Global Eggs Receives Investment of Up to $1 Billion from Warburg Pincus

Warburg Pincus logo

Investment to support Global Eggs’ next phase of growth

New York, NY, March 2, 2026 – Warburg Pincus, the pioneer of global growth investing, today announced an agreement to invest up to $1 billion in Global Eggs (“the Company”), the largest multinational producer and distributor of table eggs. Valuing the Company at $8 billion, the investment underscores Warburg Pincus’ commitment to partnering with exceptional founders and investing in global companies with high growth potential. The equity for the transaction is being provided by Warburg Pincus Capital Solutions Founders Fund (“WPCS FF”).

Global Eggs is the world’s largest multinational producer and distributor of table eggs, with more than 45 million birds across its operations in the United States, South America, and Europe. Founded in 2018 by Executive Chairman Ricardo Faria, Global Eggs produces and distributes a full range of table eggs across conventional, cage-free, free-range, and specialty products, and is on track to produce over 15 billion eggs this year. The Company has expanded through both organic initiatives and strategic acquisitions and currently operates more than 50 farms across three continents. The Company takes a vertically integrated approach across pullet breeding, feed formulation, packaging, and logistics that enables it to deliver consistent, high-quality products that meet rigorous food safety standards for customers worldwide.

“In under a decade, we have scaled Global Eggs to become the largest multinational producer and distributor of table eggs, and with Warburg Pincus’ investment and ongoing support, we will accelerate our next chapter of growth in both new and existing markets,” said Ricardo Faria. “We have proven our ability to execute in the United States, South America, and Europe, and given Warburg Pincus’ global reach, we believe they are the right partner to advance our long-term ambitions.”

“Ricardo is an exceptional entrepreneur and we were aligned with his vision from day one to build on the Company’s strong foundation in a category supported by durable demand,” said Gaurav Seth, Managing Director, Head of Capital Solutions, Americas, Warburg Pincus. “Global Eggs has an exciting and significant opportunity ahead, and we look forward to leveraging our expertise to help the Company enter new markets, drive efficiencies, and strengthen its brands,” added Allison Ross, Principal, Warburg Pincus.

Warburg Pincus Capital Solutions Founders Fund closed in September 2024 with over $4 billion in commitments. Capital Solutions has a flexible mandate that allows it to partner with founders and existing shareholders to provide solutions for balance sheet optimization, shareholder liquidity, M&A, or growth. The group leverages Warburg Pincus’ global platform and firmwide resources across geographies to source and execute on hybrid capital transactions.

Allison Ross will join Global Eggs’ Board of Directors as part of the transaction.

Morgan Stanley is acting as sole placement agent to Global Eggs, and Davis Polk & Wardwell LLP is serving as its legal counsel.

Houlihan Lokey is acting as financial advisor to Warburg Pincus, and Latham & Watkins LLP is serving as its legal counsel.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $100 billion in assets under management, and more than 215 companies in its active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies.

Warburg Pincus’ Capital Solutions team collaborates closely with the firm’s 290+ investment professionals and approximately 75 value creation executives across Warburg Pincus’ global industry verticals, critical to sourcing and underwriting differentiated, attractive investments. Recent investments have included DriveCentric, Excelitas Technologies, MB2 Dental, Madison International Realty, MIAX, MyKaarma, Nord Security, Service Compression, and United Trust Bank.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

About Global Eggs

Global Eggs is a leading multinational producer and distributor of table eggs, focused on meeting the evolving needs of consumers across its markets. Founded in 2018 by Executive Chairman Ricardo Faria, Global Eggs produces and distributes a full range of table eggs and operates trusted regional egg brands in the United States (Hillandale Farms), South America (Granja Faria), and Europe (Hevo Group). The Company takes a vertically integrated approach across pullet breeding, feed formulation, packaging, and logistics that enables it to deliver consistent, high-quality products that meet rigorous food safety standards for customers worldwide.

For more information, please visit www.globaleggs.com.

Media Contact

Warburg Pincus

Caroline Wise

Caroline.wise@warburgpincus.com

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Bain Capital Announces Investment in Tingstad a Leading Swedish Distributor of Non-food Consumables

BainCapital

LONDON – March 2, 2026 – Bain Capital, a leading global private investing firm, today announced an investment in Tingstad, a leading Swedish family-owned specialist distributor of non-food consumables. The investment is made by the firm’s Private Equity team in Europe.

Headquartered in Gothenburg, Sweden, and founded by the Jigberg family in 1959, Tingstad serves a broad and diversified customer base across hospitality, culture, facilities management, grocery, and retail. The company offers a comprehensive range of non-food consumables through a fully integrated omnichannel platform. With more than 700 employees, Tingstad has built deep, long-standing customer relationships anchored in strong category expertise, an entrepreneurial and decentralized salesforce, a differentiated private label portfolio, in-house production capabilities supporting its offering, and a best-in-class warehousing and logistics infrastructure.

Bain Capital will acquire a majority stake in Tingstad partnering with owner Paul Jigberg, who will retain a minority ownership stake, as well as the leadership team and employees, to support the company’s next phase of growth. Bain Capital Private Equity has been investing in Europe for more than two decades, with its European investment team based in London and Munich as part of a globally integrated private equity platform. The team has deep expertise in the Nordics through its current portfolio companies Eleda and Ahlstrom, and in non-food consumables distribution through Imperial Dade, which operates in the US market.

“I am proud of what Tingstad has built over decades, and I believe Bain Capital is the right partner for the company’s next chapter,” said Paul Jigberg, owner of Tingstad. “Their approach is grounded in collaboration, and I am confident they will support the management team and employees as Tingstad continues to grow and evolve for customers across Sweden and the Nordic region.”

