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Concord Closes $1.765 Billion ABS to Fuel Continued Growth

Apollo logo
Transaction Features First of its Kind 10-Year Tranche, Demonstrating Continued Innovation in Music Securitization

NASHVILLE AND NEW YORK – July 22, 2025 – Concord, the world’s leading independent music company, has successfully issued $1.765 billion in a series of new five-year, seven-year, and ten-year senior notes. The ten-year tranche was privately placed and represents the longest duration ABS issuance at scale in the music sector. The notes are secured by Concord’s catalog of over 1.3 million music copyrights, featuring the songs and recordings of marquee artists such as The Beatles, Beyonce, Bruno Mars, Carrie Underwood, Creedence Clearwater Revival, Daddy Yankee, Ed Sheeran, Genesis, Imagine Dragons, John Fogerty, Kiss, Michael Jackson, Otis Redding, Phil Collins, Pink Floyd, R.E.M., Rihanna, Rodgers & Hammerstein, Taylor Swift, and The Rolling Stones. The latest issuance represents Concord’s fourth securitization offering and the largest and longest tenured asset-backed term securitization of music rights to date.

Concord’s securitization catalog is valued at more than $5.1 billion and the notes were rated A+ by KBRA and A2 by Moody’s. Apollo (NYSE: APO), through its Capital Solutions business and affiliates ATLAS SP Partners and Redding Ridge Asset Management, structured the ABS transaction and formed an investor syndicate led by Apollo-managed funds and affiliates. Proceeds from the issuance will be used to repay the company’s $1.65 billion 2022-1 note series and refinance and extend its $100 million variable funding note. The transaction was more than three times oversubscribed, reflecting robust investor demand underpinning Concord’s ABS strategy.

“As Concord continues to grow both our catalog and frontline roster, ensuring long-term access to institutional capital and continuing to build upon our strong financial foundation are crucial. ABS transactions like the one we just closed will remain a vital part of our growth strategy, allowing us to continue to lower our cost of capital while expanding our global capabilities in support of the artists and songwriters we serve,” said Bob Valentine, CEO of Concord. “I am incredibly grateful to the Apollo team, who continue to provide customized solutions so that Concord can live out its mission to elevate the voices of artists around the world.”

“We are pleased to structure and lead this landmark ABS transaction for Concord, which represents a continuation of our long-term financing partnership and demonstrates Concord’s innovative approach to music securitization through the issuance of the industry’s first 10-year tranche,” said Apollo Partner Michael Paniwozik. “We continue to be impressed by the quality and breadth of the actively managed catalog that Concord has built and look forward to supporting its journey for years to come.”

“It has been immensely rewarding to support Concord’s continued evolution leveraging the ABS structure that we established in 2022,” said Apollo Managing Director Paul Sipio. “Since that time, Bob and team have made tremendous progress advancing the company’s growth strategy through several additive acquisitions. We believe the four transactions that we’ve executed with Concord to date reflect the differentiated nature of Apollo’s integrated platform, bringing together combined capabilities of Apollo, ATLAS SP, and Redding Ridge to provide tailored structured solutions.”

Apollo Global Securities, LLC and ATLAS SP Securities acted as joint bookrunners for the transaction, Redding Ridge Asset Management served as structuring agent, with the Bank of New York Mellon acting as trustee. Virtu Global Advisors, LLC provided valuation services, while DLA Piper provided legal counsel for Concord and Milbank LLP for Apollo affiliates.

CONCORD is the world’s leading independent music company. The Company supports more than 125,000 artists and songwriters whose works are licensed, marketed, and performed globally. Concord’s growing catalog of 1.3 million songs, compositions, sound recordings, films, plays, and musicals is one of the most impactful and culturally relevant collections of creative rights in history. Concord is headquartered in Nashville with offices in Los Angeles, New York, London, Berlin, Melbourne, and Miami.

Supporting Concord and its predecessor companies since 2006, GREAT MOUNTAIN PARTNERS (“GMP”) is a New Haven, CT based asset manager with more than $10BN AUM, founded by Alex Thomson and Jon Rotolo. GMP’s team are longtime investors in the media and entertainment industry with experience across music, film and TV, live events and other IP based assets. GMP brings a long-term and solutions-oriented mindset to partnering with institutional investors and portfolio company leadership.

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Bridgepoint exits Vermaat, a leading European premium caterer

Bridgepoint
  • Expanded the Dutch model into new markets, notably in France and Germany, which was a key value driver, with over 25% of revenue now generated outside of the Netherlands
  • Revenues more than doubled to c. €700 million under Bridgepoint’s ownership, driven by strong organic growth and strategic acquisitions
  • Launched Join Program, a digital and innovative delivery platform, expanding the addressable market and helping clients meet sustainability goals
  • New owner Compass is exceptionally well placed to scale this strategy further, leveraging its industry scale and global footprint

 

Bridgepoint, one of the world’s leading quoted private asset growth investors, today announced the sale of its majority stake in Vermaat Groep B.V. (“Vermaat” or the “Company”), the Netherlands-based premium catering and hospitality services provider, to Compass Group PLC, a global leader in food services, in a transaction that values the company at c. €1.5bn. The sale is subject to consultation of the Dutch Works Council, approval from relevant regulatory authorities and completion.

