• KKR’s increases its majority stake in the local innovative value retailer of choice to 85%
• Rakuten and Seiyu to continue leveraging retail expertise across online grocery delivery, cashless payments and data-driven marketing

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, and Rakuten Group, Inc., (“Rakuten”) today announced the signing of definitive agreements under which a fund managed by KKR will purchase Rakuten’s stake in Seiyu (the “Company”), a leading, nationwide supermarket chain in Japan. With this purchase, KKR increases its stake in Seiyu from 65% to 85%¹.

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KKR and Rakuten, together with Seiyu’s third shareholder, Walmart, have collaborated to support Seiyu’s growth since KKR and Rakuten completed their investments in the Company in 2021. Support initiatives have included: improving product quality, user experiences, and store operations, and renovating and refurbishing stores, which have enabled Seiyu to deliver greater value and convenience. Customers have benefited from a range of initiatives, such as:

• The convenience of cashless payment methods in Seiyu stores, including Rakuten Pay and Rakuten Edy, as well as Japan’s leading membership loyalty program, Rakuten Points.²
• Improved quality and selection of products, especially for fresh produce and delicatessen
• Optimized and improved store operations and processes as a result of leveraging KKR’s operational expertise; and
• Enhanced online-merges-with-offline (OMO³) initiatives as a result of strategic collaboration amongst Seiyu’s shareholders

Following this transaction, Rakuten will continue to be an important strategic partner to Seiyu and will work closely with the Company’s management and shareholders to further strengthen Seiyu’s offering to customers, prioritizing value and convenience.

Hiro Hirano, Co-Head of Private Equity for KKR Asia Pacific and CEO of KKR Japan, said, “We are pleased to deepen our relationship with Seiyu, an iconic Japanese brand in which we continue to see strong promise. We look forward to unlocking the company’s full potential through the continued strategic partnership with Rakuten and Walmart, which brings together our respective expertise in investing behind a company’s growth, global best-in-class practices, and thoughtful customer experience. Together, we remain focused on helping Seiyu continue to deliver greater value and convenience to its customers across Japan and maintain its strong growth.”

Tsuneo Okubo, President and Representative Director of Seiyu Holdings Co. and Seiyu Co., Ltd., said, “Seiyu aims to become Japan’s No. 1 supermarket and online supermarket by 2025, in line with our medium-term management plan, building on the new management structure introduced in 2021. Seiyu is focused on building a virtuous cycle of investment in our human capital, information systems, and stores, with greater profits and value generated through better quality products and strengthened sales capability. While maintaining our philosophy of “Every Day Low Price,” we strive to provide services and products that increase customer satisfaction through improved freshness and quality. We are pleased that our operating income in FY22 saw a 50% year-on-year growth, which is evidence that our business transformation program is progressing well. Through our ongoing strategic partnership with Rakuten, we will continue to strengthen our digital marketing and aim to become the leading OMO retailer in Japan.”

Kazunori Takeda, Director and Group Executive Vice President and President of Commerce & Marketing Company, Rakuten Group, Inc., said, “With the strong support and retail expertise of KKR, our collaboration with Seiyu has been extremely fruitful, with strong growth in the popular Rakuten Seiyu Netsuper online grocery delivery service, introduction of Rakuten cashless payment options and strengthening customer acquisition programs and product promotions by utilizing Rakuten Points. We will continue working together to deliver greater levels of convenience to our customers.”

KKR is making its investment from its Asian Fund IV. Further details of the investment have not been disclosed.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Seiyu

Established in 1963, Seiyu is a nationwide supermarket chain in Japan with more than 300 retail units. Through its supermarket and hypermarket formats and Rakuten Seiyu Netsuper delivery service, Seiyu offers customers a broad assortment including fresh food, general merchandise, and apparel products across Japan from Hokkaido to Kyushu. In pursuit of our mission, “Making our customers’ everyday life better with Seiyu,” Seiyu continues to innovate to become a leading OMO retailer, enhancing its EDLP strategy by ensuring thorough operational efficiency & technological excellence powered by KKR, Rakuten and Walmart.

About Rakuten

Rakuten Group, Inc. (TSE: 4755) is a global leader in internet services that empower individuals, communities, businesses and society. Founded in Tokyo in 1997 as an online marketplace, Rakuten has expanded to offer services in e-commerce, fintech, digital content and communications to approximately 1.7 billion members around the world. The Rakuten Group has approximately 32,000 employees, and operations in 30 countries and regions. For more information visit https://global.rakuten.com/corp/.

¹ On the basis of shares with voting rights.
² Source: “Survey on Points Systems.” Valid responses: 1,000. Online survey conducted by MyVoice Communications, Inc., November 2022.
³ Online Merges with Offline” (OMO) refers to breaking down barriers between online services and offline brick-and-mortar stores in the retail space in order to provide customers with seamless, personalized experiences.

