Category Archives: News

Gilde Buy Out Partners and Management acquire Veco Precision from SPGPrints

Gilde Buy Out

April 19, 2018 Eerbeek / Utrecht – Funds advised by Gilde Buy Out Partners (‘Gilde’) today announced the acquisition of Veco B.V. (“Veco” or the “Company”), which was sold by its parent company SPGPrints B.V. (“SPGPrints”). The terms of the agreement have not been disclosed. Veco, a leading supplier of high-precision metal components, maintains a track record of innovation and has built a strong development pipeline supporting the future growth of the Company. Under the ownership of SPGPrints, Veco has displayed consistent growth, both organically as well as through add-on acquisitions. Commenting on the sale, Joost Smits, CEO of Veco says: “I am grateful to all at Veco and SPGPrints for their contribution and support in putting the Company on a path of sustained growth. The sale of Veco to Gilde will allow us to further develop Veco as a strong, stand-alone business.” Hein Ploegmakers, partner at Gilde: “We have been following Veco for some time and are impressed with its track record of consistent growth. The Company has built a leading position in micro-precision technology and is in an excellent position to further build on this solid foundation. We are excited to support Veco in this next phase of development.” full details Read more at: http://gilde.com/news/2018/gilde-buy-out-partners-and-management-acquire-veco-precision-from-spgprints

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DIF acquires a portfolio of Norwegian social infrastructure

DIF

Schiphol, 18 April 2018 – DIF Core Infrastructure Fund I (DIF CIF I) is pleased to announce that it, together with Infranode, has completed the acquisition of a Norwegian portfolio of four rehabilitation centres, 41 care homes and seven preschools from SPG. DIF CIF I has acquired a 40% shareholding, and Infranode 60%.

The facilities are contracted and operated by renowned Norwegian and international private health and care providers, which receive their funding from local and regional public authorities. The portfolio’s assets are located in densely populated areas, with the majority located in the attractive greater Oslo region.

The investment provides mid to long-term contracted cash flows, with strong counterparties and is a good fit with DIF CIF I’s investment strategy.

Willem Jansonius, Partner at DIF added: “DIF is excited to enter the growing Norwegian private health and care market. We have established a strong partnership with Infranode and are looking forward to further growing this platform in the future.”

About DIF

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

DIF Infrastructure V targets PPP / PFI / P3, regulated infrastructure assets and renewable energy projects.

DIF CIF I targets small to mid-sized infrastructure assets in, amongst others, the energy, transportation and telecoms sectors which generate stable and predictable cash flows that are protected over the mid-term.

Both strategies target greenfield and brownfield investments in Europe, North America and Australasia.

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

For more information, please contact:

Willem Jansonius, Partner
Email: w.jansonius@dif.eu

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

 

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Orpea aims to acquire majority stake in Dagelijks Leven

NPM Capital

Belgian health care provider Orpea Group is proposing to acquire a majority of the shares of Dagelijks Leven. Dagelijks Leven realises small-scale residential care centres for residents with memory problems.

Dagelijks Leven has been operating since 2014 and has 29 locations distributed throughout the Netherlands. All  locations are in the centre of their district and offer space for 20 residents. The wellness and well-being of residents is a central feature of the vision of Dagelijks Leven, whereby residents can feel at home as far as possible. The mission of Dagelijks Leven is to keep this form of residential care affordable for everyone.

Orpea Group is originally a French company incorporated in 1989 by Dr. J. Marian. Over nearly 30 years, Orpea has gained extensive experience in health care and services to the elderly and is internationally recognised as a high quality health care provider, caring for over 80,000 residents in 818 care facilities in 12 countries. Orpea has been listed on the Paris stock exchange since 2002.

NPM Capital is selling its majority stake in the care company. Paul Bisseling, investment manager at NPM Capital, says: “We do not usually invest in very small start-ups, but we were so enthusiastic about this concept that we made an exception. We are sorry to see our involvement come to an end, but we are also pleased with the arrival of Orpea.”

The management of Dagelijks Leven is pleased with its new partner: “Orpea has a huge amount of knowledge and experience that can benefit us in the Netherlands. We look forward to our cooperation and believe that it will add value for everyone.”

The residences of Dagelijks Leven are all realised in cooperation with the developer Amvest, a joint venture between Aegon and PFZW. CFO Dennis van Vugt of Amvest reacted enthusiastically to the acquisition by Orpea: “It is good to see that a quality international provider is also excited about this concept.”

