Category Archives: News

Carlyle Provides $200 Million Term Loan to iRobot

Carlyle

NEW YORK, NY – Global investment firm, Carlyle (NASDAQ: CG), today announced it has closed a $200 million senior secured term loan to iRobot Corp. (NASDAQ: IRBT) (“iRobot”), a leader in consumer robotics.

iRobot is a global consumer robot company that designs and builds thoughtful robots and intelligent home innovations that make life better. iRobot introduced the first Roomba robot vacuum in 2002. Today, iRobot is a global enterprise that has sold millions of robots worldwide. iRobot’s product portfolio features technologies and advanced concepts in cleaning, mapping and navigation. Working from this portfolio, iRobot engineers are building robots and smart home devices to help consumers make their homes easier to maintain and healthier places to live.

“iRobot is a demonstrated leader in the consumer robotics space with an innovative approach to bringing valuable products and technology into consumer’s homes,” said Jesse Hou, a member of the Carlyle Credit Opportunities Fund. “We are pleased to partner with a leading management team and support an iconic global consumer brand.”

“Securing financing to increase our credit facility is a critical component in our mission to continue developing helpful products that make customers’ lives easier,” said Colin Angle, chairman and CEO at iRobot. “We are thankful for Carlyle’s support, which will enable us to fulfill our goals during a time where iRobot faces a dynamic market environment.”

Carlyle Global Credit manages $150 billion in assets as of March 31, 2023. It is an active provider of private credit solutions across the capital structure, including senior secured loans, unitranche loans and junior debt.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $381 billion of assets under management as of March 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

Media and Investor Relations

Kristen Greco
Carlyle
Corporate Communications
(212) 813-4763
Kristen.greco@carlyle.com

Charlie Vaida
iRobot
Corporate Communications
(781) 430-3182
cvaida@irobot.com

OR

Karian Wong
Investor Relations
iRobot
(781) 430-3003
investorrelations@irobot.com

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Carlyle to acquire Evolution Funding

Carlyle

London, United Kingdom, 25 July 2023 – Global investment firm Carlyle (NASDAQ: CG) announced today that it has agreed to acquire Evolution Funding (“Evolution”), the UK’s largest used auto finance platform, investing alongside Evolution’s founders and existing investor LDC. The terms of the transaction were not disclosed.

Based in Chesterfield, UK, Evolution is a technology-led motor finance platform that connects car dealers and auto finance providers with multiple lenders. Since it was founded in 2002, the business has grown to become the largest used car finance marketplace in the UK with its funding platform widely embedded across UK automotive dealerships. It has c. 500 employees and supports over 4,000 dealer forecourts, including national car dealerships such as Marshall, Sytner Group and Trust Ford, and major online-only used car dealers such as Cinch and Cazoo. It also has brand partnerships with the AA and fintech services like Experian and ClearScore, which offer access to direct-to-consumer channels. In the last twelve months, Evolution has enabled nearly 150,000 financing transactions with a total platform volume in excess of GBP 2 billion. Over the last four years, the business has almost quadrupled the total volume of advances it enables along with doubling its employee headcount.

Evolution has made two key strategic acquisitions in recent years: Click Dealer in July 2021 and Motion Finance in May 2023. Click Dealer is highly complementary to Evolution’s existing services and supports its growth strategy to enhance its technology, digital capabilities, and SaaS proposition. Motion Finance has allowed Evolution to further grow its core market share in independent motor dealers.

Equity for the investment will be provided by Carlyle Europe Technology Partners (“CETP”) V, a €3 billion fund which invests in technology companies across Europe. CETP will work with management to support Evolution’s growth in the used car finance market by working to expand the range of dealers’ product offerings on its interface and in doing so becoming an enablement platform for additional sales, developing a digital lead-generation capability, and exploring consolidation of the fragmented motor finance market through further M&A.

Fernando Chueca, Managing Director in the CETP investment advisory team, said: “In Evolution, we identified the opportunity to partner with an advanced technology platform in the UK’s fragmented market for used car finance, which we believe is an attractive and growing segment. In addition to its market leading position and high barriers to entry, we believe the continued development and expansion of Evolution’s digital platform, as well as exploring M&A opportunities, can unlock significant value. We look forward to working with Lee and the entire team at Evolution.”

Lee Streets, founder and CEO of Evolution Funding, said: “We believe Evolution holds a unique position in the UK’s motor finance market, built upon capturing the opportunity to provide a differentiated, technology-based platform which helps both lender and dealer partners navigate change from digitisation and regulation. In Carlyle, we have found the ideal partner to continue our growth journey, given their experience growing and scaling entrepreneurial technology businesses like ours.

We would like to thank the team at LDC for their support over the last four years, investment in the development of our technology platform, and for helping us to position Evolution at the leading edge of the market. We are excited for this next stage of Evolution’s journey as we continue to transform the motor finance market.”

