Category Archives: News

Envision Healthcare to be Acquired by KKR for $46.00 Per Share in All-Cash Transaction

KKR

NASHVILLE, Tenn.–(BUSINESS WIRE)– Envision Healthcare Corporation (“Envision” or the “Company”) (NYSE: EVHC) today announced it has entered into a definitive agreement to be acquired by global investment firm KKR in an all-cash transaction for approximately $9.9 billion, including the assumption or repayment of debt. Under the terms of the agreement, which has been unanimously approved by Envision’s Board of Directors (the “Board”), KKR will acquire all of the outstanding shares of Envision’s common stock for $46.00 per share in cash, representing a 32% premium to Envision’s volume-weighted average share price (VWAP) from November 1, 2017, the day immediately following the Company’s first announcement that it was reviewing strategic alternatives. The transaction price represents a multiple of 10.9x trailing 12 months Adjusted EBITDA and 10.1x 2018 anticipated Adjusted EBITDA.1

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180611005476/en/

The agreement represents the culmination of the Board’s comprehensive review of strategic alternatives to enhance shareholder value. During the last seven months, the Board, with the assistance of three independent financial advisors and legal counsel, examined a full range of options to generate shareholder value, including capital structure alternatives, potential acquisitions, portfolio optimization, a potential sale of the whole company, and continued operation as a standalone business. The Board oversaw an extensive process that involved outreach to 25 potential buyers, including financial sponsors and strategic entities, and invited proposals for all or parts of the business. After consideration of the opportunities, risks and uncertainties facing the Company and the broader sector, as well as the alternatives available to the Company, the Board determined that the KKR proposal presented the best opportunity to maximize value for shareholders.

James D. Shelton, Envision’s Lead Independent Director, commented, “After conducting a robust review of the business and competitive landscape, the Company’s opportunities and challenges, and the strategic and financial alternatives available to the Company, the Board unanimously believes that this transaction will deliver the most value to Envision’s shareholders.”

Christopher A. Holden, Envision’s President, Chief Executive Officer and Director, added, “Envision’s leadership team – including both the Board and management – have been singularly focused on driving value for our shareholders and have taken decisive action in furtherance of that goal, including the implementation of a comprehensive operational improvement plan and a robust review of strategic alternatives. Today’s announcement reflects the extensive efforts by our team to explore all opportunities to deliver value for our shareholders.”

“Envision is a leading provider of physician-led services in a health care system in which physician-patient interactions have a pronounced impact on nearly all health care decisions. Envision has a very strong reputation for delivering high-quality, patient-focused care through its network of 25,000 clinical professionals at thousands of hospitals, surgery centers and alternate sites of care across the country,” said Jim Momtazee, Head of KKR’s Health Care investment team. “We are excited to partner with the outstanding team led by Chris Holden to help build upon the strong foundation in place and accelerate Envision’s growth going forward.”

The completion of the transaction, which is targeted for the fourth quarter of 2018, is subject to customary closing conditions and regulatory approvals. Envision intends to present the proposed transaction to its shareholders for approval at the Company’s 2018 Annual Meeting, which will be scheduled as soon as practicable following the filing and review of proxy materials. The Company intends to hold its Annual Meeting no later than October 1, 2018. Upon the completion of the transaction, Envision will become a private company, and its common stock will no longer be traded on the New York Stock Exchange.

KKR will be making the investment primarily from its KKR Americas Fund XII.

J.P. Morgan Securities LLC, Evercore and Guggenheim Securities LLC are serving as financial advisors and Wachtell, Lipton, Rosen & Katz and Bass, Berry & Sims are serving as legal counsel to Envision. Simpson Thacher & Bartlett LLP is acting as legal counsel to KKR. Fully committed debt financing for the transaction will be provided by Citigroup Global Markets, Credit Suisse, Morgan Stanley, Barclays, Goldman Sachs, Jefferies, UBS Investment Bank, RBC Capital Markets, HSBC, Mizuho, and KKR Capital Markets.

About Envision Healthcare Corporation

Envision Healthcare Corporation is a leading provider of physician-led services and post-acute care, and ambulatory surgery services. At March 31, 2018, we delivered physician services, primarily in the areas of emergency department and hospitalist services, anesthesiology services, radiology/tele-radiology services, and children’s services to more than 1,800 clinical departments in healthcare facilities in 45 states and the District of Columbia. Post-acute care is delivered through an array of clinical professionals and integrated technologies which, when combined, contribute to efficient and effective population health management strategies. The Company owns and operates 261 surgery centers and one surgical hospital in 35 states and the District of Columbia, with medical specialties ranging from gastroenterology to ophthalmology and orthopedics. In total, the Company offers a differentiated suite of clinical solutions on a national scale, creating value for health systems, payors, providers and patients. For additional information, visit www.evhc.net.

