Category Archives: News

Pale blue dot, a specialist in sustainable investments, secures EUR 93 million fund

Tesi

Pale blue dot (Pbd), a Swedish VC firm with also some Finnish background, has closed its second fund at the size of EUR 93 million. It will invest in seed and early-stage tech companies mainly in Northern Europe.

Pbd specialises in impact investments that promote sustainable development. Responsibility and impact are therefore the base of operations for the firm.

”There is a lack in Northern Europe but especially in Finland of an early-stage investor that focuses both on climate tech and on investments targeting even the early founding moments of a company. Since in Pale blue dot both these strategies meet, we have decided to continue supporting them into their second fund. The fund will be screening also Finland for world-class climate tech prospects and entrepreneurs,” comments Matias Kaila, the Director of Tesi’s Fund Investments team.

Tesi has also invested in Pbd’s first fund in 2021.

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Additional information:

Matias Kaila, Director, Fund Investments
+358 40 720 1324
matias.kaila@tesi.fi

Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds, and also directly in growth companies. We provide long-running support, market insights, patient capital, and skilled ownership. tesi.fi | Twitter | LinkedIn | Newsletter

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Sustainable Use of Electric Vehicle Batteries – Voltfang Secures €5 Million Financing

Helen Ventures

Voltfang, the clean-tech startup for energy storage from second-life electric vehicle batteries, has secured €5 million in new capital to scale its production. The consortium is led by the lead investor PT1 – PropTech1 Ventures. Other investors include Helen Ventures, Aurum Impact, Eviny, and the existing investor AENU.

Helen Ventures has been following the fast-growing trend of batteries closely over the past years. “We are excited about our investment in Voltfang. It is evident that a huge uptake of batteries is underway in the electricity system, and it is also evident that second-life batteries will be an important part of this in solving sustainability and cost hurdles,” says Mikael Myllymäki, Vice President and Head of Helen Ventures. “We are very impressed by the agility and customer-focus of the Voltfang team as they have brought their solution to market. It is a privilege to join supporting the team together with such a quality group of investors.”

Voltfang provides a solution to both the battery recycling problem and the energy transition with its high-quality energy storage systems made from used electric vehicle batteries. The Aachen-based startup enables the reuse of EV batteries through a specially developed AI-based software that evaluates battery longevity. “We give the battery a second life in stationary operations. With the help of our operating systems and continuous monitoring, we can make our batteries just as durable as new batteries. We guarantee this with our 10-year Batteryflat,” says David Oudsandji, Co-CEO of Voltfang. The company has already conducted several successful pilot projects in Germany and has won major customers such as ALDI Nord and Schaltbau.

“In ten years, there will be no new batteries in the commercial sector,” says Roman Alberti, Co-CEO of Voltfang. This is not only about the sustainable recycling of batteries but also about saving on material imports and, above all, costs. “With the help of our energy management system, our storage systems can be intelligently deployed, allowing the battery to be amortized as quickly as possible,” explains Roman Alberti.

“We can connect urgently needed capacities to the grid in the coming years to ensure grid stability. This is not only an advantage for our customers but for anyone who wants to avoid blackouts,” explains Afshin Doostdar, CTO of Voltfang. “The grids are not designed for the energy transition. Electric mobility, heat pumps, and fluctuating renewable energies require cost-effective and sustainable intermediate storage solutions that can be deployed in the short term. With our energy storage systems, we achieve this and reach a milestone in addressing the fundamental challenges of the energy transition.”

Voltfang was founded in 2021 and has already brought a certified and market-ready product to market. As a spin-off from RWTH Aachen, the startup now employs 50 people and operates a production site in Aachen. Voltfang aims to deliver more than 40 MWh of storage capacity in its products by the end of 2024.

Fabian Heilemann (AENU): “Stationary battery storage systems will play a central role in the energy system of the future by aligning electricity generation and consumption over time. Since Voltfang’s energy storage systems are made from reused electric vehicle batteries, they not only contribute to the energy transition but also reduce dependence on and consumption of resources compared to the production of new batteries. With their academic and practical expertise, the Voltfang team has the optimal DNA to build a European champion in the field of second-life batteries.”

