Category Archives: News

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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Hellman & Friedman and Blackstone announce voluntary public tender offer for Scout24 AG

Blackstone

Attractive offer price of EUR 46.00 per share in cash
– Offer represents a premium of 27 percent to Scout24’s unaffected share price
– Offer subject to a minimum acceptance threshold of 50 percent plus one share
– Hellman & Friedman, Blackstone and Scout24 have signed an investment agreement as part of a strategic partnership; transaction supported by Management Board and Supervisory BoardMunich, 15 February 2019 – Pulver BidCo GmbH, a holding company jointly controlled by funds advised by Hellman & Friedman LLC (“Hellman & Friedman” or “H&F”) and affiliates of The Blackstone Group L.P. (“Blackstone”), today announced its decision to make a voluntary public tender offer to the shareholders of Scout24 AG (“Scout24” or the “Company”) (ISIN DE000A12DM80).Under the terms and conditions of the voluntary public tender offer, Scout24’s shareholders will receive EUR 46.00 per share in cash. This corresponds to a premium of 27 percent to the last unaffected share price of EUR 36.10 on 13 December 2018. The offer price represents a multiple of 2019e cash flow of approximately 28x, and puts a total equity value of EUR 4.9 billion and a total enterprise value of EUR 5.7 billion1 on the Company.

The completion of the offer will be subject to a minimum acceptance threshold of 50 percent plus one share and to certain customary conditions such as granting of merger control clearance. The transaction structure contains no financing or legal requirements to implement a domination agreement.

The terms and conditions of the voluntary public tender offer have been agreed in an Investment Agreement between H&F, Blackstone and Scout24. Both Scout24’s Management Board and Supervisory Board support the offer and believe that the transaction is in the best interest of the Company.

“We are very excited by the opportunity to re-engage with Scout24 and help the company build upon the historical success that we achieved together. We are strong believers in Scout24’s consumer-centric focus and look forward to working in close partnership with their agent and dealer customers to offer value-added marketing propositions as they continue to digitalise their business models,” said Blake Kleinman, Partner of Hellman & Friedman.

Patrick Healy, CEO of Hellman & Friedman, added: “We have known Scout24 for many years. We thank Hans-Holger Albrecht and the Supervisory Board as well as Tobias Hartmann and the entire Scout24 Management Board for their trust in entering a new partnership for the next phase of growth.”

“A majority shareholding by H&F and Blackstone will provide Scout24 with the stability needed to address future opportunities. Whilst Scout24 has an outstanding competitive position, it is now at an inflection point facing complex challenges including a dynamic market place and pending regulatory changes,” said Robert Reid, Senior Managing Director at Blackstone.

“Our offer provides full value to shareholders. We look forward to supporting the company in its next phase of development,” said Juergen Pinker, Senior Managing Director at Blackstone.

Under H&F and Blackstone’s previous ownership, Scout24 successfully transitioned into a leading European classifieds platform and enhanced its engagement with customers and consumers. Today, Scout24 is at an important juncture with pending regulatory changes and an increasingly dynamic competitive landscape. The Company will benefit from the stability and the support of a long-term anchor shareholder. H&F and Blackstone are fully committed to make the necessary investments in people, products and technology, and to support the Management Board in turning its strategic vision into reality.

With the support of H&F and Blackstone, Scout24 will be able to further strengthen its value proposition for its customers, seize long-term growth opportunities and retain its reputation as a highly attractive employer.

H&F and Blackstone are supported by J.P. Morgan as sole financial advisor and Freshfields Bruckhaus Deringer and Latham & Watkins as legal advisors.

Next steps
The public tender offer will be made on and subject to the terms and conditions set out in the offer document that is expected to be published in March 2019. The terms and conditions of the voluntary public takeover offer will be published in the offer document, publication of which is subject to permission by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”). Following such permission by BaFin, the offer document will be published in accordance with the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz – WpÜG) and the acceptance period of the voluntary public takeover offer will commence. The offer document (once available) and other information relating to the public takeover offer will be made available on the following website: www.scout24-offer.com

About Hellman & Friedman LLC
Hellman & Friedman is a leading private equity investment firm with offices in San Francisco, New York, and London. Since its founding in 1984, H&F has raised over $50 billion of committed capital. The firm focuses on investing in outstanding business franchises and serving as a value-added partner to management in select industries including financial services, business & information services, software, healthcare, internet & media, retail & consumer, and industrials & energy. For more information, please visit www.hf.com.

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 $472 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.