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.

Additional Information and Where to Find It

This communication relates to the proposed merger transaction involving the Company. In connection with the proposed merger, the Company will file relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including the Company’s proxy statement on Schedule 14A and accompanying definitive WHITE proxy card (the “Proxy Statement”). This communication is not a substitute for the Proxy Statement or any other document that the Company may file with the SEC or send to its stockholders in connection with the proposed merger. BEFORE MAKING ANY VOTING DECISION, STOCKHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE PROXY STATEMENT, WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain the documents (when available) free of charge at the SEC’s website, http://www.sec.gov, and the Company’s website, www.evhc.net.

Participants in the Solicitation

The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the holders of Company common stock in respect of the proposed transaction. Information about the directors and executive officers of the Company is set forth in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 1, 2018, as amended by the Company’s Annual Report on Form 10-K/A filed with the SEC on April 30, 2018. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Proxy Statement and other relevant materials to be filed with the SEC in respect of the proposed transaction.

Forward-Looking Statements

Certain statements and information in this communication may be deemed to be “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements relating to the proposed transaction, the Company’s financial and operating objectives, plans and strategies, industry trends, and all statements (other than statements of historical fact) that address activities, events or developments that the Company intends, expects, projects, believes or anticipates will or may occur in the future. These statements are often characterized by terminology such as “believe,” “hope,” “may,” “anticipate,” “should,” “intend,” “plan,” “will,” “expect,” “estimate,” “project,” “positioned,” “strategy” and similar expressions, and are based on assumptions and assessments made by the Company’s management in light of their experience and their perception of historical trends, current conditions, expected future developments, and other factors they believe to be appropriate. Any forward-looking statements in this communication are made as of the date hereof, and the Company undertakes no duty to update or revise any such statements, whether as a result of new information, future events or otherwise. Forward-looking statements are not guarantees of future performance. Whether actual results will conform to expectations and predictions is subject to known and unknown risks and uncertainties, including: (i) risks and uncertainties discussed in the reports and other documents that the Company files with the SEC; (ii) risks related to the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; (iii) the failure to obtain Company stockholder approval of the transaction or required regulatory approvals or the failure to satisfy any of the other conditions to the completion of the transaction; (iv) the effect of the announcement of the transaction on the ability of the Company to retain and hire key personnel and maintain relationships with its customers, suppliers, partners and others with whom it does business, or on its operating results and businesses generally; (v) risks associated with the disruption of management’s attention from ongoing business operations due to the transaction; (vi) the ability to meet expectations regarding the timing and completion of the transaction; (vii) general economic, market, or business conditions; (viii) the impact of legislative or regulatory changes, such as changes to the Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010; (ix) changes in governmental reimbursement programs; (x) decreases in revenue and profit margin under fee-for-service contracts due to changes in volume, payor mix and reimbursement rates; (xi) the loss of existing contracts; and (xii) other circumstances beyond the Company’s control.

1 As of 3/31/2018. 2018E EBITDA multiple based on midpoint of Company guidance

Envision:
Envision Healthcare Corporation
Bob Kneeley, 303-495-1245
Vice President, Investor Relations
bob.kneeley@evhc.net
or
Sard Verbinnen & Co
Jared Levy, 212-687-8080
Envision-SVC@sardverb.com
or
Jacob Crows, 212-687-8080
Envision-SVC@sardverb.com
or
Warren Rizzi, 212-687-8080
Envision-SVC@sardverb.com
or
KKR:
Kristi Huller, 212-750-8300
media@kkr.com
or
Cara Major, 212-750-8300
media@kkr.com

Source: Envision Healthcare Corporation

News Provided by Acquire Media

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DIF sells a stake in the A63 toll road project in France

DIF

London, 11 June 2018 – DIF Infrastructure III and DIF Infrastructure IV are pleased to announce that they have jointly signed an agreement with HICL Infrastructure Company Limited, the listed infrastructure investment company advised by InfraRed Capital Partners Limited, to sell a 7.2% indirect stake in Atlandes, the project company which holds the A63 road concession project. The acquisition is not subject to any further conditions and will complete later this month.

The project is a 40-year toll concession to design, build, finance, operate and maintain an upgraded 104km section of the A63 highway between Salles and Saint-Geours-de-Maremne in southwest France. The project was fully commissioned in November 2013, seven months ahead of plan. In June 2015 the project’s senior debt was successfully refinanced with long term debt.

DIF Infrastructure IV will continue to hold a 9.22% stake in the A63 project.

