Category Archives: News

Axon ICT I Fund is fully divested in seven years

Axon

14th march. Axon Partners Group successfully exited the last company in the portfolio of its ICT I Fund, marking the conclusion of the fund’s lifecycle.The fund achieved a strong overall annual return of 65% and a multiple of 3.5 times on invested capital. This performance positions Axon’s ICT I in the top quartile of the 2011 vintage funds in Europe. Companies such as Wuaki, Nice People at Work or Akamon were part of the portfolio and proved to be great examples of Spanish start-up success stories, each achieving exit valuations of over € 20m.

ICT I was primarily focused on investing in seed and early stage companies within the digital sector in Spain. A remarkably low average holding period of 3.4 years allowed the Fund to be fully divested in under 7 years. On top of that, the Fund had an unusual write-off ratio of 0%.

Both the low holding period and the 0% write-off ratio highly differ from what is normally observed in the early stage VC industry and are a clear proof of the current opportunity and maturity of the European VC market.

“When looking at the overall VC industry, it is usual to observe that the average loss ratio of early-stage funds stands at around 40-50%, and that holding periods are typically longer. Axon’s performance clearly breaks this stereotype. Through our Fund-of-Funds strategy, we have gained a deep insight into the European VC market, and we definitely see that the overall performance is improving. ICT I is certainly a top quartile performer not only at European, but also at global level” said Francisco Velázquez, President of Axon Partners Group.

“At Axon, we have a very rigorous selection process and deep level of involvement with our portfolio companies. This allows us to support and accelerate their growth while being able to detect and correct any deviation from the business plan. Our investment philosophy is not focused on the search for “unicorns”, but for companies backed by strong teams and disruptive, non-capital intensive business models”, remarked Alfonso de León, CEO of Axon Partners Group.

Axon Partners Group is an Alternative Asset Manager, with more than 12 years of track record investing in the technological sector. Currently, the firm has more than € 250m AUM across 3 funds in Europe, one in Latin America and another in India. In 2018, Axon launched Aurora Fund-of-Funds, which is the first FoF with an exclusive focus on the Pan-European tech opportunity.

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MOBILEXPENSE strengthens international footprint by acquiring the Swedish market leader in travel expense management

Fortino Capital

MobileXpense, the Brussels-based company that provides worldwide mobile solutions for travel expense management, is making its first strategic acquisition in taking over eBuilder Travel, the travel and expense management market leader in Sweden. This further strengthens MobileXpense’s position as a key international software supplier. In 2017, Fortino Capital Partners invested 20 million euros in the company’s commercial growth and the development of new mobile services.

Pieter Geeraerts, CEO, clarifies MobileXpense’s ambition: “MobileXpense has shown substantial and consistent growth in recent years. This acquisition allows us to further heighten our position in the international market where we have become a leading European player able to challenge the world’s largest software suppliers. We want to maintain this pioneering position and develop solutions that are able to follow the most complex processes of large multinational corporate and governmental organizations.”

MobileXpense was founded in 2000 as one of the first European Software-as-a-Service (Saas) companies. It specializes in software applications for travel and expense management and offers complete automation of the entire process from planning and booking, to reimbursement and accounting. MobileXpense has become a front-row service provider for multinationals in Europe, the UK, the US, Latin America and China.

This success is due to the solution’s user-friendliness, flexible integration with existing Enterprise Resource Planning (ERP) and payroll solutions, and particularly its compliance with local tax regulations and procedures in more than 70 countries. MobileXpense currently has 1.2 million users worldwide, spread over 100+ countries and almost 300 corporate customers including blue-chip companies such as Canon, UCB, DB Schenker or Panalpina but also the Belgian National Bank and the Dutch government.

In 2018, Pieter Geeraerts joined MobileXpense as its new CEO, bringing along his strong track record in growing software companies. Today, MobileXpense reaches another important milestone with the acquisition of eBuilder Travel, a strong player in travel and expense management in the Nordics. With this acquisition, MobileXpense obtains a solid set of large customers in Sweden and Finland backed by a strong team of local experts and aims to further expand its activities in the Nordics and strengthen its international offering.