For further information, please contact:
Felix Schönauer HSC +49 160 986 048 62
Andrew Dowler Greenbrook +44 20 7952 2000

Important note:
This announcement is neither an offer to purchase nor a solicitation of an offer to sell shares of the Company. The definite terms and conditions of the public takeover offer, as well as further provisions concerning the public takeover offer, will be published in the offer document only after the German Federal Financial Supervisory Authority (BaFin) has granted permission to publish the offer document. The public takeover offer for shares in the Company has not yet commenced. Investors and holders of shares in the Company are strongly advised to read the offer document and all other relevant documents regarding the public takeover offer when they become available, since they will contain important information.

The public takeover offer will at a later time be issued exclusively under the laws of the Federal Republic of Germany, in particular according to the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) and certain applicable provisions of U.S. securities law. The public takeover offer documentation will additionally be published at www.scout24-offer.com. Any contract that is concluded on the basis of the public takeover offer will be exclusively governed by the laws of the Federal Republic of Germany and is to be interpreted in accordance with such laws.

To the extent permissible under applicable law or regulation, Pulver BidCo GmbH and its affiliates or brokers (acting as agents for Pulver BidCo GmbH or its affiliates, as applicable) may from time to time before, during or after the period in which the public takeover offer remains open for acceptance, and other than pursuant to the public takeover offer, directly or indirectly purchase, or arrange to purchase, shares of the Company, that may be the subject of the public takeover offer, or any securities that are convertible into, exchangeable for or exercisable for shares of the Company. Any such purchases, or arrangements to purchase, will comply with all applicable German rules and regulations and Rule 14e-5 under the U.S. Securities Exchange Act to the extent applicable. Information about such purchases will be disclosed in Germany to the extent required by applicable law. To the extent information about such purchases or arrangements to purchase is made public in Germany, such information also will be deemed to be publicly disclosed in the United States. In addition, the financial advisors to Pulver BidCo GmbH may also engage in ordinary course trading activities in securities of the Company, which may include purchases or arrangements to purchase such securities.

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Kinnevik invests in Verdane portfolio company Mathem to accelerate Swedish food sector online migration

Verdane Capital

In a move to further accelerate the offline-to-online migration of food and auxiliary products for Swedish households, Verdane Capital VII (“Verdane”) has agreed to sell part of its stake in MatHem to Kinnevik AB (publ) together with the company’s other shareholders. The SEK 900 million transaction combines 400 million in primary capital and 500 million in secondary shares.

Powered by investments in IT, warehouses, logistics and several acquisitions, MatHem has helmed the Swedish food sector’s offline-to-online migration and grown its revenues by a factor of 100 since Verdane’s initial investment in 2010. Today, the company is Sweden’s leading independent pure-play online grocery retailer, with the largest assortment and fastest delivery time on the market, covering more than half of Swedish households.

“We are the clear Nordic pioneer in online groceries. With both Kinnevik and Verdane onboard, MatHem is now partnered with two of the Nordic region’s foremost investors in e-commerce and digital businesses as we look to further develop our offering and ensure a seamless customer experience to drive growth,” says Tomas Kull, CEO of MatHem.

In 2018, MatHem’s revenues stood at SEK 1.5 billion, with a workforce numbering 1 500 employees.

“Swedish households’ digital shopping habits are at an inflexion point, and we expect to see online grocery shopping in Sweden catch up with similarly digitalised countries over the next ten years. MatHem’s assortment of more than just groceries and ability to deliver straight into your home means it can offer a uniquely seamless shopping experience that will play an important role in making consumers’ lives easier,” says Staffan Mörndal, Partner and Co-Head of Consumer Internet at Verdane.

“I am excited to announce our investment in MatHem, our third investment in food. 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, basket size and zero returns. MatHem has built a strong brand and recently launched an updated platform which places the company in a strong position to continue to capture markets share as the shift to online accelerates within the grocery sector,” comments Georgi Ganev, CEO of Kinnevik.

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

MatHem is part of Verdane’s e-commerce portfolio together with 14 other companies that include Babyshop, Bemz, Boozt, Eleven, Hylte Jakt & Lantman, MM Sports, Royal Design and Safira. Since 2003, Verdane has invested in over 100 e-commerce and software companies.

***

For more information, please contact:

Staffan Mörndal, Partner at Verdane
+46 70 931 52 35
staffan.morndal@verdane.com

Tomas Kull, CEO at MatHem
+46 70 581 12 07

About MatHem

MatHem is Sweden’s largest online grocery and household goods retailer. We have the largest online grocery assortment and fastest delivery time on the market. Our vision goes beyond food, and our promise is to work to help you save time, money, stress, back strain and climate impact with every delivery. Founded in 2006 by Karolin and Tomas Kull, MatHem now delivers one out of two online grocery orders in Sweden, making 1.5 million deliveries every year to over 30 000 customers located across Sweden.

