Category Archives: News

Francisco Partners to Acquire AdvancedMD from Global Payments

Franciso Partners

Pending closing – see press release below.

Acquisition to position AdvancedMD as standalone business to accelerate investment and expansion

SAN FRANCISCO – October 30, 2024 – Francisco Partners (“FP”), a leading global investment firm that specializes in partnering with technology businesses, announced it has signed a definitive agreement to acquire AdvancedMD, a leading cloud-based provider of medical office software, from Global Payments, Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions.

Founded in 1999, AdvancedMD provides a cloud native medical office software platform that unifies practice management, electronic health record, patient engagement, and payments software solutions. AdvancedMD delivers an end-to-end practice and patient workflow to help healthcare practices, independent physicians, and medical billers optimize operations, reduce administrative burdens, manage higher patient encounters and improve patient outcomes. AdvancedMD will continue to serve thousands of healthcare professionals by delivering a technology platform that supports practices through every stage of the patient care journey.

The business will continue to be led by its existing management team, with current President Amanda Sharp assuming the additional title of Chief Executive Officer of AdvancedMD. Commenting on the acquisition Sharp said, “Our mission at AdvancedMD is to empower healthcare professionals to realize their full potential. This acquisition positions our business to meet the evolving needs of our clients, expand the product portfolio and continue to invest in the business and our team members. We are thrilled to be working with Francisco Partners and have confidence that its healthcare technology experience and proven track record in nurturing and growing technology businesses will enable AdvancedMD’s loyal base of employees to continue delivering innovation.”

Since its launch 25 years ago, Francisco Partners has invested in over 450 technology companies, making it one of the most active and long-standing investors in the technology industry. FP has deep experience in the healthcare technology market and its investments have focused on companies that provide the best possible products and service for its customers and partners. Francisco Partners also has extensive experience partnering with corporations to execute divisional carve-outs with transactions such as bswift from CVS Health, Merative (f.k.a. IBM Watson Health) from IBM, and Capsule Technologies from Qualcomm.

Justin Chen, Partner at Francisco Partners, said, “We are excited to welcome AdvancedMD back to the FP portfolio and to partner with the team to continue building best-in-class healthcare software. AdvancedMD’s end-to-end platform delivers an integrated user experience for patients, physicians, staff and billers, and is well-positioned to ensure its customers’ success.” Anders Mikkelsen, Principal at Francisco Partners, added, “The AdvancedMD team is committed to serving the healthcare industry’s constantly evolving needs and challenges. We are eager to support the talented employees and management team in its next chapter of growth.”

“We had the privilege of investing in AdvancedMD years ago, and it’s been remarkable to see the consistent long-term track record of growth and innovation since. We appreciate all Global Payments has done to drive growth and innovation in this business and are confident that our acquisition will help AdvancedMD build on its strong foundation of success,” said Ezra Perlman, Co-President at Francisco Partners.

Global Payments will continue to power the company’s payment acceptance capabilities as a long-term partner ensuring consistency of delivery and a seamless transition for employees and customers.

The acquisition is expected to close in the fourth quarter of 2024, subject to the satisfaction of customary closing conditions.

Moelis & Company LLC is acting as financial advisor and Kirkland & Ellis LLP is serving as legal advisor to Francisco Partners.

Bank of America is serving as exclusive financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Global Payments.

About Francisco Partners

Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch 25 years ago, Francisco Partners has invested in over 450 technology companies, making it one of the most active and longstanding investors in the technology industry. With approximately $45 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

About AdvancedMD

AdvancedMD revolutionized medical office software in 1999 with the introduction of the industry’s first true cloud solution. Today, the company continues to lead HealthTech innovation with a complete cloud suite of smart applications that work in unison, accelerating collaborative workflow for every role of the practice. With AdvancedMD, medical office staff are empowered to thrive in the online age of healthcare and value-based reimbursement with essential clinical, financial, patient engagement and reputation management applications that are unified and available anytime, anywhere on any device. AdvancedMD strives to be the technology heartbeat of healthcare for providers, patients, and payors for a healthier world. For more information on AdvancedMD, please visit www.advancedmd.com.

