Category Archives: News

BGF Foundation makes largest funding round to date

BGF

In its most targeted funding round so far, the Foundation has awarded £650k+ of unrestricted funding and pro-bono support to seven charities supporting young people across the UK.

16 July 2025
BGF Foundation grantee Social Mobility FoundationSocial Mobility Foundation

The BGF Foundation, the independent charitable arm of BGF, has announced its largest and most targeted funding round to date: over £650,000 of unrestricted, multi-year funding, awarded to seven high-impact charities supporting young people across the UK.

This latest funding round supports charities working in areas including education, employability, physical wellbeing, and mental health – successful organisations include Access Sport, Social Mobility Foundation, Go Beyond, Think Forward, Sister System, Team Domenica, and Jon Egging Trust.

“We’re pleased to have deployed the largest funding round to date, impacting seven incredible charities, supporting children and young people across the UK.”
Andy Gregory
Chair of the BGF Foundation & CEO of BGF

Together, these charities reach young people across the regions that BGF operates in, including London, Oxfordshire, Manchester, Birmingham, Brighton, Cardiff, Kent, Nottingham, Leeds, Newcastle, Bristol, Cornwall, North Wales, and beyond. It’s a national portfolio, with local relevance – mirroring BGF’s own regional model.

BGF Foundation grantee Team DomenicaTeam Domenica

The BGF Foundation is an independently governed charity. Its ethos is rooted in BGF’s own approach to supporting businesses: long-term partnerships, strategic support, and a localised footprint. The Foundation’s pioneering model is built around:

  • Unrestricted funding, giving charities the autonomy to direct resources where they’re needed most
  • Multi-year backing, enabling long-term planning and organisational stability
  • Funding and support that’s structured for clarity and ease, so charity partners can stay focused on their missions.
“This is a natural extension of how BGF operates.”
Aaron Baker
Trustee of the BGF Foundation
BGF Foundation grantee Think ForwardThink Forward

Crucially, the funding is backed by targeted pro bono support – spanning marketing, legal, finance, digital tools, and governance – delivered by BGF staff and its broader network. The Foundation has already engaged over 100 BGF staff in volunteering, mentoring, and operational charity support – and is scaling that offering as part of this latest funding round.

“We’ve designed our funding approach to provide long-term support, unrestricted funding, and the backing of our entire BGF community, through pro bono and skills-based volunteering.”
Charlotte Moses Rains
COO of the BGF Foundation

It also acts as a clear vehicle for employee and stakeholder engagement. Staff can use their Social Impact Days to support charity partners in ways that align with their skills and values – from digital transformation to direct beneficiary mentoring.

“We’re trying to make this as mutually valuable as possible,” says Charlotte Moses Rains, COO of the BGF Foundation. “Charities get meaningful input, and our people get the chance to contribute their expertise to causes that align with BGF’s values. It’s not about doing everything. It’s about doing the right things, really well – and helping high-potential organisations grow with confidence.”

Categories: News

BGF-backed TravCorp acquires Specialist Holidays Group

BGF

This strategic acquisition further strengthens the company’s position in the specialist, premium and tailor-made travel markets.

16 July 2025
BGF-backed TravCorp acquires Specialist Holidays Group

BGF-backed TravCorp Holdings Ltd, parent company of Destination2, Destination2 Cruise, and Holiday Gems, today announces it has acquired Specialist Holidays Group from Travelopia.

This strategic acquisition brings a highly complementary collection of specialist travel businesses and talented individuals into TravCorp Holdings Ltd’s growing portfolio — adding American Holidays, Citalia, and Sovereign Luxury Travel to its successful brands already specialising in the Middle East, Indian Ocean, and cruise markets, among others.

The acquisition is supported by TravCorp Holdings Ltd’s long-term investment partner, BGF, and aligns with the ambitious growth strategy led by Chair Andrew Botterill.

“We are thrilled to welcome Specialist Holidays Group into the TravCorp family,” said Andrew Botterill, Chair of TravCorp Holdings Ltd. “These are admired and trusted brands. The impressive team brings deep destination knowledge and a clear passion for customer-centred service. This acquisition marks a significant step forward as we continue to invest in specialist, destination-led brands.”

View of Castiglione della Pescaia, old town and sea, in Maremma, Tuscany (Italy)

Led by Managing Director Helen Adamson, Specialist Holidays Group encompasses three well-respected brands — Citalia, American Holidays, and Sovereign Luxury Travel — each with strong reputations for delivering exceptional value, service, and experiences to customers.