“Tingstad is a standout Nordic distributor with deep category expertise and a world-class logistics model that customers rely on every day,” said Halvor Meyer Horten, a Partner and Co-Head of the European Industrials vertical at Bain Capital. “We’re excited to partner with Paul and the Tingstad team to build on a strong foundation, strengthening and investing in the team and the platform, and supporting continued growth across Sweden and the wider Nordic region.”

Ivano Sessa, a Partner and Co-Head of Europe Private Equity, added, “We’re investing behind Tingstad with deep experience in B2B distribution and a strong Nordic track record, and we aim to be a partner of choice for founder- and family-owned businesses. Across Europe, we work closely with management teams to help scale platforms – bringing sector expertise, operational resources, and a globally integrated network. We look forward to supporting Tingstad’s next chapter as it deepens customer relationships, expands its capabilities, and continues to strengthen its position across the Nordics.”

Financial terms of the transaction were not disclosed.

Bain Capital was advised by Jefferies, Danske Bank, Kirkland & Ellis and Advokatfirman Vinge. Tingstad was advised by DNB Carnegie Investment Bank AB and Setterwalls Advokatbyrå AB.

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, portfolio companies, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,900 employees, and approximately $215 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Tingstad 
Tingstad is a family-owned company founded in Gothenburg in 1959. From a small one‑person operation, the company has grown into one of the leading suppliers in the Nordic region. With more than 700 employees and sales offices in 13 cities, Tingstad still puts the family feeling – and the customer – first. The business serves customers in everything from the restaurant industry and specialty retail to the grocery trade. Its vision is clear: To create an easier everyday life for your business.

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CapMan Growth invests in Finnish fitness chain Kuntokeskus Liikku

Capman

CapMan Growth invests in Finnish fitness chain Kuntokeskus Liikku

CapMan Growth Equity Fund III has signed an agreement on a significant investment in Kuntokeskus Liikku, a gym chain known for its high-quality facilities and excellent value for money. The investment will further strengthen the company’s position as a market leader and support the continued execution of its growth strategy.

Liikku is one of Finland’s leading fitness chains, with more than 70 locations across the country serving nearly 90,000 members. The company’s concept is to offer high-quality self-service gyms at an exceptionally competitive price point which, combined with strong operational efficiency, provides a solid foundation for profitable growth.

The company has grown rapidly in recent years and demonstrated its ability to build a profitable business. Its growth strategy centres on opening new locations in multiple cities each year. The aim is to support the wellbeing of people across Finland by serving an ever broader customer base and meeting the growing demand for high-quality, easily accessible fitness services nationwide.

“Kuntokeskus Liikku represents a growth company that combines strong leadership, a clear strategy and an efficient business model,” says Antti Kummu, Managing Partner at CapMan Growth. “The Liikku team has built a successful player in the Finnish fitness market, with a concept, operational efficiency and growth prospects that make it an attractive investment opportunity. We are excited to support the company’s ambitious growth plans and further strengthen its market position.”

Kuntokeskus Liikku is led by its founder and CEO, Johanna Riihijärvi.

“I am very pleased that we are strengthening Kuntokeskus Liikku’s ownership base with the expertise and experience of CapMan Growth. With CapMan, we gain excellent support for the continued execution of our ambitious growth strategy, and we believe that CapMan’s experience in the commercial real estate market will also support Liikku’s growth as finding new premises becomes increasingly easier,” says Riihijärvi.

The company’s main shareholder is COR Group, a long-time partner of CapMan Growth. COR Group is a Finnish health and wellness conglomerate, known in its sector for active ownership and long-term value creation.

“Kuntokeskus Liikku has been part of COR Group’s growth strategy since 2016. We aim to achieve clear market leadership in the Finnish fitness sector, and to support growth and secure financing, we carried out an ownership restructuring. As a health and wellness group, we want to contribute to improving Finns’ muscular fitness and overall wellbeing on a significant scale,” says Ilari Kerola, one of COR Group’s founders and Chairperson of Liikku’s Board.

The investment is the sixth by the CapMan Growth Equity Fund III.

For more information:

Antti Kummu, Managing Partner, CapMan Growth, +358 50 432 4486

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and 7.2 billion euros in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, real asset debt, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London, Luxembourg, and Düsseldorf. We are listed on Nasdaq Helsinki since 2001. www.capman.com.

About Kuntokeskus Liikku

Kuntokeskus Liikku is a Finnish fitness centre chain with more than 70 locations across Finland. Liikku’s mission is to lower the threshold for starting gym training and to offer high-quality, fresh training facilities for people of all fitness levels at a reasonable price.

At Liikku, the best workout is the one that gets done. Regardless of your goals or starting point, every workout is equally valuable and deserves a motivating, supportive and relaxed training environment. The gyms are designed to ensure a smooth and enjoyable workout experience on every visit. Thanks to spacious and airy premises, you can train comfortably at your own pace, even during peak hours. A versatile range of equipment, free weights and comprehensive warm-up facilities serve both experienced gym-goers and beginners alike.

You can visit Liikku for a tour Monday to Wednesday from 4 pm to 7 pm. For more information, please visit www.liikku.fi/english.  

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Statement on Accell Group Ownership Transition

KKR

KKR invested in Accell in 2022 based on strong long-term fundamentals in sustainable mobility and increasing e-bike adoption across Europe. At the time of the investment, market conditions were supported by strong demand and supply constraints, and Accell’s portfolio of leading brands and market positions provided meaningful exposure to these structural growth trends.

Shortly thereafter, the European bike industry entered an unprecedented and prolonged downturn. Excess inventory, sustained discounting and weakening consumer demand created severe and persistent pressure across the sector, affecting manufacturers industry-wide. Throughout this period, KKR worked closely with Accell’s management team and acted as a supportive shareholder, providing substantial financial backing and deep operational expertise to help stabilise and strengthen the business.