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Servelec announces sale of Servelec Technologies to Laurel Solutions

Montagu

London | 14 March 2019

Servelec confirms the sale of its subsidiary Servelec Technologies, a market-leading provider of remote monitoring systems, secure SCADA systems, and business optimization software, to Laurel Solutions, a holding company which works with leading businesses to grow the smart use and development of industrial technology.

Servelec
Servelec, a leading software provider to the NHS and local government for over 20 years, will now focus on the healthcare, social care and children’s services markets. With a strategy to support the provision of Digital Care, Servelec’s software helps NHS trusts to deliver against the NHS 10 year plan for digital maturity and supports local authority social work, youth services and education practitioners in accessing the right information at the right time to deliver improved outcomes.

Neville Davis, Chairman of Servelec commented; “We are pleased to confirm the sale of Servelec Technologies. The company has a strong strategy in place to further develop the business and we wish David Frost, Managing Director of Servelec Technologies, and the team every success for the future.

“Servelec is now wholly focussed on our core public sector markets of NHS and local government. As these markets continue to integrate and share data to deliver improved care, we are working very closely with our customers to provide what they need for a joined-up future. Digital Care is at the heart of what we do; we are certain that this will enable the sectors we address to provide higher quality service in a more cost-effective manner.”

Servelec Technologies
“Servelec Technologies is a leading, global provider of connected remote monitoring and control solutions, helping clients and industries to realise their digital futures. The business is a leader in the UK and other water and wastewater markets, and a major player internationally in sectors including energy, transport and infrastructure. This investment further builds out our leading portfolio in remote asset monitoring and control.” said Martin Carter, CEO of Laurel Solutions. “We are excited to partner with Servelec Technologies’ highly talented management team, and plan significant investment in innovative products and solutions that will enhance their already outstanding offering.”

“We’re thrilled to have the backing of Laurel Solutions as we start a new chapter as a standalone business,” said David Frost, Managing Director at Servelec Technologies. “They bring not only the technical knowledge, but the business operations experience and capital resources that will be instrumental in our success and future growth.”

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DIF consortium reaches financial close on Walloon street lighting PPP

DIF

Schiphol, 13 March 2019 – DIF is pleased to announce that, as part of the LuWa consortium, it has reached financial close on Plan Lumiere 4.0, an availability PPP project involving the modernisation and maintenance of the street lighting network across the Walloon region’s main roads.

The consortium consists of DIF Infrastructure V (70% equity stake), together with its partners Citelum, CFE and Luminus. The authority partner is the Société de Financement Complémentaire des Infrastructures (SOFICO), the public company established to finance the maintenance and upgrade of motorways and other main roads in the Walloon region.

The 20 year DBFM contract covers 2,700 km of roads and interchanges. The project includes the replacement of approximately 100,000 street lights by modern LEDs with dimming capability, as well as the installation of a remote monitoring and management system.

The modernisation program will reduce the energy consumption of the network by 76%, equivalent to a reduction in CO2 emissions of 166,000 tons over the life of the project, as well reduce the light pollution generated by the network. Furthermore, the project will enhance regional employment opportunities: 400 new jobs will be created and 100,000 professional training hours will be organized together with the regional employment agency.

Gijs Voskuyl, partner at DIF, added: “DIF is proud to invest in this innovative project, which incorporates significant technological and ESG improvements, to the benefit of road users, local communities and the environment.”

Total debt funding for the project amounts to €230 million secured from BBVA, Belfius, BNP Paribas, KBC, SMBC and Société Générale.

Advisers to the consortium are Belfius/BDO (financial), DLA Piper (legal), Tiberghien (tax & accounting) and Operis (model audit). Advisors to the lenders are Jones Day (legal), AECOM (technical) and Willis Towers Watson (insurance).

