Category Archives: News

KR, IGIS and NPS to Acquire Prime Real Estate Asset in Seoul’s Gangnam Business District

KKR

SEOUL, South Korea–(BUSINESS WIRE)–Oct. 9, 2018– KKR, a leading global investment firm, together with IGIS Asset Management (“IGIS”), the largest real estate fund manager in Korea, announced today that they have made an investment along with the National Pension Service of Korea (“NPS”) to acquire a mixed-use real estate project (the “Asset”) under development in the Gangnam Business District (“GBD”) in Seoul, South Korea. The project, to be purchased from a consortium led by local engineering firm Daor E&C, is expected to cost approximately KRW 2.1 trillion(US$ 1.9 billion) in total, inclusive of purchase price and further costs to complete. Additional terms of the transaction were not disclosed.

This press release features multimedia. View the full release here:https://www.businesswire.com/news/home/20181009006196/en/

The Asset is located in the heart of the GBD at the intersection of Teheran-ro and Eonju-ro on the former Renaissance Hotel site. Currently under construction, the property will primarily consist of prime grade office space, amenity retail space and a five-star hotel, with a gross floor area of 239,188 square meters and net leasable area of 121,707 square meters. A 20-year master lease agreement for the 263-room hotel has been signed with Shinsegae Chosun, an experienced and best-in-class hotel operator.

“We are thrilled to be investing in what we believe will be an iconic property in an excellent location, and to be teaming up with outstanding partners including IGIS and NPS to do so. We look forward to continue building on our global real estate platform by making quality real estate investments in South Korea and throughout Asia Pacific more broadly,” said John Pattar, Member & Head of Real Estate Asia at KKR.

“We are excited to make this investment along with world-class investment firms KKR and NPS. We expect to develop the property not just as the best real estate asset in South Korea, but also as a landmark building in the global real estate market,” said Sock-woo Jung, President of Domestic Investment at IGIS.

KKR’s investment is being funded from KKR Asian Fund III. The investment is KKR’s third real estate investment in South Korea. Previously KKR invested in The-K Twin Towers, a prime office complex located in Seoul’s Central Business District, in June 2014. The-K Twin Towers was sold to Samsung SRA in January 2018 at a record price.

Since 2011, KKR has committed approximately US$ 2 billion in equity and debt across nearly 50 real estate transactions in Asia Pacific markets including South Korea, Australia, China, India, New Zealand and Singapore. The firm has a dedicated team of approximately 20 real estate professionals based in Asia Pacific spanning both the equity and credit strategies.

About KKR

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

About IGIS

IGIS, the largest integrated real estate investment and asset management firm in Korea, currently manages real estate assets valued at more than KRW 22.6 trillion (US$ 20 billion; gross asset value). In August 2018, the Institutional Real Estate, Inc. (IREI) named IGIS as the fourth largest real estate manager in Asia in terms of assets under management.

Source: KKR

Media
For KKR Asia:
Cara Major, +852-3602-7335
Cara.Major@KKR.com
or
For KKR South Korea:
Gaeun Choi, +82-2-6951-3546 / +82-10-9186-1324
KKR@thesignature.co.kr

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Bridgepoint acquires HTL from Naxicap

Bridgepoint

October 8, 2018 – International private equity group Bridgepoint has acquired a majority stake in HTL, a specialist in the manufacture, marketing and innovation of hyaluronic acid (HA) and its by-products, from Naxicap. Naxicap will reinvest via a significant minority interest. Terms of the transaction have not been released.

Working with the management team and Naxicap, Bridgepoint intends to support HTL’s international expansion and external growth strategy.

Created in 1992, HTL is based in Fougères (Ille-et-Vilaine, Brittany) and specializes in the manufacture and purification of hyaluronic acid. It has since diversified into research and development covering other biological polymers for the pharmaceutical and medical fields. HTL stands out from the competition because of its ability to obtain HA with an ultra-high molecular weight, which adds stability and effectiveness for injectable products prepared in the fields of ophthalmology, rheumatology or dermatology. It is also one of the few global manufacturers that can produce a significant volume of pharmaceutical quality HA. Many of the company’s clients believe that HTL products offer the best quality on the market.

Managed by CEO Yvon Bastard and his team, the company now has over 110 employees and hopes to boost hiring. To further its expertise, HTL relies on its R&D department, which is dedicated to the production of new HA bi-products in four specialized laboratories.

HTL also wishes to accelerate its international development. To date, about 90% of the production is sold in Europe, of which approximately 25% in France. With its market leadership and loyal client base, HTL is perfectly positioned to pursue its robust growth.

Vincent-Gael Baudet, a Bridgepoint partner in Paris, commented: “We are pleased to partner with HTL, a company whose profile is very much in line with the investments we support.  In the healthcare field, a sector where Bridgepoint’s expertise is recognised, HTL enjoys a leading position in a high-growth market, with positive momentum in terms of supply and demand and unparalleled product quality. This is thanks to the remarkable drive of the management team and Naxicap. Our international network will be able to assist HTL with its global development, particularly in Asia and in North America, where we are already present.”

