Category Archives: News

Cendyn Acquires Knowland

AKKR Logo
  • Accel-KKR
  • | 

Integrated hospitality solutions leader dives deeper into group sales, meetings, and events in its latest acquisition supported by its investors, including Haveli Investments

Austin, Texas, USA – 1 October 2024: Cendyn, a global hospitality cloud-based technology company, has acquired Knowland, the US-based leader in data-as-a-service intelligence on meetings and events for hospitality. The strategic acquisition presents an opportunity to enhance sales prospecting by yielding greater bookings in the MICE (meetings, incentives, conferences, and events) space.

Knowland’s platform includes extensive market intelligence data on meetings and events gathered from over 7,500 hotels across the USA and a select handful of international markets. Knowland’s products connect hoteliers with market insights to drive more revenue, accelerate the sales cycle, and optimize processes to achieve group sales goals.

Alongside Cendyn’s current investors, earlier this year Cendyn welcomed Austin-based Haveli Investments to its private equity portfolio. With their focus on high-quality technology companies, the backing by Haveli Investments along with Accel-KKR puts Cendyn on a strong path to deliver innovation for the hospitality industry. The pairing of Knowland’s meeting and event data with Cendyn’s Sales CRM, Proposals, and Grouprev platforms highlights the opportunity this acquisition brings to their customers, empowering them to find and drive group bookings with a complete and single solution.

“To effectively sell group business, hoteliers need immediate access to data, and Knowland’s event intelligence platform is undoubtedly the market leader in this area. Its sales intelligence complements our Sales CRM, helping hoteliers find their target audience. Then, using our Proposals and Grouprev platforms, hoteliers can complete the booking process. It’s the perfect fit with our commitment to helping hoteliers ‘Find, Book, and Grow’ their business. With Haveli Investments’ dedication and expertise in technology joining our expansion, we’re poised to deliver a bright future for Cendyn’s customers,” said Jack Blaha, CEO at Cendyn.

“Salespeople thrive on information, and over the past 20 years, Knowland has provided them with essential data to help target new business efforts and hone in on genuine leads,” said Jeff Bzdawka, CEO at Knowland. “This exciting new era furthers our commitment to improving the working lives of hotel sales teams and helps shift the needle towards a proactive sales approach to group business.”

According to the US Travel Association, after a slow recovery, business travel is expected to regain 95% of its 2019 peak in 2024. The acquisition provides Cendyn with the opportunity to equip its customers with a combined event intelligence and B2B prospecting solution, simplifying and automating the sales process to ease the management and success of sales outreach.

“We are excited to partner with Cendyn, its leadership team, and all of its shareholders, including Accel-KKR to capitalize on the growth opportunities that lie ahead,” said Ian Loring, Senior Managing Director and Executive Chair at Haveli Investments. “We believe Cendyn’s broad portfolio of hospitality solutions uniquely positions it to help continue capturing market share, expanding into new markets, and driving value for its customers.”

About Cendyn
Cendyn is a global hospitality cloud-based technology company that enables hotels to drive revenue, maximize profitability, and create deeper connections with guests through its integrated solutions. Serving hoteliers for nearly 30 years, Cendyn drives commercial success for hotels through its Find, Book, Grow promise: find the right guests; drive them to book direct, and grow loyalty and revenue across the spectrum of digital guest interactions. Cendyn has over 32,000 customers worldwide in more than 150 countries. The company supports its growing customer base from locations across the globe, including the United States, France, the United Kingdom, Singapore, Bangkok, and India. To find out more, visit cendyn.com

About Knowland
Celebrating its 20th year in 2024, Knowland is the world’s leading provider of data-as-a-service insights on meetings and events for hospitality. With the industry’s largest historical database of actualized events, thousands of customers trust Knowland to sell group smarter and maximize their revenue. Knowland operates globally and is headquartered just outside Washington, DC. To find out more, visit www.knowland.com

Categories: News

Tags:

TJC Closes Second Continuation Fund of $2.1 Billion Led by AlpInvest

Carlyle

NEW YORK–(October 1, 2024) – TJC LP (“TJC” or “the Firm”), a middle-market private equity firm investing primarily in North American businesses, today announced the close of its second continuation fund (the “Continuation Fund”) at $2.1 billion, which will be an extension of The Resolute Fund III, L.P. (“Resolute III”) and include an asset jointly owned with The Resolute Fund IV, L.P. (“Resolute IV”).