About Global Payments

Global Payments Inc. (NYSE: GPN) is a leading payments technology company delivering innovative software and services to our customers globally. Our technologies, services and team member expertise allow us to provide a broad range of solutions that enable our customers to operate their businesses more efficiently across a variety of channels around the world.

Headquartered in Georgia with approximately 27,000 team members worldwide, Global Payments is a Fortune 500® company and a member of the S&P 500 with worldwide reach spanning North America, Europe, Asia Pacific and Latin America. For more information, visit company.globalpayments.com and follow Global Payments on X, LinkedIn and Facebook.

Media Contacts:

Francisco Partners
Whit Clay
wclay@sloanepr.com

Global Payments
Emily Edmonds
media.relations@globalpay.com

Team

Status

Current

Deal Facts

North America

Divisional Carve-Outs

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Capital Group and KKR Advance Public-Private Investment Solutions for Individual Investors

KKR
  • Leading global investment firms file for two public-private fixed income interval funds to launch in the U.S. in the first half of 2025, pending regulatory approval
  • New category of public-private solutions to expand over time across multiple asset classes and geographies

LOS ANGELES, Oct. 29, 2024 /PRNewswire/ — Leading global investment firms Capital Group and KKR today filed registration statements with the SEC for two public-private fixed income funds, Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+, both of which are expected to launch in the U.S. in the first half of 2025, pending regulatory approval. Today’s filings follow the initial announcement of the firms’ exclusive strategic partnership to create a new category of hybrid public-private investment solutions that will provide new ways for investors to incorporate private markets into their portfolios.

The two new strategies are expected to be offered through financial professionals to the U.S. wealth market. Select institutional investors may find the strategies relevant in their portfolios as well. The filings underscore the firms’ commitment to making private markets more accessible to a broader client base.

“As a firm, we do not enter a new market unless we are committed for the long term and believe we can offer something meaningful and durable for our clients,” said Holly Framsted, Head of Global Product Strategy and Development at Capital Group. “Our focus remains on delivering distinct solutions that serve unmet needs in investor portfolios. These strategies aim to solve the access gap that individual investors currently face when it comes to private investments, and we expect these two public-private strategies will be the first of many across asset classes and geographies.”

While Capital Group is responsible for the overall strategy, the two organizations intend to work closely together to deliver investment portfolios that thoughtfully combine public and private investments, with an aim toward solving distinct investor needs.

“KKR and Capital Group share a deep commitment to making private markets assets more accessible to individual investors,” said Eric Mogelof, Partner and Head of Global Client Solutions at KKR. “We are pleased to take this next step in our strategic partnership and look forward to offering additional solutions that bring our best‐in‐class private markets investment capabilities to a broader group of investors.”

The new public-private solutions platform seeks to deliver Capital Group’s public market capabilities combined with KKR’s extensive private markets expertise. Today, Capital Group manages over $555B in public fixed income assets, while KKR manages over $100B in private credit assets.

About Capital Group
Capital Group, home of American Funds, has been singularly focused on delivering superior results for long-term investors using high-conviction portfolios, rigorous research and individual accountability since 1931.

As of September 30, 2024, Capital Group manages more than $2.8 trillion in equity and fixed income assets for millions of individuals and institutional investors around the world. Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed income investment professionals provide fixed income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.

For more information, visit capitalgroup.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 https://kkr.com. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at https://www.globalatlantic.com/

Registration statements for each of Capital Group KKR Core Plus+ and Capital Group KKR Multi-Sector+ have been filed with the Securities and Exchange Commission and are available from the EDGAR database on the SEC’s website (www.sec.gov). The information in the registration statements is not complete and may be changed. The securities of neither fund may be sold until its registration statement is effective. An investor should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. This and other information about each fund will be contained in the fund’s final prospectus, which investors should read carefully when available from the EDGAR database on the SEC’s website (www.sec.gov). This communication is not an offer to sell the shares of either fund and is not soliciting an offer to buy the shares of either fund in any state where the offer or sale is not permitted.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All company and product names mentioned are the property of their respective companies.

Capital Client Group, Inc.