Positive advice

The transaction is still subject to approval by NZa. The majority of the care administration offices relevant to Dagelijks Leven have now approved the deal. The works council and the relatives’ council of Dagelijks Leven have also issued positive recommendations.

There will be no initial changes for the residents and staff of Dagelijks Leven as a result of the acquisition. Later on, there will be benefits from the rich knowledge and experience available at Orpea.

 

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KKR agrees to sell its 75% equity stake in South Staffordshire Plc to Arjun Infrastructure Partners

KKR

London, 13 April 2018

KKR, a leading global investment firm, and Arjun Infrastructure Partners (“AIP”), an independent infrastructure investment advisory company, have announced an agreement by which the 75% equity stake currently owned and controlled by KKR’s infrastructure funds and other accounts in South Staffordshire Plc (the “Company”) will be sold to pension funds and other institutional investors advised by AIP. The transaction is subject to customary regulatory approvals and clearances. No financial terms are being disclosed.

South Staffordshire Plc is comprised of a regulated water company, South Staffordshire Water Plc (“SSW”), the statutory supplier of water to around 1.6 million customers in the South Staffordshire and Cambridge regions in the UK, and a significant non-regulated business which provides contractual specialist services primarily to the UK water sector.

SSW is a leading company in the UK water sector, with an established track record of high levels of customer service, fair pricing and environmentally sustainable operations. The non-regulated business, which includes SSI Services and Echo Managed Services, operates across the UK and continues to leverage Its valuable relationships with companies across various regulated sectors.

The Company is committed to serving and supporting its customers and the local community in South Staffordshire and Cambridge. Last year the business provided support to over 23,000 customers in debt, helping them to manage their water accounts and introducing the ‘Assure’ social tariff to offer a discount on bills based on income and expenditure. The Company has invested significantly in the areas which it serves, supporting the successful introduction of the £1 billion North West Cambridge development by supplying homes and community facilities with the UK’s largest rainwater recycling scheme.

Ram Kumar, Chairman of the Company and a senior member of KKR ’s infrastructure team, said:

“South Staffordshire has a long and successful track record as a UK water utility, and KKR is proud to have been involved with it over the past five years. During our ownership, we have enabled the Company to enhance the quality and reliability of its water supply, support its customers and invest in environmentally sustainable operations. We are confident that the Company is well positioned to continue delivering on its social commitments under AIP’s majority ownership.

”Adrian Page, Group Chief Executive of the Company, said: “We are delighted to have successfully worked with the team at KKR over the past five years. We welcome Arjun as a long term investor based in the UK and are looking forward to working with them and maintaining our position as a leading company in the UK water sector.

”Surinder Toor, Founding Partner of AIP, said: “We are very pleased to have completed this investment on behalf of our investors, who are all natural long-term owners of infrastructure businesses. We recognise that South Staffordshire Plc is a high quality water utility and we are excited to be working alongside the management team and the existing shareholder, Mitsubishi Corporation. Our priority will be to support Adrian Page and his team in continuing to deliver for their customers and the local community.”

About South Staffordshire Plc

South Staffordshire Plc is an integrated services group with a highly regarded regulated water supply business covering two separate supply regions (South Staffs Water and Cambridge Water), coupled with the provision of related, non-regulated specialist services within two main divisions, Echo and SSI Services. For more information about South Staffordshire Plc, please visit www.south-staffordshire.com

About KKR

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

About Arjun Infrastructure Partners

Arjun Infrastructure Partners facilitates the direct infrastructure investment strategy of large sophisticated investors working in partnership whilst allowing each investor to retain all the benefits of a direct investment approach. Founded in 2015, AIP has now made seven investments on behalf of its investors in the UK and the Middle East. AIP is being advised on this investment by White & Case LLP and Brodies LLP(legal advisers) and Evercore (financial advisers).

Media Contacts

Alastair Elwen

Finsbury

Phone: +44(0)20 7251 3801

Email: alastair.elwen@finsbury.com

 

 

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Ardian raises €230 million for second growth fund

Ardian

The new fund is three times the size of the previous generation, attracting in record time a wide range of institutional investors and entrepreneurs

Paris, 12 April 2018: Ardian, a world-leading private investment house, today announces that it has raised €230 million for its latest Growth Equity fund, Ardian Growth Fund II. The size of this new fund, raised in four months, is three times bigger than Fund I (€70M raised in 2014) and confirms Ardian Growth’s leading position in the European growth equity market.

The fundraise has generated strong interest from both institutional investors such as the European Investment Fund (FEI) and Bpifrance – which invests on its own account and within the framework of the Investments for the Future Programme via the MultiCap Croissance fund – and as well as from more than 50 leading European entrepreneurs in the digital sector. The strong demand highlights the quality of the team and its track record, combining knowledge of entrepreneurship with deep sector expertise.

As a long-standing player in the market with around €500 million of assets under management, Ardian Growth is a preferred partner for entrepreneurs looking to grow their business. Since 1998, Ardian Growth has supported more than 100 companies in the digital sector (software, internet, etc.), most recently including Bricoprivé and Ivalua in France, Lastminute.com in Italy and T2O in Spain.

Benefitting from Ardian’s international presence and its track record in Europe and the U.S., the team takes both minority and majority positions, investing up to €25 million in fast growing and profitable companies that want to accelerate their international development and external growth. Active in France, Italy, Spain and Benelux, the team pursues a pan-European investment strategy.

Laurent Foata, Head of Ardian Growth, said: “This fundraise was completed at a record speed and was heavily over-subscribed, demonstrating the trust given to our team and strategy by both existing and new investors. By welcoming a new group of leading entrepreneurs as investors, we significantly add to our ability of offering a truly differentiated approach to portfolio companies. With the substantial size of the fund, the fundraise strengthens Ardian Growth’s positioning as a leading growth catalyst for ambitious entrepreneurs across Europe.”

During the last twelve months, Ardian Growth has been particularly active with more than 9 exits, 5 investments and 9 build-ups.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$67bn managed or advised in Europe, North America and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 490 employees working from 13 offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore, Tokyo). It manages funds on behalf of about 700 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Follow Ardian on Twitter @Ardian

www.ardian.com

PRESS CONTACTS

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EURAZEO Finalizes the acquisition of a 70% stake in IDINVEST PARTNERS

Eurazeo

Eurazeo is pleased to announce the acquisition of a 70% Stake in Idinvest Partners. This follows the announcement on February 5, 2018 of a final agreement between the parties In which IDI, an investment company listed on Euronext Paris, undertook to sell its entire investment in Idinvest, i.e. 51% of the share capital.

Founded in 1997, Idinvest Partners has financed nearly 4,000 European companies via its three business lines: Venture & Growth Capital, Private Debt and Dedicated Portfolios & Funds(including secondary transactions).

The company manages €7 billion for insurance companies and leading institutional investors, as well as 80,000 private individuals. Idinvest Partners draws on its experience and expertise in numerous sectors to support entrepreneurial development projects. This transaction is an integral part of Eurazeo’s long-term strategy to become the partner of trust for businesses and entrepreneurs at all stages of their development. It also supports its dual business model by developing third-party fund management.

A share acquisition price of €230 million was paid on completion of the deal, valuing Idinvest at €310 million. Idinvest will retain management autonomy and an unchanged management team, which will continue to hold 30% of the capital.

 

About Eurazeo

With a diversified portfolio of approximately €15 billion in assets under management1, including €9 billion from third parties, Eurazeo is a leading global investment company with offices in Paris and Luxembourg, New York, Shanghai and Sao Paulo. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The firm covers most private equity segments through its five business divisions– Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands – and its Idinvest business divisions. 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. As a global long-term shareholder, the firm offers deep sector expertise, a gateway to global markets, and a stable foothold for transformational growth to the companies it supports.

1 proforma of Idinvest and Rhône

 

Eurazeo is listed on Euronext Paris.

ISIN: FR0000121121

Bloomberg: RF FP

Reuters: EURA.PA

About Idinvest Partners

With €7 billion under management, Idinvest Partners is a leading pan-European private equity firm focused on the mid-market segment. Idinvest Partners has developed several complementary areas of expertise including growth capital investments in innovative European start-ups; mid-market private debt (unitranche, senior loans and subordinated financing); primary and secondary investments in unlisted European companies and private equity consulting. Founded under the name AGF Private Equity in 1997, Idinvest Partners was formerly part of Allianz until 2010 when it became an independent firm.

