Simplifying Observability for Developers Everywhere: Our Investment in Dash0

Accel

Simplifying Observability for Developers Everywhere: Our Investment in Dash0

Observability – the ability to track the telemetry data that applications produce, such as metrics, logs, and traces – is one of the most powerful tools a developer can have at their disposal, and represents a $50B market opportunity. Analyzing telemetry data helps businesses to improve performance, reliability and user experience, and the launch of OpenTelemetry in 2019 made this even easier by providing universal open-source standards for data measurement. Despite this, OpenTelemetry’s potential is mostly untapped, with legacy observability tools favoring outdated, proprietary data collection methods that cannot be understood by other tools. The result is a poor user experience, data that can’t be contextualized, and high, unpredictable costs based on inconsistent standards.

Mirko Novakovic, Ben Blackmore, Miel Donkers, Marcel Birkner and Michele Mancioppi set out to change this and founded Dash0, the first observability tool that is OpenTelemetry-native. After seeing the opportunity to accelerate the adoption of OpenTelemetry in the software market, Mirko, Ben, Miel, Marcel and Michele built Dash0 from the ground up on top of these standards to empower developers with an observability framework that is easier to install, integrate, and use than legacy alternatives. Users have access to an intuitive UI, thanks to fully-customizable dashboards, while the platform also fully-supports PromQL and Perses, giving developers complete flexibility to query and visualize their observability data in real time. Integrations with Slack, email, and custom webhooks support easy, proactive monitoring and alerting.

Dash0’s OpenTelemetry-native approach means that it is the only observability tool that does not generate proprietary data for its customers, instead providing visibility of vendor-agnostic performance data that is standardized and fully contextualized. This prevents observability costs from spiraling, instead allowing transparent, real-time pricing based on standardized units of observability data generated by Dash0 users. Customers pay Dash0 based on the count of data they send, meaning they know exactly when and how charges are incurred. The Dash0 platform has also been built to prioritize trust and security, and is already SOC 2 Type 2 certified – one of the most rigorous information security standards – and GDPR-compliant, meaning that users’ telemetry data remains completely private.

Since its inception in 2023, Dash0 has already gained impressive momentum. Its team has grown to more than 20 people and early design customers, including catchHR, ChargeTrip and Porsche Digital, have come on board following Dash0’s early beta launch in September. Mirko is also no stranger to the Accel team as he previously founded observability company Instana, which became part of the Accel family following our investment in 2017 and was acquired by IBM in 2020. Back then, it was clear that Mirko was not only an exceptional entrepreneur but a genuine leader in the tech community – not only in Solingen where Instana was founded but globally. We’re delighted to be partnering with Mirko and the Dash0 team on their mission to simplify observability for developers everywhere.

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International expansion of Atlassian offering: TIMETOACT GROUP portfolio company catworkx announces acquisition of EverIT

Equistone

catworkx, one of Europe’s largest Atlassian Platinum and Enterprise Solution partners and part of Equistone Partners Europe-backed TIMETOACT GROUP, is acquiring EverIT, a specialised Hungarian-based Atlassian Partner. The acquisition will expand catworkx’s market position in Central and Eastern Europe (CEE) and strengthen TIMETOACT GROUP’s global consulting portfolio.

TIMETOACT GROUP, headquartered in Cologne, comprises specialised IT companies across 28 locations in Germany, Austria and Switzerland, as well as in Latvia, Malaysia, Singapore, Spain, Ukraine and the USA. With over 1,300 employees and a comprehensive portfolio of software and consulting services, the digitisation expert primarily concentrates on enterprise and Fortune 1,000 companies, alongside public institutions. The takeover of EverIT, which is the ninth successful acquisition made by TIMETOACT GROUP since Equistone funds acquired a majority stake in the business in June 2021, represents a continuation of the group’s ambitious international growth strategy.

catworkx is a leading partner for Enterprise Integration on the Atlassian platform, an Atlassian Marketplace app vendor and a training provider across the EMEA region. Following its integration into TIMETOACT GROUP in May 2022, catworkx has further strengthened its capabilities through mergers with Atlassian partners brainbits, STAGIL and Zuara. Today, the combined catworkx group has over 200 highly qualified employees across Germany, Austria, Switzerland, Spain, Ukraine and the USA. Its expert team provides tailored, industry-specific solutions, leveraging synergies with the wider TIMETOACT GROUP to offer customers innovative, scalable and standards-driven services.

EverIT, founded in 2008, is a Budapest-based specialised Atlassian Partner focused on providing high-quality software solutions and IT services within the Atlassian ecosystem. The company leverages innovative technologies to address clients’ specific business needs, with a strong emphasis on simplicity and thorough business analysis. EverIT is dedicated to helping organisations maximise the potential of Atlassian products through tailored solutions, working in an agile and collaborative manner to ensure seamless alignment with client goals.

catworkx and EverIT have a long-standing partnership and successful track record of executing joint projects. This merger represents the next strategic step in this partnership, with the transaction providing catworkx with a strong foothold in CEE and EverIT with access to a global Atlassian ecosystem. EverIT will become catworkx Hungary and support global projects as well as the expansion of catworkx in the CEE region.