The Continuation Fund purchased a total of five portfolio companies including assets from Resolute III, a 2013 vintage fund with approximately $3.2 billion in capital commitments and a portfolio company Resolute III jointly owned with Resolute IV, a 2018 vintage fund with approximately $3.6 billion in capital commitments. The Continuation Fund will give TJC time and capital to accelerate growth of core portfolio assets, while offering limited partners from Resolute III and Resolute IV an opportunity to achieve liquidity in a timely manner.

“As we drive ongoing acquisition integration and operational initiatives within the Continuation Fund portfolio, we believe this transaction will enable us to provide the Fund’s portfolio companies with greater resources, time and flexibility to execute on these strategies which will continue to build shareholder value,” said Rich Caputo, Chairman and Chief Executive Partner of TJC. “We have given our investors an option to take accelerated liquidity at a market-driven price while allowing the portfolio companies the opportunity to continue to pursue their long-term growth plans.”

“This is the second consecutive transaction that earned overwhelming support from limited partners, and was oversubscribed by new investors,” said Kristin Custar, Partner and Head of TJC’s Global Investor Capital Group. “We are thankful for the partnership of the investors who supported the Continuation Fund and appreciate their continued support.”

The transaction was led by AlpInvest, a subsidiary of global investment firm Carlyle (NASDAQ: CG), and included a diverse group of secondary and primary investors, including Resolute III and Resolute IV limited partners. TJC offered all existing Resolute III and Resolute IV limited partners the opportunity to exercise a full liquidity option, a rollover option, and an option to seek to make additional capital commitments to the Continuation Fund.

“AlpInvest is pleased to have the opportunity to expand our partnership with TJC in leading the Resolute III Continuation Fund transaction,” said Eric Anton, Managing Director at AlpInvest. “The transaction is strongly aligned with our strategy, and we look forward to continuing to support TJC in driving value creation initiatives across the portfolio.”

William Blair served as exclusive financial advisor to TJC and placed the Continuation Fund. Latham & Watkins LLP acted as legal advisor to TJC.

 

About TJC

TJC LP, formerly known as The Jordan Company, has worked for more than 40 years with CEOs, founders and entrepreneurs across a range of industries including Consumer & Healthcare, Diversified Industrials, Industrial Technology, Logistics & Supply Chain and Technology & Infrastructure. With $31.4 billion of assets under management as of June 30, 2024, TJC is managed by a senior leadership team that has invested together for over 22 years on over 80 investments. TJC has offices in New York, Chicago, Miami and Stamford. For more information, please visit www.tjclp.com.

About AlpInvest

AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), is a leading global private equity investor with $80+ billion of assets under management and more than 500 investors as of June 30, 2024. It has invested with over 360 private equity managers and committed approximately $100 billion across primary commitments to private equity funds, secondary and portfolio finance transactions and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlyle.com.

 

Contacts

AlpInvest

Isabelle Jeffrey

Isabelle.jeffrey@carlyle.com

Brittany Berliner

Brittany.Berliner@carlyle.com

 

TJC

Jonathan Marino

Prosek Partners

jmarino@prosek.com

Categories: News

CapMan Infra achieves two five-star GRESB ratings, improves asset-level scores across the board

Capman

CapMan Infra achieves two five-star GRESB ratings, improves asset-level scores across the board

CapMan Infra’s first fund achieved top scores and the highest possible rating of five stars in GRESB’s annual ESG assessment, placing it in the top quartile among GRESB benchmarks. Infra’s second fund participated in the assessment separately for operational and pre-operational assets, receiving a five-star rating in the pre-operational assets ranking and a three-star rating in the operational assets ranking.

GRESB assesses and compares the ESG performance of real assets globally and has become the go-to benchmark for asset managers and investors when it comes to ESG performance of different funds and portfolio companies.

