Category Archives: News

Frontline Road Safety Secures Strategic Investment from Bain Capital

BainCapital

Partnership paves the way for further growth to support the demand for mission-critical infrastructure services

DENVER and BOSTON – January 30, 2025 – Frontline Road Safety (“Frontline” or the “Company”), the largest provider of pavement marking services in the U.S., today announced that Bain Capital has entered into a definitive agreement to acquire the Company from The Sterling Group (“Sterling”).  Frontline will continue to be led by its Chief Executive Officer, Mitch Williams, and the current management team, who will remain significant investors in the Company.  Financial terms of the private transaction were not disclosed.

Headquartered in Denver with over 50 locations across the U.S., Frontline specializes in providing essential, non-discretionary road marking and other roadway safety services to keep our nation’s most critical infrastructure safe and operational. With approximately 1,750 employees across its platform of dedicated local providers, Frontline leverages the knowledge and execution of its regional businesses alongside the benefits of national scale to deliver superior service to its customers. Since its inception, Frontline’s leadership team has completed 19 successful acquisitions to become the national leader in road safety solutions.

“Since launching the Frontline platform in 2020, Sterling has been proud to support the Company’s tremendous growth and expansion,” said Brad Staller, Partner at Sterling. “We would like to thank Mitch and the entire Frontline team for their leadership and partnership in building Frontline. We believe the Company remains well-positioned to continue expanding its services and geographic footprint.”

“We have reached an inflection point in our evolution as a leading platform for road safety solutions.  We believe Bain Capital, with its proven track record of building true market leaders in services and distribution, is the right partner to enable us to accelerate our growth and support the value we deliver to our partners at DOT and large private construction contractors,” said Mr. Williams.  “With Bain Capital’s strategic and operational support, coupled with a shared vision for our long-term growth strategy, we are well-positioned to leverage our local expertise and scale benefits, continue investing in our people and services, and build upon our platform to better meet the growing demand for infrastructure improvements across the U.S.  We thank the Sterling team for their partnership and look forward to our next chapter of growth.”

“Frontline is a high-quality business providing mission-critical services, led by a proven management team that has done an impressive job of growing the business through a series of acquisitions and organically, while maintaining a commitment to operational excellence,” said Joe Robbins, a Partner at Bain Capital.  “We look forward to a collaborative partnership with Mitch and his talented team to help accelerate Frontline’s acquisition strategy and scale the Company’s best-in-class platform.  We believe the Company is well-positioned to continue growing its footprint, while providing differentiated value-added service to its customers.”

The investment is being made by Bain Capital’s Private Equity team, which has a long history of investments in industrial businesses and is one of the most active investors in the sector in the U.S. and globally.  Frontline is the latest example of Bain Capital’s focus on investments in market-leading services and distribution platforms including Imperial Dade, US LBM, Dealer Tire, Guidehouse, and Harrington Process Solutions.

Harris Williams LLC and Guggenheim Securities, LLC are serving as financial advisors, and Latham & Watkins LLP is serving as legal advisor to Frontline Road Safety. Stifel and UBS Investment Bank are acting as financial advisors, and Kirkland & Ellis LLP is serving as legal advisor to Bain Capital.

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About Frontline
Headquartered in Denver, Colorado, Frontline Road Safety Group is the nation’s largest provider of pavement marking services. Frontline proudly serves a wide variety of customers and industries, including airports, government agencies, public highways, roads, and private corporations. Committed to a deep local operational leadership strategy, Frontline’s team members have decades of industry experience and technical expertise at every level. Through a team of best-in-class local operating companies, Frontline serves customers across the United States. These companies have an unmatched reputation and average of over forty years of successful experience building long-term relationships with their customers.

About Bain Capital Private Equity
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 320 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 24 offices on four continents. Since its inception, the firm has made primary or add-on investments in more than 1,150 companies. In addition to private equity, Bain Capital invests across multiple asset classes, including credit, public equity, venture capital and real estate, managing approximately $185 billion in total assets and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus. For more information, please visit: www.baincapitalprivateequity.com.

About Sterling
Founded in 1982, The Sterling Group is a private equity and private credit investment firm that targets investments in basic manufacturing, distribution, and industrial services companies. Typical enterprise values of these companies at initial formation range from $100 million to $750 million. Sterling has sponsored the buyout of 73 platform companies and numerous add-on acquisitions for a total transaction value of over $25 billion. Sterling currently has $9.2 billion of assets under management. For further information, please visit www.sterling-group.com.

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Bain Capital Specialty Finance, Inc. Prices Public Offering of $350 Million 5.950% Senior Notes Due 2030

BainCapital

BOSTON – January 30, 2025 – Bain Capital Specialty Finance, Inc. (NYSE: BCSF or the “Company”) today announced that it has priced an offering of $350 million aggregate principal amount of 5.950% senior notes due 2030 (the “Notes”). The Notes will mature on March 15, 2030 and may be redeemed in whole or in part at the Company’s option at any time at par plus a “make-whole” premium, provided that the Notes may be redeemed at par one month prior to their maturity.

The offering is expected to close on or about February 6, 2025, subject to satisfaction of customary closing conditions.

The Company intends to use the net proceeds of this offering to repay outstanding secured indebtedness under its financing arrangements and for general corporate purposes.

SMBC Nikko Securities America, Inc., Wells Fargo Securities, LLC, BNP Paribas Securities Corp., Santander US Capital Markets LLC, J.P. Morgan Securities LLC and MUFG Securities Americas Inc. are acting as joint book-running managers for this offering. BNY Mellon Capital Markets, LLC, Deutsche Bank Securities Inc., Keefe, Bruyette & Woods, Inc., Natixis Securities Americas LLC and U.S. Bancorp Investments, Inc. are acting as co-managers for this offering.

Investors are advised to carefully consider the investment objectives, risks and charges and expenses of BCSF before investing. The pricing term sheet dated January 30, 2025, the preliminary prospectus supplement dated January 30, 2025, and the accompanying prospectus dated July 1, 2022, each of which has been filed with the U.S. Securities and Exchange Commission (the “SEC”), contain this and other information about BCSF and should be read carefully before investing.

