Category Archives: News

Cinven to acquire JLA

Cinven

Investment in critical asset solutions business in the UK

International private equity firm, Cinven, today announces that it has agreed to acquire JLA (‘the Group’), a leading critical asset supply and services business for laundry, catering and heating in the UK, for an undisclosed consideration.

Headquartered in Ripponden, West Yorkshire, JLA provides commercial laundry, catering and heating solutions to more than 25,000 small and medium-sized enterprise (‘SME’) customers. JLA offers a unique ‘Total Care’ proposition, which combines equipment supply with guaranteed service response times for a contracted monthly fee, providing peace of mind and value for money to a range of customers including care homes, hotels, education providers and housing associations. Founded in 1973, JLA employs around 900 people, including around 300 engineers.

Cinven’s Business Services team identified JLA as an attractive investment opportunity given its:

  • Resilient business model: JLA provides critical services at attractive value for money to a stable and loyal customer base. It also benefits from recurring revenue through long-term contracts;
  • Attractive markets: JLA services markets with attractive growth prospects including care homes, hospitality, and student accommodation;
  • Strong positioning: JLA’s leading position allows it to offer national coverage with leading response times to its customers;
  • Significant growth opportunity: JLA has significant potential for organic growth both in its existing businesses and though expansion into new services. It also has a proven track record of successful acquisitions, having acquired 16 companies in the past five years;
  • Strong financial performance: JLA has delivered double-digit annual revenue and EBITDA growth organically and through acquisition since 2013; and
  • Strong leadership team, led by Stephen Baxter, CEO, which has overseen JLA’s highly successful growth to date.

Rory Neeson, Partner at Cinven, said:

“Under the leadership of its strong management team, JLA is a well-run, defensive business with a diversified and loyal customer base. We believe JLA has an excellent platform to support its further growth ambitions, including its national engineering platform and sales and marketing capabilities.

“Cinven’s strategy is to invest in JLA to support the Group’s organic growth – both in its existing core products of laundry and catering solutions and in new areas, including heating and fire safety. We also see a great opportunity for continued growth through buy and build.”

Daniel Tanase, Principal at Cinven, added:

“JLA’s business model shares key characteristics with many of Cinven’s highly successful Business Services investments, for example CPA Global. Both companies provide mission-critical services to a diverse customer base and in growing markets, and benefit from long-term recurring revenue streams. Cinven invested significantly in CPA Global, particularly to develop its service offering which helped underpin its successful growth. JLA is a great opportunity to replicate this strategy.”

Stephen Baxter, CEO of JLA, commented:

“Our focus as a company is on investing in innovative product offerings and expanding our business through both organic growth and acquisitions. We are delighted that Cinven is investing in JLA to support the next phase of our growth. The Cinven team has significant experience of investing in and building businesses in the UK and internationally and I am certain they will be instrumental in our future successes.

“JLA is proud of the strength and longevity of its customer and supplier relationships which have underpinned the growth of our business so far. We work hard to keep critical areas of our customers’ businesses running smoothly, safely and effectively – whether it’s in the laundry, kitchen or boiler room. Cinven has a reputation for its responsible approach to investment which I am confident will be a further positive for our business including our employees, customers and other stakeholders.”

JLA is the ninth investment from the Sixth Cinven Fund. This transaction follows Cinven’s most recent Business Services investments in Tinsa, a provider of property valuation, analysis and real estate advisory (in August 2016); and Hotelbeds, a global business to business bedbank (in September 2016). Both of these businesses are performing strongly and have undertaken successful buy and build strategies.

In the UK, Cinven’s current investments include NewDay, the UK consumer finance company (acquired in January 2017), and Kurt Geiger, the retailer of footwear and accessories in Europe (acquired in January 2016).

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Cinven Fund 5 to sell Ufinet Group

Cinven

Building on Cinven’s successful TMT and Iberia track records Sale of Ufinet Group generates over €1.1 billion capital gain

International private equity firm, Cinven, today announces that its Fifth Fund has agreed to sell Ufinet Group (‘the Group’), a leading independent fibre network operator in Spain and internationally, to a consortium formed by Antin Infrastructure Partners (which is acquiring Ufinet Spain) and the Sixth Cinven Fund (which is acquiring Ufinet International) for an undisclosed consideration.

