Category Archives: News

EQT Exeter To Acquire More Than One Million Square Feet of Class A Bulk Distribution Buildings in the Napa Valley Region of California

Bulk distribution buildings offer premier access to Northern California’s major metros and Western U.S., and are purpose-built to meet the needs of both logistics operators and specialized food and beverage tenants

Properties offer ample leasing opportunities and are well-positioned to attract top-tier tenants, with the potential to incorporate temperature-controlled enhancements that meet a variety of specialized operational needs

With the close of this transaction, EQT Exeter has acquired more than 60 million square feet of logistics properties for a total transaction volume of $8 billion over the last 12 months

 

EQT Exeter, a leading global real estate investment manager, is pleased to announce that the EQT Exeter Industrial Value Fund VI (“EQT Exeter”) has acquired two state-of-the-art bulk distribution buildings (collectively “the Properties”), located in the heart of Napa Valley’s iconic “Wine Country.” The Properties reflect EQT Exeter’s commitment to acquiring and enhancing high-caliber industrial buildings in top-tier logistics hubs.

Spanning over one million square feet, the Properties combine best-in-class building specifications with a premier location, offering seamless connectivity to the major metros of San Francisco, Sacramento, and San Jose, as well as the entirety of the western United States. Purposefully designed to support Northern California’s thriving food and beverage industry, these bulk distribution properties offer unparalleled proximity to the region’s consumer base and production hubs, and feature advanced building and site designs that accommodate both traditional logistics users and specialized operators. Notably, one of the buildings boasts direct rail access, an exceptional feature for real estate of this caliber. EQT Exeter is poised to collaborate with top-tier tenants to implement bespoke enhancements, ensuring the facilities meet the evolving demands for temperature-controlled spaces.

The Properties are currently home to a leading food and beverage operator occupying 337,000 square feet under a lease exceeding 10 years of lease term—a clear testament to the buildings’ strategic value and quality. This established tenancy underscores the alignment between EQT Exeter’s rigorous standards and the needs of industry leaders.

EQT Exeter’s local office, well-positioned to serve Napa Valley and the broader Northern California market, will leverage deep area relationships to ensure these Properties remain central to the region’s industrial ecosystem.

“EQT Exeter is committed to delivering spaces that not only meet the complex needs of today’s industrial and logistics users, but anticipate the evolving demands and growth ambitions of a variety of tenants, ” said Jeremy Hamaoui, Northern California Investment and Leasing Officer at EQT Exeter. “This acquisition reflects our ongoing strategy of investing behind high-quality properties in attractive markets while maintaining a tenant-focused approach to asset management.”

EQT Exeter was advised by Ryan Sitov of JLL.

Contact

EQT Press Office, press@eqtpartners.com

 

About

About EQT Exeter

EQT Exeter is a global real estate investment manager with over $30 billion of equity under management. EQT Exeter acquires, develops, leases, and manages logistics/industrial, office, life science and residential properties in Europe, the Americas and Asia. With over 450 experienced professionals operating in more than 50 offices globally, EQT Exeter owns and operates over 2,000 properties and 375 million square feet. EQT Exeter’s track record comprises over $45 billion in total property gross asset value since inception, spanning over 450 million square feet globally. EQT Exeter is the real estate division of EQT AB, a purpose-driven global investment organization.

More info: https://eqtexeter.com/

Follow EQT Exeter on LinkedIn

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CVC DIF acquires a portfolio of US regulated water and wastewater utilities

CVC Capital Partners
  • CVC DIF creates a leading mid-market regulated water and wastewater utility platform in the US Southwest
  • The transaction includes 18 water and wastewater utilities from JW Water and Robson Communities, serving over 50,000 customers

CVC DIF, the infrastructure strategy of leading global private markets manager CVC, is pleased to announce that it has acquired, through two transactions, 18 water and wastewater utilities serving over 50,000 customers in Arizona.

CVC DIF has acquired JW Water Holdings (JW Water), a regulated water and wastewater utility platform serving approximately 9,000 customers across ten utilities in Arizona. Concurrent with the acquisition of JW Water, CVC DIF also acquired a portfolio of eight regulated water and wastewater utilities, which were originally developed or purchased by real estate developer Ed Robson (Robson). The eight utilities, now serving over 41,000 customers in Robson’s master-planned communities in Arizona, trace their roots back to Pima Utility, founded in 1972. The investments in JW Water and the Robson utilities were made through DIF Infrastructure VII.

Established in 2013, JW Water has a demonstrated track record of acquiring and making necessary investments to improve the operations and reliability of small and medium-sized water and wastewater utilities in Arizona.

With the addition of the Robson utilities, JW Water will become a leading mid-market regulated water and wastewater utility platform serving over 50,000 customers. Going forward, JW Water is well positioned to invest in essential infrastructure needed to provide safe and reliable drinking water and wastewater utility service to its customers.

“The acquisition of JW Water, together with the acquisition of the eight Robson utilities, represents a significant investment in infrastructure that is critical to the health and well-being of the communities they serve. We are committed to making the necessary investments to ensure the utilities continue to provide safe and dependable service to customers,” said Gijs Voskuyl, Managing Partner at CVC DIF. “We also believe this investment is emblematic of CVC DIF’s focus on high quality infrastructure assets that provide stable long-term cash flows with the opportunity for additional growth and long-term value creation.”

“We are excited by the investment and long-term benefits the acquisition by CVC DIF will bring to the customers and communities served by the 18 utilities JW Water will now manage,” said Jason Williamson, CEO of JW Water, and industry veteran in the regulated water and wastewater sector in Arizona. “We are immensely proud of what we have accomplished to date, serving the communities in which we operate, and look forward to the next stage of investment, growth and stewardship supported by CVC DIF.”

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Texas Tower Secures New Leases Totaling 182,600 square feet

Cdpq
Six prominent firms join Texas Tower’s robust tenant roster, bringing building to 94% leased

Co-developer and global real estate firm, Hines, and the global real estate group of CDPQ, Ivanhoé Cambridge, today announced that Texas Tower is now 94% leased. Sable Offshore Corp, Moelis & Company, Sheppard Mullin, Squarepoint Capital and two confidential tenants have signed leases totaling 182,600 square feet at the 47-story, one-million-square-foot, Class AA office tower in downtown Houston.

“A couple years back, we started to formalize the concept of magnet office; identifying the intersection of exceptional design, location, and unparalleled amenities, attracting tenants who demand a workplace that elevates both their brand and employee experience,” said John Mooz, Senior Managing Director at Hines. “There is a clear delineation with the most discerning tenants seeking an unparalleled work environment. The unique combination of world-class amenities—including access to green space and sky atriums saturated with natural light—creates a dynamic space that better fosters collaboration and innovation.”

“Texas Tower underscores our strategic investment focus on the evolving office market in the United States,” said Michael Caracciolo, Managing Director, Real Estate, United States at Ivanhoé Cambridge. “Its prime location, exceptional sustainability credentials, and hospitality-centric services continue to attract top-tier tenants. Texas Tower exemplifies our commitment to the future of work, offering tenants scalable solutions through activated common areas, furnished suites, and flexible workspaces.”

Houston-based independent upstream company Sable Offshore Corp has secured 46,000 square feet on levels 28 and 29, with the lease beginning in the third quarter of 2025. Lease negotiations were facilitated by tenant brokers Kevin Kushner, William Padon, and Sydnee Hilburn with CBRE, alongside landlord broker Michael Anderson with Cushman and Wakefield.

Moelis & Company, a leading global independent investment bank that provides innovative strategic advice and solutions to a diverse client base, has leased 30,400 square feet on level 22. The lease is set to commence in the fourth quarter of 2025. Cushman and Wakefield handled lease negotiations, with David Guion and Chris Oliver representing the tenant and Michael Anderson representing the landlord.

Sheppard Mullin, a full-service AmLaw 50 law firm with more than 1,100 attorneys in 16 offices around the globe, has leased 29,800 square feet on level 25 with occupancy beginning in the fourth quarter of 2025. Kevin Kushner, William Padon and Sydnee Hilburn with CBRE represented the tenant in lease negotiations, while Michael Anderson with Cushman and Wakefield acted as the landlord’s broker.

A confidential tenant has secured 8,300 square feet on level 39, with the lease set to commence in the fourth quarter of 2025. Kevin Saxe with CBRE represented the tenant in lease negotiations, alongside landlord broker Michael Anderson with Cushman and Wakefield.

Squarepoint Capital, a privately held quantitative investment management firm, will take 8,200 square feet on level 18. The lease is scheduled to start in the third quarter of 2025. Lease negotiations were facilitated by Nick Bockhorn with CBRE as the tenant’s broker, alongside landlord broker Michael Anderson with Cushman and Wakefield.

Texas Tower’s current tenants include Hines, Vinson and Elkins, Clifford Chance, McGuireWoods and DLA Piper law firms. Other confirmed tenants include Cheniere Energy, Inc., Chicago Title, Charter Title Company, Morgan Stanley, a trading company and a confidential tenant. Additionally, The Square at Texas Tower now stands over 98% occupied.