Lawrence Dean, Partner and Head of South at LDC, added: “Lee and his team have almost quadrupled the total volume of advances Evolution’s platform enables in the last four years; a significant achievement given the uncertainty in the market. In addition, Evolution has continued to invest in its technology, playing a leading role in the digitisation of the motor finance market and developing innovative digital finance solutions that are shaping the industry and customer experience. We look forward to continuing to work together to support Evolution’s future growth plans.”

CETP was advised by Houlihan Lokey, DLA Piper, Alvarez & Marsal, LEK and Seedcloud.

Evolution Funding and LDC were advised by Arma Partners, Gowling WLG, KPMG, OC&C and Crosslake.

The transaction is subject to FCA approval.

 

###

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $381 billion of assets under management as of March 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

 

About Evolution Funding

  1. Evolution Funding is the UK’s largest independent motor finance broker and technology provider, authorised and regulated by the Financial Conduct Authority. Its head office is in Chesterfield, Derbyshire, UK. They employ circa 500 staff UK-wide.

 

  1. Evolution Funding delivers brokered motor finance solutions for approximately 4,000 active motor dealers using a panel of 30+ lenders. Dealers consist of independent and franchised dealers through to car supermarkets and include many of the Top 10 national dealer groups.

 

  1. Evolution Funding develops its own market-leading technology to facilitate digital finance journeys for consumers via dealer websites, price comparison and eligibility platforms.

 

  1. Evolution Funding has been named Car Finance Awards ‘Best Broker’ for seven consecutive years.

 

  1. Evolution Funding’s Vision is “To lead change, digital innovation and excellence in motor finance”.

 

  1. For further information, visit http://web.evolutionfunding.com/news

 

About LDC

www.ldc.co.uk/pressrelease

  1. LDC is a private equity investor and part of Lloyds Banking Group. It is authorised and regulated by the Financial Conduct Authority.
  2. We have partnered with more than 675 management teams since 1981 and have a portfolio of more than 90 businesses across the UK.
  3. We have made investments across all major sectors of the UK economy and are actively supporting businesses in industries including Business Services, Consumer, Healthcare, ICT, Industrials, Media and Technology.
  4. Our teams are based in every part of the UK and we’re committed to investing in at least 100 businesses nationally over the next five years.

 

 

Media contacts

 

Carlyle:

Nicholas Brown

nicholas.brown@carlyle.com

+44 7471 037 002

 

Evolution Funding:

Sarah Simpkins

sarahsimpkins@evolutionfunding.com

+44 7971 407 631

 

LDC:

Sophie Millward, Citypress

sophie.millward@citypress.co.uk

0161 235 0350

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Thompson Street Capital Partner’s Vector Laboratories Acquires Quanta BioDesign

Thompson

Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, today announced the acquisition of Quanta BioDesign, the inventor of discrete polyethylene glycol (dPEG®) technology for advanced bioconjugate and payload delivery design for life science and biopharma applications, by Vector Laboratories, a portfolio company of TSCP and the pioneer of innovative proteomic and glycomic research solutions. This acquisition further expands Vector Laboratories’ portfolio of bioconjugation linkers and dyes and builds on its manufacturing and bioconjugation capabilities to better serve partners across biopharma and the life sciences. Terms of the transaction were not disclosed.

“This acquisition supports Vector Laboratories’ long-term strategic vision of accelerating the pace of scientific discovery for life science companies and transformational treatments and approaches for biopharma companies,” said Lisa V. Sellers, PhD, CEO of Vector Laboratories. “It also builds on our recent acquisition of Click Chemistry Tools and Fluoroprobes and goes beyond standard linker capabilities to serve broader industrial segments, expanding what’s possible for customers in manufacturing components for their end products. It truly demonstrates a new level of flexibility in what they can accomplish with our offerings.”

Quanta BioDesign develops patented and innovative cross-linking and labeling chemistries that incorporate and are uniquely enabled by their dPEG® technology, allowing for new approaches in the areas of therapeutic and diagnostic development. The Plain City, OH-based company was founded for the purpose of developing and commercializing an extensive line of dPEG® based products for companies involved in drug discovery and diagnostic development programs.

J.C. Wetzel, TSCP Managing Director, said, “We’re excited about the opportunity to continue executing against Vector Laboratories’ long-term growth strategy by bringing cutting-edge technology to an expanding customer base, increasing its range of products and services, and ultimately impacting the important work of biopharmaceutical companies developing the next generation of treatment options.”

Vector Laboratories acquired Click Chemistry Tools, a manufacturer of click chemistry linkers and labeling reagents, and Fluoroprobes, a leader in fluorescent probes and dyes earlier this year. Vector was the first company to commercialize avidin-biotin enzyme complex kits for immunohistochemistry and antifade mounting media for immunofluorescence. Since then, it has introduced more than 600 reliable reagents and kits through four decades of leadership in labeling and detection technologies.