Niko Samios (PT1): “There is no question that the market opportunity for energy storage will be enormous in the coming years. Sustainable energy production is becoming increasingly affordable, but it needs to be stored somewhere due to the grid structure, and decentralization is the best approach. Future regulatory requirements will further emphasize this process. Voltfang offers the most interesting product in this field that we have seen because they combine a cost advantage with a sustainability bonus.”

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KKR to Acquire Leading Testing and Measurement Instrument Provider Industrial Physics from Union Park Capital

KKR

All Employees to Become Owners in the Company

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the signing of a definitive agreement under which investment funds managed by KKR will acquire Industrial Physics (or the “Company”), a leading manufacturer of testing and measurement instruments, from Union Park Capital (“UPC”). KKR plans to support the Company in its continued growth organically and through add-on acquisitions. Financial terms were not disclosed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230511005207/en/

Headquartered in New Castle, Delaware, Industrial Physics is a trusted global provider of highly technical testing and inspection equipment used by thousands of customers across food and beverage, packaging and other diversified markets. Industrial Physics’ leading products are used to test, measure, inspect and validate the quality of products and samples, ensuring that they are made to specification and are safe for end users.

“Testing and measurement is an attractive market that is poised to continue growing as focus on product quality and supply chain transparency intensifies. We are thrilled to invest in Industrial Physics, a leader in this space, that has built an impressive portfolio of brands used by many of the world’s leading manufacturers,” said Brandon Brahm, Partner at KKR and Co-Head of KKR’s Ascendant strategy. “We look forward to working with the Industrial Physics team and helping the company reach new heights through organic growth and M&A.”

“At Industrial Physics, we are excited to work with KKR as we enter this new phase of our growth. KKR supports our employee-first culture and shares our vision for building a scaled testing and measurement platform that continually invests in growth and innovation to even better serve the needs of customers around the world,” said Jim Neville, CEO of Industrial Physics.

Following the close of the transaction, Industrial Physics plans to implement KKR’s broad-based employee ownership program, which will make all employees owners of the Company alongside certain investment funds managed by KKR. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR has awarded billions of dollars of total equity value to over 50,000 non-management employees across nearly 30 companies. Last year, KKR joined more than 20 organizations in becoming a founding partner of Ownership Works, a nonprofit created to support public and private companies transitioning to shared ownership models.

Industrial Physics marks the third investment for KKR’s Ascendant Strategy, which invests in middle market businesses in North America as part of KKR’s Americas Private Equity platform. Other investments in the Ascendant strategy include Alchemer and 123Dentist, and a commitment to fund a new executive-led platform designed to acquire and build businesses in the Testing, Inspection, and Certification industry.

The transaction is expected to close in Q3 2023, subject to customary conditions.

Dechert served as legal counsel to KKR.

About Industrial Physics

Industrial Physics is the world’s leading test and inspection partner protecting the integrity of the biggest brands across the globe. The Company manufactures and markets materials testing instruments for measuring physical and analytical properties of plastics, barrier films, paper, pulp, foil, ink, coatings, corrugated materials, cans, medical devices, and consumer electronic products. For more information, visit www.industrialphysics.com.

About KKR

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

Media

For Industrial Physics:
Karen Mann
+31 (0) 61 122 6673
kmann@industrialphysics.com

For KKR:
Julia Kosygina
(212) 750-8300
media@kkr.com

Source: KKR

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DIF Capital Partners acquires leading Canadian geothermal company Diverso

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has signed an agreement to acquire a majority interest in Diverso Energy Inc. (“Diverso”), a leading developer, owner, and operator of geothermal energy systems in Canada. DIF’s investment will be executed through its DIF Infrastructure VII fund. DIF will acquire a 75% interest directly from the founders who will retain the remaining ownership and continue to lead the company.

Founded in 2015, Diverso offers a geothermal heating and cooling solutions for multi-unit residential and commercial projects under an Energy-as-a-Service (“EaaS”) model with long-term contracts. The acquisition will enable Diverso to continue its growth and execute on its growing pipeline of geothermal projects in Canada.