Andrew Freeman, Head of Exits, said: “This is an attractive exit for DIF III and DIF IV, following the successful exit of the whole portfolio of DIF II and a number of DIF III assets which completed last September. In the next 12 months DIF is proactively targeting to sell further assets from its more mature funds taking advantage of strong demand for high quality core infrastructure projects in mature markets.”

DIF were advised by De Pardieu Brocas Maffei (Legal).

About DIF

DIF is an independent and specialist infrastructure investor and fund manager, with €5.6 billion assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects which have long-term contracted or regulated income streams that generate stable and predictable cash flows. The fund targets both greenfield and brownfield projects in primarily Europe, North America and Australasia.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in amongst others the energy, transportation and telecom sectors which generate stable and predictable cash flows that are protected through mid-term contracted income streams. The fund targets greenfield and brownfield investments in Europe, North America and Australasia.

DIF has a team of over 95 professionals in eight offices, located in Amsterdam, Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto, through which it covers its target markets with dedicated local teams. Please see www.dif.eu for further information.

For more information by press and investors, please contact:

Allard Ruijs
Partner, Head of Investor Relations and Business Development
Email: a.ruijs@dif.eu

For more information about further exits, please contact:

Andrew Freeman
Managing Director, Head of Exits
Email: a.freeman@dif.eu

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Nordic Capital divests AniCura, a leading European provider of vet care, to Mars Petcare in one of the largest transactions in its sector

Nordic Capital

June 11 2018
Nordic Capital divests AniCura, a leading European provider of vet care, to Mars Petcare in one of the largest transactions in its sector Image 

  • AniCura has grown fourfold during Nordic Capital’s four year ownership, shaping the European vet care market
  • The sale of AniCura to Mars Petcare represents one of the largest vet care deals globally
  • Natural next step in AniCura’s mission to increase the quality of specialised and advanced vet care in Europe

 

Nordic Capital Fund VIII has agreed to divest AniCura, one of Europe’s leading providers of high quality veterinary care for companion animals to Mars Petcare, a diverse and growing pet health and nutrition business. Since becoming the majority owner just four years ago, Nordic Capital and AniCura’s management team have succeeded in shaping the European vet care landscape by creating a specialised clinic business with high quality pet care at its heart.

Mars Petcare is ideally placed to support AniCura’s continued journey as a leading provider of high quality specialised and advanced vet care in Europe and the deal marks one of the best ever exits for Nordic Capital, a leading investor in global healthcare, which closed its ninth fund at EUR 4.3 bn last month.

Born out of the premise that sharing resources creates opportunities for better veterinary care, AniCura was established in 2011 by Fidelio Capital and The Animal Hospital Foundation in Greater Stockholm as the first merger of companion animal hospitals in the Nordic region. Nordic Capital became the majority owner in 2014 alongside the previous owners. With Nordic Capital’s support and extensive experience from a 25-year track record of building high quality, sustainable healthcare businesses across Europe and the USA, AniCura has developed from a Nordic vet care operator to become a pan-European leader in its space. This was achieved through a dedicated focus on providing the highest quality of care and an active acquisition strategy that has expanded AniCura’s presence across Northern Europe, with 150 clinics acquired in three years. Simultaneously, significant investments have been made in the company to meet future veterinary healthcare needs, improving and professionalising veterinary medical care.

AniCura has grown fourfold since Nordic Capital’s acquisition in 2014. It has increased its number of clinics from 50 to 200, its employees from 1,000 to 4,000 people and its pro forma revenues have grown from approx. SEK 0.9 bn to SEK 3.3 bn. Today, the company cares for 2 million companion animals per year (up from 500,000 in 2014), and AniCura is a valued partner for pet owners and referring veterinarians across Europe, including Scandinavia, Germany, Austria, Switzerland and the Netherlands.

AniCura offers a wide range of high quality medical services covering preventive and basic health care as well as advanced diagnostics, internal medicine, intensive care, surgery and orthopaedics. The company also provides rehabilitation, physiotherapy and dietary advice and offers selected pet food and care products.

“AniCura is an excellent example of entrepreneurial business innovation that puts compassion for patients and pet owners at its heart. AniCura is unique in Europe due to its strong and differentiated corporate culture focused on ensuring the highest possible care quality as well as nurturing a sense of teamwork. Together with Peter and his team, Nordic Capital has focused on building a strong pan-European network of clinics that offers consistently high standards of pet care and shares a commitment to best in class quality and service. AniCura has created a platform for further growth and is very well placed to meet the increasing demands that apply to the provision of advanced vet care,” says Thomas Vetander, Principal at the Advisor to the Nordic Capital Funds.