HTL CEO Yvon Bastard added: “HTL is a world leader in the HA and by-products markets. Since 2017, Naxicap has provided outstanding support in the development, structuring and investments necessary to back our organic growth ambitions. The HTL management team will be supported by Bridgepoint’s experience and global network to accelerate its international development strategy and its positioning in terms of new therapies, while reinforcing its base with historical partners. The HTL employees are all proud of the work accomplished over the last 18 months and are eagerly looking forward to this new phase of development.”

Eric Aveillan, Naxicap Partners Managing Partner, continued: “We acquired HTL in February 2017 from the founding family as part of a Management Buy-In. During these first 18 months, the HTL teams have been able to unleash their potential and leverage their remarkable expertise thanks to the appointment of a new CEO (Mr. Yvon Bastard), the company’s professionalization and an ambitious investment and recruitment policy. The company has resumed growth, reporting a substantial revenue increase in the last fiscal year, thereby consolidating its position as sector leader. The arrival of a recognized shareholder such as Bridgepoint demonstrates the quality of the project and follows the long-term industrial interest of the company whose future growth is now primarily international.”

Current and past healthcare companies in Bridgepoint portfolios include Acteon, Care UK, Diaverum, Médipôle Partenaires, C2S Group and BALT (interventional neuroradiology).

Press enquiries

For all press enquiries, contact James Murray on +44 (0) 20 7034

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ARDIAN sells ADA INTERNATIONAL to MOONLAKE CAPITAL

Ardian

Growth and internationalization strategy successfully implemented through targeted acquisitions, with revenue more than doubling

Frankfurt am Main / Kehl, October 8, 2018 – Ardian, a world-leading private investment house, announced today that it has entered into an agreement with Moonlake Capital to sell ADA Cosmetics Holding GmbH (ADA International), Europe’s leading manufacturer of high-quality hotel cosmetics. The management team will remain shareholders of the company. Financial terms will not be disclosed.

Ardian Expansion Fund III acquired the company in 2014. Since then, the business has grown via buy-and-build strategy through the acquisitions of Scandinavian Amenities, Pacific Direct and RDI Malaysia, as well as through significant organic growth. As a result, ADA International has advanced from local market leader in the DACH region to the market leader in Europe. It has also significantly strengthened its presence in Asia and the Middle East. Under Ardian’s ownership, sales have more than doubled to over EUR 110 million with profitability increasing steadily. The customer base has grown from around 15,000 to over 25,000 hotels, and the workforce has doubled to around 700 employees.

ADA International was founded in 1979 in Kehl, Germany. Its core business is the production and sale of high-quality personal care products such as shampoo, shower gel, soap, body lotion and accessories for the hotel industry. In addition to its own established brands such as Naturals, Pure Herbs and Hydro Basics, ADA International’s product range also includes hotel cosmetics products from leading international brands such as Chopard and Bulgari. The business model is based on products that meet the highest quality standards and longstanding customer relationships that generate repeat revenues. ADA International’s customer base ranges from independent hotels to international hotel chains in the three, four and five star segment. In addition to the hotel industry, ADA International also services cruise ships and airlines.

Wilhelm B. Könning, CEO of ADA International, said: “In the past four years, we have significantly expanded our position as the market leader for high-quality hotel cosmetics in Europe. In the German-speaking region, our market share is now more than 50 percent. In the UK, this figure is only slightly lower, and in France we are the second largest. Together with Ardian, we have expanded into other important sales markets such as Asia. We have also broadened our innovative product range accordingly to include fragrances, packaging and organic cosmetics to meet international customer needs. Ardian was an important partner and provided us with tremendous support on this path. We are now looking forward to continuing to pursue our growth strategy with Moonlake Capital.”

Dirk Wittneben, Managing Director at Ardian, added: “ADA International has evolved very well. The company’s management team has done an excellent job in implementing the growth strategy and integrating the acquired companies.”

Marc Abadir, Managing Director at Ardian, said: “Thanks to the innovative and high-quality products and the right feel for market trends and customer wishes, ADA International also has great potential for further international growth. ADA International is ideally positioned to become the leading independent global player.”

Philip Wack, Managing Partner of Moonlake Capital, said: “ADA International is a leading player in the highly attractive and resilient niche market of hotel cosmetics. We look forward to partnering with the management team led by Wilhelm B. Könning to support the business in its further growth ambitions.”

ABOUT ADA INTERNATIONAL

ADA International develops, produces and sells high-quality hotel cosmetics and innovative dispenser solutions to three, four and five star hotels, internationally. Based in Kehl, Germany, the company has around 700 employees worldwide and is active in more than 50 countries. ADA International is one of the leading suppliers in this segment with a strong product portfolio of trendy lifestyle concepts, exclusive luxury and designer brands as well as modern dispenser systems.
www.ada-international.com

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$72bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 530 employees working from fourteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of around 750 clients through five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

ABOUT MOONLAKE CAPITAL

Moonlake Capital is a newly founded investment firm based in Austria with an associated office in the UK. It combines decades of entrepreneurship with extensive Private Equity investment and execution experience. It exclusively invests its own funds. In partnership with strong management teams, Moonlake Capital seeks to contribute to the sustainable and successful development of its investments. With permanent capital, the firm can be a long-term partner for its portfolio firms. Through its enduring partnership and capital commitment, Moonlake Capital is able to support its investments in their quest to realise their full growth potential. The firm strives to be a socially responsible investor, working in partnership with customers, suppliers, employee representatives and unions.
www.moonlakecap.com

ADVISORS TO THE TRANSACTION

Ardian Team: Dirk Wittneben, Marc Abadir, Yannic Metzger, Nicolas Münzer
M&A: GCA Altium
Financial: Deloitte
Commercial: EY-Parthenon
Legal Corporate: Willkie Farr & Gallagher
Tax: EY Tax, Taxess

PRESS CONTACT

ARDIAN
Headland
Martin Robinson
Tel: +44 020 3805 4828
mrobinson@headlandconsultancy.com

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AURELIUS acquiers VAG, leading manufacturer of water and waste water valves

Aurelius Capital

  • With six production facilities on four continents, VAG is one of the world’s leading suppliers of industrial valves for water infrastructure
  • Positive outlook confirmed

Munich, October 8, 2018 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) will acquire VAG, the Mannheim-based manufacturer of water and waste water valves from U.S.-based Rexnord. With approx. 1,200 employees, VAG generated sales of almost EUR 200 million in its 2017/18 financial year. The transaction is to be finalized in Q4 2018.

As a globally active company, VAG is one of the leading suppliers of valves for water treatment and distribution, waste water management, dams, power stations and the energy industry. VAG is known and appreciated throughout the world for its market-leading know-how in product development and bears the quality seal “Engineering made in Germany.” The company has six production facilities in Germany, the Czech Republic, China, India, South Africa and the United States, as well as 14 own sales offices that sell VAG’s products and services in more than 100 countries of the world. VAG operates both in the global project business and in the production and distribution of standard applications.

AURELIUS will separate VAG from the structures of Rexnord and make it independent. The company offers significant operational improvement potential, which shall be realized with the support of the AURELIUS Task Force. The already ongoing restructuring program will be continued. Under this program, the consolidation of production facilities and sales companies will be completed and synergies between the production companies and national subsidiaries will be realized. Additional investments will be made to expand the company’s biggest facility in the Czech Republic, where it operates its own foundry. In addition, the company’s procurement and distribution structures will be optimized further. The company will also seek to exploit other improvement potential in the global cost structure by purposefully reducing complexity in the company’s globally interconnected structure. VAG operates in a promising market environment: Growing populations, water scarcity and increasingly strict environmental standards are global issues that VAG addresses with its products. The company is also ideally suited as a platform for further add-on acquisitions (e.g. in the segment of specialty valves and “smart valves”).

“VAG is an exciting company with great potential, which we want to realize by completing the restructuring,” said Gert Purkert, Member of the Executive Board of AURELIUS Equity Opportunities. “Also in the coming months, we expect further acquisitions and add-on-acquisitions to strengthen our existing portfolio companies.”

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ARDIAN acquires a majority stake in INULA, the european leader of natural therapies

Ardian

Paris, October 3, 2018 – Ardian, a world-leading private investment house, today announces that it has signed an agreement to acquire a majority stake in Inula Group from Vendis Capital, Dominique Baudoux (Founder & Chairman) and Sergio Calandri (CEO).

Inula Group was created following the merger of Pranarôm and HerbalGem, two pioneering laboratories specialized in natural therapies, founded in 1985 and 1986 respectively. Inula is a key player in the herbal remedies market, specializing in fast growing sub-sectors such as aromatherapy, gemmotherapy and Bach flowers, through three brands: Pranarôm, HerbalGem and Biofloral. Thanks to its strong scientific approach and the quality of its products, the Group has experienced significant growth over the past years and is now present in more than 25 countries, with leading positions in France, Belgium, Spain, Italy and the USA.

As part of this transaction, Sergio Calandri, CEO of Inula, will reinvest alongside Ardian. Vendis Capital and Pranarôm’s Founder, Dominique Baudoux, should also continue to support the Group.

Bruno Ladrière, Managing Director, Ardian Buyout, and Daniel Setton, Director, said: “We are pleased to be partnering with Inula’s team and we thank them for the confidence they expressed during this operation. We look forward to supporting them in the next phase of the company’s development, helping them reinforce Pranarôm, HerbalGem and Biofloral in their segments in Europe and globally. This transaction is a good example of Ardian’s expertise in supporting SMEs in their ambitious growth strategy.”

Cedric Olbrechts, Partner at Vendis Capital and Dominique Baudoux Founder & Chairman of Inula said: “During our seven-year partnership, we worked together to create a strong dynamic, respecting the role and skills of each other. As a result, the Group has become a leader in natural medicines in Europe, has expanded its international presence, has opened new distribution channels and has developed new products, under the brand Pranarôm but also thanks to the successful integrations of HerbalGem, Biofloral and Veriditas. We are very happy and proud to have achieved the plan we set up in 2011. All these successes belong above all to the high quality and passionate team led by Sergio Calandri. We would like therefore to warmly thank everyone for their commitment, work and talent.” Dominique Baudoux, added: “It quickly became clear to me that Ardian was the right partner to support the Group, because, more than any other potential partner, their approach is in line with the core values which have guided us since the creation of the company.”

Sergio Calandri, CEO of Inula, said: “We have achieved strong growth over the past years, establishing our brands as leaders across Europe and overseas, as well as successfully integrating selected acquisitions. The key points that differentiate our approach (the quality of our products, our scientific approach, our focus on client training and the control of all the stages of the manufacturing process) will remain the key pillars of our future development. Ardian is the ideal partner to accompany Inula on this next development phase, thanks notably to its strong experience in the healthcare sector and its international network.”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$72bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world. Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 530 employees working from fourteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of around 750 clients through five pillars of investment expertise: Funds of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

ABOUT INULA

The Inula Group was born from the union of Pranarôm and HerbalGem, two pioneering laboratories in the field of natural therapies founded in 1985 and 1986 respectively. Inula is active in the development, production and distribution of phytotherapeutic remedies. Its three brands are leaders in their respective segments: Pranarôm in scientific aromatherapy (essential oils), HerbalGem in concentrated gemmotherapy (bud extracts) and Biofloral in Bach flowers (floral extracts). With consolidated sales of €85 million in 2017, Inula distributes its products through 6 sales subsidiaries (in Belgium, France, Spain, Italy, Portugal and the USA) as well as through distribution partners in more than 20 countries in Europe, Asia and North America. The products are commercialised by more than 12,000 customers, including pharmacies, natural stores and health professionals. The group has its own organic plant cultures, as well as 4 production laboratories in Belgium (Pranarôm site in Ghislenghien and HerbalGem site in Vielsalm), France (Biofloral site in Auvergne) and the USA (Inula site in Minneapolis).
www.pranarom.com – www.herbalgem.com – www.biofloral.fr

ABOUT VENDIS CAPITAL

Founded in 2009, Vendis Capital Management is an independent private equity firm dedicated to the European consumer space. In partnership with experienced entrepreneurs and managers, Vendis is focused on investing in and building small to medium-sized companies that are well positioned for growth or transformation (“building brands together”). Vendis invests in France, Belgium, Germany, the Netherlands and the Nordics.
www.vendiscapital.com

LIST OF PARTICIPANTS

Seller: Vendis Capital (Cedric Olbrechts, Mathieu de Medeiros), Dominique Baudoux (Founder & Chairman), Sergio Calandri (CEO)
Buyer: Ardian (Bruno Ladrière, Daniel Setton, Alexis Manet, Rafik Alili, Edmond Delamalle)Seller Advisors:
M&A Advisors : JP Morgan (Edouard Debost, Peter Hujoel, Sebastien Guiol)
M&A Lawyer: Freshfields (Vincent Macq, Frederic Elens, Elliott Fosseprez)
Management Lawyer: Laurius (David Ryckaert)
Finance VDD: PwC (Philippe Estas, Geoffroy Jonckheere, Arnaud Chantraine, Olivier Van Crombrugge)
Fiscal VDD: PwC (Hugues Lamon, Koen Walbers)
Strategic VDD: Roland Berger (Grégoire Tondreau, Patrick Biecheler, Pierre-Antoine Bodin, Jean Muraire, Yaroslav Stetsenko)
Regulatory VDD: Covington (Bart Van Vooren)

Ardian Advisors:
M&A Advisors: BNP Paribas Fortis (Gabriel Englebert, Pieter-Jan Van de Walle, Wide Hellemans, Elena Coluccelli-Guérin, Muriel Petit)
Lawyer: Latham (Olivier du Mottay, Bénédicte Bremond, Lionel Dechmann)
Financing Advisors: EY (Yannick Lostie de Kerhor, Stéphane Seguin, Mathieu Creuzet, Nicolas Morel)
Legal, fiscal, social and CSR Advisors: EY (Jean-Christophe Sabourin, Patrice Mottier, Tom Swinnen, Lionel Benant, Anne Dupupet, Anne-Elisabeth Combes, Maelle Duquoc)
Insurance Advisors: Siaci St Honoré (Pierre de Rochebouet, Julie Marmara, Brigitte Lalo)
Strategic Advisors: EY-Parthenon (Henri-Pierre Vacher, Vincent Czeszynski, Louis Ravier, Benjamin Ferrand, Fabien Bouskila)
Regulatory Advisors: InnoveoCare (Géraldine Veuillet, Elodie Demars)

PRESS CONTACTS

ARDIAN
Headland
Viktor Tsvetanov
Tel: +44 203 435 7469
vtsvetanov@headlandconsultancy.co.uk

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Terminal One Welcomes Port Authority Decision to Redevelop JFK Terminal One as Part of Advancing Airport’s Ambitious Vision Plan

Carlyle

  • Strong commitment to inclusion and labor participation with unprecedented focus on diversity and MWBE opportunities throughout the project targeting a 30% goal
  • Featuring world-class architecture, security, shopping and convenience
  • Establishing an Airport Academy to train local workers in airport operations and management
  • New terminal will be fueled by a target of 100% renewable energy

New York, NY – The Terminal One Team, comprising Terminal One Group Association (TOGA) and its world-class team of operating and financial partners, today welcomed the Port Authority of New York and New Jersey’s decision to move forward with the redevelopment and expansion of John F. Kennedy (JFK) Airport’s Terminal One in accordance with Governor Cuomo’s Vision Plan for JFK. Terminal One Group Association comprises Air France, Lufthansa, Korean Air and Japan Airlines – all of which partnered in 1994 for the original development of Terminal One at JFK. TOGA is joined by a world-class team of operating and financial partners to help deliver one of the largest public-private partnership projects in America. The TOGA team is an innovative coalition of airlines, labor, minority- and women-owned businesses and strong financial partners that includes: The Carlyle Group, together with its dedicated airport platform, CAG Holdings, JLC Infrastructure, Ullico and Munich Airport International.