The information in the pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release is not complete and may be changed. The pricing term sheet, the preliminary prospectus supplement, the accompanying prospectus and this press release are not offers to sell any securities of BCSF and are not soliciting an offer to buy such securities in any state or jurisdiction where such offer and sale is not permitted.

An effective shelf registration statement relating to the Notes is on file with the SEC and is effective. The offering may be made only by means of a preliminary prospectus supplement and an accompanying prospectus, copies of which may be obtained from the website of the SEC at www.sec.gov or from SMBC Nikko Securities America, Inc., 277 Park Avenue, 5th Floor, New York, New York 10172 or toll-free at 212-224-5135, Wells Fargo Securities, LLC, 608 2nd Avenue South, Suite 1000, Minneapolis, MN 55402 Attn: WFS Customer Service or toll-free at 1-800-645-3751, BNP Paribas Securities Corp., 787 Seventh Avenue, New York, New York 10019 or toll-free at 1-800-854-5674 or Santander US Capital Markets LLC, 437 Madison Avenue, New York, New York 10022 or toll-free at 1-855-403-3636.

About Bain Capital Specialty Finance, Inc.

Bain Capital Specialty Finance, Inc. is an externally managed specialty finance company focused on lending to middle market companies. BCSF is managed by BCSF Advisors, LP, an SEC-registered investment adviser and a subsidiary of Bain Capital Credit, LP. Since commencing investment operations on October 13, 2016, and through September 30, 2024, BCSF has invested approximately $8,132.9 million in aggregate principal amount of debt and equity investments prior to any subsequent exits or repayments. BCSF’s investment objective is to generate current income and, to a lesser extent, capital appreciation through direct originations of secured debt, including first lien, first lien/last out, unitranche and second lien debt, investments in strategic joint ventures, equity investments and, to a lesser extent, corporate bonds. BCSF has elected to be regulated as a business development company under the Investment Company Act of 1940, as amended.

Forward-Looking Statements

This letter may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this letter may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this letter.

Investor Contact:
Katherine Schneider
Tel. (212) 803-9613
investors@baincapitalbdc.com
Media Contact:
Charlyn Lusk
Tel. (646) 502-3549
clusk@stantonprm.com

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KKR and Henry Schein Announce Strategic Investment

KKR
  • KKR to become 12% common shareholder in Henry Schein
  • Henry Schein and KKR to collaborate on range of value creation opportunities
  • Two KKR representatives with deep sector experience to join the Henry Schein Board as independent directors
  • Separately, Robert J. Hombach, who brings extensive financial and strategic experience in health care, has joined the Henry Schein Board as an independent director
  • Announces preliminary unaudited fourth-quarter 2024 GAAP diluted EPS of $0.74 and non-GAAP diluted EPS of $1.19, and preliminary 2025 financial guidance for full-year non-GAAP EPS of low to mid single digit growth
  • In addition, Henry Schein has increased its share repurchase program authorization by $500 million

MELVILLE, N.Y.–(BUSINESS WIRE)–Henry Schein, Inc. (Nasdaq: HSIC) (“Henry Schein” or the “Company”), the world’s largest provider of health care solutions to office-based dental and medical practitioners, today announced a strategic investment by funds affiliated with KKR, a leading global investment firm.

“Our Board and management have great respect for KKR, including its partnership-oriented approach and experience in supporting value creation across its investments,” said Stanley Bergman, CEO, Henry Schein.

In addition to KKR’s current holdings, KKR will make an additional $250 million investment in the Company’s common stock (the “Investment”). As a result, KKR will become the largest non-index fund shareholder in the Company with a 12% position, demonstrating the firm’s confidence in Henry Schein, its management team, and its BOLD+1 strategy. KKR will also have the ability to purchase additional shares via open market purchases up to a total equity stake of 14.9% of the outstanding common shares of the Company.

In addition, under the agreement between Henry Schein and KKR, Max Lin and William K. “Dan” Daniel will join Henry Schein’s Board of Directors (the “Board”) as independent directors.

Mr. Lin is a partner at KKR where he leads the Health Care industry team within its Americas Private Equity platform. He will join the Board’s Nominating and Governance Committee as Vice Chair to participate in governance matters, including the ongoing consideration of Board composition and the Board’s ongoing CEO succession planning process. Mr. Lin will also join the Strategic Advisory Committee, which oversees the Company’s strategic planning activities.

Mr. Daniel, an executive advisor to KKR and former Executive Vice President at Danaher Corporation, will join the Board’s Compensation and Strategic Advisory Committees.

Separately, the Board has appointed Robert J. “Bob” Hombach as an independent director. Mr. Hombach, former Executive Vice President, Chief Financial Officer and Chief Operations Officer of Baxalta Inc. and prior to this, Corporate Vice President and Chief Financial Officer of Baxter International Inc., is expected to join the Board’s Strategic Advisory Committee.

These highly experienced executives will add to the Company’s significant and complementary expertise across finance, operations, and in dental and other areas of health care. With these appointments, the Board will temporarily increase to 16 directors before reducing to 14 directors effective immediately following the Company’s 2025 Annual Meeting and expects to further reduce the size of the Board over time.

Together, Henry Schein and KKR will collaborate to pursue additional opportunities to create shareholder value and drive the business in its next phase of growth, with a specific focus on strategic growth, operational excellence, capital allocation, and employee engagement, including exploring broad-based equity ownership.

“Our Board and management have great respect for KKR, including its partnership-oriented approach and experience in supporting value creation across its investments. This is a testament to the hard work of Team Schein to advance our leadership as a solutions-driven innovator for health care professionals,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “We regularly engage with our shareholders and welcome their constructive dialogue, advice, and recommendations. We look forward to collaborating with Max, Dan, and Bob in pursuing the opportunities ahead of us and building on Henry Schein’s incredible foundation.”

“We have long admired Stan and the broader Henry Schein organization. KKR is excited to support Henry Schein in its mission of enabling dental and medical practitioners, and believe the Company has tremendous growth potential. We look forward to working with the management team on strategic and operational initiatives to drive value for all of Henry Schein’s stakeholders,” said Mr. Lin.

