Category Archives: News

Colisée partners with Armonea Group NV to create the fourth largest elderly care group in Europe

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Colisée, a leading player in the elderly care segment in France, Italy and Spain, has signed an agreement to acquire Armonea Group NV, a leading independent senior care organisation in Belgium also active in Spain and Germany. Colisée is supported by the IK VIII Fund and its advisor IK Investment Partners. Financial terms of the transaction are not disclosed and completion of the transaction is subject to regulatory approvals.

Founded in 2008 from the merger of Restel Residences and Group Van den Brande, Armonea is the leading senior care organisation in Belgium, Spain and Germany with more than 17,000 beds under management. The Company manages nursing homes, service flats & residencies. Owned by Verlinvest and Group Van den Brande, Armonea is headquartered in Belgium and employs c. 6,500 FTEs.

The acquisition of Armonea is at the core of Colisée’s strategy to build a European leader in the elderly care segment.

The combination of Armonea and Colisée is based on a complementary geographic profile as well as shared values and vision that will enable synergies at a group level. The combined Group will become the fourth largest European player in the elderly care segment with c. €1bn of revenues.

”This is the combination of two recognised players in their core geographies, with a clear alignment in terms of culture and shared values. Both strive to offer the highest quality of care to their residents. We are very pleased to welcome Armonea’s management team and employees in a combined group totalling c.270 facilities and more than 26,800 residents in five major European countries,” said Christine Jeandel, CEO of Colisée.

”We are delighted and very proud to support Colisée in building the fourth largest European player, thus actively participating in the reshaping of a consolidating industry. We look forward to partnering with an enlarged, experienced and talented management team led by Christine Jeandel,” added Dan Soudry, Managing Partner at IK.

The Group will refinance its existing debt with the support of Barclays, Natixis, SG and CIC. The transaction is subject to regulatory approvals.

Parties involved 
Colisée: Christine Jeandel, Damien Delacourt, Alexis Jungels, Brigitte Siad
IK Investment Partners: Dan Soudry, Rémi Buttiaux, Diki Korniloff, Guillaume Veber, Vincent Valkiers
Buy-side M&A advisors: Lazard (Francois Guichot-Perere, Emmanuel Plantin), Natixis Partners (Ludovic Tron), Case (Damien Segond, William Gobbi)
Buy-side Strategic DD: LEK (Serge Hovsepian, Arnaud Sergent)
Buy-side Financial DD: 8A (Pascal Raidron, Katia Wagner)
Buy-side Legal advisor: White & Case (Thierry Bosly, Muriel Alhadeff, Raphael Richard)
Financing banks: Natixis (Arnaud Brogi), Barclays (Thibery Gleizes), CIC (Brice Bourrely), SG (Patrick Sandray)
Legal advisors financing banks: Latham & Watkins (Xavier Farde)
Sell-side M&A advisors: Rothschild (Franck Demeoen, Jean-Francois Limpens), PJT (Alberto Fernandez, Kiara Mitchinson)

For further questions, please contact: 

Colisée
Marie-Gabrielle de Marchis
Phone: +33 6 69 40 32 17
mg.demarchis@nouvellesaison.com

Armonea
Koen Peeters
Phone: +33 1 70 38 25 54
koen.peeters@armonea.be

IK Investment Partners
Dan Soudry, Partner
Phone: +33 1 44 43 06 60

Mikaela Murekian
Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.murekian@ikinvest.com

About Colisée
Colisée is a key player in the global health care and old-age dependency sector, and has developed a real expertise in elderly people care and well-being. Its network includes 119 facilities in France, Italy and Spain and home-based services agencies in France. In those two business segments, Colisée employs more than 8,000 people. For more information, please visit www.groupecolisee.com

About Armonea
Armonea is the largest independent senior care organisation in Belgium. Every day our 6,500 employees help more than 9,000 seniors enjoy their age in the way that suits them best. In its (almost) 40 years of existence Armonea gained a great deal of expertise in dementia, including with a specialised residential care center in Uccle. Through our dementia knowledge center Anahata, we share this knowledge and experience with our 74 residential care centers in Flanders, Brussels and Wallonia. Armonea also provides stays in residences or assistance homes. Armonea is also active in Spain and Germany. More information about Armonea and our residential care centers on www.armonea.be

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9.5 billion of capital and invested in over 125 European companies. IK funds support 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 www.ikinvest.com

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BDC takes minority stake in SaaS software and digital solutions provider bee2link

Bridgepoint

Xavier Cotelle, founder and CEO of bee2link – a publisher of SaaS software and digital solutions for automobile players – has announced that Bridgepoint Development Capital (BDC), the smid-cap division of the international private equity group, Bridgepoint, has taken a minority shareholding. The terms of the transaction are confidential.

