Tag Archives: Automotive

Vow and ETEL team up for recycling of end-of-life tyres

Vow ASA announced December 20 that it has teamed up with European Tyre Enterprise Ltd. (ETEL), to deploy Vow’s advanced technology in a complete solution to convert end-of-life tyres to valuable raw material and renewable energy. ETEL has identified a potential demand for more than 300 tyre recycling plants in Europe, North America and Japan.

Murfitts Industries (Murfitts), which is a subsidiary of ETEL and the largest collector and processor of end-of-life tyres in the UK and ETIA, a subsidiary of Vow, have been working together for several years. The parties have developed a full industrial process, in which end-of-life tyres are valorised into a premium recovered carbon black.

ETEL is an international tyre and automotive service, maintenance, and repair group. It is a subsidiary of Itochu, one of Japan’s largest trading companies.

“Together with Murfitts, ETEL and Itochu, we are forming a unique British-French-Japanese-Norwegian partnership. We see a huge opportunity for Vow technology and our combined competence and capacity in a rapidly emerging market. We have agreed to come together to offer a truly sustainable method for handling end-of-life tyres and at the same time decarbonise the tyre industry,” said Henrik Badin, CEO of Vow ASA.

Every year 30 million tonnes of end-of-life tyres are generated globally. As of today, around 30 percent of the tyre composition is virgin carbon black, an important component in tyre manufacturing. Virgin carbon black is produced by cracking fossil oil, a process which generate a large quantity of CO2. Today, all major tyre manufacturers are looking to replace part of the virgin carbon black with recovered carbon black in tyre production.

Pyrolytic oil and syngas, the two other products that are generated in the tyre recovery process are valorised into low carbon fuel or synthetic naphta to generate new low carbon molecules.

“The tyre industry is facing a significant environmental challenge on a global scale, and a great opportunity driven by circular economy incentives. We aim at deploying our solution firstly in Europe, North America, and Japan. Combined these regions represent a market of 8.6 million tons of end-of-life tyre or more than 300 industrial tyre recycling plants,” said Mark Murfitt of Murfitts.

The partnership between Vow and ETEL is defined and agreed in a memorandum of understanding (MoU). The MoU is a continuation of more than two years of successful cooperation and joint operation of a first plant installed at Murfitts’ Lakenheath facility in the UK facility.

According to the MoU the parties will develop a modularised and scalable industrial solution and value chain to turn end-of-life tyres into recovered carbon black and clean energy. Vow will deliver its Biogreen reactor technology to the projects and to the companies that build, own, and operate the plants. ETEL has already identified the first three locations. Applications for building permits for these three sites are well underway.

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Nordic Capital invests in Autocirc, an industry leader with a circular business model for recycled automotive spare parts

Nordic Capital to support growth acceleration and European expansion

Nordic Capital has entered into an agreement to acquire Autocirc, a leader in the automotive aftermarket with a circular business model built on a closed-loop eco-system for reused and recycled automotive original spare parts, from the Nordic sustainable investment fund Alder. The investment is made in partnership with Autocirc’s founders Johan Livered and Mattias Pettersson and aims to accelerate the company’s growth plans and further strengthen its circular offering with a mission to significantly reduce CO2 emissions in the automotive aftermarket industry.

Autocirc is a fast-growing and profitable leader in the automotive aftermarket industry, offering high-quality reused original spare parts to insurers, workshops and car owners. Extending the lifecycle of auto parts significantly reduces costs for insurers and end-customers while at the same time contributing to significant climate savings by lowering carbon emissions with up to 75 percent. The European demand for spare parts is high, and Autocirc’s business model reuses more car parts and revives leftover materials with a clear benefit to the environment. Autocirc is based in Borås, Sweden, and has seen rapid growth supported by 37 acquisitions since inception and has c. 570 employees. The company’s turnover is c. SEK 1.2 bn as of September 2022 and is present in Sweden, Norway, Finland and the UK.

Nordic Capital invests in Autocirc alongside the founders Johan Livered and Mattias Pettersson and management team, to support the company in the next phase of its growth journey to create increasing circular effects at a growing scale. Nordic Capital is an active owner with deep experience in growing industrial and business services companies, and the acquisition of Autocirc follows the well-proven strategy of supporting leading companies through growth acceleration.