“I am particularly pleased that EverIT and catworkx are now coming together and joining forces in Hungary and Eastern Europe. EverIT directly complements the existing capabilities of catworkx, and this acquisition will consolidate our position as the leading Atlassian partner in both the DACH region and wider Europe,” says Michael Lüer, CEO of catworkx.

“The fact that the long-standing partnership between catworkx and EverIT has evolved into catworkx Hungary shows that we offer IT service providers an attractive home and ideal partner for developing their business going forward. We look forward to growing our presence in the CEE market and working together on joint projects globally,” says Frank Fuchs, Co-Managing Director of TIMETOACT GROUP.

Ferenc Molnár, Founder of EverIT, adds: “We have enjoyed collaborating with the catworkx team and recognise them as a forward-thinking, 21st-century company. With their global reach and innovative approach, catworkx is on track to become a leading global Atlassian provider. The EverIT team is excited to now be a part of this journey. With the resources and network of both catworkx and TIMETOACT GROUP at our disposal, we will not only create value for our customers more efficiently and on a larger scale but also offer excellent career opportunities for our team members.”

Moritz Treude, Director at Equistone, comments: “With this acquisition, the ninth since Equistone funds acquired a majority stake in the business, TIMETOACT GROUP continues its strong growth trajectory. This partnership with EverIT marks an important step for the group – not only in terms of providing access to the fast-growing Central and Eastern European market but also in its development into a leading global Atlassian player.”

Frank Fuchs, Christian Koch and Christian Reifenhäuser are responsible for the transaction on the part of TIMETOACT GROUP. TIMETOACT GROUP was advised during the transaction by bnt attorney in CEE (Legal), Impact Advisory (Financial & Tax), and McDermott Will & Emery Rechtsanwälte Steuerberater (Legal, Antitrust Law). The EverIT shareholders were advised during the transaction by Dr. Schadt Kata (Legal).

The merger remains subject to approval by the relevant competition authorities.

PR Contacts

GERMANY / SWITZERLAND / NETHERLANDS

Munich, Zurich, Amsterdam

  • IWK Communication Partner
  • Ira Wülfing / Florian Bergmann
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  • E-Mail IWK

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ATSG to be Acquired by Stonepeak for $3.1 Billion

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Stonepeak

ATSG Shareholders to Receive $22.50 Per Share in Cash

WILMINGTON, Ohio and NEW YORK — November 4, 2024 – Air Transport Services Group, Inc. (NASDAQ:ATSG),  a global leader in medium widebody freighter aircraft leasing, air transport operations, and support services, today announced that it has entered into a definitive agreement to be acquired by Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, in an all-cash transaction with an enterprise valuation of approximately $3.1 billion.

Under the terms of the definitive agreement, which was unanimously approved by ATSG’s Board of Directors, holders of ATSG’s common shares will receive $22.50 per share in cash. The purchase price represents a premium of approximately 29.3% over ATSG’s closing share price on November 1, 2024, the last full trading day prior to this announcement, and a 45.5% premium over ATSG’s volume-weighted average price (VWAP) over the prior ninety trading days. Upon completion of the transaction, ATSG’s shares will no longer trade on NASDAQ, and ATSG will become a private company.

Joe Hete, Executive Chairman of ATSG’s Board of Directors, said, “The agreement with Stonepeak will deliver immediate and certain cash value to ATSG’s shareholders at a substantial premium to recent market prices. With a history dating back to 1980, we are excited to reach this important milestone in our journey. Since going public in 2003, ATSG has diversified and expanded its portfolio of companies and services, becoming a global leader in midsize freighter leasing and flying, as well as a leading supplemental provider of passenger transport for the U.S. Department of Defense and other agencies. Following the Board’s careful evaluation of the transaction, we are confident it is the best path forward and maximizes value for ATSG’s shareholders, while also benefiting our employees, customers, partners, communities and other stakeholders.”

“This transaction reflects the tremendous value of our fleet of in-demand midsize freighter and passenger aircraft, and the strength of our talented teams across ATSG’s businesses,” said Mike Berger, Chief Executive Officer of ATSG. “In Stonepeak, we have found a partner that recognizes the power of our Lease+Plus strategy to provide comprehensive aircraft leasing and operating solutions to our customers. With Stonepeak’s investment and extensive expertise in transportation and logistics and asset leasing, ATSG will be well positioned to further expand its global presence in the air cargo leasing market and enhance its service offerings to customers. We would like to thank our employees for helping us achieve this significant milestone and for their continued dedication as we prepare to enter this new chapter as a private company.”

“ATSG plays a fundamental role in enabling the growth of e-commerce globally in a world that continues to shift away from brick-and-mortar shopping,” said James Wyper, Senior Managing Director and Head of Transportation & Logistics at Stonepeak. “ATSG’s deep relationships with some of the world’s largest e-commerce companies and integrators, combined with the scale and capacity of their fleet and relentless focus on safety and on-time performance, gives us confidence in the Company’s trajectory as a sector leader.”

Graham Brown, Managing Director at Stonepeak, added, “We look forward to supporting the team at ATSG to help take the business to the next level as a private company, and are excited about this addition to our North American infrastructure investment strategy.”