Headquartered in Madrid, Ufinet provides fibre infrastructure and transmission services to telecom operators in Spain and international markets. The Group has a fibre network spanning more than 66,800 kilometres across two continents and employs approx. 1,020 people.

Cinven acquired Ufinet in June 2014 from Gas Natural Fenosa (‘GNF’), the largest integrated gas and electricity provider in Spain, for €510 million. Following the complex carve-out of Ufinet from GNF, Cinven’s strategy was to invest in the business to drive growth through internationalisation and significant buy and build activity in a sector and geographic markets where Cinven has significant expertise.

Over the past four years, Cinven has worked closely with Ufinet’s management team to achieve:

  • Execution of a complex carve-out from a Spanish utility provider. With support from Cinven’s Portfolio team, an extensive project was undertaken to create a standalone entity, including creating independent reporting, IT and accounting systems;
  • Significant internationalisation of the business through add-on acquisitions and organic growth with more than two thirds of revenues generated internationally today (vs. less than half at acquisition);
  • Successful value-accretive buy and build strategy, including five acquisitions which have expanded Ufinet’s presence across Latin America including Colombia, Argentina, Chile, Costa Rica, Ecuador, Panama and Paraguay;
  • Significant investment in Ufinet’s fibre network across Spain and international markets, with more than €170 million invested into network expansion, including rolling-out ‘Fibre to the Home’ (‘FTTH’) and ‘lit’ services in metropolitan areas in Spain;
  • Strengthening the management team, with senior appointments including a new Chairman, CFO and Head of Corporate Development; and
  • Strong financial performance with 25% annualised EBITDA growth over the past three years, treble the 8% annualised growth rate before acquisition, driven by strong growth momentum in international markets and robust growth in Spain.

Cinven has a strong and successful track record in the TMT sector, with previous investments including telecom businesses Ziggo in the Netherlands and Numericable in France.

In Iberia, Cinven successfully invested in Amadeus, the global travel transaction processor and provider of advanced technology solutions, and currently owns: Hotelbeds Group, the global travel services provider; Tinsa, the property valuation and advisory services business; and Planasa, a global berries breeding and nursery company. Ufinet is the first divestment since the Cinven Madrid office opened in 2015.

Jorge Quemada, Partner at Cinven, said:

“Cinven’s investment in Ufinet was originated by our Iberia team, alongside our TMT team, reflecting the effectiveness of our sector-regional matrix. In particular, our Iberia team had been monitoring potential asset disposals from large utility providers following numerous electricity reforms in Spain in 2010. We worked for a long time building up our knowledge of the business and the market in order to pre-empt the transaction process, as well as gain the backing of the Ufinet management team.”

Miguel Segura, Principal at Cinven, added:

“Ufinet has been a highly successful carve-out and case study of value creation. Our strategy has focused on accelerating growth in Spain and international markets by investing significantly in the expansion of the network, implementing growth-oriented initiatives and launching new services, for example FTTH; as well as the consolidation of regional fibre operators. We have worked with a first class management team, led by Iñigo García del Cerro, who have been instrumental in driving that strategy.”

Iñigo García del Cerro, CEO of Ufinet, commented:

“Ufinet has demonstrated significant growth over the last four years in our existing Spanish market and particularly across Latin America given the increasing demand for fibre connectivity and capacity, as well as the increased usage and penetration of fixed and mobile broadband.

“Ufinet had been a well-invested business under GNF, but working in partnership with Cinven enabled us to capitalise on the attractive opportunities in high growth markets in Central and South America significantly; as well as accelerate the investment in our fibre optic networks to further expand the business in Spain.”

In the TMT sector, this transaction follows the successful realisation of HEG, the web hosting provider, to GoDaddy Inc. In addition, Cinven most recently realised its investments in CeramTec, the global manufacturer of high performance ceramics, and CPA Global, a leading global IP management and technology company.

The respective sale transactions are not subject to any mandatory conditions (regulatory or otherwise) and both are expected to complete simultaneously in July 2018.

 

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Cinven to acquire Ufinet International

Cinven

Investment in international fibre operator

International private equity firm, Cinven, today announces that the Sixth Cinven Fund has agreed to acquire Ufinet International, the international operations of the leading independent fibre network operator, Ufinet Group, for an undisclosed consideration.