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Paragin Group acquires training administration software provider Coachview

Main Capital Partners

Paragin Group acquired training administration software provider Coachview, with the support of strategic software investor Main.

Paragin Group, a leading EdTech solutions provider with a specialized assessment and e-portfolio offering, has acquired training administration software provider Coachview, with the support of strategic software investor Main Capital Partners. The acquisition of Coachview marks Paragin’s second add-on acquisition, after joining forces with math-driven assessment software specialist SOWISO in 2022. The addition of Coachview to the Paragin Group will create a comprehensive product suite with strong combined expertise, technology leadership and a shared customer base.

Coachview is a developer of SaaS course administration solutions that form the digital backbone of learning services providers, schools and universities. The solutions are used by schools and training and examination institutions at all educational levels in the Netherlands and Belgium. The combination of Coachview and the Paragin Group marks another milestone in the EdTech group’s buy-and-build strategy. Together, the companies uniquely position themselves as the most comprehensive vendor to commercial training institutions, supporting lifelong learners at every step of their journey.

The Coachview platform gives its users control over their administrative processes, allowing them to service their customers more effectively while providing flexibility and insights and improving overall efficiency. The platform provides a modular and configurable solution that suits the needs of every commercial training institution. The solution automates ranges from core processes ranging from course planning and student relationship management to automated invoicing, trainer management, and offers connections to other software like accounting and learning systems.

Paragin and Coachview can offer a comprehensive suite to their (shared) clients that brings together both companies’ strengths. Paragin specializes in student-facing assessment, learning and development solutions, providing innovative tools that empower learners in their educational journey. Coachview excels in offering the administrative backbone, delivering robust systems and processes to manage educational and training institutions efficiently. Integrating Paragin’s best-of-breed assessment and e-portfolio capabilities into the broader Coachview suite will lead to a differentiating offering. This will help training institutions to automate workflows and optimize organizational efficiency while empowering learners with improved (individualized) performance assessment and better learning outcomes.

Frank van der Linden, Co-founder of Coachview, says: “Since 2008, we’ve worked tirelessly to enhance training providers’ processes with our smart software offering, transforming Coachview into a dynamic platform that offers maximum support to trainers, instructors, and trainees. Joining the Paragin Group unlocks new opportunities to deliver even more value. I’m thrilled to collaborate with Paragin, driving growth and creating value for our customers.” Marcel Kremers, Co-founder of Coachview, adds: ”With Coachview, we’ve successfully established market leadership in course administration software in the Benelux. The synergy between our companies is undeniable, and we strongly believe that together we can achieve more than the sum of our parts. We’re excited to join forces with the Paragin Group, providing added value to our customers!”

Jeroen Bakker, CEO at Paragin Group, states: “Coachview provides a fantastic platform for training organisations and schools to structure and streamline their processes to work much more efficiently and effectively. With a very broad and enthusiastic customer base, they serve a wide range of customers directly and through partners, from universities to vocational and special needs education and from commercial training agencies to in-house corporate academies, municipalities and sector funds. This makes Coachview the heart of the administrative organisation, where Paragin’s products are at the centre of learning and assessment for students and learners. We look forward to presenting that combination to our customers and partners.”

Sjoerd Aarts, Partner at Main and Chairman of Paragin’s Supervisory Board, concludes: “We are thrilled to announce the acquisition of Coachview by our portfolio company, Paragin Group. This highly strategic partnership fits perfectly within our strategy of creating a leading European EdTech provider with innovative solutions that cater to evolving needs throughout the learning journey. We are excited about the synergies and value this partnership brings to Paragin’s customers, stakeholders, and the EdTech ecosystem.”

We are excited about the synergies and value this partnership brings to Paragin’s customers, stakeholders, and the EdTech ecosystem.

– Sjoerd Aarts, Partner at Main and Chairman of Paragin’s Supervisory Board

About

Coachview

Coachview is a provider of cloud-based training administration solutions for commercial education, corporate in-house academies and training institutions in the Benelux region. The Coachview platform functions as an ERP-system that forms the administrative backbone throughout the learning journey.  The company was founded in 2000 by Frank van der Linden and Marcel Kremers who are still in charge of the day-to-day management. Today, the company employs almost 25 employees and serves a diversified clientele of more than 250 customers that includes the TU Delft, Vanderlande, Boels, Aeres Group and Utrecht University of Applied Sciences.

Paragin

Paragin Group, consisting of the brands Paragin and SOWISO, is a leading provider of software designed to propel individuals towards their maximum potential. Paragin is a domain leader in solutions for the development of competences, knowledge and talent for education, exam institutions, publishers and companies of all sizes and industries. Paragin’s product suite encompasses solutions for online admission & placement testing, formative & summative assessments (for generic as well as  mathematics-related courses), as well as an e-portfolio offering that offers users the opportunity to develop and showcase skills, experience and qualifications. Paragin provides modern, cloud-based software solutions to over 750 organizations directly and indirectly via partners including vocational education, universities of applied sciences, research universities, educational publishers, corporates and (semi-)public customers. Our committed team of almost 70 people based in our Nijkerk (NL) and Amsterdam (NL) offices serves our loyal customer base across the globe.

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DIF Capital Partners to invest £200 million in UK battery storage developer and operator Field

DIF

DIF Capital Partners (via its DIF Infrastructure VII fund) is pleased to announce a £200m investment into Field, a London-headquartered dedicated developer and operator of battery energy storage systems.

The investment will allow Field to accelerate the development and buildout of its 4.5 GWh pipeline of grid-scale battery energy storage projects in the UK and Western Europe as it seeks to contribute to the renewable energy infrastructure needed to reach Net Zero.

Field batteries

Field’s battery energy storage systems allow energy generated during times of lower demand to be stored and released to the grid during times of higher demand.

Field is already operating its first site in the UK, a 20 MWh battery project in Oldham, Greater Manchester. It has another four sites totalling 210 MWh in or near construction in the UK: Newport in South Wales, Blackburn in Lancashire, Gerrards Cross in Buckinghamshire and Auchteraw in the Scottish Highlands.

Gijs Voskuyl, Partner and Deputy CEO at DIF, said: “We’re very excited to make a second investment in the battery storage sector which we see as a critical component for the UK energy industry to reach Net Zero and which we see as highly complementary to DIF’s extensive renewable energy portfolio. We are looking forward to working with the Field management team.”

Commenting on the investment, Amit Gudka, Field CEO said: “We will not be able to meet net zero targets without significant investment in new energy infrastructure. Battery storage is a critical part of that infrastructure. The more we can build, the more effective mass-usage of wind and solar power will become.

“Our partnership with DIF Capital Partners will enable Field to accelerate the buildout of battery storage in the UK and across Europe. And it will help us build, develop and operate the storage we need to create a more reliable, flexible and greener grid.”

DIF was advised by PwC (financial) and Herbert Smith Freehills (legal). Field was advised by Nomura Greentech (financial) and Dentons (legal adviser).

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with ca. EUR 16 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu

 

About Field

Field develops, builds and operates the renewable infrastructure we need to reach net zero, starting with battery storage. Our battery storage sites provide clean energy when and where it’s needed most. This creates a more reliable, flexible and greener energy system that provides greater energy security and helps countries across Europe move on from expensive fossil fuels.

In the UK, our portfolio of battery sites are already helping to decarbonise the electricity grid, and we are already developing further projects across Europe.

For more information, please visit www.field.energy

 

Contact DIF Capital Partners: press@dif.eu

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Ardian completes first residential real estate investment with the acquisition of a historic property in Milan’s Magenta district

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Ardian

This redevelopment project is Ardian’s first investment in the residential sector and will see the building refurbished to the highest design and sustainability standards.

Via Giuseppe Revere 3

Ardian, a world-leading private investment house, announces that it has completed the acquisition of 4000 square meters property located in Milan at Via Giuseppe Revere 3.

The building was acquired by Ardian through an investment vehicle that will be managed by Investire SGR, a leading independent asset management company which specializes in bringing value to real estate portfolios.

The historic property has a gross floor area of approximately 4,000 square meters and dates back to 1898. It is located in the Magenta district, one of the most beautiful and elegant areas of Milan, and is on the doorstep of Sempione Park, a haven of green space at the heart of Milan’s historic city centre. The property is surrounded by landmark buildings including the 15th-century imposing Sforzesco Castle and museums, the Arena Civica, the Arco della Pace and the Triennale di Milano.

The Arena Civica is a large amphitheatre born by the will of Napoleon in the early 19th century and today one of the city’s main multi-purpose sports facilities; the near Arco della Pace is a triumphal arch and one of the most important symbols of neoclassicism in Milan; in front of the park is the Triennale di Milano, an international cultural institution which hosts exhibitions, conferences and events.

The eight-story building consists of seven floors above ground and one basement floor, with two urban villas also overlooking the inner courtyard. After being acquired by Ardian, the building will be refurbished to the highest design and sustainability standards. It will use renewable power sources such as geothermal energy, energy-saving luminaires, automated management systems and high thermal performance of the building envelope. The refurbishment will be completed in partnership with the De Amicis Architetti studio, specialists in modern luxury design and preserving historic architectural features. New, high-quality finishes and large terraces overlooking the park for use by residents will complete the refurbishment project.

Ardian continues to invest in Italy with a “Build-to-Green+” strategy to fill the scarce supply of sustainable buildings across the office market. After acquiring a Milan office building on Amerigo Vespucci 2 street in December 2022, Ardian is refurbishing the building to achieve net-zero energy standards. Ardian will replicate that strategy in the residential market with the acquisition of this historic building on Revere 3, which will become a best in class building for energy performance.

“We see interesting and attractive investment opportunities in Europe’s residential property market. Italy, for example, has a scarce supply of quality buildings that meet the market’s highest sustainability standards. To put that into perspective, about 80 per cent of residential properties in Italy were built before the 1980s. Milan is also experiencing growing demand for different types of accommodation particularly in student housing, where need far exceeds supply thanks to a growing young population and increasing number of international students. There are many opportunities for value creation in multifunctional urban regeneration projects including a mix of residential, office and commercial use. This is especially the case for projects focused on reaching new sustainability goals, for example around improved energy consumption and social impact.” Rodolfo Petrosino, Head of Real Estate Southern Europe, Ardian

“We have always invested in redevelopment projects and focused on improving the sustainability credentials of these buildings. We will continue to follow this strategy in the office market, in addition to replicating our approach in the residential sector. Despite the current macroeconomic backdrop, the demand for new residential units of the best quality and with the highest sustainability standards continues to grow. This is due to the scarcity of quality housing and a polarization in the market, with ESG regulation driving demand towards low-carbon properties. Milan is a hotspot for sustainable urban transformation according to the smart city model, attracting significant property investors and managers. It is a blueprint for a new type of residential market which can be replicated in other cities.” Matteo Minardi, Head of Real Estate Italy, Ardian

“We are proud to launch this new investment vehicle with Ardian, which has chosen Investire SGR as partner for its first residential transformation project. Thanks to our proven track record and consolidated experience in redevelopment projects and urban regeneration, we further consolidate our leadership in the residential segment as a reference partner for international investors.” Alessandro Polenta, Managing Director, Investire SGR

List of participants

  • Participants

    • Legal, administrative and structuring Advisor: Gattai, Minoli, Partners
    • Environmental and Technical Due Diligence: Yard Reaas
    • Tax Advisor: Fivelex Studio Legale e TributarioNotary: Dario Cortucci
    • Notary: Dario Cortucci
    • Seller’s Advisor: Dils

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian is part-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Press contact

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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ONCAP Completes Investment in Biomerics and Significant Distribution for ONCAP IV

Onex

ONCAP today announced it has closed a significant investment into Biomerics and provided a material realization for investors in Precision Concepts including ONCAP IV. As part of the transaction, Biomerics has merged with the medical business of ONCAP IV’s current portfolio company, Precision Concepts (“Precision Concepts Medical”) including Precision Concepts Group of Winston-Salem, NC, which was acquired from the Marino family in April 2023. This investment has been made in partnership with Biomerics’ founder and CEO Travis Sessions, current Biomerics shareholder Wasatch Equity Partners, and the Marino family. Following this transaction, Precision Concepts will become a stand-alone pure-play consumer packaging company with a dedicated focus from the existing management team on growing both organically and through mergers and acquisitions (M&A).

The investment in Biomerics was made by a combination of ONCAP IV, ONCAP V and co-investors. With the completion of this transaction, Biomerics is the second investment for ONCAP V. Proceeds to Precision Concepts were used to repay debt and provide a significant distribution to shareholders, including ONCAP IV.

Following this transaction, Biomerics has over 1.2 million square feet of manufacturing space across 13 locations making it one of the Top 10 interventional contract development and manufacturing organizations globally. Biomerics supplies 22 of the top 35 medical device OEMs and is strategically focused on high growth end markets including structural heart, electrophysiology, robotic surgery, cardiovascular disease, and endoscopy. The merger furthers Biomerics’ fully integrated capability set and positions it to best serve its OEM customers. Going forward, Biomerics will be well-capitalized with significant capacity to continue to pursue strategic M&A.

The Precision Concepts management team, led by CEO Ray Grupinski, will continue to operate the consumer packaging business, which possesses strong EBITDA margins and an attractive growth profile. We believe this transaction helps to simplify and focus the remaining Precision Concepts business, better positioning it for a successful exit in the future.

About ONCAP

ONCAP is the mid-market private equity platform of Onex. In partnership with operating company management teams, ONCAP invests in and builds value in North American headquartered small- and medium-sized businesses that are market leaders and possess meaningful growth potential. For more information on ONCAP, visit its website at www.oncap.com.

Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies and family offices. In total, Onex has $51.1 billion in assets under management, of which $7.8 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.

About Biomerics

Founded in 1994, Biomerics is a leading medical device contract manufacturer serving the interventional device market. Trusted as a vertically integrated partner, Biomerics provides design and development services, technology transfer manufacturing services, and contract manufacturing services for medical device components, subassemblies, and finished medical devices. Biomerics operates eight locations in the United States, Ireland, and Costa Rica. Biomerics is industry leader in materials, interventional medical plastics, complex extrusion, micromachining of metals and polymers, laser processing, balloons & balloon catheters, advanced catheters & steerables, image guided intervention, and finished device assembly. In addition to operating under a certified ISO 13485:2016 quality system, Biomerics is FDA registered and compliant with FDA 21 CFR Part 820.