Helen Adamson, Managing Director of Specialist Holidays Group, commented: “We are delighted to join a well-established travel and leisure business. TravCorp has a strong reputation for building commercially successful companies centred around customer experience, service, and innovation. Our brands, audiences, and teams complement one another well — we’re excited about what we can achieve together.”

Helen Adamson will remain in her role as Managing Director following the acquisition, reporting to Andy Freeth, newly appointed Group CEO.

“Citalia, American Holidays, and Sovereign Luxury Travel bring substantial scale and valuable specialisms to our group offer. With continued support from our investment partners at BGF, this acquisition marks a key milestone in our plan to become one of the UK’s most trusted and successful collections of specialist travel brands.”
Andy Freeth
Group CEO of TravCorp Holdings Ltd

Spencer Woods, Partner at BGF, added: “We’re proud to support TravCorp in this strategic acquisition, which further reinforces its position as a market leader in specialist travel. This is exactly the kind of bold, growth-oriented move we look to back at BGF – helping ambitious businesses scale with confidence, strengthen their market presence, and unlock long-term value. Congratulations to the entire team on this exciting milestone.”

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Leadership Advisory Firm ghSMART Announces Significant Minority Investment from KKR

KKR

NEW YORK–(BUSINESS WIRE)– ghSMART, a premier global leadership advisory firm, and KKR, a leading global investment firm, today announced that funds managed by KKR will acquire a significant minority stake in ghSMART (the “Company”). ghSMART partners with CEOs, boards, and investors to develop effective executive teams and support high-stakes leadership decisions. ghSMART’s founder, partners, and employees will retain majority ownership in the business and the current management team, led by CEO Jeff McLean, will continue to lead the company in their current roles. Financial terms of the transaction were not disclosed.

This investment marks a pivotal moment as ghSMART celebrates its 30-year anniversary. Founded in 1995 by Dr. Geoff Smart, ghSMART’s Chairman, the Company pioneered the leadership advisory industry and serves many of the world’s most influential organizations across Fortune 500 companies, leading asset management firms and non-profits. ghSMART has completed nearly 30,000 leadership assessments and more than 5,000 C-Suite advisory engagements to-date with a 98% client satisfaction rate.1 KKR will support ghSMART’s growth by helping to expand the Company’s client base and further develop its digital product offerings.

“About a year ago, ghSMART began a thoughtful search to identify the right value-added investor,” said Smart. “Today, we are beyond proud to announce an investment from KKR. This not only aligns with our strategic vision but also reinforces our commitment to being a culture-first employee-owned firm. With KKR’s support, we are well-positioned to invest intelligently to thrive in an increasingly digital world.”

ghSMART CEO Jeff McLean added, “This investment is truly a full-circle moment for the firm. Thirty years ago, KKR generously provided data to Geoff for his Ph.D. dissertation on management assessment in private equity, which facilitated the founding of ghSMART. With KKR’s backing, we aim to expand our services to assist even more organizations in unlocking value through strategic leadership hiring and high-stakes decision-making.”

“At KKR, we have long recognized that talent is the foundation upon which companies create value for their stakeholders,” said Chris Harrington, Partner at KKR. “The Company stood out to us due to its incredibly high customer satisfaction, proving that ghSMART is synonymous with leadership excellence. We look forward to helping the Company build upon its success and reputation to deliver even greater impact for clients in the years ahead.”

KKR is making its investment in ghSMART through its Ascendant Fund, which invests in middle market businesses in North America as part of KKR’s Americas Private Equity platform. Following the close of the transaction, KKR will support ghSMART in helping further expand its employee ownership program for all of the company’s 173 employees. Since 2011, more than 65 KKR portfolio companies have awarded billions of dollars of total equity value to over 160,000 non-senior management employees.

Goldman Sachs & Co. LLC served as financial advisor and Kirkland & Ellis LLP served as legal advisor to ghSMART. Dechert LLP served as legal advisors to KKR.

About ghSMART

ghSMART is the trusted advisor to CEOs, boards, and investors on leadership strategies that drive performance and transformation. Combining rigorous assessments with analytics, ghSMART supports its clients in building exceptional teams and achieving their most ambitious goals. Founded on the belief that leadership is the most powerful force for good, ghSMART remains a pioneer in leadership advisory, with a legacy of bestselling books and industry accolades.

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.

_____________________________
1 ghSMART 10-year client survey average

 

Media Contacts:

ghSMART
Jennifer Watkins
jwatkins@ghsmart.com

KKR
Brooke Rustad
media@kkr.com

Source: KKR

 

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CapMan Buyout exits MM Sports to The Feelgood Company

Capman

CapMan Buyout has agreed to sell its holdings in MM Sports, a leading sports nutrition company in the Nordics, to The Feelgood Company AS, a portfolio company of Jordanes AS.