“Henry Schein is an exceptional company with a well-earned reputation for innovation, quality relationships with customers, and a talented team. I am honored to join the Henry Schein Board and look forward to contributing to creating significant value for all of Henry Schein’s stakeholders in the years ahead,” said Mr. Hombach.

Upon consummation of the transactions, the Company will issue new shares of common stock to funds affiliated with KKR for an investment of $250 million, based on market price. KKR is funding this investment primarily from North America Fund XIII. As part of the agreement, KKR has also agreed to customary voting and other provisions. The consummation of the transactions is subject to customary closing conditions, including the expiration or termination of any waiting period under the Hart-Scott-Rodino Act and foreign regulatory approvals. The full agreement between Henry Schein and KKR will be filed on a Form 8-K with the Securities and Exchange Commission (the “SEC”).

Preliminary, Unaudited Fourth-Quarter and Full-Year 2024 Financial Results

Henry Schein also today reported preliminary, unaudited revenue, Adjusted EBITDA, earnings, and operating cash flow for the fourth quarter and fiscal year ended December 28, 2024:

  • Preliminary revenue in the fourth quarter totaled $3.2 billion, bringing revenue for the full year of 2024 to $12.7 billion.
  • Preliminary GAAP net income for the fourth quarter was $94 million, or $0.74 per diluted share, resulting in preliminary full-year 2024 GAAP net income of $390 million, or $3.05 per diluted share.
  • Preliminary non-GAAP net income for the fourth quarter was $149 million, or $1.19 per diluted share, resulting in preliminary full-year 2024 non-GAAP net income of $605 million, or $4.74 per diluted share.
  • Preliminary Adjusted EBITDA for the fourth quarter was $270 million, resulting in preliminary full-year 2024 Adjusted EBITDA of $1,061 million.
  • Preliminary fourth quarter and full year 2024 operating cash flow was $204 million and $848 million, respectively.

Exhibit A includes the GAAP to non-GAAP reconciliation of preliminary net income and preliminary earnings per share. Exhibit B includes a reconciliation of preliminary GAAP net income to preliminary Adjusted EBITDA.

Preliminary Full-Year 2025 Financial Guidance

Henry Schein also today announced preliminary financial guidance for 2025. Revenues and non-GAAP diluted earnings per share are both expected to grow in the range of low to mid-single digits in 2025 as compared to 2024. Adjusted EBITDA is expected to grow in a mid-single digit range in 2025 as compared to 2024.

Guidance is for current continuing operations as well as announced acquisitions and does not include the impact of restructuring and integration expenses, amortization expense of acquired intangible assets, certain expenses directly associated with the cybersecurity incident or any potential insurance claim recovery, and extraordinary legal and advisory expenses. This guidance also assumes modest improvement in the dental and medical markets during the year, supported by our strategic initiatives and recent investments, a net positive contribution from our restructuring plan offset by investments in technology and new product launches, and that foreign currency exchange rates remain generally consistent with 2024 levels.

The Company is providing preliminary guidance for 2025 diluted EPS on a non-GAAP basis and for preliminary 2025 Adjusted EBITDA, as noted above. The Company is not providing a reconciliation of its preliminary 2025 non-GAAP guidance to its preliminary 2025 diluted EPS prepared on a GAAP basis, or its preliminary 2025 Adjusted EBITDA to net income prepared on a GAAP basis. This is because the Company is unable to provide without unreasonable effort an estimate of restructuring costs related to an ongoing initiative to drive operating efficiencies, including the corresponding tax effect, which will be included in the Company’s preliminary 2025 diluted EPS and net income prepared on a GAAP basis. The inability to provide this reconciliation is due to the uncertainty and inherent difficulty of predicting the occurrence, magnitude, financial impact, and timing of related costs. Management does not believe these items are representative of the Company’s underlying business performance. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

Share Repurchase Authorization

In addition, the Company’s Board of Directors has authorized an increase of $500 million to the Company’s stock repurchase program, with $250 million to be executed through accelerated share repurchases.

Fourth Quarter and Full-Year 2024 Results and Conference Call

The Company intends to release its fourth quarter and full-year 2024 financial results before the stock market opens on Tuesday, February 25, 2025, and will provide a live webcast of its earnings conference call on the same day beginning at 8:00 a.m. Eastern time.

Advisors

Centerview Partners LLC and Evercore Inc. are serving as financial advisors and Cleary Gottlieb Steen & Hamilton LLP is serving as legal advisor to Henry Schein. Kirkland & Ellis LLP is serving as legal advisor to KKR.

About Max Lin

Max Lin leads the Health Care industry team within KKR. He is a member of the Investment Committee and Portfolio Management Committee for Americas Private Equity, the Health Care Strategic Growth Investment Committee, and the Global Conflicts and Compliance Committee. Since joining KKR in 2005, Mr. Lin has overseen a number of investments in the areas of dental services and other health care providers, medical products and equipment, and health care software and information technology. He holds a B.S. and B.A.S., summa cum laude, from the University of Pennsylvania and an M.B.A. from Harvard Business School.

About William K. “Dan” Daniel

Mr. Daniel has over three decades of global leadership experience in Industrial and Healthcare sectors, including 14 years as Executive Vice President at Danaher, where he oversaw multiple segments and played a key role in advancing the company’s culture and business system. He also served as executive sponsor of Danaher’s Diversity & Inclusion Council before retiring in 2020. Mr. Daniel has most recently served as an Executive Advisor to KKR.

About Robert J. Hombach

Mr. Hombach served as Executive Vice President, Chief Financial Officer and Chief Operations Officer of Baxalta Inc., a public biopharmaceutical company, until it was acquired by Shire plc, in June 2016. Baxalta was spun off from its parent, Baxter International Inc. in July 2015, where Mr. Hombach served as Corporate Vice President and Chief Financial Officer. Mr. Hombach currently serves on the board of BioMarin Pharmaceuticals Inc., a public biotechnology company, and Embecta Corporation, a public diabetes company. He has also previously served on the boards of Aptinyx Inc., CarMax, Inc., Naurex, Inc., and Surgical Innovation Associates, Inc. Mr. Hombach holds an M.B.A. from Northwestern University’s J.L. Kellogg Graduate School of Management and a B.S. in Finance cum laude from the University of Colorado.