Joakim Andreasson, Managing Director, Nordic Capital Advisors, says: “Autocirc is a green pioneer in the automotive aftermarket industry, offering sustainable aftermarket services that significantly reduces emissions and climate impact while providing exceptional value to its customers. We have followed Autocirc for a long time and are very impressed by the founders and the management team who have built a very strong platform with great potential for further expansion in existing and new geographies. Autocirc fits perfectly into Nordic Capital’s strategy to build sustainable, first-class companies with great growth potential, and we look forward to supporting Autocirc with expertise, resources and broad external network”.

Johan Livered, CEO of Autocirc, says: “We are very proud of Autocirc’s growth over the past years and we are excited to enter into a partnership with Nordic Capital as one of the leading European private equity investors with strong international reach and an impressive track record of successful growth acceleration in the industrial and business services sectors. We look forward to further accelerating our journey to truly create a sustainable European leader, with great potential in expanding our offering, both in existing and new markets and across the entire value chain. We have had a tremendous development in recent years and look forward to the next chapter together with Nordic Capital”.

Completion of the transaction is expected to occur in Q1 2023 and is subject to customary closing conditions, including relevant regulatory approvals.

Media contacts:

Nordic Capital
Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

Autocirc
Johan Livered, CEO
Tel: +46 727 164 666
e-mail: johan.livered@autocirc.com

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested close to EUR 22 billion in 130 investments. The most recent fund is Nordic Capital Fund XI with EUR 9 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland and Norway. For further information about Nordic Capital, please visit www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”

About Autocirc

Autocirc is a Nordic group that offers reused and recycled spare parts to the automotive industry. The company’s operations are based on the circular economy model where car parts and materials can be used longer, which means a competitive advantage and major positive effects for the environment. Autocirc was founded in 2019 and has since grown significantly both organically and through acquisitions in Northern Europe. The company’s turnover is c. SEK 1.2 bn as of September 2022 and has a presence in Sweden, Norway, Finland and the UK. The head office is located in Borås in Sweden and there is a total of c. 570 employees in the group. For further information about Autocirc, please visit autocirc.com

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CVC Funds and Nordic Capital completes the acquisition of Cary Group to support its accelerated European growth journey

Cary Group, formerly Ryds Bilglas, is a leading vehicle glass repair and replacement provider, helping to prolong the life cycle of vehicles and maintain their safety features. The company provides its services with proximity to customers in Sweden, Denmark, Norway, the UK, Spain, Portugal, Germany, Luxembourg and Austria, aiming for a high quality, superior customer experience, whilst applying smart solutions to make sustainable car care easier.

Quotes

We have followed Cary Group and its progress in the industry for some time and have been impressed by the growth that the company has achieved in recent years.

Gustaf Martin-LöfPartner, CVC

Andreas Näsvik, Partner and Head of Industrial & Business Services, Nordic Capital Advisors, commented: “Having been the principal shareholder of Cary Group for over four years, Nordic Capital has a strong commitment to this fantastic business. Together, CVC and Nordic Capital are ensuring Cary Group’s continued European growth journey and ability to keep pioneering the market for vehicle glass repair and replacement with a leading sustainability focus.”

Gustaf Martin-Löf, Partner, CVC, added: “We have followed Cary Group and its progress in the industry for some time and have been impressed by the growth that the company has achieved in recent years. Looking ahead, we see significant potential for Cary Group to accelerate this expansion, whilst driving operational excellence further. Together with Nordic Capital, we now look forward to providing the company with the right funding conditions, business know-how and geographical reach to strengthen its role on the European market.”

Anders Jensen, CEO Cary Group, said: “Our mission is to provide our customers with smarter solutions for sustainable car care, by offering services that sustain the life, value and safety features of vehicles. We have steadily expanded our business offering over the last five years and now, having partnered with two of the world’s most experienced investors, we are well-placed to accelerate our growth trajectory.”

Between 2018 and 2021, Cary Group invested significantly in initiatives to drive operational excellence and improve the sustainability of its operations, while also deploying an accelerated M&A strategy to expand outside Sweden with the ambition of becoming a leading provider in the Nordics.

CVC and Nordic Capital see a great opportunity across the fragmented European market for Cary Group to expedite its expansion and by staying at the forefront of digitalisation and sustainability within car care. With deep experience of growing businesses both organically and by acquisitions, combined with a broad global network of relationships, CVC and Nordic Capital will enable an accelerated execution in relation to Cary Group’s strategy.