“We have thoroughly enjoyed partnering up with Nordic Capital to continue our relentless efforts on building an international champion, renowned for high quality standards, high levels of specialisation and a unique corporate culture. Nordic Capital’s supportive approach coupled with their deep insights in building industry leading healthcare businesses has ensured the right long-term focus on strategic growth and development. We are now taking the next step in our vision to shape the future of veterinary care. We believe this is the right next home for AniCura and look forward to a long and fruitful relationship with our new owner,” says Peter Dahlberg, CEO of AniCura.

“Mars Petcare has a long history of providing nutrition, veterinary care and science for pets across the globe. Our veterinary business until now has been in the United States and Canada. Europe is the second largest region in the world for pet care, and European pet care is expected to grow significantly over the coming years. There is a great opportunity to address growing demand by providing high quality, consistent veterinary care across Europe. Together, Mars Petcare and AniCura will both benefit from each other’s best practices and competencies, improving clinical practice and continuing to advance the veterinary profession in both North America and Europe. This will support us in our purpose to create a better world for pets,” says Poul Weihrauch, President, Mars Petcare.

The parties have agreed not to disclose financial details. The transaction is subject to customary regulatory approvals.

Media contact:

Nordic Capital
Katarina Janerud, Communications Manager
Advisor to the Nordic Capital Funds
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor in the Nordic region with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 12 billion in 100 investments. The Nordic Capital Funds are based in Jersey and are advised by advisory entities, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital, please visit www.nordiccapital.com  

About AniCura

AniCura is a family of well-known animal hospitals and clinics specialised in veterinary care for companion animals. Born out of the idea that sharing resources creates opportunities for better veterinary care, the company was established in 2011 by Fidelio Capital and The Animal Hospital Foundation in Greater Stockholm as the first merger of companion animal hospitals in the Nordic region. Today, AniCura is a role model within specialised veterinary care and a valued partner for pet owners and referring veterinarians across Europe. AniCura offers a wide range of high quality medical services covering preventive and basic health care as well as advanced diagnostics, internal medicine, intensive care, surgery and orthopaedics. AniCura also provides rehabilitation, physiotherapy and dietary advice and offers selected pet food and care products. AniCura provides modern, high-quality veterinary care for pets at 200 European locations and creates peace of mind for pet owners through excellent access and patient safety. Every year, AniCura’s 4,000 passionate veterinary professionals attend to more than two million companion animal patients. AniCura is a trusted training and referral body. For information on how AniCura is working to shape the future of veterinary care, please visit www.anicuragroup.com

About Mars Petcare

Mars Petcare is a diverse and growing business with 75,000 Associates across 50+ countries dedicated to one purpose: A BETTER WORLD FOR PETS. With 75 years of experience, our portfolio of almost 50 brands serves the health and nutrition needs of the world’s pets – including brands PEDIGREE®, WHISKAS®, ROYAL CANIN®, NUTRO™, GREENIES™, SHEBA®, CESAR®, IAMS™ and EUKANUBA™ as well as The WALTHAM Centre for Pet Nutrition which has advanced research in the nutrition and health of pets for over 50 years. Mars Petcare is also a leading veterinary health provider through a network of over 2,000 pet hospitals including BANFIELD™, BLUEPEARL™, PET PARTNERS™, and VCA™. We’re also active in innovation and technology for pets, with WISDOM PANEL™ genetic health screening and DNA testing for dogs, the WHISTLE™ GPS dog tracker, and LEAP VENTURE STUDIO accelerator and COMPANION FUND™ programs that drive innovation and disruption in the pet care industry. As a family business and guided by our principles, we are privileged with the flexibility to fight for what we believe in – and we choose to fight for: A BETTER WORLD FOR PETS. For further information about Mars Petcare, please visit www.mars.com

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OutSystems Raises $360 Million Investment from KKR and Goldman Sachs to Solidify Its Leadership Position in the Fast-Growing Low-Code Application Development Market

KKR

NEW YORK & LONDON & LISBON, Portugual–(BUSINESS WIRE)– OutSystems, the global leader in low-code rapid application development, today announced it has raised $360 million in an investment round from KKR and Goldman Sachs. The funding values the company at well over $1 billion, and the proceeds will be used to accelerate business expansion and for R&D in new advancements in software automation.

OutSystems Raises $360 Million in an Investment from KKR and Goldman Sachs (Photo: Business Wire)

OutSystems Raises $360 Million in an Investment from KKR and Goldman Sachs (Photo: Business Wire)

The OutSystems low-code platform enables customers to achieve significant efficiency gains in building and supporting enterprise-grade applications. By leveraging automation, artificial intelligence, and deep technology integrations, software developers and business users can build applications through an intuitive, visual interface, rather than traditional coding. Customers experience strong cost savings and create competitive advantages by developing custom applications in days and weeks versus months and years, despite a shortage of skilled developers.