About Henry Schein, Inc.

Henry Schein, Inc. (Nasdaq: HSIC) is a solutions company for health care professionals powered by a network of people and technology. With approximately 26,000 Team Schein Members worldwide, the Company’s network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational success and clinical outcomes. Our Business, Clinical, Technology, and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental laboratories, government and institutional health care clinics, as well as other alternate care sites.

Henry Schein operates through a centralized and automated distribution network, with a selection of more than 300,000 branded products and Henry Schein corporate brand products in our distribution centers.

A FORTUNE 500 Company and a member of the S&P 500® index, Henry Schein is headquartered in Melville, N.Y., and has operations or affiliates in 33 countries and territories. The Company’s sales reached $12.3 billion in 2023, and have grown at a compound annual rate of approximately 11.5 percent since Henry Schein became a public company in 1995.

For more information, visit Henry Schein at www.henryschein.com, Facebook.com/HenrySchein, Instagram.com/HenrySchein, LinkedIn.com/Company/HenrySchein, and @HenrySchein on X.

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.

Cautionary Note Regarding Forward-Looking Statements and Use of Non-GAAP Financial Information

In accordance with the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995, we provide the following cautionary remarks regarding important factors that, among others, could cause future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied herein.

The information set forth in this press release, including statements regarding the expected changes to the Board, the shares to be issued in the Investment, satisfaction of the conditions set forth in the agreement, our preliminary, unaudited financial results for 2024 and our initial 2025 financial guidance constitute or may be deemed to constitute forward-looking statements (including within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995). These expectations and statements are prospective in nature and are subject to risks and uncertainties and are not guarantees of future performance, including statements about the consummation of the expected changes to the Board or the Investment and the anticipated benefits thereof. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance and achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Some forward-looking statements discuss the Company’s plans, strategies and intentions and are generally identified by the use of such terms as “will be,” “subject to,” “may,” “could,” “expect,” “intend,” “believe,” “plan,” “estimate,” “forecast,” “project,” “anticipate,” “to be,” “to make” or other comparable terms. A fuller discussion of our operations, financial condition and status of litigation matters, including factors that may affect our business and future prospects, is contained in other documents we have filed with the United States Securities and Exchange Commission, or SEC, including our Annual Report on Form 10-K, and will be contained in all subsequent periodic filings we make with the SEC. These documents identify in detail important risk factors that could cause our actual performance to differ materially from current expectations.

Risk factors and uncertainties that could cause actual results to differ materially from current and historical results include, but are not limited to: the possibility that the expected changes to the Board or the Investment are not consummated and that any of the anticipated benefits will not be realized or will not be realized within the expected time period, our dependence on third parties for the manufacture and supply of our products; our ability to develop or acquire and maintain and protect new products (particularly technology products) and technologies that achieve market acceptance with acceptable margins; transitional challenges associated with acquisitions, dispositions and joint ventures, including the failure to achieve anticipated synergies/benefits, as well as significant demands on our operations, information systems, legal, regulatory, compliance, financial and human resources functions in connection with acquisitions, dispositions and joint ventures; certain provisions in our governing documents that may discourage third-party acquisitions of us; adverse changes in supplier rebates or other purchasing incentives; risks related to the sale of corporate brand products; security risks associated with our information systems and technology products and services, such as cyberattacks or other privacy or data security breaches (including the October 2023 incident); effects of a highly competitive (including, without limitation, competition from third-party online commerce sites) and consolidating market; changes in the health care industry; risks from expansion of customer purchasing power and multi-tiered costing structures; increases in shipping costs for our products or other service issues with our third-party shippers; general global and domestic macro-economic and political conditions, including inflation, deflation, recession, ongoing wars, fluctuations in energy pricing and the value of the U.S. dollar as compared to foreign currencies, and changes to other economic indicators, international trade agreements, potential trade barriers and terrorism; geopolitical wars; failure to comply with existing and future regulatory requirements; risks associated with the EU Medical Device Regulation; failure to comply with laws and regulations relating to health care fraud or other laws and regulations; failure to comply with laws and regulations relating to the collection, storage and processing of sensitive personal information or standards in electronic health records or transmissions; changes in tax legislation; risks related to product liability, intellectual property and other claims; risks associated with customs policies or legislative import restrictions; risks associated with disease outbreaks, epidemics, pandemics (such as the COVID-19 pandemic), or similar wide-spread public health concerns and other natural or man-made disasters; risks associated with our global operations; litigation risks; new or unanticipated litigation developments and the status of litigation matters; our dependence on our senior management, employee hiring and retention, and our relationships with customers, suppliers and manufacturers; and disruptions in financial markets. The order in which these factors appear should not be construed to indicate their relative importance or priority.

We caution that these factors may not be exhaustive and that many of these factors are beyond our ability to control or predict. Accordingly, any forward-looking statements contained herein should not be relied upon as a prediction of actual results. We undertake no duty and have no obligation to update forward-looking statements except as required by law.

Included within the press release are non-GAAP financial measures that supplement the Company’s Consolidated Statements of Income prepared under generally accepted accounting principles (GAAP). These non-GAAP financial measures adjust the Company’s actual results prepared under GAAP to exclude certain items. In the schedule attached to the press release, the non-GAAP measures have been reconciled to and should be considered together with the Consolidated Statements of Income. Management believes that non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance and allow for greater transparency with respect to key metrics used by management in operating our business. The impact of certain items that are excluded include integration and restructuring costs, and amortization of acquisition-related assets, because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions we consummate and occur on an unpredictable basis. These non-GAAP financial measures are presented solely for informational and comparative purposes and should not be regarded as a replacement for corresponding, similarly captioned, GAAP measures.


Contacts

Investors
Ronald N. South
Senior Vice President and Chief Financial Officer
ronald.south@henryschein.com
(631) 843-5500

Graham Stanley
Vice President, Investor Relations and Strategic Financial Project Officer
graham.stanley@henryschein.com
(631) 843-5500

Media
Henry Schein
Gerard Meuchner
Vice President, Chief Global Communications Officer
gerard.meuchner@henryschein.com
(631) 390-8227

KKR
Liidia Liuksila
media@KKR.com

 

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Entertainment 360 Receives Strategic Investment from Carlyle

Carlyle

LOS ANGELES – January 29, 2025 – Entertainment 360, one of the world’s premier talent management companies, announced today that it would be receiving an investment from global investment firm Carlyle. The transaction marks the first time in Entertainment 360’s 22-year history that the company has received outside funding.