Approvals and Timing

The transaction is expected to close in the first half of 2025, subject to customary closing conditions, including approval of ATSG’s shareholders and receipt of regulatory approvals. The transaction has fully committed equity financing from funds affiliated with Stonepeak and fully committed debt financing. The transaction is not subject to a financing condition.

The definitive agreement includes a “go-shop” period. Under the terms of the merger agreement, ATSG may solicit proposals from third parties for a period of 35 days continuing through December 8, 2024, and in certain cases for a period of 50 days continuing through December 23, 2024. In addition, ATSG may, at any time prior to receipt of shareholder approval, subject to the provisions of the merger agreement, respond to unsolicited proposals that constitute or would reasonably be expected to result in a superior proposal. ATSG will have the right to terminate the merger agreement with Stonepeak to enter into a superior proposal subject to the terms and conditions of the merger agreement, including payment of a customary termination fee. There can be no assurance that the solicitation process will result in a superior proposal or that any other transaction will be approved or completed. ATSG does not intend to disclose developments with respect to this solicitation process unless and until its Board of Directors determines such disclosure is appropriate or otherwise required.

Third Quarter 2024 Results

As previously announced, ATSG will release its financial results for the third quarter of 2024 prior to market opening on the morning of November 8, 2024 and file its 10-Q after market close on that same day.  ATSG’s results and filing will be accessible via the ATSG corporate website at https://www.atsginc.com/investors. In light of the transaction with Stonepeak, ATSG has cancelled the earnings conference call previously scheduled for November 8, 2024. ATSG does not plan to hold earnings conference calls during the pendency of the transaction.

Advisors

Goldman Sachs & Co. LLC is acting as exclusive financial advisor to ATSG. Davis Polk & Wardwell LLP and Vorys, Sater, Seymour & Pease LLP are acting as legal counsel to ATSG.

Evercore is acting as financial advisor to Stonepeak. Simpson Thacher & Bartlett LLP and Hogan Lovells US LLP are acting as legal counsel to Stonepeak.

About Air Transport Services Group

Air Transport Services Group (ATSG) is a premier provider of aircraft leasing and cargo and passenger air transportation solutions for both domestic and international air carriers, as well as companies seeking outsourced airlift services. ATSG is the global leader in freighter aircraft leasing with a fleet that includes Boeing 767, Airbus A321, and soon, Airbus A330 converted freighters. ATSG’s unique Lease+Plus aircraft leasing opportunity draws upon a diverse portfolio of subsidiaries including three airlines holding separate and distinct U.S. FAA Part 121 Air Carrier certificates to provide air cargo lift, and passenger ACMI and charter services. Complementary services from ATSG’s other subsidiaries allow the integration of aircraft maintenance, airport ground services, and material handling equipment engineering and service. ATSG subsidiaries comprise ABX Air, Inc.; Airborne Global Solutions, Inc.; Airborne Maintenance and Engineering Services, Inc., including its subsidiary, Pemco World Air Services, Inc.; Air Transport International, Inc.; Cargo Aircraft Management, Inc.; LGSTX Services, Inc.; and Omni Air International, LLC. For further details, please visit www.atsginc.com.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Except for historical information contained in this communication, the matters discussed herein contain forward-looking statements that involve risks and uncertainties. Such statements are provided under the “safe harbor” protection of the Act. Forward-looking statements include, but are not limited to, statements regarding anticipated operating results, prospects and aircraft in service, technological developments, economic trends, expected transactions and similar matters. The words “may,” “believe,” “expect,” “anticipate,” “target,” “goal,” “project,” “estimate,” “guidance,” “forecast,” “outlook,” “will,” “continue,” “likely,” “should,” “hope,” “seek,” “plan,” “intend” and variations of such words and similar expressions identify forward-looking statements. Similarly, descriptions of the Company’s objectives, strategies, plans, goals or targets are also forward-looking statements. Forward-looking statements are susceptible to a number of risks, uncertainties and other factors. While the Company believes that the assumptions underlying its forward-looking statements are reasonable, investors are cautioned that any of the assumptions could prove to be inaccurate and, accordingly, the Company’s actual results and experiences could differ materially from the anticipated results or other expectations expressed in its forward-looking statements.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements regarding the transactions contemplated by the Agreement and Plan of Merger, by and among the Company, Stonepeak Nile Parent LLC and Stonepeak Nile MergerCo Inc. (the “Transaction”), including the expected time period to consummate the Transaction, the anticipated benefits (including synergies) of the Transaction and integration and transition plans, opportunities, anticipated future performance, expected share buyback programs and expected dividends. All such forward-looking statements are based upon current plans, estimates, expectations and ambitions that are subject to risks, uncertainties and assumptions, many of which are beyond the control of Air Transport Services Group, Inc. (the “Company”), that could cause actual results to differ materially from those expressed in such forward-looking statements. Key factors that could cause actual results to differ materially include, but are not limited to, the expected timing and likelihood of completion of the Transaction, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the Transaction; the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; the possibility that the Company’s stockholders may not approve the Transaction; the risk that the anticipated tax treatment of the Transaction is not obtained; the risk that the parties may not be able to satisfy the conditions to the Transaction in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the Transaction; the risk that any announcements relating to the Transaction could have adverse effects on the market price of the Company’s common stock; the risk that the Transaction and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of the Company to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, shareholder, regulatory and other stakeholder approvals and support; the risk of unexpected future capital expenditures; the risk of potential litigation relating to the Transaction that could be instituted against the Company or its directors and/or officers; the risk associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the Transaction which are not waived or otherwise satisfactorily resolved; the risk of rating agency actions and the Company’s ability to access short- and long-term debt markets on a timely and affordable basis; the risk of various events that could disrupt operations, including severe weather, such as droughts, floods, avalanches and earthquakes, cybersecurity attacks, security threats and governmental response to them, and technological changes; the risks of labor disputes, changes in labor costs and labor difficulties; and the risks resulting from other effects of industry, market, economic, legal or legislative, political or regulatory conditions outside of the Company’s control.  All such factors are difficult to predict and are beyond our control, including those detailed in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2023 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/894081/000089408124000016/atsg-20231231.htm), quarterly reports on Form 10-Q and other documents subsequently filed by the Company with the Securities Exchange Commission (“SEC”) and that are available on the Company’s website at https://www.atsginc.com/investors/reports-and-filings/sec-filings and at https://www.sec.gov/edgar/browse/?CIK=894081&owner=exclude. The Company’s forward-looking statements are based on assumptions that the Company believes to be reasonable but that may not prove to be accurate. Other unpredictable or factors not discussed in this communication could also have material adverse effects on forward-looking statements.  The Company does not assume an obligation to update any forward-looking statements, except as required by applicable law. These forward-looking statements speak only as of the date hereof.

