Category Archives: News

Glendower Capital raises US$5.8 billion for its fifth global secondary private equity fund

CVC Capital Partners

Glendower Capital, CVC’s secondaries platform, is pleased to announce the final close of its fifth global secondary private equity fund, Glendower Capital Secondary Opportunities Fund V (“SOF V”). Glendower has raised aggregate capital commitments of US$5.8 billion for the SOF V program to deploy in the secondary market. SOF V is the first fund closed since Glendower completed a strategic merger with CVC in 2022.

Glendower operates in the private equity secondaries mid-market, targeting buyout fund investments managed by high quality GPs. The fundraise concluded at the hard cap and represents the next stage of growth for Glendower’s successful two-pronged strategy in private equity secondaries, which provides balanced exposure to portfolio sales by LP investors as well as GP-led transactions.

The fundraise attracted investment from a diversified and global institutional investor base of over 230 returning and new limited partners.

Carlo Pirzio-Biroli, CEO and Managing Partner of Glendower, commented, “We are grateful for the support of our existing investors, as well as the new investors that joined our program for this fund. The completion of this fundraise is another significant milestone for us, and we continue our mission to be a lead investor and key partner of choice for LPs and GPs globally. The opportunity for our investment strategy has never been greater and we look forward to deploying this capital into a highly attractive secondary market environment.”

Quotes

The completion of this fundraise is another significant milestone for us, and we continue our mission to be a lead investor and key partner of choice for LPs and GPs globally. The opportunity for our investment strategy has never been greater and we look forward to deploying this capital into a highly attractive secondary market environment.

Carlo Pirzio-Biroli CEO and Managing Partner of Glendower

Rob Lucas, CVC Managing Partner, said, “We are delighted with the progress of our partnership with Glendower since the transaction completed last year. Congratulations to Carlo and team who have achieved their largest ever fundraise with SOF V.  With access to the broader CVC Network, the secondaries platform is well-positioned to continue to deliver sustainable value for our investors in this growing market segment, and we look forward to the continued success of this strategy.”

Glendower today manages US$13 billion in AUM across its private equity secondary funds with a team of over 35 dedicated investment professionals. CVC manages more than €140 billion of AUM globally across its six complementary strategies comprising CVC Europe/Americas, CVC Asia, CVC Strategic Opportunities, CVC Growth, CVC Credit and CVC Secondaries (Glendower).

Categories: News

Tags:

Bridgepoint to sell one.network to Causeway

Bridgepoint

Bridgepoint, a global private equity firm, has announced it will exit from investment in one.network, the world’s leading digital road management platform, as part of a majority purchase of the business by Causeway, a construction technology provider, backed by Five Arrows. Financial terms of the transaction were not disclosed.

The one.network platform transforms how highways authorities, utilities companies and contractors plan, coordinate and communicate work zones by enabling cross-sector collaboration and seamless public engagement. The one.network platform helps realise safer work zones and smarter journeys with digital connectivity that drives efficiency.

With more than 20,000 operational users and many millions of public citizens and road users, one.network now underpins traffic operations and communications across the UK and the USA.

James Harris, CEO at one.network, said:

“one.network has been at the forefront of transforming how road agencies collaborate and communicate. Since founding the business in 2011 we have brought digital transformation to the roadworks industry across the UK and are now replicating these improvements for agencies in the US. I would like to express my gratitude to Bridgepoint for their support and strategic insights that have been instrumental in our growth and expansion over the past few years.

“As we step into this new phase with Causeway, we share a common vision and values, and are excited about the opportunities this collaboration presents. The addition of one.network’s platform with Causeway’s extensive product suite will deliver considerable benefits to our clients in the highways and utilities sector.”

Duncan Calam, Partner and Head of Bridgepoint Growth said:

“We identified one.network as an exciting pioneer in the traffic management industry. The company’s innovative software is highly regarded by its customers, who use it to improve communication and reduce congestion – benefits that have a significant impact on both road users and the environment.

“We are incredibly proud to have been able to invest in one.network. Since our investment in 2018, we have worked closely with James Harris and the management team. During this period, the company has grown from being the UK market leader to a global business, more than tripling its revenue in the process. one.network’s consistent growth and success are a testament to its unique and ground-breaking product, as well as its high-quality SaaS business model. We look forward to seeing the company’s progress in the years to come and wish the team every success with Causeway and Five Arrows.”