About Precision Concepts

Based in Mooresville, North Carolina, Precision Concepts is a diversified manufacturer of finished medical devices and specialty rigid packaging solutions (sticks, jars, vials, closures, spouts, bottles, tubes) serving the medical, pharmaceutical, personal care, food and beverage and nutraceutical industries. The company has ~1,700 employees with twelve manufacturing facilities located in Canada, the United States, Costa Rica, and the Dominican Republic.

Forward-Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For Further Information:

Onex

Jill Homenuk

Managing Director – Shareholder

Relations and Communications

Tel: +1 416.362.7711

Zev Korman

Vice President, Shareholder

Relations and Communications

Tel: +1 416.362.7711

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Apollo Funds to Make Strategic Equity Investment in PetSmart

Apollo
  • PetSmart is a leading omnichannel pet retailer in North America, providing an extensive range of pet products and services across more than 1,660 stores in the United States, Canada, and Puerto Rico
  • Apollo Fund investment underscores the robust fundamentals of PetSmart’s business and resilient performance across economic cycles
  • BC Partners and its co-investors to receive partial liquidity while maintaining majority ownership and control of the Board of PetSmart
  • Apollo will join BC Partners, as it continues to draw on its deep sector knowledge and strong operating capabilities, to support PetSmart’s management to continue delivering leading products and services to its more than 62 million loyalty members

PHOENIX and NEW YORK, July 24, 2023 (GLOBE NEWSWIRE) — PetSmart (or “the Company”), a leading omnichannel pet retailer in North America, announced today that funds managed by affiliates of Apollo (NYSE: APO) have entered into a definitive agreement to make a strategic equity investment in the Company. BC Partners, alongside co-investors including GIC and the PetSmart management team, will remain the majority shareholder of PetSmart and retain control of the Board.

The strategic investment by the Apollo Funds affirms PetSmart’s strong fundamentals and continued growth opportunity, as the Company drives operational excellence across its store network and builds a broader suite of products and services for pets and pet parents. The Apollo and BC Partners teams continue to see significant opportunities ahead, driven by PetSmart’s growth plans and an industry that continues to be a long-term net grower with increasing pet ownership and higher spend per pet. PetSmart is also differentiated from online-only peers thanks to a broad array of in-person grooming, training, and veterinary services, as well as proprietary brands and product lines.

BC Partners first invested in PetSmart in 2015, leading a group of investors to acquire the Company in a public-to-private transaction. The investment thesis, which continues to hold true today, was underpinned by the structural growth in pet ownership, the humanization of pets, and an increasing focus on animal wellness. PetSmart’s strong market position, robust profitability, and strong cash flow generation reinforces its growth strategy and the resilience of the business and industry.

Under BC Partners ownership, PetSmart and its management team have increased revenues by more than 40%, while investing in associates and industry-leading pet care. The Company’s commitment to continuous investment in learning and professional development for its associates ensures a happy and safe working environment, while delivering the highest standard of animal care. BC Partners’ owner-operator mindset and close, collaborative relationship with PetSmart leadership has helped guide strategic capital investment, including in digital and supply chain development, enabling the Company to deliver significant growth in revenue and profitability, with meaningful contribution coming from omnichannel sales.

“We are delighted to welcome Apollo as a strategic partner – affirming our growth and the strength of our associates’ commitment to doing anything for pets,” said J.K. Symancyk, President and CEO of PetSmart. “The combined expertise of BC Partners and Apollo enables even greater value creation opportunities as we embark on the next stage of growth for the business. We are grateful for the continued support of BC Partners, who have been our trusted partner for over eight years and look forward to working with the team at Apollo who bring the highest levels of expertise and whose vision for PetSmart aligns with our own.”

Apollo Partner Andrew Jhawar said, “PetSmart is an incredible, highly differentiated business in an industry that continues to see strong, sustainable growth across both pet ownership and pet care. We are big believers in PetSmart’s management team and store associates, as well as the Company’s growth strategy, operating model, and historical resiliency throughout market cycles, which gave us strong conviction to make this strategic investment alongside BC Partners, its co-investors and management. We are pleased to support PetSmart’s continued success as a meaningful shareholder moving forward, where we will utilize our demonstrated historical experience as a highly successful investor in the consumer, grocery, and retail sectors.”

Apollo Partner Salim Hirji said, “We are excited to be making this investment in PetSmart, an industry leader providing a wide breadth of products and services to pets and pet parents in communities across North America. We look forward to working with and supporting the Company’s management team and store associates as PetSmart embarks on its next phase of growth.”