The acquisition follows a public offer to the shareholders on Cary Group, unanimously recommended by the company’s Board of Directors. On 10 October 2022, CVC Funds and Nordic Capital owned 99.9 percent of the shares in Cary Group, through the commonly owned company Teniralc BidCo AB, and the offer was subsequently closed. The last day of trading in Cary Group’s shares on Nasdaq Stockholm was 18 October 2022.

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Clearlake Capital-backed Wheel Pros agrees to acquire Transamerican auto parts from Polaris

Clearlake

Strategic Acquisition Creates a Vertically Integrated Omnichannel Platform for Aftermarket Automotive Parts and Accessories

 

GREENWOOD VILLAGE, CO and COMPTON, CA – June 16, 2022 – Wheel Pros, a designer, manufacturer and distributor of proprietary branded aftermarket vehicle enhancements for light trucks, SUVs, passenger cars and ATVs/UTVs backed by Clearlake Capital Group, L.P. (together with its affiliates, “Clearlake”) and in partnership with management, today announced it has entered into a definitive agreement to acquire Transamerican Auto Parts (“TAP” or “the Company”) from Polaris  Inc. (NYSE: PII), the global leader in powersports. TAP is a vertically integrated manufacturer, distributor, retailer and installer of off-road Jeep and light truck parts and accessories. In 2021, TAP generated nearly $760 million in revenue.

 

“We are thrilled to combine with TAP and build a vertically integrated omnichannel platform for aftermarket automotive enhancements across a wide range of vehicles,” said Randy White, Co-Founder and CEO, and Brian Henderson, Chief Strategy Officer, at Wheel Pros. “TAP’s extensive product portfolio, proprietary brands, manufacturing capabilities, and omnichannel platform have resulted in an automotive and off-roading enthusiast following that we have long admired. We look forward to working with the TAP team as we undertake new initiatives to accelerate the growth of the combined business and continue to drive value for our customers, suppliers, and partners.”

 

Headquartered in Compton, California, TAP sells and installs an extensive line of parts and accessories for Jeep and truck enthusiasts, including products manufactured under its six proprietary aftermarket brands: SMITTYBILT®, PRO COMP®, RUBICON EXPRESS, POISON SPYDER™, G2™, and 4WP FACTORY. TAP’s omnichannel platform operates under the 4 WHEEL PARTS brand, and serves automotive and off-roading enthusiasts through retail, eCommerce, and wholesale. The Company has a growing online presence via  4WheelParts.com and 4WD.com, and TAP’s integrated platform enables buy online, pick-up, and install in store.

 

“TAP is a scaled player in the aftermarket automotive industry, and the combination with Wheel Pros creates a vertically integrated omnichannel platform that better serves automotive and off-roading enthusiasts,” said José E. Feliciano, Co-Founder and Managing Partner, and Colin Leonard, Partner, at Clearlake. “We look forward to continuing to leverage our O.P.S.® framework in partnership with the Wheel Pros team to drive both organic and inorganic growth as the company builds upon its position as a premier automotive aftermarket enthusiast platform.”

 

“With this combination, we have brought together two well-known businesses in the automotive aftermarket industry,” said Dilshat Erkin, Senior Vice President at Clearlake. “We are excited to welcome the TAP team to the Wheel Pros organization and continue to support the combined business as they embark on new innovative projects to accelerate growth.”

 

The transaction is expected to close early in the third quarter, subject to customary closing conditions. Baird acted as financial advisor to Polaris in connection with the transaction. Kirkland & Ellis LLP served as legal counsel to Wheel Pros and Clearlake.

 

ABOUT WHEEL PROS

 

Founded in 1995, Wheel Pros serves the automotive enthusiast industry with a wide selection of vehicle enhancements from its portfolio of lifestyle brands, including Fuel-Off-Road, American Racing, KMC, Rotiform and Black Rhino. Utilizing its expanding global network of distribution centers spanning North America, Australia and Europe, Wheel Pros serves over 13,500 retailers and has a growing ecommerce presence to provide enthusiast consumers with access to the products they desire. More information is available at www.wheelpros.com.