This strategic investment will support Entertainment 360’s growth ambitions in the industry. 360’s current board and leadership will remain intact, continuing to oversee all elements of day-to-day management of the company.

In an email sent to staff announcing the deal, the board of Entertainment 360 hailed the partnership’s benefits for the firm’s clients. “360 has always been about creating extraordinary opportunities for artists,” they wrote. “Our clients are at the center of everything we do – and they always will be. This investment will support our firm as we work to expand our platform to continue delivering dynamic results for our clients in an ever-changing entertainment landscape.

“We always strive to be the best of the best – and, in Carlyle, we have found a partner who is the embodiment of excellence. Carlyle’s reputation and accomplishments speak for themselves, but we were also thrilled to find, in their leadership, a group who share our values and who recognize that the future of entertainment will, more than ever, be shaped by entrepreneurial talent provided the opportunity to take creative risks and make impactful content.”

Ben Fund, Managing Director – Partner on Carlyle’s Credit Opportunities team, said: “We are excited to partner with Entertainment 360 as it enters its next phase of growth. The 360 team has a long-standing track record of working with top talent in the industry and we believe there are significant opportunities for the team to expand their position as a leading talent management organization.”

Since 2017, Carlyle has deployed more than $14 billion into the sports, media, and entertainment sectors. Carlyle’s Global Credit platform manages $194 billion in assets under management, as of September 30, 2024. It regularly pursues investments in privately-negotiated debt and capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies.

The Raine Group and Venable LLP acted as advisors to Entertainment 360 on the transaction. Latham & Watkins LLP acted as advisor to Carlyle on the transaction.

 

About Entertainment 360:

Founded in 2002, Entertainment 360 is one of the world’s premier talent and literary management companies. It provides its select roster of actors, writers, directors, and showrunners with long-term professional management, access to a robust in-house development and production team, and support for licensing, endorsements and business development. The firm’s film and television production arm develops, packages and produces a wide variety of acclaimed projects, many of which are based on original ideas generated inside the company, while others draw from outside material that 360 executives found and acquired.

 

About Carlyle:

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

Contacts:

Kristen Ashton

Carlyle

(212) 813-4763

Kristen.ashton@carlyle.com

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Kinnevik supports TravelPerk’s funding round and acquisition of spend management platform

Kinnevik
Kinnevik AB (publ) (“Kinnevik”) today announced it has participated with a USD 37m investment in TravelPerk’s recent USD 200m funding round. TravelPerk also announced the acquisition of Yokoy, a leading spend management solution, to accelerate its vision of an integrated travel and expense management platform.

TravelPerk, a leading SaaS business travel platform, today announced it has raised USD 200m in a funding round led by new investor Atomico alongside EQT Growth with participation from existing investors including Kinnevik and General Catalyst.

The funding will be used to further accelerate growth – with continued expansion into the US market alongside significant investments into technology and AI to deliver the leading travel and expense management platform for SMB and mid-market companies in the US and Europe.

The acquisition of Yokoy, a leading expense management offering for mid-market clients, will enable TravelPerk clients to benefit from a deeper and unified solution to manage travel and expenses under one umbrella.

Akhil Chainwala, Senior Investment Director at Kinnevik and Board member of TravelPerk commented: “We have invested in TravelPerk on eleven different occasions over the last six years. Our belief in the team has been validated by their consistent execution, underpinned by a culture that emphasizes autonomy and performance. We remain early in a secular shift from unmanaged to managed travel solutions, and look forward to continuing to support TravelPerk as they broaden their ambitions to accelerate in the US and in expense management.”

Kinnevik first invested in TravelPerk, now one of its five core companies, in October 2018. The company has since emerged as a stand-out homegrown European software leader. It has achieved a combination of growth and profitability at scale – with annualised booking volumes of over USD 2.5bn, annualised revenue of over USD 200m, growth of over 50 percent per annum in the last two years and reaching EBITDA break-even at the end of 2024. After the funding round and acquisition of Yokoy, Kinnevik remains the company’s largest shareholder.

The funding round values TravelPerk at USD 2.7bn post-money. On a per-share USD basis, this valuation is approximately 40 percent above the valuation underpinning Kinnevik’s net asset value as of 30 September 2024. During the fourth quarter of 2024, and prior to the above events, Kinnevik has also acquired USD 7.5m in secondary shares. The impact of the above events on Kinnevik’s net asset value will be determined through Kinnevik’s established valuation process within which the funding round’s valuation is one of several reference points, and will be announced in connection with the financial results for the fourth quarter and full-year 2024 on Tuesday 4 February 2025.

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor. We back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthcare, software, marketplaces and climate tech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe and the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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EQT co-leads TravelPerk’s USD 200 million Series E

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  • TravelPerk is an all-in-one SaaS business travel platform that aims to give travelers the freedom they want whilst providing companies with the control they need

  • EQT Growth co-leads the round, which values TravelPerk at USD 2.7 billion, alongside Atomico; round also joined by new investors Noteus Partners and Sequoia Capital, as well existing investors like General Catalyst, Kinnevik, Softbank Vision Fund, and Blackstone

  • Alongside the financing, TravelPerk announces that it has acquired Yokoy, a leading spend management platform, to create an integrated Travel and Expense Management platform

EQT is pleased to announce that EQT Growth, which aims to support fast-growing technology companies as they continue to scale, has co-led a USD 200 million Series E in TravelPerk. The investment is also led by Atomico, with participation from Noteus Partners and Sequoia Capital, as well as existing investors, including Kinnevik, General Catalyst, Softbank Vision Fund, and Blackstone. The oversubscribed round brings TravelPerk’s valuation to USD 2.7 billion.