Phil Brown, Chief Executive of Causeway, said:

“The acquisition of one.network further underlines our commitment to join up the workflow to provide one comprehensive, end-to-end offering for highways authorities and utility companies and their contractors to plan, monitor and communicate the management and maintenance of their assets. It’s also very exciting to be able to deliver this combined offer to the US market now.

“Combining one.network with Causeway’s current infrastructure asset management solutions, including Causeway Alloy and Horizons, will streamline critical processes and deliver compelling insights to our customers.

“The integration of one.network’s digital roadwork planning capabilities will significantly enhance our product portfolio and offer an unrivalled experience in managing the road infrastructure to improve efficiency and safety and help drive carbon savings. We look forward to a fruitful collaboration that will bring great value to our mutual clients.”

Categories: News

Tags:

Apax Funds and Fremman Capital invest in Palex Medical, a leading provider of medical technology solutions for healthcare professionals

Fremman

Funds advised by Apax Partners LLP (“Apax”) and funds advised by Fremman Capital (“Fremman”) announced today that they have reached a definitive agreement to jointly acquire co-controlling stakes in Palex Medical (“Palex” or the “Company”). The selling shareholders are funds advised by Fremman, the current majority shareholder, and other minority shareholders.

Palex is the leading provider of high value-added medical technology (“MedTech”) equipment and solutions in Southern Europe. Following the transaction, Apax and Fremman will partner with Palex’s management team to help drive future value creation and pursue international growth.

Founded in 1955 and headquartered in Barcelona, Palex is the leading independent MedTech solutions provider in Southern Europe, focused on the marketing, sales and logistics of high value-added MedTech equipment for public and private hospitals and laboratories in Spain, Portugal and Italy. The Company has a strong reputation for innovation, quality and service and offers a wide product portfolio of over 150,000 product references from 600+ world-leading tier-1 manufacturers.

Xavier Carbonell, CEO of Palex, said: “We’re incredibly excited to continue our partnership with Fremman and to have secured the backing of Apax as a joint-lead investor for the next phase of our growth journey. Since 2007, the current management team has built Palex into a leading business that is trusted by the healthcare community, and I’m proud of our relentless focus on innovation, quality, and trust. We are very happy with the support that we have received, and will continue receiving from Fremman, which has allowed the Company to make the jump to become the leading provider of medical technology solutions in Southern Europe. By bringing a strong and experienced partner like Apax into our shareholder base, we expect to be able to further accelerate our growth, both locally and internationally. I’m confident we have the right strategic partners in place to execute on our ambitious plans and I’m excited for the future.” He also adds: “I would also like to take this opportunity to look back at all the successes achieved so far and thank Apheon and Corpfin Capital for their trust and involvement in the project”

Ricardo de Serdio, Founding Partner and CEO, Fremman Capital, added: “Since our entry in Palex in December 2021, we have pursued a clear strategy to support the Company in becoming an international leader in MedTech distribution. By leveraging our sector expertise, consolidation experience, and pan-European network, we have helped the Company complete 8 acquisitions – some of them transformational – across 4 countries, enter new geographies, and more than doubled the size of the business in less than two years. We are thrilled with the sale transaction and with our subsequent investment to continue supporting Xavier and the Company on this next phase of pan-European
growth.”

Frank Ehmer, Partner, Apax, commented: “We couldn’t be happier to be partnering with Xavier and the wider Palex team, along with Fremman Capital. We have long identified the healthcare distribution sector as an ideal intersection between Apax’s deep expertise in MedTech and strong track record of investment in distribution-focused businesses. Throughout our engagement, it became immediately clear to us that Palex is a stand-out operator with the potential to establish itself as a Pan-European leader. Palex has consistently outperformed over decades, with an unrivalled reputation and offering, and we look forward to building on this success to date, leveraging our experience and insights to help the team accelerate growth and execute on our joint vision for the future.”
The transaction is subject to customary closing conditions and is expected to close in Q4 2023. Financial terms were not disclosed.

Bank of America, Jefferies and Credit Suisse are acting as financial advisors on the transaction.
Pérez-Lorca and Uría Menéndez are acting as legal counsel to Fremman and management, Sullivan & Cromwell and Garrigues are acting as legal counsel to Apax. Dextra Corporate and Deloitte have participated advising the management.

