP served as legal counsel to GFL in connection with the Transaction. Canaccord Genuity Corp. served as independent financial advisor and Cassels Brock & Blackwell LLP served as legal counsel to the Special Committee in connection with the Transaction.

In connection with the Transaction, Sidley Austin LLP served as legal counsel to the Apollo Funds in the United States, Kirkland & Ellis LLP served as legal counsel to BC Partners in the United States and Osler, Hoskin & Harcourt LLP served as legal counsel to the Apollo Funds and BC Partners in Canada.

Further details regarding the Transaction are set out in the Transaction Agreement which will be made available on the Company’s profile on EDGAR at www.sec.gov and SEDAR+ at www.sedarplus.ca. The description of the Transaction in this press release is a summary only and is qualified in its entirety by the terms of the Transaction Agreement.

(1) A non-IFRS measure; see “Non-IFRS Measures” for an explanation of the composition of non-IFRS measures. Due to the uncertainty of the likelihood, amount and timing of effects of events or circumstances to be excluded from these measures, GFL does not have information available to provide a quantitative reconciliation of such projections to comparable IFRS measures.

Conference Call

The Company will hold a conference call to discuss the Transaction on January 7, 2025 at 8:30 am Eastern Time. A live audio webcast of the conference call can be accessed by logging onto the Company’s Investors page at investors.gflenv.com or by clicking here or listeners may access the call toll-free by dialing 1-833-950-0062 in Canada or 1-833-470-1428 in the United States (access code: 212213) approximately 15 minutes prior to the scheduled start time.

The Company encourages participants who will be dialing in to pre-register for the conference call using the following link: https://www.netroadshow.com/events/login?show=11c9d06b&confId=76038. Callers who pre-register will be given a conference access code and PIN to gain immediate access to the call and bypass the live operator on the day of the call. A copy of the presentation for the call will be available at investors.gflenv.com.

About GFL

GFL, headquartered in Vaughan, Ontario, is the fourth largest diversified environmental services company in North America, providing a comprehensive line of solid waste management, liquid waste management and soil remediation services through its platform of facilities throughout Canada and in more than half of the U.S. states. Across its organization, GFL has a workforce of more than 20,000 employees.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately USD $733 billion of assets under management. To learn more, please visit www.apollo.com.

About BC Partners

BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today, BC Partners’ integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: Healthcare, TMT, Services & Industrials, and Food. Since its foundation, BC Partners has completed over 120 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund. For further information, please visit bcpartners.com.

Forward-Looking Statements

This release includes certain “forward-looking statements” and “forward-looking information” (collectively, “forward-looking information”), within the meaning of applicable U.S. and Canadian securities laws, respectively, including statements relating to the expected financial and other benefits of the Transaction to GFL and its shareholders (including the expected timing of closing), as well as GFL’s expected use of proceeds, credit rating profile, growth plans and leverage. Forward-looking information includes all statements that do not relate solely to historical or current facts and may relate to our future outlook, financial guidance and anticipated events or results and may include statements regarding our financial performance, financial condition or results, business strategy, growth strategies, budgets, operations and services. Particularly, statements regarding our expectations of future results, performance, achievements, prospects or opportunities, the markets in which we operate, potential asset sales, potential deleveraging transactions, potential share repurchases or potential strategic transactions are forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “budget”, “scheduled”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “strategy”, “intends”, “anticipates”, “does not anticipate”, “believes”, or “potential” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”, although not all forward-looking information includes those words or phrases. In addition, any statements that refer to expectations, intentions, projections, guidance, potential or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts nor assurances of future performance but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Without limiting the foregoing, there can be no assurance that GFL will complete the proposed sale of its Environmental Services business or if so that the pre or after tax proceeds to GFL or any consequential debt repayment will be in an amount or on terms as favorable to GFL as is anticipated by such forward looking information, or that GFL undertakes any share buyback or if so as to the size, price or other terms thereof or its success.

Forward-looking information is based on our opinions, estimates and assumptions that we considered appropriate and reasonable as of the date such information is stated, is subject to known and unknown risks, uncertainties, assumptions and other important factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward- looking information, including but not limited to certain assumptions set out herein; our ability to obtain and maintain existing financing on acceptable terms; our ability to source and execute on acquisitions on terms acceptable to us; our ability to find purchasers for and complete any divestiture of assets on terms acceptable to us; our ability to use the proceeds of any such asset divestiture for deleveraging or potential share repurchases; currency exchange and interest rates; commodity price fluctuations; our ability to implement price increases and surcharges; changes in waste volumes; labour, supply chain and transportation constraints; inflationary cost pressures; fuel supply and fuel price fluctuations; our ability to maintain a favourable working capital position; the impact of competition; the changes and trends in our industry or the global economy; and changes in laws, rules, regulations, and global standards. Other important factors that could materially affect our forward-looking information can be found in the “Risk Factors” section of GFL’s annual information form for the year ended December 31, 2023 and GFL’s other periodic filings with the U.S. Securities and Exchange Commission and the securities commissions or similar regulatory authorities in Canada. Shareholders, potential investors and other readers are urged to consider these risks carefully in evaluating our forward-looking information and are cautioned not to place undue reliance on such information. There can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward- looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The forward-looking information contained in this release represents our expectations as of the date of this release (or as the date it is otherwise stated to be made), and is subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable U.S. or Canadian securities laws. The purpose of disclosing our financial outlook set out in this release is to provide investors with more information concerning the financial impact of our business initiatives and growth strategies.