Media Contacts
Lizzie Lowe
lizzie.lowe@capgroup.com

Christine Wood
Christine.wood@capgroup.com

Julia Kosygina
media@kkr.com

SOURCE Capital Group Companies

 

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AlpInvest Successfully Closes $1 Billion Collateralized Fund Obligation Offering

Carlyle

The $1 Billion CFO exceeded its initial target of $800M due to strong investor demand, making it the largest publicly rated GP-Led CFO in the market to date

The offering follows AlpInvest’s inaugural securitization offering in 2023

New York, NY, October 29, 2024 – AlpInvest, an integrated market-leading private equity platform and subsidiary of Carlyle (NASDAQ: CG), today announced the closing of a Collateralized Fund Obligation (“AlpInvest CFO” or “CFO”), its second securitization. The $1 billion CFO represents the largest publicly rated GP-Led CFO in the market to date, and will comprise exposure to four AlpInvest-managed funds across its flagship Private Equity Secondaries, Portfolio Finance, and Co-Investment strategies, along with two private equity secondary transactions recently completed by AlpInvest involving diversified portfolios of LP interests.

For over 20 years, AlpInvest has been building private equity portfolios on a global scale by leveraging decades of experience and Carlyle’s vast network. The platform now has $80+ billion in assets under management and serves over 500 LPs.

The underlying portfolio for the AlpInvest CFO was specifically designed to offer investors highly diversified exposure to private equity and credit assets across geographic regions, vintage year, and AlpInvest fund strategies.

“We are pleased to have closed our collateralized fund obligation offering and proud of the strong backing we received from both new and existing investors across the Carlyle and AlpInvest platforms, including insurance companies, other larger institutional investors, and family offices.” said Michael Hacker, Managing Director and Global Head of Portfolio Finance at AlpInvest.  “This securitization presents a differentiated opportunity for investors given the diversification characteristics of the underlying portfolio, and innovative structure, which reflect the structing expertise we have built across our Secondaries and Portfolio Finance platforms.  We are excited to continue our heritage of delivering customized products to our investors, which are tailored made to meet their objectives.”

Evercore served as the Sole Structuring Advisor and Bookrunner of the offering and Ropes & Gray LLP served as legal advisor to AlpInvest.

 

About AlpInvest

AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), is a leading global private equity investor with $80+ billion of assets under management and more than 500 investors as of June 30, 2024. It has invested with over 360 private equity managers and committed approximately $100 billion across primary commitments to private equity funds, secondary and portfolio finance transactions and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlyle.com.

 

Media Contacts 

Brittany Berliner

+1 (212) 813-4839

Brittany.Berliner@carlyle.com

 

OR

 

Isabelle Jeffrey

+1 (212) 332-6394

Isabelle.Jeffrey@carlyle.com

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Yellow Hive makes significant move into German market with acquisition of FVB

IK Partners

Poortugaal, 29 October 2024 – Yellow Hive, the parent company of You Sure, Felixx® werk & inkomen, Yinco and several other speciality insurance broker brands, takes a significant first step into the German market. The insurance broker and employee benefits advisory organisation announces the acquisition of the German insurance broker FVB, specialised in brokering personal and commercial lines insurances and financial investment products, from HDI Deutschland AG. With the acquisition of FVB, Yellow Hive enters the German market and achieves full national coverage in both Germany and the Netherlands. The structure and management of FVB will largely remain unchanged and its founder, Thomas Schallenberg, will support Yellow Hive Germany as an advisor after closing. Closing is anticipated year-end and subject to German merger clearance. The transaction is intended to boost the growth and further development of Yellow Hive and FVB in Germany, both organically and through further add-on acquisitions.

In April 2024, Yellow Hive refinanced with a significant new commitment from its existing shareholder IK Partners (“IK”) to support the continued growth of the company, not just in specific Dutch regions and niche markets, but also in other European countries such as Germany and Spain. The acquisition of FVB in Germany marks the first major milestone of this growth strategy.  Following IK’s initial investment in 2020 and under the leadership of CEO Ger Knikman, Yellow Hive transformed from a local insurance broker to a national distribution platform and is now entering Germany. Benefiting from scale, the company will make additional investments in innovation and have a stronger ability to negotiate better conditions for its customers.