 Additional Information and Where to Find It

In connection with the Transaction, the Company will file with the SEC a proxy statement on Schedule 14A (the “Proxy Statement”). The definitive version of the Proxy Statement will be sent to the stockholders of the Company seeking their approval of the Transaction and other related matters.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT ON SCHEDULE 14A WHEN IT BECOMES AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE THEREIN AND ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE COMPANY, THE TRANSACTION AND RELATED MATTERS.

Investors and security holders may obtain free copies of these documents, including the Proxy Statement, and other documents filed with the SEC by the Company through the website maintained by the SEC at https://www.sec.gov/edgar/browse/?CIK=894081&owner=exclude.  Copies of documents filed with the SEC by the Company will be made available free of charge by accessing the Company’s website at https://atsginc.com/investors or by contacting the Company via email by sending a message to investor.relations@atsginc.com.

 Participants in the Solicitation

The Company and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of the Company in connection with the Transaction under the rules of the SEC. Information about the interests of the directors and executive officers of the Company and other persons who may be deemed to be participants in the solicitation of stockholders of the Company in connection with the Transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement related to the Transaction, which will be filed with the SEC. Information about the directors and executive officers of the Company and their ownership of the Company common stock is also set forth in the Company’s definitive proxy statement in connection with its 2024 Annual Meeting of Stockholders, as filed with the SEC on April 11, 2024 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/894081/000114036124019362/ny20017081x1_def14a.htm) and in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/894081/000089408124000016/atsg-20231231.htm). Information about the directors and executive officers of the Company, their ownership of the Company common stock, and the Company’s transactions with related persons is set forth in the sections entitled “Directors, Executive Officers and Corporate Governance,” “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,” and “Certain Relationships and Related Stockholder Matters” included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 29, 2024 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/894081/000089408124000016/atsg-20231231.htm), and in the sections entitled “Corporate Governance and Board Matters,” and “Stock Ownership of Management,” included in the Company’s definitive proxy statement in connection with its 2024 Annual Meeting of Stockholders, as filed with the SEC on April 11, 2024 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/894081/000089408124000016/atsg-20231231.htm).  Additional information regarding the interests of such participants in the solicitation of proxies in respect of the Transaction will be included in the Proxy Statement and other relevant materials to be filed with the SEC when they become available These documents can be obtained free of charge from the SEC’s website at www.sec.gov.

 No Offer or Solicitation

This communication is not intended to and shall not constitute an offer to sell or the solicitation of an offer to sell or the solicitation of an offer to buy any securities or the solicitation of any vote of approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.  No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Contact:

ATSG

Quint O. Turner, Chief Financial Officer
Air Transport Services Group, Inc.
(937) 366-2303

Michael Freitag / Mahmoud Siddig / Rachel Goldman
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449

Stonepeak
Kate Beers / Maya Brounstein
Corporate Communications
corporatecomms@stonepeak.com
(212) 907-5100

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Stonepeak Acquires 1.8 Million Square Foot Logistics Portfolio in Jacksonville, Florida

Stonepeak

NEW YORK, NY – November 4, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced the acquisition of nine logistics assets totaling 1.8 million square feet in Jacksonville, Florida.

The assets are strategically located near the Port of Jacksonville, which lifts 1.3 million TEUs annually and is investing more than $1 billion over the next five years to improve access and utilization of this critical transport infrastructure. Jacksonville’s transport infrastructure is further supported by an extensive rail network anchored by CSX, Norfolk Southern, and the Florida East Coast Railway. Jacksonville has also seen positive demographic trends, with a 1.7 million population that has grown 4x the national average since 2013 and is expected to grow by 2x the national average over the next decade.