 

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3i announces final close of the 3i European Operational Projects Fund on €456 million

3I

3i Group plc (“3i”) today announces the final close of the 3i European Operational Projects Fund (“3i EOPF”), with €456 million of commitments received from European and Asian investors, including a commitment of €40 million from 3i Group.

3i EOPF, which is managed by 3i’s infrastructure team, invests in operational projects across Europe, with a focus on France, the Benelux, Germany, Italy and Iberia. It targets a wide range of sub-sectors, primarily social infrastructure and transportation, but also telecoms and utilities, excluding renewable energy projects. It aims to provide long-term yield to institutional investors. The Fund has already invested and committed to invest approximately €85 million in assets across Europe.

Phil White, Managing Partner and Head of Infrastructure, 3i Investments plc, commented:

“We are delighted to announce the final close of the 3i European Operational Projects Fund at €456 million, exceeding our €400 million target. This new fund is complementary to our Infrastructure business. We received strong interest from financial institutions attracted by our pan-European platform, our track record of successful management of operational projects, and our pipeline of investment opportunities in this sector of the market.”

-Ends-

 

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Kinnevik invests USD 41 million in Livongo and increases ownership

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that it has invested USD 41m in Livongo Health Inc. (“Livongo”), leading a USD 105m funding round and increasing its ownership to 8%. Livongo is a US based consumer digital health company empowering people with chronic conditions to live better and healthier lives.

Georgi Ganev, CEO of Kinnevik, commented:

“We are excited to lead the funding round in Livongo and to increase our ownership in the company. Since our first investment a year ago, Livongo has grown its member base by 2.5 times and reinforced its position as a leader in chronic conditions, starting with diabetes and hypertension. We have set out to focus our private portfolio and to identify the winners, and the investment in Livongo is an important step in executing our strategy in this area.”

Glen Tullman, Chief Executive Officer of Livongo, noted:

“The societal cost of chronic health conditions is staggering in the US and worldwide. This can be addressed – and Livongo is showing the way. The new science in health and healthcare is based on understanding consumers and meeting them exactly where they are. Livongo empowers members with useful and actionable information that leads to measurably better clinical results. Today’s financing furthers our ability to make our mission a reality. We are very pleased to have the continued support of Kinnevik for this exciting phase of our journey.”

Livongo empowers people with chronic conditions to live better and healthier lives. The company reduces the daily burdens of people living with chronic conditions, starting with diabetes and hypertension, by driving behavior change through the combination of consumer health technology, personalized recommendations, and real-time support at the point of impact.

Proceeds from the funding round will support rapid market growth, continued investment in data science, deeper integration with clients and partners, and the development of Livongo’s proprietary platform.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to build digital businesses that provide more and better choice. We do this by working in partnership with talented founders and management teams to create, develop and invest in fast growing businesses in developed and emerging markets. We believe in delivering both shareholder and social value by building companies that contribute positively to society. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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The Access Group announces strategic investment from Hg

HG Capital

The Access Group announces strategic investment from Hg alongside existing investor TA Associates at an enterprise value of £1 billion

The Access Group, a leading provider of fully integrated business management software to UK mid-market organisations, announced today a strategic investment from Hg valuing the business at an enterprise value of approximately £1 billion. Current majority shareholder TA Associates will retain joint control of The Access Group.

With its portfolio spanning Finance, HR, Payroll, Hospitality, Recruitment, Health & Social Care, Manufacturing & Distribution, Education and Not for Profit sectors, The Access Group is the leading vendor of mission-critical business software to mid-market organisations in the UK.

Chris Bayne, CEO of The Access Group, commented, “We have enjoyed our close partnership with the team at TA Associates, and we’re very proud of the considerable growth we’ve achieved together to date. We look forward to continuing our relationship with them and welcoming our new investors, Hg, to further assist us in our journey as one of the UK’s leading providers of cloud-enabled business application software. With these two marquee investors, we will have access to significant resources and expertise to continue to deliver innovation and value for our clients.”

“We are very impressed by Chris Bayne, his strong management team and vision for the business, focused on delivering an ever-expanding portfolio of mission-critical software to a growing base of very satisfied and loyal customers.” said Jonathan Boyes, Partner at Hg.

“It has been a pleasure to partner with Chris Bayne and his team since we invested in the business in January 2015,” said J. Morgan Seigler, Managing Director at TA Associates. “The business has experienced strong organic growth, executed 11 acquisitions, entered three new vertical markets and grown its customer base to more than 12,700 UK businesses and not-for-profit organisations. We look forward to partnering with Hg to support the company through its next phase of growth.”