Supported by BDC, Xavier Cotelle and his team will continue to develop bee2link, focusing particularly on the company’s European expansion. Xavier Cotelle and the management team reinvested significantly in the transaction and will continue to manage bee2link.

bee2link is a high growth company supporting the digital transformation of the automotive retail sector. A pioneer in SaaS digital platforms and applications publishing, bee2link has enjoyed a favorable environment since its creation in 2012 and draws on the experience of its managers in automotive retail, dealerships, management/finance and ICT. Its transversal solutions – Applications open to third-party systems (APIs) – seek to digitize business processes and the customer journey and target a client base of manufacturers (OEM), groups and automobile dealerships.

Thanks to the excellent results of its solutions, bee2link has equipped the leading manufacturers in France since 2013 and is also present in Belgium and Switzerland since 2018.

bee2link is growing steadily and has ambitions to become a leading European player within five years by: (i) capitalizing on its success with leading automobile manufacturers and deploying its solutions in new European subsidiaries, (ii) expanding through both internal and external growth and entering new automobile market segments, and (iii) bolstering its position as a key market supplier through its strong technical expertise, recently strengthened by the use of artificial intelligence.

Xavier Cotelle, founder and CEO of bee2link said: “We entrusted SODICA Corporate Finance, the mergers and acquisitions arm of the Crédit Agricole Group, with finding a leading international partner to accelerate our European expansion project. Bridgepoint, through its investment portfolio of market leaders, stood out for its sector expertise and the operating quality of its team. Our shared values, essential to both our companies, convinced us they were the right choice for this project. This partnership will be a winning force, allowing us to roll-out our success in France and across Europe.”

Olivier Nemsguern, Managing Partner of BDC in France added: “In a rapidly changing automobile market, bee2link is a pioneer in the digitalization of automotive retail businesses. Its solutions cover the entire value chain and are extremely popular with leading global manufacturers. We’re delighted to partner with bee2link’s management team, at the cutting-edge of digital innovation in the automobile industry. With our international network and additional financial resources, our aim to assist the company in accelerating its European expansion”.

 

About Bridgepoint Development Capital (BDC)

Bridgepoint Development Capital (BDC) focuses on transactions ranging between €30 million and €200 million.

Backed by a team of 27 professionals in Europe (including nine in Paris), Bridgepoint Development Capital (BDC) is one of the very few investors in the “Smid-cap” segment able to support the international development of mid-cap companies, thanks to support from nine Bridgepoint investment offices as well as operational support teams based in New York, San Francisco and Shanghai.

www.bridgepoint.eu

Advisers in this transaction included:

For the company and shareholders: SODICA Corporate Finance

For BDC: Alantra; Mayer Brown; Deloitte; Eleven Strategy; Mckinsey; PwC.

Unitranche financing was provided by Idinvest.

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JINKO POWER, ARDIAN and WHITE SUMMIT CAPITAL reach agreement to construct and operate Solar Photovoltaic Plant in Spain

Ardian

Madrid, 19th February 2019 –  Jinko Power, a global renewable energy company, Ardian Infrastructure, one of the European leaders of the Infrastructure sector and White Summit Capital AG, a Switzerland-based firm specializing in private infrastructure, have reached an agreement to jointly construct and operate “La Isla”, a 182.5 MW solar photovoltaic (PV) plant near Seville, Spain.
The project was previously wholly owned and developed by Jinko Power International, a sister company of Jinko Solar, the solar panel manufacturer. The plant is currently in development and construction is expected to be completed during the second half of 2019.
Once in operation, La Isla will be one of the first grid-parity/zero-subsidy projects in Europe and one of the largest solar PV plants in Spain. It will be able to generate clean energy to cover the annual consumption of 100,000 households.
La Isla, representing a total investment of €125 million, will create 350 direct jobs in the region during its construction phase.
Juan Angoitia Grijalba, Managing Director at Ardian Infrastructure, said: “This investment demonstrates Ardian’s continuing commitment to the development of our renewable energy portfolio. With this acquisition, we are cementing our presence in Spain, a country with high potential in the renewables space. This builds on our sector expertise, with Ardian Infrastructure now managing circa 2GW of renewable energy, through technologies including wind, solar, hydro and biomass.”
Amaia del Villar, Principal at White Summit Capital, said: “We are delighted to have successfully completed this landmark transaction for White Summit Capital. Together with our partners, we are proud to be spearheading the new renewable energy paradigm.”