CapMan Buyout acquired MM Sports in 2021. Under CapMan’s ownership, the company’s turnover and profitability have continued to develop favourably, and MM Sports has undergone a successful evolution by strengthening its brand, products, operations, and market position. Notable investments include the acquisition of a production facility, the extension of its store network, and the relocation to a new headquarters and warehouse.

“During our ownership, MM Sports has cemented its position as one of the leading sports nutrition companies in the Nordics. Several important investments have been made in the company that have enabled continued growth and increasing profitability. I would like to thank the MM Sports organisation for the excellent collaboration during our ownership. CapMan is proud to hand over a business that is exceptionally well-equipped and ready to accelerate its development together with its new owner, The Feelgood Company,” says Robin Westberg, Partner at CapMan Buyout.

“We are proud of the journey we have had with CapMan, and I would like to express my warmest gratitude for the support we have received over the past few years. At the same time, we look forward to the future with The Feelgood Company. This partnership gives us the scale and strategic alignment to accelerate our growth and become the leading sports nutrition group in the Nordics,” says Erik Sjöberg, CEO of MM Sports.

Closing of the transaction is expected during Q3 2025 and is subject to regulatory approvals and customary closing conditions.

For further information, please contact:

Robin Westberg, Partner, CapMan Buyout, +46 72 583 81 66

Erik Sjöberg, CEO, MM Sports, +46 73 526 23 27

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.4 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Read more at www.capman.com.

About MM Sports
MM Sports is a Swedish sports nutrition player operating through an omnichannel D2C model across the Nordic countries, with an e-com platform and 10 physical stores. The company offers a wide range of sports nutrition and fitness products sold mainly under a variety of in-house brands. Read more at www.mmsports.se.

About The Feelgood Company
The Feelgood Company is a Nordic house of brands and e-commerce company with a digital business model delivering products within wellness and beauty. The company consists of brands such as Bodylab and Camilla Pihl Cosmetics, and is a portfolio company of Norwegian-based Jordanes. Read more at www.jordanes.no.

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Keystone Agency Partners Announces Strategic Investment from Warburg Pincus

BainCapital

  • Warburg Pincus Acquires Majority Stake in Keystone Agency Partners; Existing Investor Bain Capital to Reinvest in the Company’s Continued Growth
  • Investment Underscoring Strength of Value-Added, Partnership-Driven Model Serving Independent Insurance Agencies

Mechanicsburg, PA (July 16, 2025) – Keystone Agency Partners (Keystone), a leading insurance broker and agency network, today announced that Warburg Pincus, the pioneer of private equity global growth investing, will acquire a majority stake in the company. Bain Capital, which launched Keystone in 2020, will retain a minority ownership in Keystone through a new investment from Bain Capital Insurance. With this investment, Keystone will continue to innovate and grow its network of agency partners. Financial details of the private transaction were not disclosed.

Founded in 1983, Keystone has grown into a leading national retail broker and agency network, comprised of 28 Platform Partners and over 350 independent network partners combining for over $8B in annual premium. Keystone’s model empowers its owned Platform Partners and Network agencies to grow and thrive, providing resources and expertise to succeed in a rapidly evolving insurance landscape. Agencies gain access to growth resources, including risk management solutions and market insights to expand their client base and drive profitable growth. Keystone was recently recognized as the 31st largest broker in the U.S. by Business Insurance, demonstrating the success of its innovative agency model and strategic vision.

“We’re excited to partner with Warburg Pincus, a firm with a proven track record of supporting growth-oriented companies,” said Patrick Kinney, CEO of Keystone. “This investment will enable us to accelerate our growth initiatives and further support our agency and network partners as they navigate the changing insurance landscape.”

Jeff Stein, Managing Director and Head of U.S. Financial Services at Warburg Pincus added, “We have been impressed by Keystone’s model and its ability to empower both its Network and Platform Partners to achieve sustained performance and a clear track record of success. As a long-term investor in the insurance sector, we believe that Keystone has significant growth potential and are excited to partner with Patrick and the Keystone team in this exciting next phase of growth.”

“Since we founded the business with David Boedker, Keystone Agency Partners has built a differentiated retail insurance brokerage platform by partnering with best-in-class independent agencies,” said Matt Popoli, Partner and Global Head of Bain Capital Insurance. “The Company’s substantial growth speaks to the strength of the management team and their deep commitment to delivering value to agency partners across the nation by providing the resources for success. We are excited to partner with the management team, our agency partners and Warburg Pincus for Keystone’s next chapter. We only wish that our dear friend and partner David was still with us to celebrate this significant milestone.”