 

ABOUT TAP

 

TAP sells and installs an extensive line of parts and accessories for Jeep and truck enthusiasts, including products manufactured under its six proprietary aftermarket brands: SMITTYBILT®, PRO COMP®, RUBICON EXPRESS, POISON SPYDER™, G2™, and 4WP FACTORY. TAP’s omnichannel platform operates under the 4 WHEEL PARTS brand, and serves automotive and off-roading enthusiasts through retail, eCommerce, and wholesale. More information is available at www.transamericanautoparts.com.

 

ABOUT CLEARLAKE

 

Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit, and other related strategies. With a sector-focused approach, the firm seeks to partner with management teams by providing patient, long-term capital to businesses that can benefit from Clearlake’s operational improvement approach, O.P.S.® The firm’s core target sectors are technology, industrials, and consumer. Clearlake currently has over $72 billion of assets under management, and its senior investment principals have led or co-led over 400 investments. The firm is headquartered in Santa Monica, CA with affiliates in Dallas, TX, London, UK and Dublin, Ireland. More information is available at www.clearlake.com and on Twitter @Clearlake.

 

Contact

 

For Wheel Pros:

Max Krapff

Backbone Media

970.658.5252 ext. 1174

max.krapff@backbone.media

 

For Clearlake:

Jennifer Hurson

Lambert & Co.

+1 845-507-0571

jhurson@lambert.com

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Bain Capital Private Equity has received a definitive binding offer from D’Ieteren Group to purchase Parts Holding Europe

BainCapital

Bain Capital Private Equity has received a definitive binding offer from D’Ieteren Group to purchase Parts Holding Europe

London, February 14, 2022 – Bain Capital Private Equity (“Bain Capital”), a leading global private investment firm, announced that it has received a definitive binding offer from D’Ieteren Group, a family-controlled listed investment firm, to purchase Parts Holding Europe (“PHE”), also known as Autodistribution, a leading European digitally-enabled automotive parts distributor.

With c.€2 billion total sales, PHE is a European leader in B2B and online B2C distribution of  spare parts for light vehicles and trucks. Under Bain Capital’s ownership, PHE has built a truly pan European footprint expanding in the Benelux, Italy and Spain, and invested in state-of-the-art logistic capabilities and industry-leading digital services to its customers contributing to a consistent trajectory of organic growth above its end-markets and peers.

“I would like to thank Bain Capital for their partnership and valuable support”, said PHE CEO Stéphane Antiglio, who will continue to lead the business. “In the past five years, PHE has achieved a remarkable acceleration of its trajectory and significantly enhanced its competitive position through continuous investments. We have consolidated our strong leadership position in France and repositioned the business through digitalization and a successful and accretive pan-European expansion. We look forward to building on this strong foundation going forward under D’Ieteren Group’s ownership.”

“We are proud to have participated alongside PHE’s management in the creation of a pan European leader in B2B distribution with differentiated digital capabilities” said David Danon, managing director of Bain Capital. “The success story of PHE builds on Bain Capital’s strong track record investing in European B2B distribution, which includes IMCD, Brenntag, MKM and Brakes.”

Completion of the proposed acquisition will be subject to obtaining the necessary clearances from the competent antitrust and regulatory authorities, as well as the information and consultation processes of the relevant employee representative bodies in accordance with applicable laws. Further announcements will be made in due course.

Bain Capital was advised on this deal by Rothschild & Co and Latham & Watkins LLP.

About Parts Holding Europe
Parts Holdings Europe is a leading, integrated, digitally-enabled omnichannel distributor of automotive spare parts in continental Western Europe, contributing to affordable and sustainable mobility. The Group operates in the independent aftermarkets in Belgium, France, Italy, Netherlands and Spain, and has nearly 60 years of experience and a winning business model that drives superior value creation in distribution. Since the acquisition of Oscaro in November 2018, the Group has become an omnichannel (online and offline) distributor focused on both business-to-business (“B2B”) and business-to-consumer (“B2C”) offerings. The Group considers its target market to be vehicles aged over three to five years and up to 30 years. The Group benefits from having a wide assortment and strong purchasing advantage, a state-of-the-art logistics footprint, a powerful network of affiliated garages, and a differentiated value proposition with digitalization across the value chain.

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 approximately 270 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 22 offices on four continents. The firm has made primary or add-on investments in more than 1,000 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, real estate, public equity and venture capital, managing approximately $155 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus. For more information, visit www.baincapitalprivateequity.com.