About DIF
DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 110 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

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

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Gaw Capital Partners Completes Acquisition of 12 Shopping Centers in Hong Kong from Link REIT

Gaw Capital

March 13, 2019, Hong Kong – Real estate private equity firm Gaw Capital Partners today announced that the firm, through a fund under its management, and consortium partners, including Goldman Sachs, have completed the acquisition of a retail portfolio comprising 12 shopping centers in Hong Kong from Link Real Estate Investment Trust, which was bought for HK$12.01 billion – amounting to an average price of around HK$7,839 per sq. ft. excluding parking – following an agreement signed on December 12, 2018.
Gaw Capital Partners’ asset management team will be responsible for overseeing the operation of the 12 shopping malls and car parks from today, and will ensure a smooth handover to maintain service quality.
The portfolio is comprised of a number of strategically-located properties across Hong Kong Island, Kowloon and the New Territories that sit in the heart of densely-populated communities. The GFA of the portfolio totals 1.1 million sq. ft. of prime retail space and comes with over 4,700 parking spaces that are connected to highly-convenient transport links. Their excellent accessibility and holistic shopping environments have made them attractive destinations for retailers and hubs of community life for residents.
Goodwin Gaw, Chairman and Managing Principal of Gaw Capital Partners, said, “We and our partners are delighted to complete the acquisition today. We will utilize our experience to rejuvenate these malls and transform them into hubs that serve the needs of the local community and are natural extensions of residents’ homes.”
The shopping centers included in the portfolio are: the retail and car park within the Ap Lei Chau Estate, Chun Shek Shopping Centre, Fortune Shopping Centre, King Lam Shopping Centre, Lei Tung Commercial Centre, Ming Tak Shopping Centre, Shan King Commercial Centre, Siu Hei Commercial Centre, the retail and car park within the Tai Ping Estate, Wah Ming Shopping Centre, Wah Sum Shopping Centre and Wang Tau Hom (Wang Fai Centre).

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Ceetrus Sells a Portfolio of 9 Commercial Assets in France to Carlyle and Othrys Asset Management

Carlyle

Paris – Global investment firm The Carlyle Group (NASDAQ: CG) and Othrys Asset Management today announced they have finalised the joint acquisition of the Canyon portfolio from Ceetrus.   Equity for the investment came from Carlyle Europe Realty (CER), a fund which makes investments in real estate and real estate related assets and companies.

The portfolio, mainly composed of shopping malls or co-owned lots adjacent to Auchan hypermarkets, includes malls at Nancy Laxou, Châtellerault, Domérat, Mers-les-Bains and the Dieppe retail park. 

With this transaction, Carlyle continues to strengthen its presence in France and this acquisition represents a new strategy focused in particular on the acquisition and active management of local shopping malls, focusing on a range of convenience services and products.

Carlyle was advised by DLA Piper, Wargny Katz and Darrois Villey Maillot Brochier. 

* * * * *

About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with $216 billion of assets under management across 343 investment vehicles as of December 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 1,650 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 Carlyle Europe Realty
Carlyle Europe Realty (CER) is focuses on investments in a thematic and targeted way in real estate and real estate related assets and companies primarily in the United Kingdom, France and Germany, as well as Belgium, Denmark, Finland, Ireland, Italy, Luxembourg, Norway, Portugal, Spain, Sweden and the Netherlands pursuing an opportunistic investment and management strategy. The CER investment team is led by European real estate veteran Peter Stoll and a senior team that averages over 17 years of European principal investing experience. The CER investment team has an on-the-ground presence in key locations in the United Kingdom, France and Germany and a pan-European investment team based in London, as well as benefitting from the global resources of Carlyle.

About Ceetrus
Established in 1976, Ceetrus is a global real-estate actor known as Immochan until June 2018.  Ceetrus operates a transformation since 2016 to become a global real-estate development company. With 295 shopping centres worldwide and thanks to strong partnerships within citizens and territories, Ceetrus builds animating places integrating commerce, housing, offices and urban infrastructures. By creating sustainable, smart and lively places, Ceetrus’ statement is to build or enhance a real human link between people to make tomorrow’s city. Its fields of expertise are from development, promotion, investment, site administration to innovation.

Key figures :  10 countries, 295 shopping centres, 10 700 trade partnerships, 39 000m² of housing & 89 000 m² of office in 2018, 900 employees.