Arma Partners is serving as financial advisor to The Access Group. Harris Williams is serving as advisor to The Access Group’s Management. Travers Smith is serving as legal advisor to TA Associates and The Access Group. Linklaters is serving as legal advisor to Hg.

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EQT completes purchase of majority stake in Spirit Communications

eqt

  • Will Combine Assets with Lumos Networks
  • Combination of Spirit Communications and Lumos Networks Will Create a Super-Regional Fiber Bandwidth Provider Operating in Nine States in the Mid-Atlantic and Southeast

Waynesboro, Va., and Columbia, S.C., April 10, 2018 – Lumos Networks Corp. (“Lumos”) and Spirit Communications (“Spirit”) announced today that the EQT Infrastructure III fund (“EQT Infrastructure”) has completed its majority stake investment in Spirit. With the transaction complete, Spirit will be combined with Lumos, which was acquired in November of 2017.

The combination of Spirit and Lumos creates a super-regional fiber network stretching from Pittsburgh to Atlanta, with the vast majority of revenue and fiber network concentrated in the high-growth markets of Virginia, North Carolina and South Carolina. Together, Spirit and Lumos will operate a network of approximately 21,000 fiber route miles and well over one million total fiber strand miles. The combined business will have over 9,000 on-net locations, comprised of approximately 4,500 on-net enterprise locations and more than 4,500 unique contracted fiber to the cell (“FTTC”) locations.

Jan Vesely, Partner at EQT Partners and Investment Advisor to EQT Infrastructure, said, “The combination of Spirit and Lumos has strong industrial logic and immediately creates a leading fiber bandwidth platform in the United States. Both companies share many of the same attributes that EQT seeks in its infrastructure investments. We are very much looking forward to supporting the combined business in its ambitious growth plans and working alongside Spirit’s Member Companies.”

Timothy G. Biltz, President and CEO of Lumos, will serve as the CEO of the combined company. Robert Keane, President and CEO of Spirit prior to the combination, and Brian Singleton, CEO of TruVista and Chairman of the Spirit Board of Directors prior to the combination, will serve on the combined company’s Board of Directors.

“Spirit and Lumos have similar operating strategies, our fiber footprint is contiguous with very little overlap and we share the same tireless focus on providing an excellent customer experience,” said Mr. Biltz. “Quite simply, we belong together. We are excited that EQT had the vision to execute on its plan to create a platform that is, based on a number of metrics, the largest independent fiber bandwidth company in the U.S.”

Robert Keane, former CEO of Spirit, said, “In an industry where most combinations are focused on eliminating cost benefits, this business combination is born out of expectations for revenue growth. We now have twice the footprint to reach more of our customers’ locations, and we expect to utilize both companies’ product portfolios to cross-sell these services across the expansive combined enterprise base.”

“I look forward to working closely with Bob Keane and Brian Singleton, who will both play an important role on our Board of Directors alongside the existing board members,” added Doug Gilstrap, Chairman of the Board of the combined entity. “Collectively, we will strive to maintain our focus on excellent customer experience by increasing our offerings of products and services while continuing the investments required to build a fiber network with world-class reliability and performance.”

Mr. Biltz concluded, “I would like to conclude with a very special thank you to the approximately 900 combined employees from Lumos and Spirit for their ingenuity, sacrifice and devotion to solving our customers’ problems and building a world-class fiber network with world-class performance and metrics. The best is yet to come.”

Contacts
Will Davis, +1-917-519-6994, davisw@lumosnet.com

US inquiries: Alicia Battistoni, +1-646-687-6810, alicia.battistoni@eqtpartners.com
International inquiries: EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading investment firm with approximately EUR 49 billion in raised capital across 26 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About the Combination of Spirit Communications and Lumos Networks
The combination of Spirit Communications and Lumos Networks creates a super-regional fiber bandwidth network with over 21,000 miles of fiber and more than 9,000 on-net locations across nine states in the Mid-Atlantic and Southeast United States. The new entity offers a full range of Ethernet, MPLS, dark fiber, advanced voice and cloud services to thousands of carrier, enterprise, data center and government customers. The entity also connects 44 total data centers, including 12 co-location and data centers.

More info: www.spiritcom.com and www.lumosnetworks.com

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