Diverso’s ground source energy systems typically reduce the carbon intensity of a building by 80% by removing traditional gas boilers. The company estimates its developed and pipeline projects will eliminate over 30,000 tons of CO2 annually. Geothermal systems are expected to contribute to Canada’s target to reduce carbon emissions by 40% by 2030 and net-zero by 2050. Supportive regulatory policies such as the clean technology investment tax credit for geothermal, regulations requiring stringent reductions of carbon intensity and improvements to energy efficiency in building design and increasing federal carbon taxes position Diverso strongly to achieve its targets.

This investment will provide immediate and long-term benefits to Diverso Energy and our clients” said Tim Weber, CEO of Diverso. “We are extremely proud of what our team has accomplished since our inception in 2015. With our new partnership and the immediate demand for low carbon building solutions, we are well positioned to enhance our operations and grow our position as market leaders as the industry accelerates the adoption of geothermal solutions.”

“Diverso provides a technical solution that is sustainable and significantly improves energy efficiency of buildings. We believe geothermal heating and cooling for residential and commercial properties will play an important role in the overall decarbonization of the Canadian economy” said Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners. “This investment continues to build upon DIF’s long standing build to core strategy and commitment to reducing greenhouse gases globally. We look forward to the partnership with the Diverso management team in expanding its presence as a leading Canadian geothermal company in an industry supported by strong regulatory tail winds.”

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with ca. EUR 16 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu

 

About Diverso

Diverso offers a unique geothermal EaaS model for multi-family, office and institutional buildings. Diverso designs, builds, owns and operates the geothermal system allowing clients to leverage the benefits of geothermal without the financial or operating risks associated with the technology. The Diverso ownership team has worked with hundreds of clients many in high density urban environments. Their combination of financial and technical solutions are expediting the transition from fossil fuels to electric buildings.

For more information, please visit www.diversoenergy.com

 

Contact DIF Capital Partners:

Renate Klöters, Director Marketing & Communications

r.kloters@dif.eu

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DIF Capital Partners invests in a portfolio of 8 UK student accommodation assets

DIF

DIF Capital Partners (“DIF”) is pleased to announce that it has signed the acquisition of a 100% stake in Ottoway Portfolio Holdings (“Company”), a company that owns and operates a portfolio of eight purpose-built student accommodation (“PBSA”) assets in key UK cities. The company was acquired from a fund advised by Arlington Advisors (“Arlington”), a UK-based investment manager, and Campus Living Villages (“CLV”), one of the world’s leading on-campus student accommodation owner-operators. The investment will be made by DIF Infrastructure VI and CLV will continue operating the portfolio.

The Company comprises a sizable portfolio of PBSA assets, consisting of over 4,500 rooms across seven key cities in England and Wales (London, Birmingham, Leeds, Manchester, Liverpool, Nottingham and Newport). The majority are freehold assets and the portfolio benefits from a number of fixed leases and long-term agreements with universities. The properties have a considerable operational track record with historically high levels of occupancy driven by strong locations, well-priced rooms and close relationships with universities. The UK PBSA sector is expected to continue to experience growth, driven by its favourable demand and supply fundamentals and secure income generation capabilities. The portfolio also benefits from existing institutional financing in the form of a long-dated listed bond.

Gijs Voskuyl, Partner and Head of Infrastructure at DIF, said: “DIF is excited to add a sizable student accommodation portfolio to DIF VI. This operational portfolio benefits from long-term relationships with universities in key UK cities and has demonstrated a strong historical track record. We recognise the important role that PBSA plays for both local and foreign students thus we look forward to working alongside high calibre educational institutions to provide accommodation for their students”.

DIF was advised by CMS, Vercity, Student First Group, Deloitte and Evolution Infrastructure.

Arlington and CLV were advised by Squire Patton Boggs, KPMG, Memery Crystal and Osborne Clark.

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with ca. EUR 16 billion of AUM. DIF was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu

 

Contact DIF Capital Partners:

Renate Klöters, Director Marketing & Communications

r.kloters@dif.eu

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Rojo Steigerbouw acquires Post Steigers Schiedam

365 Capital

Delft-based Rojo Steigerbouw (part of Steeds Hoger Holding) has acquired Schiedam-based Post Steigers as of Wednesday 10 May. Post Steigers celebrates its 77th anniversary this year and since 2021 is mainly specialized in (inner-city) scaffolding construction and rental for renovation and maintenance. Financial details of the transaction will not be disclosed.