“We are excited to add these assets to our growing portfolio,” said Phill Solomond, Senior Managing Director and Head of Real Estate at Stonepeak. “We believe that high-quality real estate adjacent to transport infrastructure will continue to outperform given its mission-critical role in local and national supply chains.”

Most recently, Stonepeak acquired a 1.1 million square foot logistics portfolio located in the Alliance submarket of Dallas-Fort Worth, Texas. Earlier this year, Stonepeak acquired a 1.7 million square foot logistics portfolio located adjacent to the BNSF and Union Pacific intermodal terminals in Chicago, Illinois.

Stonepeak’s real estate team invests thematically in real estate assets that demonstrate infrastructure characteristics. The team invests in high conviction sectors including supply chain, residential, healthcare, and technology real estate. With the benefit of the strength and insights of the broader Stonepeak platform, the team targets opportunities supported by strong macro tailwinds that have durable cash flow profiles, embedded demand drivers, high barriers to entry, inflation protection, and are mission critical to the businesses and communities they serve.

Simpson Thacher & Bartlett LLP served as legal counsel and Jones Lang LaSalle served as financial advisor to Stonepeak.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include communications, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

Contacts
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (212) 907-5100

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eRESI Secures Additional Investment from KKR

KKR

NEW YORK & CHARLOTTE, N.C.–(BUSINESS WIRE)–eRESI Capital, LLC (“eRESI” or the “Company”), an innovative mortgage funding platform that offers comprehensive private capital solutions to the residential mortgage market, today announced that it has secured a new investment from insurance accounts managed by KKR, a leading global investment firm. These insurance accounts initially invested in eRESI in 2021. The additional capital is expected to help the Company continue to reach new origination milestones and drive further innovation, excellence, and value for its customers.

Founded in 2019, eRESI offers customized products and liquidity solutions to hundreds of mortgage banking partners. With the support of KKR’s High-Grade Asset-Based Finance (ABF) strategy, eRESI has provided over $10 billion in residential whole loan funding. The new commitment is expected to help broaden eRESI’s funding capabilities and operational capacity to capture market share and further increase liquidity to its customers.

“With KKR’s support, we have achieved remarkable goals, and we look forward to accomplishing even more in the future,” said Gregory Tsang, Chief Executive Officer and Tim Wang, President of eRESI. “Our best-in-class platform empowers us to deliver exceptional products and services to our customers and partners and this commitment will continue to drive our growth and strengthen our market-leading position.”

“We are pleased to support eRESI’s growth through our High-Grade Asset-Based Finance strategy and look forward to deepening our commitment to the company, which plays a key role in expanding access to financing options in the mortgage market” said Avi Korn and Chris Mellia, global co-heads of Asset-Based Finance at KKR.

KKR’s high grade ABF strategy focuses on investment grade and investment grade-like financings and whole loan purchases. Through access to proprietary sourcing and privately negotiated structures, this strategy can provide attractive excess returns over corporate investment grade exposure with similar risk. KKR’s ABF platform began investing in 2016 and now has approximately $66 billion in ABF assets under management globally across its High-Grade ABF and Opportunistic ABF strategies.

About eRESI

eRESI’s comprehensive private capital access and technology platform is empowering mortgage companies with better liquidity and more efficiency. eRESI continues to expand its Non-Agency market share through enhanced transparency, innovative process, and best-in-class client service. The ability to provide a fully integrated suite of solutions and expansive executions to origination partners and capital markets helps support and benefit the U.S. housing market. Based in Charlotte, NC and Pasadena, CA, eRESI has completed billions in Non-Agency transactions serving a national network of clients.

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.

Contacts

For eRESI:
Semone Aye
1-855-208-2546
semone.aye@eresimortgage.com

For KKR:
Julia Kosygina or Lauren McCranie
212-750-8300
media@kkr.com

 

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Serent Capital Announces Acquisition of Landscape Management Network (LMN) by SingleOps

Serent Capital, a growth-focused private equity firm that invests in founder-led B2B SaaS and technology companies, announced that its portfolio company, Landscape Management Network (LMN), a premier provider of business management software for the landscape industry, has been acquired by SingleOps, a leader in business management solutions for green industry service providers.

Founded in 2009, LMN provides a comprehensive software suite that helps landscaping and snow management businesses streamline operations and drive growth. With Serent Capital’s 2020 investment, LMN expanded its product offerings and market position across North America through strategic initiatives, including enhanced go-to-market strategies and product innovation. Notably, LMN acquired SLICE Technologies to bolster its business management solutions and Greenius training software to enhance training offerings for industry professionals.

“Partnering with the LMN team and supporting their growth journey has been highly rewarding,” said Lance Fenton, Partner at Serent Capital. “Through go-to-market expansion, product innovation, and strategic acquisitions, LMN has solidified its leadership in the market. We look forward to their continued success.”

The merger will enable SingleOps and LMN to better serve the evolving needs of the green industry, extending their reach and impact across North America.

Serent Capital has a strong track record of investing in field services technology companies, having partnered with over a dozen innovative businesses in this space to help them scale and succeed. For more information about Serent Capital’s investments, visit serentcapital.com.