Bridgepoint will fully exit its holding, alongside Partners Group (acting on behalf of its clients), which first acquired Vermaat in 2015 and remained a minority shareholder after Bridgepoint’s investment in 2019.

Established in 1978 as a delicatessen shop, Vermaat first partnered with Bridgepoint in 2019, having grown into a clear leader in the Dutch market known for its high-quality, bespoke catering concepts across corporate, leisure, and healthcare locations. Since Bridgepoint’s investment, and despite the significant challenge brought to the industry through Covid, Vermaat has transformed into a clear European leader, doubling its revenue to c.€700 million by year end and serving 700+ locations across multiple sectors.

International expansion has been a core driver of Vermaat’s transformation. Under Bridgepoint’s ownership, the Company brought its proven Dutch model into France and Germany, building scale through selective acquisitions and operational improvements. In France, Vermaat acquired Paris-based premium caterer Serenest and worked with new leadership to strengthen the division’s performance and extend its reach. In Germany, it acquired L&D, giving Vermaat meaningful scale in the market with over €100 million in revenue by 2024. Reflecting this strong growth trajectory and proof of concept under Bridgepoint’s ownership, more than 25% of Vermaat’s revenues are now generated outside its home market.

Vermaat has built an innovative delivery proposition, ‘Join Program’, combining chef-quality food with delivery capabilities. It has fully digitised the offering to provide the next generation of premium catering for customers providing a more flexible solution easily tailored to historically underserved customers such as smaller office sites and SME businesses. Join Program has been commercially successful and reinforces its strategic importance as a scalable, digital revenue stream. Today, Join Program is used by major clients and is being rolled out in France and Germany.

In parallel, Vermaat has professionalised its operations, strengthened its leadership, and invested significantly in digital capabilities. Under Bridgepoint’s ownership, the Company implemented a clear ESG roadmap through its Food Vision 2027 programme, focused on reducing food waste, offering more plant-based options, and using local sourcing and responsible packaging to meet the demands of its pan-European client base.

Olivier van Riet Paap, Partner at Bridgepoint and Head of Benelux, said:

“Vermaat represents everything we look for in a partner – an ambitious team, a strong and distinctive culture, and a relentless focus on quality. This is a world-class business that not only weathered the pandemic but came out stronger – growing internationally into France and Germany, innovating with Join Program, and leading the way in sustainable hospitality. We’re proud of what we’ve built together and look forward to seeing Vermaat continue its journey with Compass.”

Rick Zeelen, CEO of Vermaat, said:

“Bridgepoint has supported us through one of the most challenging and defining periods in Vermaat’s history during Covid. From navigating lockdowns to accelerating our international ambitions, they have been true partners. As we begin our next chapter with Compass, we remain committed to our purpose: creating places where people feel at home and where hospitality is personal.”

Nicolas Petitjean, Managing Director, Co-Head Private Equity Partnership Investments, Partners Group, said:

“Vermaat is a strong example of our transformational investing approach. Since 2015, we’ve supported the Company in scaling operations, driving digital innovation, and advancing sustainability, all while preserving its unique culture. We’re proud to have been part of this journey and thank Rick and the team for their partnership. We wish them continued success with Compass.”

Bridgepoint was advised by Goldman Sachs Bank Europe SE (“Goldman Sachs”) (M&A Advisor), Rothschild & Co (M&A Advisor), Clifford Chance (Legal Advisor) and KPMG (Financial & Tax Advisor). The refinancing completed in parallel was advised by Goldman Sachs, Rabobank and SMBC (joint global coordinators).

Partners Group was advised by Ropes & Gray (Legal Advisor).

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Concord Closes $1.765 Billion ABS to Fuel Continued Growth

Apollo logo
Transaction Features First of its Kind 10-Year Tranche, Demonstrating Continued Innovation in Music Securitization

NASHVILLE AND NEW YORK – July 22, 2025 – Concord, the world’s leading independent music company, has successfully issued $1.765 billion in a series of new five-year, seven-year, and ten-year senior notes. The ten-year tranche was privately placed and represents the longest duration ABS issuance at scale in the music sector. The notes are secured by Concord’s catalog of over 1.3 million music copyrights, featuring the songs and recordings of marquee artists such as The Beatles, Beyonce, Bruno Mars, Carrie Underwood, Creedence Clearwater Revival, Daddy Yankee, Ed Sheeran, Genesis, Imagine Dragons, John Fogerty, Kiss, Michael Jackson, Otis Redding, Phil Collins, Pink Floyd, R.E.M., Rihanna, Rodgers & Hammerstein, Taylor Swift, and The Rolling Stones. The latest issuance represents Concord’s fourth securitization offering and the largest and longest tenured asset-backed term securitization of music rights to date.