-ENDS-

About Palex Medical

Palex, founded in 1955 by the Knuth family, is a company focused on the marketing, sales and logistics of high value-added MedTech equipment and solutions in the Spanish, Portuguese and Italian markets. The Company has a strong reputation for innovation, quality and service and offers a wide product portfolio (+150,000 references) from world-leading Tier-1 manufacturers (+600 partnerships) and own products across numerous therapeutic areas. Palex counts with ~928 employees, has an income forecast of 485 millions in 2023 and is headquartered in Sant Cugat del Vallès (Barcelona, Spain).

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.

About Fremman

Founded in 2020, Fremman is a pan-European, mid-market investment firm with offices in London, Luxembourg, Madrid, Munich, and Paris. The firm is an establish multi-geography platform consisting of c.40 professionals that operate as one team. It is supported by a highly experienced Board of Advisors of 14 individuals that provide unique sector expertise and insights. The firm focuses on investments in four core sectors, including business & tech services, healthcare, consumer goods & distribution, and industrials. Utilising our reputation as trusted advisors, Fremman looks to partner with companies’ management teams to deploy multiple growth strategies, transforming businesses from national to multinational sustainable leaders. For more information, please visit www.fremman.com.

Media Contacts:

FOR PALEX
Xavier Balsa
x.balsa@palex.es
+34600278823

FOR APAX:
Luke Charalambous
Luke.Charalambous@apax.com
+44 20 7872 6300

FOR FREMMAN:
investorrelations@fremman.com
+44 20 7458 4626

Categories: News

Tags:

Apax Funds and Fremman Capital invest in Palex Medical, a leading provider of medical technology solutions for healthcare professionals

Apax

Funds advised by Apax Partners LLP (“Apax”) and funds advised by Fremman Capital (“Fremman”) announced today that they have reached a definitive agreement to jointly acquire co-controlling stakes in Palex Medical (“Palex” or the “Company”). The selling shareholders are funds advised by Fremman, the current majority shareholder, and other minority shareholders.

Palex is the leading provider of high value-added medical technology (“MedTech”) equipment and solutions in Southern Europe. Following the transaction, Apax and Fremman will partner with Palex’s management team to help drive future value creation and pursue international growth.

Founded in 1955 and headquartered in Barcelona, Palex is the leading independent MedTech solutions provider in Southern Europe, focused on the marketing, sales and logistics of high value-added MedTech equipment for public and private hospitals and laboratories in Spain, Portugal and Italy. The Company has a strong reputation for innovation, quality and service and offers a wide product portfolio of over 150,000 product references from 600+ world-leading tier-1 manufacturers.

Xavier Carbonell, CEO of Palex, said: “We’re incredibly excited to continue our partnership with Fremman and to have secured the backing of Apax as a joint-lead investor for the next phase of our growth journey. Since 2007, the current management team has built Palex into a leading business that is trusted by the healthcare community, and I’m proud of our relentless focus on innovation, quality, and trust. We are very happy with the support that we have received, and will continue receiving from Fremman, which has allowed the Company to make the jump to become the leading provider of medical technology solutions in Southern Europe. By bringing a strong and experienced partner like Apax into our shareholder base, we expect to be able to further accelerate our growth, both locally and internationally. I’m confident we have the right strategic partners in place to execute on our ambitious plans and I’m excited for the future.” He also adds: “I would also like to take this opportunity to look back at all the successes achieved so far and thank Apheon and Corpfin Capital for their trust and involvement in the project”

Ricardo de Serdio, Founding Partner and CEO, Fremman Capital, added: “Since our entry in Palex in December 2021, we have pursued a clear strategy to support the Company in becoming an international leader in MedTech distribution. By leveraging our sector expertise, consolidation experience, and pan-European network, we have helped the Company complete 8 acquisitions – some of them transformational – across 4 countries, enter new geographies, and more than doubled the size of the business in less than two years. We are thrilled with the sale transaction and with our subsequent investment to continue supporting Xavier and the Company on this next phase of pan-European growth.”

Frank Ehmer, Partner, Apax, commented: “We couldn’t be happier to be partnering with Xavier and the wider Palex team, along with Fremman Capital. We have long identified the healthcare distribution sector as an ideal intersection between Apax’s deep expertise in MedTech and strong track record of investment in distribution-focused businesses. Throughout our engagement, it became immediately clear to us that Palex is a stand-out operator with the potential to establish itself as a pan-European leader. Palex has consistently outperformed over decades, with an unrivalled reputation and offering, and we look forward to building on this success to date, leveraging our experience and insights to help the team accelerate growth and execute on our joint vision for the future.”