Non-IFRS Measures

This release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. Rather, these non-IFRS measures are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of issuers. Our management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. Due to the uncertainty of the likelihood, amount and timing of effects of events or circumstances to be excluded from these measures, GFL does not have information available to provide a quantitative reconciliation of such projections to comparable IFRS measures.

EBITDA represents, for the applicable period, net income (loss) plus (a) interest and other finance costs, plus (b) depreciation and amortization of property and equipment, landfill assets and intangible assets, plus (less) (c) the provision (recovery) for income taxes, in each case to the extent deducted or added to/from net income (loss). We present EBITDA to assist readers in understanding the mathematical development of Adjusted EBITDA. Management does not use EBITDA as a financial performance metric.

Adjusted EBITDA is a supplemental measure used by management and other users of our financial statements including, our lenders and investors, to assess the financial performance of our business without regard to financing methods or capital structure. Adjusted EBITDA is also a key metric that management uses prior to execution of any strategic investing or financing opportunity. For example, management uses Adjusted EBITDA as a measure in determining the value of acquisitions, expansion opportunities, and dispositions. In addition, Adjusted EBITDA is utilized by financial institutions to measure borrowing capacity. Adjusted EBITDA is calculated by adding and deducting, as applicable from EBITDA, certain expenses, costs, charges or benefits incurred in such period which in management’s view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including: (a) (gain) loss on foreign exchange, (b) (gain) loss on sale of property and equipment, (c) mark-to-market (gain) loss on Purchase Contracts, (d) share of net (income) loss of investments accounted for using the equity method for associates, (e) share-based payments, (f) (gain) loss on divestiture, (g) transaction costs, (h) acquisition, rebranding and other integration costs (included in cost of sales related to acquisition activity), (i) Founder/CEO remuneration and (j) other. For the three and nine months ended September 30, 2024, Founder/CEO remuneration has been added back to EBITDA. We use Adjusted EBITDA to facilitate a comparison of our operating performance on a consistent basis reflecting factors and trends affecting our business. As we continue to grow our business, we may be faced with new events or circumstances that are not indicative of our underlying business performance or that impact the ability to assess our operating performance.

Acquisition EBITDA represents, for the applicable period, management’s estimates of the annual Adjusted EBITDA of an acquired business, based on its most recently available historical financial information at the time of acquisition, as adjusted to give effect to (a) the elimination of expenses related to the prior owners and certain other costs and expenses that are not indicative of the underlying business performance, if any, as if such business had been acquired on the first day of such period and (b) contract and acquisition annualization for contracts entered into and acquisitions completed by such acquired business prior to our acquisition (collectively, “Acquisition EBITDA Adjustments”). Further adjustments are made to such annual Adjusted EBITDA to reflect estimated operating cost savings and synergies, if any, anticipated to be realized upon acquisition and integration of the business into our operations. Acquisition EBITDA is calculated net of divestitures. We use Acquisition EBITDA for the acquired businesses to adjust our Adjusted EBITDA to include a proportional amount of the Acquisition EBITDA of the acquired businesses based upon the respective number of months of operation for such period prior to the date of our acquisition of each such business.

Adjusted Cash Flows from Operating Activities represents cash flows from operating activities adjusted for (a) transaction costs, (b) acquisition, rebranding and other integration costs, (c) Founder/CEO remuneration, (d) cash interest paid on TEUs, (e) cash taxes related to divestitures and (f) distribution received from joint ventures. Adjusted Cash Flows from Operating Activities is a supplemental measure used by investors as a valuation and liquidity measure in our industry. For the three and nine months ended September 30, 2024, Founder/CEO remuneration and distributions received from joint ventures have been added back to Adjusted Cash Flows from Operating Activities. These amounts were not paid or received, as applicable, in prior periods. Adjusted Cash Flows from Operating Activities is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL.

Adjusted Free Cash Flow represents Adjusted Cash Flows from Operating Activities adjusted for (a) proceeds on disposal of assets and other, (b) purchase of property and equipment and (c) incremental growth investments. Adjusted Free Cash Flow is a supplemental measure used by investors as a valuation and liquidity measure in our industry. Adjusted Free Cash Flow is a supplemental measure used by management to evaluate and monitor liquidity and the ongoing financial performance of GFL. For the three and nine months ended September 30, 2024, we excluded investment in joint ventures and associates from the calculation of Adjusted Free Cash Flow.

Net Leverage is a supplemental measure used by management to evaluate borrowing capacity and capital allocation strategies. Net Leverage is equal to our total long-term debt, as adjusted for fair value, deferred financings and other adjustments and reduced by our cash, divided by Run-Rate EBITDA.