*****

Media Contacts

Steele &Holt for The Carlyle Group 
Daphné Claude & Dominic Riding
Email : carlyle@steeleandholt.com 
Téléphone : +33 (0)6 66 58 58 81 92 / +33 (0)6 57 48 83 24

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Tesi in 2018: Strong performance and new initiatives to boost sustainable growth

Tesi

INVESTMENTS IN COMPANIES, INVESTMENTS IN FUNDS, IMPACT – 13.3.2019

In 2018, Tesi made new investments of €121m to accelerate the growth and internationalisation of Finnish companies. The aggregated net sales of direct portfolio companies grew on average by 19% during the financial year. Exits reached record levels in 2018, especially in the case of venture capital investments. Tesi’s social impact is manifested in the growth of portfolio companies and is exerted by promoting the development of Finland’s investment industry and enhancing skilled ownership. Another objective, alongside boosting companies’ growth, is to internationalise the Finnish venture capital and private equity market though investments made in funds as well as via direct minority investments.

CEO Jan Sasse:

“Investment volumes were very high in 2018: we gave a total of €59m in new investment commitments to eight funds and €37m via the FoF Growth III fund co-managed by Tesi and Finnish pension & insurance companies. We also made direct investments in companies totalling €62m, of which €52m were first-round investments. Tesi’s international partners invested altogether €123m in Finnish growth companies. As well as providing capital, they also brought access to valuable international business expertise and essential networks.

Our investment year was excellent, in terms of exits from both our Finnish and international funds. One outstanding example of this was Creandum’s exit from Spotify, which listed on the New York stock exchange. The year was also profitable, following the trend of previous years, although the growing uncertainty prevailing in the world economy towards year’s end kept net profit at €55m.

As a state-owned VC/PE investor, we constantly evaluate our role in the market. In doing so, we contemplate new strategic objectives and the fate of existing entities. As a new operational format, we started anchor investing to support growth companies for which an IPO is the best option, but whose size or sector makes an IPO challenging. On another front, a co-investment programme we will conduct with the European Investment Bank, hand-in-hand with private investors, will channel €100m of equity financing to promote the growth of innovative SMEs and mid-cap companies.

Tesi’s investment programmes focus on growth and the renewal of economic structures. At the end of the year, we launched a €75m Circular Economy investment programme. Its objective is to boost the growth and internationalisation of existing companies and encourage the creation of new funds investing in the circular economy.“

Business environment

Finland’s economy continued to grow in 2018. The partially conflicting forecasts for the global economy during the last quarter and the uncertainty about the future they caused were reflected, of course, in market sentiments.

Finnish growth companies again reached new records in raising venture capital. The total sum raised was over €350m, with most of the financing rounds exceeding €10m in size.

Finnish buyout funds in the SME sector investing in companies in a later stage of development again saw abundant capital seeking new investees. A large part of these funds’ investment capacity had a crucial focus for Finland’s business structure – the growth and internationalisation of medium-sized companies, an increase in their numbers, and buyouts. This corporate segment has also seen increasing demand for minority investments.

Investment operations

Tesi made new investments in companies and gave investment commitments to venture capital and private equity funds amounting to €121m (€149m). Investment commitments totalling €59m (€60m) were made to eight VC/PE equity funds. Five commitments were to venture capital funds and three commitments to growth and buyout funds. Direct investments amounting to €62m (€29m) were made in altogether 26 companies.

Overall, almost €250m in new risk capital was channelled into portfolio companies, representing over four times the amount invested by Tesi. Of this capital, some €61m came from international investors.

The €75m Circular Economy investment programme was launched at the end of 2018. A direct investment in Uusioaines Oy and a fund investment in Environmental Technologies Fund III were made from the programme.

Financial performance

Tesi once again performed strongly in 2018, despite the growing uncertainty in the global economy towards the end of the year. Realised net gains from venture capital and private equity investments largely contributed to the healthy profit.

Net gains from venture capital and private investments amounted to €90m (€69m), comprising net gains from funds €72m (€53m) and net gains from direct investments €18m (€15m). The increase in net gains was largely due to numerous successful exits from portfolio companies and a general rise in valuation levels. Net gains from direct investments derived from the seven exits effected during the year. Net losses (gains) from financial securities were -€14m (+€18m), largely due to a globally difficult last quarter for both shares and interest-bearing instruments. Operating profit amounted to €68m (€80m), and profit after taxes for the financial year was €55m (€66m).