The CapMan Nordic Infrastructure I (CMNI I) fund participated in the GRESB assessment for the fourth year in a row. This year’s review awarded the fund with a score of 94 out of 100, an improvement of 2 points from last year, achieving a five-star rating.

The fund saw an overall improvement in asset scores as compared to the previous year, all assets scoring above 90 points. The biggest improver, and highest scoring asset of the fund was Koiviston Auto, Finland’s leading bus operator, which achieved a score of 93, an eleven-point increase as compared to last year. This improvement was largely driven by enhanced ESG risk assessments and more comprehensive environmental KPI reporting, particularly in air pollution.

CapMan Nordic Infrastructure II (CMNI II) participated in the GRESB assessment across two categories, operational and pre-operational assets. This year marks the first time GRESB has assessed pre-operational assets using its Infrastructure Development Asset Assessment1.

In the category for pre-operational assets the fund achieved a five-star rating with a score of 89 out of 100, driven by first-year participant Skarta Energy’s score of 84 points out of 100. Skarta Energy is a developer of renewable energy projects, demonstrating strong performance in implementing ESG policies and reporting practices.

In the category for operational assets, the fund achieved a three-star rating and score of 88 out of 100. This strong performance was supported by first-year participant Napier, an aquaculture support vessel company, which achieved the highest first-year asset-level GRESB score received so far at CapMan Infra with 89 points out of 100. Napier’s success was driven by its commitment to embedding ESG into its operations, including implementing robust policies and procedures and setting clear ESG objectives.

“We are thrilled to have achieved such excellent GRESB results this year including two five-star ratings. Our achievements are a testament to our commitment to systematically develop the sustainability performance of our assets and our ambition to be a leader in this field. We are proud of the results in all our assets which demonstrate the effectiveness of our approach and the strong collaboration we have built with our portfolio companies,” says Ville Poukka, Managing Partner at CapMan Infra.

The GRESB assessment reflects performance during 2023.

1. Infrastructure Development Asset Assessment: https://www.gresb.com/nl-en/infrastructure-development-asset-assessment/

For more information, please contact:

Ville Poukka, Managing Partner, CapMan Infra, tel. +358 50 572 9120

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €5.8 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

About GRESB

GRESB is a mission-driven and industry-led organization providing standardized and validated Environmental, Social and Governance (ESG) data to financial markets. Established in 2009, GRESB has become the leading ESG benchmark for real estate and infrastructure investments across the world, used by 170 institutional and financial investors to inform decision-making. GRESB standards are governed by the independent, not-for-profit GRESB Foundation, while ESG assessments are managed by GRESB BV, a benefit corporation. For more information, visit GRESB.com.

Categories: News

TJC Closes Second Continuation Fund of $2.1 Billion Led by AlpInvest

Carlyle

NEW YORK–(October 1, 2024) – TJC LP (“TJC” or “the Firm”), a middle-market private equity firm investing primarily in North American businesses, today announced the close of its second continuation fund (the “Continuation Fund”) at $2.1 billion, which will be an extension of The Resolute Fund III, L.P. (“Resolute III”) and include an asset jointly owned with The Resolute Fund IV, L.P. (“Resolute IV”).

The Continuation Fund purchased a total of five portfolio companies including assets from Resolute III, a 2013 vintage fund with approximately $3.2 billion in capital commitments and a portfolio company Resolute III jointly owned with Resolute IV, a 2018 vintage fund with approximately $3.6 billion in capital commitments. The Continuation Fund will give TJC time and capital to accelerate growth of core portfolio assets, while offering limited partners from Resolute III and Resolute IV an opportunity to achieve liquidity in a timely manner.

“As we drive ongoing acquisition integration and operational initiatives within the Continuation Fund portfolio, we believe this transaction will enable us to provide the Fund’s portfolio companies with greater resources, time and flexibility to execute on these strategies which will continue to build shareholder value,” said Rich Caputo, Chairman and Chief Executive Partner of TJC. “We have given our investors an option to take accelerated liquidity at a market-driven price while allowing the portfolio companies the opportunity to continue to pursue their long-term growth plans.”