The transaction is subject to customary closing conditions and is expected to close in Q4 2023. Financial terms were not disclosed.

Bank of America, Jefferies and Credit Suisse are acting as financial advisors on the transaction.

Pérez-Lorca and Uría Menéndez are acting as legal counsel to Fremman and management, Sullivan & Cromwell and Garrigues are acting as legal counsel to Apax. Dextra Corporate and Deloitte have participated advising the management.

 

-ENDS-

 

About Palex Medical

Palex, founded in 1955 by the Knuth family, is a company focused on the marketing, sales and logistics of high value-added MedTech equipment and solutions in the Spanish, Portuguese and Italian markets. The Company has a strong reputation for innovation, quality and service and offers a wide product portfolio (+150,000 references) from world-leading Tier-1 manufacturers (+600 partnerships) and own products across numerous therapeutic areas. Palex counts with ~928 employees, has an income forecast of 485 millions in 2023 and is headquartered in Sant Cugat del Vallès (Barcelona, Spain).

 

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.

Categories: News

Tags:

KKR Completes Acquisition Of Industrial Physics, Welcomes Barry Lyon As Chief Executive Officer And Lance Reisman As Chairman

KKR

Barry Lyon, CEO of Industrial Physics (Credit: Industrial Physics)

Barry Lyon, CEO of Industrial Physics (Credit: Industrial Physics)

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, announced the completion of the previously announced acquisition of Industrial Physics (the “Company”), a leading provider of test and measurement instrumentation, by investment funds managed by KKR on July 19, 2023. In conjunction with transaction close, Barry Lyon has been appointed Chief Executive Officer (CEO), and Lance Reisman has assumed the role of Chairman of the Board. Barry succeeds Jim Neville, who has led the Company since 2016.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230728635702/en/

Barry joins Industrial Physics after over fifteen years with Danaher Corporation (“Danaher”), including more than five years leading large global businesses in the test and measurement industry. Most recently, Barry served as the President of Microbiology for Beckman Coulter, a global clinical diagnostics company and Danaher operating company. Before then, he was President of Sea-Bird Scientific, a market leading provider of instrumentation utilized in ocean research. Barry also spent nearly eight years in various roles at Hach, a global leader in water quality testing instrumentation, where he worked closely with Lance. Barry’s strong track record of driving accelerated growth and operational excellence makes him well positioned to lead Industrial Physics in its next chapter.

“I am honored to join Industrial Physics and work alongside Lance and the rest of the talented team at Industrial Physics,” said Barry Lyon. “Industrial Physics has created an impressive global portfolio of leading brands and I am excited to build upon this foundation to better serve our customers and drive future growth, both organically and through acquisitions. I am enthused to work with KKR as a strategic partner and to lead the roll out of a broad-based equity plan in which all Industrial Physics colleagues will become owners of the business.”

Lance is an Executive Advisor to KKR and currently serves as a Board Director at Flow Control Group and as Chairman of the Board at GeoStabilization International. Lance previously worked at Danaher, most recently as Group Executive and Vice President responsible for Danaher’s Water Quality Platform. In this role, Lance led holistic operational and commercial transformations and executed a number of strategic acquisitions. Earlier, he spent six years in various senior leadership roles at Hach, ultimately leading the business as President.

“I am thrilled to join the Board of Industrial Physics and look forward to working with Barry and this talented team to achieve a new phase of growth and innovation,” said Lance Reisman. “Barry is a dynamic and passionate business leader with a strong track record. His leadership and business acumen, combined with Industrial Physics’ leading portfolio of products, services and technical capabilities, will help the Company realize its full potential as a leading specialized testing and measurement partner across a wide range of industries and geographies.”

KKR plans to support Industrial Physics in implementing a broad-based employee ownership program, which will give employees the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR has awarded billions of dollars of total equity value to over 60,000 non-management employees across over 30 companies. Last year, KKR joined more than 20 organizations in becoming a founding partner of Ownership Works, a nonprofit created to support public and private companies transitioning to shared ownership models.