Raymond Svider, Chairman of BC Partners, said: “We are in the midst of an incredible journey, which we are pleased to share with the entire PetSmart team. Our conviction in this business, close partnership with management, and the acumen of our investment and portfolio operations team have achieved a flagship investment for the firm, our limited partners, and all stakeholders. BC Partners has a long history of working in partnership with the Apollo team and we welcome the opportunity to do so again as we support PetSmart in the next stage of its growth.”

The transaction is currently expected to close in the fourth quarter of 2023, subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.

For BC Partners, JP Morgan served as financial advisor and Kirkland & Ellis LLP served as legal advisors. UBS Investment Bank served as financial advisor to the Apollo Funds and Simpson Thatcher & Bartlett LLP served as legal advisors.

Media Contacts

Apollo
Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com

BC Partners
Simren Priestley, Head of Communications
E: simren.priestley@bcpartners.com
T: +44 20 7009 4722

PetSmart
Rob Litt, VP Corporate Communications
E: rlitt@petsmart.com
T: 1-763-670-1454

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2023, Apollo had approximately $598 billion of assets under management. To learn more, please visit www.apollo.com.

About BC Partners

BC Partners is a leading investment firm with over €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today BC Partners integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Consumer. Since its foundation, BC Partners has completed over 127 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund.

For further information, visit www.bcpartners.com

About PetSmart

PetSmart is the leading omnichannel pet retailer offering products, services and solutions for the lifetime needs of pets. At PetSmart, we love pets and we believe pets make us better people. Every day with every connection, PetSmart’s passionate associates help bring pet parents closer to their pets so together they can live more fulfilled lives. This vision impacts everything we do for our customers, the way we support our associates and how we give back to our communities.

PetSmart operates over 1,660 pet stores in the United States, Canada and Puerto Rico, as well as more than 200 in-store PetSmart PetsHotel® dog and cat boarding facilities. We provide a broad range of competitively priced pet food and products, as well as services such as dog training, pet grooming, pet boarding, PetSmart Doggie Day Camp™ and pet adoption.

PetSmart, PetSmart Charities® and PetSmart Charities® of Canada work with nearly 4,000 animal welfare organizations to bring adoptable pets into stores so they have the best chance possible of finding a forever home. Through this in-store adoption program and other signature events, PetSmart has facilitated over 10 million adoptions, more than any other brick-and-mortar organization.

For more information, visit https://www.petsmart.com/


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Source: Apollo Global Management, Inc.

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Ardian to acquire leading European waste management and circular economy platform Attero

Ardian

24 July 2023 Infrastructure Germany, Frankfurt

Ardian, a world-leading private investment house, announced today that it has signed an agreement for the intended acquisition of 100% of Netherlands-based Attero, one of the largest independent European waste management and circular economy platforms, active in the essential waste value chain segments of energy recovery, plastics recycling, and organic waste management.
Headquartered in Wilp, Attero is a leading Dutch operator of energy-from-waste, plastics recycling, biomethane production, and inert mineral depository facilities, processing 3.6mt of waste from municipalities and businesses and generating more than 800 GWh of renewable electricity, equivalent to powering 300,000 homes, as well as 22m m3 of green gas. As an integrated platform, Attero is a key contributor to the Dutch and European circular economy and energy transition and helps to address the energy independence and decarbonization challenges. Attero’s longstanding and wide-ranging industrial expertise brings a unique value proposition to the Dutch and European waste markets.
With Ardian’s investment, Attero stands to further capitalize on its leading position and integrated business model across the waste management value chain, providing an integral and essential service to communities and industries. Ardian plans to support Attero’s renewable energy expansion via significant capex investments into biomethane from organic waste and solar PV development on closed landfill sites. Furthermore, Attero will accelerate its contribution to the decarbonization of Dutch industry through the development of Carbon Capture and Storage facilities.
“We have been impressed by the operations and exceptional management team of Attero – a company that is a leader in waste management and circular economy solutions. This investment further demonstrates our strategy of supporting leading infrastructure businesses and further expanding our commitments in the Netherlands. We are looking forward to working with Paul and his outstanding management team to invest into sustainable long-term projects, to help realize Attero’s significant growth potential and to continue delivering best-in-class essential services to municipalities and industries as well as renewable energy to Dutch homes and businesses.” Daniel von der Schulenburg, Head of Infrastructure Germany, Benelux and Northern Europe, Ardian

“We are excited to partner with Ardian, a strong and industrially-minded infrastructure investor which has the expertise and capabilities to support us in this important next stage of our development. Together with Ardian’s support we will be able to invest significant funds into decarbonization plans and further increase our recycling activities.” Paul Ganzeboom, CEO, Attero

Closing of the investment is subject to customary closing conditions, including obtaining required regulatory approvals and work council consultation, and is expected to take place in Q4 2023.

List of participants

  • Ardian

    • Daniel von der Schulenburg, Federica Vasquez, Jeremy Haddak, Leonard Rasche, Jonas Kröger, Niranjan Bhardwaj
    • Accounting & Tax: Deloitte
    • Commercial: Arthur D. Little & Tolvik
    • Energy: AFRY
    • Insurance: Aon
    • Legal: De Brauw Blackstone Westbroek
    • M&A: Royal Bank of Canada
    • Technical & Environmental: Arup

Attero

Attero is a leading Dutch waste management and recycling company. Founded in 1929 and headquartered in Wilp, Attero has approximately 800 employees. Attero treats c. 3.6 million tons of waste per year in two Energy from Waste (“EfW”) plants, three recycling plants, six anaerobic digestion facilities, seven composting facilities and ten Inert Mineral Deposit (“IMD”) sites. Attero sources waste from a diverse mix of domestic municipalities, commercial and industrial customers, as well as exporters.

Ardian

Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian is part-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

Press contact

Headland

ardian@headlandconsultancy.com

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Bain Capital to Acquire and Invest in Adani Capital’s Growth

BainCapital

Bain Capital to Acquire and Invest in Adani Capital’s Growth

  • Transaction to position leading non-bank financial institution as a standalone company to drive expanded lending to underserved MSME, agriculture, and affordable housing segments.
  • Includes significant support and reinvestment from Gaurav Gupta, who will continue to serve as MD & CEO.

MUMBAI, 23 July 2023 – Bain Capital, a leading global private investment firm, today announced that it has entered into a definitive agreement to acquire 90% of Adani Capital and Adani Housing. The transaction will buy out 100 percent of the Adani family’s private investments in the company, with Gaurav Gupta fully rolling his stake in the company and continuing to serve as Managing Director and CEO.

Bain Capital has also committed $120 million in primary capital to facilitate the company’s ongoing growth. Further, Bain Capital is also immediately making available to the Company a liquidity line $50 million in the form of Non-Convertible Debentures.

“Gaurav and the team have built a scale lending business that supports entrepreneurialism and is trying to solve the $300 billion+ unmet retail MSME credit demand in the country. The company has strong business fundamentals, an experienced team, with ability to serve and expand to core segments like agriculture, housing and to underbanked rural areas,” said Rishi Mandawat, a Partner at Bain Capital. “We see compelling opportunities to partner with Gaurav and team to support and facilitate Adani Capital’s next phase of growth by providing access to significant capital, strategic and operating resources, and deep experience partnering with financial services businesses in India and across the globe.”

“I have known Gaurav since his days as an investment banker,” said Mr. Gautam Adani, Chairman, Adani Group. “He wanted to become an entrepreneur and I backed him. He has not only built a good financial services business with a focus on the underserved in semi-urban and rural India but has also valuably contributed to the Adani Group. I am very happy that a credible investor like Bain Capital is stepping in now and this will help the business grow manyfold from here.”

“It has been an extraordinary six years; to have the capital, a strong brand and, more importantly, the freedom to build a business is perhaps unprecedented – and for this, I thank Gautambhai for the opportunity and for his faith in me,” said Gaurav Gupta. “Our aim has always been to support micro-entrepreneurs and first-time homeowners in Bharat and to be the most economical and convenient lender to our customers by leveraging technology. The team and I are very pleased to welcome a partner like Bain Capital who shares our vision of making affordable finance available to our customer segment with a strong focus on customer literacy and education. With Bain Capital committing INR 1,000 Cr of capital in the Company, we are now equipped to grow 4x from here.”

Entrepreneurialism and growing consumption rates across India are driving a significant increase in the volume of MSMEs, which now constitute an important segment of the Indian economy, contributing approximately 30% of its gross domestic product, according to the Ministry of Micro, Small & Medium Enterprises. Despite their potential, only 10% of MSMEs in India have access to a formal source of credit to support growth aspirations, particularly more acute in rural areas. Adani Capital was founded in 2017 to democratize access to affordable, convenient lending solutions and support the next generation of MSMEs and entrepreneurs in India. To realize that vision, Adani Capital has built an AUM of nearly $500 million, a network spanning more than 170 branches across eight states, and a team of over 2,500 professionals who expound its “customer-first” culture.

Avendus Capital was the exclusive financial advisor to Adani Capital, Adani Housing Finance and their shareholders on this transaction. Rothschild was the exclusive financial advisor to Bain Capital on this transaction.

Bain Capital has deep experience in investing to support the growth and leadership of a diversified set of financial services businesses in India and across the globe, including Axis Bank, 360One (fka IIFL Wealth), Judo Bank, L&T Finance Holdings, Legacy Corporate Lending, and more.

The transaction is expected to close in Q4 2023, pending necessary regulatory and market approvals.

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