Companies such as Toyota, Logitech, Deloitte, Ricoh, Schneider Electric, and GM Financial use the OutSystems low-code platform to rapidly develop custom applications that digitalize and differentiate their business. The platform can support a wide range of enterprise applications: from large, mission-critical solutions that replace aging legacy ERP/CRM systems, to mobile and web apps for internal processes, to customer experiences like online banking, account enrollment, and customer self-service.

OutSystems is widely regarded as the leader in its market due to the breadth and depth of the platform. The company serves thousands of customers globally and is recognized as one of the fastest-growing technology companies with revenues well above $100 million and growing at more than 70 percent annually.

“We’re attacking one of the biggest problems facing businesses today — the lack of speed and agility of traditional software development that is hindering digital transformation initiatives around the world,” said Paulo Rosado, OutSystems CEO. “We see companies struggle with this every day and we’re thrilled to be partnering with KKR and Goldman Sachs to solve this problem by bringing more innovation to our customers and re-defining the future of enterprise software development.”

“We believe we are in the early innings of what will be an extended period of significant growth in the low-code application development market, and we are very excited to be backing a category leader like OutSystems,” said Stephen Shanley, Director at KKR. Lucian Schoenefelder, Member at KKR, added: “OutSystems is a perfect fit with KKR’s strategy of supporting best-in-class technology entrepreneurs in their ambition to build global category leaders in large markets. We are very excited to partner with Paulo and his team and will make KKR’s global platform available to support the OutSystems expansion plans.”

“We found that we could point to every major industry sector and find excited and loyal OutSystems customers who have developed unique solutions and are adopting the platform across their organization,” said Kirk Lepke, Vice President at Goldman Sachs Private Capital Investing. Christian Resch, Managing Director at Goldman Sachs Private Capital Investing, added: “OutSystems is directly in line with what we seek for new investments: Support of exceptional founders and management teams in innovative businesses that offer a significant opportunity to create long-term value. We are very much looking forward to backing Paulo and the team to further expand this unique business.”

“The market potential we see with OutSystems is incredible,” said Mike Pehl, OutSystems board member and Managing Partner at Guidepost Growth Equity. “With customers in over 50 countries and nearly 250 partner integrators developing on the platform, it’s clear the low-code market has reached a tipping point, and OutSystems is the clear leader.”

“Founded in 2001, OutSystems has always had a strong vision for their platform and a strong company culture that promotes quality and transparency,” said Joaquim Sérvulo Rodrigues, OutSystems Board Member and Partner at Armilar Venture Partners. “Today, their technology is very advanced, creating a high barrier to entry for potential competitors. OutSystems has created a whole new market.”

“This funding comes on the heels of a record-breaking year for the company,” said Rosado. “OutSystems stands strong as the pioneer in low-code development. Having global investors the caliber of KKR and Goldman Sachs that share our vision for the future of revolutionizing software development sets us on a path of tremendous growth and innovation that will fundamentally change how organizations build software.”

KKR’s investment was made through its Next Generation Technology Growth Fund.

About OutSystems

Thousands of customers worldwide trust OutSystems, the number one low-code platform for rapid application development. Engineers with an obsessive attention to detail crafted every aspect of the OutSystems platform to help organizations build enterprise-grade apps and transform their business faster. OutSystems is the only solution that combines the power of low-code development with advanced mobile capabilities, enabling visual development of entire applications that easily integrate with existing systems. Explore careers at OutSystems, named a Top Cloud Employer by Forbes three years in a row. Visit us at www.outsystems.com, or follow us on Twitter @OutSystems or LinkedIn.

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 Goldman Sachs Private Capital Investing

Goldman Sachs Private Capital Investing (“PCI”) is Goldman Sachs’ investment platform dedicated to providing long term capital to growth and middle-market companies throughout the US, Europe and Israel. The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

About Guidepost Growth Equity

Guidepost Growth Equity is a leading growth equity firm that partners with technology companies offering innovative solutions in large, dynamic markets including tech-enabled services, communications and infrastructure, and data and information services. Prior investments include Dyn (sold to Oracle), Jive Communications (sold to LogMeIn), ProtoLabs (IPO on NYSE), and WP Engine. Guidepost Growth Equity provides the flexible capital, operational support and strategic guidance necessary to support the continued success of growth-stage businesses.

About Armilar Venture Partners

Armilar Venture Partners manages more than 200 million euros of assets. Their worldwide companies provide innovative products and services that are improving our world, the way we live, and the way we do business. Since 2000, Armilar invested in more than 40 seed and early-stage companies and currently has four investment funds, each managed with a hands-on approach.

OutSystems (US)
Ann Conrad, +1 404-512-2518
ann.conrad@outsystems.com
or
KKR (UK)
Alastair Elwen, +44 207 251 3801
Finsbury
alastair.elwen@finsbury.com
or
Goldman Sachs
Joseph Stein, +44 0207 774 1000
joseph.stein@gs.com
or
Katelyn Campbell (US), +1 617-502-4300
outsystems@pancomm.com
or
Laura Rijks (Netherlands), +31 (0)35-5822730
laura.rijks@marcommit.nl
or
Catia Gil (Portugal), +351 213 026 150
catia.gil@corpcom.pt
or
Paula Elliott (UK), +44 (0) 1189 497736
paula@c8consulting.co.uk
or
Melinda Ilagan (Singapore), +65 6303 0567
outsystems@preciouscomms.com

Source: OutSystems

 

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EFG sold to Input Interiör AB

Hercules Capital

On May 8th 2018, the sale of EFG European Furniture Group to Input Interiör, was completed. Input is a leading player in the Swedish furniture and interior market and has a small operation in Finland. With the acquisition of EFG, Input Interiör expands its business to all the Nordic countries.

Herkules has owned EFG since 2007. The office furniture market is changing rapidly, and the combination of Input Interiör and EFG, will create a strong player to have a leading position in this market.

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Segulah V L.P. acquires Pelly Group AB

Segula

Segulah V L.P. has entered into an agreement to acquire Pelly Group AB (”Pelly”) from Fouriertransform and minority owners.

Pelly is a leading niche manufacturer of functional storage components primarily for the kitchen and wardrobe markets with a turnover of approximately MSEK 450. The Company acts under the Pelly, Mirro and LG Collection brands. Pelly, founded in 1947, has just over 300 employees and headquarters in Jönköping (Sweden) with production in Kaunas (Lithuania), Hillerstorp (Sweden) and Nässjö (Sweden). Customers primarily include kitchen and wardrobe manufacturers active on the Nordic market.

Segulah will appoint Lars Brodd as Chairman of the Board. Lars is industrial adviser to Segulah and has experience as Chairman from several prior successful investments within the industrials segment.

”We are very pleased with this investment. Segulah has a long tradition of investing in the Swedish industrials sector. Pelly is a strong player within its niche in a market with healthy growth. We see several opportunities to continue growing the business under our ownership, both organically and through acquisitions”, says Sebastian Ehrnrooth, Managing Partner, Segulah Advisor AB.

”We look forward to working with Segulah to continue developing and growing the business”, says Stefan Jarbratt, CEO at Pelly.

The acquisition will be the sixth investment for Segulah V L.P.

 

For additional info please contact:

Stefan Jarbratt, CEO, Pelly Group AB, +46706582809

Sebastian Ehrnrooth, Managing Partner, Segulah Advisor AB, +46733604205

Åsa Knutsson, CEO, Fouriertransform AB, +46730960300

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PEI Media to be acquired by Bridgepoint Development Capital

Bridgepoint

Bridgepoint Development Capital (“BDC”) is to acquire a majority stake in PEI Media – the global provider of insight, market-data and business conferences for professionals active in alternative asset class investment. Details of the transaction are not disclosed. The business is being acquired from its founders, management and minority shareholder, LDC.

Private investment markets in real estate, infrastructure, private equity, and private debt – including specialist sector-specific activities within those private asset markets – are the key focus of PEI Media.  The Group has developed deep connections with international sources of alternative investment capital since its inception in 2001. Clients served include public sector and company pension plans, insurance groups, endowments and family offices – as well as leading private-asset fund managers who raise and deploy capital raise from institutional investors.

Commenting on the acquisition, PEI Media Chief Executive Tim McLoughlin said: “This is a pivotal moment for PEI. We’ve had a tremendously supportive investor in LDC and we’re now looking ahead with even greater ambition for the scale and growth of our enterprise. As the global investment market continues to transform and mobilise towards Alternative Assets this is great time to lock into a new partnership with Bridgepoint who bring an entirely new level of global expertise and experience in helping companies achieve scale and value-adding complexity. We’re looking forward with real excitement to delivering the organic and acquisitive opportunities we’ve been working on with the Bridgepoint/BDC team.

BDC Partner Robin Lawson said: “PEI is recognised for its differentiated insight into the worlds of multiple alternative asset classes. As investors look for higher yields, continued inflows into these classes means that there is growing demand for the information, analysis and event-networking opportunities of providers like PEI. Today’s investment by BDC will support the continued international expansion of the business as well as further development of its technology platform and digital product set. Our aim in working with PEI’s management will be to ensure that it remains best-placed to scale its digital offering in a growing market and deliver progressive evolution of its specialist-brand in line with advancing client needs. In this way, we expect that increasingly sophisticated customers, both existing and new, will remain able to access the information and market connections they increasingly need to be successful in their global alternative investment strategies.”