 

About Industrial Physics

Industrial Physics is the world’s leading test and measurement partner protecting the integrity of the biggest brands across the globe. The Company manufactures and markets materials testing instruments for measuring physical and analytical properties of plastics, barrier films, paper, pulp, foil, ink, coatings, corrugated materials, cans, medical devices, and consumer electronic products. For more information, visit www.industrialphysics.com.

 

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20230728635702/en/

 

Media

For Industrial Physics:

Naomi Wainwright

naomi@refreshpr.co.uk

+44 161 871 1188

 

For KKR:

Miles Radcliffe-Trenner and Emily Cummings

(212) 750-8300

media@kkr.com

 

Source: KKR

Categories: News People

L Catterton Announces Completion of Continuation Fund to Extend its Partnership with PatientPoint Health Technologies

LCatterton
GREENWICH, Conn., July 28, 2023 /PRNewswire/ — L Catterton, a leading global consumer-focused investment firm, today announced the successful closing of a continuation fund transaction for its portfolio company PatientPoint Health Technologies™ (“PatientPoint”), a leading tech-enabled point-of-care patient engagement company. The transaction reaffirms L Catterton’s long-term commitment and maintains its ownership in the business, allows L Catterton to return capital to investors, and provides PatientPoint with additional capital to support growth initiatives. Terms of the transaction were not disclosed.

PatientPoint has become a trusted patient engagement company, and following its successful transformational combination with Outcome Health in 2021, is now an industry-leading platform serving approximately 140,000 healthcare practitioners (“HCPs”) and impacting over 750 million patient visits annually, nationwide. The Company improves doctor-patient engagement by educating patients through the nation’s largest interconnected network of digital devices in healthcare practices. With innovative solutions and unparalleled reach, PatientPoint has consistently delivered strong financial and operational excellence and is well-positioned for long-term growth.

“Over the course of our investment, PatientPoint has transformed into a leading digital patient engagement platform improving health outcomes for patients, and we believe the business continues to have opportunities to accelerate its growth,” said Andrew Taub, a Managing Partner in L Catterton’s Flagship Fund. “We are excited to continue our partnership through a transaction that not only provides new capital to PatientPoint to support product expansion, but also presents an attractive liquidity option to L Catterton’s existing investors. We look forward to continuing to work with PatientPoint’s talented team to strengthen the company’s value proposition during its next phase of growth.”

“We are thrilled to extend our successful partnership with L Catterton in a transaction that validates the significant momentum we’ve generated,” said Mike Collette, Founder and CEO of PatientPoint. “This additional investment will allow us to capitalize on meaningful near-term growth initiatives, while upholding our commitment to providing trusted, reliable solutions that improve doctor-patient engagement across the entire care journey. We thank L Catterton for their continued support and are confident that together, we will continue to drive long-term, sustainable growth.”

L Catterton will maintain its position in PatientPoint through the new dedicated continuation vehicle, which includes investments from funds advised by Neuberger Berman, lead investor, and funds advised by affiliates of Fortress Investment Group LLC, co-lead investor. Littlejohn & Co., who became a partner to L Catterton following PatientPoint’s merger with Outcome Health in 2021, will retain its ownership.

Peter Bock, Managing Director at Neuberger Berman said, “We have been impressed both by L Catterton’s consumer expertise and PatientPoint’s opportunity to leverage their expansive HCP network to offer a full set of digital solutions across the patient care journey. This transaction provides the Company with the time they need to execute their value creation strategy and offers a compelling liquidity opportunity to existing investors.”

Greg Getschow, Managing Director at Fortress added, “On behalf of our investors, we are pleased to establish this partnership with L Catterton, which provides PatientPoint with the additional capital that they need capitalize on significant growth initiatives that are ahead for the business.”

Evercore served as financial advisor to L Catterton on the transaction. Kirkland & Ellis served as legal counsel.

About L Catterton
L Catterton is a market-leading consumer-focused investment firm, managing approximately $33 billion of equity capital across three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands. For more information about L Catterton, please visit www.lcatterton.com.

About PatientPoint
PatientPoint® is a tech-enabled point-of-care patient engagement platform. Our innovative, tech-enabled solutions create more effective doctor-patient interactions and deliver high value for patients, providers and healthcare sponsors. Through our nearly 140k unique healthcare provider relationships, PatientPoint’s solutions impact roughly 750 million patient visits each year, further advancing our mission of making every doctor-patient engagement better®. Learn more at patientpoint.com.