The balance sheet total at the end of 2018 was €1,031m (€1,020m) and the company’s equity amounted to €999m (€978m). The carrying value of venture capital and private equity funds at the end of 2018 was €371m (€372m) and the carrying value of direct investments €235m (€189m).

The total amount of VC/PE investments under management at the end of 2018 was €1.2 billion. This includes the capital of the FoF Growth I, FoF Growth II and FoF Growth III funds that Tesi manages, in addition to Tesi’s own commitments and investments.

The cumulative amount with which the Finnish government has capitalised Tesi from the very start of its operations is €655m. The Company’s cumulative profit from operations, including the figure for the 2018 financial year, amounted to €341m. In addition to this, Tesi has generated altogether €163m for the Finnish state in corporation tax and dividends.

Events after the financial year

In early 2019, Tesi gave an investment commitment to a Finnish growth fund (more details to be published later) and also participated in LeadDesk’s successful listing on Helsinki’s First North exchange.

Prospects

In 2018, Tesi initiated a process for updating its strategy, which will be put into practice in spring 2019. The strategic objective is twofold: to identify those market areas in which Tesi is most needed; and to develop Tesi’s means for accelerating companies’ growth and internationalisation most efficiently and with maximum social impact. As a developer of the VC/PE market, Tesi plays a role that serves and supplements the market, and we can fulfil that role by, for instance, producing market data that can be usefully exploited. Tesi also acts at a social level: investments and ownership produce a beneficial social impact as well as being profitable.

Tesi wants to broaden the Finnish and international investor base operating in Finland’s market. This will provide funds with more private capital allowing them, as a result of larger capital sums, to finance their portfolio companies for longer. A number of new Finnish VC/PE investment companies are in the process of fund-raising, and projects arising from this are expected to emerge during 2019.

Minority investment operations will continue along the lines of previous years: in promising SMEs to supplement the market’s existing financing options; and in industrial investments. The Circular Economy will remain a key investment programme.

Tesi will continue to cooperate closely with the European Investment Fund and the European Investment Bank in channelling EU funds into Finnish venture capital funds and growth companies, in collaboration with private investors.

As we enter a new financial year, Tesi has strong resources for long-term investment operations that promote the growth of Finnish companies.

Decisions of the Annual General Meeting

The Annual General Meeting was held on 8 March 2019. Kimmo Jyllilä was elected Chairman of Tesi’s Board of Directors. Marika af Enehjelm, Pauli Kariniemi, Mika Niemelä, Annamarja Paloheimo and Riitta Tiuraniemi will continue as members of the Board of Directors. Jyrki Mäki-Kala was elected as a new member of the Board of Directors.

For further information, please contact:

Board Chairman Kimmo Jyllilä, tel. +358 (0)40 502 5105
CEO Jan Sasse, tel. +358 (0)40 861 9151
Interim CFO Gösta Holmqvist, tel. +358 (0)40 570 6508

Tesi (Finnish Industry Investment Ltd) is a venture capital and private equity company that invests profitably and responsibly, creating value from day one. Our investments under management total 1.2 billion euros and we have over 700 companies in portfolio, either directly or through funds. We help Finland to the next level of growth and internationalisation. Follow our success stories: www.tesi.fi / dtg.tesi.fi and @TesiFII.

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EURAZEO CAPITAL enters into exclusive discussions with MONTAGU to acquire DORC

Eurazeo

Paris, March 13, 2019 – Eurazeo Capital entered into exclusive discussions with funds managed by
Montagu Private Equity to acquire DORC (Dutch Ophthalmic Research Center). Eurazeo Capital will invest
close to 300M€ in this transaction. DORC will be the fifth investment of Eurazeo Capital IV. This investment
perfectly fits the strategy presented during the 2018 Annual Results presentation.
Established in 1983 and headquartered in the Netherlands, the company operates in the medical
technology sector and is one of the global leading specialists of vitreoretinal surgery. DORC designs,
manufactures and distributes ophthalmic surgery equipment, consumables and instruments.
The company serves over 5,700 surgeons and is recognized for its strong innovation capability. DORC is
a global company with a presence across 80 countries and enjoys strong market shares in Europe. DORC
has more than 500 employees worldwide.