Serent Capital invests in growing businesses that have developed compelling solutions that address their customers’ needs. As those businesses grow and evolve, the opportunities and challenges that they face change with them. Principals at Serent Capital have firsthand experience at capturing those opportunities and navigating these difficulties through their experiences as CEOs, strategic advisors, and board members to successful growing businesses. By bringing its expertise and capital to bear, Serent seeks to help growing businesses thrive. Learn more about our portfolio companies.

Disclaimer:

This publication is for informational purposes only, and nothing contained herein constitutes an offer to sell or a solicitation of an offer to buy any interest in any investment vehicle managed by Serent Capital or any company in which Serent Capital or its affiliates have invested. An offer or solicitation will be made only through a final private placement memorandum, subscription agreement and other related documents with respect to a particular investment opportunity and will be subject to the terms and conditions contained in such documents, including the qualifications necessary to become an investor. Serent Capital does not utilize its website to provide investment or other advice, and nothing contained herein constitutes a comprehensive or complete statement of the matters discussed or the law relating thereto. Information provided reflects Serent Capital’s views as of a particular time and are subject to change without notice. You should obtain relevant and specific professional advice before making any investment decision.
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Prime Label acquires Romanian printing company Grafoprint

Innnova Capital

Prime Label acquires Romanian printing company Grafoprint

Prime Label Group, a leading label manufacturer in Central and Eastern Europe (CEE), has strengthened its position by acquiring a 100% stake in Grafoprint, a prominent Romanian printing business. As part of the private equity fund Innova/6 of the Innova Capital group, this marks Prime Label’s sixth acquisition in five years, underscoring its growth ambitions in the CEE region. This acquisition allows the Group to expand in the promising Romanian market while exceeding its sales target of EUR 100 million by the end of 2024.

Founded in 1991, Grafoprint was one of Romania’s first private printing companies and has remained a leading player in the industry. With over 30 years of experience, the company provides comprehensive label production services, from design to professional printing using top-quality materials. Specializing in both flexographic and digital printing, Grafoprint produces self-adhesive labels for leading FMCG brands in the cosmetics, household chemicals, and food & beverage sectors.

Prime Label’s latest acquisition is another step in its long-term growth strategy, which strengthens the Group’s position as a regional leader in label production. Entering the Romanian market – the second largest in Central and Eastern Europe – not only enhances the Group’s sales capabilities by cross-selling products manufactured in other facilities but also allows significant cost synergies to be realized.

“2024 is a milestone year for Prime Label. We’re set to surpass EUR 100 million in sales, joining the ranks of Europe’s largest label manufacturers. Since 2019 and the acquisition of the first company – the Poland-based Embe Press printing house, the Group has grown more than sevenfold. Geographical expansion through the Grafoprint takeover creates new development opportunities for us. We see Romania as a great potential market, although it is still underestimated. Intuition and market data tell us that it is a good investment direction. The Romanian economy is growing dynamically compared to other European countries, and the increasing direct investments of the Group’s current and potential clients in Romania show that it is worth being here. I am very excited about our development plans within this market,” says Arkadiusz Sapiecha, CEO of Prime Label.

“I believe that bringing Grafoprint into the Prime Label Group will yield substantial benefits. Being part of a larger network will strengthen its market position and enable purchasing synergies. We’re also eager to expand Grafoprint’s product range with new label types in which Prime Label excels, fostering a productive exchange of expertise. The sharing of know-how and best practices, supported by a cooperative atmosphere – which we prioritize – will drive company success and employee satisfaction,” adds Grzegorz Świderski, CFO of Prime Label.

“Today, Grafoprint begins a new chapter as part of Prime Label Group, marking our transition from a local business to a European player. This step is both a challenge and an opportunity, recognizing our team’s dedication and the trust of our investors. We are excited to leverage our expertise within a European network and look forward to a fruitful collaboration ahead,” – comments Octavian Tocaci, Managing Director of Grafoprint.

“We have been consistently developing the Prime Label portfolio for years and entering new markets in the region is a natural step for us towards further growth. We believe that close cooperation with the Grafoprint team and knowledge sharing will allow us to fully exploit the potential of the Group, especially in Romania. We have an exciting time ahead of us – on the one hand, we will be expanding our Prime Label and Grafoprint offerings, strengthening the sales network, and creating solutions for customers that perfectly match their needs. On the other hand, we will continue to make acquisitions in line with the long-term vision for the development of Prime Label,” says Michał Wojdyła, Partner at Innova Capital, who leads the transaction.