Media Contacts
L Catterton
Julie Hamilton
Managing Director, Firm Communications
media@lcatterton.com
203.742.5185

PatientPoint
PatientPoint Corporate Communications
news@patientpoint.com

Categories: News

Tags:

IK Partners to sell Klingel Medical Group to Elos Medtech

IK Partners

Press Release
Friday, 28 July 2023

IK Partners (“IK”) is pleased to announce that the IK VIII Fund (“IK VIII”) has reached an agreement to sell its stake in KLINGEL Holding GmbH (“Klingel Medical Group”, “Klingel” or “the Group”), a leading full-service provider for complex high-end components and custom products for medical technology, to Elos Medtech AB (“Elos Medtech”) (STO: ELOS-B).

Founded in 1986 and headquartered in Pforzheim, Germany, Klingel has grown to become a market-leading contract development and manufacturing organisation (“CDMO”) with a strong focus on medical technology (“MedTech”) customers across Orthopaedics, Spine, Trauma, Surgical Robotics, Endoscopy and Dental. The Group’s offering spans the entire value chain from development services to production and sterile packaging, with eight production facilities in Southern Germany and Switzerland.

With IK’s support, the business has transformed from a local contract manufacturer in the DACH market into a truly international MedTech CDMO with a strong customer base of global MedTech original equipment manufacturers. During this period, sales have more than trebled, driven by an expansion of production technologies and the successful bolt-on acquisitions of GEHRING CUT, Bächler Feintech, puracon and Ruetschi. Collectively, the Group has approximately 900 employees.

In addition to its full value chain coverage, Klingel relies on deep technological expertise as well as development, production and regulatory know-how to drive outperformance versus its peers. The Group also has a very experienced management team which has more than 80 years of combined experience at C-suite level.

Ralf Petrawitz and Christoph Ruetschi, Co-CEOs at Klingel Medical Group, commented: “We would like to thank the team at IK for their unwavering support over the past five years; a period which has seen us demonstrate exceptional growth and expand our DACH footprint in MedTech. We are proud of all that we have achieved and look forward to continuing this growth trajectory with our new partner Elos Medtech.”

Anders Petersson, Managing Partner at IK and Advisor to the IK VIII Fund, said: “Since our acquisition of the business in 2018, together with management, we have successfully executed our growth strategy, helping Klingel to significantly expand its customer base to become an international MedTech company. One of the reasons we invested in Klingel, was the fragmented nature of this market and its consolidation potential. With our support, the Group has been able to make several exciting bolt-on acquisitions and become a consolidator in the market, which has enabled Klingel to become a leading CDMO in the MedTech sector. It has been a true pleasure working together with the team at the Group. The combination with Elos MedTech makes a lot of strategic sense and we believe that the cultural fit is strong.”

Stefano Alfonsi, CEO and President at Elos Medtech, added: “We firmly believe that this acquisition strengthens our position in the CDMO landscape. It marks a significant step forward in our commitment to offering an extensive array of services to our customers through the hard work of a talented combined workforce. The acquisition will reinforce our well-established reputation for excellence and our ability to cultivate enduring partnerships, aligning seamlessly with Klingel’s similar ethos. We look forward to working with Ralf, Christoph and their team.”

For further questions, please contact:

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

About Klingel Medical Group

Klingel Medical Group is one of the leading manufacturers of metal products for medical technology. As a specialist for the precision processing of high-strength materials, we have been growing continuously and maintaining long and very close relations with our customers. Klingel employs roughly 900 employees across its headquarters in Pforzheim and partner companies Josef Ganter Feinmechanik in Dauchingen, puracon in Rosenheim, Bächler Feintech in Hölstein and Matzingen as well as Ruetschi in Renquishausen (Southern Germany), Muntelier and Yverdon-les-Bains (both in Switzerland). For more information, visit https://www.klingel-group.com/

Read More

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 €14 billion of capital and invested in 180 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 https://ikpartners.com

Read More

About Elos Medtech

Elos Medtech is a leading development and production partner for medical devices and components, with a focus on dental and orthopedic implants and instruments. The company operates from facilities in Sweden, Denmark, China, and the U.S. The customer base comprises international medical technology companies.
Elos Medtech has more than 650 employees and a turnover of approximately SEK 950 million. Elos Medtech has been listed on NASDAQ Stockholm AB since 1989. Elos Medtech’s B share is categorized as a Health Care company on the Mid Cap list. For more information, visit https://elosmedtech.se/