Run-Rate EBITDA represents Adjusted EBITDA for the applicable period as adjusted to give effect to management’s estimates of (a) Acquisition EBITDA Adjustments (as defined above) and (b) the impact of annualization of certain new municipal and disposal contracts and cost savings initiatives, entered into, commenced or implemented, as applicable, in such period, as if such contracts or costs savings initiatives had been entered into, commenced or implemented, as applicable, on the first day of such period ((a) and (b), collectively, “Run-Rate EBITDA Adjustments”). Run-Rate EBITDA has not been adjusted to take into account the impact of the cancellation of contracts and cost increases associated with these contracts. These adjustments reflect monthly allocations of Acquisition EBITDA for the acquired businesses based on straight line proration. As a result, these estimates do not take into account the seasonality of a particular acquired business. While we do not believe the seasonality of any one acquired business is material when aggregated with other acquired businesses, the estimates may result in a higher or lower adjustment to our Run-Rate EBITDA than would have resulted had we adjusted for the actual results of each of the acquired businesses for the period prior to our acquisition. We primarily use Run-Rate EBITDA to show how GFL would have performed if each of the acquired businesses had been consummated at the start of the period as well as to show the impact of the annualization of certain new municipal and disposal contracts and cost savings initiatives. We also believe that Run-Rate EBITDA is useful to investors and creditors to monitor and evaluate our borrowing capacity and compliance with certain of our debt covenants. Run-Rate EBITDA as presented herein is calculated in accordance with the terms of our revolving credit agreement.

All references to “$” in this press release are to Canadian dollars, unless otherwise noted.

For more information:
Patrick Dovigi
+1 905-326-0101
pdovigi@gflenv.com

SOURCE GFL Environmental Inc.

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Total Specific Solutions acquires Acto Informatisering

819 Capital Partners

Deventer, 7 January 2025 – Portfolio company Acto Informaterising (“Acto”) has been sold to Total Specific Solutions (“TSS”). Together with the management, Willem Verhoef and William Zegers, 819 Capital Partners has sold its stake.

Acto is a Dutch software company that provides solutions for technical companies active in the installation industry. The Acto portfolio includes ActoBusiness ERP – for full support of core business processes, ActoBusiness Calculation – for quickly and easily creating estimates and quotes and ActoBusiness Service – for supporting service and maintenance processes.

The acquisition of Acto strengthens TSS’s position in the technical and installation sector, enhancing its portfolio with Acto’s expertise in industry-specific software. This creates opportunities for growth, innovation, and market expansion while ensuring Acto’s continued success as an independent business unit within TSS.

Thomas Smit, partner at 819 Capital Partners: “Looking ahead, we are confident that TSS is the perfect partner to take this great company to the next stage. Special thanks to Joost, Christos, Peter and Alexander for their collaboration in this deal.”

About Total Specific Solutions

Total Specific Solutions has 160+ independently managed software companies in Europe. Their software solutions provide our customers with real business value and allow them to operate at a high level of efficiency.

About Acto Informatisering

Acto develops smart and user-friendly online software, focused on installation companies, technical service providers, engineering and consultancy firms, and service and maintenance companies. Acto was founded over 40 years ago and is located in Amersfoort.

About 819 Capital Partners

819 Capital Partners is an investment firm managing multiple funds with targeted investment strategies. 819 Private Equity Fund focuses on mature firms within the leisure, IT, and healthcare industries.

Press release Acto: https://www.acto.nl/wp-content/uploads/2025/01/2025-01-06-Acto-TSS-Persbericht.pdf

Press release TSS: https://www.totalspecificsolutions.com/insights?nid=152

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ABB invests in generative AI energy manager startup Edgecom

ABB Ventures
  • BB extends partnership with Edgecom, winner of its 2024 Startup Challenge
  • Edgecom and ABB will collaborate on AI solutions for large industrial customers

ABB is investing in a strategic partnership with Edgecom Energy, the Toronto-based energy management startup. The company’s unique energy management platform uses artificial intelligence to help industrial and commercial users manage and reduce peaks in their power demand. It is the first in the market to use a generative AI copilot to optimize the user experience.

The partnership involves a minority investment in Edgecom through ABB Electrification Ventures, the venture capital arm of ABB Electrification. ABB Electrification Ventures is part of the group-wide ABB Ventures framework, investing in transformative technology companies that advance ABB’s vision of a more sustainable, electrified, and automated world. Edgecom was a winner in ABB’s 2024 Startup Challenge.

The International Energy Agency has stated that the world must double the pace of energy efficiency progress in the next decade to meet net zero targets. It highlights the key role digital energy management must play. Innovation teams at ABB’s Smart Power division will collaborate with Edgecom to develop new AI-enabled solutions to help customers in North America save energy and reduce costs.

Massimiliano Cifalitti, President of ABB’s Smart Power division, said: “Partnerships are key to ABB Electrification’s artificial intelligence strategy for energy management. Edgecom shows how gen AI can create business value from complex data sets with an easy-to-use interface. The company also has the scalability and interoperability ABB is looking for as we grow our AI ecosystem for energy management.”

Artificial intelligence can be a game-changer for energy management. ABB’s digitalised electrification solutions collect data from across a site’s power network; Edgecom’s AI Energy Copilot can turn complex dataset into energy saving opportunities. Adapting to the customer’s goals, the AI Energy Copilot suggests small adjustments to lower bills or smart ideas to reduce environmental footprint.

Behdad Bahrami, CEO and Co-Founder of Edgecom, said: “ABB’s commitment to our vision underscores the transformative impact we’re bringing to energy management. Together, we’re empowering large energy users to achieve significant cost savings and emissions reductions through innovative solutions that deliver real world cost savings and emissions reductions. As the energy transition accelerates, innovative partnerships like this are key to creating a more efficient and sustainable future for industries worldwide.”

Mehdi Parvizi, CTO and Co-Founder of Edgecom, added: “Generative AI is transforming energy management by enabling tailored strategies that unlock savings across energy-intensive assets and facilities. This technology optimizes asset performance, integrates operations with energy market programs and price tariffs, improves energy efficiency, and guides operator behavior toward more effective energy decisions.”

The investment in Edgecom brings the total portfolio of ABB Electrification Ventures to 15 companies, with investments totalling €80 million since 2021. It is part of ABB Ventures, which has invested more than $450 million in 70 startups across electrification and automation sectors since 2010.

Edgecom Energy's unique energy management platform uses generative AI to help users reduce power demand peaks
Edgecom Energy’s unique energy management platform uses generative AI to help users reduce power demand peaks

ABB is a global technology leader in electrification and automation, enabling a more sustainable and resource-efficient future. By connecting its engineering and digitalization expertise, ABB helps industries run at high performance, while becoming more efficient, productive and sustainable so they outperform. At ABB, we call this ‘Engineered to Outrun’. The company has over 140 years of history and more than 105,000 employees worldwide. ABB’s shares are listed on the SIX Swiss Exchange (ABBN) and Nasdaq Stockholm (ABB). www.abb.com

ABB Electrification is a global technology leader enabling the efficient and reliable distribution of electricity from source to socket. With more than 50,000 employees across 100 countries, we collaborate with our customers and partners to solve the world’s greatest challenges in electrical distribution and energy management. As the energy transition accelerates and electricity demands grow, we are electrifying the world in a safe, smart and sustainable way. At ABB, we are ‘Engineered to Outrun’, and we are passionate about helping our customers and partners do the same. go.abb/electrification

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Novo Holdings Participates in €90 Million Series A Financing Round for Orbis Medicines to Support Development of Oral Macrocycle Drugs

Novo Holdings
  • Financing to support the development of Orbis’ pipeline of next-generation macrocycles, nCycles, with an initial focus on validated blockbuster biologic targets
  • Orbis’ nGen platform systematically explores oral macrocycle design with automated chemistry and machine learning
  • Novo Holdings Partner, Morten Graugaard, to lead Orbis as CEO

COPENHAGEN – January 6, 2025 – Novo Holdings today announced its participation in a €90 million Series A financing for Orbis Medicines. The round was led by New Enterprise Associates (NEA), with participation from new investors including Eli Lilly and Company, Cormorant, the Export and Investment Fund of Denmark, alongside existing investors Novo Holdings and Forbion. Morten Graugaard, Partner at Novo Holdings, has been appointed the Chief Executive Officer of Orbis Medicines following nearly three years serving as Executive Chair of its Board of Directors.

Orbis was founded in 2021 by the Seed Investments team of Novo Holdings to pioneer a new era for oral macrocycle drug discovery and build on the ground-breaking science developed by Professor Christian Heinis and Sevan Habeshian at the Swiss Federal Institute of Technology in Lausanne (EPFL). João Ribas, Principal, Novo Holdings, and Morten Graugaard provided highly collaborative operational management and strategic guidance, exemplifying the team’s active, hands-on approach to venture creation.

Macrocycles are a large and diverse family of compounds with highly desirable therapeutic properties. However, developing these compounds as oral drugs has historically been a significant challenge. Orbis is focused on using its leading nGen platform to generate high-value oral alternatives to blockbuster biologic drugs and targets to maximize value for patients.

“The benefits of an oral format include dose control, convenience, ease of dosing, and feasibility for much larger populations of patients. Orbis is leveraging macrocycles to unlock these benefits in major areas validated by existing biologics, and we are proud to have played an integral role in shaping the company from its earliest stages,” said João Ribas, Principal, Novo Holdings. “The combination of automated chemical synthesis, high-throughput assays, and machine learning ignited our enthusiasm and drove us to start collaborating to build Orbis before its first financing round. We congratulate Morten on his appointment and the team on their successes to-date and look forward to advancing the future of macrocycles.”

About Orbis Medicines
Orbis Medicines is pioneering a new era for oral macrocycle drug discovery. Its nGen platform systematically delivers macrocycle candidates, termed nCycles. These are optimized for oral bioavailability, which has historically hindered therapeutic development of this versatile class of molecules. Orbis’ pipeline is initially focused on nCycle candidates against targets validated by blockbuster biologic drugs delivered by injection. In 2024, Orbis raised a EUR 26 million series seed round co-led by Novo Holdings and Forbion. Proof-of-concept of Orbis’ work has been published in Nature Communications and Nature Chemical Biology. The company is located in Copenhagen, Denmark and Lausanne, Switzerland. For more information, please visit: www.orbismedicines.com.

About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk

Further information

Christian Mostrup
Head of Public Relations
+ 45 306 74805
cims@novo.dk

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Advent International to Acquire Sauer Brands, A Scaled Platform of Leading Condiments & Seasonings Brands

Advent

BOSTON, MA and RICHMOND, VA, January 6, 2025 – Advent International (“Advent”), a leading global private equity investor, today announced that it has signed a definitive agreement to acquire Sauer Brands Inc. (the “Company”), a scaled platform of leading condiments and seasonings brands, from Falfurrias Capital Partners (“Falfurrias”). Terms of the transaction were not disclosed.

Sauer Brands is a portfolio of leading brands, including Duke’s Mayo, Mateo’s Gourmet Salsa, and Kernel Season’s, among others. The Company is best known for Duke’s Mayo, a beloved mayonnaise brand with a rich history dating back to its founding in 1917. Today, Duke’s is the fastest growing scaled player in the mayo category and the seventh fastest-growing brand in the center of store.

“With a more than 135-year history, Sauer Brands has established itself as a standout player in the highly attractive condiments and seasonings categories. Despite its long history, we believe that the Company is still in the early innings of growth,” said Tricia Glynn, a Managing Partner at Advent International. “It’s easy to see why consumers have long been drawn to Duke’s differentiated taste profile and we are excited to share this well-loved brand with a growing consumer base. We believe that Advent’s extensive experience investing in growth consumer brands at scale will enable us to partner with Sauer Brands on an ambitious growth strategy, and we’re thrilled to welcome the Company to our portfolio.”

“I am thrilled to be joining a Company with a long history of delighting consumers with great tasting products and one-of-kind consumer favorite brands like Duke’s and Mateo’s,” said Todd Lachman, incoming board chair of Sauer Brands. “With their commitment to outstanding quality, the Sauer Brands team has delivered exceptional performance, and we are excited to partner with the team to support Sauer Brands’ continued growth.”

“Today represents another milestone moment for the evolution and future of Sauer Brands,” said Bill Lovette, Chief Executive Officer of Sauer Brands. “I share this achievement with our entire team, which has continuously raised the bar for our industry. With Advent’s strong industry track record, global network and operational support, Sauer Brands is in a position to thrive in its next chapter.”

“Over the last five years, we’ve had the pleasure of collaborating with Sauer Brands’ leadership team to drive meaningful growth,” said Chip Johnson, Partner at Falfurrias Capital Partners. “We are confident that the Company is strategically positioned for further success under Advent’s ownership.”

Advent has developed significant expertise investing in the global food space, and this investment demonstrates its continued enthusiasm about this category. Prior Advent investments include Sovos Brands (sold to The Campbell’s Company), Grupo CRM (sold to Nestlé), IRCA, an international leader in chocolate, creams, and high-quality semi-finished food ingredients, and Indian snack food producer DFM Foods.

Morgan Stanley & Co. LLC is serving as lead financial advisor and McGuireWoods LLP is serving as legal advisor to Sauer Brands. William Blair & Company, L.L.C. is serving as co-financial advisor to Sauer Brands. Centerview Partners LLC is serving as financial advisor and Weil, Gotshal & Manges LLP is serving as legal advisor to Advent. McGuireWoods LLP is serving as legal advisor to Falfurrias Capital Partners.

About Sauer Brands

Sauer Brands Inc. was founded as The C.F. Sauer Company in 1887, in Richmond, Virginia. The company produces a broad line of inspired flavors to excite and delight consumers including condiments, spices, seasonings and extracts. The company’s manufacturing facilities are in Richmond, Virginia; Mauldin, South Carolina; New Century, Kansas; and San Luis Obispo, California. The company sells well-known brands including Duke’s Mayonnaise, Kernel Season’s, The Spice Hunter, Mateo’s Gourmet Salsa and Sauer’s. Sauer Brands Inc. also produces high-quality private label products for the retail and away-from-home channels. Learn more at www.sauerbrands.com.

About Advent International

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $88.8 billion in assets under management* and have made more than 420 investments across 43 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 650+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of June 30, 2024. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

About Falfurrias Capital Partners

Falfurrias Capital Partners is a Charlotte-based private equity investment firm founded in 2006 by Hugh McColl Jr., former chairman and CEO of Bank of America; Marc Oken, former CFO of Bank of America; and Managing Partner Ed McMahan. The firm has raised $3.4 billion across seven funds and invests in growing, middle market businesses in sectors where the firm’s operational resources, relationships, and sector expertise can be employed to complement portfolio company executive teams in support of growth objectives. Falfurrias Capital Partners employs a proprietary, research-based process called “Industry First” to identify markets with durable growth trends, construct a thesis based on research findings, and partner with management teams and companies to create strategic value. For more information, visit www.falfurrias.com.

Media Contacts

For Advent International
Leslie Shribman, Head of Communications
lshribman@adventinternational.com

For Sauer Brands and Falfurrias Capital Partners
Steve Hirsch
Steve@hirschleatherwood.com

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Hologic Completes Acquisition of Gynesonics, Inc

MARLBOROUGH, Mass.–(BUSINESS WIRE)– Hologic, Inc. (Nasdaq: HOLX), a global leader in women’s health, has completed its previously announced acquisition of Gynesonics, Inc. (Gynesonics®), a privately held medical device company focused on the development of minimally invasive solutions for women’s health, for approximately $350 million.

“We are excited to complete the acquisition of Gynesonics and to increase access to their Sonata® System, which complements and expands our range of minimally invasive solutions for heavy periods and fibroids,” said Brandon Schnittker, President of Surgical Solutions at Hologic. “As global champions for women’s health, we are dedicated to empowering surgeons with diverse, cutting-edge treatment options as we strive to transform women’s lives for the better.”

The Sonata System is a technology intended for diagnostic intrauterine imaging and transcervical treatment of certain symptomatic uterine fibroids, including those associated with heavy menstrual bleeding. The technology combines real-time intrauterine ultrasound guidance with targeted radiofrequency ablation in an incisionless procedure.

“As we embark on this new phase with Hologic, we are excited to see the continued success of the Sonata System, which has already made a difference in the lives of thousands of women,” said Skip Baldino, President and Chief Executive Officer of Gynesonics. “Hologic’s commitment to women’s health and their leadership in innovation make them a perfect fit for our organization.”

About Hologic

Hologic, Inc. is a global leader in women’s health, dedicated to developing innovative medical technologies that effectively detect, diagnose and treat health conditions and raise the standard of care around the world. For more information on Hologic, visit www.hologic.com and connect with us on LinkedIn, Facebook, X (Twitter), Instagram and YouTube.

Forward-Looking Statements

This news release may contain forward-looking information that involves risks and uncertainties, including statements about Hologic’s plans, objectives, expectations and intentions. Such statements include, without limitation: financial or other information based upon or otherwise incorporating judgments or estimates relating to future performance, events or expectations; strategies, positioning, resources, capabilities and expectations for future performance; and financial outlook and other guidance. These forward-looking statements are based upon assumptions made as of this date and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated.

Risks and uncertainties that could adversely affect Hologic’s business and prospects, and otherwise cause actual results to differ materially from those anticipated, include without limitation: the possibility that the anticipated benefits from the transaction or products cannot be fully realized or may take longer to realize than expected; the possibility that costs or difficulties related to the integration of Gynesonics’ operations with those of Hologic will be greater than expected; the coverage and reimbursement decisions of third-party payers and the guidelines, recommendations, and studies published by various organizations relating to the use of products and treatments; the ability to successfully manage ongoing organizational and strategic changes, including Hologic’s ability to attract, motivate and retain key employees; the development of new competitive technologies and products; regulatory approvals and clearances for products; the anticipated development of markets in which products are sold into and the success of products in these markets; the anticipated performance and benefits of products; estimated asset and liability values; anticipated trends relating to Hologic’s financial condition or results of operations; and Hologic’s capital resources and the adequacy thereof.

The risks included above are not exhaustive. Other factors that could adversely affect Hologic’s business and prospects are described in Hologic’s filings with the SEC. Hologic expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements presented herein to reflect any change in expectations or any change in events, conditions or circumstances on which any such statements are based.

Hologic, The Science of Sure, Gynesonics and Sonata are trademarks and/or registered trademarks of Hologic, Inc. and/or its subsidiaries in the United States and/or other countries.

Source: Hologic, Inc.

Media Contact
Bridget Perry
Senior Director, Corporate Communications
(+1) 508.263.8654
bridget.perry@hologic.com

Investor Contact
Michael Watts
Corporate Vice President, Investor Relations
(+1) 858.410.8514
michael.watts@hologic.com
Source: Hologic, Inc.

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AE Industrial Partners Completes Sale of CDI Engineering Solutions to Tata Consulting Engineers

Ae Industrial Partners

BOCA RATON, Fla.–(BUSINESS WIRE)–AE Industrial Partners, LP (“AE Industrial”), a private equity firm specializing in National Security, Aerospace, and Industrial Services, today announced that it has completed the sale of CDI Engineering Solutions (“CDI”), a leading multi-discipline engineering, procurement, and construction management (“EPCM”) firm to Tata Consulting Engineers (“TCE”), India’s largest EPCM firm with a global presence.

Founded in 1950, CDI is a Houston-based design and engineering firm with over 600 employees and has a network of eight engineering centers. CDI provides technical design and engineering expertise for complex projects in the energy, chemicals, semiconductors, and battery manufacturing industries. Recognized by the Engineering News-Record as one of the Top 20 Firms serving the Industrial/Oil & Gas Markets, CDI specializes in conventional and energy transition projects, including battery materials, carbon capture/sequestration, and low/zero carbon fuels. CDI also provides flexible staffing solutions through its Technical Resourcing division to meet the needs of capital-intensive projects.

“We have appreciated the opportunity to partner with CDI’s management team to enhance their offerings and technical expertise, expand their footprint, and build on their market leadership position,” said Jon Nemo, Managing Partner at AE Industrial. “We wish their team continued success as they begin the next stage of their journey with TCE.”

“We are grateful for the guidance and expertise that the AE Industrial team has provided us over the past seven years,” commented Steve Karlovic, President and CEO of CDI. “Together we achieved significant milestones, delivering strong, sustainable solutions for our customers amid rising demand for large capital projects and alternative energy initiatives.”

“We wish the team at CDI the best as they embark on their next phase of growth,” said Graham Kantor, Vice President at AE Industrial. “This transaction is a strong strategic fit, which will allow TCE to expand its presence in the U.S. market by leveraging CDI’s strong market position and engineering expertise.”

“The acquisition of CDI Engineering Solutions aligns seamlessly with Tata Consulting Engineers’ vision to deliver world-class engineering and sustainable solutions globally. By combining CDI’s strong expertise in the U.S. market with TCE’s global capabilities, we aim to unlock new opportunities and deliver exceptional value to our clients in critical industries such as energy transition and advanced manufacturing,” said Amit Sharma, Managing Director and Chief Executive Officer at Tata Consulting Engineers.

Capstone Partners served as financial advisor while Kirkland & Ellis served as legal advisor to CDI and AE Industrial on the transaction.

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.

About CDI Engineering Solutions:
CDI Engineering Solutions is a leading multi-discipline EPCM firm serving the chemicals, energy, semiconductors, and battery manufacturing industries. Recognized as one of ENR’s Top 500 engineering and design firms, CDI is known for its innovative and sustainable solutions to chemical and energy production. For more information, visit www.cdiengineeringsolutions.com.

About Tata Consulting Engineers (TCE):
Tata Consulting Engineers is India’s largest engineering consultancy firm, providing world-class engineering solutions for over six decades. With expertise across multiple sectors, TCE is committed to delivering sustainable and innovative projects that improve communities globally. For more information, visit www.tce.co.in.

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

Categories: News

Carlyle provides strategic capital for Jordanes

Carlyle

Oslo, Norway, 06 January 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced that its Global Credit platform has provided a strategic capital package of NOK 2,750 million ($250 million) to Jordanes ASA (“Jordanes”), one of Norway’s leading brand houses. The financing will be used to finance a management buyout of Jordanes, led by co-founders Jan Bodd and Stig Sunde, as well as refinance the company’s existing indebtedness and fund its future growth.

Jordanes is an established Scandinavian brand house, focused on everyday products and services, with a diverse portfolio including more than 20 brands, spanning across foods, fitness and beauty, casual dining, as well as international brands. Since its inception in 2007, the company has continued to expand its portfolio to include iconic regional brands such as Sørlandschips, Synnøve, Peppes Pizza and Bodylab.

This strategic investment, led by Carlyle Credit Opportunities, will further consolidate the ownership of Jordanes’ co-founders, strengthen the company’s financial foundation by refinancing and extending certain existing indebtedness, and provide additional growth capital to accelerate Jordanes’ ongoing expansion through both organic growth and M&A.

Taj Sidhu, Head of European and Asian Private Credit at Carlyle, said: “We are delighted to provide this strategic capital package to Jordanes, and support the company’s ambition to continue expanding its well-diversified suite of iconic Nordic brands, which benefit from high levels of brand loyalty among its regional customer base. The transaction demonstrates our ability to provide flexible capital solutions for strong entrepreneur-owned businesses to accelerate their growth trajectory.”

Jan Bodd and Stig Sunde, Co-founders of Jordanes, said: “We are grateful for the support of Carlyle, which enables Jordanes to continue driving growth through its unique consumer offering and diversified portfolio of “local champion” brands. This transaction marks a significant milestone in Jordanes’ growth journey.”

This transaction follows the final close of the third Carlyle Credit Opportunities Fund (“CCOF III”) in December 2024, with $7.1 billion in investable capital.

Carlyle’s Global Credit platform manages $194 billion in assets under management, as of September 30, 2024. It regularly pursues investments in privately negotiated debt and capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies.

+++

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Jordanes

Jordanes was founded in 2007 by Jan Bodd and Stig Sunde and is today an established Scandinavian brand house focusing on everyday products and services. Jordanes owns and operates a diverse portfolio of iconic brands, including Synnøve, Sørlandschips, Peppes Pizza, Bodylab, and Backstube. In 2023, the Group had Revenue of NOK 6,466 million, approximately 2,700 employees, and 9 factories across Scandinavia.

 

Media contacts:

Carlyle:

Charlie Bristow

Tel: +44 (0) 7384 513568

Email: charlie.bristow@carlyle.com

 

Jordanes: 

Nikolai Steinfjell (CFO)

Tel: +47 975 44 712

Email: nikolai.steinfjell@jordanes.no

 

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NextDecade Announces $175 Million Senior Secured Loan

Fsn Capital

Proceeds Will be Used to Repay Existing $50 Million Revolving Credit Facility and $12.5 Million Interest Term Loan and for Working Capital and General Corporate Purposes

HOUSTON–(BUSINESS WIRE) –January 6, 2025– NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced today that its wholly owned subsidiary, Rio Grande LNG Super Holdings, LLC, has entered into a credit agreement with General Atlantic Credit’s (“GA Credit”) Atlantic Park Fund that provides for a $175 million senior secured loan (the “Senior Loan”).

Proceeds from the Senior Loan were disbursed at closing on December 31, and net proceeds, after fees and related transaction expenses, will be used to repay outstanding borrowings under the Company’s existing $50 million revolving credit facility and $12.5 million interest term loan, and to fund working capital and general corporate purposes, including development expenses for expansion trains 4 and 5 at the Rio Grande LNG Facility.

The Senior Loan matures six years from the closing date. Borrowings under the Senior Loan bear interest at 12.0%, with interest payable quarterly. Interest may be paid in-kind for the first two years after the closing date and then up to 50% paid in-kind thereafter.

On the closing date, NextDecade issued to GA Credit approximately 7.16 million warrants. The warrants are each exercisable for one share of NextDecade common stock at the option of GA Credit, and are exercisable for five years after the closing date. 50% of the warrants are exercisable at $7.15 per share, which represents the 30-day volume weighted average trading price for the 30 trading-day period immediately preceding the closing date, and the remaining 50% of the warrants are exercisable at $9.30 per share.

Santander acted as exclusive financial advisor and Latham & Watkins LLP acted as legal advisor to NextDecade. Akin Gump Strauss Hauer & Feld LLP and Baker Botts L.L.P. acted as legal advisors to GA Credit.