“This is the second consecutive transaction that earned overwhelming support from limited partners, and was oversubscribed by new investors,” said Kristin Custar, Partner and Head of TJC’s Global Investor Capital Group. “We are thankful for the partnership of the investors who supported the Continuation Fund and appreciate their continued support.”

The transaction was led by AlpInvest, a subsidiary of global investment firm Carlyle (NASDAQ: CG), and included a diverse group of secondary and primary investors, including Resolute III and Resolute IV limited partners. TJC offered all existing Resolute III and Resolute IV limited partners the opportunity to exercise a full liquidity option, a rollover option, and an option to seek to make additional capital commitments to the Continuation Fund.

“AlpInvest is pleased to have the opportunity to expand our partnership with TJC in leading the Resolute III Continuation Fund transaction,” said Eric Anton, Managing Director at AlpInvest. “The transaction is strongly aligned with our strategy, and we look forward to continuing to support TJC in driving value creation initiatives across the portfolio.”

William Blair served as exclusive financial advisor to TJC and placed the Continuation Fund. Latham & Watkins LLP acted as legal advisor to TJC.

 

About TJC

TJC LP, formerly known as The Jordan Company, has worked for more than 40 years with CEOs, founders and entrepreneurs across a range of industries including Consumer & Healthcare, Diversified Industrials, Industrial Technology, Logistics & Supply Chain and Technology & Infrastructure. With $31.4 billion of assets under management as of June 30, 2024, TJC is managed by a senior leadership team that has invested together for over 22 years on over 80 investments. TJC has offices in New York, Chicago, Miami and Stamford. For more information, please visit www.tjclp.com.

About AlpInvest

AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), is a leading global private equity investor with $80+ billion of assets under management and more than 500 investors as of June 30, 2024. It has invested with over 360 private equity managers and committed approximately $100 billion across primary commitments to private equity funds, secondary and portfolio finance transactions and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlyle.com.

 

Contacts

AlpInvest

Isabelle Jeffrey

Isabelle.jeffrey@carlyle.com

Brittany Berliner

Brittany.Berliner@carlyle.com

 

TJC

Jonathan Marino

Prosek Partners

jmarino@prosek.com

Categories: News

Tags:

Extens acquires majority stake in Medicore

Extens logo

Extens announces the acquisition of a majority stake in Medicore, a Netherlands-based company specializing in the development of a unique solution for mental health and youth care facilities. This marks Extens’s first investment outside of France, in line with its European expansion strategy.

Founded in 2004 and headquartered in Utrecht, Medicore is an innovative and fast-growing developer of unique web-based, interoperable electronic patient and client records (EHRs) and data-driven applications for healthcare. Medicore’s software solutions significantly contribute to process improvement, enabling healthcare professionals to fully focus on providing care. The software’s user-friendly design and commitment to continuous improvement are highly valued by its customers, which include mental health institutions, youth care facilities, the medico-social domain, and specialist clinics. Medicore currently serves over 25,000 healthcare professionals.

This third carve-out within the Extens III fund brings together ING Corporate Investments as a local partner, Livingstone Partners, and Medicore’s founders who reinvested. The transaction, led by Extens, was also shared with “Investir pour l’Enfance,” a sharing fund managed by RAISE, dedicated to financing projects with a high societal impact. Medicore was previously part of The Tenzinger Group, a provider of innovative healthcare ICT solutions and high-quality data, backed by Fortino Capital.

Medicore offers an outstanding 100% SaaS EHR application, which consist of a comprehensive suite of tools, including patient registration, health record management, invoicing, compliance tracking, a patient portal, and a mobile remote app. With a top position in outpatient mental healthcare, youth care and specialist clinics, Medicore is well-positioned for continued growth. The company’s robust product offering and leadership in key segments provide a clear pathway for expansion.

In the coming years, Medicore will focus on enhancing decision support for users, extensive connectivity and delivery of client records from the public cloud. Starting this autumn, Medicore will deliver actionable insights (UPs) based on data from records, aimed at saving time for users. Additionally, Medicore will migrate client user environments to Microsoft Azure before the end of this year, making it the first ECD provider in the Netherlands to offer its clients the benefits of the public cloud.