Headquartered and managed in Madrid, Spain, Ufinet International provides fibre infrastructure and transmission services to telecom operators across 14 countries including Colombia, Panama, Guatemala and Costa Rica. Its international connectivity network has more than 49,200 kilometres of optical fibre deployed across major cities in the regions in which it operates. Ufinet International employs more than 900 people.

Cinven’s TMT team believes Ufinet International is an attractive investment opportunity for the Sixth Cinven Fund given:

  • Structural market growth: Ufinet International operates in nascent markets with strong growth trajectories, underpinned by increased usage and penetration of fixed and mobile broadband as well as data centres;
  • Internationalisation opportunity: Ufinet International benefits from significant international expansion opportunities, into new countries including Chile, Mexico and Peru, which are already underway;
  • Buy and build opportunity: Ufinet International represents a platform investment from which a significant pipeline of M&A opportunities can be executed, building on the five successful acquisitions it has made in the region over the past three years;
  • Strong financial performance: Ufinet International has delivered consistent double-digit revenue and profit growth in recent years, driven by significant investment into its network, including ‘lit’ services in urban areas; and
  • World class management team: Ufinet International has a highly capable and experienced management team, led by Iñigo García del Cerro, with whom Cinven has worked successfully in the past.

Thomas Railhac, Partner at Cinven, said:

“We know Ufinet International and its management team extremely well as Cinven’s Iberia and TMT teams were instrumental in the roll-out of the international business after Cinven acquired its parent company, Ufinet Group, from Gas Natural Fenosa (‘GNF’) in Spain in June 2014. Ufinet International has demonstrated strong growth both organically and through several value-accretive acquisitions and there remains a substantial market opportunity. Cinven intends to invest further in the international fibre network as well as execute a highly focused buy and build M&A strategy backing the incumbent, first class, management team. We are delighted to partner again with Iñigo and his team on this exciting opportunity. ”

David Barker, Partner at Cinven, added:

“Ufinet International is uniquely positioned internationally, particularly in Latin America, with a ‘first mover advantage’ in the region, and a proven platform for consolidation having completed five acquisitions in the past three years. The fibre market in this region is in its infancy, with demand for fibre continuing to grow as businesses transition to using high speed connectivity. Cinven has significant experience of successfully consolidating telecom assets with investments such as Ziggo in the Netherlands and Numericable in France; and we now see the opportunity to execute a highly attractive market consolidation internationally through Ufinet International.”

Iñigo García del Cerro, CEO of Ufinet International, commented:

“I have had the privilege of working with the Cinven team since its Fifth Fund’s acquisition of Ufinet Group in June 2014 when Cinven bought the business as a non-core asset from GNF. Cinven is now re-investing in its international operations, Ufinet International, through its Sixth Fund in order to invest further in the business and enable us to capitalise on the significant market opportunity ahead.

In the past three years, Ufinet International has scaled its network internationally, in particular in certain Latin American countries, and is now able to leverage its infrastructure to provide new services to its customers and to consolidate and further grow our strong market position.”

The Sixth Cinven Fund’s most recent TMT acquisition is Allegro, a leading online marketplace in Poland, acquired in January 2017. The transaction is not subject to any mandatory conditions (regulatory or otherwise) and is expected to complete in July 2018.

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ARDIAN sells ESIM Chemicals to Sun European Partners

Ardian

With Ardian’s support, ESIM Chemicals became an independent company and realized significant growth
Frankfurt am Main / Linz, 14 May 2018 – Ardian, a world-leading private investment house, today
announces that it is selling ESIM Chemicals (“ESIM”), a leading Austrian chemical maker to an affiliate
of Sun European Partners LLP (“Sun European Partners”). The two parties have agreed not to reveal
details of the transaction, and completion is subject to approval by the antitrust authorities.
Headquartered in Linz, Austria, ESIM is a global provider of high-quality agricultural and crop
protection chemicals, intermediates and maleic anhydride tree chemicals. The company emerged
after Ardian carved-out the two business units: agrochemicals (Exclusive Synthesis, “ES”), and fine
chemicals (Maleic Anhydride Intermediates & Specialties, “IM”) from DPx Holdings B.V. in August 2015
and subsequently led the business to independence.

ESIM’s primary focus is to partner with chemical companies in the custom synthesis of their unique
compounds. The company has over 75-years of experience in transforming breakthrough ideas into
scalable supplies of high-quality fine chemical products and intermediates.
The intermediates and end products synthesized by the company are important materials for a wide
range of industries: ES is among the top three custom manufacturing partners to the global crop
protection industry as well as other end markets such as food, feed and pharma. IM is a leading
supplier of maleicanhydride specialty ingredients that are used in various end markets such as personal care, nutrition,
paints and coatings as well as pharma.