BDC estimates that the alternative asset subscription market (excluding events) for the authoritative services provided by PEI is worth >£200 million annually and is expected to grow at 10-15% per annum. The global market potential for specialist high-level conference events is larger. The market opportunity for PEI is therefore very significant.

PEI was formed following a management buyout from Euromoney Institutional Investor plc. It has grown a diversified portfolio of alternative asset-focused publications, databases and branded events. Headquartered in London with offices in Hong Kong and New York, the company currently employs c. 180 people and has clients based in over 80 countries. The company’s publications include PERE, Infrastructure Investor, Private Debt Investor, Private Equity International, Real Estate Capital, Private Funds Management, Agri Investor and Secondaries Investor, amongst others.

Advisers involved in this transaction were:

  • for BDC: Raymond James (Corporate Finance), Deloitte (Financial and Tax), Travers Smith (Legal), AMR (Commercial Due Diligence)
  • for PEI: Livingstone Partners, Squire Patton Boggs, PWC, EY, Intechnica, Liberty Corporate Finance

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Gimv and Top Brands are investing in Ellis Gourmet Burger – Ambition to further roll out this unique and high-quality restaurant concept in Belgium and abroad

GIMV

08/06/2018 – 07:30 | 

Gimv and Top Brands have together acquired a majority stake in fast-growing Ellis Gourmet Burger, the trendy restaurant chain for premium hamburger meals. The ambition is to further professionalise and expand in Belgium, the Netherlands and France, backed by a strong brand concept. Co-founder and CEO Thierry Canetta will continue in his role as CEO.  He reinvests significantly, thereby retaining a minority stake.

Ellis (www.ellisgourmetburger.be) was established in 2011 with the mission to serve the perfect hamburger in a strong service oriented environment. Ellis Gourmet Burger uses premium products, sourced from well-known mostly local food suppliers, and collaborates with renowned Michelin-starred chefs to create its signature dishes. Its trendy restaurants at highstreet locations, table service, multicultural teams and little extras such as local speciality beers and the Ellis Gazette all contribute to the creation of a unique and high-quality dining experience. By offering a restaurant experience at affordable prices, Ellis Gourmet Burger has played a leading role in the fast casual dining wave in Belgium and its neighbouring countries. Behind the scenes, Ellis focuses on operational efficiency with rigorous quality checks, while safeguarding the consistency of the quality and the dining experience in all of its restaurants.

Driven by this strong concept, Ellis has become the reference gourmet burger chain in Belgium, with a total portfolio of 25 restaurants in Belgium, the Netherlands and France. Competitors usually only have a local presence and/or a different concept. As such, Ellis is the only sizeable Belgian gourmet burger chain with a presence across the border. The company generates a turnover of EUR 24 million (2017) with a workforce of 270 employees.

In the coming years, Ellis wants to capitalise on its unique brand positioning to become the leading player in Belgium, the Netherlands and France. In Belgium, Ellis Gourmet Burger already benefits from significant brand awareness, with a clear plan for further expansion. In the Netherlands and France, there is plenty of untapped potential for a strong concept like Ellis Gourmet Burger, albeit with local accents. Further professionalization of the organisation, amongst others in the fields of sales and marketing, is also part of the company’s growth strategy.

With Gimv and Top Brands, management has attracted two Belgian investors with complementary expertise. Top Brands is known for its portfolio of strong brands. The group has the master franchise for Pizza Hut and Boulangerie Paul in Belgium, and owns the trendy Wasbar concept. Top Brands has a proven track record in rolling out fast casual concepts in Belgium and its neighbouring countries. The group has 125 restaurants and is one of the largest players in fast casual in Belgium. Gimv’s complementary expertise in changing consumer habits, innovation and digitization, especially in the food sector, also offers tremendous added value. But especially its proven track record in transforming SMEs into international players is a true asset in this deal constellation.

Thierry Canetta, CEO of Ellis Gourmet Burger, about the transaction: “This cooperation is the perfect opportunity for Ellis Gourmet Burger to pursue its quest to serve the perfect hamburger even more passionately. The combination of Top Brands’ expertise in rolling out concepts and Gimv’s strategic insight and experience will help transform Ellis Gourmet Burger into an even stronger brand and a leading Belgian export product.”

Dirk Dewals, Head of Gimv’s Connected Consumer team, adds: “Ellis Gourmet Burger is an excellent example of the successful roll-out of a fast casual concept, capitalising on the growing trend towards indulgence. We are convinced that the knowledge and experience of Gimv, Top Brands and Ellis are very complementary, offering the best guarantee for achieving our joint growth ambitions.”

