Category Archives: News

Gimv sells to Fremman Capital a majority stake in outpatient rehabilitation specialist rehaneo

GIMV

rehaneo, a leading provider of outpatient rehabilitation, aftercare, prevention, and occupational health management founded in 2020, welcomes Fremman Capital to its shareholder base. Fremman takes over the majority shareholding previously held by the European investment company Gimv. Founder and CEO Bruno Crone and co-founder and COO Christoph Dühr remain significantly invested in the company and continue their management roles.

Since its founding four years ago, during the peak of the COVID-19 pandemic, Gimv and the managing rehaneo shareholders Bruno Crone and Christoph Dühr have successfully built the company into one of the top three providers in the field of outpatient rehabilitation through a successful buy-and-build strategy. Since 2023, Dr. Alain Robbe-Grillet completes the management team as CFO.

To date, rehaneo has integrated 13 companies at 23 locations nationwide into the group, including some of the leading facilities in Germany. Recently, rehaneo also opened a completely new center in Göttingen.

The rehaneo group now employs over 1,000 staff who are dedicated to the care of more than 80,000 patients and customers annually. The range of services offered by the centers varies by location, from outpatient rehabilitation and rehab aftercare to physiotherapy and occupational therapy, as well as prevention and fitness. In addition to developing locations and the continuous growth of the group, the focus is primarily on the quality of services. This is ensured, among other things, by a medical board with renowned experts, including Prof. Dr. med. Thomas Wessinghage. rehaneo aims to further densify the care network and offer more people professional rehabilitation close to their homes.

Outpatient rehabilitation costs are significantly lower than inpatient stays, benefiting the healthcare system. Additionally, there is increasing demand from patients who want to stay in their familiar environment during rehabilitation. Together with Fremman, the management team intends to continue the successful growth strategy, accelerating M&A and consolidating further a very fragmented sector, to create a European leader.

Bruno Crone, Founder and CEO of the rehaneo group, declares: “We thank Gimv for their active support and the trustful cooperation from the beginning, which made it possible to become one of the leading quality providers in outpatient rehabilitation in such a short time. We are excited to start a new chapter of our success story with Fremman. Our focus will be on acquiring new outpatient rehab centers and the strategic development of existing facilities and the entire group.”

Mirko Meyer-Schönherr and Max Schürenkrämer, Founding Partner and Managing Director at Fremman, add: “We are very impressed by the development of the rehaneo group so far and see great potential in the outpatient rehabilitation sector. We look forward to supporting the experienced and ambitious rehaneo management team in further developing the strategy of the group.”

Philipp von Hammerstein and Lars Timmer, Partner and Principal at Gimv Healthcare, comment: “We are proud that together with rehaneo, we have built a leading company and competent partner in outpatient care in just four years, distinguished by high customer and patient satisfaction as well as high-quality standards.”

The transaction is subject to approval by the German antitrust authorities and is expected to close in Q1 2025. This transaction will have a positive impact on our NAV at 30 September 2024, as will be published on 21 November next, of around EUR 1 per share. The realized return on this transaction substantially exceeds our long-term portfolio return target.

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From Product to Platform: Our Continued Investment in Cyera -Acccel

Accel

Today, Accel is thrilled to announce that we have led Cyera’s Series D financing round. We’re honored to continue building on our partnership with Yotam and Tamar as they help customers modernize their approaches to data security.

Accel has had the privilege of being Cyera’s partner since its Series A round in 2022. Back then, Yotam and Tamar identified a critical threat facing enterprises: securing vital business and customer data in a world of increasing complexity. Yotam and Tamar saw how cloud migration, data proliferation, and emerging technologies like Generative AI could create data-related security headaches for customers, a problem space with limited innovation and no true platform for managing vulnerabilities. Data-driven cyber attacks are growing in frequency and sophistication, and enterprises across industries are increasingly concerned with protecting against breaches of their own and their customers’ sensitive data.

Over the last year, Cyera has proven itself to be the most innovative player in data security, earning the trust of many Fortune 500 organizations. Yotam and Tamar are building a platform to support customers in securing data assets across multiple vectors – Posture Management, Identity, Data Loss Prevention, to name a few – and are leveraging the latest technologies, like AI and large language models, to do so. The team has innovated rapidly from when we first met Yotam and Tamar through our deep connectivity in the thriving Israeli start-up ecosystem. We continue to be impressed by their passion and by how their forward-thinking perspectives on the market have become reality.

At Accel, we look to back great entrepreneurs and businesses throughout their journeys. We are proud to be the largest institutional investor in Cyera, having previously led the Series A and Series B rounds. We’re excited to invest further in our partnership with the company, and we can’t wait to see what Yotam, Tamar, and the rest of the team accomplish.

The Accel Team

‍

Philippe Botteri

Based In

London

Focus

AI

Cloud/SaaS

Security

Specialty

Early Stage

Late Stage

Team

Philippe Botteri

Philippe Botteri

Humza Tariq

Based In

Bay Area

Focus

Enterprise

Consumer

Fintech

Specialty

Late Stage

Team

Humza Tariq

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Ontario Teachers’ and Nordic Capital jointly acquire Max Matthiessen, a leading Nordic financial advisor, to drive further growth and expansion

Nordic Capital
  • New joint ownership will support Max Matthiessen in fulfilling its accelerated international growth plan both organically and through acquisitions
  • With its CAD 13 billion financial services private equity portfolio, Ontario Teachers’ will bring additional value creation capabilities and experience in building international insurance distribution and wealth management companies
  • The transaction will allow Nordic Capital to further fuel Max Matthiessen’s development, based on the strong platform created over the last four year

Ontario Teachers’ Pension Plan (“Ontario Teachers’”), a major global institutional investor, and Nordic Capital, an experienced Financial Services private equity investor in Northern Europe, today announced an agreed new co-control ownership for Max Matthiessen (“Max Matthiessen” or “the Company”), a leading financial advisor for pensions, insurance and investments in the Nordics.

The new ownership will support the Company’s continued growth and international development. Both investors have a shared vision for Max Matthiessen’s next phase and can draw upon a strong track record of building successful international insurance distribution and wealth management companies.

Max Matthiessen provides pension, insurance and wealth management solutions for employers, entrepreneurs and individuals. It offers advice, analysis, administration and procurement of pension and insurance products as well as investment and asset management solutions. Founded in 1889, Max Matthiessen is headquartered in Stockholm, Sweden and has more than 800 employees at 45 locations across the Nordic region, serving over 18,000 corporate clients. The Company is also committed to sustainable investments, providing its clients access to high-quality ESG-focused products.

With its strong management team and established position as a leading, integrated employee benefits and risk platform, Max Matthiessen is well-placed to build on its growth momentum. This acquisition enables the Company’s further access to long-term capital and sector expertise to accelerate its expansion into international markets both organically and through acquisitions.

Iñaki Echave, Senior Managing Director and Head of EMEA Private Capital at Ontario Teachers’, said: “We are excited to back Max Matthiessen’s management team. Our joint ambition is to consolidate Max Matthiessen as the leading insurance and financial services company in the Nordics, accelerating its growth both in its current markets and verticals, and through synergistic acquisitions. We will leverage our deep expertise in wealth management and insurance services to help the company expand into new markets and adjacent segments, invest in technology and product development, and further enhance its ambitious sustainability programme. We look forward to partnering with Team Max Matthiessen, who share Ontario Teachers’ passion for helping people achieve financial security over the long term.”

Emil Anderson, Partner and Co-Head Financial Services, Nordic Capital Advisors, said: “Nordic Capital is enthusiastic to invest further in Max Matthiessen together with Ontario Teachers’ to allow the company to continue to scale its business model and build on market dynamics in its segment. In 2020, Nordic Capital invested in Max Matthiessen to realise its potential by scaling the Company’s platform, driving growth through investing in the team, modernising the product offering to benefit the individual customer, and exploring selective international acquisition opportunities. Today, Max Matthiessen has strong consistent growth, a platform providing a comprehensive end-to-end solution and a sustainable product offering that attracts a much broader audience. Max Matthiessen is now poised for its next phase of continued international growth, delivering outstanding services to its customers.”

Jacob Schlawitz, CEO, Max Matthiessen said: “We are excited to have Ontario Teachers’ backing the next phase of our development alongside Nordic Capital. This partnership underscores our commitment to putting clients at the heart of everything we do. We are grateful for Nordic Capital’s support, together we have reached significant milestones — expanding our client offerings, driving sustainability, entering new markets, all while staying focused on delivering value to our customers. At the same time, we have been strategically investing in our future by enhancing client value and developing talent, ensuring the company is well-positioned for sustained growth and success. With Ontario Teachers’ joining this partnership, we are excited to leverage their expertise to expand our reach and thereby serve even more clients across both the Nordics and internationally.”

Ontario Teachers’ will acquire a co-control stake in Max Matthiessen through its Private Capital division. Nordic Capital initially invested in Max Matthiessen in 2020 and will now invest via Nordic Capital XI, following the exit of its initial investment through Nordic Capital IX.

Insurance and financial services are a core sector of focus for Ontario Teachers’, which has direct investments in the sector worth more than CAD 13 billion. The Private Capital team at Ontario Teachers’ has made 14 investments in financial services companies globally, 12 of which it has led or co-led. Recent transactions in the sector include Ontario Teachers’ acquisitions of 7iM, a leading UK wealth and investment manager; European trading and savings platform TradeRepublic; Diot-Siaci, a leading independent European insurance broker operating worldwide; and Westland Insurance Group, one of the largest independent insurance brokers in Canada, through portfolio company, BroadStreet Partners.

With a dedicated sector-focused team, Nordic Capital is an experienced private equity investor in Financial Services in Northern Europe. It focuses on fast growing segments with strong underlying fundamentals such as Savings and Wealth Management, Banking & Lending and P&C Insurance. Over the last six years, Nordic Capital has completed 18 transactions within financial services and financial technology and has deployed EUR 3.3 billion of equity capital in the sector to date. Its current Financial Services portfolio generates EUR 1.3 billion of revenues and employs over 3,200 people. Nordic Capital has achieved success in this sector to date, having developed thriving companies including Max Matthiessen, Nordnet, NOBA, RiskPoint and Qred.

Terms of the transaction were not disclosed. The investment is subject to customary regulatory approvals and expected to be completed in H1 2025.Houlihan Lokey acted as leading financial sell side advisor.

Contact Details

Ontario Teachers’
Henrietta Dehn / Alisha Prakash
Email: media@otpp.com

Kekst CNC
Email: OTPP@kekstcnc.com

Nordic Capital
Katarina Janerud
Communications Manager, Nordic Capital Advisors
Tel: +46 8 440 50 50 e-mail: katarina.janerud@nordiccapital.com

About Ontario Teachers’ Pension Plan
Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of CAD 255.8 billion as at June 30, 2024. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 340,000 working members and pensioners.

Our more than 450 investment professionals operate in key financial centres around the world and bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.3% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn.

About Nordic Capital

Nordic Capital is a leading sector-specialist private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Service & Industrial Tech. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 26 billion in close to 150 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

About Max Matthiessen

Max Matthiessen, founded in 1889, is one of the leading financial advisors within pensions, insurance and investment in the Nordic region. They offer expert advice and guidance on savings, benefits, and insurance to companies and their employees, as well as to private individuals. Their team of advisors, brokers, administrators, and specialists supports businesses and individuals with procurement, analysis, packaging, advisory services, and the administration of top-tier savings and insurance solutions available in the market. Today, the company employs approximately 800 people across Sweden, Denmark and Norway.

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Portobello Capital raises follow-on vehicle for BlueSea

Portobello

We are pleased to share that Portobello Capital has successfully completed the closing of a continuation vehicle for BLUESEA Hotels, our portfolio company specialized in delivering value-for-money experiences in the Spanish hospitality sector. This achievement was made possible thanks to the leadership of Partners Group on behalf of its clients, along with the valuable contributions of Neuberger Berman, Mercer, and Florestan.

“At Portobello, we want to reaffirm our support for BLUESEA Hotels and its management team through this important transaction, which will provide the company with additional resources for strategic investments and position it strongly to seize future growth opportunities.”

Carlos Dolz de Espejo Cardenal, Partner at Portobello

Another step forward in our commitment to growth!

Press Release

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Odoo S.A. announces a €500 million transaction

AXA

Odoo S.A. announces a €500 million transaction, increasing the Belgian Unicorn’s valuation to €5 billion.

Press release, Louvain-la-Neuve, Belgium – November, 20, 2024

Odoo S.A., a leading provider of integrated business software, today announced a €500 million investment led by CapitalG and Sequoia Capital, with participation from BlackRock, Mubadala, HarbourVest Partners, AVP, and Alkeon. This secondary capital transaction reflects strong confidence in the company’s vision and impact. As part of the transaction, existing investors Summit Partners, Noshaq, and Wallonie Entreprendre are selling a portion of their shares; Summit will remain Odoo’s largest institutional shareholder.

This major transaction underscores Odoo’s leadership position in the SMB software ecosystem and strong financial profile. It also highlights the company’s continued momentum in reshaping the business software landscape with innovative, accessible solutions for companies worldwide.

In short :

  • Odoo has consistently grown at 40% per year and expects to reach €1 billion in
    annual recurring revenue (ARR) by 2027.
  • The company has over 13 million users and adds 7,000 new clients each month.
  • This €500 million investment marks the latest round of third-party investment,
    underscoring sustained investor confidence in the company’s growth trajectory.
    The new group of investors will continue to facilitate new opportunities in R&D,
    S&M and global expansion.
  • With this investment round, Odoo’s valuation has risen to €5 billion, reflecting the
    company’s rapid profitable growth and market leadership, even amid a challenging
    economic landscape.

Since its founding in April 2002, Odoo S.A. has been dedicated to developing and continuously enhancing a comprehensive suite of management software applications for small and mid-sized businesses. Today, with over 13 million users and currently adding more than 7,000 new clients each month, Odoo has built a strong presence in the industry. Known for its intuitive and user-friendly design, Odoo empowers companies to focus on what matters most: improving customer satisfaction, driving innovation, optimizing business processes, and scaling operations efficiently.

Odoo S.A. has achieved sustained annual growth of 40% and is projected to exceed €650 million in ARR within the next 12 months, with a target of reaching €1 billion in ARR by 2027. The company has strengthened its global presence by establishing 15 subsidiaries and building a network of 7,500 partners worldwide. With this latest investment, Odoo S.A.s valuation has reached €5 billion.

“Fabien and his team have built a one-of-a-kind business from their ambitious vision for a unified suite of tightly integrated business apps“, said Alex Nichols, partner at CapitalG, the independent growth firm of Alphabet Inc., Google’s parent company. “Odoo’s powerful and easy-to-use suite of apps has won over customers across more than 100 countries and virtually every industry, as well as companies with anywhere from one to thousands of employees. The team’s two decades of dedication and longterm thinking has fostered a robust community of partners, contributors, and users that will serve as their foundation for years to come. We are thrilled to partner with Fabien and the rest of Odoo’s leadership team.”

The recent launch of Odoo 18, the most advanced iteration of the companys software, on October 2nd, strengthens the companys market position and enhances overall performance and customer experience.

“ERPs are traditionally expensive and resource-intensive to implement, often failing to meet the actual needs and evolving requirements of SMEs. We have developed a unique value proposition that is playing a pivotal role in the market” explains Fabien Pinckaers, founder and CEO of Odoo S.A.

This €500 million investment exemplifies the international recognition and trust that Odoo has garnered within the investment community. Following investments led by Summit Partners in 2019, 2021 and 2022, this latest round further highlights Odoos appeal to investors.

“Odoo continues to deliver solutions that we believe are helping to transform the business software landscape – and they are doing so with impressive traction”, added Antony Clavel, a Managing Director at Summit Partners who has served on the Odoo Board of Directors since Summits initial investment in 2019. “We are delighted to welcome new investors and look forward to working together to support Odoos exciting growth trajectory.” Following this transaction, Summit remains Odoos largest institutional shareholder.

This new milestone paves the way for many more opportunities and expansion projects. It will enhance Odoo’s capabilities for research and development, allowing for accelerated innovation in its product offerings.

“We are expecting to open five new subsidiaries within the next three years across Europe, Latin America and Asia-Pacific”, said Sebastien Bruyr, Odoo S.A. Chief Commercial Officer. Odoos Chief Finance Officer, Alessandro Mazzocchetti, added, “Im confident that Odoo will remain profitable in terms of EBITDA and Cash Flow as we expand our team and global reach. We will keep working hard to serve our customers and partners!”.

For Olivier Vanderijst, CEO of Wallonie Entreprendre WE, “The visionary and strategic nature of Odoo’s management and the rigour with which it has implemented this vision have led to an incredible valuation of 5 billion dollars, which has attracted the best investors in the world. This is why WE has signed this transaction, while remaining a shareholder in the company to support its future growth as a local player“.

J.P. Morgan SE acted as exclusive placement agent on this transaction

About Odoo S.A.

Since its creation in 2002, Odoo has emerged as a leading integrated business solutions’ provider. With its range of integrated, scalable and functional applications, Odoo offers a comprehensive, modular suite that meets the specific needs of every business, making it a suitable solution for organizations of all sizes and sectors, from start-ups to large corporations.

With revenues of 370 million euros in 2023, estimated at 500 million euros over the next 12 months, Odoo employs nearly 5,000 people worldwide, including more than 1,200 in Belgium. In addition, the company has built over 7,500 partners, creating more than 30,000 business-related jobs in 130 countries. With 19 offices worldwide Belgium 5, Luxembourg, Spain, Germany, Hong Kong, India, Australia, USA 2, Mexico, Kenya, Dubai, Indonesia, Brazil, Italy), Odoo serves a global community of 12 million users. For more information, visit the Odoo website at www.odoo.com.

About Summit Partners

Summit Partners is a leading growth-focused investment firm. Summit invests across growth sectors of the economy and, since the firm’s founding in 1984, and has invested in more than 550 companies in technology, healthcare, and other growth industries. Notable technology and software companies financed by Summit Partners include Acturis, Avast, Darktrace, Calypso, FLEETCOR, Flow Traders, Infor, Klaviyo, Ogone, RELEX Solutions, Smartsheet and Trintech. Summit maintains offices in North America and Europe and seeks to invest in category-leading, profitable growth companies worldwide. For more information, please visit www.summitpartners.com or follow on LinkedIn.

About CapitalG

CapitalG, Alphabet’s independent growth fund, invests in remarkable companies transforming the fields of enterprise infrastructure, security, and data; fintech; and consumer services and marketplaces. CapitalG partners with growth stage companies in their transition from startup to scale up through hands-on assistance from its in-house growth experts and connections to Google’s engineering, product, marketing, sales and people operations experts worldwide. More than 35000 Googlers and Alphabet leaders have engaged with CapitalG portfolio companies, including Airbnb, CrowdStrike, Databricks, Duolingo, Freshworks, Gusto, Lyft, Stripe, UiPath, Monzo and Zscaler, among others. Learn more at www.capitalg.com.

About Sequoia

Sequoia helps daring founders build legendary companies from idea to IPO and beyond. We aim to be the first true believers in tomorrow’s most valuable and enduring businesses. We partner with a few outliers each year and go all-in, providing them with the hands-on help required at every stage of the company building journey. Our expertise comes from 50 years of working with legendary founders like Steve Jobs, Larry Page, Jan Koum, Jensen Huang, Brian Chesky, Jack Dorsey, Eric Yuan, Lynn Jurich, Patrick Collison, Sebastian Siemiatkowski, and Christina Cacioppo. In aggregate, Sequoia-backed companies account for more than 25% of NASDAQ’s total value. Since our inception, the vast majority of the money we invest has been on behalf of nonprofits and schools like the Ford Foundation, Mayo Clinic and MIT, which means most of the returns we generate benefit these great causes.

About AVP

AVP is a global venture capital firm specializing in high-growth, technology-enabled companies, managing more than $2 billion in assets across four investment strategies: Venture, Growth, Late Growth, and Fund of Funds. Since its establishment in 2016, AVP has invested in more than 60 technology companies in Venture and Growth stages in the US and Europe. With offices in New York, London, and Paris, AVP supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth. For more information about AVP, please visit www.axavp.com.

Contact: Sébastien Loubry, Partner Business development (sebastien@axavp.com)

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From Product to Platform: Our Continued Investment in Cyera

Accel

From Product to Platform: Our Continued Investment in Cyera

Today, Accel is thrilled to announce that we have led Cyera’s Series D financing round. We’re honored to continue building on our partnership with Yotam and Tamar as they help customers modernize their approaches to data security.

Accel has had the privilege of being Cyera’s partner since its Series A round in 2022. Back then, Yotam and Tamar identified a critical threat facing enterprises: securing vital business and customer data in a world of increasing complexity. Yotam and Tamar saw how cloud migration, data proliferation, and emerging technologies like Generative AI could create data-related security headaches for customers, a problem space with limited innovation and no true platform for managing vulnerabilities. Data-driven cyber attacks are growing in frequency and sophistication, and enterprises across industries are increasingly concerned with protecting against breaches of their own and their customers’ sensitive data.

Over the last year, Cyera has proven itself to be the most innovative player in data security, earning the trust of many Fortune 500 organizations. Yotam and Tamar are building a platform to support customers in securing data assets across multiple vectors – Posture Management, Identity, Data Loss Prevention, to name a few – and are leveraging the latest technologies, like AI and large language models, to do so. The team has innovated rapidly from when we first met Yotam and Tamar through our deep connectivity in the thriving Israeli start-up ecosystem. We continue to be impressed by their passion and by how their forward-thinking perspectives on the market have become reality.

At Accel, we look to back great entrepreneurs and businesses throughout their journeys. We are proud to be the largest institutional investor in Cyera, having previously led the Series A and Series B rounds. We’re excited to invest further in our partnership with the company, and we can’t wait to see what Yotam, Tamar, and the rest of the team accomplish.

The Accel Team

‍

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Oakley Capital invests in Konzept & Marketing

Oakley Capital, a leading pan-European private equity investor, is pleased to announce that Oakley Capital Fund V is investing in Konzept & Marketing (“K&M”). K&M is a leading, independent Managing General Agent (“MGA”) in the German, personal non-life insurance market. Oakley will be investing alongside insurance veteran, Joachim Müller, former CEO of Allianz Commercial, who will oversee a buy-and-build strategy as Chairman.

Founded in 2001 and based in Hanover, K&M operates as an underwriting agent in Germany for private non-life insurance products (property, accident, liability), a growing market that is currently worth €28 billion. K&M develops, markets and administers tailored insurance products on behalf of insurance companies in an asset light model.

K&M Image

The Company has experienced continuous organic growth, driven by high and consistent renewal rates thanks to the company’s strong reputation for customer care and a focus on providing innovative solutions delivered through seamless digital processes.

Germany’s insurance distribution market is highly fragmented and lagging other markets such as the UK and US in the role that independent MGAs play as intermediaries. There is significant value creation potential for K&M to pursue a consolidation strategy spanning insurance brokerage and underwriting with differentiated product capabilities at its core.

In partnership with incoming Chairman Joachim Müller, Oakley will support the K&M management team to expand K&M’s product offering, strengthen the distribution function of the business, and pursue further M&A opportunities. The acquisition is expected to complete in Q4 2024.

Quote Peter Dubens

Germany’s insurance landscape is undergoing significant change, providing advantages for innovative businesses such as K&M to take on more of the insurance value chain while delivering a better service to end customers. We look forward to working with Joachim Müller to realise his growth and diversification strategy for the business, leveraging his strong reputation for successful business building and customer satisfaction.

Peter Dubens

Co-founder and Managing Partner — Oakley Capital

Quote Joachim Müller

By partnering with Oakley we can take advantage of their considerable expertise scaling businesses. We see enormous opportunity to create a leading player in Germany’s insurance ecosystem by leveraging excellence in underwriting and distribution combined with modern technology.

Joachim Müller

Incoming Chairman — K&M

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KKR Commences Second Tender Offer for FUJI SOFT

KKR

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that in connection with its two-stage tender offer scheme (the “Tender Offer”) for the common shares and share options of FUJI SOFT INCORPORATED (“FUJI SOFT” or the “Company”; TSE stock code 9749) through FK Co., Ltd. (the “Offeror”), an entity owned by investment funds managed by KKR, it has commenced its second tender offer (“Second Tender Offer”) on November 20, 2024, which will run until December 19, 2024.

The tender offer price per common share is 9,451 yen, and 1,197,200 yen per 5th Series Share Option, 1,059,800 yen per 6th Series Share Option, and 293,200 yen per 7th Series Share Option.

This follows two unanimous resolutions by the Board of Directors of FUJI SOFT on November 15, 2024 and November 19, 2024 to express its opinion in support of the Second Tender Offer and to recommend the shareholders and share option holders of the Company tender their shares and options.

***

This press release should be read in conjunction with the release issued by the Offeror titled “Notice Regarding the Commencement of Tender Offer for the Shares of FUJI SOFT INCORPORATED (Securities Code: 9749).”

The purpose of this press release is to publicly announce the commencement of the Second Tender Offer and it has not been prepared for the purpose of soliciting an offer to sell or purchase in the Tender Offer. When making an application to tender, please be sure to read the relevant Tender Offer Explanatory Statement for the Tender Offer and make your own decision as a shareholder or share option holder. This press release does not constitute, either in whole or in part, a solicitation of an offer to sell or purchase any securities, and the existence of this press release (or any part thereof) or its distribution shall not be construed as a basis for any agreement regarding the Tender Offer, nor shall it be relied upon in concluding an agreement regarding the Tender Offer.

The Tender Offer will be conducted in compliance with the procedures and information disclosure standards set forth in Japanese law, and those procedures and standards are not always the same as the procedures and information disclosure standards in the U.S. In particular, neither sections 13(e) or 14(d) of the U.S. Securities Exchange Act of 1934 (as amended; the same shall apply hereinafter) or the rules under these sections apply to the Tender Offer; and therefore the Tender Offer will not be conducted in accordance with those procedures and standards.

Unless otherwise specified, all procedures relating to the Tender Offer are to be conducted entirely in Japanese. All or a part of the documentation relating to the Tender Offer will be prepared in English; however, if there is any discrepancy between the English-language documents and the Japanese-language documents, the Japanese-language documents shall prevail.

This press release includes statements that fall under “forward-looking statements” as defined in section 27A of the U.S. Securities Act of 1933, as amended, and section 21E of the Securities Exchange Act of 1934. Due to known or unknown risks, uncertainties or other factors, actual results may differ materially from the predictions indicated by the statements that are implicitly or explicitly forward-looking statements. Neither the Offeror nor any of its affiliates guarantee that the predictions indicated by the statements that are implicitly or expressly forward-looking statements will materialize. The forward-looking statements in this press release were prepared based on information held by the Offeror as of today, and the Offeror and its affiliates shall not be obliged to amend or revise such statements to reflect future events or circumstances, except as required by laws and regulations.

The Offeror, its financial advisors and the Tender Offer agent (and their respective affiliates) may purchase the common shares and share options of FUJI SOFT, by means other than the Tender Offer, or conduct an act aimed at such purchases, for their own account or for their client’s accounts, in the scope of their ordinary business and to the extent permitted under financial instrument exchange-related laws and regulations, and any other applicable laws and regulations in Japan, in accordance with the requirements of Rule 14e-5(b) of the U.S. Securities Exchange Act of 1934. Such purchases may be conducted at the market price through market transactions or at a price determined by negotiations off-market. In the event that information regarding such purchases is disclosed in Japan, such information will also be disclosed on the English website of the person conducting such purchases (or by any other method of public disclosure).

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.

Media Contact
KKR Asia Pacific
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

Source: KKR

 

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Pomerleau Capital announces it has completed the second round of financing for its PCap Real Assets Fund L.P.

Cdpq

Pomerleau Capital Inc., the financial arm of Pomerleau Inc., confirms it has completed the second round of financing for its PCap Real Assets Fund L.P.  (the “PCap Fund”). In addition to the Caisse de dépôt et placement du Québec (CDPQ), which has increased its capital commitment, six (6) major financial partners have been added to this second round of financing: Banque Nationale Investissement (BNI), the Fondation Mirella et Lino Saputo, Société Financière Bourgie inc, the Lise and Giuseppe Racanelli family, Groupe Hewitt and Annie Lemieux of LSR GesDev. This second round of financing brings the total value of the PCap Fund to just over $200 million, in line with Pomerleau Capital’s strategic plan to build a $500 million fund over the next few years.

Thanks to this strategic investment and the invaluable support of its financial partners, Pomerleau Capital will be able to pursue new investment opportunities in a number of infrastructure, energy transition and building projects across the country.

The PCap Fund’s investment policy targets long-term investments of up to 30 years. It is based on environmental, social and governance criteria established by Pomerleau, from the project design stage through to investment portfolio management.

Since its creation in 2018, Pomerleau Capital has structured financing for projects worth over five billion dollars. The investment strategy that led to the establishment of the PCap Fund in 2021 has enabled it to be a long-term investor in several infrastructure and renewable energy projects worth over $500 million. Pomerleau has invested in wind power projects, an energy-efficient industrial building and a building dedicated to higher education. Some of these projects have been carried out in partnership with Borea Construction, a Pomerleau subsidiary that manages and builds renewable energy projects.

“Given the growing needs of communities, private enterprise has a vital role to play in financing the construction of sustainable infrastructure. We would like to thank the CDPQ for their renewed confidence, and the commitments of our six new partners. They are firmly rooted in the Québec business community and undertake major activities reaching right across Canada. Our PCap Fund now exceeds $200 million, strengthening our room for manoeuvre and diversifying our business opportunities,” says Pomerleau CEO Philippe Adam.

About Pomerleau Capital

Pomerleau Capital is Pomerleau’s financial arm specializing in the investment and financing of infrastructure, energy transition and building projects. The Pomerleau Capital team is dedicated to the development of investment opportunities, project financing and asset management. To date, Pomerleau Capital has structured over $5 billion in financing for large scale, complex infrastructure projects. Pomerleau Capital, manages a portfolio of over $500 million in assets, particularly through its Infrastructure Fund, that are focused on projects contributing to the development of healthy, sustainable communities. For more information on Pomerleau Capital, visit www.pomerleau.ca/en/pomerleau-capital.

About Pomerleau

Pomerleau is one of Canada’s largest construction companies, with close to $5 billion in revenues in 2023. It delivers buildings, infrastructures, civil engineering works, and major projects using collaborative models. With its research and development lab, Pomerleau integrates innovation in more than 70% of its projects and works in a sustainable way to build the living environments of tomorrow. Its subsidiary Borea executes 50% of the country’s renewable construction projects, and ITC Construction Group, acquired in 2022, is one of the largest residential construction companies in the West. It also owns Pomerleau Capital, a subsidiary specializing in private infrastructure investment and financing. Founded 60 years ago, Pomerleau has over 5,000 employees and workers at over 200 sites from coast to coast. The company has been named among Canada’s Top 100 Employers since 2020. www.pomerleau.ca

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ITC Service secures BGF investment to drive growth

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The IT managed services provider, based in the North East, has raised £7 million to support its organic growth and M&A strategy.

19 November 2024
ITC Service secures BGF investment to drive growth

ITC Service, an IT managed services provider, has secured a £7 million investment from BGF.

Founded in 2016, by Christopher Potts and Peter Anderson, the Hebburn-based company delivers customer-focused, business-critical outsourced IT services to more than 400 SMEs across the North East of England. Services include managed IT support, cyber security, Microsoft 365 cloud services, voice, communication, consulting and digital transformation.

The funding from BGF will allow the business to continue scaling, through a combination of organic growth and the acquisition of complementary providers in neighbouring regions.

Commenting on the deal, Christopher Potts, ITC Founder and Director, said: “Over the last 18 years, we have built a highly successful, respected business that has developed a strong and valued client base. With the ongoing support of my co-founder Peter, I am excited to lead ITC forward, to continue to grow and support our region, to help more local businesses achieve their goals, and complete a carefully executed M&A strategy.

“In order to fulfil this potential, we need an investment partner that is willing to take a long-term approach to support our growth ambitions. With an excellent track record of backing exciting and dynamic businesses in the North East, we are confident BGF is the right choice and we’re delighted to have the team onboard.”

The deal was led by John Healey and Christian Pollard, investors in BGF’s Newcastle team. As part of the investment, Lee Shorten will join ITC’s board as non-executive chair.

“ITC is a real success story in the North East, where it has a long-established track record of delivering exceptional client outcomes. With an appetite to accelerate growth, through a leading service offering, combined with a client-focused approach, ITC is well positioned to expand its footprint in the regional market.”
John Healey
Investor at BGF

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