Read More

Categories: News

Tags:

Eurazeo signs agreement with Blackstone to provide financing equity for Groupe Premium

Eurazeo

Eurazeo, the management team led by Olivier Farouz and Montefiore Investment today announced that they have entered into a strategic financing agreement where funds managed by Blackstone (“Blackstone”) have agreed to provide Groupe Premium with €400m of financing equity. As part of the transaction, Blackstone will also acquire a limited minority stake in the business. Blackstone’s investment will provide Groupe Premium with further flexibility to grow the business. On the financing side, Barings renews its support to the Group with a new debt package of €300m.

The completion of the transaction would value the company at €1.15bn.
Eurazeo and its affiliates would realize a 3.3x cash-on-cash multiple at the completion date, including c.€185m of cash proceeds (of which c.€65m for Eurazeo balance sheet), the remainder of c.€135m being reinvested in the operation.

The transaction remains subject to the approval of the Group’s supervisory authorities.
Eurazeo would retain control of the company, reaffirming its trust in the Group for years to come.

Founded in 2000, Groupe Premium is a leading player in wealth management in France, through its three activities of brokerage in life insurance and retirement savings products through the Predictis and Cap Finances networks, asset management through its subsidiary Flornoy-Ferri and wealth management consulting. The Group manages €8.5bn assets and achieved in 2022 a turnover of €188m, growing of + 80% vs 2021 and aims for a level of activity of €263m in 2023.

In 2018, Montefiore invested in Groupe Premium and supported the acceleration of the company’s development before handing over control to Eurazeo in July 2021. Since Eurazeo’s entry into the capital, Eurazeo has supported the group by providing it with the human and financial resources necessary for its structuration and its development, in particular through the geographical expansion of its network of independent agents in France which counts 1100 partners, and by the creation of the Group’s wealth management consulting division, which today represents €3bn in assets under management and is the result of 8 acquisitions made over the past two years. Over these last five years, sales have been multiplied by ten.

Driven by the renewed confidence of its historical shareholders, the group intends to continue its strong organic growth by continuing to strengthen its product range and digitalization, while accelerating its active external growth policy, both France and internationally.

Categories: News

Tags:

CapMan to publish its 1–6 2023 Half-Year Report on Thursday 3 August 2023

Capman

CapMan Plc press release
27 July 2023 at 10:30 a.m. EEST

CapMan to publish its 1–6 2023 Half-Year Report on Thursday 3 August 2023

CapMan will publish its half-year report for the period 1 January–30 June 2023 on Thursday 3 August 2023 around 8.00 a.m. EEST. The company will present the results for the review period over a webcast press conference starting at 9.30 a.m. EEST accessible at https://capman.videosync.fi/2023-q2-results. The conference will be held in English. The report and presentation material will be available at CapMan’s website after the publication (https://www.capman.com/shareholders/financial-reports/).

For further information, please contact:
Linda Tierala, Director, Communications and IR, tel. +358 40 571 7895, linda.tierala@capman.com

Webcast:
3 August 2023 at 9.30 a.m. EEST
https://capman.videosync.fi/2023-q2-results
About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. €5 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. We are listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com. 

Categories: News

BPEA EQT to acquire a majority stake in Indira IVF – India’s largest chain of fertility clinics

eqt
  • BPEA EQT to acquire a majority stake in Indira IVF, the largest provider of fertility services in India and top five globally in terms of annual IVF cycles, having facilitated 125,000 successful pregnancies to date
  • India is one of the fastest growing markets globally for Assisted Reproductive Technology  services due to its large addressable population, rising education levels and marriage age, declining fertility rates, and low market penetration
  • BPEA EQT will invest in Indira IVF’s R&D capabilities and technology, while further broadening its footprint across India and exploring expansion into neighboring markets, making fertility services and reproductive health more accessible to couples

EQT is pleased to announce that BPEA Private Equity Fund VIII (“BPEA EQT”) has agreed to acquire a control stake in Indira IVF (the “Company”), from TA Associates and the Company’s founders, Dr. Ajay Murdia, Dr. Kshitiz Murdia, and Dr. Nitiz Murdia, who will retain a significant minority stake and continue to lead the Company.