Over the past three years, Ardian has supported the management team led by CEO, Wolfgang
Hillisch; COO, Harald Gruber; and CFO, Bernhard Kienberger in its efforts to combine ES and IM and to
build a fully stand-alone platform with its proprietary research and development, sales and marketing,
finance and controlling, and IT capabilities. As a result of the integration of the two business areas,
significant synergies and strong organic growth were achieved on the basis of existing and new
customer relationships and mutual operational benefits.
ES has considerably expanded its strong position in exclusive synthesis in the area of crop protection
chemistry and at the same time expanded into other markets such as cosmetics and fragrances,
polymers and coatings. IM has broadened its specialty product portfolio and has tapped into adjacent
and new market niches. Investments in business development and R&D have been essential to this
success. Additionally, the company set up its own laboratories and more than doubled the number of
employees in these areas. Overall, the number of employees has increased over 20% since 2015.
Wolfgang Hillisch, CEO of ESIM, said: “After the successful carve-out, ESIM has demonstrated its
leading reputation as an independent provider for fine and agricultural chemistry and has achieved
significant growth over the last three years. Ardian provided significant support and industry expertise
throughout the process and made a major contribution to our success today. At the same time, we
are convinced that we have found an ideal partner in Sun European Partners to support our envisaged
growth track.”

Wolfgang Pietzsch, Managing Director in Ardian’s German Buyout team, added: “The step towards
independence requires courage and perseverance but also offers large opportunities. The
management and employees of ESIM have managed this process incredibly well and have
demonstrated the company’s great potential. We are proud to have contributed to the successful
development of the business and the optimal foundation for further growth.”
Ardian’s Buyout team has extensive experience in the chemical sector resulting from past and current
investments including Eliokem, CABB, Novacap, Italmatch, and DRT.

ABOUT ARDIAN
Ardian is a world-leading private investment house with assets of US$67bn managed or advised in
Europe, North America and Asia. The company is majority-owned by its employees. It keeps
entrepreneurship at its heart and focuses on delivering excellent investment performance to its global
investor base. Through its commitment to shared outcomes for all stakeholders, Ardian’s activities
fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly
global network, with more than 500 employees working from 13 offices across Europe (Frankfurt,
Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San
Francisco) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of about 700 clients
through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate
and Private Debt.
Follow Ardian on Twitter @Ardian
www.ardian.com

ABOUT ESIM
ESIM Chemicals is a leading global provider of high-quality agricultural and crop protection chemicals,
intermediates and maleic anhydride tree chemicals, focusing on partnering with companies in the
custom synthesis of their unique compounds and offer a portfolio of fine chemical products critical to
multiple industries.
The company is headquartered in Linz (Austria) and has more than 75 years of experience in
transforming innovative ideas into scalable supplies of advanced fine chemical products and
intermediates using state of the art facilities.
www.esim-chemicals.com

ADVISORS TO THE TRANSACTION
M&A: Rothschild
Legal: Willkie Farr & Gallagher, Binder Groesswang
Commercial: Advancy
Financial: Ernst & Young
Tax: Ernst & Young
Environmental: Golder Associates
ESG: Indefi
Operational: ChemAdvice
PRESS CONTACTS
ARDIAN
Headland
Carl Leijonhufvud
cleijonhufvud@headlandconsultancy.com
Tel: +44 020 3805 4827

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EQT Real Estate acquires mixed-use property in central Stockholm

eqt

  • EQT Real Estate acquires 9,100 sqm mixed-use property in Stockholm for approximately SEK 345 million (EUR 33 million) before adjustment for latent capital gain taxes
  • Asset offers attractive value-add opportunities through partnerships with existing tenants as well as the potential for future upgrades
  • The investment represents EQT Real Estate’s seventh to date and second in Sweden

The EQT Real Estate I fund (“EQT Real Estate”) continues to invest in established European office markets and today announces the acquisition of the estate Hönsfodret 1, a mixed-use asset comprising both a school and office space, located at Tullgårdsgatan 12 on the island of Södermalm in central Stockholm. The seller is an affiliate of the Swedish insurance company Folksam.