ABOUT JINKO POWER

Jinko Power is a global renewable energy company which develops and operates projects in Asia, Europe, Latam and the Middle East, and will be the industrial partner for La Isla.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$90bn 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 550 employees working from fifteen 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 and Seoul). It manages funds on behalf of around 800 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

ABOUT WHITE SUMMIT CAPITAL AG

White Summit Capital AG is a Switzerland based firm specialised in private infrastructure. White Summit has partnered with Ardian to support the investment needs of La Isla and will act as asset manager for the project.

PRESS CONTACTS
ARDIAN
Headland
Viktor Tsvetanov
vtsvetanov@headlandconsultancy.com
Tel: +44 020 3435 7469

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Viking Venture invests in Studentvikarie

Viking venture

Viking Venture, the Nordic Software Investor, is happy to announce it’s latest investment in the Swedish digital marketplace company Studentvikarie AB. Studentvikarie AB which was founded in 2015, uses advanced technology to match the need for temporary teachers in education with motivated and competent students.

– Our vision is to provide high quality temporary teachers and high quality education in schools even when the regular teacher is absent, says co-founder and CEO Gustav Bild. Studentvikarie has undergone rapid growth in Sweden reaching 48 mSEK revenues in 2018. We are happy to welcome Viking Venture as investor in order to help us to continue our growth both in Sweden and abroad.

– The strong Studentvikarie team has impressed us with their advanced platform, their deep market understanding and consistent rapid growth. We think they are ideally positioned to be the number one player in Sweden and new geographical markets, commented Eivind Bergsmyr, partner at Viking Venture and newly elected chairman of the board of Studentvikarie.

Viking Venture holds 40% of the shares of Studentvikarie after the investment while founders Kristoffer Persson and Gustav Bild continue as major shareholders together with the rest of the management team.

– We are happy to announce our 47th investment since 2001 and the first software investment headquartered in Sweden, says Erik Hagen, Managing Partner of Viking Venture. Viking Venture is the leading investor in Nordic growth stage software companies. Our large portfolio of software companies creates an efficient ecosystem for sharing of best practice among companies.

 

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New standing pouch factory marks strategic turning point for HAK

NPM Capital

HAK´s new factory with a fully automatic and high-quality standing pouch line became operational in late 2018. The canned vegetables manufacturer, which is an NPM Capital portfolio company, introduced beans in standing pouches that were filled externally in late 2015. The company can now scale up to larger volumes and numerous product-market combinations thanks to the new line in Giessen, the Netherlands, which produces standing pouches for the entire product gamut ranging from one-person portions to solutions for large-scale professional use.

The official opening of this line marks a key turning point for HAK on the strategic course it has been following since 2012 based on the mission of: helping people eat more vegetables and legumes. By offering vegetables in jars, standing pouches and supermarket refrigerated sections, HAK can now provide products that are suitable for every type of consumer anytime and anyplace.

HAK has until now had the beans and bean dishes filled in the standing pouches by an external supplier. The introduction of the new fully automatic line gives HAK cost and efficiency advantages and enables it to optimally safeguard quality and control food safety. It also provides it with greater flexibility in terms of the diversity of its products. HAK currently produces more than 95% of its products.

The beans in standing pouches have within a short period of time become hugely popular among a primarily young target group (20-35) and modern diners. HAK has sold more than 12 million standing pouches, representing revenue of around €15 million, since their introduction in 2015. The HAK standing pouches have now also been successfully introduced in Belgium and Germany.