Indira IVF was founded by Dr. Ajay Murdia in 1988 and has since then scaled from a single clinic to a nation-wide network spanning 116 centers across 20 states in India. Today, the Company is the market leader within Assisted Reproductive Technology services in India and completes approximately 40,000 IVF cycles annually, making it the largest player in India and amongst top five players globally. To date, Indira IVF has successfully supported over 125,000 couples in their journey towards achieving pregnancy.

India is one of the fastest growing markets globally for Assisted Reproductive Technology services and significantly underpenetrated compared to more developed markets. Infertility rates in India are estimated to be around 15 percent and they are expected to rise, driven by lifestyle changes, such as poor diets, stress levels and pollution. Today, India completes around 300,000 IVF cycles annually, and over the next decade, the number of cycles done across the country is expected to grow around 15 percent at a compound annual growth rate. This trend is supported by the rising awareness about infertility treatments, growing middle class, declining fertility rates, and increasing marriage age.

Ashish Agrawal, Partner at BPEA EQT, commented, “Fertility services and reproductive health is a large and fast-growing opportunity in India and Indira IVF is a pioneer in this space. We are truly impressed by its scalable and repeatable model with best-in-class medical infrastructure and technology systems that have the ability to help realize the dreams of couples who want to become parents. We see strong potential in further expanding India IVF’s presence across India and entering adjacent markets, while continuing to invest in its R&D capabilities and technology, drawing on EQT’s in-house expertise within healthcare and digitalization.”

Dr. Kshitiz Murdia, CEO of Indira IVF, commented, “Partnership with BPEA EQT is the beginning of a new phase of sustainable growth for Indira IVF. Starting from a single clinic in Udaipur to becoming the largest provider of Assisted Reproductive Technology services in India today, Indira IVF’s journey has been a remarkable success story. The ART sector in India is at an exciting stage of development and we are lucky to have a great company, partners, and colleagues to lead the growth of this segment. BPEA EQT is one of the largest healthcare investors globally and has a deep understanding of the IVF sector. We, at Indira IVF, are on a mission to provide world class IVF services to more couples with best-in-class clinical outcomes. I am delighted to have a like-minded partner in BPEA EQT who shares our purpose and we are ready to scale the Indira IVF platform to the next level.”

Jimmy Mahtani, Partner and Co-Head of BPEA EQT India, concluded, “This investment aligns with EQT’s commitment to investing in companies that address critical societal needs and have the potential to impact people’s lives for the better. Under the stewardship of the founding Murdia family and the management team, Indira IVF has scaled to become a leader that has helped more than a hundred thousand couples achieve parenthood. We couldn’t be prouder to support such an important mission and we look forward to partnering with Indira IVF and the Murdia family on its next stage of growth.”

BPEA EQT was advised by JSA (legal), Lincoln International, Price Waterhouse & Co LLP (transaction and tax, operational DD), Deloitte (financial and tax DD, structuring, ESG), and Awelin (digital). The selling shareholders were advised by Goldman Sachs and J.P. Morgan.

With this transaction, BPEA Private Equity Fund VIII is expected to be 35-40 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contact
EQT Press Office, press@eqtpartners.com

About BPEA EQT
BPEA EQT is part of EQT, a purpose-driven global investment organization in active ownership strategies. BPEA EQT combines the private equity teams from Baring Private Equity Asia (BPEA) and EQT Asia, creating a comprehensive Asian private equity presence with local teams in eight cities across the region, a 25-year heritage, and more than USD 25 billion of capital deployed since inception. In addition to BPEA EQT, EQT’s strategies in the region include EQT Infrastructure and the real estate division EQT Exeter.

More info: www.eqtgroup.com/private-capital/bpea-eqt
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About Indira IVF
Indira IVF is India’s largest fertility chain expert with 115+ centers across the country. We are supported by a passionate workforce of 2700+ professionals and 250+ IVF specialists. Indira IVF has helped more than 1,25,000 couples battle their infertility issues and successfully get pregnant through IVF. We are a technology-first company and have invested in several technologies such as RI witness technology, closed working chambers technology, artificial intelligence (AI), microfluidics, and more. It is by means of empathy and meticulous standardization processes that we have been able to attain industry leading success rate, making Indira IVF the most preferred fertility chain of hospitals in the country.

More info: www.indiraivf.com 
Follow Indira IVF on LinkedIn, Twitter, YouTube and Instagram

Categories: News

Tags: