Category Archives: News

Ardian Signs An Agreement for the Acquisition of Goldman Sachs Alternatives’ Stake in AFCO

Ardian

Ardian, a world-leading private investment house, today announces that it has completed the acquisition of the ownership position in Aviation Facilities Company Management, LLC (“AFCO”) previously held by the Infrastructure business at Goldman Sachs Alternatives. AFCO is an independent industry leader in the investment, development, management, and operation of on-airport cargo facilities and other airport infrastructure in the U.S.

Headquartered in Dulles, Virginia, AFCO’s business currently includes more than 3.5 million square feet of airport infrastructure, with 29 properties at 15 airport locations around the U.S. and U.K., including on-airport air cargo warehouses and aircraft apron, ground support equipment maintenance and concession logistics facilities, aircraft maintenance hangars, and a robust pipeline of new development and acquisition opportunities at key airports.

Through this new partnership with Ardian, AFCO will have access to valuable resources and operational expertise, enabling the company to advance its growth strategy, including through targeted acquisitions.

“We are delighted to partner with AFCO and leverage the team’s experience, knowledge and the relationships they have developed over the past three decades in the airport infrastructure space as we continue to build on the company’s strong foundation and accelerate growth. On behalf of the Ardian team, we look forward to working closely with the AFCO management team in this exciting next chapter of partnership”. Stefano Mion, Co-Head of Infrastructure Americas and Senior Managing Director, Ardian

“This investment builds on our strategic initiative to expand into the infrastructure and aviation market. Ardian launched this initiative over ten years ago and has since held and exited investments in London Luton and 2i Aeroporti and, most recently, made a significant investment in Heathrow to become the airport’s largest shareholder. AFCO is the ideal partner as we continue to expand our industry footprint around the world, particularly in the U.S. and the broader Americas region, and focus on acquiring strategic infrastructure assets with a proven track record.” Leonarda Orani, Managing Director, Ardian

“We are delighted to have partnered with AFCO since 2018 to support the company as it accelerated its growth and strengthened its position as a leader in on-airport cargo warehousing in North America, demonstrating resilient infrastructure characteristics as the market environment evolved,” (…) “Our investment in AFCO, sourced on a bilateral, proprietary basis, represents the unique access to compelling infrastructure opportunities provided by our One Goldman Sachs franchise.  We wish the management team and Ardian success on the next phase of their journey.” Teresa Mattamouros, Managing Director in Infrastructure, Goldman Sachs Alternatives

“We appreciate the supportive partnership we have had with Goldman Sachs Alternatives over the past seven years. We have instituted a number of value creation initiatives, including an innovative financing structure that has allowed us to invest in existing facilities and strategically expand our portfolio through new acquisitions and developments and create cost-effective solutions for our airport and tenant partners” (…) “As we look ahead, we are excited about our new relationship with Ardian and look forward to drawing on the team’s expertise as a global player and international leader in essential infrastructure, including transportation and aviation, as we continue to grow our company.” Chuck Stipancic, CEO, AFCO

The closing of the transaction is subject to customary closing conditions.

DC Advisory served as a financial advisor and Gibson Dunn served as legal counsel to Ardian. RBC Capital Markets, LLC and Eastdil Secured, LLC served as financial advisors and Fried, Frank, Harris, Shriver & Jacobson LLP served as legal counsel to Goldman Sachs Alternatives.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $177bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 20 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.

At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT AFCO

AFCO has more than thirty-years of experience in aviation and airports and is a recognized leader in the investment, development, management and operation of airport support infrastructure. With broad, best in class capabilities and deep experience, AFCO provides an unparalleled level of service, comprehensive and innovative solutions and value to their clients including airports, municipalities, commercial and cargo airlines, aircraft maintenance, repair and overhaul service providers, general and corporate aviation and a wide variety of other airport users.

aviationfacilities.com

ABOUT INFRASTRUCTURE AT GOLDMAN SACHS ALTERNATIVES

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has more than $3.1 trillion in assets under supervision globally as of December 31, 2024. Established in 2006, Infrastructure at Goldman Sachs Alternatives has invested $16 billion across 40 portfolio companies since its inception. The business has a long track record of investing across the key sectors of infrastructure, including energy transition, digital infrastructure, transportation & logistics and circular economy.

Follow us on LinkedIn.

am.gs.com

Media Contacts

ARDIAN

H/ADVISORS ABERNATHY

ardian@h-advisors.global

Goldman Sachs

Joseph Stein

Joseph.Stein@gs.com+44 207 774 4080

AFCO

Chuck Stipancic

cstipancic@aviationfacilities.com

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Sauer Brands completes acquisition by Advent

Advent
  • Industry veteran E. Yuri Hermida appointed Chief Executive Officer, effective March 12

 

RICHMOND, VA, February 19, 2025 – Sauer Brands Inc. (the “Company”), a scaled platform of leading condiments and seasonings brands, today announced the completion of its previously announced transaction in which Advent International (“Advent”), a leading global private equity investor, has acquired Sauer Brands from Falfurrias Capital Partners (“Falfurrias”). Terms of the transaction were not disclosed.

“We are thrilled to welcome Sauer Brands into our portfolio and build upon the success the Company has already achieved to date,” said Tricia Glynn, a Managing Partner at Advent. “Our aspirations are to enable even more consumers to discover and fall in love with Sauer’s brands, including Duke’s Mayo, Mateo’s Gourmet Salsa and Kernel Season’s.”

In connection with the close of the transaction, Sauer Brands also announced that E. Yuri Hermida has been appointed as the Chief Executive Officer of the Company, effective March 12. Hermida brings decades of proven experience in building and scaling consumer brands, including most recently serving as EVP, Chief Growth and Strategy Officer of Constellation Brands, a leading beverage alcohol company. Hermida previously served as President of Sovos Brands, a consumer-packaged food company focused on acquiring and building disruptive growth brands, and as Executive Vice President of Reckitt, a multinational producer of consumer goods in the health, hygiene and nutrition categories, where he oversaw the company’s multibillion-dollar North American Hygiene business.

As previously announced, Todd Lachman, a seasoned consumer packaged goods executive, has joined Sauer Brands as Chair of the Board of Directors.

“Now that the transaction is officially complete, we are thrilled to welcome Yuri to drive an ambitious growth strategy in concert with an accomplished leadership team for Sauer Brands,” said Todd Lachman, Board Chair of Sauer Brands. “With Yuri’s deep expertise and proven track record in leading and growing multibillion-dollar brands across geographies, we will be well-positioned to catapult Sauer Brands into its next chapter of growth.”

“I am honored to join Sauer Brands at such a pivotal time and am excited to partner with the talented Sauer team and Advent, a proven investor in the global food space,” said E. Yuri Hermida, incoming CEO of Sauer Brands. “I admire Sauer Brands’ legacy of delivering high-quality, flavorful condiments and seasonings that consumers trust and have kept going back to throughout its nearly 140-year history. As CEO, I look forward to building on this impressive foundation and expanding our reach to even more customers and consumers.

Morgan Stanley & Co. LLC served as lead financial advisor and McGuireWoods LLP served as legal advisor to Sauer Brands. William Blair & Company, L.L.C. served as co-financial advisor to Sauer Brands. Centerview Partners LLC served as financial advisor and Weil, Gotshal & Manges LLP served as legal advisor to Advent.

About Sauer Brands

Sauer Brands Inc. was founded as The C.F. Sauer Company in 1887, in Richmond, Virginia. The company produces a broad line of inspired flavors to excite and delight consumers including condiments, spices, seasonings and extracts. The company’s manufacturing facilities are in Richmond, Virginia; Mauldin, South Carolina; New Century, Kansas; and San Luis Obispo, California. The company sells well-known brands including Duke’s Mayonnaise, Kernel Season’s, The Spice Hunter, Mateo’s Gourmet Salsa and Sauer’s. Sauer Brands Inc. also produces high-quality private label products for the retail and away-from-home channels. Learn more at www.sauerbrands.com.

About Advent International

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $93.5 billion in assets under management* and have made more than 420 investments across 43 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 650+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of September 30, 2024. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

Media Contact

Leslie Shribman
Head of Communications, Advent International
lshribman@adventinternational.com

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Motus Extends Reach with Strategic Acquisition of Everlance

Thomabravo

Acquisition expands Motus’ capabilities to optimize spend, mitigate risk, and increase productivity for companies of all sizes, from the largest enterprises to sole proprietors

BOSTON—Motus, the industry leader in vehicle reimbursement and risk mitigation for businesses with employees that actively drive for work, today announced the acquisition of Everlance, a mileage and expense tracking solution for small businesses, teams, and sole proprietors. The acquisition further strengthens Motus’ ability to provide trusted and innovative reimbursement solutions for companies of all sizes, supporting every kind of employee who drives as a part of their job.

Founded in 2015 by Alex Marlantes and Gabriel Garza, Everlance was created to empower mobile workers with easy-to-use productivity tools. The company’s self-managed vehicle reimbursement solution has helped over 4 million drivers track their miles automatically, log expenses, and maximize their take-home pay.

The complementary offerings will enable Motus to serve the broadest range of companies with solutions that range from highly tailored and integrated to self-installed and self-managed. Everlance’s origins in the consumer market bring a top-rated mobile app and employee experience, while Motus’ leading analytics and business intelligence deliver unparalleled decision support capabilities. The unique strengths of each company combine to create a product portfolio that will be able to meet customers’ needs today and in the future.

“The success of so many organizations depends on employees driving their own cars as part of their jobs,” said Phong Nguyen, CEO, Motus. “For those businesses with sales teams, merchandisers, home healthcare or a host of other critical roles—it can be a struggle to gain the visibility and control they need to optimize reimbursement spend, mitigate risks, and bolster the productivity of all those employees on the road. By joining forces, Motus and Everlance will be able to offer our customers a more robust set of mileage reimbursement, driver safety and training, and related tax and compliance solutions for every kind of employee who drives.”

“Motus and Everlance have an incredible opportunity to help organizations of all sizes reimagine reimbursement solutions for employees who actively drive for work,” said Alex Marlantes, CEO, Everlance. “I’m thrilled about the immense value that our combined teams can deliver by bringing best-in-class reimbursement solutions to the market.”

Motus is a portfolio company of leading private equity firms Permira and Thoma Bravo. For more information about today’s news, please visit: www.motus.com

About Everlance
Everlance is a top-rated mileage and expense tracking app designed to help self-employed individuals and businesses save money and time. With over 4 million users, Everlance offers an automatic, accurate, and easy-to-use solution for tracking miles and expenses, ensuring users maximize their tax deductions and take-home pay.

About Motus
Motus is the definitive expert in mobile workforce solutions. Its platform simplifies the reimbursement and management of vehicle and device costs through personalized calculations. Powered by an unmatched pool of data, refined over more than 80 years, and updated in real time, Motus is the platform of choice for top Fortune 500 companies and organizations committed to workplace agility. Motus automotive data, captured and analyzed across the world’s largest retained pool of drivers, also underpins the annual Internal Revenue Service (IRS) business mileage standard, the amount an individual can deduct for business vehicle expenses. For more information, please visit www.motus.com  or connect with us on Twitter, Facebook, Instagram or LinkedIn.

Read the release on PR Newswire here.

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Electro Rent Sells intellirent

Platinum

Company divests ancillary division focused on power and infrastructure markets

LOS ANGELES (February 19, 2025) – Platinum Equity portfolio company Electro Rent today announced the signing of a definitive agreement to sell its intellirent division to Sandbrook Capital.

intellirent provides electrical test and measurement (“T&M”) equipment primarily serving the power generation and distribution, data center and renewable energy industries.

Electro Rent, which has owned intellirent since 2018, expressed confidence in the company’s continued growth under new ownership.

“The intellirent segment has grown significantly under our ownership and established itself as a leader in the power and electrical testing equipment rental market across a range of testing environments and industries,” said Mike Clark, Chief Executive Officer at Electro Rent.

Clark said he expects a seamless transition.

 

“We believe this sale allows us to unlock the value of intellirent while Electro Rent focuses on further growth and investment in its core business. We will continue working with Mike and the management team to maximize the company’s potential.”

Louis Samson and David Glatt, Platinum Equity

“The business is a non-core North American division that mostly operates independently and primarily serves different customers and end users than Electro Rent’s other business segments,” explained Clark. “It’s well-built to operate as a standalone enterprise led by a dedicated management team under the leadership of Neil McCaw.”

The transaction is expected to close in the first quarter of 2025.

“We believe this sale allows us to unlock the value of intellirent while Electro Rent focuses on further growth and investment in its core business,” said Platinum Equity Co-President Louis Samson and Platinum Equity Managing Director David Glatt in a joint statement. “We will continue working with Mike and the management team to maximize the company’s potential.”

Harris Williams served as financial advisor to Electro Rent and Platinum Equity on the sale of intellirent. Latham & Watkins LLP is serving as legal advisor to Electro Rent and Platinum Equity on the divestiture.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of more than 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 29 years Platinum Equity has completed more than 450 acquisitions.

About Electro Rent

Electro Rent is a leading global provider of testing and technology solutions that enable its customers to accelerate innovation and optimize investments. Electro Rent offers a single-source solution, including rental, financial solutions, sale of new and used equipment, calibration and asset optimization, serving industry-leading organizations in communications, aerospace and defence, automotive, energy, education and general electronics. The company was founded in 1965. More information is available at www.electrorent.com.

About intellirent

intellirent is the leading provider of medium-to-high-voltage electrical testing equipment rentals, offering industry-leading service and an extensive fleet to support a diverse customer base. By delivering fast, reliable, and technically sophisticated rental solutions, intellirent plays a critical role in power grid modernization, data center expansion, and industrial infrastructure projects. The company’s deep expertise and commitment to customer service have solidified its position as a trusted partner in the specialty rental market.

Categories: News

Rise Growth Partners Acquires Minority Stake in Grimes & Company to Accelerate Growth and Geographic Expansion

Charlesbank

Partnership aims to strengthen planning structure, expand firmwide expertise and enhance national presence

AUSTIN, TX — February 19th, 2025 – Rise Growth Partners (‘Rise’), the wealth management industry’s first synergistic financial partner for growth-oriented registered investment advisors (RIAs), today announced its second strategic minority investment, backing Grimes & Company, LLC (‘Grimes’). A full-service, family-owned and operated wealth management firm with around $5.7 billion in assets under management (AUM), Grimes serves approximately 3,000 households nationwide and has built a heritage of growth through its thoughtful, high-touch approach to financial planning and investment management. This partnership will help fuel Grimes’ continued momentum, enabling the firm to deliberately expand its geographic presence, further refine its centralized planning process and attract growth-focused advisor teams and firms.

“We’ve always believed that growth should be intentional, and this partnership is the next step in executing on that vision,” said Kevin Grimes, CEO and Chief Investment Officer at Grimes. “The Rise team immediately understood the scalability of our business, the uniqueness of our model and our exciting vision for the future. With their expertise and resources, we’ll be positioned to multiply our impact while maintaining the collaborative culture and relationship-driven client experience that have defined Grimes and its success to date.”

Founded by Timothy (Tim) Grimes and now led by son Kevin Grimes, the eponymous firm has built a reputation for centralized planning and investment strategies that scale without sacrificing personalization. With presence in Massachusetts, Texas, Florida and Nebraska, Grimes has already expanded beyond its New England roots and is now poised to accelerate its footprint in select areas. This trajectory of growth, alongside its dedication to providing independent, client-focused financial planning, has earned the firm recognition among Barron’s Magazine Top 100 Independent Advisors, Barron’s Magazine Top 1,200 Advisors State by State and Financial Advisor Magazine’s Top Independent RIA Firms.

“Grimes has built an incredible business by delivering truly bespoke investment portfolios at scale, something rare in an industry dominated by model-driven approaches,” said Joe Duran, Managing Partner at Rise. “We see a tremendous opportunity to partner with investment-centric firms that value centralized planning and growth while maintaining the flexibility of customized portfolios. Our goal is to help Grimes realize its potential of becoming a lighthouse brand in the industry, expanding its national presence by attracting like-minded teams who share this commitment to excellence.”

Grimes added: “This partnership allows us to build something even more special, enabling us to become a magnet for top talent and remain an industry leader for years to come. For our clients, it means even more resources, expanded expertise and enhanced planning capabilities, all while maintaining the same hands-on approach they value. For our advisors, it means greater access to best-in-class technology, additional investment and planning support and a strategic growth partner that allows them to better serve their clients. We are not sacrificing our independence or culture; we are enhancing it.”

“Great wealth management is not just about numbers—it’s about vision, strategy and an unwavering commitment to clients’ success,” said Terri Kallsen, Managing Partner at Rise. “The Grimes team embodies all three, turning financial goals into lasting legacies.”

Rise, backed by a strategic investment commitment from Charlesbank Capital Partners (‘Charlesbank’), was created to empower growth-oriented RIAs with the resources, expertise and capital they need to accelerate growth without ceding control. Unlike many traditional strategic acquirers, Rise partners with firms that want to scale while preserving their culture, independence and client-first philosophy.

For more information on Rise and its innovative approach to building the next generation of RIAs, visit risegrowth.com. To learn more about Grimes and its acclaimed team of advisors, visit grimesco.com.

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CVC Credit prices Cordatus XXXIV, its first new issue CLO of 2025

CVC Capital Partners

CVC Credit, the €45 billion global credit management business of CVC, has successfully priced Cordatus XXXIV (34), a new €475m (c.$500m) Collateralized Loan Obligation (“CLO”) vehicle and CVC Credit’s first new issue CLO of 2025.

Cordatus XXXIV was oversubscribed and has one of the tightest cost of debt of any new issue European CLO since 2021. The vehicle has a four-and-a-half year reinvestment period and a one-and-a-half year non-call structure with over 60% of assets already sourced. Jefferies served as the lead arranger.

Quotes

We are delighted to have priced our first new European CLO of the year, a move that further consolidates CVC Credit’s position as one of the leading CLO managers in Europe.

Guillaume TarneaudPartner and Head of European Performing Credit at CVC Credit

Guillaume Tarneaud, Partner and Head of European Performing Credit at CVC Credit, said: “We are delighted to have priced our first new European CLO of the year, a move that further consolidates CVC Credit’s position as one of the leading CLO manager in Europe. The transaction was oversubscribed and as a result priced with one of the tightest cost of debt of any new CLO issued in Europe since 2021.”

Gretchen Bergstresser, Managing Partner and Global Head of Performing Credit at CVC Credit, added: “This is our first new CLO pricing of 2025 following a very active 2024, with 25 transactions taking place across the year. It is essential to continue the momentum from 2024, which was made possible with the combined strengths of our teams in London and New York.”

Categories: News

Reconstruction of Plantagen gains legal force and is thus completed

Ratos

The decision of the courts in Norway and Sweden to approve the reconstruction plans, which were announced on 16 January 2025, have gained legal force in both countries. Accordingly, the reconstruction, which has been ongoing since 22 August 2024, has now been completed. The objective of the reconstruction has been achieved. As a result, Plantagen now has lower costs as well as lower debt and a lower capital requirement.

The objective of the reconstruction was to ensure long-term sustainable and profitable operations, with the necessary conditions in place to meet customer needs, and to build on Plantagen’s market-leading position in Norway and Sweden. This objective has now been achieved, and the measures taken have significantly improved the company’s prospects to ensure greater financial stability through lower costs, lower debt and lower tied-up working capital.

Financial impact on Plantagen
Plantagen has reduced its store network by approximately 30%, which corresponds to the closure of 36 stores with insufficient profitability (14 stores in Norway, 11 stores in Sweden and all 11 stores in Finland). Plantagen has also reduced the number of store employees by 20% and the number of employees in Group functions by 36%, corresponding to a total of 285 FTEs.

The total cost savings from the 2024 cost-saving program and the measures carried out as part of the reconstruction, the rent reductions included, are estimated at approximately SEK 400m annually. The stores with insufficient profitability that have now been closed, reduces all other things being equal, the turnover in 2025 by approximately SEK 500m. Savings and a more compact store network significantly reduce the working capital requirement going forward. Shorter lease terms and a reduction in the number of stores will also reduce Plantagen’s liabilities for future leasing commitments by approximately SEK 1,500m. The composition dividend amounts to a total payment of approximately SEK 260m. Write-down of external debts and realization of composition gains is calculated at approximately SEK 220m and will be reported as an extraordinary income in 2025. A part of the composition dividend will affect liabilities for future leasing commitments.

“We have now laid the foundation for a more financially viable company with stronger operations. I would like to thank Plantagen’s management, all of its employees and its various stakeholders for their contribution to the success of this initiative. In a market dominated by high inflation, which has impacted both cost levels and consumer purchasing power, these measures were necessary. We are now fully focused on the future and Plantagen’s upcoming peak season,” says Jonas Wiström, President and CEO, Ratos.

For more information, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a Swedish business group focusing on technological and infrastructure solutions, consisting of 15 companies divided into three business areas: Construction & Services, Industry and Consumer. The companies have approximately SEK 32 billion in net sales (December LTM). We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in Execution and It’s All About People. We enable independent subsidiaries to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Categories: News

KKR To Make Further Investment In Enilive

KKR

London, 18th February 2025 – KKR, a leading global investment firm, today announces that KKR has signed an agreement to acquire an additional 5% stake in Enilive from Eni for a consideration of €587.5 million, taking its total holding in Enilive to 30%.

Enilive is Eni’s mobility transformation company, dedicated to biorefining, biomethane production, smart mobility solutions, and providing services to support people on the move. The additional investment follows KKR’s initial acquisition of a 25% stake in Enilive announced in October 2024, and demonstrates KKR’s commitment to the business and its growth potential as a leader in the energy transition, providing progressively decarbonized services and products in support of sustainability-driven mobility.

Marco Fontana, Managing Director in KKR’s European Infrastructure team, said: “Having first signed our investment in Enilive in October last year, this transaction reiterates our confidence in the business’ ability to provide innovative and effective emission-reducing technology solutions, in line with our strategy to support transformative energy projects across Europe. We’re excited to continue working alongside Eni to further establish Enilive as a market leader.”

KKR has been consistently investing in Italy across asset classes since 2005, with a commitment to supporting the country’s economic and social development. In July 2024, KKR announced the closing of its acquisition of Telecom Italia’s fixed-line network and incorporation into FiberCop, creating the most extensive Italian broadband network serving around 16 million households and helping to fast-track the digital transition in Italy.

KKR’s investment in Enilive has been made through its Global Infrastructure Strategy. The firm first established its Global Infrastructure Strategy in 2008 and has since been one of the most active infrastructure investors around the world, currently managing over $77 billion in infrastructure assets.

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.

About Enilive:

Enilive is Eni’s company dedicated to biorefining, biomethane production, smart mobility solutions including Enjoy car sharing, and the distribution of all energy carriers for mobility, through its more than 5,000 Enilive Stations in Europe.

Enilive aims to provide progressively decarbonized services and products for the energy transition, contributing to Eni’s goal of achieving carbon neutrality by 2050 also through industrial assets that include the Venice and Gela biorefineries, in Italy; the St. Bernard Renewables LLC (50% joint venture with PBF Energy) in Louisiana (United States of America); numerous biogas plants being converted to biomethane production in Italy, as well as new projects in Livorno, in Malaysia and in South Korea, where further biorefineries are under construction. Enilive plans to increase its biorefining capacity to over 5 million tonnes/year by 2030 and enhance its optionality for Sustainable Aviation Fuel (SAF) production up to 2 million tonnes per year.

Media contacts

Alastair Elwen / Jack Shelley

kkr-lon@fgsglobal.com

+44 20 7251 3801

Giovanni Sanfelice Di Monteforte / Cristiano Signorini

giovanni@tancredigroup.com / cristiano@tancredigroup.com

+44 777 585 8152 / +44 795 041 3690

 

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KKR Enters Into Strategic Partnership With Energy Service Provider EGC

KKR

FRANKFURT, Germany–(BUSINESS WIRE)– KKR, a leading global investment firm, announced that KKR has signed agreements to enter into a strategic partnership with EGC, an energy service provider based in Düsseldorf, Germany. The engineering service provider ITG is also part of the group. The founding family and current shareholders will retain a stake in the company and will remain active members of the management team. Former CEO Germany of GETEC Group, Michael Lowak, will join the group as Chairman, contributing his extensive industry expertise to support the management team in this strategic partnership .

With KKR as a strategic partner, EGC aims to become the leading decarbonization partner for the real estate industry and to accelerate its growth. To this end, the company plans to invest more in both organic and inorganic growth.

EGC is a second-generation, family-owned and independent energy services provider in Germany. The company covers the entire value chain: from planning and developing concepts for energy and building technology systems, to financing, owning and operating central heating units and electricity supply networks, to energy supply. EGC manages a real estate portfolio of approximately 2 million square meters for over 100 clients and operates around 800 central heating units. With ITG, a team of experienced engineering employees for the planning of energy and building technology systems and facilities is also part of the group. This engineering expertise combined with a broad energy services portfolio in particular is the foundation for the group’s strong position.

Buildings account for around a third of global CO2 emissions, mainly through space and water heating. The decarbonization of heating systems in buildings is crucial to achieving the EU’s climate targets. EGC supports landlords in developing solutions to meet their decarbonization goals.

Following the successful completion of the transaction, KKR will support the company in introducing a broad-based employee ownership and engagement model. The program will ensure that all employees are involved in shaping EGC’s future and can participate in the company’s future success. KKR developed this model in 2011 and has since successfully implemented it globally in 60 portfolio companies with more than 150,000 non-management employees.

Corinna Pitz and Dirk Pitz, members of EGC’s management, said: “The collaboration with KKR opens up completely new possibilities for us to further expand our strong market position and to develop our group of companies. In KKR, we have found a partner that shares both our strategic goals and our entrepreneurial approach. KKR is not only an established infrastructure investor, but also has a long history of working with family-run companies. We are very much looking forward to this next phase of growth with KKR, which will open up many new opportunities for our group and employees.”

Michael Lowak, future Chairman of EGC, said: “EGC enables landlords to efficiently plan, implement and finance the decarbonization of their properties. The company is thus making a significant contribution to both the real estate industry and the energy transition in Germany. I look forward to bringing my experience and industry knowledge to EGC and working with KKR to further drive the company’s growth.”

Ryan Miller, Managing Director in KKR’s European Infrastructure team, commented: “To advance the energy transition in Germany at the necessary pace, we need creative solutions and long-term capital. We are seeing growing interest in contracting solutions and significant potential in what is still a very fragmented market. Together with the management team, we want to develop EGC into the leading decarbonization partner for the real estate industry and drive forward the energy transition in Germany.”

KKR has extensive expertise in global infrastructure investments, particularly in the energy sector, and is committed to continuing to investing in the future of renewable energy. With approximately USD 77 billion in infrastructure assets under management, including more than USD 21 billion invested in the energy transition, KKR brings a global investment perspective, extensive experience in large-scale infrastructure projects and a proven track record in high-profile transactions in Europe such as Encavis, Vantage Towers, Zenobe, or Greenvolt. In Germany, KKR has invested more than EUR 18 billion of long-term equity in more than 35 companies in various alternative asset classes since the late 1990s, primarily in partnership with founders, family businesses and corporations. The strategic partnership with EGC builds on KKR’s long track record of working with family businesses in Germany.

KKR is funding the investment as part of its Global Climate Strategy, through which KKR is investing at scale in solutions that support the transition to a low-carbon economy.

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.

About EGC

EGC is a second-generation, family-owned and independent energy services provider in Germany. The company covers the entire value chain: from planning and developing concepts for energy and building technology systems, to financing, owning and operating central heating units and electricity supply networks, to energy supply. The company manages a real estate portfolio of over 2 million square meters for over 100 clients and operates around 800 central heating units. Customers of EGC include private and public housing companies, institutional real estate investors such as insurance companies, banks, and investment companies. The group provides services for new constructions and existing buildings, for single properties as well as entire real estate portfolios. With ITG, a team of experienced engineering employees for the planning of energy and building technology systems and facilities is also part of the group.

Learn more about us: www.egc-fm.de

KKR

Thea Homscheid
Mobile: +49 (0) 172 13 99 761
E-Mail: kkr_germany@fgsglobal.com

Emily Lagemann
Mobile: +49 (0) 160 99 27 13 35
E-Mail: kkr_germany@fgsglobal.com

Source: KKR

 

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Flourish Research Announces Strategic Acquisition of Diablo Clinical Research

Clinical Research Facility Expands Flourish Research’s Geographic Footprint and Adds Additional Therapeutic Coverage

APEX, NC, February 18, 2025—Flourish Research (“Flourish” or the “Company”), a leading multi-site clinical trial organization focused primarily on cardiovascular, metabolic, neuroscience, and infectious disease therapeutic areas, today announced the acquisition of Diablo Clinical Research (“Diablo”), a distinguished multi-therapeutic clinical research facility performing phase I-IV clinical trials and medical device studies.

Established in 1995, Diablo has conducted more than 1,000 trials across various therapeutic areas, establishing a strong track record in endocrinology, cardiovascular, and metabolic studies, among others. Diablo is headquartered in Walnut Creek, CA. For more information, visit www.diabloclinical.com.

Reinhold Schulz, Chief Executive Officer of Flourish, said, “For 30 years, Diablo has built its reputation as a premier regional site, delivering high participant diversity, top enrollment-to-target statistics and participant retention. Diablo expands our geographic footprint and adds additional therapeutic area coverage. As a result, we can provide patients with best-in-class service and deliver to our clients accurate and timely data to support new and improved therapies.”

Emily Galdes, Chief Operating Officer of Diablo, added, “The missions of Flourish and Diablo are identical – advancing clinical research to bring life-enhancing therapies to market safely and effectively. By joining Flourish, our experienced principal investigators, management team, and staff can combine expertise that will be of great value to our sponsors and participants.”

Scott Niehaus, Managing Director at Genstar Capital, which acquired Flourish in 2024, commented, “Diablo boasts an impressive client base of sponsor and CRO partners that includes a broad range of leading pharmaceuticals, emerging biotechs and medical device companies. This is an important acquisition for Flourish given Diablo’s reputation and proximity to Silicon Valley, which provides access to expansion into new device trials and start-ups. Diablo is Flourish’s second acquisition under Genstar ownership, and we look forward to continuing to support Reinhold and the Flourish management team to grow rapidly and expand network efforts with customers.”

Fairmount Partners acted as exclusive financial advisor to Diablo.

About Flourish Research

Headquartered in Apex, NC, Flourish’s network of 26 sites and over 150 investigators conducts studies spanning all phases of clinical trial research. The Company is known for deep medical expertise in several therapeutic areas and a reliable, predictable, and timely patient recruitment experience. With best-in-class technology, quality, and operations systems, Flourish is well-positioned to best serve patients and its biopharma sponsor and CRO clients to advance clinical research in an efficient manner. For additional information on Flourish, please visit our website at https://flourishresearch.com.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high-quality companies for over 30 years. Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $49 billion of assets under management and targets investments focused on targeted segments of the financial services, industrials, software, and healthcare industries.

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Media Contact:

Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
chris@tofallipr.com

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