National coverage with local presence

FVB is a renowned insurance broker with national coverage in Germany. The company strongly believes in the importance of close personal engagement with clients, which allows the affiliated advisors, who are well-acquainted with the regions, to provide the best tailored advice. Yellow Hive sees added value in the extensive product expertise of FVB and the local knowledge of the involved advisors in various regions.

Ger Knikman, CEO and Founder of Yellow Hive, said: “In FVB, we have found a partner that pursues the same objectives in the German market as we do with our own growth targets in the Netherlands. Now that we have shifted our focus to European expansion beyond the Netherlands, FVB fits perfectly within our growth strategy. By partnering with FVB, we will work with true specialists, enabling us to expand Yellow Hive with even more expertise. We can’t wait to start to work together with this experienced team within our organisation.”

Thomas Schallenberg, Founder of FVB and Advisor to Yellow Hive Germany, commented: “Joining forces with Yellow Hive will allow FVB to continue growing as an independent insurance broker. The company has a strong record of building an integrated platform to drive sustained organic and acquisitive growth. We are excited to join forces with the team at Yellow Hive to accelerate growth together and offer a broader spectrum of products and services to our customers.”

Jens Warkentin, CEO of HDI Deutschland AG, added: “We are delighted to have secured a very good new owner for FVB in Yellow Hive. HDI Germany will of course remain present in the broker market and further strengthen exclusive sales partners in future. We have utilised the consolidation efforts in the German market to place FVB in new hands at very good conditions. I would like to thank FVB, especially Thomas Schallenberg and his team, for their commitment to the HDI brand.”

European expansion

In the upcoming years, Yellow Hive will focus its growth strategy on Germany and Spain. In these countries, Yellow Hive intends to acquire existing service providers, underwriting companies and insurance brokers.

For more information or inquiries regarding this message, please contact:

De Bruijn PR
Marianne de Bruijn
marianne@debruijnpr.nl or 06-14441398

About Yellow Hive

The financial advisory organisation Yellow Hive has developed through independent growth, collaborations and targeted acquisitions. Since 2011, more than 100 companies have chosen to join one of the brands of Yellow Hive. Over 800 employees work from more than 30 locations towards a financially carefree future for individual and business clients throughout the Netherlands. More information: www.yellowhive.com

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About FVB

Since 1997, FVB has been providing high-quality advisory services to both individual and business clients. Insurances are brokered through a nationwide network of more than 400 commercial agents. With more than 230 insurer relationships FVB is truly independent thereby enabling brokers to provide best advice to their clients. More information: www.fvb.de

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About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €17 billion of capital and invested in 195 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

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AlpInvest Successfully Closes $1 Billion Collateralized Fund Obligation Offering

Carlyle

The $1 Billion CFO exceeded its initial target of $800M due to strong investor demand, making it the largest publicly rated GP-Led CFO in the market to date

The offering follows AlpInvest’s inaugural securitization offering in 2023

New York, NY, October 29, 2024 – AlpInvest, an integrated market-leading private equity platform and subsidiary of Carlyle (NASDAQ: CG), today announced the closing of a Collateralized Fund Obligation (“AlpInvest CFO” or “CFO”), its second securitization. The $1 billion CFO represents the largest publicly rated GP-Led CFO in the market to date, and will comprise exposure to four AlpInvest-managed funds across its flagship Private Equity Secondaries, Portfolio Finance, and Co-Investment strategies, along with two private equity secondary transactions recently completed by AlpInvest involving diversified portfolios of LP interests.

For over 20 years, AlpInvest has been building private equity portfolios on a global scale by leveraging decades of experience and Carlyle’s vast network. The platform now has $80+ billion in assets under management and serves over 500 LPs.

The underlying portfolio for the AlpInvest CFO was specifically designed to offer investors highly diversified exposure to private equity and credit assets across geographic regions, vintage year, and AlpInvest fund strategies.

“We are pleased to have closed our collateralized fund obligation offering and proud of the strong backing we received from both new and existing investors across the Carlyle and AlpInvest platforms, including insurance companies, other larger institutional investors, and family offices.” said Michael Hacker, Managing Director and Global Head of Portfolio Finance at AlpInvest.  “This securitization presents a differentiated opportunity for investors given the diversification characteristics of the underlying portfolio, and innovative structure, which reflect the structing expertise we have built across our Secondaries and Portfolio Finance platforms.  We are excited to continue our heritage of delivering customized products to our investors, which are tailored made to meet their objectives.”