As companies face greater economic pressures and more complicated regulatory environments, they are increasingly looking for fully integrated solutions that bring travel and expenses together into one automated platform. TravelPerk’s end-to-end experience simplifies business travel management, streamlining processes and helping companies better control costs. With the acquisition of Yokoy, a leading spend management platform, and through integrations with expense management partners, TravelPerk is well positioned to provide small & medium businesses in Europe and the US highly localized solutions that suit individual needs, while preserving freedom of choice and flexibility.

Founded in 2015 and today headquartered in Barcelona, TravelPerk has recorded 50 percent annual growth over the last two years and reached EBITDA break-even at the end of 2024. The new funding will be used to further accelerate growth, with continued expansion into the US market alongside significant investments into product, technology and AI.

Carolina Brochado, Partner at EQT Growth, who will join the TravelPerk Board, said: “TravelPerk is a clear digital-native leader in the multi-hundred-billion corporate travel market. Most small and mid-market businesses remain unmanaged and underserved in this space. Having followed the TravelPerk team for years, we’ve been consistently impressed by their focus, tenacity, and ambition in disrupting the industry. Their proprietary use of AI is among the best we’ve seen, enabling faster, smarter service for their customers. With the Yokoy acquisition, their product evolves into a true end-to-end T&E solution, further powered by AI.”

“Until now, customers had to make hard trade-offs: an integrated platform or separate, best-in-class travel and expense solutions. A platform delivering a great end-user experience or one focused on the experience for Finance,” commented TravelPerk President and Chief Operating Officer, JC Taunay-Bucalo. “Customers don’t have to compromise anymore. Now, they can have a leading travel management product built on the world’s largest inventory, combined with an expense management product that works for their business.”

Avi Meir, TravelPerk CEO and Co-Founder, added: “Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and now work to become the number one travel and expense management platform. Our partnership with Yokoy has already been a great success, and we are excited to take it to the next level by welcoming Phil, Devis, and the rest of the team to TravelPerk. We share a common vision for the role of AI reshaping the future of travel and expense management, and the innovation coming out of Yokoy’s AI labs in Zurich is seriously impressive.”

Contact
EQT Press Office, press@eqtpartners.com

About EQT
EQT is a purpose-driven global investment organization with EUR 269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, YouTube and Instagram

About TravelPerk
TravelPerk is a hyper-growth SaaS business travel platform and a pioneer in the future of travel for work. Its all-in-one platform gives travelers the freedom they want whilst providing companies with the control they need. The result saves time, money, and hassle for everyone.

TravelPerk has industry-leading travel inventory alongside powerful management features, 24/7 customer support, state-of-the-art technology, and consumer-grade design, which enable companies and organizations worldwide like Red Bull, GetYourGuide, and Aesop, to get the most out of their travel.

Backed by world-class investors like General Catalyst, Kinnevik, Softbank, and Blackstone, TravelPerk is reinventing travel for work with an end-to-end solution that works.

Visit www.travelperk.com for more information.

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EQT Life Sciences leads USD 97 million Series B in Atalanta Therapeutics, a biotech firm developing treatments for epilepsy and Huntington’s disease

  • Atalanta Therapeutics is pioneering RNA interference (RNAi) for the treatment of neurological diseases, having developed a proprietary platform that, for the first time enables RNAi to be deployed as a therapeutic approach throughout the brain and spinal cord

  • The USD 97 million Series B financing will support Phase 1 clinical trials of the company’s investigational RNAi therapies for KCNT1-related epilepsy and Huntington’s disease

  • EQT Life Sciences is leading the round investing from its LSP Dementia Fund, which is co-led by Sanofi Ventures with further participation from RiverVest Venture Partners, abrdn, Inc., Mirae Asset Financial Group and F-Prime Capital

EQT is pleased to announce that EQT Life Sciences has led a USD 97 million Series B funding round in Atalanta Therapeutics (“Atalanta” or “the Company”). Atalanta, a biotechnology company based in Boston, USA, is at the forefront of using RNA interference (RNAi) to treat neurological diseases.

RNA is a molecule that carries genetic instructions from DNA, guiding cells in protein production and serving as a blueprint for cellular processes. RNAi is a method of altering these instructions, allowing the targeting of diseases at the molecular level by potentially silencing harmful genes. Atalanta has developed a proprietary RNAi platform called di-siRNA, which, for the first time, enables RNAi to be deployed as a therapeutic approach throughout the brain and spinal cord. With this new funding, Atalanta aims to advance its investigational RNAi therapies for KCNT1-related epilepsy and Huntington’s disease to Phase 1 clinical trials.

Alicia Secor, M.B.A., Atalanta’s President and Chief Executive Officer, said: “We’re excited by the support we’ve received from this strong group of investors, led by EQT Life Sciences. This Series B will support a path to the clinic for two programs for serious neurological diseases that today lack disease-modifying therapies: KCNT1-related epilepsy and Huntington’s disease. We’re diligently progressing these medicines toward IND submissions next year so that we can start our Phase 1 trials and reach patients who are waiting.”

“Atalanta’s di-siRNA technology has shown promising ability to durably and evenly silence disease-promoting genes throughout previously inaccessible regions of the brain and spinal cord — opening a wide range of treatment possibilities for devastating neurological diseases,” said Arno de Wilde, M.D., Ph.D., M.B.A., Managing Director at EQT Life Sciences. “EQT is proud to lead this investment in Atalanta’s future as part of such a high-quality investor syndicate, and we look forward to partnering with Alicia and Atalanta’s leadership to support their continued success.”

Alongside EQT Life Sciences, the financing was co-led by Sanofi Ventures, with participation from other new investors RiverVest Venture Partners, abrdn, Inc., Mirae Asset Financial Group and existing investor F-Prime Capital. The Series B financing brings Atalanta’s total capital generated to date from financings and partnerships with Genentech and Biogen to USD 240 million.

Contact
EQT Press Office, press@eqtpartners.com

About EQT Life Sciences
EQT Life Sciences was formed in 2022 following an integration of LSP, a leading European life sciences and healthcare venture capital firm, into the EQT platform. As LSP, the firm raised over EUR 3.0 billion (USD 3.5 billion) and supported the growth of more than 150 companies since it started to invest over 30 years ago. With a dedicated team of highly experienced investment professionals, coming from backgrounds in medicine, science, business, and finance, EQT Life Sciences backs the smartest inventors who have ideas that could truly make a difference for patients. The LSP Dementia Fund (USD 297 million) started in 2020 and has a dedicated team of neurologists and neuroscientists focused on investing in therapeutics targeting neurodegenerative diseases.