The asset is located within close proximity to key Metro lines and the area has benefitted from strong investment in recent years. Built in 1981, the asset comprises of 9,100 sqm of office and education space and 34 garage parking spaces.

Henrik Orrbeck, Director at EQT Partners and Investment Advisor to EQT Real Estate I, commented: “Hönsfodret 1 presents a rare opportunity to upgrade an existing office building into an attractive inner Stockholm location. This acquisition further underpins EQT Real Estate’s ambition to deliver grade A assets fit for modern occupiers demanding flexible and creative solutions”.

Robert Rackind, Partner and Head of Real Estate at EQT Partners, Investment Advisor to EQT Real Estate I, added: “The Hönsfodret 1 investment represents what EQT Real Estate is all about – identifying underinvested assets in gateway cities in Western Europe with several value-add angles. EQT Real Estate sees many opportunities in this region and will continue to explore the sustained global demand and local needs that exist in these markets”.

EQT Real Estate I was advised on the acquisition by Linklaters, AF Consulting, Concila, Archus and Beadmans.

Contacts
Henrik Orrbeck, Director at EQT Partners, Investment Advisor to EQT Real Estate I, +46 8 506 553 27
Robert Rackind, Partner and Head of Real Estate at EQT Partners, Investment Advisor to EQT Real Estate I, +44 207 430 5550
EQT Press Office +46 8 506 553 34

About EQT
EQT is a leading alternative investments firm with approximately EUR 50 billion in raised capital across 27 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About EQT Real Estate I
EQT Real Estate I will seek to make direct and indirect controlling investments in real estate assets, portfolios and operating companies that offer significant potential for value creation through repositioning, redevelopment, refurbishment and active management. The investments will typically range between EUR 50 million and EUR 200 million. The fund is advised by an experienced team from EQT Partners, with extensive knowledge of property investment, development and intensive “hands-on” asset management, and with access to the full EQT network, including 10 European offices and more than 250 industrial advisors.

More info: www.eqtpartners.com/Investment-Strategies/real-assets/real-estate/

 

 

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EQT Credit and Ardian Private Debt provide financing for Hg’s investment in MediFox

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eqt

EQT Credit, through its Mid-Market investment strategy, today announces that it has provided a senior secured financing solution together with Ardian to support Hg’s (“Hg”) investment in MediFox.

Founded in 1994, MediFox is a leading provider of software solutions to over 6,000 ambulatory care services, elderly care homes and therapists in Germany. Its software solutions support care providers with key services including resource and route planning, care and support documentation, management information systems, as well as billing, factoring and administration services. It is headquartered in Hildesheim, Germany and employs 265 people.

Paul Johnson, Partner at EQT Partners’ Credit team, Investment Advisor to EQT Credit, commented: “MediFox is well established as a leading software provider for elderly care in Germany. The company enjoys an attractive market leadership in the outpatient segment, long-term track record and product quality. We would like to thank EQT’s independent Industrial Advisors, who as senior executives in the German care home segment, provided key support to the EQT Credit deal team throughout the due diligence process. EQT Credit looks forward to supporting MediFox and its management team under Hg’s ownership.”

Contacts

Paul Johnson, Partner at EQT Partners, Investment Advisor to EQT Mid-Market Credit, +44 207 430 5554
Nakul Sarin, Director at EQT Partners, Investment Advisor to EQT Mid-Market Credit, +44 208 432 5420
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT Credit
EQT Credit invests through three complementary strategies: senior debt, Mid-Market Credit (direct lending) and credit opportunities. Since inception, EQT Credit has invested in excess of EUR 5 billion in over 160 companies. EQT Credit’s direct lending strategy seeks to provide flexible, long-term debt capital solutions to medium-sized European businesses, across a wide range of sectors. These businesses may be privately-owned corporates seeking alternative funding to grow or be the subject of private equity-led acquisitions or refinancings.

More info: www.eqtpartners.com/Investment-Strategies/Credit
About EQT

EQT is a leading alternative investments firm with approximately EUR 50 billion in raised capital across 27 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

 

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ARDIAN PRIVATE DEBT and EQT Credit provide financing for HG’S investment in MEDIFOX

Ardian

Frankfurt, May 11, 2018. Ardian Private Debt and EQT Credit, through its Mid-Market investment strategy,
today announce they have provided a senior secured financing solution to support Hg’s (“Hg”) investment in
MediFox.
Founded in 1994, MediFox is a leading provider of software solutions to over 6,000 ambulatory care services,
elderly care homes and therapists in Germany. Its software solutions support care providers with key services
including resource and route planning, care and support documentation, management information systems, as
well as billing, factoring and administration services. It is headquartered in Hildesheim, Germany and employs
265 people.