About Verdane

Verdane funds provide flexible growth capital to fast-growing software, consumer internet, energy or high-technology industry businesses, through both majority and minority investments in individual companies and portfolios. Verdane funds act as ambitious, active and long-term owners, helping management teams and companies accelerate and sustain growth by leveraging the Verdane advisory team’s technology capabilities and proven track record in driving business value. Verdane funds’ current portfolio includes Boozt, EasyPark, Freespee, inRiver, MatHem, Mustad, Momox, Polytech and Trivec. Verdane Advisory Group has 38 employees working out of offices in Copenhagen, Helsinki, London, Oslo and Stockholm. For more information, please visit www.verdane.com

About Kinnevik

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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Axonics® Submits Full Body MRI Data to U.S. Food & Drug Administration for its Sacral Neuromodulation System

GIlde Healthcare

Irvine, CA – Axonics Modulation Technologies, Inc. (NASDAQ: AXNX) a medical technology company focused on the development and commercialization of novel implantable Sacral Neuromodulation (“SNM”) devices for the treatment of urinary and bowel dysfunction, today announced the submission of complete test data to the U.S. Food & Drug Administration (“FDA”) for the purpose of gaining Conditional Full Body Magnetic Resonance Imaging (“MRI”) labeling approval for the Axonics r-SNM® System  for urinary and bowel dysfunction. This data was submitted as an amendment to the Company’s previously filed premarket approval application (“PMA”).

Raymond W. Cohen, CEO of Axonics, commented, “Without this Full Body labeling, any patient requiring an MRI scan on any body part below the head must have their neurostimulator and lead surgically explanted prior to the MRI scan, resulting in loss of an effective treatment, another surgery for the patient and additional cost to the patient and healthcare system. Our robust testing and analyses conclude that Full Body MRI scans can be safely performed on patients with an implanted Axonics r-SNM system.”

The Axonics r-SNM System is already approved for head and neck MR scans in Europe, Canada and Australia. CE Mark approval of Full Body MRI conditional labeling for the Axonics r-SNM System is currently pending.
Cohen continued, “We met with the FDA in January 2019 and determined it was advantageous to file an amendment to the current literature-based PMA. The FDA now has all of our MRI test data for both head and full body and we believe that, once PMA approved, our r-SNM System will include conditional labeling for 1.5T MRI scans.”

Axonics has performed all the required tests to support Full Body conditional labeling on 1.5T MR scanners for the implantable components of its r-SNM System.
What is MRI Conditional Labeling

MRI is short for Magnetic Resonance Imaging. MR scanners come in different magnet field strengths measured in Tesla or “T”, usually between 0.5T and 3.0T. They also come in varying sizes including open and wide-bore. Simplistically, an MR scanner is a very large, strong magnet into which a patient lies. A radio wave is used to send signals to the body of the patient. The returning signals are received and converted into images by a computer attached to the MR scanner.  The image quality of an MRI depends on signal and field strength.  MRI Conditional Labeling means a product has been tested and demonstrated to pose no known hazards to the patient in a specified MRI environment with specified conditions of use and the results of testing are sufficient to characterize the behavior of the product in the MRI environment. Testing for devices that may be placed in the MRI environment should address magnetically induced displacement force and torque, unintended stimulation, and thermal injury. Other possible safety issues include but are not limited to, image artifact, device vibration, interaction among devices, the safe functioning of the device and the safe operation of the MRI system. Any parameter that affects the safety of the device should be listed and any condition that is known to produce an unsafe consequence must be described.

 

About Overactive Bladder and Sacral Neuromodulation

Overactive bladder (OAB) includes urinary urge incontinence and urinary frequency and affects an estimated 85 million adults in the U.S. and Europe. OAB is caused by a miscommunication between the bladder and the brain and significantly impacts quality of life. SNM therapy is a well-established treatment that has been widely employed to reduce symptoms and restore bladder function and is also a proven therapy to treat urinary retention and fecal incontinence.   Reimbursement for SNM is well established and available in the United States, Europe, Canada and Australia.

About Axonics Modulation Technologies, Inc.

Axonics, based in Irvine, CA, is focused on development and commercialization of a novel implantable SNM system for patients with urinary and bowel dysfunction. The Axonics r-SNM System is the first rechargeable Sacral Neuromodulation system approved for sale in Europe, Canada and Australia. The r-SNM System offers a temporary disposable external trial system, a miniaturized and rechargeable long-lived stimulator that is qualified to function for at least 15 years. Also included is a tined lead, as well as patient-friendly accessories such as a charging system optimized for minimal charge time without overheating, a small, easy to use patient remote control and an intuitive clinician programmer that facilitates lead placement and programming. For more information, visit the Company’s website at www.axonicsmodulation.com

Forward-Looking Statements

Statements made in this press release that relate to future plans, events, prospects or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. Words such as “planned,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. While these forward-looking statements are based on the current expectations and beliefs of management, such forward-looking statements are subject to a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from the expectations expressed in this press release, including the risks and uncertainties disclosed in Axonics filings with the Securities and Exchange Commission, all of which are available online at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. Except as required by law, Axonics undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.

 

Gilde Healthcare

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NSO Group Acquired by its Management

Franciso Partners

The founders and management team of NSO Group, a cyber-technology company headquartered in Luxembourg, acquire the company

• The management team is supported by European private equity firm Novalpina Capital

The management team and founders of NSO Group today announced the acquisition of the company from global private equity firm Francisco Partners.

NSO Group develops technology that helps government intelligence and law enforcement agencies prevent and investigate terrorism and crime to save lives. Established from the combination of Israeli and European cyber technology companies, NSO Group has since become a global leader in providing cyber intelligence and analytics solutions to governments. The company has grown rapidly and finished 2018 with revenues of $250 million, and dozens of licensed customers.

The acquisition is led by NSO Group co-founders Shalev Hulio and Omri Lavie, together with members of the company’s senior executive team. A significant number of employees will participate in the acquisition. The founders and management team are supported in the acquisition by Novalpina Capital, a European private equity firm. Jefferies Group LLC is advising and leading the financing.

Shalev Hulio, Founder and Chief Executive Officer of NSO Group, said: “This is an important and significant milestone for NSO. I am proud of what the company and our employees have achieved since we were founded in 2010. Together we have built an amazing technology company that is making the world a safer place. As we look forward, we are delighted that Novalpina is joining as our equity partner. Together we can take NSO Group to the next level, launching new cutting-edge products that help our customers reduce the threats from terrorism and crime. I want to thank Francisco Partners for its tremendous support over the past few years. Its guidance has been instrumental to the success of the company.”

Eran Gorev, Operating Partner at Francisco Partners and Chairman of NSO Group, said: “We are very proud of the company’s contribution to the global war against terrorism and crime, and the many thousands of lives that have been saved thanks to the company’s technology. Since our investment in NSO Group, the company has continued to develop its outstanding technological capabilities and has more than quadrupled in size, while implementing a best-in-class business ethics framework and bringing in independent experts to ensure the company was operating in accordance with the highest ethical standards. We would like to thank all the amazing employees of NSO Group for their incredible contribution to the company and to making the world a safer place, and to wish them a highly successful future.”

Stefan Kowski, Partner at Novalpina Capital, said: “NSO Group has an impressive management team that has developed best-in-class, proprietary technologies sold to approved governments and intelligence agencies to help tackle terrorism and organised crime. We look forward to supporting NSO’s leadership as they continue to grow the business.”

About NSO Group

NSO Group is a global leader in the world of cyber-intelligence, data acquisition and analysis. The company’s mission is to equip select intelligence agencies and law enforcement organizations around the world with strategic, tactical and analytical technological capabilities required to ensure the success of their operations in fighting crime and terrorism.

NSO Group solutions are developed and maintained by a team of cyber-intelligence and cellular-communication experts who operate at the forefront of their fields. Their designs constantly evolve to keep pace with an ever-changing cyber world.

NSO Group is committed to the proper use of its technology to help governments strengthen public safety and protect against major security threats. NSO Group’s advanced intelligence solutions are used globally and play a major role in preventing terror activities, combating human trafficking and the war on drugs.

About Francisco Partners

Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled services businesses. Since its launch over 18 years ago, Francisco Partners has raised over $14 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com

About Novalpina Capital

Novalpina Capital is an independent European private equity firm that invests in middle market companies. The Firm was founded by Stephen Peel, Stefan Kowski and Bastian Lueken in 2017. The founding partners bring more than 50 years of combined experience in private equity investing, having held senior positions in the European operations of firms including TPG, Centerbridge and Platinum Equity, and worked together for nearly a decade at TPG.