Also read ‘HAK aims to get the Dutch eating more vegetables by introducing eleven new standing pouches’

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Proposed merger between Widex and Sivantos receives final clearance from European Commission

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eqt

  • Merger creates company with combined revenues of more than EUR 1.7bn
  • Transaction expected to close in early March 2019
  • Truly global footprint through comprehensive sales and distribution platform

Singapore and Lynge, Denmark – February 14, 2019: The European Commission has approved, under the EU Merger Regulation, the merger between Sivantos Pte. Ltd. (“Sivantos”), owned by EQT funds, and Widex A/S (“Widex”), owned by T&W Medical A/S. Sivantos offers a diverse portfolio of technologically advanced hearing aid products across brands like Signia, Audio Service, Rexton and others. Widex’ portfolio of products includes a range of sophisticated hearing aid technology with a focus on the high-end segment.

The Commission concluded the merger would raise no competition concerns. The merger has already been approved in all other relevant jurisdictions.

“Our goal at Widex has always been to develop the best possible hearing aids to improve the life of those with hearing needs. The merger with Sivantos brings us one step closer to that goal by building a company with one of the strongest research and development resources in the business and the sales channels to ensure our innovative products reach as many people as possible,” said Jan Tøpholm, Chairman of Widex A/S.

“The merger between Widex and Sivantos is a transformative combination and unique opportunity to drive innovation through one of the most dynamic R&D teams in the industry to benefit the more than 700 million people with hearing needs,” said Marcus Brennecke, Global Co-Head of EQT Private Equity.

The newly created company will be a global leader with a presence in more than 125 markets, combined revenues of more than EUR 1.7 billion and more than 10,000 employees worldwide. All Widex and Sivantos brands will continue to operate with separate sales forces and organizations following the combination.

The transaction remains subject to final and customary closing conditions. The parties expect the transaction to close in early March 2019.

This press release is translated into multiple languages for information purposes. In case of a discrepancy, the English version shall prevail. To read this press release in Danish, follow this link.

Contacts
Widex | Andrew Arnold (Corporate Communications): +45 25 65 75 47
Sivantos | Gert van Santen (Corporate Communications): +49 152 028 743 20
EQT | Press office: press@eqtpartners.com, +46 8 506 55 334

About Sivantos Group
The business operations of the former Siemens AG hearing aid division have been combined into the Sivantos Group since early 2015. Sivantos can look back on 140 years of German engineering and countless global innovations. Today Sivantos is one of the leading hearing aid manufacturers worldwide, with brands like Signia, Audio Service, Rexton and others. With its around 6,000 employees, the group recorded revenues of 1100 million euros in the fiscal year 2017/2018 and an adj. EBITDA of 262 million euros. Sivantos’ international sales organization supplies hearing care specialists and sales partners in more than 120 countries. Particularly high value is placed on product development. The owners of Sivantos are the anchor investors EQT along with the Strüngmann family as a co-investor. Sivantos GmbH is a brand license holder of Siemens AG.

More info: www.sivantos.com

About Widex
With more than 60 years’ experience developing state-of-the-art hearing technology, Widex (headquartered in Lynge, Denmark) provides hearing solutions that are easy to use, seamlessly integrated in daily life and enable people to hear naturally. One of the world’s leading hearing aid producers, Widex employs around 4,250 people across sales, manufacturing, operations, distribution and R&D in 38 countries, and its products are sold in 105 countries. The current strategy, introduced in 2018, aims at doubling the business in five years. Widex is owned by the Tøpholm and Westermann families, descendants of the founders.

More info: www.widex.com

About EQT
EQT is a leading investment firm with approximately EUR 50 billion in raised capital across 28 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

 

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Scout24 Welcomes the Takeover Offer and the Strategic Partnership with Hellman & Friedman and Blackstone

Hellman & Friedman

BERLIN, Germany and MUNICH, Germany

• Voluntary public takeover offer with a price of EUR 46 per Scout24 share in cash
• Management Board and Supervisory Board welcome the offer
• Investment agreement regarding strategic partnership signed

Today, Scout24 AG (“Scout24”), a leading operator of digital marketplaces specializing in real estate and automotive sectors in Germany and other selected European countries, and Pulver BidCo GmbH (“BidCo”), a holding company jointly controlled by funds advised by Hellman & Friedman LLC and affiliates of The Blackstone Group L.P., have signed an investment agreement forming a strategic partnership. BidCo has announced to pursue a voluntary public takeover offer for all Scout24 shares with a price of EUR 46.00 per Scout24 share in cash (“Takeover Offer”).