 

This announcement does not constitute or form part of, and should not be construed as, an offer or invitation or inducement to subscribe for, underwrite or otherwise acquire, any securities of Parts Europe S.A. or any of its affiliates, nor should it or any part of it form the basis of, or be relied on in connection with, any investment decision with respect to securities of Parts Europe S.A. or its affiliates or any other company.

This announcement includes forward-looking statements that are based on current expectations and projections about future events. All statements other than statements of historical fact included in this document, including, without limitation, statements regarding the future financial position, risks and uncertainties related to the business, strategy, capital expenditures, projected costs and the plans and objectives for future operations, may be deemed to be forward-looking statements. Words such as “believe,” “expect,” “anticipate,” “may,” “assume,” “plan,” “intend,” “will,” “should,” “estimate,” “risk” and similar expressions or the negatives of these expressions are intended to identify forward-looking statements. By their nature, forward-looking statements involve known and unknown risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. In addition, any forward-looking statements are made only as of the date of this announcement, and Bain Capital does not intend, and does not assume any obligation, to update forward-looking statements set forth in this announcement.

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DIF Capital Partners signs agreement to acquire leading Spanish technical inspection services company Grupo Itevelesa

DIF

DIF Capital Partners (“DIF”) is pleased to announce that its DIF Infrastructure VI fund has signed an agreement to acquire a 100% ownership stake in Grupo Itevelesa (“Itevelesa” or the “Company”), a leading independent provider of vehicle inspection services, from funds managed by Hayfin Capital Management (“Hayfin”).

Founded in 1982 and headquartered in Madrid, Itevelesa is one of Spain’s largest independent providers of periodical technical inspection services for vehicles, which are conducted under contracts with regional governments of which the majority is long-term concession-based. The Company operates 72 fixed locations and 20 mobile units across 11 autonomous communities; it also provides industrial safety, metrology and environmental inspection services. Hayfin has been the Company’s majority shareholder since 2015. With the long-term support of DIF, Itevelesa will aim to continue its strong growth path and further consolidation of its market position.

Jesús García Gil, CEO of Itevelesa, said: “DIF is a highly regarded infrastructure investor with a strong and long-standing track record in the Spanish market. We are all delighted to welcome them on board as our new investor and shareholder. DIF is the ideal partner to support the Company’s growth and diversification business strategy; this transaction ensures that we can continue delivering the highest possible safety and quality service to our customers under the highest ESG standards. Hayfin has been a highly supportive shareholder to us over the past six years and we’d like to thank them for their confidence and contribution to the business’ growth.”

Gijs Voskuyl, Partner and Head of Investments for DIF Infrastructure VI at DIF, said: “Itevelesa is largely long-term concession based and provides an essential service across Spain through its extensive network of vehicle inspection service stations and industrial inspection offices. It therefore aligns closely with our core strategy of making stable and long-term equity investments in best-in-class operational infrastructure assets with a strong market position and predictable cash flows. We are looking forward to working closely with the Itevelesa team to continue to deliver a high-quality service to its customers.”

DIF has been advised by Cantor Fitzgerald (Financial) and Herbert Smith Freehills (Legal). Hayfin has been advised by Alantra (Financial) and Linklaters (Legal).

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €9.0 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu

Contact: Thijs Verburg, IR & BD; t.verburg@dif.eu.

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EURAZEO supporting UTAC CERAM’S development with the acquisition of MILLBROOK

Eurazeo

Paris, February 2, 2021 – Eurazeo PME has been supporting UTAC CERAM (€83 million turnover in 2019), which works in close partnership with automotive and mobility companies, since September 2020, and is today announcing that UTAC CERAM has completed the acquisition of Millbrook, group headquartered in the UK. The investment of the funds managed by Eurazeo PME following this transaction amounts to c.115 million euros.

Millbrook (£83 million turnover in 2019) was founded in 1970 in the United Kingdom and provides services and systems for testing and validating vehicles to customers in the automotive, transport, tire, petrochemicals and defense sectors, with a presence in three continents (in Europe, the United States and China). The company serves over 500 customers including some of the world’s largest vehicle, tyre and systems’ manufacturers such as Jaguar Land Rover, Bentley, Michelin, Volkswagen or Linamar.