About NextDecade Corporation

NextDecade Corporation is an energy company accelerating the path to a net-zero future. Leading innovation in more sustainable LNG and carbon capture solutions, NextDecade is committed to providing the world access to cleaner energy. Through our subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are developing a 27 MTPA LNG export facility in South Texas along with one of the largest proposed carbon capture and storage projects in North America. We are also working with third-party customers around the world to deploy our proprietary processes to lower the cost of carbon capture and storage and reduce CO2 emissions at their industrial-scale facilities. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com.

About General Atlantic Credit

General Atlantic Credit (“GA Credit”) is the dedicated credit investment platform within General Atlantic, a leading global growth investor. GA Credit leverages a demonstrated track record of strategic credit partnerships across market cycles and capital structures alongside General Atlantic’s more than 40 years of domain expertise and company-building capabilities. GA Credit’s Atlantic Park strategy provides flexible capital to high-quality companies seeking a strategic partner at various stages of the corporate and economic lifecycle. This partnership approach enables Atlantic Park to create customized capital solutions tailored to a company’s specific capital needs. General Atlantic manages approximately $100 billion in assets under management, inclusive of all strategies, as of October 1, 2024, with more than 900 professionals in 20 countries across five regions. For more information on General Atlantic, please visit: www.generalatlantic.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design,” “assume,” “budget,” “guidance,” “forecast,” and “target,” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations, perceptions of historical trends, current conditions and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in NextDecade’s periodic reports that are filed with and available from the Securities and Exchange Commission. Additionally, any development of subsequent trains at the Rio Grande LNG Facility or CCS projects remains contingent upon execution of definitive commercial and financing agreements, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.

Contacts

NextDecade

Investors
Megan Light
mlight@next-decade.com
832-981-6583

Media
Susan Richardson
srichardson@next-decade.com
832-413-6400

General Atlantic
Emily Japlon / Sara Widmann
media@generalatlantic.comRe

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Fueling the Future: Announcing our VIII Fund for India’s Boldest Founders

Accel

Fueling the Future: Announcing our VIII Fund for India’s Boldest Founders

Sixteen years ago, Accel embarked on a journey to partner with visionary founders across India—continuing the firm’s decades-long history of partnering with founders on a global scale. Today, we are announcing our eighth early-stage fund, a $650 million commitment to empower the next generation of category-defining startups; companies that will set new benchmarks in innovation and aim to transform industries. This fund underscores our belief in the secular India growth story and the transformative power of bold ideas, innovative technology, and founders who truly understand their markets.

The startup ecosystem in India has reached a critical inflection point. India’s GDP is expected to be approximately $8tn over the next decade, fueled by rising incomes, digital adoption, and sustained investments in public infrastructure. This growth opens new doors for entrepreneurs to build solutions with global relevance while addressing local challenges—and we can’t wait to meet them.

With Fund VIII, we aim to back founders operating in:

  • Artificial Intelligence: Enterprise AI (Platforms that enable enterprise AI use cases using agentic technologies, LLMs and SLMs), Services as Software (AI startups taking advantage of India’s large IT services capabilities to provide better automation offerings), Vertical AI (Startups taking advantage of India’s large AI talent pool to integrate AI in vertical specific use cases).
  • Consumer: Bharat (Startups catering to the top 30% of households in India’s tier 2+ regions), India Native (Startups catering to the increasing demand by Indian consumers for higher service levels), and Aspirational Brands (Startups aiming to capitalize on the increasing discretionary spending of India’s consumption-first Gen Z demographic).
  • Fintech: Wealth Management (Startups catering to affluent consumers seeking personalized wealth advisory services through digital channels), Fintech Infrastructure (Startups bringing banks and fintechs together to enable best-in-class digital experiences for consumers and businesses), and Digital Distribution (Startups acceleratingthe distribution of financial products by leveraging India’s digital public infrastructure)
  • Manufacturing: India To Global (Startups catering to global demand for diversified supply chains), India Native (Startups focused on high-quality production and IP-driven, value-added manufacturing), and Industry 5.0 (Next-gen digital technologies transforming every factory floor leading to more efficient operations, higher-quality output, and sustainability)

India’s benchmark equity index Nifty 50 has tripled over the past decade, and public markets are embracing technology-led businesses. Companies like BlackBuck and Swiggy, where Accel was an early backer, are recent examples of creative and relentless founders and what’s possible when innovation meets execution.

While venture-backed companies currently represent less than 5% of India’s market capitalization, the opportunity ahead has never been bigger. With strong public and private markets, founders today have a once-in-a-generation chance to build transformative businesses that shape the economic landscape.

What excites us about the future is how we can closely collaborate with founders to realize their vision. Over the past 16 years, we’ve supported companies that have reimagined industries—from e-commerce and SaaS to manufacturing and logistics. With our early partnerships in companies like Acko, BlackBuck, BrowserStack, Flipkart, Freshworks, Swiggy, UrbanCompany, and Zetwerk, we’ve had the privilege of watching them grow into category leaders.

Beyond investment, some of our key initiatives, which reflect our commitment to making the founder’s journey as frictionless as possible while fueling the growth of the broader ecosystem, are:

  • SeedToScale: An open-source platform delivering company-building insights from successful founders, operators, and industry leaders.
  • Accel Atoms: Our early-stage scaling program, now in its fourth iteration, has supported 36 startups that have collectively raised over $200 million.

As we embark on this next chapter with Fund VIII, we are grateful for the trust of our founders, LPs, and the broader ecosystem. The opportunities ahead are as vast as the ambition of the founders we back.
‍

— The Partners at Accel

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