The Takeover Offer implies an equity value of Scout24 of approximately EUR 4.9 billion and an enterprise value of approximately EUR 5.7 billion. The offer price represents:
• ca. 27.4% premium to the unaffected share price of EUR 36.1 on December 13, 2018
• ca. 24.4% premium to the unaffected 3-month-volume-weighted average share price of EUR 37.0[1]

The Takeover Offer will be subject to a minimum acceptance threshold of 50% plus one share. Furthermore, the Takeover Offer will be subject to a market MAC (no decline of the DAX 30 by more than 27.5%) and other customary conditions, in particular merger control clearance.

Subject to the careful review of the offer document and their statutory fiduciary duties the Management Board and the Supervisory Board of Scout24 welcome and support the Takeover Offer and the strategic partnership given (i) the significant premium offered to shareholders and (ii) the favorable investment agreement signed today. Hellman & Friedman and Blackstone are value-add and trusted partners of Scout24 which share the long-term ambitions and strategy for the company with the Management Board. Both Scout24’s Management Board and Supervisory Board believe that the transaction is in the best interests of the company.

In compliance with their obligations under statutory law the Management Board and the Supervisory Board of Scout24 AG will release a reasoned statement regarding the Takeover Offer after receipt and review of the offer document. Furthermore, the members of the Management Board and the Supervisory Board, subject to applicable legal restrictions, have indicated that they will accept the Takeover Offer for shares in Scout24 AG held by them (if any).

Scout24 Chairman, Hans-Holger Albrecht, says: “We believe this is an attractive offer with a substantial premium, high transaction certainty and a strategic value-add for the company.” Commenting on the Takeover Offer, Tobias Hartmann, Scout24 CEO says: “Hellman & Friedman and Blackstone are known to Scout24 as trusted and long-term partners given their prior ownership and familiarity with the company. The terms of the offer represent an attractive opportunity for a highly strategic partnership that recognizes the quality of the Scout24 platform, its employees, customers and partners. I am delighted about our joint long-term vision and ambition to turn Scout24 into a leading European digital player.”

The offer document (once available) and other information relating to the public takeover offer will be made available by BidCo on the following website: www.scout24-offer.com.

Morgan Stanley as financial advisor and Allen & Overy as legal advisor are advising the Management Board of Scout24. Citigroup as financial advisor and Gleiss Lutz as legal advisor are advising the Supervisory Board of Scout24.

About Scout24
With our leading digital marketplaces ImmobilienScout24 and AutoScout24 in Germany and Europe, we inspire people to make the best decisions when it comes to finding a property or a car. Scout24 bundles individual additional services, such as creditworthiness information, the brokerage of relocation services or construction and car financing, in the Scout24 Consumer Services business unit. More than 1,200 employees work on the success of our products and services. We focus on our users and create a networked offering for housing and mobility. Scout24 AG is a listed stock corporation and is traded on the Frankfurt Stock Exchange (ISIN: DE000A12DM80, Ticker: G24). Scout24 has been listed in the MDAX since June 2018. Further information is available at www.scout24.com, on our Corporate Blog and Tech Blog or on Twitter and LinkedIn.

Media contact
Jan Flaskamp
Vice President Communications & Marketing
Fon +49 30 24 301-0721
E-Mail: mediarelations@scout24.com

Investor Relations
Britta Schmidt
Vice President Investor Relations & Controlling
Fon +49 89 44456-3278
E-Mail: ir@scout24.com

Disclaimer:
This document has been issued by Scout24 AG (the “Company” and, together with its direct and indirect subsidiaries, the “Group”) and does not constitute or form part of and should not be construed as any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision, nor does it constitute a recommendation regarding the securities of the Company or any present or future member of the Group.

We advise you that some of the information is based on statements by third parties, and that no reliance may be placed for any purposes whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given by or on behalf of the Company or any of its directors, officers or employees or any other person as to the accuracy or completeness of the information or opinions contained in this document and no liability whatsoever is accepted by the Company or any of its directors, officers or employees nor any other person for any loss howsoever arising, directly or indirectly, from any use of such information or opinions or otherwise arising in connection therewith.