Mark Brenke, Managing Director & Co-Head Ardian Private Debt, said: “As a financing partner, we are delighted
to be supporting the MediFox management team of Christian Städtler and Dr. Thorsten Schliebe together with
Hg who have a strong track record of investing in technology-enabled B2B service businesses. MediFox is the
leading software provider in the German care services market, leveraging its proprietary technology platform to
support the digitalisation of the care services segment”.

ABOUT ARDIAN
Ardian is a world-leading private investment house with assets of US$67bn managed or advised in Europe,
North America and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its
heart and focuses on delivering excellent investment performance to its global investor base. Through its
commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and
economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global
network, with more than 500 employees working from thirteen offices across Europe (Frankfurt, Jersey,
London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia
(Beijing, Singapore, Tokyo). It manages funds on behalf of c.700 clients through five pillars of investment
expertise: Private Debt, Fund of Funds, Direct Funds, Infrastructure and Real Estate.

Follow Ardian on Twitter @Ardian
www.ardian.com

PRESS CONTACTS
ARDIAN
Headland
TOM JAMES
tjames@headlandconsultancy.com
Tel: +44 207 3675 240

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The Carlyle Group Agrees to Sell ADT Caps to SK Telecom and MIRA for KRW 2,970 Billion

Carlyle

Seoul, Korea — Global alternative asset manager The Carlyle Group (“Carlyle”, NASDAQ: CG) today announced it has agreed to sell ADT Caps, the second largest security services provider in Korea, to SK Telecom (“SKT”, KRW:017670) and Macquarie Infrastructure and Real Assets (“MIRA”) for KRW 2,970 billion (USD 2.76 billion). SKT is the largest telecommunication operator in Korea and MIRA is one of the largest infrastructure asset managers globally. The transaction is expected to close in the second half of 2018.

The Carlyle Group acquired ADT Caps through Carlyle Asia Partners IV and Carlyle Partners VI in 2014 from Tyco. During Carlyle’s ownership, ADT Caps drove top-line growth through new product introductions, cross-selling, and channel development, and improved operating efficiencies by reducing false signals per account and dispatches per account, while upgrading service quality through technological development. By partnering with Jinhwan Choi, CEO of ADT Caps and the management team, Carlyle has supported the business to become the most profitable security services player in Korea.

Sanghyun Lee, Managing Director of The Carlyle Group, said, “ADT Caps is a great example of Carlyle’s ability to create value through operational improvements and partnering with excellent management teams. It is an honor to have had such a journey with thousands of experts who make Korea a safer place. I am glad that we found the SKT-MIRA consortium as ADT Caps’ strong new partner.”

Jinhwan Choi, CEO of ADT Caps, said, “The Carlyle Group has been a fantastic partner for ADT Caps and our management team over the last four years as we have re-established our security services leadership in Korea. The acquisition by the SKT-MIRA consortium provides the business and the management with a phenomenal opportunity to continue delivering best-in-class central monitoring services to our customers, leveraging SKT’s leading AI and IoT technology.”

Morgan Stanley, Credit Suisse, Latham & Watkins, Lee & Ko, and PwC advised Carlyle on this transaction.

Carlyle has invested more than US$1.5 billion of equity in more than 20 transactions in Korea as of March 31, 2018.

 

* * * * *

About The Carlyle Group

The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $201 billion of assets under management across 324 investment vehicles as of March 31, 2018. Carlyle’s purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Credit and Investment Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, real estate, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,575 people in 31 offices across six continents.