“The TOGA airlines are committed to providing world-class levels of service to the people of New York State and New York City. The TOGA partner airlines have been serving JFK for more than 60 years,” said Arthur Molins, Managing Director for TOGA. “We have demonstrated our commitment to the New York market for decades, are confident in its growth potential and look forward to our sustained presence here well into the future.”

“Governor Cuomo has thrashed all the myths about minority participation in major infrastructure projects by insisting on a 30 percent standard throughout the project,” said Earvin “Magic” Johnson, co-founder of JLC Infrastructure. “The old excuses – there are not enough minority contractors, not enough minority financing, not enough minority entrepreneurs – have all been tossed out the window with this project.” JLC Infrastructure is a Port Authority-certified minority owned business and will provide financing for the project.

The new Terminal One will encompass 3 million square feet of terminal space on what is now Terminal One, Terminal 2 and the site of the former Terminal 3 – with 23 new gates (potentially increasing to 27) and additional aircraft parking positions, providing significant additional capacity for millions of passengers.

The Terminal’s architecture will be a unique and iconic gateway, inspired by New York City and all it offers; one such upgrade will be the arrivals corridor, which draws from New York City’s High Line, and will make a grand first impression with clear views of the city’s iconic skyline. The new terminal will bring the current AirTrain inside the facility, improving access and convenience, while offering family-friendly play areas, indoor parks and best-in-class concessions with a strong local Queens flavor.

The facility will offer a seamless, state-of-the-art security experience, cutting down on wait times and providing a more advanced screening process, along with a top-of-the-line baggage claim process to allow passengers to move quickly through the terminal. The new, cutting-edge screening technology will be highly adaptable to combat the ever-evolving threats faced by airports.

The Terminal One Team has also committed to environmental sustainability for its redevelopment of JFK. The redevelopment will reduce energy use in the terminal by 30 percent and switch to 50 percent renewable energy with a target of up to 100 percent renewable energy by 2025. The new terminal will also implement 100 percent composting of organic waste and recycling of inorganic waste.

Construction is expected to begin in early 2020 and finish during the second half of 2025, with the new terminal opening in phases to ensure uninterrupted gate capacity and a seamless transition.

“This project will put thousands of union members to work for a long period of time. With union investment in this deal, this is a partnership model that works for workers, management and investors. The Terminal One Team, in line with the objectives outlined by Governor Cuomo and the Port Authority, went the extra mile to make sure this project is a winner for all parties,” said Edward Smith, President and CEO for Ullico Inc.

The Terminal One Team has also made the JFK community an important element of its plan, including a preference for local businesses, jobs for local residents and quarterly job fairs for New Yorkers, paving paths to permanent employment and community development. In addition, the team is establishing an Airport Academy at JFK to help Queens and regional residents learn the skills needed to work in airport operations, whether at JFK, LaGuardia or anywhere in the world.

“We’re supporting TOGA to deliver a world-class travel experience,” said Peter Taylor, Co-Head of Carlyle’s global infrastructure fund. “TOGA has partnered with Labor and Minority- and Women-Owned Business Enterprises (MWBE), including capacity building and training. TOGA’s MWBE goal is throughout the project, from engineering and architecture, to financial and legal as well as construction.”

“JFK is the world’s gateway to New York and the United States’” added Amit Rikhy, CEO of CAG Holdings. “Working with TOGA, our collaborative, local and world-class team and plan will deliver a redeveloped Terminal One that is part of the unified, interconnected and premier airport New Yorkers deserve.”

See our video here: https://www.carlyle.com/media-room/corporate-videos/ready-fly-%E2%80%93-one-jfk

* * * * *

About TOGA

TOGA is a New York-based limited partnership of four international airlines: Air France, Japan Airlines, Korean Air and Lufthansa. TOGA was originally formed in 1994 and entered into a long-term Site Lease with the Port Authority of New York & New Jersey to finance, construct, maintain and operate a new passenger terminal facility at JFK, now known as Terminal One. The Terminal is home to the four TOGA Airlines plus 19 other international airlines and is on pace to process approximately 7.7 million passengers to over 38 nonstop international destinations in 2018.  With 10 international gates, Terminal One has been operated by TOGA since May 1998 and is one of only two terminals at JFK that can serve the Airbus 380 superjumbo aircraft.

For media inquiries, contact Arthur Molins at arthur.molins@dlh.de or at +1 516 296 9234.

About The Carlyle Group and CAG Holdings

The Carlyle Group (NASDAQ:CG) is a global alternative asset manager with approximately $210 billion of assets under management across 335 investment vehicles as of June 30, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,625 people in 31 offices across six continents. www.carlyle.com

CAG Holdings is The Carlyle Group’s dedicated US-based investment platform for airport infrastructure investment opportunities globally. CAG Holdings is led by an experienced management team with a track record of over 70+ airport projects globally combined with a deep, localized understanding of the US airport market.

For media inquiries, contact Chris Ullman at chris.ullman@carlyle.com or at +1-202-729-5450.