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A syndicate of international investors finance Arvelle therapeutics

Anderra Partners

Andera Partners and a syndicate of international investors finance a new CNS-focused European biopharma company Arvelle Therapeutics

 

Andera Partners participated in the Series A financing of Arvelle Therapeutics, a newly-formed company that acquired exclusive European rights to Cenobamate, a highly differentiated anti-epileptic compound. The new CNS-focused company, received one of the largest initial financing commitments for a European-focused biopharmaceutical company from a global syndicate which, aside from Andera Partners, includes NovaQuest Capital Management, Life Sciences Partners, BRV Capital Management and H.I.G. BioHealth Partners.

 

Arvelle Therapeutics acquired the drug from SK Biopharmaceuticals for an upfront payment of $100 million and future potential milestones of up to $430 million. The company intends to file a Marketing Authorization Application (MAA) for cenobamate for partial-onset seizures in adult patients.

Oliver Litzka, Partner at Andera Partners, will join the board of Arvelle alongside other syndicate members.

The press release issued by the company and SK Biopharmaceuticals is available here.

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NSO Group Acquired by its Management

Franciso Partners

PRESS RELEASE – FEBRUARY 14 2019

• The founders and management team of NSO Group, a cyber-technology company headquartered in Luxembourg, acquire the company

• The management team is supported by European private equity firm Novalpina Capital

The management team and founders of NSO Group today announced the acquisition of the company from global private equity firm Francisco Partners.

NSO Group develops technology that helps government intelligence and law enforcement agencies prevent and investigate terrorism and crime to save lives. Established from the combination of Israeli and European cyber technology companies, NSO Group has since become a global leader in providing cyber intelligence and analytics solutions to governments. The company has grown rapidly and finished 2018 with revenues of $250 million, and dozens of licensed customers.

The acquisition is led by NSO Group co-founders Shalev Hulio and Omri Lavie, together with members of the company’s senior executive team. A significant number of employees will participate in the acquisition. The founders and management team are supported in the acquisition by Novalpina Capital, a European private equity firm. Jefferies Group LLC is advising and leading the financing.

Shalev Hulio, Founder and Chief Executive Officer of NSO Group, said: “This is an important and significant milestone for NSO. I am proud of what the company and our employees have achieved since we were founded in 2010. Together we have built an amazing technology company that is making the world a safer place. As we look forward, we are delighted that Novalpina is joining as our equity partner. Together we can take NSO Group to the next level, launching new cutting-edge products that help our customers reduce the threats from terrorism and crime. I want to thank Francisco Partners for its tremendous support over the past few years. Its guidance has been instrumental to the success of the company.”

Eran Gorev, Operating Partner at Francisco Partners and Chairman of NSO Group, said: “We are very proud of the company’s contribution to the global war against terrorism and crime, and the many thousands of lives that have been saved thanks to the company’s technology. Since our investment in NSO Group, the company has continued to develop its outstanding technological capabilities and has more than quadrupled in size, while implementing a best-in-class business ethics framework and bringing in independent experts to ensure the company was operating in accordance with the highest ethical standards. We would like to thank all the amazing employees of NSO Group for their incredible contribution to the company and to making the world a safer place, and to wish them a highly successful future.”

Stefan Kowski, Partner at Novalpina Capital, said: “NSO Group has an impressive management team that has developed best-in-class, proprietary technologies sold to approved governments and intelligence agencies to help tackle terrorism and organised crime. We look forward to supporting NSO’s leadership as they continue to grow the business.”

About NSO Group

NSO Group is a global leader in the world of cyber-intelligence, data acquisition and analysis. The company’s mission is to equip select intelligence agencies and law enforcement organizations around the world with strategic, tactical and analytical technological capabilities required to ensure the success of their operations in fighting crime and terrorism.

NSO Group solutions are developed and maintained by a team of cyber-intelligence and cellular-communication experts who operate at the forefront of their fields. Their designs constantly evolve to keep pace with an ever-changing cyber world.

NSO Group is committed to the proper use of its technology to help governments strengthen public safety and protect against major security threats. NSO Group’s advanced intelligence solutions are used globally and play a major role in preventing terror activities, combating human trafficking and the war on drugs.

About Francisco Partners

Francisco Partners is a leading global private equity firm that specializes in investments in technology and technology-enabled services businesses. Since its launch over 18 years ago, Francisco Partners has raised over $14 billion in capital and invested in more than 200 technology companies, making it one of the most active and longstanding investors in the technology industry. The firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com

About Novalpina Capital

Novalpina Capital is an independent European private equity firm that invests in middle market companies. The Firm was founded by Stephen Peel, Stefan Kowski and Bastian Lueken in 2017. The founding partners bring more than 50 years of combined experience in private equity investing, having held senior positions in the European operations of firms including TPG, Centerbridge and Platinum Equity, and worked together for nearly a decade at TPG.

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