Evercore served as the Sole Structuring Advisor and Bookrunner of the offering and Ropes & Gray LLP served as legal advisor to AlpInvest.

 

About AlpInvest

AlpInvest, a subsidiary of Carlyle (NASDAQ: CG), is a leading global private equity investor with $80+ billion of assets under management and more than 500 investors as of June 30, 2024. It has invested with over 360 private equity managers and committed approximately $100 billion across primary commitments to private equity funds, secondary and portfolio finance transactions and co-investments. AlpInvest employs more than 230 people in New York, Amsterdam, Hong Kong, London, and Singapore. For more information, please visit www.carlyle.com.

 

Media Contacts 

Brittany Berliner

+1 (212) 813-4839

Brittany.Berliner@carlyle.com

 

OR

 

Isabelle Jeffrey

+1 (212) 332-6394

Isabelle.Jeffrey@carlyle.com

Categories: News

CapMan Special Situations invests in Edita Prima

Capman

CapMan Special Situations Press Release
29 October 2024 at 15:00 EET

CapMan Special Situations invests in Edita Prima

Edita Group Plc divests its subsidiary Edita Prima Oy, focused on customer communications services, to a fund managed by CapMan Special Situations. CapMan Special Situations aims to accelerate the company’s business development as the industry transformation progresses. In connection with the transaction, Edita Prima’s management will also become shareholders of the company. The purchase agreement has been signed on 28 October 2024. The transaction is subject to approval by the Finnish Competition and Consumer Authority.

Edita Prima is a leading provider of comprehensive customer communication services. The company offers its customers digital customer communication management solutions, digital asset management and transactional printing, among other services.

Edita Prima’s business and customer service will operate normally after the closing of the transaction. The transaction will not affect the personnel. Heikki Autio will continue to act as the Managing Director of Edita Prima.

“Edita Prima has succeeded in developing its business as part of the Edita Group in an excellent way. The company has transformed from a traditional printing house into a modern provider for printed and digital customer communications services, and its operations are growing profitably. I believe that under the ownership of a strong Nordic private equity investor and the company’s management, Edita Prima is well-positioned to continue its successful journey,” says Kristiina Kujala, CEO of Edita Group.

“Edita Prima has a strong and respected brand within its industry, and we are pleased to begin this journey alongside the dedicated management team. This transaction will enable accelerated business development, supporting the company’s growth towards becoming a leading provider of digital customer communication services,” says Karri Keistinen, Investment Associate at CapMan Special Situations.

“This opens a new chapter in the story of a great company. Customer orientation is in Edita Prima’s DNA, and we are known as a competent and reliable partner. We are convinced that together with CapMan we will create even better services for our customers and achieve our vision of becoming a leading technology company in the industry,” says Heikki Autio, Managing Director of Edita Prima.

Edita Prima’s net revenue for the 18-month financial period from 1 July 2022 to 31 December 2023 totalled EUR 73.6 million and it currently employs approximately 70 people. The company has two locations in Helsinki: an office in Kalasatama and a production facility in Kuninkaantammi.

More information:

Karri Keistinen, Investment Associate, CapMan Special Situations, +358 40 7356 593, karri.keistinen@capman.com

Kristiina Kujala, CEO, Edita Group Oyj, +358 040 0761 752, kristiina.kujala@editagroup.com

Edita Group

Edita Group helps its customers communicate more efficiently and provides them with reliable printed and digital information.

The group consists of three business areas: Edita Prima specializes in customer communication services for companies and other organizations. Edita Learning publishes learning materials for primary school education and secondary and higher education, as well as provides training for the competence development of the teaching staff. Edita Legal information provides legal information online services, books and training for lawyers and other experts who need legal information in their work. The Group’s net revenue for the 18-month financial period from 1 July 2022 to 31 December 2023 amounted to EUR 96.9 million. Edita Group has approximately 180 employees. Further information: www.editagroup.com

CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €5.8 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. www.capman.com

Contact us

Do you have a specific question or want to get in touch with our teams? Please drop us a line!

