Category Archives: News

KPN Ventures initiates Health Innovation Fund III, together with Menzis, Monuta and OostNL

 

After two previous successful funds, the third Health Innovations venture capital fund has been initiated to support innovative healthcare start-ups in developing their products and bringing them to the market. In the coming years, the fund will invest € 15 million in 10 to 15 starting tech companies. The fund is focused on innovative digital health solutions that keep healthcare affordable and improve the quality and accessibility of care.

Investors include KPN Ventures, Menzis, Monuta, Topfonds Gelderland, Oost NL and several private investors. The fund is further supported by the Ministries of Health and Economic Affairs. Together, they are investing 6 million euros from the Netherlands Enterprise Agency’s Seed Capital Scheme.

The investors will be contributing their expertise and networks to the fund and the health start-ups in order to increase their chances of success.

Focus on innovation in healthcare

The Health Innovation Fund III will invest in companies that have developed new products to make healthcare smarter, better and more accessible. These can be software, hardware and service solutions, as long as they are directed towards prevention, diagnosis, treatment or cure or care monitoring. Joris van Eijck, Director Healthcare at Menzis, emphasizes the importance of innovation in healthcare:

“The application of new technology means, for example, that patients can live at home longer or receive care in their familiar environment, rather than in the hospital. Technology gives healthcare a fundamentally different form and creates value for patients.”

This third Health Innovation fund will also explicitly target e-Health solutions that foster self-management, self-monitoring and self-reliance. The first two funds have already made 18 investments in promising companies, including Prolira, LivAssured, Nightbalance, ANW Nederland, Noviosense and Aidence.

According to the partners involved, innovation is not only required for keeping healthcare affordable, but can also further improve the quality of healthcare. As important stakeholders in the sector, they want to accelerate this process. That’s why, in addition to making resources available, they will also utilize their expertise and network to support the start-up enterprises. Herman Kienhuis from KPN Ventures confirms this: “Digital technology offers enormous opportunities to improve the quality and affordability of healthcare and to increase people’s self-reliance, also in the case of illness and old age. KPN wants to take on an important role in this field and seeks out and supports young tech companies to jointly develop innovations, also through its partnership with the Health Innovation Fund III.”

Organization

The Health Innovation Fund III is managed by Utrecht-based Health Innovations. The fund is supported by the Ministry of Economic Affairs, Agriculture and Climate and by the Ministry of Health, Welfare and Sport. In December 2017, the Netherlands Enterprise Agency selected the fund for its SEED Capital arrangement by means of a tender process. Secretary of State Keijzer from Economic Affairs and Climate, responsible for financing: “The production of new medical devices, for example for making diagnoses or for carrying out complex medical analyses, is good for the quality of healthcare and for our economic development. Investing in e-Health benefits us all and especially the people who need this care. With the SEED Capital scheme, we are supporting innovative entrepreneurs who can develop these ideas.”

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Ardian acquires a minority stake in SFAM

Ardian

7 February 2018, Paris – Ardian, a world-leading private investment house, today announces that it is acquiring a stake in SFAM, the leading European broker of smartphone and multimedia insurance. In addition, ICG, the specialist asset manager, is underwriting a bond issue, while Winch Capital 3, managed by Edmond de Rothschild Investment Partners (EdRIP), a shareholder of SFAM since 2016, is selling a portion of its stake.

Founded in 1999 by Sadri Fegaier, SFAM is a major European player in the distribution of extended warranty products, specialising in particular in the fast-growing portable products market. SFAM designs, sells, and manages a line of premium insurance products for mobile phones and multimedia devices with extended warranties. With 1,300 employees, SFAM expects to achieve €500 million in gross sales in 2018.

SFAM is aiming to continue its rapid growth (+2,500% in five years) and accelerate its entry into international markets. SFAM already has operations in France, Belgium, Spain, and Switzerland and is considering expanding into Portugal, the Netherlands, and Italy. SFAM also intends to continue diversifying its insurance services for portable and multimedia products and its cash-back programmes, and will launch a new online service in 2018, under the brand Hubside.

Sadri Fegaier, Founding Chairman of SFAM, said: ”We are thrilled to welcome Ardian as a shareholder of our company and for them to accompany us as we enter a new phase in our development. Having this high-value partner is important as it provides the company with both financial and human resources so that we can continue our rapid growth. We will continue to focus on maintaining the satisfaction of our distributor partners, insurers and customers, while also looking into opportunities for external growth.”

Yann Bak, Managing Director at Ardian Buyout, added: “SFAM’s exponential growth is remarkable and we are looking forward to being able to support the company as it continues along this path. SFAM has a unique position thanks to its great capacity for innovation, its operational excellence, and the quality of its services. We would like to thank Sadri Fegaier and his team for their confidence in Ardian.”

Sylvain Charignon, Partner at EdRIP, added: “Since our investment in January 2016, SFAM has significantly developed its business, combining strong strategic vision and impressive quality of execution. We wanted to thank Sadri Fegaier for this successful pace and to welcome Ardian, which will contribute to the long-term development of the Group.”

 

ABOUT SFAM

SFAM, founded in 1999 and based in Romans-sur-Isère (France), is the European leading broker in smartphone and multimedia insurances. SFAM began its activity by marketing its insurance products from its own sales points. In 2010, SFAM launched its products on the national market and became the first broker to offer an all risk insurance (covering all causes of loss and breakage) combined with a smartphone recycling service. By relying on its motivated and loyal staff, all experts in their own fields, SFAM proved to be a real success with over 4 million customers and 2,500 partners in Europe. Drawing on its extensive experience in insurance distribution, the SFAM Group has expanded its activity in Europe while innovating its insurance products and additional services and the recycling of technical products. SFAM is also present in Belgium, Switzerland and Spain.

 

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$66bn managed or advised in Europe, North America and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

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

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 480 employees working from twelve offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), North America (New York, San Francisco) and Asia (Beijing, Singapore). It manages funds on behalf of 650 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

Follow Ardian on Twitter @Ardian

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EQT sells CBR Fashion Group

eqt

  • EQT V to sell German based CBR Fashion Group to Alteri Investors
  • During EQT V’s ownership, CBR has developed from a fast fashion company to a multi-channel fashion business with a bespoke e-commerce platform achieving double-digit annual growth rates
  • Improved capital structure through successful bond issuance which significantly increases operational flexibility

EQT V today announced that it has entered into an agreement to sell CBR Fashion Group (”CBR” or “the Company”) to UK based Alteri Investors.

CBR is one of the top five women’s fashion manufacturers in Germany. It has over 1,200 employees and supplies more than 8,300 sales outlets in 19 European countries. It operates under two long-term established brands: Street One and CECIL. Since EQT V acquired the Company, it has significantly invested in the business and its IT, digital and logistic infrastructure. CBR has developed from a fast fashion wholesale retailer to a contemporary multi-channel women’s fashion provider with a strong e-commerce platform. With the introduction of an in-house retail business and e-commerce function, the Company is now present and well positioned throughout all important sales channels.

With a strategy of launching twelve new collections per year and a dedicated end customer focus, CBR successfully offers fashion at the right time and in line with ongoing trends. Thanks to efficient processes, stable relationships with wholesale partners and a steadily growing digital distribution channel, CBR is well positioned to capitalize on both online and offline sales opportunities.

Revenues for the last twelve months ending in June 2017 amounted to EUR 579 million. During recent years, CBR has shown a double-digit growth rate in the key e-commerce channel. In the fourth quarter of 2017, CBR significantly improved its capital structure through a successful bond issuance.

Matthias Born, CFO/COO of CBR, said: “Together with EQT, we have developed and professionalized our business model. Today, CBR is well positioned for the future in all important formats. We are prepared to meet the challenges within the fashion retail sector and committed to continue to strengthen our market positions.”

Marcus Brennecke Partner at EQT Partners, Investment Advisor to EQT V, added: “We are impressed by the focused business strategy Matthias Born, Jim Nowak and their team have implemented. CBR’s offering has been sharpened and today supplies contemporary women’s fashion through a strong multi-channel platform. CBR is well equipped for future growth.”

The transaction is subject to customary closing conditions and is expected to close during the first quarter of 2018.

Contacts:
Marcus Brennecke Partner at EQT Partners, Investment Advisor to EQT V +49 89 2554 9959
EQT Press Contact, +46 8 506 55 334

About EQT
EQT is a leading investment firm with approximately EUR 38 billion in raised capital across 25 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About CBR Fashion Group
Founded in 1980, CBR Fashion Group is now one of the major fashion manufacturers in the German mainstream women’s clothing market. With a broad geographical presence and two established brands, Street One and CECIL, CBR is one of the foremost suppliers of women’s fashion in Germany, employs over 1,200 people and is represented in 19 European countries.

More info: www.cbr.de

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Ratos AB: airteam expands to Sweden

Ratos

Ratos’s subsidiary airteam is expanding to Sweden through the acquisition of Luftkontroll Energy Örebro AB (Luftkontroll Energy), a leading installer of ventilation solutions in the Mälardalen region.

airteam, a leading supplier of ventilation solutions in Denmark, is strengthening its market position by expanding to Sweden through the acquisition of Luftkontroll Energy. The company has approximately 35 employees and offices in Örebro. Its sales for 2017 amounted to about SEK 80m. Luftkontroll Energy offers efficient ventilation and energy solutions, including after-sales and maintenance services.

“Through the acquisition of Luftkontroll Energy, airteam is taking its first, strategically important steps into Sweden. The company has a strong market position and competent management team, who will remain in their roles and be partners in the company moving forward. The company is a good fit for airteam’s business model and we see strong potential for airteam to continue growing in Sweden,” says Robin Molvin, Senior Investment Director at Ratos.

The acquisition is expected to be completed in the first quarter of 2018.

For further information, please contact:

Robin Molvin, Senior Investment Director Ratos, +46 8 700 17 15

Helene Gustafsson, Head of IR and Press, +46 8 700 17 98

Financial calendar from Ratos:
Year-end report 2017                                      16 February 2018
Interim report January-March 2018                 3 May 2018
Annual General Meeting 2018                        3 May 2018
Interim report January-June 2018                   17 August 2018
Interim report January-September 2018         25 October 2018

Ratos is an investment company that owns and develops unlisted medium-sized companies in the Nordic countries. Our goal as an active owner is to contribute to long-term and sustainable business development in the companies we invest in and to make value-generating transactions. Ratos’s portfolio consists of 14 medium-sized Nordic companies and the largest segments in terms of sales are Industrials, Consumer goods/Commerce and Construction. Ratos is listed on Nasdaq Stockholm and has a total of approximately 13,400 employees.

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AURELIUS subsidiary GHOTEL expands further with acquisition of two new hotel operations

Aurelius Capital

  • Acquisition of two 4-star hotels in Ludwigsburg and Neckarsulm
  • Integration into the existing GHOTEL hotel portfolio while keeping the “nestor” brand name
  • GHOTEL hotel & living will nearly double its revenues by 2020 thanks to this and other announced expansion steps

Munich – 2 February 2018 – The hotel operator GHOTEL hotel & living (www.ghotel.de), a subsidiary of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8), continues to expand with the acquisition of two 4-star hotels operations in the Stuttgart metropolitan area. The sale is being conducted as part of a succession plan. The parties have agreed to keep the financial details of the transaction secret.

The two hotels in Ludwigsburg and Neckarsulm will continue to operate under the “nestor” brand name and complement the portfolio of GHOTEL hotel & living, particularly  in the segment of business customers. The additions allow GHOTEL hotel & living will to extend its market positioning up to the 4-star segment. With nine hotels and apartment houses in Germany to date, the hotel group taps into the economically strong Stuttgart metropolitan area through the acquisition of these conveniently located hotels, both well positioned in their local market. Following extensive renovations in the years 2012 to 2015, both hotels feature state-of-the-art amenities. Nestor Ludwigsburg offers 179 rooms, conference areas, a restaurant as well as a wellness center. Nestor Neckarsulm is characterized by 84 rooms, a conference area and a restaurant.

“The acquisition of the two nestor hotels is an important step in our long-term growth strategy and a very attractive addition to our hotel portfolio,” said Jens Lehmann, Managing Director of GHOTEL hotel & living. “We announced the opening of three new hotels in Bochum and Düsseldorf just at the end of 2017. Together, these steps will almost double our revenues by the year 2020. And we even want to expand beyond that.”

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AURELIUS sells AH Industries to the management team with long-standing experience in the wind industry

Aurelius Capital

  • The company was adapted to suit substantially changed market conditions during the time it was owned by AURELIUS
  • The management team headed by Kim Kronborg Christiansen and Adrian Roy Willetts is committed to continue developing the company

Munich, February 2, 2018 –AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8) has sold its subsidiary AH Industries to the management team with long-standing experience in the wind industry. The company based in Ribe (Denmark) is a supplier of components, modules and systems for the wind, mineral and cement industries, with production facilities in Denmark and China. The parties agreed to keep the financial details of the transaction confidential.

With the help of the AURELIUS Task Force and the AHI management team, the company has adapted to the changed market conditions in the wind industry. Procurement, sales, production and working capital were optimized, among other things, and the organization was streamlined. With the sale of the peripheral business Site Solutions to Eltronic A/S, a Danish supplier in the field of Industrie 4.0 and digitalization, in early December 2017, a corporate structure was established that will now enable the management to lead the company to further growth in its core business, the production of steel components and modules for wind power turbines. As a second pillar, AH Industries is also active in the procurement and assembly of special machines for the cement and mineral industries. The management team is rounded out by Kim Kronborg Christiansen, who will take on the role of future CEO.

 

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Gimv acquires a majority stake in the capital of France Thermes in order to support the group’s ambitious growth plans

GIMV

Gimv[1], together with France Thermes’ Chairman and management team, announces the group’s acquisition from Normandie Capital Investissement, Initiative et Finance and Volney Développement. Gimv’s current investment as well as the commitments taken, are aimed at continuing the development of the company’s existing thermal resorts and supporting its active expansion and acquisition policy.

Since 2013, France Thermes has belonged to Normandie Capital Investissement, Initiative et Finance, Volney Développement and Sylvain Serafini, Chairman of the group since 2009. It owns, develops and operates two thermal resorts in Bagnoles de l’Orne (Normandy) and Châtel-Guyon (Auvergne). In 2017, France Thermes welcomed nearly 20,000 guests and generated turnover of nearly EUR 19 million.

The group is one of the French thermal spa sector’s most dynamic players, with widely recognised expertise in the development of thermal resorts. It is growing fast and aims to consolidate its market by capitalising on efficient operations, by focusing on high-quality facilities and care for medical and recreational thermal spa users, and on constructive collaboration with all the players in its ecosystem (healthcare professionals, local authorities, etc.).

The group currently operates the B’O Resort in Bagnoles de l’Orne (www.bo-thermes.com), a leading provider of thermal rheumatology and phlebology treatments in northwestern France. The site has been revitalised and remodelled as a thermal resort through a significant investment programme driven by Sylvain Serafini and his team, and now hosts nearly 13,000 guests a year. On the back of this first successful venture in Bagnoles de l’Orne, France Thermes is building a new thermal resort in Châtel-Guyon (www.thermesdechatel-guyon.fr) that will provide an offer unique in Europe focused on digestive health and gut flora, in addition to rheumatology.

“We chose Gimv for its perfect understanding of the challenges facing the health sector and its capacity as an investor to provide significant long-term resources. France Thermes’ thermal resort concept makes it perfectly placed to respond effectively to an ageing population and the increase in chronic diseases, as a result of which thermal spa treatments have become a core part of public health strategy, with patient care now fully reimbursable,” explained Sylvain Serafini, also CEO of the France Thermes group.

“We believe that France Thermes is an ideal platform on which to create a leading player in the French thermal spa market. The group relies on a splendid management team that has shown that its thermal resort concept delivers excellent results and is ready for wider deployment,” stated Gautier Lefebvre, Principal in Gimv’s Health & Care team.

Benoit Chastaing, Partner, Partner in Gimv’s Health & Care team, added: “The France Thermes model fits perfectly with the concept of continuous care provision. Our expertise in the consolidation of healthcare facilities combined with our long-term vision will be major advantages for implementing France Thermes’ plan. We are very proud to have been selected by Sylvain Serafini and his team to support the group in carrying out its ambitious growth plan.”

No further financial details on this transaction will be disclosed.

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Gilde Healthcare invests in business intelligence for healthcare by acquiring Performation

GIlde Healthcare

Utrecht, The Netherlands – Gilde Healthcare today announces the acquisition of Performation, market leader in business intelligence for healthcare in the Netherlands. The investment of Gilde Healthcare will facilitate the expansion of the company’s service offering to improve operational, tactical and strategic control of healthcare clients.

Healthcare business intelligence is growing fast
Business intelligence is an essential tool in modern hospital management. Reports on quality, costs and operations provide vital input to managers taking decisions. The demand for business intelligence in the healthcare sector is forecast to grow by 10-15% annually. “Better insights on the effectiveness of the care delivered not only enables increasing quality of care, but also has the potential to decrease its costs,” comments Hugo de Bruin, partner with Gilde Healthcare.

Broadening service offering
Performation has grown rapidly over the last years. “The investment by Gilde Healthcare enables us to introduce new services to manage and control the quality of healthcare companies. We will continue to develop new products in house, such as our successful Notiz product for DRG registration assurance. In addition, we will consider acquiring companies with strong existing service offerings to add to our platform,” says Steven Lugard, CEO of Performation. “The recent acquisition of revenue forecasting provider Datinzo is an example of this. It strengthens our position as a full range business intelligence supplier for the healthcare sector.”

Improving healthcare delivery
The investment in Performation fits well with the profile of Gilde Healthcare as a specialist investor. De Bruin: “We are constantly looking for companies that positively contribute to the quality of healthcare delivery. Performation’s partnership with IKNL is a good example of this value add. Performation supports the Dutch cancer research foundation in reporting treatment outcomes. With this information, cancer care in the Netherlands is constantly improved. Demand for healthcare information is growing, not only with healthcare managers, but also among patients and doctors. Performation is a leading expert in extracting this data and transforming it into the desired information.”

About Performation
Performation Healthcare Intelligence is a provider of healthcare specific business intelligence solutions to monitor costs, processes and quality. The company supports clients in taking well-informed decisions that contribute to the delivery of high quality and effective care. With over a hundred enthusiastic consultants and business intelligence experts, Performation is a leading player in the Dutch market.

About Gilde Healthcare
Gilde Healthcare is a specialized European healthcare investor managing two business lines: a venture & growth capital fund and a lower mid-market buy-out fund. Gilde Healthcare’s venture & growth capital fund invests in medtech, diagnostics, digital health and therapeutics. The portfolio companies are based in Europe and North America. Gilde Healthcare’s lower mid-market buy-out fund invests in profitable European healthcare services companies with a focus on the Netherlands, Belgium and Germany. The portfolio consists of healthcare providers, suppliers of medical products and other service providers in the healthcare market. Since 2001 Gilde Healthcare has raised €800 million ($1 billion) for its specialized funds. For more information, visit the company’s website at www.gildehealthcare.com

Gilde Healthcare

Gilde Healthcare is a specialized European healthcare investor managing two business lines: a lower mid-market buy-out fund and a venture & growth capital fund. It has over €800 million ($1 billion) under management and is actively looking to lead new investments in digital health, diagnostics, medical devices, therapeutics and healthcare services across Europe and the US.

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Kinnevik supports the proposed combination of MTG’s Nordic Entertainment and MTG Studios businesses with TDC Group

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that it supports the proposed combination of Modern Times Group MTG AB (publ)’s (“MTG”) Nordic Entertainment and Studios businesses (together “MTG Nordics”) with TDC A/S (“TDC Group”), and that it is expected to become a 5.6 percent shareholder in the combined company.

As announced today by MTG and TDC Group, the companies have entered into an agreement to combine MTG Nordics with TDC Group. As consideration, MTG will receive 308.9 million newly issued shares in TDC Group, worth approximately SEK 16.3bn per yesterday’s closing price, and SEK 3.3bn in cash. MTG intends to distribute all the received TDC Group shares to its shareholders immediately upon completion. The completion of the combination is subject to, inter alia, approval by the shareholders of MTG and TDC Group at their respective General Meetings, which are currently expected to be held during the second quarter of 2018, as well as necessary authority approvals.

Kinnevik is today the largest shareholder in MTG, holding in aggregate 20.0 percent of the shares and 47.6 percent of the votes.[1] Kinnevik has made an irrevocable commitment to vote in favor of the combination and the distribution at the general meeting in MTG, and not to sell any shares or otherwise deprive itself of any voting rights in MTG until the distribution is completed, subject to disposals according to customary conditions and for regulatory purposes. In addition, Kinnevik has committed to certain thresholds in relation to potential acquisitions of TDC Group shares until the distribution is completed, subject to customary conditions.

When the TDC Group shares have been distributed to MTG’s shareholders, Kinnevik is expected to hold 5.6 percent of the shares in TDC Group.

Georgi Ganev, CEO of Kinnevik, commented: “MTG has executed a successful strategic transformation from a traditional national broadcaster into a global digital entertainer. The proposed combination will create Europe’s first fully convergent media and communications provider by teaming up with a well-known partner in Denmark and Norway. The combination will at the same time enable MTG to focus on the development of its global digital entertainment verticals. We are supportive and excited about the proposed transaction.”

For further information about the financial details and preliminary timetable of the combination, the distribution of the TDC Group shares to MTG’s shareholders, as well as information about the combined company and the new MTG, please refer to the press releases issued by MTG at www.mtg.com and TDC Group at www.tdcgroup.com.

 

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 07.35 CET on 1 February 2018.

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Aurelius Omega Limited unlikely to complete acquisition of Connect Books

Aurelius Capital

Munich/London February 1, 2018 – Aurelius Omega Limited (“AOL”), a group company of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) refers to the proposed acquisition of the books division of Connect Group PLC (“Connect Books”) pursuant to a share purchase agreement dated 20 December 2017.

Very shortly after signing of the transaction, we were informed that there was a severe under-performance of the Connect Books business for the month of December 2017, which led to a significant decrease in forecasted EBIT for the financial year 2017/2018. This was a marked deviation from the forecasts provided to us by Connect Group before signing of the transaction. As a result of this change, our banking partners confirmed that they could no longer provide financing for the proposed acquisition.

We have made several attempts to find a mutually satisfactory solution with Connect Group and the banking partners, but it now appears unlikely that the transaction will proceed.

 

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