For more information, go to https://eqtgroup.com/private-capital/life-sciences/

About Atalanta Therapeutics
Atalanta Therapeutics is a biotechnology company pioneering new treatment options for neurological diseases by utilizing its proprietary RNA interference platform, di-siRNA, which for the first time enables RNA interference to be deployed as a therapeutic approach throughout the brain and spinal cord. The company is advancing a deep pipeline of wholly-owned programs, with IND submissions planned in 2025 for programs in KCNT1-related epilepsy and Huntington’s disease, in addition to ongoing strategic collaborations with Biogen and Genentech. Atalanta is headquartered in Boston, Mass. For more information, visit www.atalantatx.com and follow us on Twitter and LinkedIn.

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Your.World Receives €800 Million Strategic Investment from Ares Management and Carlyle

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Carlyle

AMSTERDAM – 28 JANUARY 2025 – Your.World (the “Company”), a leading European online solutions provider, today announced that it has received €800 million in long-term partnership capital in the form of preferred equity from Ares Management Credit funds (“Ares”) and Carlyle.

Founded in 2016 by Strikwerda Investments, Your.World has emerged as a leading European provider of web hosting, online productivity, and managed IT services. Its growth has been driven by its serial acquirer model based on high quality, sustainable value creation and scalable M&A across verticals and geographies. Today, the Company employs over 2,000 people, operates 45 distinct brands, and serves more than one million customers through its Your.Online and Your.Cloud divisions.

By combining disciplined capital allocation, a decentralized operating model and a focus on mission-critical online solutions, Your.World has established itself as a key player in the European SME segment. Your.World’s serviceable addressable segment has expanded considerably in the last five years, accompanied by a corresponding increase in its M&A opportunities. The Company anticipates additional growth opportunities in the future.

“As Your.World pursues its long-term ambitions, we are pleased to welcome the additional partnership capital and expertise from two leading global investors, Ares and Carlyle,” said Robin van Poelje, CEO of Your.World. “Their financial and strategic support reinforces our ability to drive accelerated growth while continuing to deliver high-quality solutions and services to our customers. We look forward to seizing the opportunities that lie ahead.”

“We are excited to be investing in Your.World as it enters its next chapter of growth,” said James Kim, Partner and Head of European Opportunistic Credit at Ares. “The combination of Your.World’s demonstrated history of execution, sector leadership, strong management and robust M&A pipeline underscore our conviction in its ability to generate significant value over the long-term. We look forward to working with Robin, Strikwerda Investments, Carlyle, and the Your.World team as they continue to differentiate themselves in the online solutions sector.”

Taj Sidhu, Head of European and Asian Private Credit at Carlyle, said: “We are delighted to provide this strategic capital financing to Your.World. The business is a leader in a resilient and fragmented market, and we believe there is significant white space for the company to continue to pursue their successful M&A strategy as they further accelerate growth.”

J.P. Morgan acted as exclusive financial adviser and sole placement agent, and A&O Shearman acted as legal advisor, to Strikwerda Investments & Your.World with respect to the strategic investment from Ares and Carlyle.

-ENDS-

About Your.World
Your.World is the leading platform for building businesses online. Our c. 2,000 employees support over one million customers. We cherish our reputation in acquiring, developing, and empowering leading online solutions companies. We nurture local entrepreneurial pride and spirit by creating true partnerships and giving room for independent local entrepreneurship with strong local brands. For more information, please visit www.your.world.

About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, real estate, private equity and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2024, Ares Management Corporation’s global platform had approximately $464 billion of assets under management, with more than 3,100 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.

About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents.

Carlyle’s Global Credit platform manages $194 billion in assets under management, as of September 30, 2024. It regularly pursues investments in privately negotiated capital solutions partnering with high-quality sponsors and leading family or entrepreneur-owned companies.

Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Strikwerda Investments
Strong companies are built together. This takes time. At Strikwerda Investments, a leading Dutch Tech-focused family office, we build durable partnerships with entrepreneurs and have invested in over 200 companies in the last 40 years. We have the strong will to bring out the best in these companies, all of which contribute to our goal of building enduring businesses together for future generations.
For more information, please visit www.strikwerdainvestments.nl.

Media Contacts
Your.World / Strikwerda Investments
Jean-Pierre Buijtels, +31 6 5327 8967
jp.buijtels@strikwerdainvestments.nl

Ares
Giles Bethule, +44 7879615114
Jacob Silber, +1 212 301 0376
media.europe@aresmgmt.com

Carlyle
Andrew Kenny, +44 7816 176120
andrew.kenny@carlyle.com

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Forbion BioEconomy Fund I surpasses €150 million target, raising €164.5 million with strong institutional LP support

Forbion

Forbion’s BioEconomy Fund I has raised €164.5 million to date, exceeding its €150 million target in just over a year, since launching in November 2023.
• Institutional investors, include KfW Capital, Novo Holdings, Rentenbank, Aurae Impact and most recently ABN AMRO Bank and EIFO
• The fund focuses on biotech-enabled, B2B solutions that deliver sustainability at price parity or better across Food, Agriculture, Materials, and Environmental Technologies.

Naarden, The Netherlands, 27 January 2025 – Forbion, a leading venture capital firm with deep biotech expertise in Europe and the US, announces that its BioEconomy Fund I has raised €164.5 million. This exceeds the fund’s €150 million target, underscoring growing investor interest in the commercial potential of biotech innovations that address global sustainability challenges.

BioEconomy Fund I is supported by top-tier institutional investors, including KfW Capital, Novo Holdings, Rentenbank, and Aurae Impact, alongside new backers ABN AMRO Bank and EIFO. The BioEconomy Fund I anticipates a final close at or close to the hard cap of €200 million, demonstrating the growing confidence in biotech innovations that address global sustainability challenges.