 

About Prime Label

Prime Label has five label printing companies in its portfolio: Chemes from Poznan (Poland) and EmbePress from Lublin (Poland) – specialising in flexo printing, LabelProfi – a Slovenian digital printing house, LabelPrint – an Estonian entity dedicated to the Baltic markets and Scandinavian clients, and the Polish printing company PEGWAN.

www.embepress.plwww.chemes.euwww.labelprofi.comwww.labelprint.eewww.pegwan.com

 

About Grafoprint

Grafoprint is a Romanian company with more than 30 years of experience, specialising in the production of high quality self-adhesive labels and packaging materials. As one of the first privately owned printers in the country, Grafoprint offers a wide range of solutions for various industries, including FMCG, cosmetics, pharmaceuticals and industrials. The company uses advanced flexographic and digital printing technologies, offering flexibility, vibrant colours and the ability to fully personalise labels. With a comprehensive approach that includes design, pre-press and colour management, Grafoprint helps clients build a strong brand in the retail market, attract consumer attention and add value to products on the shelf.

www.grafoprint.ro

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Kaizen receives £42 million growth investment from Guidepost Growth Equity

Guidepost Logo

London, November 6, 2024 – Kaizen, a leading provider of regulatory compliance solutions for global financial institutions, today announced the completion of a £42 million minority investment from Guidepost Growth Equity, a Boston-based growth equity firm partnering with entrepreneur-led technology companies. The investment will be used to accelerate product development, invest in go-to-market initiatives, expand in North America, and enhance its award-winning compliance technology. This represents Kaizen’s first external investment since its founding in 2013 by CEO Dario Crispini.

Kaizen is the global leader in regulatory reporting quality assurance with its pioneering ReportShield platform, which enables its clients to fully test the accuracy and quality of regulatory reports at the trade level, identify 100% of errors at scale, and efficiently remediate with global regulatory coverage including MiFID, EMIR, SFTR, CFTC, and SEC, among others.

Kaizen has established itself as a trusted partner to the world’s largest and most sophisticated banks, asset managers, hedge funds and brokers to ensure accurate, complete, and timely reporting in an increasingly challenging regulatory environment, evidenced by strong revenue growth since inception.

More recently, the Company has diversified its product suite to include solutions for managing and reporting shareholding disclosures, regulatory rules management, trade and communications surveillance and research management. Kaizen has also invested in London Reporting House and Cumulus9.

Dario Crispini, Founder and CEO, Kaizen commented: “We are delighted to be partnering with Guidepost as we enter a new chapter in our evolution. Guidepost has a great track record in helping firms reach their full potential and their investment and partnership will enable us to build and enhance our existing technology, deliver new compliance solutions, and drive our expansion into North America. The solutions we offer at Kaizen are designed to help our clients adhere to their compliance obligations in an efficient and cost-effective manner and we look forward to delivering more solutions that do just that.”

Gene Nogi, General Partner at Guidepost said: “Kaizen has transformed the transaction reporting and compliance market, helping the world’s largest financial institutions navigate and comply with an increasingly complex regulatory environment with heightened scrutiny from regulators. The Company embodies everything we look for in an entrepreneur-led, capital-efficient, rapidly growing, and highly differentiated technology business operating within a large, dynamic market. We are thrilled to partner with Dario, Ian and the entire team at Kaizen and look forward to working together on the next stage of the journey.”

As part of the investment, Gene Nogi will join the Kaizen Board of Directors alongside two new independent directors to be named. Raymond James was the exclusive financial advisor on the investment and Norton Rose Fulbright acted as legal counsel to Kaizen. Liberty Corporate Finance, Alvarez and Marsal and Crosslake also advised Kaizen. Choate Hall & Stewart and Stevens & Bolton acted as legal counsel to Guidepost.

About Guidepost Growth Equity

Guidepost Growth Equity (“Guidepost”) is a leading core growth equity firm that partners with entrepreneur-led companies utilizing technology to transform industries within application and infrastructure software and tech-enabled and data services. Current and prior investments include ActiveViam (acquired by Nordic Capital), ClassWallet, Lucid (acquired by Cint Group AB), Mineral (acquired by Mitratech), OutSystems, Traction on Demand (acquired by Salesforce), and Tractive. The firm is headquartered in Boston, MA.

Guidepost Growth Equity provides the flexible capital, operational assistance, and strategic guidance necessary to support the continued success of high-growth businesses and has over $1.9 billion of capital under management. For more information, please visit their website.

For more information, please contact James Dunseath, Communications Advisor, on +44 (0) 7557 955795 or media@kaizenreporting.com

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Gridiron Capital Portfolio Company Vertical Supply Group Acquires UK-Based Tacklestore ltd.

Gridiron Capital

Acquisition Will Further VSG’s Leadership in the At-Height Safety and Adjacent Industrial End Markets

NEW CANAAN, CT, November 4, 2024 – Gridiron Capital, LLC (“Gridiron Capital” or “Gridiron”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, is proud to announce that its portfolio Company Vertical Supply Group (“VSG” or the “Company”), a leading supplier and manufacturer of life safety equipment, has acquired Tacklestore ltd. (“Tacklestore”), a UK leader in at-height safety, fall protection, material lifting, and personal protection equipment (PPE). Tacklestore was founded by Mike Hughes in 2004 and currently operates out of its head office in Bristol, with seven depot locations across the UK. Tacklestore sells its leading brands including G-Force, LiftinGear, LoadSurfer, ActionRam, and LifeGear through its depots and websites: safetyliftingear.com, lifegear.com, and safety-lifting.com. Terms of the acquisition were not disclosed.

“We are very excited to add the Tacklestore brands, websites, and depots to the VSG platform and build on the amazing base Mike Hughes created. By adding the Tacklestore brands to our current assortment offered at our Honey Brothers locations, we are expanding the industries we cover to help us achieve our goal of becoming a one-stop shop for all of our customers’ work-at-height needs,” remarked Jeff Morris, CEO of Vertical Supply Group.

Vertical Supply Group (VSG) was established in 1960 as Sherrill Tree, initially serving arborists and tree care professionals. Since that time VSG has expanded its portfolio to include multiple brands and products for those who work at height, becoming a leader in vertical access, life safety, and climbing equipment.

“We had been looking for the right partner to carry on the Tacklestore legacy. We feel that our brands and people are in great hands with VSG and the partnership will open many opportunities for us to reach a global customer base,” added Mike Hughes, founder and Managing Director of Tacklestore.

“VSG’s partnership with Tacklestore’s product portfolio expands VSG into new attractive industrial, entertainment, utility and construction end markets in the UK and will provide a springboard for expansion into new end markets and geographic areas in the future,” commented Tom Burger, Co-Founder and Managing Partner of Gridiron.

“The acquisition of Tacklestore further expands VSG’s addressable market and progresses our growth strategy to significantly expand VSG’s international presence while building out VSG’s owned and controlled brands strategy to create a good, better, best product offering across diversified end markets in the work-at-height and life-safety industries,” said John Warner, Managing Director at Gridiron.

 

About Gridiron Capital

Gridiron Capital is an investment firm focused on partnering with founders, entrepreneurs, and management teams, and creating value by building middle-market companies into industry-leaders in consumer products & services, industrial growth, and business services segments in the United States and Canada. We help transform growing companies by winning together through hard work, partnerships grounded in shared values and a unique culture that comes from hands-on experience building and running businesses. As a team led by former operators and entrepreneurs, we know what it takes to run successful businesses on a day-to-day basis. Additional information is available on the firm’s website: www.gridironcapital.com.

About Vertical Supply Group

Vertical Supply Group (“VSG”) is a vertically integrated business focusing on product development, manufacturing, and equipment supply. Comprised of brands Sterling, Notch, Rope Logic, Yates Gear, and Silky, as well as webstores TreeStuff.com, SherrillTree.com, HoneyBros.com, Universal Field Supplies, UtilityDirect.com, Bishco.com, and RescueDirect.com, VSG delivers the most comprehensive assortment of products for arborists, climbers, rope access and technical rescue technicians, utility lineman, and other work-at-height professionals globally. Learn more at www.verticalsupplygroup.com.

About Tacklestore ltd.

Tacklestore is a specialist supplier of lifting and fall protection products. It is comprised of 13 brands, including G-Force, Liftingear, and LoadSurfer, as well as several websites such as safetyliftingear.com, safety-lifting.com, and life-gear.com. Headquartered in Bristol, UK, Tacklestore offers an extensive range of products and technical expertise across lifting gear, height safety, load restraint, material handling, PPE, workwear, and industrial supplies. Their services also include inspection, repair, testing, and rentals across nine UK locations. Learn more at www.tacklestore.net.

 

Contacts

Gridiron Capital, LLC

Thomas A. Burger Jr.

Co-Founder and Managing Partner

tburger@gridironcapital.com

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Aliter completes investment in legal services firm BBS Law

Aliter Capital

BBS Law to increase national footprint and expand services to high growth clients

 

Picture shows back row (L to R) Richard Denton, Head of London Office and Private Client, BBS Law, James Davies, Investment Director, Aliter, Avi Barr, Head of Secured Lending and Property (London), BBS Law. Front row (L to R) Dov Black, Managing Partner and Head of Corporate, BBS Law, Billy Allan, Founding Partner, Aliter.

 

Aliter has completed an investment in BBS Law (BBS), the full service law firm with offices in Manchester and London, serving the legal needs of the SME sector, entrepreneurs and high-net-worth individuals.

 

Founded in 1978, BBS provides a wide range of legal services including Corporate, Property, Secured Lending, Private Client, Employment, Litigation and Family Law. Over the past two years, BBS has grown through the successful completion of two acquisitions and Aliter’s investment will now support the firm’s ambitious future growth and development plans.

Dov Black, Managing Partner and Head of Corporate Finance, BBS Law said: “This deal provides a fantastic opportunity to build national coverage across the UK and create a differentiated brand within the market, while remaining resolutely focused on meeting the needs of our core client base. We believe strongly the added support of Aliter brings significant experience and resources to help us accelerate the next stage of BBS’s development.”

 

Aliter’s Investment Director James Davies said: “Aliter is the ideal partner for BBS, bringing a track record of driving growth, access to capital for further expansion and specialist knowledge and experience of BBS’s main target markets. BBS is a great business with highly compelling characteristics, including a resilient business model, a range of complementary services to suit its customer base, long-standing customer relationships, a footprint in the attractive areas of Manchester and London and a track record of organic growth and successfully integrating bolt-on acquisitions”.

 

Davies also confirmed that Aliter is working closely with BBS on a pipeline of target acquisitions, aiming to expand the firm’s regional coverage across the UK, strengthen existing services and add complementary new services.

 

Aliter’s investment establishes a fifth platform business in Aliter Fund II and the senior partners at BBS will continue to be significant shareholders.

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