About JLC Infrastructure

JLC Infrastructure is an investor and asset management firm focused on the transportation, communications, energy, utilities and social infrastructure sectors in the United States. The firm was formed in 2015 by Loop Capital and Magic Johnson Enterprises and currently manages investments in the redevelopments of Terminal B at LaGuardia Airport and Jeppesen Terminal at Denver International Airport (the Great Hall Project).

For media inquiries, contact info@jlcinfra.com.

About Ullico 
For more than 90 years, Ullico, the only labor-owned insurance and investment company, has been a proud partner of the labor movement, keeping union families safe and secure. From insurance products that protect union members, leaders and employers, to investments in building projects that have created thousands of union jobs, our customers continue to trust us with protecting their families, employees and investments. The Ullico Inc. Family of Companies includes The Union Labor Life Insurance Company; Ullico Casualty Group, LLC.; Ullico Investment Company, LLC (Member FINRA/SIPC).; and Ullico Investment Advisors, Inc.

For media inquiries, contact Cori Houlihan at choulihan@ullico.com or at +1 202 354 8044.

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AURELIUS GROUP establishes a Luxembourg-based Real Estate Investment platform

Aurelius Capital

  • Further investment arm with a flexible, operational focus on the real estate sector
  • Experienced team with an interdisciplinary, international network

Luxembourg, October 4, 2018 – With the newly formed AURELIUS Real Estate Opportunities S.à r.l. (AREO) based in Luxembourg, the AURELIUS Group has opened up a new asset class: AREO‘s investment strategy is particularly focused on real estate projects with potential for operational upside, whose value and income situation can be sustainably improved over the long term through active asset management. Reletting as well as densification and repositioning scenarios can be realised by this manage-to-core approach. The flexible investment approach will be applied to residential, office, retail, hotel, nursing care properties as well as parking in major metropolitan areas and fast-growing cities and university towns.

Munich-based AUREPA Management AG will act as advising investment and asset manager in Germany for AURELIUS Real Estate Opportunities. AUREPA Management AG is managed by an experienced team headed up by Managing Partner Hannes Eckstein. Hannes Eckstein has over 15 years experience in the real estate business. Before joining AUREPA Management AG, among other positions he was responsible for building up the commercial investment business of PATRIZIA Immobilien AG since the early 2000´s, and was Managing Partner of a platform for project development, investment and asset management.

Website AURELIUS Real Estate Opportunities

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KKR and Tencent Lead Investment in the Philippines’ Voyager Innovations

KKR

Investment in the Philippines’ Leading Technology Company Supports Greater Financial Inclusion and Access to Mobile Internet for Filipinos

MANILA, Philippines–(BUSINESS WIRE)–Oct. 4, 2018– PLDT Inc. (NYSE: PHI|PSE: TEL), the leading telecommunications and digital services provider in the Philippines, global investment firm KKR (NYSE: KKR), and Tencent Holdings Ltd.(0700.HK), a leading provider of internet services in China, announced today the signing of agreements under which investors led by KKR and Tencent will separately subscribe to a total of up to US$175 million worth of newly-issued shares in Voyager Innovations, giving them a substantial minority stake in the Philippines’ leading digital technology company.

This press release features multimedia. View the full release here:https://www.businesswire.com/news/home/20181004005328/en/

Upon the closing of the transaction, which is expected within the fourth quarter of 2018, PLDT will remain as the majority shareholder of Voyager Innovations. The agreements also contain provisions for Voyager Innovations to issue additional shares to other investors which, if this were to occur, would reduce PLDT’s ownership to less than 50% while still remaining as the largest shareholder.

The new external funding in Voyager Innovations marks the largest investment to date in a Philippine technology company. With the global expertise and fresh capital from the new investors, Voyager Innovations will enable greater access to mobile payments and the internet as a whole for the country’s population.

Voyager Innovations’ mission is to accelerate digital and financial inclusion in the Philippines and enable the broader Filipino population to participate in the digital economy. The company’s award-winning technology platforms support the following digital services:

  • PayMaya, the most recognized prepaid payment wallet service in the Philippines, enabling Filipinos to shop online, pay bills, buy airtime load, and send money;
  • PayMaya Business, the largest mobile acquiring service in the Philippines, enabling enterprises of all sizes to accept digital payments;
  • Smart Padala, the largest mobile-based remittance network in the Philippines;
  • Lendr, the largest digital lending platform in the Philippines; and,
  • freenet, the most popular rewards app for free access to the internet and apps in the Philippines.

Manuel V. Pangilinan, Chairman, President and CEO of PLDT, said: “Having global powerhouses such as KKR and Tencentas investors in Voyager Innovations demonstrates not only their confidence in the company’s ability to execute its vision, but also their confidence in the Philippine technology industry as a whole.”

Orlando B. Vea, President and CEO of Voyager Innovations, said: “This is a watershed moment not only for Voyager Innovations but also for the Philippines. With this investment by KKR and Tencent, we will trigger an inflection point in digital adoption and financial inclusion in the country.”

Terence Lee, Director on KKR’s Southeast Asia team, said: “We are excited about Voyager Innovations and to further invest behind online payments leaders in emerging markets. Voyager Innovations provides critical digital and financial services to millions of Filipinos looking to join the digital economy for work and play. We look forward to leveraging our industry expertise and resources to help enhance the company’s mission of financial inclusion and accelerate its growth at a time when the digital economy is more important than ever.”