Morgane DECULTIEUX

« Medicore’s strategy is aligned with our focus on transforming promising healthtech companies into market leaders. We recognize the growing pressure on healthcare systems across Europe, and Medicore’s decision support EPD provides substantial value to its users while improving care quality. We are excited to partner with the Medicore team and look forward to leveraging our expertise to help them unlock its full growth potential. »

Morgane DECULTIEUX

Categories: News

Tags:

TJC Closes Second Continuation Fund of $2.1 Billion Led by AlpInvest

Carlyle

NEW YORK–(October 1, 2024) – TJC LP (“TJC” or “the Firm”), a middle-market private equity firm investing primarily in North American businesses, today announced the close of its second continuation fund (the “Continuation Fund”) at $2.1 billion, which will be an extension of The Resolute Fund III, L.P. (“Resolute III”) and include an asset jointly owned with The Resolute Fund IV, L.P. (“Resolute IV”).

The Continuation Fund purchased a total of five portfolio companies including assets from Resolute III, a 2013 vintage fund with approximately $3.2 billion in capital commitments and a portfolio company Resolute III jointly owned with Resolute IV, a 2018 vintage fund with approximately $3.6 billion in capital commitments. The Continuation Fund will give TJC time and capital to accelerate growth of core portfolio assets, while offering limited partners from Resolute III and Resolute IV an opportunity to achieve liquidity in a timely manner.

“As we drive ongoing acquisition integration and operational initiatives within the Continuation Fund portfolio, we believe this transaction will enable us to provide the Fund’s portfolio companies with greater resources, time and flexibility to execute on these strategies which will continue to build shareholder value,” said Rich Caputo, Chairman and Chief Executive Partner of TJC. “We have given our investors an option to take accelerated liquidity at a market-driven price while allowing the portfolio companies the opportunity to continue to pursue their long-term growth plans.”

“This is the second consecutive transaction that earned overwhelming support from limited partners, and was oversubscribed by new investors,” said Kristin Custar, Partner and Head of TJC’s Global Investor Capital Group. “We are thankful for the partnership of the investors who supported the Continuation Fund and appreciate their continued support.”

The transaction was led by AlpInvest, a subsidiary of global investment firm Carlyle (NASDAQ: CG), and included a diverse group of secondary and primary investors, including Resolute III and Resolute IV limited partners. TJC offered all existing Resolute III and Resolute IV limited partners the opportunity to exercise a full liquidity option, a rollover option, and an option to seek to make additional capital commitments to the Continuation Fund.

“AlpInvest is pleased to have the opportunity to expand our partnership with TJC in leading the Resolute III Continuation Fund transaction,” said Eric Anton, Managing Director at AlpInvest. “The transaction is strongly aligned with our strategy, and we look forward to continuing to support TJC in driving value creation initiatives across the portfolio.”

William Blair served as exclusive financial advisor to TJC and placed the Continuation Fund. Latham & Watkins LLP acted as legal advisor to TJC.

 

About TJC

TJC LP, formerly known as The Jordan Company, has worked for more than 40 years with CEOs, founders and entrepreneurs across a range of industries including Consumer & Healthcare, Diversified Industrials, Industrial Technology, Logistics & Supply Chain and Technology & Infrastructure. With $31.4 billion of assets under management as of June 30, 2024, TJC is managed by a senior leadership team that has invested together for over 22 years on over 80 investments. TJC has offices in New York, Chicago, Miami and Stamford. For more information, please visit www.tjclp.com.

About AlpInvest

AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), is a leading global private equity investor with $80+ billion of assets under management and more than 500 investors as of June 30, 2024. It has invested with over 360 private equity managers and committed approximately $100 billion across primary commitments to private equity funds, secondary and portfolio finance transactions and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlyle.com.

 

Contacts

AlpInvest

Isabelle Jeffrey

Isabelle.jeffrey@carlyle.com

Brittany Berliner

Brittany.Berliner@carlyle.com

 

TJC

Jonathan Marino

Prosek Partners

jmarino@prosek.com

Categories: News

Platinum Equity Carveout Experience, Expected Growth in Organic Milk Market Fuels Horizon Investment

Platinum

The organic dairy market is expected to grow because of rising demand and other factors.