Stef Meulemans, CEO Top Brands, concludes: “Ellis Gourmet Burger perfectly fits our strategy of developing a portfolio of strong brands. Ellis has tremendous potential, and together we possess the required know-how and capabilities to continue the further rollout, both nationally and on international level.”

The transaction is subject to the usual conditions, including the approval of the antithrust authorities. No further financial details will be disclosed about this transaction.

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FSN Capital III has sold its holding in Green Landscaping

Fsn Capital

FSN Capital III has sold its holding of 9,281,788 shares (corresponding to 26.15% of the total shares) in Green Landscaping Holding AB (“Green” or the “Company”) through a block sale to Byggmästare Anders J Ahlström Fastighets AB and the Salén family. The sale was made at a price of SEK 21.25 per share, a total of approximately SEK 197 million. Following the sale, FSN Capital III no longer holds any shares in Green, a company it formed in 2009 together with a group of entrepreneurs.

Green was listed on NASDAQ First North on 26 March 2018. Following on from the IPO, there has been significant interest in Green from the market. In particular, Byggmästare Anders J Ahlström Fastighets AB and the Salén family have recently expressed the desire to acquire FSN Capital III’s remaining ownership. Given the long term supportive nature of these investors, that they are buying the shares above the IPO price, that they will enter into a customary lock up agreement for the remaining part of FSN Capital III’s lock up period, and FSN Capital III’s existing long term ownership of Green Landscaping, Pareto Securities considers it is in the best interests to allow this sale before the end of FSN Capital III’s original lock-up period.

Andreas Bruzelius, Principal at FSN Capital Partners (investment advisor to FSN Capital III) says: “The transaction concludes a journey initiated 10 years ago when we first met Green’s original founders. Our shared vision was to create a leading landscaping company with SEK 1bn in sales – an objective achieved in 2017 under the capable stewardship of Green’s management team. Having reached our targets, we are pleased to hand over to a group of highly active and professional owners to fulfil Green’s high ambitions for the future.”

About Green
Green Landscaping is a leading supplier of services within the Swedish market for maintenance of outdoor environments. The main business comprises a complete offering of maintenance services such as grounds maintenance, landscaping, sports grounds maintenance, as well as arborist services. Green Landscaping is present in the middle and south of Sweden, focusing on the metropolitan areas.

The Company began its operations in the spring of 2009 through a consolidation of four companies, which together formed the new group Green Landscaping. Since then, the Company has conducted seven more acquisitions and achieved total revenues of SEK 1,016 million in 2017, including full-year revenues from companies acquired in 2017. In 2015, Johan Nordström started working as CEO of Green Landscaping. Since then, the Company has established a platform for profitable growth through the implementation of multiple operational efficiency improvements and efficient steering processes. These have also contributed to an increase in the Company’s adjusted EBITDA margin from 4.2 percent in 2014 to 9.4 percent in 2017, including full-year earnings from companies acquired in 2017. The Company intends to grow through both organic growth and acquisitions, and has established a structured acquisition strategy for the future.

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Holta Invest AS acquires MPT Sweden AB from CapMan Buyout

Holta Invest
MPT (Metal Powder Technology) is specialized in the production of metal powders for the welding, hard-facing and steel industries. MPT is the global leader in its business niche and exports its products throughout the world. MPT is located in Ekshärad, Sweden and it employs a total of 23 persons. MPT’s turnover in 2017 was MEUR 33.

(Oslo, 6. June 2018)

Dag Teigland, CEO of Holta Invest and Chairman of Nizi International, commented on the announcement: “We are pleased to conclude the acquisition of MPT Sweden AB. MPT runs an efficient operation and has over the years built a solid global position within its niche. The company enjoys a strong reputation through offering excellent quality and service to the industry.

MPT will fit very well into our metal activities in the Nizi International Group. One of the companies in the Group, Chemalloy, is a leading supplier of specialty metal powders to the North American welding industry and the acquisition of MPT will strengthen our global position within this niche. Thus, the acquisition of MPT is an important step in the strategy of transitioning the Nizi Group towards more value-added services for the customers”.

“During CapMan’s ownership the business of MPT has become more scalable and it has achieved a solid position within its niche. The company has strengthened its current organisation, reached new markets and broaden its product assortment for its current customers,” says Tobias Karte, Investment Director at CapMan Buyout and responsible for the investment in MPT.

“We are pleased to have Holta Invest as a new owner. Holta Invest has a vision, which is well in line with how we think MPT should be developed going forward. Together with their expertise in the Nizi Group, I am excited to develop MPT to the next level,” says CEO of MPT, Daniel Styrenius.

For more information, please contact: Dag Teigland, CEO Holta Invest, tel + 47 95053008

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