Know who you want to contact? Meet all CapManians.

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Blackstone Closes First Series of Evergreen Institutional U.S. Direct Lending Fund with $22 Billion of Investable Capital

Blackstone

Brings Global Direct Lending Platform to over $123 Billion in AUM

NEW YORK – October 29, 2024 – Blackstone today announced the final close of the first series of its evergreen institutional U.S. direct lending fund, Blackstone Senior Direct Lending Fund (“BXD”). Blackstone has closed on approximately $22 billion of investable capital for the inaugural series of BXD and related vehicles, including anticipated leverage, exceeding our $10 billion target. This brings Blackstone’s global direct lending platform to over $123 billion in assets under management as of the third quarter.

“This capital raise reflects our long-term strength in private credit, our global reach across corporates and sponsor-led transactions, and our ability to add value to the companies with which we partner,” said Brad Marshall, Global Head of Private Credit Strategies at Blackstone Credit & Insurance (“BXCI”). “We believe our scale and breadth of solutions position us extremely well during what we expect to be an active transaction environment with declining rates.”

BXCI deployed or committed $40 billion in direct lending through the third quarter, more than double the total for all of 2023. This includes lead roles in some of the largest deals of the year with CoreWeave ($7.5B), Squarespace ($2.7B), Fidelis ($2B), and Davies (£1.5B), as well as recent proprietary middle-market transactions for Permira’s Acuity Knowledge Partners ($600M), Graham Partners’ Gatekeeper Systems ($550M), and publicly listed Loar ($360M), where BXCI served as the sole lender.

“Our global platform gives us strength in both the traditional middle-market and growing opportunity set for larger deals available to few others,” added Gilles Dellaert, Global Head of BXCI. “Investors and borrowers continue to recognize the benefits that private capital can provide in direct lending and across the broader credit markets.”

About Blackstone Credit & Insurance 
Blackstone Credit & Insurance (“BXCI”) is one of the world’s leading credit investors. Our investments span the credit markets, including private investment grade, asset based lending, public investment grade and high yield, sustainable resources, infrastructure debt, collateralized loan obligations, direct lending and opportunistic credit. We seek to generate attractive risk-adjusted returns for institutional and individual investors by offering companies capital needed to strengthen and grow their businesses. BXCI is also a leading provider of investment management services for insurers, helping those companies better deliver for policyholders through our world-class capabilities in investment grade private credit.

Contact
Thomas Clements
(646) 482-6088
Thomas.Clements@blackstone.com

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Bain Capital and Aquila Group Partner to Build a Leading Sustainable Data Centre Platform Across Europe

BainCapital

Bain Capital and Aquila Group Partner to Build a Leading Sustainable Data Centre Platform Across Europe

  • Bain Capital acquires majority share in Aquila Group’s data centre business AQ Compute
  • Together, the partners aim to build a leading European data centre platform
  • AQ Compute is intended to set new standards in sustainable data centre operations

Hamburg, Germany, and London, October 30, 2024 – Bain Capital, one of the world’s leading private, multi-asset alternative investment firms, and Aquila Group, a private investment company and pioneer in sustainable assets, announce a significant partnership in the data centre sector. As part of the cooperation, Bain Capital is acquiring an 80% stake in AQ Compute, the data centre subsidiary of Aquila Group. This strategic alliance, with a targeted multi-billion Euro investment volume, is aimed at significantly accelerating AQ Compute’s plans to develop and operate sustainable data centres for hyperscale and AI customers across Europe.

Founded by Aquila Group in 2020, AQ Compute provides modular and AI-ready data centre and colocation services, primarily powered by clean energy. With significant investment, the company launched its first sustainable data centre near Oslo in 2024, with additional projects underway in Barcelona, Milan and beyond. Bain Capital supports this growth through its capital investment and global expertise in the data centre industry, including its successful development of Bridge Data Centres in Asia. Together, the partners aim to build a leading European data centre platform, utilising clean energy wherever feasible.