Additional financial information will be disclosed at the closing of the transaction.
Marc Frappier, Managing Partner, Head of Eurazeo Capital commented: “The acquisition of DORC fits
perfectly with our investment strategy to support growing businesses with a strong international
development potential as they scale up. Widely recognized as innovative and best in class by surgeons
across the world, the Company delivers remarkable financial performance. We expect to leverage our
international network to accelerate DORC’s growth.”

DORC will engage to immediately inform and consult the employee representative bodies of the company.
The final closing of the transaction will occur once the process with employee representative bodies is
finalized and clearance from relevant antitrust authorities is obtained.
About Eurazeo
o Eurazeo is a leading global investment company, with a diversified portfolio of €17 billion in assets under
management, including nearly €11 billion from third parties, invested in over 300 companies. With its considerable
private equity, venture capital, real estate, private debt and fund of funds expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its 235 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

Eurazeo has offices in Paris, New York, Sao Paulo, Buenos Aires, Shanghai, London, Luxembourg, Frankfurt and
Madrid.

o Eurazeo is listed on Euronext Paris.
o ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

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Quimper declares the offer for Ahlsell unconditional, will acquire all tendered shares

On 11 December 2018, Quimper AB (a company that has been or will be indirectly invested in by CVC Funds) (“Quimper”)1, announced a public cash offer to the shareholders in Ahlsell AB (publ) (“Ahlsell” or the “Company”) to tender all their shares in Ahlsell to Quimper (the “Offer”). The offer document regarding the Offer was made public on 19 December 2018.

The shares tendered in the Offer at the end of the initial acceptance period on 11 February 2019, together with the shares already held or otherwise controlled by Quimper, and closely related parties, amount to in aggregate 403,296,725 shares in Ahlsell, corresponding to approximately 93.9 percent2 of the share capital and the voting rights in Ahlsell.

Quimper hereby announces that all conditions for completion of the Offer have been fulfilled. Accordingly, the Offer is declared unconditional in all respects and Quimper will complete the acquisition of the shares tendered in the Offer. Settlement for shares tendered in the Offer during the initial acceptance period will take place in accordance with previously communicated plan, i.e. around 19 February 2019.

To provide the remaining shareholders of Ahlsell who have not tendered their shares time to accept the Offer, the acceptance period will be open beyond the end of the initial acceptance period, until 27 February 2019 at 15.00 (CET). Settlement for shares tendered in the Offer during the additional acceptance period is expected to start around 7 March 2019. Quimper reserves the right to further extend the acceptance period for the Offer.

Prior to announcement of the Offer, Quimper, and closely related parties, held in aggregate 109,578,323 shares in Ahlsell, corresponding to approximately 25.1 percent3 of the share capital and the voting rights in Ahlsell. At the end of the initial acceptance period on 11 February 2019, the Offer had been accepted by shareholders representing in total 293,718,402 shares in Ahlsell, corresponding to approximately 68.4 percent4 of the share capital and the voting rights in Ahlsell.

Quimper does not hold any financial instruments that give financial exposure to Ahlsell shares and has not acquired any such shares or financial instruments outside the Offer.

Quimper will initiate compulsory acquisition of the remaining shares in Ahlsell as well as promote a delisting of Ahlsell’s shares from Nasdaq Stockholm.

1 Quimper is a newly formed entity that has been or will be indirectly invested in by funds or vehicles (“CVC Funds”) advised by CVC Advisers Company (Luxembourg) S.à r.l. and/or its affiliates. “CVC” means CVC Advisers Company (Luxembourg) S.à r.l. and its affiliates, together with CVC Capital Partners SICAV-FIS S.A. and each of its subsidiaries.

2 Based on all 436,302,187 outstanding shares in Ahlsell, excluding the 7,000,000 shares which are held by Ahlsell in treasury.

3 Based on all 436,302,187 outstanding shares in Ahlsell, including the 7,000,000 shares which are held by Ahlsell in treasury.