Launched in November 2023, the Forbion BioEconomy Fund I is a planetary health fund that targets business-to-business (B2B) solutions that replace unsustainable products with scalable, cost-effective alternatives. A key pillar of the fund’s strategy is ensuring these innovations achieve price parity with incumbent solutions, enabling wide-scale adoption across the fund’s four target sectors: Food, Agriculture, Materials, and Environmental Technologies industries.

Sander Slootweg, Managing Partner and co-founder of Forbion, stated, “Exceeding €150 million in just over a year reflects the strength of our team and strategy and the confidence our investors have in our ability to execute. Their support for BioEconomy Fund I demonstrates the growing demand for scalable, cost-competitive biotech solutions that deliver both sustainability and strong returns.”

Alex Hoffmann, General Partner, added, “Investors recognize the transformative potential of scalable biotech solutions to meet the needs of industries seeking to adopt sustainable practices. Their support empowers us to help companies scale and deliver meaningful change.”

***ENDS***

About Forbion BioEconomy Fund I
BioEconomy Fund I’s focus on using biotechnology and green chemistry to deliver sustainable B2B solutions in Food, Agriculture, Materials, and Environmental Technologies is best exemplified by its initial investments in Solasta Bio and Novameat. These portfolio companies illustrate Forbion’s commitment to scalable, biotech-enabled innovation. Solasta Bio develops sustainable insect control solutions as alternatives to chemical insecticides, while Novameat advances plant-based meat production with proprietary technology designed for scalability and high-quality texture. By building on Forbion’s expertise in biotechnology, the fund aligns its investments with UN Sustainable Development Goals, including SDG 9 (industry, innovation, and infrastructure), SDG 12 (responsible consumption and production), and SDG 13 (climate action). Forbion BioEconomy Fund I aims to deliver strong financial returns while driving impactful solutions to pressing planetary challenges. Forbion announced the first close of BioEconomy Fund I at €75 million on 20 June 2024.

About Forbion
Forbion is a leading global venture capital firm with deep expertise in Europe and the US with offices in Naarden, The Netherlands, Munich, Germany and Boston, USA. Forbion invests in innovative biotech companies, managing approximately €5 billion across multiple fund strategies that cover all stages of (bio-) pharmaceutical drug development. In addition,Forbion leverages its biotech expertise beyond human health to address ‘planetary health’ challenges through its BioEconomy fund strategy, which invests in companies developing sustainable solutions in food, agriculture, materials, and environmental technologies. Forbion’s team consists of over 30 investment professionals that have built an impressive performance track record since the late nineties with 128 investments across 11 funds. Forbion’s record of sourcing, building and guiding life sciences companies has resulted in many approved breakthrough therapies and valuable exits. Forbion typically selects impactful investments that will positively affect the health and well-being of people and the planet, as well as meet its financial return objectives. The firm is a signatory to the United Nations Principles for Responsible Investment. Forbion operates a joint venture with BGV, the manager of seed and early-stage funds, especially focused on Benelux and Germany.

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EQT Real Estate acquires 12-building logistics assemblage located in key Northern Italian submarkets

eqt

  • Transaction comprises an attractive collection of 12 high-quality, fully let logistics assets totaling 265,000 square meters

  • Portfolio features a weighted average lease term of 4.3 years with significant rental growth potential and value creation opportunities

  • With the close of this transaction, EQT Real Estate will meaningfully increase its exposure to one of the most attractive occupational markets in Europe, owning and operating high-quality warehouses fit for today’s modern logistics users

EQT is pleased to announce that the EQT Exeter Logistics Value Fund IV (“EQT Real Estate”) has entered into an agreement to acquire a best-in-class logistics assemblage strategically located in the key Northern Italian submarkets of Milan and Verona, for approximately EUR 230 million. The assets will be acquired via an Italian REIF structure managed by Kryalos SGR S.p.A.

The assets offer proximate access to core distribution locations via key motorways, including the A1, A4 and A22, reaching major population centers and more than 12 million inhabitants.

The properties hold an average building age of ten years and feature Grade A technical specifications, including eaves heights averaging 11 metres, as well as ample loading and maneuvering features. The assemblage also benefits from a strong, globally diversified tenant base and is well-suited to meet the growing needs of today’s modern logistics users, both in Italy and around the globe.

The transaction strengthens EQT Real Estate’s exposure to the growing Italian logistics market, which continues to experience strong demand among key European submarkets. The acquisition further consolidates EQT Real Estate’s presence in the Greater Milan area, creating a significant opportunity to deploy its differentiated and hyper-local approach to value creation, and benefit from future rental growth potential.

John Toukatly, Partner, Chief Investment Officer, European Logistics at EQT Real Estate, said: “We are thrilled to incorporate this high-quality logistics portfolio into our fund. Strategically located in supply-contrained markets, these assets appeal to a broad array of prominent big box occupiers, and aligns well with EQT Real Estate’s focus on acquiring highly reversionary, modern logistics assets in underserved European markets. By leveraging EQT Real Estate’s operational and asset management expertise, we aim to unlock additional value from these properties in our effort to exceed our investors’ expectations.”

Paolo Bottelli, Founder and CEO at Kryalos SGR, said: “This transaction underscores the strength and liquidity of the Italian logistics real estate market, which continues to attract investors looking to establish or grow their presence in this rapidly expanding sector. We are pleased to work with EQT to support the execution of their investment strategy in Italy. Kryalos will manage the assets involved with the utmost professionalism, seeking to ensure their long-term value creation and leveraging our deep expertise in the logistics market.”

Contact
EQT Press Office, press@eqtpartners.com
Kryalos Press Office, Barabino & Partners, Claudio Cosetti, c.cosetti@barabino.it

About EQT Real Estate
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT supports its global portfolio companies and assets in achieving sustainable growth, operational excellence, and market leadership. Within EQT’s Real Assets segment, EQT Real Estate acquires, develops, leases, and manages logistics and residential properties in the Americas, Europe, and Asia. EQT Real Estate owns and operates over 2,000 properties and 400 million square feet, with over 440 experienced professionals across 50 locations globally.

About Kryalos
With €13.8 billion of AuM and a team of 125 professionals, Kryalos is one of the most active players in the Italian real estate market. The company offers transaction management, real estate and credit fund management, development and advisory services and is a partner of Italian and international leaders. Further information on www.kryalossgr.com

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