Following constructive engagement, Accell Group, its shareholders and lenders have now agreed to a new ownership structure led by the company’s existing lenders to support the business in its next phase.

As part of this agreement, Accell will receive additional funding to ensure stability and give management the necessary runway to remain focused on operating the business. This capital will be directed toward strengthening liquidity, supporting day-to-day operations and positioning the company for the upcoming season as industry conditions continue to normalise.

During its ownership, KKR supported a wide-ranging programme of operational and organisational measures, consistent with KKR’s role as a long-term and responsible investor. This included continuing to support growth initiatives and new product launches, while strengthening leadership, improving liquidity and resilience, and centralising operations as part of the One Accell strategy. These actions were taken to ensure continuity of operations, support Accell’s customers and partners, and position the business for a return to sustainable profitability as market conditions normalise.

As a result of the severity and duration of the industry downturn, Accell’s capital structure evolved and lenders assumed greater economic responsibility for the business. With the company now stabilised and the season soon to pick up, Accell will transition to a new ownership structure in which lenders, working closely with management, are positioned to support the company’s ongoing recovery and execution of its business plan.

Jonas Nilsson, CEO, Accell Group said: “We would like to thank KKR for its significant support and commitment as a responsible shareholder throughout its ownership. The business is stronger as a result of that support, and we are well advanced in our plans to fundamentally transform the company. Accell is an extraordinary business, with a unique position in the European bike market and a portfolio of iconic brands, and we remain confident in its potential following the hard work undertaken during a challenging period for the industry.

KKR would also like to recognise the resilience and commitment shown by Accell’s management and employees throughout this challenging period.

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Bain Capital Reaches Agreement with CVC Capital Partners for the Acquisition of FineToday Holdings

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TOKYO – February 2, 2026 – Bain Capital, a leading global private investment firm, February 2, announced that it has entered into a definitive agreement with Oriental Beauty Holding(HK) Limited, a fund advised by CVC Capital Partners plc (“CVC”), for the acquisition of all shares of FineToday Holdings Co., Ltd. (“FineToday”). FineToday is a market leading personal care and beauty company with a strong portfolio of brands, many of them household names, including hair care products TSUBAKI, fino and recently launched +tmr, skin care brands SENKA and uno, and body care labels, Ag DEO 24 and KUYURA. FineToday has a strong presence in Japan and an expanded footprint across key Asian markets, including China and Southeast Asia.

Bain Capital, CVC, and FineToday have each stated the following.

Naofumi Nishi, a Partner at Bain Capital, said:
“We are pleased to support the continued growth of FineToday, which has established a strong presence in the personal beauty care market and earned broad consumer support across Japan and Asia. Building on FineToday’s strong product development capabilities and the brand platform developed with the support of CVC, Bain Capital will leverage its experience and expertise in the retail and consumer sectors to accelerate growth across Japan, Asia, and other global markets.”

Atsushi Akaike, a Managing Partner at CVC and Co-Head of CVC Japan said: 
“In 2021, we worked closely with Shiseido for several years on the highly complex spin-off of its Personal Care business. Since becoming independent, the company has consistently achieved solid annual sales and profit growth of around 10%, even amid the ongoing challenges of the COVID-19 pandemic. We express our heartfelt gratitude and respect for the work of the management team and employees, as well as to Shiseido for its constant warm support, in establishing a solid position as an independent company that successfully passed the Tokyo Stock Exchange listing review.
At CVC, we take great pride in having provided comprehensive support to build strong foundations at FineToday and secure its growth trajectory, creating an outstanding enterprise together with Tetsuo Komori and his team. Although we were temporarily compelled to postpone the IPO due to geopolitical factors in the macro-environment, we hold strong expectations and confidence that, under Bain Capital, the company will achieve its IPO within a few years and subsequently achieve further growth as a Japan-based pan-Asian enterprise. We will continue to offer our wholehearted support as the company moves forward.”

Tetsuo Komori, CEO of FineToday, said:
“We would like to express our sincere appreciation to CVC, which has been a dedicated and valued partner since its investment in our business in 2021. Together, we have built FineToday, carved out from Shiseido, into a well-established leading daily beauty product company, encompassing R&D, manufacturing, marketing and sales. We are also delighted to welcome Bain Capital as a new shareholder and strategic partner. This transaction represents a strong endorsement of FineToday’s business platform, growth potential and track record of performance, and reflects Bain Capital’s strong confidence in our ability to deliver sustainable long-term corporate value.”

Bain Capital has extensive experience of supporting businesses in the retail and consumer goods sectors, including retailers such as YORK Holdings and Kirindo, as well as brands such as MASH Holdings, Snow Peak, and Canada Goose. Leveraging full use of this experience and expertise, Bain Capital will support FineToday’s sustainable growth from multiple angles, working closely with Bain Capital’s teams across our global platform, in partnership with management and employees.

Bain Capital’s financial advisor is Nomura Securities Co.,Ltd., and its legal advisors are Anderson Mori & Tomotsune and Ropes & Gray LLP.

About Bain Capital
Bain Capital is an international investment firm that creates a lasting impact on and for investors, teams, businesses, and communities. Since our foundation in 1984, Bain Capital has leveraged insight and experience to achieve intrinsic growth in several investment areas, including private equity, credit, public equity, venture capital, real estate, life sciences, insurance, and other strategic focus areas. We have 24 offices on 4 continents, over 1,950 employees, with approximately US$ 215 billion in assets under management.
To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

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The Goodlife Group Announces Strategic Minority Investment From Apollo Funds

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Investment will provide increased capital to accelerate long-term strategy and growth 

Founder David “Patch” Patchell-Evans will remain Chairman, and Jeff van Haeren to continue as President and CEO of the Company

LONDON, ON — Feb. 02, 2026 — The GoodLife Group (“Company”), Canada’s leading fitness company, today announced that it has secured a strategic minority investment led by Apollo-managed funds and affiliates associated with its hybrid strategies to accelerate the Company’s ambitious growth plans.