In a market that is growing and consolidating, the combination with Millbrook represents a new milestone in UTAC CERAM’s development. This strategic acquisition forms part of the Group’s growth efforts, doubling its revenue with a common turnover expected to reach c. €180 million in 2021, and strengthening its position in new technologies: e-GMP, electrification, connected and automated vehicles, ADAS, cybersecurity and simulation. The deal fits perfectly with the Group’s policy, which is based on innovation and market consolidation, both in Europe and worldwide.

The new entity, chaired by Laurent Benoit, is transforming its governance arrangements to meet the most demanding criteria and to ensure performance, growth and innovation. As a result, the new Group is setting up an executive committee consisting of: Connor McCormack and Christophe Perge, both Executive Vice-Presidents, Andrew Nelson, Chief Financial Officer and General Secretary, and Laurent Midrier who is joining the Group as Chief Strategic Officer and who will have particular responsibility for the new Group’s integration plan and its M&A strategy.

Pierre Meignen, member of Eurazeo PME’s Executive Board, said:
“We are very proud to support UTAC CERAM in this new project. The acquisition of Millbrook represents a major milestone in the Group’s recent history and showcases its focus on creating value for customers, employees and shareholders. This deal embodies the key characteristics we look for when investing. It involves a market-leading company that is growing rapidly and is highly profitable, operating in a promising industry with a close-knit management team, and it offers us, as investors, the opportunity to support the new entity’s development plan.

The acquisition of Millbrook by UTAC CERAM is a very good example of Eurazeo PME’s expertise and commitment to support the acceleration of its portfolio companies’ development, notably in their international expansion”

Laurent Benoit, CEO of UTAC CERAM, added:
“Millbrook’s teams are driven by a great desire for innovation and development. Their integration is excellent news for our customers, who will derive even greater value from their collaboration with our group. By strengthening our consultancy expertise and by helping us to add services in new technologies, Millbrook will bolster our new group to confirm its leading position in development and validation testing, automotive homologation and new technologies related to autonomous, connected and electric vehicles. We are grateful for the support of our main shareholder Eurazeo in completing the acquisition.”

About Eurazeo
• Eurazeo is a leading global investment company, with a diversified portfolio of €18.8 billion in assets under management, including €13.3 billion from third parties, invested in over 430 companies. With its considerable private equity, real estate and private debt expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 300 professionals and by offering in-depth sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

• Eurazeo has offices in Paris, New York, Sao Paulo, Seoul, Shanghai, Singapore, London, Luxembourg, Frankfurt, Berlin and Madrid.
• Eurazeo is listed on Euronext Paris.
• ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

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FSN Capital V* has signed an agreement to acquire 100% of TASKING

Fsn Capital

 

FSN Capital V* has signed an agreement to acquire 100% of TASKING, a leading provider of software tools for autonomous driving development, from Altium Limited.

TASKING offers high-performance, embedded software development tools for automotive OEMs and Tier 1 suppliers. Its strategic partnerships with semiconductor manufacturers, OEMs, and suppliers makes TASKING a leading player in the embedded software development industry for advanced driving assistance systems (ADAS) and autonomous driving.

TASKING provides complete development environments that allow software engineers to create reliable, safe, and high-performance embedded software applications. Over 50,000 engineers around the globe rely on TASKING compilers and debuggers every day for their development needs and millions of cars are running on code developed with TASKING’s tools.

Robin Mürer, Partner at FSN Capital Partners (investment advisor to the FSN Capital Funds) , commented: “The automotive industry is seeing a fundamental shift to software powered capabilities – not least to achieve autonomous driving over time. At the same time, the requirements and regulations for software in automotive applications are disparately higher than in most other industries. TASKING is a market-leader in development tools for safe, secure and performant software development. We are excited to partner with Franz Maidl and the highly skilled TASKING team in Germany, the Netherlands, Russia, the US, China, India and Japan as we see opportunities to expand TASKING’s product range and drive their presence with customers around the world.”

Franz Maidl, GM at TASKING, said: “The acquisition will establish TASKING as a leading independent software provider for safety critical applications. FSN Capital will provide TASKING with the flexibility to fuel our many growth opportunities as a standalone company.  The backing of FSN Capital is testament to the tremendous track record our products and employees have delivered so far, as well as the growth opportunity and demand in our markets.  The entire TASKING team is thrilled to continue the journey together and is looking forward to a bright future for our solutions, our team, and especially our customers”. 