Web: www.carlyle.com

Videos: www.youtube.com/onecarlyle

Tweets: www.twitter.com/onecarlyle

Podcasts: www.carlyle.com/about-carlyle/market-commentary

 

About ADT Caps

ADT Caps is a provider of advanced security solutions in Korea, serving more than 427,000 customers through a network of 69 branches nationwide. The business provides central monitoring services, with video surveillance and dispatch, access control and other customized security solutions as well as guarding services. The business is headquartered in Seoul, Korea, with approximately 7,500 employees.

www.adtcaps.co.kr

 

Media Contacts:

Brian Zhou

+86 10 57067070

brian.zhou@carlyle.com

 

Tammy Li

+852 2878 5236

tammy.li@carlyle.com

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Altor enters into partnership with Gnist

Altor

On May 1st, Altor Fund IV (“Altor”) signed an agreement to enter into a partnership and acquire a majority of the Norwegian preschool chain Gnist Barnehager AS (“Gnist”) from founders and owners Kjersti and Bjørn Grønmyr. Kjersti and Bjørn will continue to stay active and own a minority stake in the company.

Gnist is a preschool chain with a unique concept focusing on a systematic approach to operations, supported by good practices. This ensures high and consistent quality in all Gnist preschools, with focus on the child’s individual needs and close cooperation with highly satisfied parents. The approach ensures that each child is given individual attention, follow-up and feels included in order to enable them to learn and grow at their own pace. Gnist Barnehager currently owns 17 preschools in Møre & Romsdal, Trøndelag and Hordaland.

”We are proud to enter into this partnership with Kjersti and Bjørn,“ says Maria Tallaksen, Partner at Altor. “We are impressed with Gnist, their employees and their approach and we are excited that Kjersti and Bjørn will stay on to develop Gnist Barnehager further,” Maria Tallaksen continues.

”In Altor we have found a partner that will uphold our core values,” says founder and manager Kjersti Grønmyr. “We will continue to be engaged, competent, efficient and innovative and through this ensure that each child has a caring, safe and developing time at our preschools,” Kjersti Grønmyr continues.

The transaction is subject to customary regulatory requirements and approvals.

For more information, please contact:
Børre Andreassen, Head of Communication at Gnist, Tel: +47 92 04 91 20
Maria Tallaksen, Partner at Altor, Tel: +47 90 16 88 73

About Altor
Since inception, the family of Altor funds has raised some EUR 5.8 billion in total commitments. The funds have invested in excess of EUR 3.8 billion in more than 40 companies. The investments have been made in medium sized Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Lindorff, Helly Hansen, Carnegie, Spectrum, EWOS, Dustin, Rossignol, S Banken og SATS ELIXIA. For more information visit altor.com.

About Gnist Barnehager
Gnist Barnehager is a chain of privately owned preschools located in Hordaland, Møre and Romsdal and Trøndelag. The chain opened their preschool in 2004 under the name Grønmyr Barnehage, the name was changed to Gnist Barnehager in 2014. The chain currently comprises 17 preschools, with 500 employees and approximately 2000 children enrolled, with plans to develop the concept in the rest of Norway.

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DIF agreed to acquire US toll road portfolio

DIF

Toronto, 8 May 2018 – DIF Infrastructure V (“DIF”) is pleased to announce it has entered into a definitive agreement to acquire a 100% equity interest in American Roads LLC (“American Roads” or, the “Company”). The Company is being sold by an affiliate of Syncora Guarantee Inc., a wholly owned, New York financial guarantee insurance subsidiary of Syncora Holdings Ltd.

Headquartered in Detroit, Michigan, American Roads operates a diversified portfolio of five toll road assets, comprising four owned toll bridges in Alabama and, pursuant to a long-term lease agreement, the U.S. side of the Detroit-Windsor Tunnel, a subaqueous international tolled tunnel between Detroit, Michigan and Windsor, Ontario.

American Roads is led by a highly qualified management team with more than 100 years of combined management experience in infrastructure and transportation. The management team provides comprehensive management services for American Roads including operations, maintenance, engineering and administrative services.

The transaction is subject to customary closing conditions and is expected to close in the third quarter of 2018.

DIF Profile

DIF, an independent and specialist fund management company, manages approximately €5.1 billion across seven closed-end investment funds and several co-investment vehicles. DIF invests in the global infrastructure market through two differentiated and complementary strategies.

The majority of DIF’s funds, including DIF Infrastructure V, target PPP / PFI / P3, regulated infrastructure assets and renewable energy projects.

DIF CIF I targets small to mid-sized infrastructure assets in the telecom infrastructure, rail, energy and utility sectors that generate stable and predictable cash flows that are contracted over the mid-term with highly rated entities.

DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Paul Huebener, Partner
Email: p.huebener@dif.eu

Allard Ruijs, Partner
Email: a.ruijs@dif.eu

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