Concord’s securitization catalog is valued at more than $5.1 billion and the notes were rated A+ by KBRA and A2 by Moody’s. Apollo (NYSE: APO), through its Capital Solutions business and affiliates ATLAS SP Partners and Redding Ridge Asset Management, structured the ABS transaction and formed an investor syndicate led by Apollo-managed funds and affiliates. Proceeds from the issuance will be used to repay the company’s $1.65 billion 2022-1 note series and refinance and extend its $100 million variable funding note. The transaction was more than three times oversubscribed, reflecting robust investor demand underpinning Concord’s ABS strategy.

“As Concord continues to grow both our catalog and frontline roster, ensuring long-term access to institutional capital and continuing to build upon our strong financial foundation are crucial. ABS transactions like the one we just closed will remain a vital part of our growth strategy, allowing us to continue to lower our cost of capital while expanding our global capabilities in support of the artists and songwriters we serve,” said Bob Valentine, CEO of Concord. “I am incredibly grateful to the Apollo team, who continue to provide customized solutions so that Concord can live out its mission to elevate the voices of artists around the world.”

“We are pleased to structure and lead this landmark ABS transaction for Concord, which represents a continuation of our long-term financing partnership and demonstrates Concord’s innovative approach to music securitization through the issuance of the industry’s first 10-year tranche,” said Apollo Partner Michael Paniwozik. “We continue to be impressed by the quality and breadth of the actively managed catalog that Concord has built and look forward to supporting its journey for years to come.”

“It has been immensely rewarding to support Concord’s continued evolution leveraging the ABS structure that we established in 2022,” said Apollo Managing Director Paul Sipio. “Since that time, Bob and team have made tremendous progress advancing the company’s growth strategy through several additive acquisitions. We believe the four transactions that we’ve executed with Concord to date reflect the differentiated nature of Apollo’s integrated platform, bringing together combined capabilities of Apollo, ATLAS SP, and Redding Ridge to provide tailored structured solutions.”

Apollo Global Securities, LLC and ATLAS SP Securities acted as joint bookrunners for the transaction, Redding Ridge Asset Management served as structuring agent, with the Bank of New York Mellon acting as trustee. Virtu Global Advisors, LLC provided valuation services, while DLA Piper provided legal counsel for Concord and Milbank LLP for Apollo affiliates.

CONCORD is the world’s leading independent music company. The Company supports more than 125,000 artists and songwriters whose works are licensed, marketed, and performed globally. Concord’s growing catalog of 1.3 million songs, compositions, sound recordings, films, plays, and musicals is one of the most impactful and culturally relevant collections of creative rights in history. Concord is headquartered in Nashville with offices in Los Angeles, New York, London, Berlin, Melbourne, and Miami.

Supporting Concord and its predecessor companies since 2006, GREAT MOUNTAIN PARTNERS (“GMP”) is a New Haven, CT based asset manager with more than $10BN AUM, founded by Alex Thomson and Jon Rotolo. GMP’s team are longtime investors in the media and entertainment industry with experience across music, film and TV, live events and other IP based assets. GMP brings a long-term and solutions-oriented mindset to partnering with institutional investors and portfolio company leadership.

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CVC welcomes strategic minority partnership investment from KKR into Etraveli Group

CVC Capital Partners

CVC Capital Partners (“CVC”) today announced that KKR has agreed to acquire a significant minority stake in global travel technology company Etraveli Group. The strategic partnership between CVC and KKR positions Etraveli Group for an exciting next chapter of growth and reinforces its position as the world’s largest flight intermediary and fulfilment company outside of China. Financial details of the transaction have not been disclosed.

Headquartered in Stockholm, Sweden, Etraveli Group operates a sophisticated Flight Tech Platform that delivers airline tickets to nearly 50 million travellers annually across 75 markets. With a mission to offer the broadest range of high-quality air content – easy to book and competitively priced – the company leverages AI-driven technology, deep industry expertise and strong strategic partnerships. Its services are delivered through its own consumer-facing brands such as Gotogate, Mytrip and Flightnetwork, as well as through its booking and fulfilment solutions for global partners like Booking.com, Radisson Hotel Group and TUI.