KKR’s investment in Voyager Innovations is being funded from KKR Asian Fund III. The investment is KKR’s first private equity investment in the Philippines and is part of the firm’s strategy to invest in high-growth markets that the firm believes can benefit from a rapid increase in technology adoption. Other investments KKR has made in the technology and fintech sectors include Go-Jek (Indonesia’s leading on-demand mobile platform for ride hailing, food delivery, and mobile payments), Suishou Technology (one of China’s largest personal finance management platforms) and First Data (global payment technology and services solutions provider with a presence in 118 countries).

James Mitchell, Chief Strategy Officer of Tencent, said: “Voyager Innovations connects the growing smartphone population in the Philippines to online payments and financial services. Tencent is glad to support Voyager Innovations and to advance financial inclusion.”

The foregoing investment in Voyager Innovations is not subject to the compulsory merger notification regime under the Philippine Competition Act and its Implementing Rules and Regulations. In addition, the Bangko Sentral ng Pilipinas, the Philippines’ central bank, confirmed that it interposes no objection to the investment.

Bank of America Merrill Lynch is acting as financial advisor to Voyager Innovations. Latham & Watkins and Picazo Buyco Tan Fider & Santos are acting as legal counsel to PLDT and Voyager Innovations. Paul, Weiss, Rifkind, Wharton & Garrison, and Sycip Salazar Hernandez & Gatmaitan are acting as legal counsel to KKR and Tencent.

ABOUT PLDT

PLDT is the leading telecommunications provider in the Philippines. Through its principal business groups–fixed line and wireless–PLDT offers a wide range of telecommunications services across the Philippines’ most extensive fiber optic backbone and fixed line, and mobile network. PLDT is listed on the Philippine Stock Exchange (PSE: TEL) and its American Depositary Shares are listed on the New York Stock Exchange (NYSE:PHI). PLDT has one of the largest market capitalizations among Philippine listed companies. Further information can be obtained by visiting the web at www.pldt.com.

ABOUT VOYAGER INNOVATIONS

Voyager Innovations is the leading technology company in the Philippines focused on developing customer-centric emerging market platforms in the areas of digital payments, digital finance, and marketing technologies. For more information, visit www.voyagerinnovation.com.

ABOUT KKR

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

ABOUT TENCENT

Tencent uses technology to enrich the lives of Internet users. Our social products WeChat and QQ link our users to a rich digital content catalogue including games, video, music and books. Our proprietary targeting technology helps advertisers reach out to hundreds of millions of consumers in China. Our infrastructure services including payment, security, cloud and artificial intelligence create differentiated offerings and support our partners’ business growth. Tencent invests heavily in people and innovation, enabling us to evolve with the Internet.

Tencent was founded in Shenzhen, China, in 1998. Shares of Tencent (0700.HK) are traded on the Main Board of the Stock Exchange of Hong Kong.

Source: KKR

INVESTORS:
PLDT
Anabelle L. Chua
alchua@pldt.com.ph
Melissa V. Vergel de Dios
mvvergeldedios@pldt.com.ph
Voyager Innovations
Duane Williams
investor@voyagerinnovation.com
KKR
Craig Larson
investor-relations@kkr.com
TENCENT
Jane Yip
janeyip@tencent.com
PH Cheung
phcheung@tencent.com
MEDIA:
PLDT
Ramon R. Isberto
rrisberto@pldt.com.ph
Voyager Innovations
Nick B. Wilwayco
pr@voyagerinnovation.com
KKR
Cara Major
Cara.Major@KKR.com
David Katz
David.Katz@KKR.com
TENCENT
Jane Yip
janeyip@tencent.com
PH Cheung
phcheung@tencent.com

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Blackstone announces agreement to acquire Clarus, a Leading Life Sciences Investment Firm

Blackstone

Firm Announces Launch of Blackstone Life Sciences Investment Platform

New York, October 4, 2018 – Blackstone (NYSE:BX) today announced that it has agreed to acquire Clarus, a leading global life sciences investment firm that has raised $2.6 billion since its founding.  Clarus, with offices in the life sciences hubs of Boston and San Francisco, is focused on funding growth-stage investments, often in partnership with major biopharmaceutical companies through R&D collaborations.  These investments bring to market promising new medicines that improve patients’ lives.  Clarus is led by a team of seasoned experts who have invested in more than 50 companies in the biopharmaceutical, medical device and diagnostic sectors—as well as across multiple disease areas, primarily in the oncology space.

This acquisition launches Blackstone Life Sciences, an industry-leading private investment platform with capabilities to invest across the life-cycle of companies and products within the key life sciences sectors. The business will fill a critical void in the industry, which is seeing unprecedented growth, but lacks the necessary funding to bring medicines and healthcare technologies to market.  Blackstone Life Sciences will build on Clarus’ significant domain expertise and record of success, and Blackstone’s experience, operating platform and global scale, to jointly advance breakthrough products to address unmet medical needs.

Jon Gray, Blackstone President and Chief Operating Officer, said: “This is a unique moment where rapid advancements in science and technology are creating unprecedented innovation and unparalleled impact on human health.  Private capital can play an important role in accelerating the lengthy clinical development process to help bring vital, but underfunded, drugs to market.  Building on the foundation of the world-class Clarus team, Blackstone Life Sciences is uniquely suited to provide much needed capital and expertise to this sector.”