“This transaction reflects our collaborative, cross-platform approach, combining the expertise of our insurance team and the flexible solutions provided by our special situations group to support Keystone’s impressive national expansion and successfully build its leadership position as one of the largest broker networks in the country,” added Angelo Rufino, Partner and Head of Special Situations in North America at Bain Capital.

The transaction is expected to close in Q3 2025 and is subject to customary regulatory approvals.

Barclays acted as lead financial advisor to the Company. Goldman Sachs, KBW, and Dowling Hales also acted as financial advisors to the Company. Jamieson advised Keystone’s executive leadership team, and Kirkland & Ellis LLP is serving as corporate legal counsel to Keystone. Jefferies is acting as financial advisor to Warburg Pincus, Wachtell, Lipton, Rosen & Katz is serving as corporate legal counsel, and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as financing legal counsel.

# # #

About Keystone Agency Partners
Keystone Agency Partners is recognized by Business Insurance as the 31st largest broker and the fastest-growing in the United States. Leveraging its robust distribution capabilities and strategic partnerships with Platform Partners, Keystone’s unique model delivers exceptional growth and profitability. By providing best-in-class services and capital investments, Keystone empowers independent agencies to thrive and unlock their full potential. Founded in 2020, Keystone continues to drive innovation and growth in the insurance industry. For more information, please visit www.keystoneagencypartners.com.
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About Warburg Pincus
Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $87 billion in assets under management, and more than 220 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

 

Media Contacts

 Scott Lessne / Charlyn Lusk

 

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Apheon partners with Longwood for future growth

Apheon

Apheon, a pan-European mid-market private equity investor, is pleased to announce that it has acquired a majority stake in Longwood (“Longwood”, or the “Group”), a renowned Spanish distributor and provider of high value-added In-Vitro Diagnostics (“IVD”) equipment, solutions and services for public and private hospitals and laboratories. Mr. Antonio Raichs, the founder and Chairman, will remain invested in the business and support the continued acceleration  of Longwood’s development under the leadership of CEO Mr. Miguel Giralt.

Founded in 1992 by Mr. Raichs and headquartered in Zaragoza, Spain, Longwood has grown into a distributor of reference and a key player within the most innovative IVD technologies, partnering with a high-quality base of OEMs. Longwood’s solutions are primarily structured around “Next Generation Sequencing” technology, covering various core therapeutic areas, including transplant, genetics, oncology, and forensic genetics, among others. The Group’s unique business model is further rounded with specific divisions manufacturing niche proprietary products and providing in-house value-added services addressing a diversified and recurrent client base of public and private hospital laboratories primarily in Spain and Portugal. Under the vision and leadership of Mr. Raichs and Mr. Giralt, CEO since 2020, Longwood has built a reputation of combining a high value add portfolio of solutions together with an outstanding team of qualified professionals committed to providing excellent service.

Apheon has a longstanding track record of backing entrepreneurial founders and families across Europe, successfully scaling their companies internationally. Leveraging its experience of having done so in similar industries in the past, Apheon will provide Longwood with strategic guidance and capital for growth, with the goal to further expand its product offering and solutions within key therapeutic areas, also pursuing meaningful M&A to build a strong platform in Spain and abroad. Mr. Raichs and Mr. Giralt will both significantly reinvest into the Group, remaining fully committed for this new chapter of growth alongside Apheon.

Mr. Antonio Raichs, Founder and Chairman, commented, “In Apheon, I believe we found the best partner to further unlock our ambitions to grow our group and presence. We particularly appreciate their track record of partnering with founders, including having already successfully done so in similar industries in the past. We are aligned on the vision and with their partnership and expertise, we will accelerate Longwood’s growth and international development”.

Mr. Miguel Giralt, CEO, said, “We see significant potential to scale and position Longwood to meet the evolving needs of our clients, sustaining our strong focus on customer care and service quality. Through the many interactions and conversations over the past year, we believe Apheon will be a great partner, and I am delighted to have their support”.

Mr. Pablo Álvarez Couso, Partner at Apheon, added: “As entrepreneurs ourselves, we recognized Longwood’s focus on innovation and excellence, and have been impressed by its strong historical development and management team. It is a privilege to have the trust of Antonio and Miguel and the opportunity to work alongside them to bring their vision forward. The Group has evolved significantly in the past years through exceptional service and innovations, and I am confident that we can achieve our plan together”.