The transaction was executed on a proprietary basis by FSN Capital V. It is subject to approval from applicable authorities.

To learn more about the company, please go to: https://www.TASKING.com/

FSN Capital V was advised by McKinsey, Altos Advisors, PwC, Latham Watkins, Crosslake International, Frank Partners and Marsh.

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

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

Robin Mürer, Partner
rm@fsncapital.com 

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

This Press Release does not constitute an offer or solicitation in any jurisdiction to invest in FSN Capital VI and should not be considered to be an invitation or inducement to engage in any investment activity.

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AddEnergie secures $53M financing to accelerate the expansion of its North American EV charging network

Cdpq

AddEnergie Technologies Inc. (AddEnergie) is pleased to announce the first closing of its Series C financing round. The total commitments from this $53 million financing plan will enable the company to pursue its ambitious growth strategy and accelerate the expansion of FLO®, its North American electric vehicle (EV) charging network.

“Today’s announcement is a major milestone for AddEnergie and an important endorsement of our business strategy by new and existing investors” said Louis Tremblay, President and CEO of AddEnergie. “With this financing and following our successful launch in the United States we are now in a position to accelerate our growth across North America as the transition to EVs is gaining momentum and becomes increasingly recognized as playing a pivotal role in the global efforts to combat climate change.”

The new investor syndicate is led by Mackinnon, Bennett & Company Inc. (MKB), and includes Business Development Bank of Canada, Fonds de solidarité FTQ and Export Development Canada (EDC). In addition, the company is pleased to once again count on the long-time support of its existing investors Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec. The Company also recently entered into a new credit facility from National Bank of Canada’s Technology and Innovation Banking group.

“MKB is thrilled to have led this new investment round in AddEnergie and to support its exceptional management team. AddEnergie’s mission and strategy is at the nexus of the decarbonization, electrification and digitization of transportation. The company has a proven track record in key markets, a competitive value proposition and is well positioned for the next phase of its expansion. As a growth equity investor in next generation energy and transportation, we expect this investment to bring long term value to our portfolio and help accelerate the energy transition” said Antonio Occhionero, Partner, MKB.

“CDPQ has played a part in AddEnergie’s development since 2016, driven by the desire to support the company’s growth and expansion. We were there as they penetrated the Canadian and U.S. markets, and we are proud to reaffirm our commitment to AddEnergie as it pursues its expansion plan,” said Kim Thomassin, Executive Vice-President and Head of Investments in Québec and Stewardship Investing at CDPQ. “This investment aligns with our strategic priorities – not only does it support a Québec company’s international expansion, it allows us to increase our holdings in low-carbon assets, which is a benefit to everyone.”

“Québec is today considered a leader in the electrification of transportation, thanks to its numerous innovative companies like AddEnergie. We can be very proud of our cutting edge organizations that export our knowhow and activity contribute to the worldwide electric shift. The investment we are announcing today will accelerate AddEnergie’s growth and stimulate its international development” said Pierre Fitzgibbon, Minister of Economy and Innovation.

A plan to grow the company’s footprint and leadership in EV charging

Despite the current pandemic, AddEnergie was able continue its progression in 2020, deploying over 11,000 charging stations in the past 12 months and expanding the FLO network to cities like Los Angeles, Cincinnati and Toronto. The company is now in a position to bring its comprehensive approach to EV charging – which includes residential, workplace, fleets, commercial, public, fast charging and more – to a growing number of markets in North America. AddEnergie will also continue its sustained investments in R&D and market development in order to maintain its leadership as a dependable, market-leading network operator, while making sure it meets the evolving needs of EV drivers in the years to come.

About AddEnergie

AddEnergie is a leading North American charging network operator for electric vehicles and a major provider of smart charging software and equipment. Every month, AddEnergie charging stations and its FLO network enable approximately half a million charging events and the transfer of 5.5 GWh in electricity, thanks to 30,000 high-quality stations deployed on public networks, commercial and residential installations. AddEnergie’s headquarters and network operations centre are based in Quebec City, and its assembly plant is located in Shawinigan (Quebec). The company also has regional offices in Montreal (Quebec), Mississauga (Ontario), Vancouver (British Columbia) and Rochester (New York). For more information, visit addenergie.com/en.