Joe Baratta, Global Head of Private Equity at Blackstone, added: “Clarus’ investment model— working in partnership with major biopharmaceutical companies to provide them with necessary capital and operating expertise to expand their development budgets and bring medicines to market— is consistent with our investment philosophy across our various businesses.  Drawing on the expertise of the Clarus team, we are excited to partner with companies across the industry to develop and commercialize important medicines and technologies that will make a measurable difference in people’s lives.”

Upon closing of the transaction, Nick Galakatos, PhD, Managing Director of Clarus, will become Head of Blackstone Life Sciences. Galakatos co-founded Clarus in 2005 and has over 30 years of experience in the healthcare sector. Clarus’ team includes both clinical and investing experts with deep experience in the industry, including prior sector experience with 10 of the world’s leading life sciences companies.

Galakatos said: “We are excited to join Blackstone and anchor a dedicated life sciences investing business. The firm’s unmatched global scale, strong operating platform and track record in growing businesses, together with Clarus’ deep industry expertise, make this new platform an ideal partner to the industry that will bring significant benefits to investors seeking exposure to life sciences.  We look forward to building on Clarus’ success with the added power of Blackstone.”

Blackstone has extensive experience and capabilities in the healthcare sector, including investing over $19 billion in healthcare and healthcare-related transactions across more than 40 deals, and other investments across the firm, and is the second largest owner of life sciences office space in the world.

Blackstone’s acquisition of Clarus is subject to customary closing conditions and is expected to close in the fourth quarter of 2018.

About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with approximately $440 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Contact
Jennifer Friedman
+1 (212) 583-5122
Jennifer.Friedman@blackstone.com

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Altamir expands its investment policy and subscribes to the Apax Development and Apax Digital funds

Altamir

Paris, 3 October 2018 – Reaffirming its ambitious long-term growth and value-creation strategy, Altamir has decided to expand its investment policy and make commitments to two new funds:  Apax Development, launched by Apax Partners SAS in the small-cap segment in France; and Apax Digital, launched by Apax Partners LLP, which invests worldwide in technology companies.

Altamir’s objective is to seize new investment opportunities in dynamic markets, while capitalising on the competitive advantages offered by Apax Partners: sector expertise and an ability to create value through digital transformation, acquisitions and internationalisation.

After consulting with Altamir’s Supervisory Board, the Board of Directors of Altamir Gérance decided to commit €15m to the Apax Development fund and $5m to the Apax Digital fund, keeping in mind that these amounts will be invested over the next 3-4 years.

Apax Development

Following the 2017 acquisition of EPF Partners, a renowned specialist in the small-cap segment in France, Apax Partners SAS is now launching the Apax Development fund, for which it aims to raise €225m. France’s small-cap segment is a large, dynamic market, attractive in terms of price and corporate growth potential.

The investment strategy consists in taking majority stakes in companies with an enterprise value of up to €100m in Apax’s four sectors of specialisation: TMT, Services, Consumer and Healthcare. This strategy complements that of the other funds managed by Apax Partners SAS, which invest in companies with a valuation in excess of €100m.

In March 2018, Apax Development made its first investment in Eric Bompard, the European leader in cashmere.

Apax Digital

Drawing on more than 30 years of experience and deep investment expertise in the technology and telecommunications sectors, Apax Partners LLP created a dedicated team in 2017, which raised $1.1bn for the Apax Digital fund.

The investment strategy is to take minority or majority stakes in enterprise technology and consumer internet companies that are smaller than companies in which the Apax VIII LP and Apax IX LP funds invest and are located in Apax Partners LLP’s geographical scope, i.e. Europe, North America, Brazil, China, India and Israel.

Apax Digital currently has four investments. They include two consumer internet companies, US company Moda Operandi (leading luxury fashion e-commerce platform) and Chinese company So Young (aesthetic medical treatments marketplace), and two enterprise tech companies, US company Wizeline (high-end software product development) and Solita (one of Finland’s largest digital transformation services companies).

Portfolio reporting

Given the smaller size of the investments that will be made via Apax Development and Apax Digital, Altamir’s investment in each fund will appear as a single line in Altamir’s portfolio, without the detail of underlying investments realised by these funds.

 

About Altamir

Altamir is a listed private equity company (Euronext Paris-B, ticker: LTA) founded in 1995 and with nearly €800m in assets under management. Its objective is to provide shareholders with long term capital appreciation and regular dividends by investing in a diversified portfolio of private equity investments.

Altamir’s investment policy is to invest via and with the funds managed by Apax Partners SAS and Apax Partners LLP, two leading private equity firms that take majority or lead positions in buyouts and growth capital transactions and seek ambitious value creation objectives.

In this way, Altamir provides access to a diversified portfolio of fast-growing companies across Apax’s sectors of specialisation (TMT, Consumer, Healthcare, Services) and in complementary market segments (mid-sized companies in French-speaking European countries and larger companies across Europe, North America and key emerging markets).

Altamir derives certain tax benefits from its status as an SCR (“Société de Capital Risque”). As such, Altamir is exempt from corporate tax and the company’s investors may benefit from tax exemptions, subject to specific holding-period and dividend-reinvestment conditions.

For more information: www.altamir.fr

 

Contact

Agathe Heinrich

Tel: +33 1 53 65 01 74

E-mail: investors@altamir.fr

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