The information contained in this release is subject to amendment, revision and updating. Certain statements, beliefs and opinions in this document are forward-looking, which reflect the Company’s or, as appropriate, senior management’s current expectations and projections about future events. By their nature, forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Statements contained in this document regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. The Company does not undertake any obligation to update or revise any information contained in this press release (including forward-looking statements), whether as a result of new information, future events or otherwise. You should not place undue reliance on forward-looking statements, which speak only as of the date of this document.

This document is not an offer of securities for sale in the United States of America. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. Neither this document nor any copy of it may be taken or transmitted into the United States of America, its territories or possessions or distributed, directly or indirectly, in the United States of America, its territories or possessions or to any US person.

________________________________________
[1] The three months volume weighted average share price is calculated on the basis of daily Xetra closing share prices weighted by the daily trading volumes for the period ending on December 13, 2018.

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CITIC Capital Completes Acquisition of Global Business of the Amoy Brand

Citic Capital

(Hong Kong, 15 February 2019) Private equity arm of CITIC Capital Holdings Limited (“CITIC Capital”) is pleased to announce that, CITIC Capital Asian Foods Holdings Limited, a company wholly owned by its investment funds (Note 1), has completed the acquisition of the global business of the Amoy Brand, including the Hong Kong-based headquarters, Amoy Food Ltd, (collectively referred to as “Amoy Food” or “the Company”) from Ajinomoto Co., Inc. (“Ajinomoto Co.”). In addition, Ajinomoto Co. will subscribe 15% shares in CITIC Capital Asian Foods Holdings Limited to work with CITIC Capital to explore opportunities in China. This is the sixth carve-out deals CITIC Capital has completed within two years (Note 2).

Established in 1908 in Xiamen city, Fujian Province, Amoy Food enjoys a long history of success in seasonings/sauces and frozen foods market and has developed into one of the leading Asian brands with global reach. Headquartered in Hong Kong, Amoy Food serves both foodservice and retail customers across over 40 countries with deep roots in Hong Kong, the U.S., Mainland China, and Europe. Amoy Food has been a well-recognized household brand for Asian foods in global Chinese community.

Following the transaction, CITIC Capital will leverage its extensive network and track records in creating values for portfolio companies to further expand Amoy Food’s businesses in Asia and other overseas markets and continue to drive growth for the company.

Yichen ZHANG, Chairman & CEO of CITIC Capital, said: “We are excited about the opportunity to invest in Amoy and work closely with Ajinomoto Co., who is the global leader of high-quality seasoning and foods and pioneer of “Umami” with 110 years history and wide-ranging portfolios. Leveraging the strong shareholders and century-long brand equity, we see solid growth potential for high-quality Asian sauces and frozen foods across global Asian population. We look forward to leveraging CITIC Capital’s unique resources to grow the business alongside with the management team.”
Latham & Watkins LLP and JunHe LLP served as legal counsel to CITIC Capital.

Note 1: The investment is made through CITIC Capital China Partners and CITIC Capital Japan Partners.
Note 2: Recently completed carve-out deals include McDonald’s business in Mainland China and Hong Kong, sexual wellness company LifeStyles, Wall Street English, financial information database operator Global Marketing Intelligence Division, and leading supply chain pooling solution provider China Merchants Loscam.

About CITIC Capital Holdings Limited

Founded in 2002, CITIC Capital is an alternative investment management and advisory company. The firm manages over USD25 billion of capital across 100 funds and investment products through its multi-asset class platform covering private equity, real estate, structured investment & finance, and asset management. CITIC Capital has over 160 portfolio companies that span 11 sectors and employ over 830,000 people around the world.
CITIC Capital’s private equity arm, CITIC Capital Partners, focused on control buyout opportunities globally, has completed over 60 investments in the past years in China, Japan, U.S. and Europe. The private equity arm currently manages USD6.6 billion of committed capital. For more information, please visit www.citiccapital.com www.citiccapital.com

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DIF, CIMIC Group and CAF consortium reaches financial close on Regional Rail PPP

DIF

Sydney, 15 February 2019 – DIF is pleased to announce that the Momentum Trains consortium, comprising DIF Infrastructure V, CIMIC Group companies Pacific Partnerships, UGL and CPB Contractors, and Construcciones y Auxiliar de Ferrocarriles (CAF), has reached financial close on the Regional Rail design, build, finance and maintain project in New South Wales (NSW), Australia.