In an interview shortly after Platinum Equity closed on Horizon Organic, the largest USDA-certified organic dairy brand in the world, Managing Director Adam Cooper cited that trend.

“The brand has earned a reputation for quality and innovation that is unmatched in the industry. We appreciate Danone’s confidence in our ability to build on that legacy and support Horizon Organic’s growth as a standalone company.”

Louis Samson, Co-President, Platinum Equity

“Broadly speaking, the milk industry is in secular decline, but premium, organic milk products show moderate growth because of the health-conscious categories in food and beverage.”

Earlier this year, Platinum Equity acquired a majority interest in Horizon Organic from Danone. The deal also included the Wallaby brand, an Australian-inspired Greek-style yogurt made with organic milk and premium ingredients.

“Horizon Organic is an iconic name in dairy that is well-recognized and beloved by consumers,” Platinum Equity executive Louis Samson said after the April closing. “The brand has earned a reputation for quality and innovation that is unmatched in the industry. We appreciate Danone’s confidence in our ability to build on that legacy and support Horizon Organic’s growth as a standalone company.”

Financial terms of the deal were not disclosed, although the deal is structured as a joint venture where Danone retains a minority interest.

Platinum Equity has decades of experience acquiring and operating global businesses that have been part of large corporate entities. Earlier this year, the firm closed on Kohler Energy, an investment partnership with Kohler Co. In recent years Platinum Equity has also acquired businesses from firms like Ball Corporation, Caterpillar, ConAgra, Emerson Electric, Ingersoll Rand and Johnson & Johnson.

In the case of Horizon Organic, Platinum Equity adds a company with a recognized name among consumers.

“Horizon’s been in my house, it’s something we all raised our kids on,” Cooper said. “It’s an iconic brand with amazing brand recognition in the consumer market. The opportunity to acquire the market-leading brand coupled with the complex transaction dynamics and meaningful operational lift made us feel like it could be a Platinum deal.”

Samson and Cooper provided additional details about the investment.

(Questions and answers have been edited for length and clarity). 

Q: Why did Platinum do this deal?

Cooper: It’s a complex carveout, an area where Platinum has great experience. It’s clearly a well-known brand. We also like the food and beverage space when we can get them at attractive values. When Danone announced it wanted to exit the fluid milk business, we decided the business interested us.

Q: Why the food and beverage space? Platinum Equity’s current portfolio includes Farnese Vini (wine), Biscuit (cookies) and Iberconsa (shrimp)?

Samson: Food and beverage is a relatively stable category. Businesses tend to be recession-resistant so the downside is not as extreme. People have to buy food. Even with COVID, which was a major shock to the economy, food and beverage remained relatively stable.

Q: Speak to Platinum Equity’s experience with carveout transactions with large corporate sellers, specifically the firm’s ability to negotiate joint ventures.

Samson: Our experience suggests that corporate sellers can benefit from a structure that allows for a partial sale at the outset of their divestment process, with the opportunity to deliver incremental value by participating in the upside we can create. An example is the Ball Metalpack partnership with Ball Corporation, which became a successful outcome for all stakeholders. There are multiple examples throughout our history.

Q: Why did Danone divest? Why were Horizon Organics and Wallaby on the market?

Cooper: Danone is a huge food and beverage company, and Horizon came to them through a larger transaction in 2016. Fluid milk is just non-core to Danone, and Wallaby is a small organic product for them. Fluid milk has very low growth prospects. Danone is focused on deploying their resources and capital toward their higher growth and margin products.

Q: Describe Horizon Organics’ market position.

Cooper: The company is the market-leading organic milk producer in the U.S. They have about a 40% – 45% market share. It varies between 40% and 45%, depending on time of year and the sourcing of organic milk.

Q: What are the challenges with creating a standalone business with Horizon Organics?

