Category Archives: News

Gilde Buy Out Partners and Management acquire Elcee Group from TransEquity Network

Gilde Buy Out

Mr. Mathias van Roij stays on as CEO and substantial shareholder Dordrecht/Utrecht/’s-Hertogenbosch – Funds advised by Gilde Buy Out Partners (“Gilde”) announced the acquisition of Elcee Group B.V. (“Elcee” or “The Company”), a leading supplier of engineered industrial parts, from TransEquity Network (“TransEquity”) and Mr. M.A.J. van Roij. Completion of the transaction is anticipated to take place in July, subject to clearance of the relevant competition authorities. The terms of the agreement have not been disclosed.
Elcee, with turnover of approximately €100 Mio., has developed from being a purely Dutch player into a pan-European industrial supplier through an active buy-and-build strategy. Recent acquisitions include the acquisitions of Gildemeister a+f Components (Germany), Global Suplliers (Belgium) and Global Supplier Group (the Nordics and Poland). As the new reference shareholder, Gilde will further support the Company’s acquisitive growth strategy.
Commenting on the sale, Mathias van Roij, the Company CEO, says:
“I am grateful to all at Elcee and TransEquity for their contribution and support over the years and for putting the Company on its recent growth path. Meanwhile, Elcee’s Management and I are excited to continue and accelerate our growth strategy with a new partner and believe the transaction will allow the Company to fulfill its international ambitions.”
Tom Muizers, partner at Gilde:
“Elcee presents us with an attractive opportunity to invest in a leading player in the European industrial components market. With its focus on the West- and North-European market, Elcee is at the sweetspot of Gilde’s geographical focus, and we are excited to support the Company’s growth across Europe.”
Jurgen van Olphen, founding partner at TransEquity:
“Elcee has realized spectacular growth in recent years, due to the continuous effort of Mathias van Roij and the broader management team. We are convinced that Elcee has found an excellent partner in Gilde to continue the international expansion.” Read more at: http://gilde.com/news/2018/gilde-buy-out-partners-and-management-acquire-elcee-group-from-transequity-network

Categories: News

The acquisition of Piab completed

Investor

On April 30, 2018, Patricia Industries, a part of Investor AB, announced the acquisition of leading gripping and moving solutions company Piab from EQT.

Following approval by the competition authorities, the acquisition has now been completed.

The acquisition price is SEK 6.95 bn. For the 12-month period ending March 31, 2018, sales amounted to approximately SEK 1.2 bn. (pro forma) and the EBITDA and EBITA margins were 29-30 and 28-29 percent respectively. Since 2013, average annual sales growth has been approximately 20 percent, of which 11 percent organic. Continued growth in both sales and profit is expected during 2018.

Patricia Industries has injected SEK 5.5 bn. in equity financing for approximately 90 percent ownership of the company. The remainder of the enterprise value has been financed by external debt and equity participation by Piab’s management and the founding family Tell.

This information is not of the kind subject to disclosure obligation by Investor AB pursuant to the EU Market Abuse Regulation.

About Patricia Industries
Patricia Industries, a part of Investor AB, makes control investments in leading companies with strong market positions, brands and corporate cultures within industries positioned for secular growth. Our ambition is to be the sole owner of our companies, together with strong management teams and boards. We invest with an indefinite holding period, and focus on building durable value and capturing organic and non-organic growth opportunities.

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KPMG Sweden sells Business Accounting Services division to IK Investment Partners

ik-investment-partners

IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that the IK VIII Fund has reached an agreement with KPMG Sweden (“KPMG”) to acquire its division for accounting, payroll and related advisory services (“Business Accounting Services”). 

Business Accounting Services is a leading provider of accounting, payroll and related advisory services with approximately 300 employees across Sweden. The transaction represents an attractive opportunity for both employees in accounting and payroll administration and for KPMG as a whole.

In February 2018, IK announced the acquisition of Aspia, which operated as a separate division within PwC, supporting over 27,000 small and medium-sized enterprises (SMEs). Aspia is one of the leading companies in accounting, payroll and related advisory services with 71 offices and approximately 1,100 employees across Sweden. The transaction is expected to close 2nd July 2018.

The plan is to integrate Aspia and Business Accounting Services, and the combined entity will operate under the brand name of Aspia. Together, the two businesses had a turnover of more than SEK 1.25 billion.

“Aspia and Business Accounting Services share similar expertise, service offering, customer base and presence as well as cultural heritage. Both companies have a vision to innovate and create new ways of working for SME businesses, especially through our strong digital service offering, and we can’t wait to welcome our new colleagues,” said Magnus Eriksson, Service Line Leader at PwC and Incoming CEO of Aspia.

“The acquisition of Business Accounting Services marks an important milestone for Aspia, and we at IK are incredibly proud to be part of this combination of two great businesses,” said Alireza Etemad, Partner at IK Investment Partners.

“Aspia will give our employees in Business Accounting Services a new home where their expertise is a core skill, with good opportunities to be competitive as well as resources to develop staff skills and drive technology development in the sector. At the same time, KPMG will strengthen its audit agenda and free up resources for strategic efforts in the digital arena and recruiting key employees,” said Magnus Fagerstedt, CEO of KPMG Sweden.

The terms of the transaction were not disclosed. The transaction is subject to customary approvals.

For further questions, please contact:

IK Investment Partners
Alireza Etemad, Partner
Phone: +46 8 678 95 24

Mikaela Hedborg, Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.hedborg@ikinvest.com

KPMG
Magnus Fagerstedt, CEO
magnus.fagerstedt@kpmg.se
Phone: +46 8 723 91 00

Björn Bergman, Head of Communications
bjorn.bergman@kpmg.se
Phone: +46 708 76 24 53

Aspia
Magnus Eriksson, Service Line Leader at PwC and Incoming CEO of Aspia
Phone: +46 709 29 11 25

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 115 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

About KPMG
At KPMG we work with our clients to inspire confidence and empower change. What drives us is a desire to pass on business insights and provide expert audit, tax and advisory services tailored to specific industries. Our global network of 197,000 specialists in 154 countries makes us one of the world’s leading knowledge companies. In Sweden we have a strong local presence with 1,700 employees at around 50 locations. Read more at www.kpmg.se

 

 

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CapMan Buyout to sell The North Alliance to Norvestor

Funds managed by CapMan Buyout have agreed to sell their holdings in The North Alliance to funds managed by Norwegian private equity company Norvestor.

CapMan Buyout funds continue to deliver successful exits of portfolio companies with The North Alliance (“NoA”) as the fifth transaction within the last eight months.

Pan-Scandinavian NoA offers an integrated range of services within design, communications, and technology. NoA consists of leading agencies in Sweden, Denmark and Norway with offices in Stockholm, Copenhagen, Oslo, Krakow, Chicago and Los Angeles. In 2017 the net sales of NoA was approximately MEUR 80 in agency fee and it employed approximately 730 persons. Funds managed by CapMan acquired NoA in 2014 and both growth and profitability of the company has developed favourably during the ownership period of CapMan.

“During the last four years since NoA was formed, it has grown into one of the most successful agency networks in Scandinavia and achieved global recognition for its creativity and innovation capabilities. Our strategy under CapMan’s ownership to create a Nordic leader has been achieved through establishment of offices in Scandinavian capitals and through key strategic acquisitions. By working extensively with the right type of integration of these agencies, NoA has managed to come to the market with a unique offering, benefiting from cross selling, operational best practice, centralized back office and PMO functions while increasing the quality in its creative output as demonstrated by the many awards in Scandinavia and internationally. This was of course only possible by having a very skilled and dedicated management team supporting the CEO Thomas Høgebøl, who came to us with this vision in 2013,” says Tobias Karte, Investment Director at CapMan Buyout and responsible for the investment in NoA.

“We have achieved a lot during these four years and the story of NoA is still in its beginning. CapMan has supported me in realizing the vision I had for NoA in a very good way, contributing with expertise and support in how to build a company of this size and realizing the strategic agenda we have had. I am happy that the development of NoA can continue with a new strong owner who is willing to support us further in realizing our vision,” says Thomas Høgebøl, CEO and founder of The North Alliance.

The completion of the transaction is pending certain conditions including approval from competition authorities.

The CapMan Buyout team comprises 12 investment professionals working in Helsinki and Stockholm. The funds managed by CapMan Buyout invest in medium-sized, unlisted companies in the Nordic countries.


For more information, please contact:
Tobias Karte, Investment Director, CapMan Buyout, tel. +46 733 442 896
Thomas Høgebøl, CEO, the North Alliance, tel. +47 950 92 000

CapMan
www.capman.com
@CapManPE

 

CapMan is a leading Nordic private asset expert with an active approach to value-creation in its target companies and assets. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers we have developed hundreds of companies and real estate and created substantial value in these businesses and assets over the last 28 years. CapMan has today approximately 120 private equity professionals and manages approximately €2.8 billion in assets under management. We mainly manage the assets of our customers, the investors, but also make investments from our own balance sheet. Our objective is to provide attractive returns and innovative solutions to investors. Our current investment strategies cover Real Estate, Buyout, Russia, Credit, Growth Equity and Infrastructure. We also have a growing service business that currently includes procurement services (CaPS), fundraising advisory (Scala Fund Advisory), and fund management services.

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InfraRed acquires 40% stake in 228MW Australian onshore wind farm

InfraRed Capital Partners

18 Jun 2018

InfraRed Capital Partners has acquired a 40% stake in the Lal Lal Wind Farm, a 228MW greenfield onshore wind farm project in Australia. The investment makes InfraRed one of the largest shareholders in a consortium of investors.

Lal Lal will comprise 60 x 3.8MW Vestas turbines across two sites near Ballarat in the state of Victoria. Construction has started and the sites are expected to be fully operational in late 2019. The project will benefit from revenue offtake with two Australian industrials. Once fully operational, Lal Lal is expected to generate over 650GWh per annum, enough energy to power over 92,000 households.

Edward Hunt, Investment Director, Infrastructure, InfraRed states: “Lal Lal is an attractive opportunity to invest in a high-quality onshore project alongside experienced partners. It marks an important milestone for InfraRed’s global energy platform as we will be able to bring our experience in greenfield energy projects across the Americas and Europe to support the generation of clean energy in Australia.”

Sebastien Pochon, Director, Infrastructure, InfraRed adds: “InfraRed manages over 2GW of capacity worldwide. We have been investing in Australia since 2009 and are delighted to be expanding our offer here. We are proud of our role in facilitating global renewables growth and actively continue to pursue opportunities in low carbon generation, grid services and energy storage.”

 

Enquiries

Tulchan Communications
+44 (0) 20 7353 4200
Latika Shah
Sheebani Chothani

 

 

More Information

About InfraRed Capital Partners:

InfraRed is a leading global investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With around 130 professionals it manages in excess of US$10bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe.

Since its inception, InfraRed has launched 17 funds, including two companies listed on the London Stock Exchange: HICL Infrastructure Company Limited and The Renewables Infrastructure Group (TRIG), both of which are members of the FTSE 250. To date, InfraRed has realised six funds, demonstrating its ability to create real value for its stakeholders.

InfraRed has been investing in the Infrastructure market for over 20 years and is one of world’s largest managers of social and transportation infrastructure projects. InfraRed has evolved its business from principally managing PPP projects at its inception to a diversified and international investment business, with around 80 infrastructure investment professionals, managing over 200 investments in PPP projects, renewable energy, regulated and economic infrastructure businesses.

InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment and its infrastructure business has been awarded the highest rating.

Further details can be found on InfraRed’s website, www.ircp.com.

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The Renewables Infrastructure Group Limited -Acquisition of Solwaybank onshore wind farm in the UK

InfraRed Capital Partners

18 Jun 2018

The Board of TRIG is pleased to announce that it has acquired an onshore wind farm in the UK, Solwaybank, located in Dumfries and Galloway, Scotland. Solwaybank is in the early stages of construction and expected to become operational in Q1 2020. Once complete, Solwaybank will comprise 15 Senvion MM100 wind turbines, each with a rated capacity of 2.0MW, amounting to 30MW.

Solwaybank will be one of few onshore wind farms in the UK to benefit from the attractive Contract for Difference tariff (“CfD”) which fixes the power price during the first 15 years of operations. Solwaybank has an allocated strike price of £82.50 per MWh in 2012 prices (equivalent to £91.14 in current prices).

The project was acquired from TRIG’s Operations Manager, RES, pursuant to TRIG’s right of first offer agreement. The total consideration for the project is expected to be approximately £82 million, including construction costs. Of this, £39 million was invested at acquisition, partly funded through a drawdown of the Group’s revolving acquisition facility which now stands at £134 million drawn. The project does not have any third-party project level debt.

Following this acquisition, TRIG’s construction exposure is 12% of its portfolio value, measured on a fully invested basis. By the year-end, this exposure is expected to reduce to c.7%.

The Investment Manager is evaluating a strong pipeline of investment opportunities for the Company in wind and solar assets in the UK, Ireland, France and Scandinavia.

Richard Crawford, Director, Infrastructure at InfraRed Capital Partners, said:

“Solwaybank is an important addition for the TRIG portfolio, being its first CfD wind farm in the UK. Together with the two French wind farms acquired last week, Solwaybank enhances the Company’s revenue visibility as part of a balanced portfolio. The windfarm is being constructed by RES who have an impressive track record in developing and building renewable energy assets.”

For the RNS issued by TRIG, please follow the link.

Enquiries

InfraRed Capital Partners Limited
+44 (0) 20 7484 1800
Richard Crawford
Phil George

 

Tulchan  Communications
+44 (0) 20 7353 4200
Martin Pengelley
Latika Shah

 

 

More Information

The Renewables Infrastructure Group Limited (TRIG)

The Renewables Infrastructure Group (“TRIG” or the “Company”) is a leading London-listed renewable energy infrastructure investment company. The Company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects. TRIG is targeting an aggregate dividend of 6.50 pence per Ordinary Share for the year to 31 December 2018.

TRIG is invested in a portfolio of 61 renewables projects (including onshore and offshore wind, solar PV and power storage projects) in the UK and Northern Ireland, France and the Republic of Ireland, with aggregate net output capacity of 938 MW following completion of its assets under construction.

Further details can be found on TRIG’s website at www.trig-ltd.com.

InfraRed Capital Partners Limited (InfraRed)

TRIG’s Investment Manager is InfraRed, which has successfully invested in over 200 infrastructure projects since 1997.  InfraRed is a leading global investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With around 130 professionals it manages in excess of USD 10bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed is authorised and regulated in the UK by the Financial Conduct Authority.

The infrastructure investment team at InfraRed consists of c. 80 investment professionals with an infrastructure investment background and a broad range of relevant skills, including private equity, structured finance, construction, renewable energy and facilities management.

Further details can be found on InfraRed’s website, www.ircp.com.

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FSN CAPITAL V forms new challenger in Nordic IT Services

Fsn Capital

FSN Capital V (“FSN Capital”) has agreed with the owners of Office-IT Partner (“OITP”), Zetup and Dicom to form a new challenger within the Swedish IT services market. FSN Capital V will become a majority owner of the new group, which aims to become a Nordic market leader within IT infrastructure, cloud services and process digitalization. Focusing on medium-sized organizations, OITP, Zetup and Dicom provide managed IT and outsourcing services to customers across all industries including workspace IT, infrastructure and application management as well as digitalization services.

The new group will have more than 500 employees with an annual turnover of SEK 1 billion, serving its customers from 33 offices across Sweden. FSN Capital will support the continued development of the group while strengthening its platform, accelerating knowledge sharing and developing the group’s service offering within IT and digitalization services both organically and via acquisitions. The group entities will maintain their strong focus on customer partnerships and business improvements.

Lotta Widorson Lassfolk, CEO of Office IT-Partner, will assume to role as the group’s interim CEO. Widorson-Lassfolk comments: “We are excited about forming this group and welcoming FSN Capital as our new growth partner. We are entering the next stage of growth in the Swedish IT services market and our partnership with FSN Capital will enable us to continue to develop our platform and service offering as well as attract new talents to the group. We will continue to work on our customer centric offering providing our customers with high quality, efficient and innovative solutions while integrating new services into our offer to become a true digitalization partner to our customers.”

Claes Willén, CEO of Dicom, adds: “Dicom, OITP, and Zetup share the same commitment of delivering superior value to our customers with highest customer satisfaction. We complement each other well when it comes to skillset and customer mix. We are very much looking forward to growing together as a group and building a leading Nordic managed IT services group.”

Mats Franzén, CEO of Zetup, says: “Zetup has since its inception focused on delivering superior value to our customers driving continued business improvements. We are excited to have found a group of companies that shares the same values and can help us to expand our offer and customer base. We are very happy about the new partnership and are confident that it will allow us to deliver even better services to our customers going forward.”

“We have followed the IT infrastructure services market for some time and see a great opportunity to establish a leading group at the forefront of digitalizing mid-size companies across the Nordics. Against this backdrop, Office IT-Partner, Zetup and Dicom represent an optimal platform due to their strong customer focus, well-oiled delivery model and shared vision for the future. We are thrilled to partner with management, founders and employees in building a new innovative force within IT” says Andreas Bruzelius, Principal at FSN Capital Partners AB, acting as investment adviser to FSN Capital V.

FSN Capital V was advised by UB Capital, The Boston Consulting Group, Baker McKenzie and PWC.

 

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KKR and Parkway Announce Acquisition of 1111 Brickell in Miami, Florida

KKR

MIAMI, June 14, 2018 /PRNewswire/ — KKR and Parkway Property Investments, LLC (“Parkway”) announced today the acquisition of 1111 Brickell, a 30-story, approximately 522,000 square foot Class A office tower in the heart of Miami’s dynamic Brickell submarket. The asset was purchased in a newly-formed joint venture between affiliates of KKR and Parkway. Square Mile Capital Management LLC originated the acquisition financing.

1111 Brickell is a perennial fixture of the Miami skyline and part of the acclaimed mixed-use project which includes the adjacent JW Marriot Hotel on Brickell Avenue. Constructed in 2000, 1111 Brickell features panoramic views of Miami and Biscayne Bay, an expansive lobby and approximately 18,000 square feet of green space.

KKR and Parkway, in partnership with a curated group of renowned local and international designers, intend to complete a comprehensive renovation to transform the building into a modern work environment centered on hospitality, community and wellness.

KKR is funding the investment primarily from KKR Real Estate Partners Americas II.

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

About Parkway
Parkway is a growth oriented, office operator that currently operates approximately 12 million square feet of high-quality office properties located in attractive submarkets in Sacramento, California, Houston, Texas, Jacksonville and Miami, Florida, and North Carolina. Parkway’s mission is to enhance user experience at the properties it operates, add value to its investors, and expand its presence in other sun-belt markets.

About Square Mile
Square Mile Capital Management LLC is an integrated institutional real estate finance and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate assets throughout the United States. Square Mile’s opportunistic platform takes a value-oriented approach to its investment activities, with an emphasis on opportunities to invest in real estate assets or enterprises that are undervalued, complex or under-capitalized.

MEDIA CONTACT:

KKR:
Kristi Huller or Cara Major
212-750-8300
media@kkr.com

Parkway:
A. Noni Holmes-Kidd
Vice President, General Counsel
T:  +1 407 581 3351
nholmes-kidd@pky.com

 

 

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Hg invests in IT Relation

HG Capital

14 June 2018. Hg today announces that it has agreed to invest in IT Relation, a leading Danish supplier of managed IT services to small and medium sized enterprises (SMEs).

Hg will acquire a majority stake in IT Relation from Adelis Equity Partners. The closing of the transaction is subject to regulatory approval and the terms are not disclosed.

Founded in 2003, IT Relation provides services which allow SMEs to move their IT infrastructure and operations into the cloud, as well as providing end user support and consulting as part of a full-service IT offering. The company has more than 450 employees supporting thousands of customers and tens of thousands of users in Denmark and around the world.

This investment is consistent with Hg’s focus on SME Technology Services in Europe, with other activity in this sector including investments in Zitcom (2015) and DADA (2017), both providers of online hosting services to SMEs. Hg will support the management team to build a clear industry champion based on IT Relation’s excellent customer service and operating platform.

Nick Jordan, Partner and Jonas Samlin, Principal, at Hg, said: “Henrik Kastbjerg and the IT Relation management team have built an exceptional business addressing the need for SMEs to operate their mission-critical IT in the cloud. We look forward to partnering with the business in the next phase of growth in Denmark and internationally.”

Henrik Kastbjerg, CEO of IT Relation said: “It has been a great journey with Adelis and now we are very excited about the next phase with Hg. Hg has a proven track record of investing in and developing tech and software companies and can support our further growth in Denmark as well as internationally.”

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Software AG acquires Technology scale-up TrendMiner for analysis and visualization of time series data

Fortino Capital

Software AG announced its acquisition of the Belgian data analytics scale-up TrendMiner. Founded in 2008, TrendMiner specializes in visual data analytics for the manufacturing and process industry and will complement Software AG’s Internet of Things (IoT) and Industry 4.0 product portfolio.

We would like to congratulate CEO Bert Baeck and the entire team at TrendMiner. Fortino Capital has been with TrendMiner since 2015. We are proud to have been part of TrendMiner’s success story, and look forward to their onward journey in scaling up even further towards a “Google for industry”.

Press
Press release Software AG: https://www.softwareag.com/corporate/company/press/news/dyn_press?id=171415-158077
For the press article by De Tijd (in Dutch), visit https://www.tijd.be/ondernemen/technologie/vlaams-google-van-de-industrie-komt-in-handen-van-duitse-softwarereus/10021202.html

For more press coverage (in English), visit
BusinessWire: https://www.businesswire.com/news/home/20180612006143/en/Software-AG-Acquires-TrendMiner-Expand-IoT-Portfolio
Nasdaq: https://www.nasdaq.com/article/software-ag-announces-acquisition-of-data-analytics-scaleup-trendminer-20180612-00714

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