For more information, including leasing details, visit texastower.com

About Hines

Hines is a leading global real estate investment manager. We own and operate $93.0 billion1 of assets across property types and on behalf of a diverse group of institutional and private wealth clients. Every day, our 5,000 employees in 31 countries draw on our 67-year history to build the world forward by investing in, developing, and managing some of the world’s best real estate. To learn more, visit www.hines.com and follow @Hines on social media.

¹ Includes both the global Hines organization and RIA AUM as of June 30, 2024.

About Ivanhoé Cambridge

Ivanhoé Cambridge, the real estate portfolio of CDPQ, a global investment group with C$ 452 billion in assets, is built worldwide through strategic partnerships and market leading real estate funds. CDPQ holds interests in more than 1,500 buildings, primarily in the logistics, residential, office and retail sectors. As of December 31, 2023, it held C$ 77 billion in gross real estate assets.

Ivanhoé Cambridge develops and invests in high-quality real estate properties, projects and companies around the world. It does so responsibly and is committed to creating living spaces that foster the well-being of people and communities, while reducing their environmental footprint.

For more information:  cdpq.com / ivanhoecambridge.com

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Freqens raises $3M to bring transparency to indirect purchases

Seedcamp

With global inflation on the rise, companies and more specifically corporate buyers, are finding it challenging to anticipate and manage cost fluctuations that directly impact their margins and profits.

We are excited to partner with Freqens, a Paris-based fintech company dedicated to transforming B2B purchasing practices through a cost benchmarking solution for indirect expenses (opex). By reducing the information asymmetry that often favors sellers in B2B transactions, Freqens enables buyers to instantly spot overvalued expenses and uncover significant savings opportunities.

Founded by a seasoned team of serial entrepreneurs and former scale-up executives, including CEO Maxime Liebens (former CSO at MakiPeople, JobTeaser), COO Richard Gozlan (former CEO of Cleanio, sold to Rocket Internet, COO of Agricool and Gopuff), and CTO Alexandre Barreira (former CPTO of Ornikar), Freqens’s technology uses real-time market data and peer benchmarking to help companies achieve a simple yet crucial goal: buying at the right price, every time.

In France, its home market, Freqens has already attracted several clients, including Electra, Polène, MemoBank, Homa Games, and Safran.ai, and has received support from purchasing experts such as Laurence Laroche (La Poste) and Florence Baiget (Veolia).

Martin Londe, CFO of Homa Games emphaises:

“We love this one-stop-shop for real-time cost overcharge detection and future spending assessment. This tool has definitely impacted our negotiation approach.”

Maxime Liebens, Co-founder and CEO of Freqens explains.

“What surprises us the most is how many companies buy quickly and inefficiently. SMEs and mid-sized companies lack the resources to benchmark their conditions, and in large enterprises, negotiation activities have been deprioritized in favor of a business partner role, where buyers must satisfy all stakeholders. The digitalization of procurement has also contributed to this shift, prioritizing execution speed and control over cost performance. We’re witnessing large-scale waste, whereas, in light of sales uncertainty, cost control is more crucial than ever.”

Richard Gozlan, Co-founder and COO, adds:

“We enable companies to instantly know the right price to pay and to benchmark complex categories — a task humanly impossible to achieve in a matter of seconds. Unlike recently emerged solutions, particularly in SaaS Management, which promote outsourcing and lack neutrality as they must satisfy both buyers and sellers, we remain an independent, trusted third party. I am convinced that the key to securing the best terms is to maintain and nurture a direct supplier relationship. Our analyses reveal price variations of up to 45% for comparable scopes.”

Freqens’ foundation is built on an experienced team with a track record of building high-growth companies. This team identified significant optimization opportunities in how companies evaluate their purchasing performance against the market, noting that the benchmarking process remains largely manual, time-consuming, and heavily dependent on individual skills and internal resources. This is why venture capital firms like Seedcamp and family offices such as Motier and Kima invested in this funding round.

On why we partnered with Freqens, our Partner Sia Houchangnia highlights:

“We were very impressed by Max, Alex, and Richard — especially their individual backgrounds and their complementarity as a founding team. We’ve seen several companies in the procurement/fintech space, which are often complex replacement suites. Freqens’ highly targeted approach, beyond its impact, avoids disrupting an already crowded procurement tool ecosystem, bringing maximum value and a very quick deployment capability.”

We are excited to participate in Freqens’ $3 million pre-seed funding, alongside Kima Ventures, Zebox, Motier Ventures, Financière Saint James, and prestigious business angels, including Mark Ransford, Alexandre Berriche, and Roxanne Varza.

With the new funding, the company aims to grow the team, invest in the development of its innovative product, and support its growth in the French and international markets.

For more information, visit freqens.com.

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Accel-KKR Raises First Strategic Capital Fund, Closing On Over $2.2 Billion for Secondary Investments in the Software Market

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Menlo Park, CA, November 21, 2024 – Accel-KKR, a global technology-focused investment firm, today announced the completion of fundraising for AKKR Strategic Capital LP (the “Fund”), closing on over $2.2 billion of capital commitments.

AKKR Strategic Capital will invest in a broad range of transactions primarily focused on the software industry in the secondary market, aligning with the firm’s long-standing focus and experience backing growing software and technology enabled services companies.  Accel-KKR has invested broadly in the secondary markets for over 15 years, utilizing capital primarily from its own balance sheet.  AKKR Strategic Capital will be Accel-KKR’s first fund dedicated to secondary investments utilizing outside capital, partially seeded with existing investments.

Tom Barnds, Co-Managing Partner at Accel-KKR, said, “The secondary market in private equity continues to experience significant growth, including accelerating growth in the GP-led continuation vehicle (“CV”) segment.  Based on our own successful experience with CVs, as well as other opportunities that we expect to find more broadly within the Accel-KKR ecosystem, we believe our firm is well positioned to bring specialized software expertise to the secondary market.”

Rob Palumbo, Co-Managing Partner at Accel-KKR, said, “We are quite pleased to be able to expand our capital available for investment in the secondary market, and look forward to partnering with many of our investors in this fund who bring very complementary secondary experience to the table.”

AKKR Strategic Capital will seek to lead investments in other sponsors’ continuation vehicles consisting of software assets, building on its experience to date. Accel-KKR made its first investment in this market, serving as sole lead investor in a continuation vehicle managed by LEA Partners, a DACH-headquartered private equity firm, to extend the duration of two high-quality software businesses in LEA’s portfolio with significant organic growth and M&A opportunities.

In addition to investing in and leading third-party CVs, AKKR Strategic Capital can participate in future Accel-KKR CVs.  Accel-KKR has significant experience in the CV market through its own CVs including:

  • In 2022, the firm completed Accel-KKR Capital Partners CV IV, a $1.765 billion multi-asset continuation vehicle for Accel-KKR’s $875 million 2013 vintage technology buyout fund.
  • In 2019, Accel-KKR completed Accel-KKR Capital Partners CV III, a $1.386 billion multi-asset continuation vehicle for its $600 million 2008 vintage technology buyout fund.

The investors in AKKR Strategic Capital comprise a diverse group of limited partners including public plans, foundations, university endowments and non-profits.  Many of these limited partners are active investors in the secondary markets.  The lead investor in AKKR Strategic Capital is Ardian, and other investors include StepStone Group, Adams Street Partners and CPP Investments. The General Partner and its affiliates have made an aggregate commitment of approximately 24% of the fund’s committed capital.

Accel-KKR has invested in or acquired over 450 technology companies globally since its founding in 2000, making it one of the most active private equity firms in the software and tech-enabled services sector.  These transactions have included acquisitions and recapitalizations of founder-owned or closely-held private companies; buyouts of divisions, subsidiaries and business units from private and public companies; and going-private transactions of public companies.  Over its history, Accel-KKR has raised 18 funds across five fund families, including Buyout (for majority investments), Emerging Buyout (for smaller majority investments), Growth Capital (for minority investments), Credit (for debt investments) and Strategic Capital.

About Accel-KKR
Accel-KKR is a technology-focused investment firm with $21 billion in cumulative capital commitments.  The firm focuses on software and tech-enabled businesses, well-positioned for top-line and bottom-line growth.  At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its partner companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network.  Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions, including buyout capital, minority-growth investments, and credit alternatives.  Accel-KKR also invests across various transaction types, including private company recapitalizations, divisional carve-outs and going-private transactions.  Accel-KKR’s headquarters is in Menlo Park, with offices in Atlanta, Chicago, London, and Mexico City.

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Arcline-Backed DwyerOmega Acquires Process Sensing Technologies Ltd.

Arcline

MICHIGAN CITY, Ind., November 21, 2024 – DwyerOmega, a portfolio company of Arcline Investment Management, today announced the acquisition of Process Sensing Technologies Ltd. (“PST” or the “Company”). The acquisition significantly expands DwyerOmega’s sensing and instrumentation product offering and strengthens its position in several key end markets and regions.

 

Founded in 1964 and based in Ely, Cambridgeshire, UK, PST is a leading provider of measurement instrumentation and monitoring solutions for process-critical applications worldwide. With 12 leading brands, PST offers a comprehensive suite of proprietary sensors, instruments, analyzers, and monitoring solutions with sensing capabilities across parameters, including moisture, gas, level and flow. PST’s solutions enable safer conditions for people and processes, maximize energy efficiency, improve product quality, and ensure ongoing compliance with global standards. The combination of PST’s cutting-edge technologies with DwyerOmega’s high-quality sensing and instrumentation portfolio offers customers a broader range of solutions tailored for their unique applications.

 

“We are thrilled to welcome Process Sensing Technologies to the DwyerOmega family,” said Chuck Dubois, CEO of DwyerOmega. “PST has an exceptional portfolio of best-in-class sensors, instruments and gas analyzers, as well as leading software monitoring solutions. By bringing together two great organizations, we will provide customers a premier offering of precision measurement technologies with an enhanced global network of support and service resources. This acquisition advances our vision of being the provider of choice for measurement technologies to customers around the world.”

 

Adam Markin, CEO of PST, commented, “At PST, our employees have cultivated a culture rooted in innovation, continuous improvement, and an unrelenting pursuit of high-quality customer service. The DwyerOmega team shares a clear alignment with these principles, and I firmly believe joining the DwyerOmega family will strengthen our collective efforts going forward.”

 

Barclays served as financial advisor to DwyerOmega in connection with the transaction.

 

About DwyerOmega

DwyerOmega is a leader in the design and manufacture of innovative sensors and instrumentation solutions for the indoor environmental quality (IEQ), building automation, process and environmental markets. DwyerOmega has a global footprint and serves its market through brands including Dwyer Instruments, Omega Engineering, Automated Components Inc. (ACI), Miljoco, Weiss Instruments, Universal Flow Monitors (UFM), Love Controls, Mercoid, WE Anderson, and Proximity. To learn more about DwyerOmega, visit www.dwyer-inst.com and www.omega.com.

 

About Process Sensing Technologies

PST designs, manufactures, and distributes differentiated measurement solutions which analyze and monitor vital process parameters with high precision in mission critical applications. The Company’s portfolio of solutions serves a broad range of end markets including pharmaceutical, bioscience, medical, aerospace, semiconductor, compressed air, building automation, and energy markets. PST has operations across Europe, North America and Asia. To learn more about PST, visit www.processsensing.com.

 

General Inquiries

contact@arcline.com

 

Press Inquiries Only

Arcline-JF@joelefrank.com
1.212.355.4449

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Lighthouse Announces $370 Million Series C Investment Led by KKR to Accelerate Platform Innovation and Growth

Spectrum Equity

The investment supports continued expansion of AI and business intelligence capabilities for over 70,000 hospitality properties globally

LONDON, November 21, 2024 – Lighthouse, the leading commercial intelligence platform for the travel & hospitality industry, today announced an approximately $370 million growth investment led by global investment firm, KKR. This investment accelerates Lighthouse’s mission to reimagine commercial strategy for the $15 billion travel & hospitality technology market. Proceeds from the investment will be used to drive continued product innovation across Lighthouse’s platform, strategic acquisitions, and global expansion efforts.

Lighthouse’s suite of products provides revenue managers, commercial leaders, and accommodation owners with easy-to-use tools that drive incremental bookings, streamline operations, and enable a better customer experience for guests. The platform is underpinned by proprietary technology that processes over 400 terabytes of travel and market data daily and leverages AI to deliver real-time insights that enable customers to make better and more efficient operational decisions. Lighthouse has established itself as hospitality’s leading commercial intelligence platform, with 700+ employees worldwide and an industry-leading NPS score of 70+.

“We’re extremely grateful to the 70,000+ hospitality providers, who have placed their trust in Lighthouse,” said Sean Fitzpatrick, CEO of Lighthouse. “I couldn’t be more energized by what we’re working towards. We’re just getting started in making hospitality data and tools more powerful, accessible, and affordable. This investment by KKR significantly accelerates our ability to enhance our commercial platform through expanded AI capabilities and additional data sets, enabling us to better serve our existing customers while continuing to expand across the hospitality market.”

KKR has established a proven track record of supporting technology-focused growth companies, having invested approximately $23 billion in related investments since 2010 through its private equity and growth equity funds and built a dedicated global team of nearly 70 investment professionals with deep technology growth equity expertise. Lighthouse will be able to leverage KKR’s extensive industry experience, local resources and global network to help further enhance its customer offerings and tap into new segments globally.

“Lighthouse has demonstrated an exceptional ability to support hoteliers of all sizes – ranging from global chains to independent properties – by addressing the unique needs of each segment,” said Stephen Shanley, Partner and Head of Tech Growth in Europe at KKR. “Their strong track record, customer loyalty, and proven ability to deliver value across varied markets position them as the leading platform in this space. We are proud to support Lighthouse in expanding its global footprint, driving continued innovation, and enhancing its market leading offerings.”

This latest funding builds on Lighthouse’s $80M Series B investment round, which was completed in November 2021. Existing investors Spectrum Equity, F-Prime Capital, Eight Roads Ventures, and Highgate Technology Ventures will continue their participation in the business.

KKR is making the investment in Lighthouse through its Next Generation Technology III Fund.

William Blair acted as financial advisor. Latham & Watkins served as legal advisor to Lighthouse and Gibson Dunn as legal advisor to KKR.

About Lighthouse

Lighthouse (formerly OTA Insight) is the leading commercial platform for the travel & hospitality industry. We transform complexity into confidence by providing actionable market insights, business intelligence, and pricing tools that maximize revenue growth. We continually innovate to deliver the best platform for hospitality professionals to price more effectively, measure performance more efficiently, and understand the market in new ways. Trusted by over 70,000 hotels in 185 countries,

Lighthouse is the only solution that provides real-time hotel and short-term rental data in a single platform. We strive to deliver the best possible experience with unmatched customer service. We consider our clients as true partners—their success is our success. For more information about Lighthouse, please visit: mylighthouse.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at globalatlantic.com.

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.

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Lighthouse Announces $370 Million Series C Investment Led by KKR to Accelerate Platform Innovation and Growth

KKR

Investment supports continued expansion of AI and business intelligence capabilities for over 70,000 hospitality properties globally

LONDON–(BUSINESS WIRE)– Lighthouse, the leading commercial intelligence platform for the travel & hospitality industry, today announced an approximately $370 million growth investment led by global investment firm, KKR. This investment accelerates Lighthouse’s mission to reimagine commercial strategy for the $15 billion travel & hospitality technology market. Proceeds from the investment will be used to drive continued product innovation across Lighthouse’s platform, strategic acquisitions, and global expansion efforts.

Lighthouse’s suite of products provides revenue managers, commercial leaders, and accommodation owners with easy-to-use tools that drive incremental bookings, streamline operations, and enable a better customer experience for guests. The platform is underpinned by proprietary technology that processes over 400 terabytes of travel and market data daily and leverages AI to deliver real-time insights that enable customers to make better and more efficient operational decisions. Lighthouse has established itself as hospitality’s leading commercial intelligence platform, with 700+ employees worldwide and an industry-leading NPS score of 70+.

“We’re extremely grateful to the 70,000+ hospitality providers, who have placed their trust in Lighthouse,” said Sean Fitzpatrick, CEO of Lighthouse. “I couldn’t be more energized by what we’re working towards. We’re just getting started in making hospitality data and tools more powerful, accessible, and affordable. This investment by KKR significantly accelerates our ability to enhance our commercial platform through expanded AI capabilities and additional data sets, enabling us to better serve our existing customers while continuing to expand across the hospitality market.”

KKR has established a proven track record of supporting technology-focused growth companies, having invested approximately $23 billion in related investments since 2010 through its private equity and growth equity funds and built a dedicated global team of nearly 70 investment professionals with deep technology growth equity expertise. Lighthouse will be able to leverage KKR’s extensive industry experience, local resources and global network to help further enhance its customer offerings and tap into new segments globally.

“Lighthouse has demonstrated an exceptional ability to support hoteliers of all sizes – ranging from global chains to independent properties – by addressing the unique needs of each segment,” said Stephen Shanley, Partner and Head of Tech Growth in Europe at KKR. “Their strong track record, customer loyalty, and proven ability to deliver value across varied markets position them as the leading platform in this space. We are proud to support Lighthouse in expanding its global footprint, driving continued innovation, and enhancing its market leading offerings.”

This latest funding builds on Lighthouse’s $80M Series B investment round, which was completed in November 2021. Existing investors Spectrum Equity, F-Prime Capital, Eight Roads Ventures, and Highgate Technology Ventures will continue their participation in the business.

KKR is making the investment in Lighthouse through its Next Generation Technology III Fund.

William Blair acted as financial advisor. Latham & Watkins served as legal advisor to Lighthouse and Gibson Dunn as legal advisor to KKR.

About Lighthouse

Lighthouse (formerly OTA Insight) is the leading commercial platform for the travel & hospitality industry. We transform complexity into confidence by providing actionable market insights, business intelligence, and pricing tools that maximize revenue growth. We continually innovate to deliver the best platform for hospitality professionals to price more effectively, measure performance more efficiently, and understand the market in new ways. Trusted by over 70,000 hotels in 185 countries, Lighthouse is the only solution that provides real-time hotel and short-term rental data in a single platform. We strive to deliver the best possible experience with unmatched customer service. We consider our clients as true partners—their success is our success. For more information about Lighthouse, please visit: https://www.mylighthouse.com.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Lighthouse
Adam Swart
pr@mylighthouse.com

KKR
FGS Global
Alastair Elwen / Jack Shelley
+44 20 7251 3801
KKR-LON@fgsglobal.com

Source: KKR

 

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TEEPTRAK announces €5 million fundraising to drive global expansion and equip industrial manufacturers of all sizes and across all sectors

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Shift Invest

TEEPTRAK, European leader in industrial performance monitoring and a pioneer in connectivity and data analytics for production equipment, has announced a €5 million funding. This financing is supported by its longstanding investors, XAnge and EDF, along with a new lead investor, SHIFT Invest, an impact-driven European fund known for its strategic role in supporting innovative, sustainable projects. The round also benefits from an expertise and financial partnership with management consulting firm Sia Partners through its B2B startup investment vehicle.

TEEPTRAK announces €5 million fundraising to drive global expansion and equip industrial manufacturers of all sizes and across all sectors

 

This funding will allow TEEPTRAK to strengthen its presence in the American and Asian markets, particularly in the United States and China, responding to growing demand for its industrial performance monitoring and optimization solutions. By the end of the year, TEEPTRAK will open an office in Chicago and expand its subsidiary in Shenzhen, with the goal of hiring around 100 new employees over the next three years. The company also aims to expand its reach in Europe by opening offices in highly industrialized countries to provide local support to its clients.

 

Sustainable and High-Quality Solutions

TEEPTRAK is a trusted partner for manufacturers looking to improve their performance in a measurable way, often achieving productivity gains of 5-30%. With robust, sustainable solutions perfectly aligned with the reliability and performance demands of the manufacturing sector, TEEPTRAK provides companies with the tools to increase output, reduce costs, and maximize efficiency.

Designed and assembled in France, TEEPTRAK’s solutions feature components specifically designed to meet the requirements of industrial environments. With full control over the hardware, TEEPTRAK delivers cutting-edge technologies that enable manufacturers to monitor and optimize production in real-time, ensuring reliability and performance.

Innovative Technology Serving the Global Industry

With over 120 industrial clients in 30 countries and nearly 2,500 connected production lines or equipment, TEEPTRAK is a recognized leader in industrial performance monitoring. Its multilingual platform, available in 20 languages, gives manufacturers instant access to valuable performance data and enables continuous improvement through corrective actions.

Tangible Results at Every Step of Production

TEEPTRAK’s solutions cover four essential areas to enhance industrial performance:

  • Machine Performance: Real-time monitoring of all types of machines to maximize efficiency.
  • Operator Pace: Measurement and tracking of repetitive tasks to enhance team productivity.
  • Quality: Elimination of paper-based processes and manual entries through digital solutions for enhanced quality control.
  • Process Monitoring: Collection of physical data, such as energy consumption and vibrations, through standard sensors.

These advanced, easy-to-install solutions, thanks to rapid, non-invasive integration, allow TEEPTRAK’s solutions to adapt seamlessly to existing industrial environments, ensuring effective deployment and a quick return on investment with competitive pricing.

Additionally, TEEPTRAK offers a standalone Machine Learning platform that utilizes advanced AI algorithms to leverage data collected through its solutions, as well as customer-specific data independently. This AI platform provides manufacturers with tailored analysis and forecasting capabilities, maximizing operational efficiency and continuous process optimization. Two algorithms are available: anomaly detection and process optimization.

Growth and Innovation on a Global Scale

With this new funding, TEEPTRAK is positioned to become a global player in Industry 4.0, with rapid expansion planned in strategic regions and a continued commitment to innovation in service of industrial companies. This momentum enables TEEPTRAK to meet the growing demands for digitization, performance, and sustainability in the manufacturing sector.

“This is the first time that TEEPTRAK, now profitable and experiencing strong growth, has had such significant resources to increase awareness of its products and accelerate its development. This is a great opportunity for the company, its employees, our clients, and the environment. SHIFT Invest’s entry as a shareholder confirms the strong environmental impact of large-scale industrial performance improvement.”

François Coulloudon, CEO

“Manufactured goods are essential to our daily lives, but their production can be energy and resource-intensive, with the industry accounting for around 37% of global energy consumption. Making this sector more efficient has a major positive environmental impact. That’s why TEEPTRAK perfectly aligns with our fund’s commitment to making the industrial sector more sustainable.”

Bart Budde, Investment Manager at SHIFT Invest

This fundraising round marks a turning point for TEEPTRAK, providing it with the resources to amplify its impact and continue revolutionizing the industrial sector. With this support, the company is ready to push innovation further and deliver ever more efficient and sustainable solutions to manufacturers.

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Empyrean Solutions Secures Significant Investment from Hg

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HG Capital

Woburn, MA. November 21, 2024 – Empyrean Solutions (“Empyrean”), a leading provider of risk and performance management software for financial institutions, today announced a significant strategic investment from Hg, a leading investor in European and North American software businesses. The Empyrean management team and current investors, TechVenture Investors and Spectrum Equity, will all remain shareholders. Spectrum Equity will also participate alongside Hg in the new transaction.

Empyrean’s platform solves mission critical challenges for finance teams at financial institutions, who historically have had to navigate large quantities of siloed data, antiquated software applications and slow, static modelling. With a modern, cloud-based platform where banks and credit unions of all sizes can connect and process massive data sets – spanning loans, treasury & funding positions, deposits and general ledger information all at a transaction level – Empyrean is transforming the ‘Office of the CFO’ for financial institutions.

While Empyrean started as a specialist in Asset & Liability Management (ALM), the platform today spans Budgeting and Planning, Profitability, Data & Analytics and many other key functions for the finance teams of financial institutions. With superior technology, deep domain expertise and a relentless focus on driving innovation, Empyrean is helping the CFO and their teams to navigate complex economic and regulatory environments, optimize their financial performance and make informed strategic decisions.

This transaction follows a period of sustained and rapid growth at Empyrean. During this time, the Company has achieved several financial and operational milestones:

  • Consistent Growth. Empyrean has grown revenue at 40% per year since 2017 through a combination of new customer adds and existing customers adopting additional software modules.

  • Compelling Customer Base. 270 total software customers — spanning small, mid-sized and large financial institutions — as of end of October 2024, including 70 new customers added over the last 12 months alone.

  • Multi-Module Capabilities. 110 customers have adopted Empyrean’s newly launched Budgeting and Planning module in the first year since launch.

  • Industry Recognition. ALM RiskTech Quadrant Category Leader and Category Winner for Financial Planning & Budgeting award by Chartis Research as part of its 2024 Chartis RiskTech 100 Awards

  • Large Bank Momentum. Recent addition of Ed Young, industry expert and former Fed risk specialist, who joins as Managing Director with a mandate to expand Empyrean’s growing base of banks with $100bn+ in total assets.

“Our strategy – replacing legacy software solutions and disparate datasets with a single, SaaS native and cloud-based platform – is gaining traction in the sector.” said Chris Maclin, Chief Executive Officer of Empyrean. “This new investment and our partnership with Hg will enable Empyrean to better address the needs of financial institution CFOs, and drive innovation in a space where it is desperately needed. We’re thrilled to welcome Hg as a new investor as we embark on the next phase of Empyrean’s journey.”

“Hg’s knowledge of software businesses and their proven track record partnering with companies across growth initiatives will be invaluable as we continue to innovate and expand our reach,” said Raffi Festekjian, Managing Director at TechVenture Investors. “We are also pleased that Spectrum Equity will remain actively involved as we work together to realize our shared vision of delivering to the financial services industry a comprehensive ‘Office of the CFO’ platform that is a single source of the truth, further solidifying our strong position in the industry.”

“The Empyrean success story is still in its early innings,” said Farouk Hussein, Partner at Hg. “Our knowledge of the ‘Office of CFO’, experience in banking software, and extensive work across this sector confirmed Empyrean’s unique positioning. We are impressed by Empyrean’s management team and their approach to launching new products that solve financial institution CFO customer pain points, and we look forward to backing Chris and partnering with the existing shareholders and management team.”

“This is exactly the right time for Empyrean to bring on a like-minded growth investor like Hg to help Empyrean realize the company’s full potential. The next chapter of growth at Empyrean will see the company stay true to its core mission but also pursue new growth initiatives like international expansion and penetration of the largest US and global financial institutions” added Adam Margolin, Managing Director at Spectrum Equity.

Piper Sandler is serving as exclusive financial advisor and Choate, Hall & Stewart LLP as legal advisor to Empyrean. Raymond James is serving as exclusive financial advisor and Kirkland & Ellis LLP as legal advisor to Hg.

The terms of the transaction have not been disclosed and is subject to closing.

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