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Media
Rakuten Group, Inc.
Corporate Communications Department
global-pr@mail.rakuten.com

Seiyu
Miyuki Moriguchi
miyuki_moriguchi@seiyu.com

KKR
KKR Asia Pacific
Wei Jun Ong
WeiJun.Ong@kkr.com

FGS Global (for KKR Japan)
Deborah Hayden, +81 70 2492 0463
Samuel Brustad, +81 70 3853 3284
KKR-TYO@fgsglobal.com

Source: KKR

• BPEA EQT, in partnership with existing portfolio company Nord Anglia Education, to acquire IMG Academy, a leading education institution supporting over 100,000 student-athletes across its suite of sports education services
• Known for its sports-led approach to holistic education and for empowering student-athletes, IMG Academy benefits from strong secular tailwinds, including a growing focus on health and wellbeing within academia and increased spending on education
• With Asia being IMG Academy’s largest source of international students, BPEA EQT and Nord Anglia plan to support its overseas expansion and leverage partnership opportunities between the two institutions, including integrating IMG Academy’s sports-focused education services in Nord Anglia’s curriculum global platform spanning 33 countries
• The acquisition further underscores BPEA EQT’s commitment to develop leading educational platforms and help them expand globally, for the benefit of students, parents and teachers

EQT is pleased to announce that BPEA Private Equity Fund VIII (an affiliated investment fund of “BPEA EQT”) will acquire IMG Academy (the “Company”) from Endeavor Group Holdings (“Endeavor”). The deal reflects an enterprise value of USD 1.25 billion.

Headquartered in Bradenton, Florida, USA, IMG Academy supports the entire student-athlete development journey across its on-campus and online student-athlete education experiences. Founded in 1978, the Company provides a sports-focused boarding school, sports camps, online coaching and college recruiting, and is known for its strong outcomes from the Ivy League to professional leagues. Across its suite of sports education experiences, IMG Academy supports over 100,000 student-athletes, and helped place 30,000 students onto college sports rosters in 2022 alone.

IMG Academy is a clear leader in the large and growing sports education market. It will continue to benefit from strong secular growth drivers, including a growing focus on health and wellbeing within academia and increasing willingness to spend on education. IMG Academy’s curriculum aligns with current trends within education, where sports is a key differentiator for U.S. college admissions, both for domestic and international students.

With Asia being IMG Academy’s largest source of international students, BPEA EQT sees strong potential to support the Company’s expansion across multiple markets in the region, including Singapore, India, Vietnam, Greater China, and Indonesia. BPEA EQT plans to leverage its proven sector expertise within education and track record from having supported its existing portfolio company Nord Anglia Education’s international growth over the past 15 years.

Today, Nord Anglia operates 82 schools in 33 countries, supporting over 75,000 students globally with a unique education approach, integrating outside expertise from world-leading organizations into its curriculum. Notably, Nord Anglia has global partnerships with Juilliard to further enhance its performing arts offering, with MIT to enrich science, technology, engineering, and mathematics teaching and learning (STEM), and UNICEF to help develop students’ social purpose and global citizenship. Over time, Nord Anglia plans to offer IMG Academy’s sports and student wellbeing curriculum across its global network of schools, further enabling the Company’s continued effort to provide world-class holistic staff and student education experiences. Moreover, BPEA EQT plans to invest in IMG Academy’s technology and in the continued diversification of its sports offering to broaden the pool of prospective students and attract more female athletes.

Jack Hennessy, Partner and Co-Head of Education within BPEA EQT’s Advisory Team, said, “We are deeply impressed by IMG Academy’s unique offering and its world-class sports and wellbeing curriculum. IMG Academy’s brand is globally recognized and we see compelling opportunities in supporting its international expansion, including Asia, and broadening its educational offering, leveraging BPEA EQT’s insights from having led Nord Anglia Education’s growth in the region.”

Brent Richard, President of IMG Academy, said, “Our purpose is to empower student-athletes to win their future, preparing them for college and for life. We are constantly trying to raise the bar in pursuit of that purpose through our on-campus and online experiences. Simultaneously, our staff is passionate about growing the impact we have on the world, reaching more families, and helping them on their journey. BPEA EQT and Nord Anglia are ideal partners to achieve and accelerate those goals, and we are excited for that future.”

Andrew Fitzmaurice, CEO of Nord Anglia Education, said, “The learning experiences we create through our global partnerships with Juilliard, MIT and UNICEF stretch far beyond the classroom. They are designed to help our students develop important life skills that go hand-in-hand with impressive academic results so they leave our schools with everything they need for success in the future. Our partnership with IMG Academy will create an exciting new global sports programme offering outstanding experiences for our students that bring to life the importance of wellbeing, resilience, teamwork, and leadership.”

Kosmo Kalliarekos, Partner and Co-Head of Education within BPEA EQT’s Advisory Team, concluded, “We are truly excited about the opportunity to invest in IMG Academy and the possibilities to integrate its sports-focused curriculum across Nord Anglia’s global network of schools. This acquisition brings together a world-class sports education brand and a premier education group, and it further underscores BPEA EQT’s commitment to developing leading school platforms and help them expand across Asia and beyond, for the benefit of students, their parents, and teachers.”