The availability based contract with Transport for NSW includes delivery of a new regional rail fleet, along with a purpose built maintenance facility in Dubbo, New South Wales. The fleet will enter service progressively from 2023 and will deliver a new standard in reliability, safety and comfort for regional and interstate travellers.

Rolling stock manufacturer CAF, will be responsible for building 117 new rail cars which are based on its successful Civity platform. CAF, together with CPB Contractors, will develop the maintenance facility and UGL will be responsible for maintaining the fleet and maintenance facility for the initial 15-year concession.

Wim Blaasse, Managing Partner of DIF, says: “DIF is excited to invest in this significant rolling stock project which will deliver a high quality rail experience for interstate and regional travellers and commuters. This project is the result of our strong relationship with CIMIC Group and CAF.”

Marko Kremer, Partner and DIF’s Head of Australasia adds: “DIF is delighted to be working in partnership with Transport for NSW on this major rolling stock project and contributing to the economic development of regional NSW. This new rolling stock fleet will deliver improved comfort and reliability, and make long distance travel on the east coast of Australia safer, faster and more convenient.”

The Momentum Trains consortium was advised by MUFG (financial) and Herbert Smith Freehills (legal).

About DIF
DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets and companies in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has over 115 professionals in eight offices, located in Amsterdam, Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

DIF contact:

Allard Ruijs,
Partner
a.ruijs@dif.eu

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Kinnevik commits to invest SEK 0.9bn in MatHem and becomes lead shareholder with a 38% stake

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that it has committed to invest SEK 0.9bn in MatHem, Sweden’s leading independent pure-play online grocery retailer, in a combination of 0.4bn in primary capital and 0.5bn in secondary shares taking Kinnevik’s ownership to 38%.

The Nordic countries have long been held to be leaders in innovation, digital transformation and technological adoption with some of the world’s fastest broadband speeds, highest mobile penetration rates and a track-record of having created the highest number of unicorns per capita in the last decade. Yet in some areas the same Nordic countries are distanced by the true innovators.

Food is one such sector, but we believe that will change as the food sector is about to go through more transformation in the next ten years than it has in the past hundred. The strongest trend is a shift from offline to online, and with our deep understanding of e-commerce and of the digital consumer, we want to be driving this shift.

The benefits for the consumer of food moving online are significant. The online model enables significant time savings by removing travel time to and from stores as well as time spent in store. Today, time is a scarce resource and the potential of saving time will be an increasingly powerful addition to any company’s value proposition. Food can also be an expression of one’s identity, beliefs and desires, as well as a tool for managing wellness. Online food provides the customer with both a wider and deeper assortment as well as fresher food as the number of intermediaries in the value chain is reduced. The online business model can also contribute to us reducing the burden on our planet by cutting waste through better resource management and optimizing transportation.

MatHem is Sweden’s leading independent pure-play online grocery retailer with a strong household brand built over the past ten years. The company can deliver to more than half of the Swedish households and had a turnover of approximately SEK 1.5bn in 2018. Last year MatHem exceeded one million deliveries, highlighting the strategic value of a pure-play online grocery platform with regular and recurring delivery directly to people’s homes. MatHem’s partnership with Clas Ohlson is the first step to efficiently leverage that platform, delivering additional products and services on top of the company’s own food assortment.

Read more about our vision of the food sector and our investments at www.kinnevik.com

Georgi Ganev, CEO of Kinnevik, commented:

“I am proud of our investment in MatHem, our third investment in the Nordic food sector. This is a sector with huge potential given its significant share of household spend, its non-cyclical nature and attractive purchase patterns in terms of frequency and basket size. MatHem has built a strong brand and recently launched an updated platform which places the company in a strong position to continue to capture market shares as the shift to online accelerates within the grocery sector.”

Tomas Kull, Chief Executive Officer of MatHem, added:

“MatHem is ready to take the next step in its growth journey and with Kinnevik’s track-record of building successful digital brands and its insight into the digital consumer space, I believe that we have found the perfect partner. Building on our deep customer relationships, we will continue to develop our assortment and ensure a seamless customer experience to drive growth going forward.”

Closing is conditional on customary regulatory approvals and is expected during the first quarter of 2019.

 

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 08.00 CET on 14 February 2019.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build digital businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, develop and invest in fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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