“We are excited to welcome KKR as a new investment partner, given their strong track record in the global travel and technology markets,” said Mathias Hedlund, Etraveli Group’s Chief Executive Officer. “This is another landmark moment for Etraveli Group that strengthens our global position and marks the next chapter in our effort to bring innovation and expertise to facilitate flight purchases for customers around the world. Together with CVC and KKR, we look forward to accelerating the expansion of our global B2B Flight Tech Platform and continuing to deliver smart, seamless travel solutions together with our partners.”

CVC’s Technology and Nordic teams led the acquisition of Etraveli Group from media company ProSiebenSat.1 in 2017, partnering with management to accelerate the company’s transformation into the global market leader. Today, Etraveli Group facilitates over €15 billion of flight sales annually, having consistently delivered strong double-digit growth, with earnings today approximately 4x higher than at the time of the CVC fund’s original investment. Etraveli Group is well-positioned for sustained growth, underpinned by its strategic partnership with Booking.com, a robust pipeline of B2B opportunities and a promising fintech offering.

Quotes

Mathias and his team have built a world-leading e-commerce platform for flights and it has been an absolute pleasure to have supported them over the past eight years, delivering significant growth for Etraveli Group.

Lorne Somerville and Gustaf Martin-LöfCVC

“Mathias and his team have built a world-leading e-commerce platform for flights and it has been an absolute pleasure to have supported them over the past eight years, delivering significant growth for Etraveli Group. We look forward to continuing our involvement with the business as a joint shareholder with our new partners at KKR and we’re excited to embark on the next phase of the journey with the company,” said Lorne Somerville, Chairman of Etraveli Group and a Managing Partner of CVC, and Gustaf Martin-Löf, Partner of CVC.

Blaine MacDougald, Partner and Co-Head of the Strategic Investments Group at KKR, said: “Etraveli Group has established itself as a clear global leader in flight technology with a unique platform, deep industry integration and a strong track record. We are pleased to partner with the Etraveli Group’s leadership team and CVC to deliver a tailored capital solution that will help support Etraveli Group’s continued expansion and innovation. This investment builds on KKR’s commitment to backing European champions and contributing to the growth of high-quality, tech-enabled businesses.”

KKR is investing in Etraveli Group primarily through funds and accounts managed by its Strategic Investments Group, which provides structured partnership capital solutions, alongside the full breadth of KKR’s value-added resources to market leading businesses.
J.P. Morgan Securities Plc acted as Exclusive Financial Adviser to CVC, in connection with KKR’s minority partnership investment into Etraveli Group.

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EQT to Acquire Adevinta’s Spanish Online Classifieds Businesses

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  • The EQT X fund has agreed to acquire Adevinta’s Spanish operations (“Adevinta Spain”), including leading Spanish online classifieds platforms such as Coches.net, InfoJobs, Milanuncios, Fotocasa, and Habitaclia
  • Adevinta Spain’s underlying markets are supported by favourable secular megatrends in their respective verticals, such as an increasing shift from offline to online marketing, as well as significant value to customers driven by the platforms’ strong brand recognition
  • EQT will support the continued growth momentum of the various platforms, capitalizing on EQT’s strong digital expertise, “local with locals” approach, and extensive global track record in the online classifieds sector

EQT is pleased to announce that the EQT X fund (or “EQT”) has agreed to acquire Adevinta’s Spanish operations from Aurelia Netherlands TargetCo B.V.

Adevinta Spain encompasses some of Spain’s most well-established online classifieds platforms, including Coches.net, InfoJobs, Milanuncios, Fotocasa, and Habitaclia:

  • Coches.net, Spain’s leading digital automotive classifieds platform, supports approximately 7,000 dealers and 20 million monthly visitors by providing an online vehicles marketplace for car owners and buyers.
  • InfoJobs is Spain’s leading online job marketplace, connecting a broad base of candidates with an extensive network of employers.
  • Fotocasa and Habitaclia support real estate agents as well as home buyers and sellers in Spain by providing an online real estate classifieds marketplace.
  • Milanuncios is one of Spain’s largest general classifieds platforms, allowing users to buy and sell goods and services across various categories including consumer goods, vehicles, and other categories

EQT will support Adevinta Spain’s growth as it transforms into a fully independent company by accelerating product innovation, improving customer experience, and expanding AI and technology infrastructure. EQT will work closely with the leadership teams of the various platforms to support their long-term strategy.

This acquisition builds on EQT’s track record in the online classifieds sector globally and its long-standing presence in Spain. Recent transactions in the region include the acquisition of Universidad Europea, a leading private higher education platform in Spain and Portugal, and a growth investment in TravelPerk, a leading global travel and expense management platform based in Barcelona. 

Bert Janssens, Co-Head of Private Capital Europe & North America at EQT, said: “Adevinta Spain represents a highly thematic investment within one of EQT’s core sub-sectors, consumer internet. This investment reflects our strategy of backing high-growth platforms and partnering with world-class Management teams. We’re impressed by the businesses and look forward to supporting Adevinta Spain and its leadership team as they enter this next phase of growth.”