Founded in Canada and headquartered in London, Ontario, the GoodLife Group operates more than 400 conveniently-located clubs and serves 1.5 million members nationwide, making it one of the world’s largest fitness companies. The investment by Apollo funds will provide capital to advance the Company’s long-term strategy and enhance its leadership position in the fitness market, while continuing to improve member and employee experiences.

“People in Canada are focusing on their physical and mental well-being more than ever, and the GoodLife Group recognizes the important role that we play in helping them achieve their goals,” said Jeff van Haeren, President and CEO, GoodLife Group. “This investment will bolster GoodLife as the leading fitness company in the country, and we could not ask for a better partner in Apollo. Our incredible leadership team and employees across all our brands are ready for growth and excited about the next phase of our company.”

“The GoodLife Group is an iconic, market-leading fitness company with a clear purpose and a strong track record of helping people live healthier lives,” said Apollo Managing Director Talaal Azeem. “Patch and his longstanding leadership team have built an exceptional business over decades, and we believe Apollo’s flexible, partnership-driven capital can enable the Company to deliver on its long-term strategy and commitment to making a positive impact through fitness.”

“From the very beginning, I’ve believed in fitness as a force for transforming lives — and we see that vision realized every day in GoodLife Group gyms across Canada,” said David “Patch” Patchell-Evans, Founder and Owner of the GoodLife Group. “The GoodLife Group creates positive social change by empowering individuals and communities to lead healthier, more active lives. Given its deep experience with founder-led companies, we believe this investment from the Apollo Funds will enable us to build on nearly 50 years of success and accelerate our next chapter of growth.”

The transaction is subject to customary regulatory approvals and closing conditions.

Guggenheim Securities acted as financial advisor to the GoodLife Group. Jefferies served as financial advisor to Apollo. McMillan LLP served as legal counsel to the GoodLife Group, while Paul, Weiss, Rifkind, Wharton & Garrison LLP and Blake, Cassels & Graydon LLP acted as legal advisors to Apollo.

About The GoodLife Group
Founded in 1979, the GoodLife Group is a proudly Canadian private company owned by David “Patch” Patchell‑Evans. For nearly five decades, the organization has been dedicated to helping people in Canada live fit and healthy lives. Today, the GoodLife Group is the largest fitness operator in Canada, with 13,000 employees, 1.5 million members, and over 400 locations. Its brands include GoodLife Fitness, Fit4Less, GYMVMT, Éconofitness, and canfitpro. The GoodLife Group is deeply committed to creating meaningful change in communities across the country. Through the GoodLife Kids Foundation and more than $50 million in charitable contributions, the organization is a global leader in corporate social responsibility—advancing autism support, medical research and care, and initiatives that inspire healthier futures for all.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2025, Apollo had approximately $908 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

The GoodLife Group

John Gardiner
Executive Communications & Collaboration Manager
(647) 391-6839
media@goodlifegroup.ca

Krista Maling
SVP, Organizational Development & Stakeholder Relations
(226) 374-5409
media@goodlifegroup.ca

Apollo

Noah Gunn
Global Head of Investor Relations
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
(212) 822-0491
Communications@apollo.com

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Ardian signs an agreement to acquire a stake in IVB Wellness Lab, a fast‑growing and innovative supplements brand in Spain

Ardian

With this investment, the Growth team at Ardian partners with IVB’s founding team and existing minority shareholder Label Capital to accelerate IVB’s expansion in Spain and across Europe and support its product innovation strategy.

IVB Wellness Lab (“IVB”), a leading Spanish company in the research, development and distribution of science‑backed dietary supplements, welcomes Ardian, a global private investment firm, as a minority shareholder.

Founded in 2021 by Dr. Isabel Viña Bas, Valerio Soto Ferri, and Carlos Viña Bas, IVB has established itself as one of Spain’s most dynamic dietary supplement brands operating in a market driven by sustainable consumer trends around lifestyle and healthcare. Headquartered in Valencia, IVB differentiates through specific ingredient sourcing and a unique approach including clinical oversight and hospital partnerships.

Built on an asset‑light model, IVB offers a variety of products spanning essential dietary supplements (e.g., magnesium, omega 3) and advanced formulations targeting areas of general wellness such as women’s health. Initially launched as a digital‑first D2C (direct-to-consumer) brand, IVB has developed a strong and engaged community, and experienced industry-leading revenue growth. IVB has also quickly expanded into the pharmacy channel, already reaching c.2,000 pharmacies across Spain.

This partnership marks an important milestone in IVB’s growth journey, aiming to scale its operations in Spain, reinforce data-driven D2C growth, support its international expansion and strengthen its innovation capabilities.

Ardian will closely work with the co-founders and management team and leverage its expertise in scaling high‑growth consumer and health businesses to strengthen IVB’s commercial and operational foundations.
The transaction is expected to close in Q1 2026.

“IVB Wellness Lab stands out with product innovation designed to meet specific consumer needs, leveraging a strategic omnichannel distribution. We are proud to partner with this seasoned, ambitious and complementary founding team, to support IVB in achieving its growth objectives in Spain and abroad, leveraging Ardian’s talent network, health & digital expertise and international resources.” Alexis Saada, Head of Growth & Senior Managing Director, Ardian and Frédéric Quéru, Managing Director, Ardian.