4 Based on all 436,302,187 outstanding shares in Ahlsell, excluding the 7,000,000 shares which are held by Ahlsell in treasury.

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EQT closes fourth Infrastructure fund at EUR 9 billion – strengthens position as a leading global infrastructure investor

eqt

  • EQT Infrastructure IV holds first and final close at EUR 9 billion hard cap after six months of fundraising
  • Strong investor support for EQT’s industrial approach to infrastructure investing
  • EQT Infrastructure IV has made two investments to date; Saur in France and Osmose Utilities Services in the US

EQT today announced that EQT Infrastructure IV (the “Fund”) held its first and final close at its hard cap of EUR 9 billion on March 12, 2019, after officially launching in September 2018. Demand from both existing and new investors was strong, with a majority of the commitments made by investors in the predecessor fund, EQT Infrastructure III, which closed at its EUR 4 billion hard cap in February 2017.

EQT Infrastructure IV will continue to follow the industrial approach to infrastructure investing that has been successfully applied by EQT Infrastructure since its inception in 2008. The Fund will invest in high-quality companies with infrastructure characteristics and strong value creation potential. EQT Infrastructure will leverage its global platform, proven governance model and growth-focused approach to drive performance. The Fund will be supported by a dedicated investment advisory team and EQT’s extensive network of Industrial Advisors.

EQT Infrastructure IV will primarily pursue investment opportunities in Europe and North America and may opportunistically explore opportunities in Asia Pacific. The Fund has made two investments to date: Saur, a leading French drinking and waste water management company, and Osmose Utilities Services, a leading provider of critical inspection, maintenance and restoration services for utility and telecom infrastructure in the US.

Lennart Blecher, Deputy Managing Partner at EQT Partners (acting as exclusive investments advisors to the Fund), and Head of EQT Real Assets, commented: “EQT Infrastructure has a great track record of delivering attractive, risk-adjusted returns to investors since the inception of the EQT Infrastructure platform more than 10 years ago. The successful fundraising of EQT Infrastructure IV confirms investors’ trust in EQT and illustrates the continued demand for infrastructure investments in the Fund’s core regions.”

Christian Sinding, CEO and Managing Partner of EQT Partners, added: “EQT Infrastructure IV marks another important milestone for EQT and manifests our position as a truly leading global investment firm. We are glad to welcome more than 40 new investors to EQT and excited about their trust in our responsible and growth-focused approach to investing.”

The fundraising was led by the in-house Investor Relations team within EQT Partners. Jussi Saarinen, Partner and Head of Investor Relations, said: “We are pleased with the strong support demonstrated by existing and new investors and are very pleased with the high quality of the Fund’s investor base.”

EQT Infrastructure IV is backed by a global blue-chip investor base consisting of, among others, pension funds, insurance companies, sovereign wealth funds, financial institutions, endowments, foundations and family offices. With the closing of the Fund, EQT has approximately EUR 14 billion in infrastructure assets under management.

Contact
Lennart Blecher, Deputy Managing Partner at EQT Partners and Head of EQT Real Assets +41 44 266 68 00
EQT Press Office, press@eqtpartners.com +46 8 506 55 334

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. 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 Infrastructure IV
EQT Infrastructure IV is a EUR 9 billion fund that will seek to continue its historically successful strategy of investing in strong-performing infrastructure companies with the potential for significant value creation in sectors with suitable infrastructure characteristics and favorable market trends. The Fund will make primarily equity or equity related investments typically ranging between EUR 100 million and EUR 600 million where the Fund will either hold control or co-control positions or otherwise be capable of exercising a significant influence. The Fund will continue to invest in the core geographies of Europe and North America and may opportunistically explore opportunities in Asia Pacific. The Fund will primarily focus on making investments in the energy, transport & logistics, telecom, environmental and social infrastructure sectors.

The fundraising for EQT Infrastructure IV has now closed. Accordingly, the foregoing should in no way be treated as any form of offer or solicitation to subscribe for or make any commitments for or in respect of any securities or other interests or to engage in any other transaction.

This press release is translated into multiple languages for information purposes only. In case of a discrepancy, this version shall prevail.

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