About Longwood:
Longwood is a reference high value-added distribution platform of IVD solutions and services for both public and private hospital laboratories. Headquartered in Zaragoza (Spain), the Group creates solutions for its clients by combining a broad range of third-party IVD equipment and test kits sourced from blue-chip international OEMs through its main operating company: Diagnóstica Longwood. The Group’s offering is centred around Next Generation Sequencing but complemented by a broad range of diagnostic technologies used across several therapeutic areas. The Group rounds its value proposition with the manufacture of niche proprietary products through BDR and in-house value-added laboratory services provided through Citogen. For more information, please visit www.dlongwood.com.

About Apheon:
Apheon is a pan-European mid-market private equity investment company managing ~€3 billion of assets from select global institutional investors and families. Apheon is characterized by its partnership approach, providing “patient and friendly capital” and industrial know-how to entrepreneurs and management teams, preparing their companies for the future. Through its pan-European footprint, the firm acts as a gateway into Europe for companies in the mid-market. Since its founding in 2005, Apheon has raised more than €3.5 billion in capital, invested in ~40 companies across Europe and completed ~200 add-on acquisitions for a total aggregate transaction value in excess of €7 billion. Apheon’s current portfolio consists of 21 companies across its target sectors, representing ~€3 billion sales and 22,000 employees. Apheon is advised by Apheon Advisors which has offices in Brussels, Milan, Madrid, Paris, Munich and Amsterdam. For more information, please visit www.apheon.com.

+++

For more information, please contact:

John Mansvelt, COO, Apheon
jm@apheon.com
T: +32 2 213 60 90

Natalia Yek, Head of Investor Relations, Apheon
ny@apheon.com
T: +39 340 18 29 313

 

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Coller Capital announces U.S. launch of CollerCredit, expanding access to Private Credit secondaries for Wealth investors

Coller Capital

  • Fund provides institutional-grade exposure to diversified, income-oriented private credit

New York, Wednesday, July 16, 2025 – Coller Capital, one of the world’s largest dedicated private market secondaries managers, today announced the U.S. launch of CollerCredit, a fund providing high-net-worth investors access to the growing private credit secondaries market.

Private credit secondaries is a distinct asset class within the broader multi-trillion-dollar private credit market. As the market has matured, a dynamic and expanding secondaries market has emerged, offering investors liquidity in what has traditionally been a long-term investment strategy. Coller Capital was an early mover in credit secondaries, pioneering investments as early as 2008. To date, the firm has committed $10.1 billion to credit secondaries.1

CollerCredit seeks to deliver income, diversification, and downside mitigation along with more frequent liquidity than conventional private credit vehicles. The strategy complements the firm’s broader credit secondaries platform, which recently raised $6.8 billion in its latest fundraising cycle.2 Coller’s credit secondaries group includes 12 specialists within the wider 77-person investment team, making it one of the largest dedicated secondaries investment teams in the industry.

This U.S.-registered vehicle follows the firm’s existing CollerCredit strategy introduced in Luxembourg in 2024 and reflects the firm’s commitment to expanding private market access for wealth investors globally.

 Jake Elmhirst, Partner, Head of Private Wealth Secondaries Solutions and Deputy Head of Capital Formation, said: “The U.S. launch of CollerCredit reflects our commitment to building a secondaries platform for wealth investors wherever they are located. Private credit secondaries are a fast-growing segment of the market, and this fund offers institutional-grade access to a carefully constructed portfolio focused on income, diversification, and capital resilience.”

Michael Schad, Partner, Head of Coller Credit Secondaries, said: “Private credit secondaries represent a significant and expanding opportunity, but accessing it effectively requires deep expertise. Coller has been investing in this space for over 16 years, and we believe our dedicated credit team is well positioned to lead this next phase of its evolution.”

Jon McEvoy, Head of U.S. Private Wealth Distribution, said: “CollerCredit brings together Coller’s long track record in secondaries with a structure designed specifically for the U.S. wealth market. It offers investors access to private credit through a vehicle built for long-term allocation and aligned with the needs of high-net-worth portfolios.”

The fund is structured as a U.S. Registered Investment Company (RIC) and operates as a tender offer fund to provide periodic liquidity. Available to high-net-worth investors, including taxable, tax-exempt, and ERISA-eligible, the fund offers monthly subscriptions, quarterly repurchase offers, as well as simplified 1099 tax reporting and a lower minimum investment than traditional private credit funds.