About MKB

MKB is a Montreal-based private investment firm that specializes in providing growth equity to the next generation energy and transportation sectors. MKB takes significant minority positions in its portfolio companies and proactively assists management teams in reaching their full potential. To learn more about MKB, visit www.mkbandco.com.

About Caisse de dépôt et placement du Québec

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2020, it held CA$333.0 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

About Investissement Québec

Investissement Québec’s mission is to play an active role in Québec’s economic development by spurring business innovation, entrepreneurship and business acquisitions, as well as growth in investment and exports. Operating in all the province’s administrative regions, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also assists businesses by providing consulting services and other support measures, including technological assistance available from Investissement Québec – CRIQ. In addition, through Investissement Québec International, the Corporation also prospects for talent and foreign investment and assists businesses with export activities.

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J.D. Power acquires Trilogy Automotive

Thomas Bravo

Integration of Enterprise Lead Management Technology Adds Additional Capabilities to J.D. Power’s Autodata Solutions Division to Scale Digital OEM Offerings

TROY, Mich.: 20 Dec. 2019 — J.D. Power, a global leader in data analytics and consumer intelligence, today announced the acquisition of Trilogy Automotive, the automotive software division of Trilogy Enterprises. Trilogy’s SaaS-based enterprise lead management platform will be integrated into J.D. Power’s Autodata Solutions division’s original equipment manufacturer (OEM) digital dealer platform, expanding the capabilities and reach of its existing offering to better enable manufacturers and dealers to optimize retail lead management programs.

Trilogy Automotive provides enterprise level, SaaS-based automotive lead and digital management platforms, enabling OEMs and dealers to maximize the efficiency and effectiveness of their digital marketing spend. The platform improves coordination between OEMs, dealers and third parties, while generating real-time insights on consumer behavior.

“Trilogy Automotive has built one of the industry’s most powerful solutions for identifying high quality leads from the vast number of automobile shoppers, all while maintaining a seamless customer experience, continuity with OEM guidelines, and real-time insights for dealers and OEMs,” said Craig Jennings, President of the Autodata Solutions division at J.D. Power. “By integrating Trilogy’s capabilities with our existing OEM digital dealer platform, we will be able to create a robust suite of digital marketing platforms providing lead management, lead generation and digital management services to OEMs, Dealer Service Providers and Retailers.”

“I’m thrilled to lead the Trilogy Automotive team into our new partnership with J.D. Power and the Autodata team,” said Kim Irwin, President of Trilogy Automotive. “The Trilogy Automotive story is one of amazing growth, having expanded rapidly from a core group of employees who built the initial framework for our platform to become a leading technology company that supports some of the most prestigious brands in the automotive industry. I speak on behalf of the whole Trilogy Automotive team when I express how excited we are as we look forward to our next phase of accelerated growth.”

The Trilogy acquisition follows closely on the heels of J.D. Power’s merger with Autodata Solutions to create a market-leading provider of new and pre-owned automobile transactional data, valuation tools, vehicle feature information and consumer analytics to the automotive industry. Trilogy Automotive will be integrated into the newly combined company’s Autodata Solutions division.

Trilogy Automotive senior leadership and employees will continue with the firm and will be integrated into J.D. Power’s Autodata Solutions division.

J.D. Power was advised by Atlas Technology Group and the law firm Kirkland & Ellis on the transaction. Trilogy Automotive was advised by Portico Capital, Ron Frey, and the law firms Jones & Spross and Cooley.

About J.D. Power
J.D. Power is a global leader in consumer insights, advisory services and data and analytics. These capabilities enable J.D. Power to help its clients drive customer satisfaction, growth and profitability. Established in 1968, J.D. Power is headquartered in Troy, Mich.

About Trilogy Automotive
For over two decades, Trilogy has been revolutionizing the automotive industry through a combination of relentless innovation and a commitment to customer success. Trilogy Automotive’s patented technology solutions range from custom and client driven to turnkey configuration, design and lead management systems, and have powered leading automotive companies such as Ford, GM, Nissan, Chrysler, Toyota, Hyundai, Kia, Volvo, Jaguar and AutoNation.

Media Relations Contacts
Geno Effler
J.D. Power
Costa Mesa, Calif.
714-621-6224
media.relations@jdpa.com

Shane Smith
PCG (East Coast)
424-903-3665
ssmith@pacificcommunicationsgroup.com

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