“Post Steigers complements our services in vertical construction logistics excellently,” says Managing Director Fred Enterman. Last year Rojo Steigerbouw acquired Nivo Steigerwerken (Klundert) and Mol Lifting (Dordrecht), now Post Steigers (Schiedam, 80 employees including subcontractors) is added. The acquisition creates a company with approximately 415 employees (partly subcontracted) with a consolidated annual turnover of more than €54 million.

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Almost 1 million m2 of scaffolding material and 300 construction lifts

Fred Enterman: “Post has been active in the renovation and maintenance market (including periodic safety inspection) for many years and we strongly believe in the connection we are now making between the four companies mentioned. We have grown into the largest specialist in this field in the Netherlands.”

In total, the combination of companies has almost 1 million m2 of scaffolding material and almost 300 construction lifts in all kinds of variants.

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Strong player

Mario Post, Director of Post Steigers Schiedam, sees this step for Post as a logical development in the current construction market. “The acquisitions that took place last year already resulted in the strong player that we will now fall under, but we fit seamlessly into this consortium with our expertise: we join forces, we can guarantee our customers an even better service and we contribute substantially to the growth of Steeds Hoger Holding. We are convinced that this acquisition will help us to achieve our ambitions and to further strengthen our position as a major player in inner-city renovation and maintenance,” says Mario Post, who will remain with Post Steigers.

Cor and Tim Post will leave the company after a transition period.

Hayo van Houten and Tim Hendriks of 365 Capital are proud that, together with the other shareholders, they have been able to reinforce the group further. “We welcome Mario Post as a new co-shareholder and look forward to continue building on the future of the leading Dutch player in the rental of scaffolding, support and construction hoists with the existing team of Rojo, Nivo, Mol and the Post team. ”

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Eurazeo supports acquisition of Exa Group by Montefiore Investment

Eurazeo

Eurazeo is supporting the acquisition of Italian project management business EXA Group, which is being bought by leading mid-market investment firm Montefiore Investments (“Montefiore”) from Alcedo Sgr. Eurazeo is providing a unitranche financing solution to underwrite all the debt for the transaction, which marks Montefiore’s debut in Italy.

Montefiore Investment has announced the acquisition of a majority stake in the Italian group EXA, a leader in project management in the luxury retail and hotel sectors. Alongside the founding managers, Montefiore is taking over from the Alcedo Sgr fund, which has been supporting the Group since 2016. This is Montefiore’s first transaction in Italy since the opening of its Milan office in September 2022 and the creation of a team of seven experts 100% dedicated to the local market.

Founded in 2005, EXA has progressively established itself in Italy and internationally as the leader in project management for luxury brands for all their real estate projects: flagship stores, hotels, offices and showrooms. With nearly 250 employees, the Group supports more than a hundred clients worldwide, particularly in Italy, France, the United Kingdom and the United States, and has offices on three continents.

Henri Topiol, Partner at Montefiore and Co-Head Italy, commented:

“We are grateful to Eurazeo for both their flexibility and speed of execution in providing the financing for this acquisition. We are very excited to enter the Italian market and partner with a private debt fund that has the experience and expertise in this region. EXA Group is run by talented and committed entrepreneurs with a strong winning spirit and this transaction is fully in line with Montefiore’s DNA. We look forward to being part of the next stage of development for EXA as it continues on its impressive growth trajectory.”

Francois Lacoste, Managing Partner and Emmanuelle Tanguy Investment Director at Eurazeo, said:

“We are delighted to be partnering with Montefiore and to help their recently established Italian team close their first investment in the country. Montefiore has a proven track record investing in SMEs across Europe and as such are the perfect partner for Eurazeo’s Private Debt funds. We are confident that with the support of Montefiore and Eurazeo, EXA Group will be able to consolidate its position as a market leader, leaning on the financial firepower and expertise of the new investor base.”