“Since its inception, IVB has been redefining its category with unique science-anchored formulations, an authentic and highly engaged community and disciplined omnichannel execution. We’re excited to partner with Ardian on this next phase as they will bring valuable expertise to further support IVB’s European development.” Eléonore Oudea, Founding Partner, Label Capital and Gaspard de Sarnez, Founding Partner, Label Capital.

“We are extremely proud of how IVB Wellness Lab has evolved, driven by product excellence, scientific research, community engagement and disciplined execution. Partnering with Ardian marks a pivotal milestone for IVB and allows us to strengthen our foundations while accelerating our ambition in Spain and abroad. We look forward to building a long-term partnership that supports sustainable growth and preserves our mission that people “know more, fear less, and choose better”.” Isabel Viña, Valerio Soto & Carlos Viña, Co-Founders, IVB Lab.

List of participants

  • Ardian

    • Growth investment team: Alexis Saada, Frédéric Quéru, Alexandra Da Silva, Michelle Stitz, Noa Amzallag
    • Corporate lawyers: Garrigues Madrid (José Luis Ortín Romero, Luis Enrique Mata Palacios, Marta Ocón Barceló)
    • Financial due diligence: Eight Advisory (Christophe Delas, Gennat Mouline, Ilyas El Guermat, Armelle Pasquier)
    • Legal, labor and tax due diligence: Eight Advisory (Barbara Jouffa, Guillaume Rembry, Henriette Barrois, Lucie Goeller, Lucie Vernières)
    • Strategic due diligence: Digital Value (Arnaud de Baynast, Paul‑Henri Magnien, Youssef Meskine, Margarita Ichazo)
  • Label Capital

    • Label Capital: Véronique Morali, Eléonore Oudea, Gaspard de Sarnez, Gauthier Leyne
    • Corporate lawyers: White & Case (Simon Martin‑Gousset), Mayer Brown (Jean-Philippe Coiffard), EY (Javier Bustillo, Manuel Paz, Santiago Lopez)
  • IVB Wellness Lab

    • Co-founders: Isabel Viña Bas, Valerio Soto Ferri, Carlos Viña Bas
    • Corporate lawyers: Garrigues Valencia (Alejandro Micó Llorens, Paula Crespo, Ester García Camps)
    • Financial advisors: Alvarez & Marsal (Cédric Zana, Baptiste Rideau, Yassine Benslimane)

About Ardian

In a world of constant evolution, Ardian stands out for its ability to anticipate, adapt, and turn challenges into opportunities. As a global, diversified private markets firm with 22 offices and more than 350 investment professionals worldwide, we provide investment and customized solutions that reflect new economic dynamics and help our clients remain resilient in a changing world.
We deliver multi-local expertise and long-term performance for our investors and partners as well as shared value for the broader society. Since Ardian’s inception in 1996, our pioneering approach to diversification and our ability to offer tailor-made solutions at scale have remained the heart of our strategy.
Through commitment, knowledge and technology, we bring lasting value to our companies and contribute positively to the whole industry.
Ardian currently manages or advises $196bn for more than 1,890 clients worldwide across Private Equity, Real Assets, and Credit.
Ardian. Mastering change for lasting value.

About Label Capital

Label Capital is a Paris-based growth equity firm investing in the next generation of category-defining consumer brands across Europe and the US. We partner with founders improving daily life through superior products, brands & communities.

About IVB Wellness Lab (“IVB”)

IVB Wellness Lab is an advanced, science-based supplementation laboratory focused on metabolic health, hormonal balance, and general well-being. Founded by Isabel Viña Bas, a medical doctor and researcher, the company was built with a clear objective: to help people understand what is happening in their bodies and to empower them to make better health decisions through education and targeted solutions. Guided by its mission: “know more, fear less, and choose better ” IVB Wellness Lab places scientific rigor and education at the center of its model. To ensure real-world impact, the company has an omnichannel strategy and works mainly through healthcare professionals such as pharmacies, physicians, and nutritionists, offering differentiated solutions for everyday health challenges.

Press contacts

Ardian

Label Capital

IVB WELLNESS LAB

María Fernández

mariafprensa@gmail.com+34606028842

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Lemon Tree Hotels Announces Strategic Reorganization and Investment from Warburg Pincus in Fleur Hotels to Unlock Long-Term Shareholder Value

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  • The reorganization will create two focused, high-growth, and large-scale platforms  
  • Warburg Pincus will acquire APG’s entire 41.09% stake in Fleur and commit to invest up to ₹960 crore of primary capital to support the growth of Fleur

New Delhi, 9 January 2026 — Lemon Tree Hotels Limited (“Lemon Tree”) and Fleur Hotels Limited (“Fleur”) today announced that their respective Boards of Directors have approved a Composite Scheme of Arrangement (the “Scheme”) designed to simplify the group structure, enhance strategic focus, and unlock long-term value for shareholders. The Scheme is subject to customary regulatory and shareholder approvals.

The proposed reorganization will create two clearly differentiated and complementary platforms:

  • Lemon Tree Hotels Limited,as a pure-play, asset-light hotel management and brand platform; and
  • Fleur Hotels Limited, a current subsidiary of Lemon Tree, as a large-scale growth-oriented hotel ownership platform with development capabilities and an attractive pipeline.

The Board of Directors further approved:

  • Execution of a Share Purchase Agreement enabling Coastal Cedar Investment B.V., an affiliate of Warburg Pincus, to acquire the full 41.09% equity stake held by APG Strategic Real Estate Pool N.V. (“APG”) in Fleur; and
  • Execution of a Shareholders’ Agreement providing for a primary investment by Warburg Pincus of up to INR 960 crore to be infused in tranches, to support the future growth of Fleur.