The fund’s launch marks the next milestone in Coller’s Private Wealth Secondaries Solutions (PWSS) business, which was created in 2023 to expand access to private markets secondaries for high-net-worth investors globally. It follows the 2024 debut of the firm’s Luxembourg-based Private Credit Secondaries SICAV for international private clients.

Since establishing its global private wealth platform in 2023, Coller Capital has raised more than $4 billion across private equity and credit-focused secondaries strategies. The firm currently manages $40 billion in assets and operates from 10 offices across Europe, North America, and Asia-Pacific.1

For more information, visit: www.collercredit.com/us/

 

1. As of June 30, 2025
2. Figure represents capital raised from December 2023 through June 2025

 

An investment in a U.S. Registered Investment Company (“RIC”) entails risks, in particular the risk of an investor losing their invested capital. Prospective investors should conduct independent due diligence in assessing any investment opportunity.

Investors should carefully consider the investment objectives, risks, charges and expenses of Coller Private Credit Secondaries Fund (“CollerCredit”). This and other important information about the Fund are contained in the prospectus. Please read the prospectus carefully before investing. A copy of the Prospectus can be found online.

Potential investors should be aware that an investment in the fund is speculative, involves a high degree of risk, and is suitable only for those investors who have the financial sophistication and expertise to evaluate the merits and risks of an investment in the fund and for which it does not represent a complete investment program. Only investors who can afford a loss of their entire investment should consider an investment. The Fund will make a limited number of investments. Consequently, the aggregate return of the Fund may be substantially adversely affected by the unfavorable performance of even a single investment. Any investment in CollerCredit entails risks, including but not limited to the risk of losing all or part of the amount invested. Past performance is not indicative of future results, and there can be no assurance that the fund will be able to implement its investment strategy or achieve its investment objectives.

Interests in the Fund will be highly illiquid and subject to restrictions on transfer. Any tender offer or redemption by the Fund would have to be approved by its board of directors; it should, therefore, not be assumed that any such offer or redemption would happen at a particular time or at all. An investment in the Fund, unlike a traditional listed closed-end fund, should be considered illiquid. An investment in the Fund is appropriate only for investors comfortable with investing in less liquid or illiquid portfolio investments within an illiquid fund.

Lack of Operating History: Although Coller Capital’s investment team members have had substantial experience, the RIC is a newly formed entity with no or limited operating history upon which to evaluate the RIC’s potential performance. The success of the RIC will substantially depend on the skill and expertise of Coller Capital’s investment team. There can be no assurance that the investment team members will continue to be employed by Coller Capital throughout the life of the RIC.

The fund is distributed by Paralel Distributors LLC. Paralel is unaffiliated with Coller Capital.

Jake Elmhirst and Jon McEvoy are registered representatives of Paralel Distributors LLC.

Mentions
Black and white formal headshot of Jake Elmhirst.
Jake Elmhirst

Partner, Head of Private Wealth Secondaries Solutions and Deputy Head of Capital Formation
Black and white formal headshot of Michael Schad.
Michael Schad

Partner, Head of Coller Credit Secondaries
Black and white formal headshot of Jonathan McEvoy
Jonathan McEvoy

Managing Director, Investor Relations & Head of Private Wealth Secondaries Solutions Distribution
Press contact
Edelman Smithfield

coller@edelmansmithfield.com+44 (0)7980 684 247

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CASE Acquires Ragnarok Technologies

Ae Industrial Partners

Acquisition strengthens CASE’s leadership in delivering cutting-edge software and cloud solutions to mission-driven clients

LEESBURG, Va.–(BUSINESS WIRE)–CASE (“CASE” or the “Company”), a provider of high-end software development and cloud engineering services, announced today that it has acquired Ragnarok Technologies (“Ragnarok”), a specialized IT services provider for federal and commercial clients. Financial terms of the private transaction were not disclosed.

Founded in 2015 and headquartered in Reston, Virginia, Ragnarok delivers specialized and tailored engineering and enterprise IT solutions across high demand areas including blockchain analysis, digital forensics, cloud infrastructure, and software development. Ragnarok’s three co-founders, Thomas Dougherty, Ethan Grambow, and Chris Santiago, will remain with the organization and assume key roles on CASE’s senior leadership team.

“Ragnarok has earned a strong reputation within the IT community for its exceptional technical expertise and unwavering commitment to its customers,” said Paul Farmer, CEO, CASE. “In addition to expanding our presence in the National Capital Region, leveraging Ragnarok’s advanced technical capabilities and cutting-edge infrastructure positions us to provide even deeper strategic insight to our clients.”