Ali Haroon, a Partner at Bain Capital, said: “The European data centre sector presents an attractive market opportunity, driven by robust cloud demand, a need for high-performance computing and AI deployments, and data sovereignty across the region. Through this partnership with Aquila Group, we bring a differentiated, renewable energy angle to tackle the ever-growing power challenges in this critical part of Europe’s infrastructure.”

Rafael Coste Campos, a Managing Director at Bain Capital, added: “We are thrilled to bring our deep European real estate sector expertise and our multi-layered experience growing companies with complex infrastructure services, tenant relationships and talent attraction to AQ Compute. Leveraging our global data centre expertise, we are well-positioned to meet the needs of this ever growing and critically important sector and to build a market leading data centre operation in Europe.”

Michael Huber, a Principal at Bain Capital said: “Having invested more than $1 billion in real estate over the past three years, Bain Capital’s first European investment in data centres means we now have a truly global platform. This investment will benefit from and complement our experience investing in and building one of the largest data centres in Asia – Chindata and backing DC BLOX in the US.”

Roman Rosslenbroich, Co-founder and CEO of Aquila Group, commented: “Through our partnership with Bain Capital, we are well positioned to expand AQ Compute’s capabilities and solidify its role as a key player in Europe’s digital infrastructure. The rapid growth in data demands presents both a challenge and an opportunity — while more data centres are essential, they must be sustainable. Aquila will invest several hundred-million euros alongside Bain Capital’s larger commitment, with Aquila Capital providing co-investments. With our continued 20% stake, we will ensure AQ Compute’s growth aligns with our long-term vision for sustainable infrastructure, leveraging synergies with Aquila Clean Energy, a major developer and independent power producer in the clean energy space.“

Markus Holzer, Chairman of AQ Compute, said: “At AQ Compute, we are uniquely positioned to meet the growing demand for data processing by combining innovative, AI-ready infrastructure with a commitment to sustainability. This partnership with Bain Capital not only accelerates our development pipeline but also allows us to set new standards in sustainable data centre operations across Europe.”

About Bain Capital
Bain Capital is one of the world’s leading private multi-asset alternative investment firms that creates lasting impact for our investors, teams, businesses, and the communities in which we live. Since our founding in 1984, we’ve applied our insight and experience to organically expand into numerous asset classes including private equity, credit, public equity, venture capital, real estate and other strategic areas of focus. The firm has offices on four continents, more than 1,750 employees and approximately $185 billion in assets under management.
To learn more, visit www.baincapital.com.

About Aquila Group
Aquila Group, headquartered in Hamburg, Germany, is a private investment company managing a diverse portfolio of businesses focused on innovative solutions across various sectors. Since 2001, Aquila Group has been at the forefront of identifying emerging trends and fostering innovation, particularly in clean energy and sustainable infrastructure, while actively investing in the development of new ventures. As both an investor and developer, Aquila Group remains dedicated to driving long-term value creation and advancing solutions that contribute to a more sustainable future. Aquila Group’s portfolio spans investment management, industrial clean energy development and independent power production (IPP) across Europe and the Asia-Pacific region, as well as ventures in data centres, green logistics and Spanish residential real estate. With over EUR 25 billion in transactions and EUR 15 billion in assets under management, the company has established a solid track record.
With around 700 employees across 19 offices globally, Aquila Group remains committed to avoiding 1.5 billion tonnes of CO2 equivalents across its portfolio’s lifetime by 2035.
Further information: www.aquila-group.com

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Cornerstone announces $285 million financing from Aquiline and Nomura

Aquiline

BLOOMFIELD, N.J., Oct. 29, 2024 (GLOBE NEWSWIRE) — Cornerstone Financing, an insurance and investment funding company, has secured $285 million in aggregate financing through global finance investment firms Aquiline Capital Partners LP (“Aquiline”) and Nomura.

The financing supports the expansion of CHEIFS (Cornerstone Home Equity Insurance/Investment Funding Solutions), Cornerstone’s transformational funding solution that allows homeowners to sell a fraction of their home for cash to fund insurance, annuities, long-term care, and other financial and life planning options.

“Partnering with these prestigious institutions affirms our commitment to providing advisors with innovative home equity solutions. With streamlined distribution through our network of advisors, Cornerstone, through its CHEIFS program, offers a uniquely efficient model that maximizes value and enhances advisor-client financial planning strategies.”

Daniel Anderson,
Co-Founder of Cornerstone, commented

A new funding solution for insurance and financial advisors, CHEIFS revolutionizes the home equity landscape by augmenting the evolving financial toolkit for advisors and homeowners.

Currently operating in Arizona, California, Florida, and Pennsylvania, Cornerstone intends to expand nationally, supported by the $285 million financing and is actively seeking to expand its distribution partnerships.

“We are proud to support Cornerstone in the expansion of CHEIFS. This product addresses a critical gap we observed through our participation in the insurance market, and we are excited to back the solution.”

Timothy Gravely,
Partner and Head of Credit at Aquiline, added

About Cornerstone Financing
Cornerstone Financing empowers homeowners to access home equity to plan for a better financial future. Founded by Craig Corn and Daniel Anderson, Cornerstone merges structured finance and insurance wholesale distribution through its innovative product, CHEIFS, to utilize previously untapped home equity to enable superior estate, insurance, and investment planning through trusted advisors.

For more information about its foundational solution, CHEIFS, visit www.cheifs.com.

About Aquiline Capital Partners LP
Aquiline is a private investment firm based in New York, London, Philadelphia, and Greenwich, Connecticut, that is dedicated to financial services and technology. As of June 30, 2024, Aquiline has approximately $10.8 billion of assets under management and has deployed approximately $7.0 billion of capital across the firm’s three strategies in private equity, venture capital, and credit.

For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com.

SOURCE: Aquiline Capital Partners LP

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CVC Credit and CAPZA support the acquisition of ILERNA

CVC Capital Partners

CVC Credit, the global credit management business of CVC, and CAPZA, a leading player in private investments in European SMEs, are pleased to announce the co-arrangement of a Unitranche financing to support the acquisition of ILERNA by Jacobs Holding.

Founded in 2014, ILERNA is the leading player in the online Vocational Educational Training (VET) market in Spain, offering a broad portfolio of more than 30 fully accredited VET courses across various fields, with a particular emphasis on healthcare and IT, to working professionals seeking to enhance or shift their career.

A pioneer on its market, ILERNA has a physical presence in key regions across Spain, including Catalonia, Madrid, Andalusia, and Castilla y León, and serves students across all of Spain through its online offering. It currently trains approximately 46,000 students and employs around 480 staff members.

Over the last three years, the Group has demonstrated impressive growth, growing at a c.25% annual rate. The platform’s success stems from its innovative “learning by doing” methodology, designed to provide practical skills that meet the current demands of employers. It includes a market-leading virtual campus experience with materials specifically designed for online training. Furthermore, ILERNA’s internship program has over 4,300 agreements with leading companies, a strong selling point for candidates.

Through this transaction, Jacobs Holding acquires a majority stake in ILERNA, supported by a financing package co-arranged by CVC Credit and CAPZA, to help the Group enhance its educational programs, expand its curriculum, promote advanced technological tools, and extend its physical footprint.

Quotes

CVC Credit were able to leverage the CVC Network’s breadth and experience of the education sector which, combined with our innovative approach to financial solutions, enabled CVC Credit to be a chosen partner for ILERNA’s future growth.

Rafael Figuera FelizInvestment Director, CVC Credit

Rafael Figuera Feliz, Investment Director, CVC Credit commented: “ILERNA has a proven business model that continues to flourish across Spain, under this new partnership it will be able to accelerate the provision of its in-demand offering to many more prospective students. CVC Credit were able to leverage the CVC Network’s breadth and experience of the education sector which, combined with our innovative approach to financial solutions, enabled CVC Credit to be a chosen partner for ILERNA’s future growth.”

José Tomás Moliner, Head of Spain, CAPZA added: “We are excited to partner with ILERNA and its management team at this pivotal moment in their growth journey. ILERNA has consistently demonstrated its ability to deliver high-quality vocational educational courses to its students, and we are confident that this new partnership with Jacobs Holding will enable the Group to strengthen its market-leading position. With our flexible and customized financing solutions, we are thrilled to support the Group in realizing its ambitious growth plan.”

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