This investment marks a renewed partnership between Warburg Pincus and Lemon Tree, following Warburg Pincus’ earlier investment in the company in 2006, which supported Lemon Tree’s initial growth to become a prominent hotel brand and platform in India.

The Scheme, to be implemented through a NCLT-approved process, will reorganise the group’s asset ownership and operating structure. The hotel assets currently owned by Lemon Tree will be transferred to Fleur, which will serve as the group’s exclusive asset ownership and development company. Fleur will lead the group’s all future hotel acquisitions and development, while Lemon Tree will transition to a fully asset-light model, focused on growing its hotel management, franchising and digital business. The Scheme will also result in a listing of Fleur’s shares on NSE and BSE. Mr. Patanjali Govind Keswani, Founder of Lemon Tree Hotels, will serve as the Executive Chairman of Fleur Hotels and will eventually transition to a Non-Executive role at Lemon Tree.

This reorganization and investment come at a time when India’s hospitality sector is entering a period of sustained growth, driven by rising disposable income and discretionary spending, strong growth in domestic inter-city air / rail / road travel, a rebound in international tourism, and the Government of India’s continued focus on tourism and investment in aviation / high-speed railways / four-lane highways infrastructure. Increasing corporate travel and India’s emergence as a leading Meetings, Incentives, Conferences and Exhibitions (MICE) destination further support long-term demand fundamentals.

Commenting on the development, Mr. Patanjali Govind KeswaniFounder and Executive Chairman of Lemon Tree and Fleur Hotels, said, “This scheme is intended to create a simplified, transparent, and growth-oriented structure for both companies, which we believe will enhance long-term value for our shareholders. We are also pleased to renew our partnership with Warburg Pincus, with whom we share a long history of building the foundations of Lemon Tree. This collaboration marks a defining moment as we enter the next phase of expansion for Fleur. With the Indian hospitality industry at an important inflection point, we look forward to leveraging Warburg Pincus’ global network and deep real estate and hospitality experience to scale responsibly, advance digital-led capabilities and embed sustainability as a core pillar of Lemon Tree’s and Fleur’s long-term growth journey.”

Anish Saraf, Managing Director, Warburg Pincus, said, “We are pleased to once again partner with Patu and the Fleur leadership team to support the next chapter of growth for the platform. Lemon Tree has played a pioneering role in shaping India’s mid-market hospitality segment, building a large scale, high-quality portfolio with strong brands and operating capabilities. With favourable industry fundamentals and a clear strategic roadmap, we look forward to supporting the team as they continue to scale the business.”

Dominic Doran, Senior Director, Real Estate, Asia-Pacific, APG Asset Management, said, “As we continue our long-standing association with Lemon Tree, we are also proud to have supported Fleur Hotels for more than a decade to become one of India’s leading and socially inclusive hospitality platforms. This transaction in Fleur is the culmination of APG’s long-term approach to investing and provides our clients with a full-cycle return from one of the fastest growing economies in the world. We thank Patu and the Fleur team for their hard work and commitment to reach this milestone as the company enters its next phase of growth.”

Details of the Composite Scheme of Arrangement

Key Highlights

  • Appointed date: 1 April 2026
  • Lemon Tree will merge two of its wholly owned subsidiaries (Carnation Hotels and Hamstede Living) with itself.
  • Four wholly owned subsidiaries of Lemon Tree (Oriole Dr. Fresh, Sukhsagar Complexes, Manakin Resorts and Canary Hotels) will be merged with Fleur against the issuance of shares by Fleur to Lemon Tree.
  • 12 hotels (11 operational hotels and one under-construction hotel at Shimla) of Lemon Tree together with the development capabilities (collectively, the “Demerged Undertaking”), along with the investment in one under construction hotel in Shillong through a 100% subsidiary of Lemon Tree, will be demerged with Fleur.
  • Upon the Scheme becoming effective, the shareholders of Lemon Tree (as on the record date) will own 32.96% of Fleur, Lemon Tree will directly own 41.03% with the balance 26.01% to be owned by Warburg Pincus (shareholding figures exclude any dilution from primary investment by Warburg Pincus in Fleur).

Following receipt of all relevant approvals, the Scheme will become effective, and Fleur will be listed as a separate entity on Indian stock exchanges. The entire process to listing of Fleur is expected to be completed within 12 to 15 months.

Rationale of the Composite Scheme of Arrangement

  • Complementary, Large-Scale and High-Growth Platforms: The proposed reorganization creates two focused and complementary platforms—an asset-light business with hotel management, brand & loyalty, distribution and digital capabilities and a hotel ownership and development platform—both positioned for growth. Fleur will combine existing operating assets with a clearly defined development and acquisition pipeline, while Lemon Tree will continue to scale its management and franchise portfolio domestically and internationally.
  • Strengthened Balance Sheet: The proposed raising of primary capital from Warburg Pincus will strengthen Fleur’s balance sheet and unlock risk mitigated growth opportunities through development and acquisition of hotel assets.

Post the Proposed Transaction

Fleur will become one of the largest owners of hospitality assets in India. Its owned portfolio will expand significantly, increasing from 3,993 keys and 24 operating hotels to 5,813 keys across 41 hotels. Fleur will continue to scale its owned portfolio through future development and acquisitions.

Lemon Tree will continue to operate its existing leased hotels in Indore and Aurangabad, which are approaching the end of their respective lease terms. In addition, Lemon Tree will manage an additional 1,820 keys and 17 hotels transferred to Fleur alongside its existing portfolio of 3,993 keys and 24 hotels of Fleur operated by Lemon Tree. Lemon Tree will remain focused on its asset-light strategy, continuing to manage and franchise its existing portfolio of third-party owned hotels, with 6,011 keys across 89 operational hotels and 9,414 keys across 127 hotels under various stages of development in India and internationally, which is expected to continue to expand over time.