“Adevinta Spain’s platforms are leaders in their respective verticals in Spain, which gives them a promising base from which to further grow,” said Carlos Santana, Partner and Head of Spain & Italy Private Capital at EQT. “We’re excited to partner with the Management teams to help them scale, modernize and continue delivering value to Spanish customers and businesses.”

The transaction is subject to customary conditions and approvals. It is expected to close during Q1 2026. With this transaction, EQT X is expected to be 60 – 65 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Clifford Chance served as legal counsel to EQT and Ernst & Young as financial, tax and carve-out advisor.

Contact
EQT Press Office, press@eqtpartners.com

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About EQT
EQT is a purpose-driven global investment organization with €‌​​266​‌ billion in total assets under management (€141 billion in fee-generating assets under management) as of 30 June 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

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Advent to acquire majority stake in Reckitt’s Essential Home portfolio

Advent

London, UK, 18 July, 2025 – Advent, a leading global private equity investor, today announced that it has reached an agreement to invest in Reckitt’s Essential Home portfolio (“Essential Home”), whereby Advent will acquire a 70% stake to facilitate the company’s accelerated growth and innovation over the years to come as a standalone business.

The carve-out of Essential Home will create a dedicated global home care platform with an iconic portfolio of leading brands – including Air Wick, Calgon, Woolite, Cillit Bang, and SBP – that are widely known and trusted by consumers worldwide. Essential Home’s brands generate ~US$2.6bn net revenue across more than 70 markets, and fulfil consumer needs in key areas of everyday life.

The transaction values Essential Home at an enterprise value of up to US$4.8 billion (including up to US$1.3 billion of contingent and deferred consideration). As part of the transaction, Reckitt will continue to support Essential Home by retaining a significant minority interest of 30%, thereby affirming the company’s strong value creation prospects. Advent and Reckitt are aligned in their strategic vision and demonstrate a shared commitment to enhancing the company’s long-term performance.

Under Advent’s ownership, Essential Home will operate as a standalone business, building on the strong foundations established by Reckitt over the last decade. Advent will prioritise increased investment in brand equity, new product development and marketing, aimed at elevating the consumer experience and strengthening partnerships with retailers.

Nicolas Chavanne, Managing Director, Advent, commented, “As a global private equity firm with a strong track record both in executing carve-outs and in backing iconic consumer brands, Advent is well positioned to support Essential Home in the next phase of its journey. We intend to accelerate investment across the brand portfolio to drive growth and innovation, and create value for both Essential Home’s consumers and trade partners.”

Paolo D’Orso, CEO, Essential Home added: “Our portfolio of market-leading brands has strong foundations and significant value creation potential. Advent is the ideal partner for Essential Home’s next chapter, given their strong expertise in consumer and successful track record in executing complex carve-outs. We are excited about the future of the business as a leading standalone home care platform, and are committed to fostering long-term, sustainable growth by investing in the brand and product portfolio.”

Ranjan Sen, Managing Partner, Advent, said, “We are delighted to partner with Reckitt and the Essential Home management team. The carve-out represents a unique opportunity to create a focused, scaled platform of globally recognised home care brands that operate in attractive categories with structural growth tailwinds. We are confident we can build on the portfolio’s strong foundations to drive operational excellence and unlock the brands’ full potential. We look forward to working closely with Reckitt and the Essential Home leadership team on this exciting journey.”

Advent brings significant expertise in executing complex carve-outs and transforming businesses. A proven track record of more than 10 corporate carve-outs in Europe over the past decade includes Envalior (2023), MangoPay (2022), Evri (2020), Aareon (2020), TK Elevator (2020), Röhm (2019), INNIO (2018), and Zentiva (2018).

Additionally, Advent is a leading growth-focused investor in the consumer sector, including recent examples such as Parfums de Marly (2023), Zimmermann (2023) led by the European team, and Sauer Brands (2025), Orveon (2021) in the United States.

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

About Advent

Advent is a leading global private equity investor committed to working in partnership with management teams, entrepreneurs, and founders to help transform businesses. With 16 offices across five continents, we oversee more than USD $94 billion in assets under management* and have made over 430 investments across 44 countries.

Since our founding in 1984, we have developed specialist market expertise across our five core sectors: business & financial services, consumer, healthcare, industrial, and technology. This approach is bolstered by our deep sub-sector knowledge, which informs every aspect of our investment strategy, from sourcing opportunities to working in partnership with management to execute value creation plans. We bring hands-on operational expertise to enhance and accelerate businesses.

As one of the largest privately-owned partnerships, our 660+ colleagues leverage the full ecosystem of Advent’s global resources, including our Portfolio Support Group, insights provided by industry expert Operating Partners and Operations Advisors, as well as bespoke tools to support and guide our portfolio companies as they seek to achieve their strategic goals.

To learn more, visit our website or connect with us on LinkedIn.

*Assets under management (AUM) as of March 31, 2025. AUM includes assets attributable to Advent advisory clients as well as employee and third-party co-investment vehicles.

About Reckitt

Reckitt makes the products people trust to care for the ones they love. It is home to some of the world’s best-loved consumer health and hygiene brands, including Dettol, Durex, Finish, Gaviscon, Harpic, Lysol, Mucinex, Nurofen, Strepsils, Vanish and Veet. Consumers are at the heart of everything Reckitt does. By creating innovative, science-backed solutions, the business supports people every day to live healthier lives.

Reckitt exists to protect, heal and nurture in the pursuit of a cleaner, healthier world. This commitment goes beyond the products it makes. Through its actions, Reckitt expands access to healthcare, education and economic opportunities. It supports the planet by reducing waste, conserving resources and driving sustainable innovation.

Reckitt believes good health starts at home. With every action it takes, Reckitt strives to make its consumers’ lives easier, cleaner and healthier, to strengthen communities and to create a more sustainable future. Find out more, or get in touch at www.Reckitt.com

Media Contacts

Peter Folland

Senior Communications Manager, Advent

pfolland@adventinternational.co.uk

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A new chapter for Recharge

Prime Ventures
  • Singapore headquartered Coda acquires Recharge, Europe’s leading prepaid payments platform, expanding global reach and deepening direct-to-consumer capabilities.
  • Built on strong partnerships with publishers like Electronic Arts, Activision, and Riot Games, the acquisition accelerates Coda’s move into new categories and consumer segments.
  • Combined business processed over US$1.75B in 2024, reaching 200M+ users across 180+ markets.

SINGAPORE and AMSTERDAM | 17 July 2025 — Coda, a global leader in digital content monetization headquartered in Singapore, today announced it has signed a definitive agreement to acquire Recharge, Europe’s leading prepaid payments platform, headquartered in Amsterdam. The transaction brings together two profitable regional leaders with scaled businesses, complementary strengths and a shared ambition to lead the future of global digital distribution and monetization.

The acquisition accelerates Coda’s expansion beyond gaming and strengthens its ability to serve the broader digital content economy — across categories, customers, and continents — by extending its presence in Europe and building on its direct-to-consumer capabilities. For Recharge, the deal brings B2B expertise, access to deeper partnerships with top-tier digital content publishers, and a proven playbook for growth in high-growth markets, especially across Asia. Based on 2024 figures, the combined business would have processed more than US$1.75 billion in sales, served over 200 million customers, and operated in upwards of 180 markets — marking a scaled global footprint from day one.

“At Recharge, we’ve focused on building the technology platform that connects and scales the prepaid payments ecosystem — enabling seamless transactions between users, products, and brands through smart, data-driven infrastructure,” said Günther Vogelpoel, CEO of Recharge. “That focus, combined with a passionate team that consistently executes with precision, and pace, has allowed us to scale a profitable and trusted business across Europe and beyond.”

“Joining forces with Coda gives us the opportunity to take everything we’ve built — from our platform to our partnerships — and extend it globally to truly become the global leader we set out to be. With complementary strengths and a shared DNA, this unique combination sets us up to create even more value for the brands, publishers, and customers we serve.”

From premium content to prepaid products, this transaction brings together payments expertise, publisher and brand partnerships, and broad consumer reach — opening up real opportunities for cross-sell and deeper market access. With complementary capabilities, wider global coverage, and an expanded catalogue, Coda and Recharge are better positioned to collectively serve the full digital content economy across both B2B and B2C. Together, the combined company will deliver improved value and convenience to partners and consumers worldwide through secure, trusted, and locally relevant monetization and distribution solutions.

‘We’ve long admired what the Recharge team has built — a profitable, consumer-focused business with top global brands and real depth across Europe’

Shane Happach, CEO Coda

“This transaction brings together two regional commerce leaders with distinct but highly complementary strengths. At Coda, we’ve focused on scaling our B2B capabilities alongside, working with the world’s leading digital publishers to maximize their revenue — particularly in high-growth, complex markets across Southeast Asia. Recharge adds a powerful direct-to-consumer engine, deep prepaid expertise, and strong brand equity across Europe. Most importantly, we’re bringing together two teams that share the same values: ambition, collaboration, and commercial sharpness. That gives us a strong foundation to lead the next chapter in global digital content distribution and monetization.”

Coda is a trusted monetization partner to the world’s leading mobile gaming and digital content publishers, including Electronic Arts, Activision, Riot Games, HoYoverse, and Moonton. Coda distributes more than 500 titles from over 300 publisher partners and powers webstores for flagship franchises such as Call of Duty®: Mobile and EA SPORTS FC™ Mobile. With a network of over 400 local payment channels, Coda offers consumers better value and more choice. For publishers, Coda simplifies global growth —managing risk, compliance, and customer support as Merchant of Record.

Recharge — a European leader in prepaid digital storefronts like Recharge.com and Startselect.com — strengthens Coda’s B2C scale and reach across Europe. With over 16,000 products spanning gaming, mobile, gift cards, and lifestyle, Recharge combines a marketing-led, consumer-first approach with established brand equity and a user base of more than 8 million. Trusted by over 1,000 global brands — including Apple, Google, Vodafone, and PlayStation — Recharge brings retail strength, relevance, and regional depth.

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EQT Completes Acquisition of Niwas Housing Finance

eqt
  • Niwas Housing Finance, formerly known as IndoStar Home Finance, is a fast-growing affordable housing finance company with INR 30 billion (USD 359 million) in assets under management that has supported over 47,000 low income homeowners and small businesses across India
  • The transaction reinforces EQT’s strategic focus on financial services in India, a sector benefiting from the secular growth of the country’s expanding middle class and rising demand for accessible financial solutions
  • EQT will invest INR 5 billion (USD 58 million) as growth capital to support geographic expansion and enhance digital capabilities of Niwas  

MUMBAI – 17 July 2025 – EQT is pleased to announce the completion of the acquisition of Niwas Housing Finance Limited (“Niwas or the “Company”), formerly known as Indostar Home Finance, from IndoStar Capital Finance Limited, by the BPEA EQT Mid-Market Growth Partnership (“the MMG fund”). EQT will invest INR 5 billion (USD 58 million)[1] as growth capital to support geographic expansion and enhance digital capabilities of Niwas.

This transaction marks a significant milestone in Niwas’ journey as it expands its presence across India. Founded in 2017, Niwas provides affordable mortgages to retail customers in tier 2 to tier 4 cities in India and has supported over 47,000 low income homeowners and small businesses. Niwas has AUM of over INR 30 billion as of 31 March 2025, comprising granular, retail, and secured loans.

India’s INR 30+ trillion housing finance market presents a compelling long-term opportunity, driven by urbanization, rising middle-income households, and strong government support for affordable housing. The sector has shown resilience across economic cycles and plays a critical role in advancing financial inclusion. This transaction reinforces EQT’s strategic focus on financial services in India, a sector benefiting from the secular growth of the country’s expanding middle class and rising demand for accessible financial solutions. Niwas is well positioned to serve this demand and will benefit from EQT’s in-house digitalization expertise, network of industry advisors, and expertise in go-to-market strategies.

K.R. Kamath, Chairperson of the newly constituted Board of Niwas Housing Finance, added: “Niwas is well-positioned to expand access to home ownership in India. As we embark on this renewed journey of Niwas, I am confident that the new board’s collective experience will provide valuable strategic guidance and oversight to the Company, ensuring Niwas scales responsibly, with customer-centricity and prudence at its core.”

Hemant Sharma, a Partner in the EQT Private Capital Asia advisory team, said: “India’s retail lending sector continues to offer exciting opportunities and is a key investment theme for EQT in India. With the acquisition of Niwas, we are deepening our commitment to the sector following our investment in the education finance space through Credila last year. We look forward to supporting Niwas in scaling operations across India, accelerating digital transformation, and enhancing governance.”

Shreejit Menon, CEO of Niwas Housing Finance, said: “We are thrilled to welcome EQT as our new partner with their strong track record of scaling financial services businesses and active ownership approach. Their focus on performance, digital enablement, sustainability, and governance aligns with our vision of building a differentiated housing finance company. With EQT’s support and global expertise along with the guidance of incoming Board Members, we are confident of accomplishing our mission to help 150,000 families realize their dreams of home ownership by 2029.”

 

[1] Converted at an exchange rate of 86 INR/USD

 

Contact
EQT Press Office, press@eqtpartners.com

 

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About EQT

EQT is a purpose-driven global investment organization with EUR 273 billion in total assets under management (EUR 142 billion in fee-generating assets under management) as of 31 March 2025, within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

 

About Niwas Housing Finance

Niwas Housing Finance (formerly known as IndoStar Home Finance) is an affordable housing finance player with an AUM of over INR 30 Bn and a network of 140+ branches. The company was incorporated in October 2017 with the objective of providing low ticket housing loans and loan against property to the middle income and under-served customers in India. Niwas has an experienced management team with a pan-India presence across 9 states in India.

More info: https://www.niwashfc.com/about-us

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BGF-backed TravCorp acquires Specialist Holidays Group

BGF

This strategic acquisition further strengthens the company’s position in the specialist, premium and tailor-made travel markets.

16 July 2025
BGF-backed TravCorp acquires Specialist Holidays Group

BGF-backed TravCorp Holdings Ltd, parent company of Destination2, Destination2 Cruise, and Holiday Gems, today announces it has acquired Specialist Holidays Group from Travelopia.

This strategic acquisition brings a highly complementary collection of specialist travel businesses and talented individuals into TravCorp Holdings Ltd’s growing portfolio — adding American Holidays, Citalia, and Sovereign Luxury Travel to its successful brands already specialising in the Middle East, Indian Ocean, and cruise markets, among others.

The acquisition is supported by TravCorp Holdings Ltd’s long-term investment partner, BGF, and aligns with the ambitious growth strategy led by Chair Andrew Botterill.

“We are thrilled to welcome Specialist Holidays Group into the TravCorp family,” said Andrew Botterill, Chair of TravCorp Holdings Ltd. “These are admired and trusted brands. The impressive team brings deep destination knowledge and a clear passion for customer-centred service. This acquisition marks a significant step forward as we continue to invest in specialist, destination-led brands.”

View of Castiglione della Pescaia, old town and sea, in Maremma, Tuscany (Italy)

Led by Managing Director Helen Adamson, Specialist Holidays Group encompasses three well-respected brands — Citalia, American Holidays, and Sovereign Luxury Travel — each with strong reputations for delivering exceptional value, service, and experiences to customers.

Helen Adamson, Managing Director of Specialist Holidays Group, commented: “We are delighted to join a well-established travel and leisure business. TravCorp has a strong reputation for building commercially successful companies centred around customer experience, service, and innovation. Our brands, audiences, and teams complement one another well — we’re excited about what we can achieve together.”

Helen Adamson will remain in her role as Managing Director following the acquisition, reporting to Andy Freeth, newly appointed Group CEO.

“Citalia, American Holidays, and Sovereign Luxury Travel bring substantial scale and valuable specialisms to our group offer. With continued support from our investment partners at BGF, this acquisition marks a key milestone in our plan to become one of the UK’s most trusted and successful collections of specialist travel brands.”
Andy Freeth
Group CEO of TravCorp Holdings Ltd

Spencer Woods, Partner at BGF, added: “We’re proud to support TravCorp in this strategic acquisition, which further reinforces its position as a market leader in specialist travel. This is exactly the kind of bold, growth-oriented move we look to back at BGF – helping ambitious businesses scale with confidence, strengthen their market presence, and unlock long-term value. Congratulations to the entire team on this exciting milestone.”

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CapMan Buyout exits MM Sports to The Feelgood Company

Capman

CapMan Buyout has agreed to sell its holdings in MM Sports, a leading sports nutrition company in the Nordics, to The Feelgood Company AS, a portfolio company of Jordanes AS.

CapMan Buyout acquired MM Sports in 2021. Under CapMan’s ownership, the company’s turnover and profitability have continued to develop favourably, and MM Sports has undergone a successful evolution by strengthening its brand, products, operations, and market position. Notable investments include the acquisition of a production facility, the extension of its store network, and the relocation to a new headquarters and warehouse.

“During our ownership, MM Sports has cemented its position as one of the leading sports nutrition companies in the Nordics. Several important investments have been made in the company that have enabled continued growth and increasing profitability. I would like to thank the MM Sports organisation for the excellent collaboration during our ownership. CapMan is proud to hand over a business that is exceptionally well-equipped and ready to accelerate its development together with its new owner, The Feelgood Company,” says Robin Westberg, Partner at CapMan Buyout.

“We are proud of the journey we have had with CapMan, and I would like to express my warmest gratitude for the support we have received over the past few years. At the same time, we look forward to the future with The Feelgood Company. This partnership gives us the scale and strategic alignment to accelerate our growth and become the leading sports nutrition group in the Nordics,” says Erik Sjöberg, CEO of MM Sports.

Closing of the transaction is expected during Q3 2025 and is subject to regulatory approvals and customary closing conditions.

For further information, please contact:

Robin Westberg, Partner, CapMan Buyout, +46 72 583 81 66

Erik Sjöberg, CEO, MM Sports, +46 73 526 23 27

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation and €6.4 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Read more at www.capman.com.

About MM Sports
MM Sports is a Swedish sports nutrition player operating through an omnichannel D2C model across the Nordic countries, with an e-com platform and 10 physical stores. The company offers a wide range of sports nutrition and fitness products sold mainly under a variety of in-house brands. Read more at www.mmsports.se.

About The Feelgood Company
The Feelgood Company is a Nordic house of brands and e-commerce company with a digital business model delivering products within wellness and beauty. The company consists of brands such as Bodylab and Camilla Pihl Cosmetics, and is a portfolio company of Norwegian-based Jordanes. Read more at www.jordanes.no.

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