“CASE and Ragnarok share a heritage of crafting innovative, tailored solutions that address the next generation of challenges facing federal and commercial clients,” added Ethan Grambow, Co-Founder and CEO, Ragnarok. “By joining forces with CASE, we are reinforcing our ‘Mission First’ mindset and accelerating the development of advanced capabilities to counter emerging threats.”

CASE is a portfolio company of AE Industrial, a private equity firm based out of Boca Raton, Florida. The transaction marks the next phase of CASE’s growth, following the Company’s acquisition of specialist cloud-based services and cyber solutions provider, CyberKinetics, in 2024.

G Squared Capital Partners and Peloton Strategies Group served as advisors to Ragnarok on the transaction.

About CASE

CASE is a founder-owned, leading provider of mission-critical technology services, delivers a broad range of next generation IT capabilities in cloud, cyber, and software development to solve its customers’ most pressing and important national security challenges. Specifically, CASE provides classified, high-end services that are in constant and increasing demand, including secure cloud architecture and analytics, software development and automation, systems engineering, and integration.

About Ragnarok Technologies

Ragnarok Technologies is a leading provider of IT services to federal and commercial clients, specializing in systems engineering, software development, cybersecurity, and program management. Driven by a commitment to purposeful innovation, Ragnarok’s experienced technologists tackle complex challenges to support clients’ mission-critical objectives.

About AE Industrial Partners

AE Industrial Partners is a private investment firm with $6.4 billion of assets under management focused on highly specialized markets including National Security, Aerospace, and Industrial Services. AE Industrial Partners has completed more than 130 investments in market-leading companies that benefit from its deep industry knowledge, operating experience, and network of relationships across the sectors where the firm invests. With a commitment to driving value creation in partnership with the management teams of its portfolio companies, AE Industrial Partners invests across private equity, venture capital, and aerospace leasing.

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FSN Capital IV has signed an agreement to sell its majority shareholding in Fibo

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Fsn Capital

N Capital IV* and other shareholders have signed an agreement to sell 100% of the shares in Fibo to leading UK-based bathroom products group Norcros plc for an Enterprise Value of NOK 618m1, after a successful growth journey that has strengthened and internationalized the business.

Established in 1952 in Norway, Fibo is a leading supplier of high-quality waterproof, decorative wall panels. Fibo’s products are widely used in public buildings, private homes and modular buildings, providing durable, hygienic and sustainable wall systems. For the financial year ended 31 December 2024, Fibo Group reported net sales of NOK 856.3m and EBITDA of NOK 100.0m2.

FSN Capital IV acquired Fibo as a carve-out from Norwegian building contractor Byggma ASA in 2015. During the ownership period, Fibo has undergone a significant transformation to become a more robust and resilient business, well-positioned for long-term growth. In 2017, Fibo built a new, highly automated production facility, which, combined with continuous operational improvements, has enhanced efficiency and flexibility.

Since 2015, Fibo has significantly diversified its revenue mix, expanding internationally out of its home market of Norway. Today, Fibo boasts sales in more than 20 countries, including a substantial presence in the UK, while all production continues to be based at the company’s factory in Lyngdal, Norway.

Eirik Wabø, Investment Director at FSN Capital Partners (investment advisor to FSN Capital IV), commented: “It has been a privilege to support Fibo over the years, and we have been continually inspired by the dedication and pride of Fibo’s employees. While Fibo maintains a strong local presence, it has also managed to pursue international ambitions. Thanks to the strong commitment of management and the entire team, Fibo has succeeded in building a significant foothold in new markets, making the business both resilient and well-positioned for future growth. We look forward to seeing Fibo’s continued success as it enters a new chapter.“

Anders Carlson, CEO at Fibo, added: “Becoming part of Norcros opens up new opportunities, including access to greater resources and the chance to learn from and collaborate with new colleagues. Most importantly, Fibo will be able to grow, innovate, and expand its reach to serve more customers around the world. We are thankful for a valuable partnership with FSN Capital IV, which has been key to the successful development of Fibo into an international company with significant potential to scale.”

The transaction is subject to approval by applicable authorities. Closing is expected during the second half of 2025.

FSN Capital IV was advised by DNB Carnegie, Haavind, PWC, and Raymond James.

*FSN Capital GP IV Limited acting in its capacity as general partner for and on behalf of each of FSN Capital IV L.P., FSN Capital IV (B) L.P. and FSN Capital IV Invest L.P.

1  Enterprise value excluding lease liabilities. Lease liabilities at 31 December 2024 was NOK 76.8m
2  The stated EBITDA of NOK 100.0m is before subtracting factoring fee of NOK 13.7m and deducts leasing payments of NOK 14.6m.