Morgan Stanley acted as the exclusive financial advisor for the proposed transaction.

About Lemon Tree Hotels Limited

Lemon Tree Hotels Limited (LTHL) is one of India’s leading hospitality companies, catering to a wide range of customers – from value-conscious travellers to premium business and leisure seekers. With seven distinct brands – Aurika Hotels & Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox, Keys Prima, Keys Select, and Keys Lite – the group offers experiences across upper upscale, upscale, upper midscale, midscale, leisure, wildlife, and spiritual segments.

LTHL operates 120+ hotels across 80+ cities in India and abroad, with a growing pipeline of 120+ upcoming properties. From metro hubs like Delhi-NCR, Mumbai, Bengaluru, and Hyderabad to tier II & III cities such as Jaipur, Udaipur, Kochi, and Indore – and with an international presence in Dubai, Bhutan, and Nepal – Lemon Tree Hotels delivers exceptional comfort, consistent quality, and a warm, refreshing experience.

Since opening its first 49-room hotel in 2004, the group has grown to 250+ properties (operational and upcoming), becoming a trusted name in hospitality for both business and leisure travellers.

For more details, visit www.lemontreehotels.com

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $100 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,100 companies across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with more than 15 offices globally.

Warburg Pincus began investing in India in 1996. Today, it has become one of the largest and most active global private equity investors in the country, with nearly $10 billion invested in more than 80 companies across financial services, healthcare, consumer, industrial, business services, and technology sectors. Notable investments in India include Appasamy Associates, Truhome Finance (previously known as Shriram Housing Finance), Meril, Imperial Auto, Avanse Financial Services, IDFC First Bank, CAMS, Kalyan Jewellers, Alliance Galaxy (previously known as Alliance Tyre Group – ATG) and Bharti Airtel.

Warburg Pincus began investing in Asia real estate in 2005. Today, it has become one of the largest and most successful investors in the region, with more than US$10 billion invested in around 60 real estate platforms and ventures across Asia Pacific. The firm is a pioneer of thesis-driven growth investing in Asia real estate and has co-founded or sponsored leading platforms alongside best-in-class entrepreneurs such as ESR, Princeton Digital Group, BW Industrial, DNE, Vincom Retail, StorHub and Vita Partners.  Warburg Pincus has been an active investor in hospitality and living sectors, with notable investments including Weave Living, Lodgis, 7 Days Hotels, Vlinker, Tokyo Beta and Kio. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Media Contact

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications, Warburg Pincus

lisa.liang@warburgpincus.com

Malini Roy

malini.roy@warburgpincus.com

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Bharti Enterprises and Warburg Pincus Announce Strategic Investment in Haier India

Warburg Pincus logo

Partnership Set to Fuel Haier India’s Next Phase of Growth

New Delhi, December 24, 2025 – Bharti Enterprises (“Bharti”), one of India’s most prominent and diversified business conglomerates, and Warburg Pincus, the pioneer of global growth investing, today announced a strategic investment in Haier India, a subsidiary of the Haier Group.

Following the completion of the transaction, Bharti and Warburg Pincus will collectively own a 49% stake in Haier India. Haier Group will retain a 49% ownership stake in Haier India, with the remaining stake to be held by Haier India’s management team.

This strategic collaboration will accelerate Haier’s growth and expansion in India by bringing together and leveraging the company’s global excellence in innovation, Bharti’s esteemed standing and resultant networks, and Warburg Pincus’ strong track record of scaling brands into industry leaders.

The partnership will bolster Haier India’s ‘Made in India, Made for India’ vision by deepening local sourcing, expanding manufacturing capacity, driving product innovation, and accelerating market penetration. The new capital infusion will also enhance Haier India’s competitiveness across the entire value chain.

The consumer appliance market in India is witnessing strong growth, driven by rising disposable incomes, changing lifestyles, and increasing penetration of consumer appliances. Haier India is currently among the top three consumer durables companies in the country, with a strong product portfolio spanning categories such as air conditioners, refrigerators, televisions, washing machines, and kitchen appliances. Over the past seven years, the company has achieved a CAGR of approximately 25% in India—one of the highest in the industry—supported by robust performance across product segments and geographies. By combining global innovation with local insights and execution, the partnership will strengthen Haier India’s leadership position in the rapidly growing Indian consumer durables segment.

Bharti expressed that it is pleased to collaborate once again with Warburg Pincus and to partner with Haier to support the next chapter of Haier India’s growth journey. The company looks forward to playing a significant role in the evolving consumer durables industry and leveraging the collective strengths of all parties to meet the needs of Indian consumers. Bharti is confident that Haier India will further consolidate its standing as a leading brand in India, powered by global innovations, enhanced customer services, and best in-class experience.

Warburg Pincus noted that it is excited to join hands once again with Bharti and to partner with Haier in India as it expands its footprint in the fast-growing consumer durables market. This investment reflects Warburg Pincus’s ability to leverage its pan-Asia franchise, deep local insights, global expertise, and its expansive network to support and accelerate growth for leading companies across the region  

Haier highlighted that the collaboration with Bharti Enterprises and Warburg Pincus marks an important milestone in Haier India’s development journey. The strategic partnership fully embodies Haier’s approach of “serving globalization with global capabilities and advancing globalization through localization.” It brings together the complementary strengths of Bharti, a trusted name and leading business conglomerate in India, and Warburg Pincus, whose strong franchises across China and India have helped scale many leading consumer and technology companies. Their combined experience, deep local insights, and global reach will significantly accelerate Haier India’s localized innovation and development.