The transaction is subject to customary conditions and approvals. It is expected to close in Q3 2023.

BPEA EQT was advised by Deloitte (Financial & Tax), Oliver Wyman (Commercial), and Ropes & Gray (Legal).

With this transaction, BPEA Private Equity Fund VIII is expected to be 20-25 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contacts for EQT
Asia media inquiries: Daniel Ketema, Communications Director, daniel.ketema@eqtpartners.com, +65 9628 7576
International media inquiries: EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

Contact for IMG Academy
Mike Lovecchio, Vice President, Communications, michael.lovecchio@img.com, +1 941-577-2961

About BPEA EQT
BPEA EQT is part of EQT, a purpose-driven global investment organization in active ownership strategies. BPEA EQT combines the private equity teams from Baring Private Equity Asia (BPEA) and EQT Asia, creating a comprehensive Asian private equity presence with local teams in eight cities across the region, a 25-year heritage, and more than USD 25 billion of capital deployed since inception. In addition to BPEA EQT, EQT’s strategies in the region include EQT Infrastructure and the real estate division EQT Exeter.

More info: www.eqtgroup.com/private-capital/bpea-eqt
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About IMG Academy
About IMG Academy IMG Academy is the world’s leading sports education brand, providing a holistic education model that empowers student-athletes to win their future, preparing them for college and for life. IMG Academy provides growth opportunities for all student-athletes through an innovative suite of on-campus and online experiences:

• Boarding school and camps, via a state-of-the-art campus in Bradenton, Fla.
• Online coaching via the IMG Academy+ brand, with a focus on personal development through the lens of sport and performance
• Online college recruiting, via the NCSA brand, providing content, tools, coaching and access to a network of 40,000 college coaches

To learn more about IMG Academy and its on-campus and online experiences, visit www.imgacademy.com

About Nord Anglia Education
As a leading premium international schools organisation, we are shaping a generation of creative and resilient global citizens who graduate from our schools with everything they need for success, whatever they choose to be or do in life.

Our strong academic foundations combine world-class teaching and curricula with innovative technology and facilities, creating learning experiences like no other. Inside and outside of the classroom, we inspire our students to achieve more than they ever thought possible.

No two children learn the same way, which is why our schools around the world personalise learning to what works best for every student. Inspired by our high-quality teachers, our students achieve outstanding academic results and go on to study at the world’s top universities.

To learn more or apply for a place for your child, go to nordangliaeducation.com

EQT Private Equity sells kfzteile24 to an investment consortium consisting of the Company’s Management, Project A Ventures, Koehler Group and a group of technology investors (“SB21”)

Under EQT’s ownership, kfzteile24 has made substantial investments in its digital platform and logistics infrastructure to support its growth trajectory and operational efficiency

The Company has expanded its online offering from around one million to around three million products, has significantly grown its B2B customer base and also initiated international expansion

Action, 3i’s largest portfolio company, was ranked first in EY-Parthenon’s annual study of France’s retail landscape.
The study was carried out in January 2023 in partnership with Dynata, an opinion polling organisation, and involved the interview of a panel of over 9,300 consumers in France aged 18 and over. It measures the percentage of fans among customers that made a purchase in the relevant category over the last 12 months.
Experts from EY-Parthenon explained the success of Action, which achieved third place in the rankings in 2022, as its “offer focused on very low prices, but also – and above all! – on a shopping experience considered among the most efficient and pleasant (small pleasures, treasure hunt)’.
Action had the strongest ‘fan rate’ of all retailers at 46%. The company also saw the best growth in fan rate over the year, with an increase of 8.4 points. This measurement has increased by 19 points in three years.
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For further information, please contact:
Kathryn van der Kroft Communications Director Tel: 020 7975 3021
About 3i Group
3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Our core investment markets are northern Europe and North America. For further information, please visit: www.3i.com.

Action, 3i’s largest portfolio company, was ranked first in EY-Parthenon’s annual study of France’s retail landscape.

The study was carried out in January 2023 in partnership with Dynata, an opinion polling organisation, and involved the interview of a panel of over 9,300 consumers in France aged 18 and over. It measures the percentage of fans among customers that made a purchase in the relevant category over the last 12 months.

Experts from EY-Parthenon explained the success of Action, which achieved third place in the rankings in 2022, as its “offer focused on very low prices, but also – and above all! – on a shopping experience considered among the most efficient and pleasant (small pleasures, treasure hunt)’.

Action had the strongest ‘fan rate’ of all retailers at 46%. The company also saw the best growth in fan rate over the year, with an increase of 8.4 points. This measurement has increased by 19 points in three years.

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Notes to editors:

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America. For further information, please visit: www.3i.com

Regulatory information

This transaction involved a recommendation of 3i Investments plc, advised by 3i Benelux.