Cooper:  From a transaction documentation perspective, it was very complex to negotiate. And the next few years will be a tough lift. The company’s manufacturing, marketing and transportation/logistics functions were largely co-mingled with Danone, so there’s a lot that must be done to get this business carved out and operating as a standalone business.

We need to move milk-producing capacity that’s currently produced at Danone sites to other locations. On the back end, these products are stored in warehouses, loaded on trucks and taken to customers in the same trucks. We have to set up our own transportation and logistics functions to deliver products to customers in the most efficient manner. There are heavy-duty complexities associated with that. And remember these products are heavy and perishable.

Q: Why does Platinum Equity seek out these types of transactions?

Samson: If anything, we get more excited when we see that complexity. We aren’t intimidated by size or complexity. We tend to think of these transactions as giving us a competitive advantage because we have the operational bench, we have the functional experts, we have the expertise and lots of experience. It’s an approach that works across multiple categories, multiple spaces.

Q: Are there any headwinds associated with this deal?

Cooper: It’s incumbent upon the company to continue to market the product and continue to show consumers the value proposition in premium products. The other headwind really is that organic milk supply is constrained. Unlike the endless supply of conventional milk, organic milk is relatively limited. It’s expensive to farm from the feed to production. As a company, they need to work with the milk supply base to expand production and continue to differentiate and drive the value proposition of premium milk to drive top line growth.

Q: With some of the negative attention the dairy industry receives, is there an ESG story with Horizon Organic?

Cooper: Horizon works with farmers to minimize the impact milk production has on the environment. Also from an ESG perspective, Horizon takes a 360-degree approach to ESG. The company believes it’s an important differentiator from a commercial standpoint because it’s important to customers. It’s not just what they’re doing relative to those things in the market, but it also puts the burden on the company to consider the standards it maintains as it pertains to its corporate governance, operations, value chain, and stakeholders. The approach creates accountability across the stakeholder universe and requires ongoing transparency with measures of performance across all relevant standards. It’s also very focused on the employees, making sure the company is cognizant of mental health, employees’ financial health and making sure there are opportunities for growth in a safe working environment. I was intrigued when I learned just how deeply this operating philosophy was embedded in the culture at Horizon. These things are important to consumers, the company and its employees, so here’s another case where doing good can be good for business.

Categories: News

Tags:

Aesthetic Enterprises makes its next acquisition with Zipper Clinics in the growing market for cosmetic treatments

Vendis Capital

Vendis Capital, through its portfolio company Aesthetic Enterprises, the cosmetic treatment group comprising the chains SOAP and BM Clinics, is acquiring Zipper Clinics, the leading clinic in eastern Netherlands for injectables treatments and procedures such as eyelid corrections. 

Aesthetic Enterprises, is a cosmetic treatment platform consisting of the SOAP clinics, offering a wide range of beauty, skin and injectable treatments, operating in 7 cities in the Netherlands, and the value-for-money clinics of BM Clinics, focusing on high quality injectable treatments at an affordable price, operating in 9 cities in the Netherlands. Both chains are leaders in the fast-growing market for cosmetic treatments and have been part of the Aesthetic Enterprises group since June 2024. With Vendis Capital’s support, the group aims to make quality treatments available to an even larger group of customers. This will be achieved through the opening of new clinics and the acquisition of existing successful clinics.

With the acquisition of Zipper Clinics, Aesthetic Enterprises adds two new locations in Enschede and Apeldoorn to its existing network. In addition, the acquisition means the addition of a new set of treatments: small, out of hospital, surgical procedures such as eyelid corrections. Zipper Clinics, which was founded in 2015 by Floortje Zipper and Michel Cromheecke, has an excellent reputation both for these high-quality treatments as well as for injectables (Botox and filler treatments).

David Sloff, CEO of Aesthetic Enterprises: ‘We are delighted to join forces with Zipper Clinics, which has a unique position in the cosmetic treatment market in the east of the Netherlands. We are confident that together we can continue to grow thanks to Zipper Clinics’ complementary offering. Thanks to Zipper Clinics, we are taking a further step towards national coverage of our group in cosmetic treatments’.