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About Bharti Enterprises

Bharti Enterprises is one of India’s leading business conglomerates with interests in telecommunications, digital infrastructure, space communications, financial services, real estate, data centres, hospitality and food processing. Bharti Airtel, its flagship company, is a leading global communications solutions provider with over 600 million customers in 15 countries across India and Africa, with additional presence in Bangladesh and Sri Lanka through its associate entities. Globally, Airtel ranks among the top three mobile operators with its networks covering over two billion people and is the second largest mobile operator in Africa, providing telecommunications and mobile money services across 14 countries. Airtel Payments Bank, Bharti Enterprise’s banking arm, is among the fastest-growing digital banks in the country, contributing to the Government’s vision of Digital India and advancing financial inclusion. Bharti Real Estate has developed marquee commercial assets like Worldmark at Aerocity, New Delhi and Gurugram and is developing country’s finest Global Business District in Aerocity, New Delhi. Bharti is one of the single largest shareholders in Eutelsat, the world’s first combined GEO-LEO satellite operator, and the second-largest shareholder of Sundrop Brands, a listed FMCG entity formed following the combination of Sundrop Brands Limited and Del Monte Foods, India. Through its international arm, Bharti Global, the enterprise also holds a significant stake in BT Group Plc, the UK’s leading fixed and mobile communications provider.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $85 billion in assets under management, and more than 215 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with more than 15 offices globally. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

About Haier Group

Founded in 1984, Haier Group is a leading global provider of better life and digital transformation solutions, with the purpose of “More Creation, More Possibilities”. Haier has always been user-centered and has built a landscape of three pillars: Smart Living, Comprehensive Health Industry, and Digital Economy Industry. The company has established 10 R&D centers, 35 industrial parks, and 163 manufacturing centers, achieving a global revenue of USD 55.9 billion in 2024. Haier has been ranked in the Kantar BrandZ Top 100 Most Valuable Global Brands for 7 consecutive years. Additionally, Haier has held the No.1 position in Euromonitor Global Major Appliances Brand for 16 consecutive years. Haier has 8 listed companies, with its subsidiary Haier Smart Home named among the Fortune Global 500 and Fortune World’s Most Admired Companies.

About Haier India

Established in 2003, Haier India is one of the leading brands in home appliances & consumer electronics in the country. Haier India is committed to bringing the best-in-segment products for customers, in line with its ‘Make in India’ and ‘Make for India’ philosophy. With almost two decades of expertise in product innovation, Haier has a vast distribution network across the country along with two state-of-the-art manufacturing facilities in Pune and Greater Noida. Backed by superior technology and customer centricity, the product portfolio ranges from refrigerators, air conditioners, washing machines, LED TVs, water heaters, deep freezers, and microwave ovens to kitchen appliances, with a special focus on Indian consumer demands.

Media Contacts

Bharti Enterprises

Mehak Kapur

DGM, Corporate Communication, Bharti Enterprises

mehak.kapur@bharti.in

Warburg Pincus

Lisa Liang

Senior Vice President, Asia Head of Marketing and Communications, Warburg Pincus

lisa.liang@warburgpincus.com

Haier Group

Melody Xian

Public Relations Director of Haier Smart Home

Xianguimei.690@haier.com

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Carlyle to Acquire KFC Korea

Carlyle

The deal builds on Carlyle’s strong F&B and quick-service restaurant experience in Asia and aims to accelerate KFC Korea’s growth and expansion in South Korea

Seoul, South Korea, December 22, 2025 – Global investment firm Carlyle (NASDAQ: CG) today announced that an affiliated entity of Carlyle Asia Partners (CAP) has entered into a definitive agreement to acquire a 100% stake in KFC Korea. Terms of the transaction are not being disclosed.

KFC Korea operates the KFC brand in South Korea under a master franchise agreement with Yum! Brands, the world’s largest restaurant chain company with more than 55,000 restaurants. Since opening its first store in Seoul in 1984, KFC Korea has grown to operate over 200 stores nationwide.

Carlyle seeks to leverage its significant experience in the food and beverage (F&B) and quick-service restaurant sectors in Asia to work with KFC Korea’s management team to help accelerate new store openings, enhance marketing capabilities, and drive menu innovation to meet evolving consumer preferences in Korea.​ Carlyle also owns KFC Japan and looks to further strengthen its strategic relationship with Yum! Brands through this transaction.

John Kim, Partner and Head of Carlyle Korea, said: “We are excited to further partner with Yum! Brands and work with the management team at KFC Korea to grow this iconic brand in South Korea. With its strong heritage and position in the market, we see significant opportunities for KFC Korea to expand its presence and capitalize on the growing demand for quick-service dining with Korean consumers.”

Tony Shin, CEO of KFC Korea, said: “This partnership with Carlyle marks an exciting milestone for KFC Korea. Carlyle has extensive experience in the quick-service restaurant and F&B sectors, and we look forward to working with the team to drive continued growth and innovation. Together, we aim to further elevate the exceptional KFC experience that Korean customers have come to know and love.”​

Carlyle has extensive investment experience in the restaurant, food and consumer sectors, including quick-service restaurant franchises, both in Asia and globally. Carlyle currently owns A Twosome Place, a leading premium dessert café chain with over 1,700 stores in South Korea, and KFC in Japan. Previous portfolio companies in the sector have included McDonald’s China and Japanese restaurant chain operator Chimney, among others.

 

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About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and operates through three segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $474 billion of assets under management as of September 30, 2025, 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 2,400 people in 27 offices across four continents. Further information is available at carlyle.com. Follow Carlyle on LinkedIn at The Carlyle Group and on X at @OneCarlyle.

 

Media Contacts

Carlyle
Lonna Leong
Tel: +852 9023 1157
Email: lonna.leong@carlyle.com

 

The SIGNATURE
Jason Sohn
Tel: +82 10 9622 5915
Email: Jason.sohn@thesignature.co.kr

 

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