 

About Fibo
Founded in Norway in 1952, Fibo is a global leader in high-quality waterproof wall systems for wet rooms. With nearly 70 years of innovation, Fibo offers a versatile range of fully waterproof wall panels and accessories, providing a durable, sustainable and cost-effective alternative to tiles, trusted for their certified quality and performance.

Fibo holds the number one market position in Norway and has a strong and growing presence across Europe and North America. Serving both public, residential and commercial sectors, from new builds to renovations and modular projects, Fibo products reach customers via builders’ merchants, DIY chains, and direct B2B sales.

With a modern, automated facility in Lyngdal, Norway, and global material sourcing, Fibo continues to set the standard for waterproof wall solutions worldwide, supported by over 15 years of consistent growth.

For more information, please visit: www.fibo.com


About FSN Capital
Established in 1999, FSN Capital Partners is a leading Northern European private equity firm and investment advisor to the FSN Capital Funds. FSN Capital Partners has a team of more than 100 across Oslo, Stockholm, Copenhagen, and Munich.

FSN Capital Funds have more than €4 billion under management and make control investments in growth-oriented Northern European companies, to support further growth and to transform companies into more sustainable, competitive, international, and profitable entities.

Our ethos, “We are decent people making a decent return in a decent way” defines our core values. We are committed to being responsible investors and having a positive environmental and social impact across our portfolio while achieving market-leading returns.

Learn more about FSN Capital and our team on our website: www.fsncapital.com

 

 

For more information, please contact the following persons at FSN Capital Partners (investment advisor to FSN Capital IV):

Eirik Wabø, Investment Director
eirik.wabo@fsncapital.com

Morten Welo, Partner & COO/IR
morten.welo@fsncapital.com

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Apax Global Impact Fund to make strategic investment in Foods Connected – accelerating future growth

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The Apax Global Impact Fund, advised by Apax Partners LLP (“Apax”), has entered into an agreement to make a strategic investment in Foods Connected, the supplier management platform of Hilton Food Group plc (“Hilton Foods), a leading international multi-protein food business.

As part of the transaction, Hilton Foods will receive cash consideration of £22m for the sale of its shares. Upon completion, Hilton Foods will hold 26% of the business.

This investment builds on Foods Connected’s success to date, bringing in additional capital and Apax’s technology expertise to accelerate its next phase of growth.

The Board of Hilton believes that partnering with an experienced technology investor will accelerate growth in Foods Connected, which serves as an enabler for the Group’s end-to-end supply chain management approach. Foods Connected’s bespoke technology provides real-time data to optimise supply chains and enhance cost efficiency, quality standards, risk visibility and sustainability.

The Apax Global Impact Fund has a strong track record of supporting software and services businesses tackling key social and environmental challenges, and sees Foods Connected as well-positioned to scale globally while advancing safer, more transparent, and sustainable food supply chains.

Edward Donkor, Partner, Apax Global Impact, said: “We’ve been closely following the food safety sector worldwide, and Foods Connected stood out as a strong platform to invest behind. Many food businesses still use outdated tools like spreadsheets and paper, creating a clear opportunity for Foods Connected to modernise operations. We’re excited to partner with Hilton Foods and Roger McCracken, Co-founder and CEO at Foods Connected, to accelerate the business’s expansion. Together, we’ll invest in new markets, strengthen sales and marketing, pursue strategic acquisitions, and increase value for existing customers through expanded capabilities and resources. We look forward to the journey ahead and the impact we can achieve together.”

Roger McCracken, Co-founder and CEO of Foods Connected, said: “We’re thrilled to be partnering with Apax Global Impact on this next phase of growth for Foods Connected. Their expertise in scaling technology businesses will be key to accelerating our global expansion and enhancing what we deliver for customers. We’re also grateful to Hilton Foods for their incredible support over the past eight years, and we’re pleased they’ll remain a key partner on our journey as we continue to scale and strengthen the business with Apax Global Impact’s backing.”

Steve Murrells, CEO of Hilton Foods, added: We’re delighted to be partnering with Apax Global Impact team, who have the right experience, capabilities and infrastructure to help us realise, at pace, the full scale of the opportunities ahead for Foods Connected.

This partnership positions Foods Connected to deliver greater value to customers and remains central to our strategy. This strategic investment strengthens our ability to meet clients’ evolving needs, underscores the platform we’ve built and enables us to sharpen our focus on our core food business.  I look forward to working with the Apax team as we strengthen and grow Foods Connected, for the benefit of Hilton Foods and our international customer base.”

The transaction is subject to customary regulatory approvals.

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