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KPN ventures invests in supply chain visibility tool box id systems

Kpn Ventures

First half of April, KPN Ventures completed the Pre-Series A Investment Round in German-based enterprise cloud software platform BOX ID.

The solution enables industrial and logistics companies to track their Reusable Transport Packages (RTPs – e.g., containers, transport racks) throughout the supply chain to create both in- and outdoor visibility across any number and type of sites, (third-party) premises as well as during transportation globally to optimize its supply chain management. BOX ID integrates with enterprise software, such as ERP and TMS, to deliver valuable supply chain data and analytics to help manage supply chain processes; ensuring availability, preventing shrinkage and increasing utilization of RTPs. BOX ID provides customers with a highly scalable solution needed to easily manage distributed supply chain logistic processes in segments such as Automotive, Wholesale, Healthcare, Machinery, Glass Industry, Post & Parcel, serving some of the titans of industry.

“With its clear portfolio philosophy and focus on specific customer verticals in the industrial and logistics segments BOX ID is well positioned to add value to KPN IoTs (international) customers in the B2B segment” says Carolien Nijhuis, EVP KPN IoT & Dataservices, “with KPN’s connectivity, a combined hardware offering and BOX ID’s flexible and vertical focused cloud platform, we strive to leverage each other’s strengths and keep surprising our customers with innovative solutions.”

With this investment we join well-known German investors such as HTGF and Bayern Kapital next to Wille Finance and various seasoned business angels active in the industry. We are very much looking forward to be working together with the highly experienced team of Wolfgang, Shawn, Dominik and Matthias.

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Cathay Health Backed Ascend Gene & Cell Therapies Launches with over $130M in Funding

Cathay Capital

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Netsecure acquired by Integrity360 to expand into the Nordics

August Equity

As part of its pan-European expansion plan, Integrity360 and Netsecure – both highly respected providers of cyber security services today announced that they have joined forces with Netsecure becoming a Integrity360 company. The terms of the transaction were not disclosed. The acquisition will enable Integrity360 to expand into the Nordic region, with Netsecure serving as its platform, operating with the benefit of the full resources and capability of the existing Integrity360 business.

Netsecure was founded in 2015, employs c.40 employees and is headquartered in Stockholm, Sweden. For the last four years Netsecure has achieved growth rates of over 35% pa, and during 2023 expects sales of c.€10m. 2022 was also a highly successful year for the Integrity360 group with order growth of approximately 30% and sales of c.€85m. Combined with Netsecure the enhanced group expects sales to exceed €110m during 2023, more than doubling under August Equity ownership.

In addition to Netsecure, Integrity360 expects to complete further acquisitions as part of its European expansion plan during the year. All of Netsecure’s employees will remain with the group, bringing the headcount of Integrity360 group to c.360. Both Integrity360 and Netsecure share the same customer service ethos, have deep cyber technical expertise, and share partnerships with several of the world’s leading cyber security equipment and software manufacturers.

Ian Brown, Executive Chairman at Integrity360 commented “This is a significant and exciting milestone for us and we are delighted to welcome the Netsecure team to Integrity360. The enhanced group will now significantly expand our activities and services throughout the Nordic region in addition to continuing our growth as the leading independent cyber security services specialist throughout the UK and Ireland. 2023 will also see the group expand into other major geographic markets. Our resources and track record are now considerable with over 250 cybersecurity engineers, analysts, consultants and specialists. The group provides a comprehensive range of end to end services and solutions to business organisations for all their cyber security needs. The group’s innovative range of services were recently recognised for a third time in a Gartner market guide, namely as a Representative Vendor in the Gartner market guide for Managed Detection and Response services and we look forward to offering those and other innovative cyber services to the Netsecure customers in the coming weeks and months”.

Mickey Patel, Partner at August Equity commented “The acquisition of Netsecure solidifies the plan that we embarked on with Ian and the team in 2021 to create a highly acclaimed, European cyber managed security services provider.  The management team at Integrity360 has been able to achieve exceptional organic growth to date, in conjunction with the integration of Caretower which was acquired in 2022 – the business now has a strong presence in the UK, Ireland, Nordics and Bulgaria.  We continue to support the team to expand its European presence and complete further strategic acquisitions.”

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