Floortje Zipper, founder and CEO of Zipper Clinics: ‘Michel and I are proud of the business we have built over the past 9 years. We have always strived for the highest quality and service and have been able to satisfy many customers. We see the same passion and core values in Soap and BM Clinics and look forward to growing together in the future.’

Vendis Capital partner Vincent Braams says: ‘With Aesthetic Enterprises we want to build the leading company in Europe in the fragmented market of cosmetic treatments. Always with the highest quality for the largest possible group of satisfied customers. Zipper Clinics strengthens the Group’s position and fits very well into our buy and build strategy. In the short term, we expect to further expand the group through new acquisitions, both in the Netherlands and abroad.’

Categories: News

Tags:

Announcing the Sale of Expert Institute

Spectrum Equity

BOSTON, September 30, 2024 – Spectrum Equity has announced the sale of portfolio company Expert Institute, a leading provider of outsourced legal services to the attorney market, to Levine Leichtman Capital Partners (LLCP).

Spectrum Managing Director Mike Farrell, who led Spectrum’s 2017 investment in Expert Institute, reflected on the company’s growth in the intervening years. “It’s been a pleasure to watch them execute on their vision: growing from an expert witness search provider to an industry-leading intelligence platform for the legal community.”

Since 2017, the business nearly quintupled revenue, and made substantial investments in its core product. Chief among those investments was the 2020 release of Expert iQ, a proprietary expert management platform that enables attorneys to manage their expert witness casework, schedule conference calls, and communicate directly with experts.

“We’re proud of everything we’ve accomplished with Mike and the Spectrum team,” said Expert Institute CEO Michael Talve. “They’ve been essential partners to us — helping us recruit a world-class team and being trusted advisors throughout our partnership. They’ve given us the support we need to grow our business.”

“We’re grateful for the partnership with Michael Talve and the rest of the team,” said Farrell. “And we’re excited to see the continued innovation they’ll bring to the market.”

The Expert Institute was advised by Aeris Partners, and Cooley, LLP. LLCP was advised by Honigman LLP, Houlihan Lokey, Inc. and Robert W. Baird & Co.

ABOUT EXPERT INSTITUTE

Since its inception in 2010, Expert Institute has emerged as a pioneer in legal technology, offering unparalleled access to world-class experts, a wealth of legal data, and cutting-edge opposition research. The company’s innovative cloud-based platform Expert iQ provides sophisticated case management solutions tailored to the modern legal landscape. Having partnered with over 5,000 firms nationwide, Expert Institute stands out for its dynamic blend of expert research capabilities, medical insight, dedicated client service, and advanced technological solutions. This unique combination positions it as a transformative force in legal tech, redefining how legal professionals approach case preparation and strategy.

ABOUT SPECTRUM EQUITY

Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 30 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading internet-enabled software and data services companies. Representative investments include AllTrails, CINC Systems, Definitive Healthcare, Empyrean Solutions, GoodRx, Lucid Software, Origami Risk, RainKing and Zenwork. For more information, including a complete list of investments, visit our portfolio page.

The specific companies identified above do not represent all of Spectrum’s investments, and no assumptions should be made that any investments identified were or will be profitable. View the complete list of our portfolio companies. Spectrum is not responsible for the contents of any third party website linked above, and has not confirmed the accuracy of any information provided therein.

Categories: News

Tags:

Polaris Flexible Capital Provides Financing for Jernbro Industrial Services AB’s Acquisition of the Danish Peer, Veltec Industrial Services A/S

Polaris

Polaris Flexible Capital (PFC I) is delighted to announce that it has provided acquisition financing to support Jernbro Industrial Services, a leading provider of industrial maintenance and projects in Sweden, in the acquisition of Veltec, a leading provider of similar services in Denmark and Norway. The investment is PFC’s fifth, raising the fund’s deployment to approximately 50%.

Please see the following press release:

English

For more information, please contact:

Jesper Langmack, Partner and Head of Polaris Flexible Capital
Phone: +45 30 58 46 84
Mail: jla@polarisequity.dk

Kent Brovn Arp, Partner Polaris Flexible Capital
Phone: +45 21 31 73 58
Mail: kba@polarisequity.dk

Categories: News

Tags: