Tag Archives: Consumer brands

CVC funds invest in Monbake Group to support its growth strategy

Ardian

Ardian, Alantra, Artá, and Landon have agreed to sell their stake in Monbake to CVC funds after successfully completing the objective they set themselves, in which the Monbake Group has consolidated its position as one of the three main producers and distributors of frozen dough at national level.
Monbake’s management team has found in CVC its ideal partner to further pursue its strategic plan. CVC’s expertise will contribute significantly to the company’s global expansion strategy and enhance its innovation capabilities.

CVC, a leading global private markets manager, announces CVC funds’ investment in Grupo Monbake, a leader in the frozen dough sector in Spain, to support its continued growth. CVC funds are acquiring the entire stake in Grupo Monbake that was previously held by Ardian, one of the world’s leading private equity firms, and its co-investors in this project (Alantra, Artá, and Landon).  The price of the transaction has not been disclosed.
Monbake was created in February 2018, when Ardian bought the companies Berlys and Bellsolá, independently, with the aim of leading the frozen dough sector in Spain. For months, the Ardian team worked to validate that the union of Berlys and Bellsolà represented an excellent industrial and strategic opportunity to consolidate a group with greater production capacity and commercial coverage, greater growth potential and innovation capacity. During the years that Ardian has been part of Monbake, the company has consolidated its position as one of the three main producers and distributors of frozen pastry at a national level, with a solid commercial and industrial structure and a wide network of shops.
After six years of supporting the domestic and global growth of the company and with the initial objectives achieved, Ardian considers that the investment cycle has ended, and will now allow CVC to spearhead the next phase of Monbake’s growth. Monbake’s new shareholder, CVC funds, has deep experience in the sector and endorses the roadmap set out for the company. CVC will support the company’s day-to-day operations, and is fully committed to the current management team and the company’s global expansion strategy. It will also uphold the company’s current focus on employment, quality, innovation, commitment to long-term relationships with suppliers and service to customers in more than 30 countries where it currently operates.

Aurelio Antuña, Monbake CEO, comments “We would like to thank Ardian for their strong support and commitment to Monbake’s growth over the past six years. At the same time, we are proud of CVC’s decision to support our company in its consolidation and continued growth phase. We are convinced that CVC is the right partner to take Monbake to the next level, and we look forward to working with them over the coming years”.

“We are honoured to become Monbake’s new partner, offering our experience and proven track record in the sector to support the next phase of growth. We have full confidence in the management team and we will work closely with them to implement the company’s global growth strategy and strengthen its innovation capabilities to secure its position as an industry leader.” Stated José Antonio Torre de Silva, Partner at CVC

“It has been an incredible journey with a fantastic team of professionals and management. We are very proud to have contributed to the creation and development of Monbake, which is now a strong, innovative international group with operations in over 30 markets”. Concluded Gonzalo Fernández Head of buyout Spain & Portugal & Managing Director, Ardian Spain (Advisor to Ardian France).

ABOUT CVC

CVC is a leading private equity and investment advisory firm with a network of 29 offices throughout EMEA, the Americas, and Asia, with approximately €186 billion in assets under management. CVC has seven complementary strategies across private equity, secondaries, and credit, for which CVC funds have secured commitments in excess of €230 billion from some of the world’s leading institutional investors. Funds managed or advised by CVC are invested in over 125 companies worldwide, which have combined annual sales of approximately €166 billion and employ more than 590,000 people.

All figures as of 10 December 2023, and adjusted to reflect the agreed acquisition of DIF Capital Partners announced in September 2023 (closing of which is subject to regulatory approvals), unless otherwise indicated.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last.

ABOUT MONBAKE

The MONBAKE Group is one of the largest companies producing frozen dough and Bakery Café products in Spain. It manufactures, distributes and markets bread, pastry and cake products both for the home market and abroad, with a presence in over 30 countries.

PRESS CONTACT CVC

MARIBEL ALONSO RITA PORTUGAL

malonso@grupoalbion.net+34 91 531 23 88

PRESS CONTACT ARDIAN

LLORENTE Y CUENCA

ANTONIO GARCÍA

ardian@llorenteycuenca.com

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Kids Lodge Acquires BSO Wijs

Holland Capital

Amsterdam/Houten, March 22, 2024 – Our portfolio company Kids Lodge has acquired the childcare organization BSO Wijs. The acquisition allows Kids Lodge to further expand its childcare activities in the Utrecht region.

With 10 locations in the Utrecht region, BuitenSpeelOpvang (BSO) Wijs offers “outdoor play care” to children aged 4 and older. BSO Wijs provides a unique care experience where children engage in outdoor activities in nature throughout the year, such as building huts and playing hide and seek. The children are given all the responsibility and freedom to challenge and develop themselves.

The acquisition of BSO Wijs is part of Kids Lodge’s growth ambitions. With this partnership, Kids Lodge is further expanding its activities in the Utrecht region. Following the acquisition of In de Rups in Houten/Zeist (2021), De Bereboot in Helmond (2023), and ‘t Zonnetje in Houten (2023), the collaboration with BSO Wijs marks the next step in the growth strategy.

Louise de Ruiter (Director, Kids Lodge): “It is my dream to further establish Kids Lodge as a family childcare center where children, parents, and staff can all enjoy themselves and work with passion. We strive to provide a journey of discovery for everyone, monitoring and encouraging the development of both children and staff. Care and community are important values for us, creating a place where everyone feels welcome.”

Frija Bleijerveld and Sandra Hofhuis (Directors, BSO Wijs): “What started as letting children play outside after school has evolved into a stable company with a strong identity over the past 13 years. Now that BSO Wijs has established a solid foundation, we feel it’s the right time to pass the organization to a local party who shares our passion for childcare and intends to further develop and expand the concept.”

About BSO Wijs

BSO Wijs was founded in 2011 and offers “BuitenSpeelOpvang”. The core principle of BSO Wijs is to enable children to play outside all year round, fostering a day filled with movement. Playing outside not only enhances children’s coordination and movement skills but also promotes social skills.

About Kids Lodge

Established in 2009, Kids Lodge provides care to approximately 2,500 children aged 0 to 12 with a team of over 400 employees. In addition to childcare, Kids Lodge also offers a Party Lodge, Sports Lodge, and Family Lodge, aiming to establish itself as a family centre. With locations in Houten, IJsselstein, Zeist, Bunnik, and Helmond, Kids Lodge is a well-known name in the Utrecht region and beyond.

About Holland Capital

Holland Capital has been responsibly and successfully investing in promising Dutch and German SMEs with growth ambitions for over 40 years. The team understands entrepreneurship and fosters an open, sustainable, and professional relationship with the management teams of the invested companies, aiming for mutual growth. With offices in Amsterdam and Düsseldorf, Holland Capital focuses on Healthcare, Technology, and the recently added Agrifood-Tech sector. The firm actively supports Kids Lodge in both operational and strategic development since becoming a shareholder in September 2021.

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CVC Credit provides debt facilities for the acquisition of Innovative Beauty Group by Fremman Capital

CVC Capital Partners

CVC Credit, the €40 billion global credit management business of CVC, is pleased to announce that it has agreed to provide the debt facilities to support Fremman Capital’s acquisition of Innovative Beauty Group (“IBG”), a beauty and personal care service provider, currently part of the Albéa group. CVC Credit will act as sole lender in this transaction.

IBG offers its clients a 360-degree product development service, with end-to-end product management capabilities addressing the more complex aspects of bringing a product to market, including the ideation of the product, formulation, filling, packaging solutions and marketing. The business leverages its extensive global network, with 10 offices across three different continents, to provide local expertise to its +200 customers. With creative and sourcing capabilities across North America, Europe, and Asia, IBG’s 300 employees offer unrivalled expertise across the entire Beauty and Personal Care value chain, acting as a true value-added partner to its customers.

Christine Weis, Managing Director at CVC Credit, said: “IBG is well-positioned in a dynamic and expanding market, with multiple opportunities to enhance its presence and capabilities across regions, products and customer groups.” Eva Boutillier, Managing Director at CVC Credit added: “We are excited to support IBG’s ambitions, as they begin the next stage of their growth story in partnership with Fremman Capital.”

Olivier de Vregille, Founding Partner of Fremman Capital, said: “We look forward to working with IBG CEO, Xavier Leclerc de Hauteclocque and his team, to accelerate the growth of the company. We have been following this industry for a long time and we strongly believe in the innovative IBG model which disrupts the traditional Beauty and Personal Care supply chain while driving excellence and best results for all stakeholders.”

John Empson, Managing Partner and Co-Head of Private Credit at CVC Credit, commented: “As part of the CVC Network we have the advantage of being able to tap in to the knowledge of CVC’s leading European private equity platform to assist in our diligence work and price discovery. In the case of IBG, CVC Credit’s ability to draw on the experience of CVC Germany and their sector knowledge gained through their investment in Douglas, Europe’s leading specialist cosmetics and beauty retailer, was crucial in winning this opportunity.”

The transaction is subject to customary regulatory approvals and consultation of the relevant employee representative bodies of the Albéa group and expected to complete in Q2 2024.

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HarbourView Equity Partners Secures Close To $500 Million In Debt Financing From KKR And Other Investors To Expand Music Investment Opportunities

KKR

NEWARK, N.J.–(BUSINESS WIRE)–HarbourView Equity Partners (HarbourView), an industry-leading alternative asset management company focused on investment opportunities in the sports, media and entertainment space, has secured approximately $500 million in debt financing through a private securitization backed by its diversified catalog of music royalties. Insurance vehicles and accounts managed by KKR, a leading global investment firm, led the financing and investment accounts advised by Kuvare Asset Management also participated in the transaction.

“We are grateful to KKR for working with us to deliver a flexible and innovative financing structure that will support HarbourView in expanding its reach,” said HarbourView Founder and CEO Sherrese Clarke Soares. “This capital will allow us to further our mission of investing in assets and companies driven by premier intellectual property while striving to ensure that creators are appropriately valued for their contributions to the world.”

“This transaction is a testament to the scale and versatility of our High-Grade Asset-Based Finance strategy, which is a fast-growing segment of our private credit business,” said Avi Korn and Chris Mellia, Co-Heads of U.S. Asset-Based Finance at KKR. “Music IP is one of many areas where we see opportunity and we are pleased to finance a scaled and high-quality portfolio in this space.”

KKR’s Asset-Based Finance (ABF) strategy focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets, offering diversification to traditional corporate credit and attractive risk-adjusted returns. KKR’s ABF platform began investing in 2016 and now has approximately $48 billion in ABF assets under management globally across its High-Grade ABF and Opportunistic ABF strategies.

Established in 2021, HarbourView Equity Partners has quickly solidified its position in the industry, amassing roughly $1.6 billion* in regulatory managed assets and establishing a distinctly diverse portfolio featuring thousands of titles spanning numerous genres, eras, and artists. The asset manager has acquired 50+ catalogs including Pat Benatar and Neil Giraldo, Fleetwood Mac’s Christine McVie, Wiz Khalifa, Brad Paisley, Jeremih, Nelly, Luis Fonsi, Eslabon Armado and more. Their diversified catalog features ~28,100+ songs across both master recordings and publishing income streams.

The financing further emphasizes HarbourView’s commitment to delivering the best execution for its growing LP base and comes on the heels of numerous major deals, including its $300 million credit facility expansion announced in December 2023.

Guggenheim Securities, LLC served as sole structuring advisor, and Guggenheim Securities, LLC and Barclays acted as co-placement agents on this transaction.

About HarbourView Equity Partners
HarbourView Equity Partners is an investment firm, founded by Sherrese Clarke Soares, focused on the entertainment and media markets. The firm seeks businesses or assets powered by IP and investment opportunities that aim to build enduring value and returns. HarbourView has been extremely active since launching in 2021, acquiring over 50 music catalogs to date. The firm’s distinctly diverse portfolio features thousands of titles spanning numerous genres, eras, and artists, amounting to a diversified catalog of ~28,100+ songs across both master recordings and publishing income streams. In addition to music, HarbourView is focused on opportunities to support premium content across the entertainment, sports, and media sectors. The company is headquartered in Newark, NJ.

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

*Regulatory AUM for private funds are calculated regardless of the nature of the gross assets under management. This includes any uncalled committed capital pursuant to an obligation to make a capital contribution to the fund.

Contacts

Media:

For HarbourView: The Lede Company | harbourview@ledecompany.com

For KKR: Julia Kosygina | +1 212-750-8300 | Media@kkr.com

 

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Fremman Capital Enters Into A Put Option Agreement To Acquire Innovative Beauty Group, A Pioneering Turn-Key Solution Provider Servicing Retailers And Brands In The Beauty And Personal Care Space

Fremman

Fremman Capital (“Fremman”) is pleased to announce the execution of a put option agreement to acquire Innovative Beauty Group (“IBG”), a Beauty and Personal Care service provider, part of the Albéa group.

The Company offers its clients a 360-degree product development service, with end-to-end product management capabilities addressing the more complex aspects of bringing a product to market, including the ideation of the product, formulation, filling, packaging solutions and marketing.

IBG leverages its extensive global network, with 10 offices across three different continents, to provide local expertise to its +200 customers. With creative and sourcing capabilities across North America, Europe, and Asia, IBG’s 300 employees offer unrivalled expertise across the entire Beauty and Personal Care value chain, acting as a true value-added partner to its customers.

Xavier Leclerc de Hauteclocque, CEO of IBG, said: “We look forward to this next stage of growth together with Fremman as a new shareholder. We operate in an exciting and fast- growing market with a great opportunity to scale up presence and capabilities across geographies, product categories and customer segments and further elevate our value-add and quality, following our vision to provide the best service to our clients.”

Olivier de Vregille, founding partner of Fremman, said: “We look forward to working with Xavier and his team to accelerate the growth of the company. We have been following this industry for a long time and we strongly believe in the innovative IBG model which disrupts the traditional Beauty and Personal Care supply chain while driving excellence and best results for all stakeholders.”

Subject to final closing of the contemplated transaction, Fremman will have 8 platform investments in its debut fund, which closed in 2023 having raised over €600 million. Since inception in 2020, the firm has completed six platform investments in highly growing markets: Bollo Natural Fruit (Spain), VPS (Netherlands), Medinet (UK), Palex Medical (Spain), Kids Planet (UK), and Connexta (Germany), and more than 50 add-on investments. The Fund has also recently signed the acquisition of HT Médica, one of the leading radiology operators in Spain.

The contemplated transaction is subject to the consultation of the relevant employee representative bodies of the Albea group.

About IBG

IBG is a Beauty and Personal Care service provider, helping businesses create quality beauty products. The Company covers the entire value chain, offering a wide spectrum of solutions from design to formulation, packaging and marketing. IBG has an international team of over 300 people across 10 locations worldwide. For more information about IBG please visit: https://innovativebeautygroup.com/

About Fremman

Fremman is a pan-European, mid-market investment firm with offices in London, Luxembourg, Madrid, Munich and Paris that looks to partner with successful management teams to help transform businesses from local champions to multinational sustainable leaders. Its senior Partners have a long history working together, with over 100 years of combined investment experience. Fremman’s goal is to build better, more sustainable businesses that have a positive impact on society.

For more information about Fremman please visit: https://fremman.com/

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General Atlantic Announces Investment in Plusgrade, Joining Existing Investor CDPQ

General Atlantic

Partnership to support Plusgrade’s continued expansion as a leader in ancillary revenue solutions for the travel industry

New York, NY and Montreal, Canada – General Atlantic, a leading global growth investor, today announced a strategic growth investment in Plusgrade, a global leader powering ancillary revenue solutions for the travel industry. With this transaction, Novacap will fully exit its stake in Plusgrade, and existing investor CDPQ will remain a significant shareholder. General Atlantic intends to partner with Plusgrade to support the company’s continued growth, including through the acceleration of new business segments and go-to-market efforts, strategic M&A opportunities, and key operational initiatives.

Over 200 partners worldwide across the airline, hospitality, cruise, passenger rail, and financial services industries trust Plusgrade’s portfolio of leading ancillary revenue offerings and loyalty expertise to create incredible travel experiences and new revenue opportunities.

In 2022, Plusgrade acquired Points.com, bringing together two of the largest sources of ancillary revenue to create even greater impact for travel businesses worldwide. Plusgrade further expanded its portfolio in 2023 with the acquisition of UpStay, a provider of hotel upgrade and ancillary revenue solutions for the hospitality industry.

Ken Harris, Founder and CEO of Plusgrade, commented, “Ancillary revenue has become a critical driver of financial robustness for travel companies in every sector, and as the global ancillary revenue powerhouse, Plusgrade plays a central role in helping our travel partners create, grow, and enable major new revenue opportunities. We believe we have significant opportunity ahead of us to continue innovating and building out our leading portfolio even further. Our team is deeply grateful to Novacap for their transformative partnership and all the new heights that we achieved together. We are thrilled to welcome General Atlantic as a strategic partner to help us accelerate our mission and vision by leveraging the firm’s deep expertise across travel, software, and technology.”

Tanzeen Syed, Managing Director and Head of Consumer Internet and Technology at General Atlantic, said, “Ken and the Plusgrade team have worked diligently to scale the business and offer partners a differentiated portfolio of solutions. With ancillary revenues and loyalty programs standing as some of the most important drivers of growth in the travel industry today, we believe Plusgrade is strongly positioned to continue capturing the market. We have strong conviction in Plusgrade’s vision and are excited to support the company in future value creation initiatives.”

“CDPQ is proud to reiterate its support for Montréal-based Plusgrade, which has grown significantly since we became a shareholder in 2018. Alongside this new and experienced partner, we look forward to pursuing value creation in this leader in the travel industry’s ancillary revenue market, which will benefit our depositors,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ.

Financial terms of the transaction were not disclosed.

Barclays served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal advisor and Goodmans LLP served as co-counsel to General Atlantic. J.P. Morgan served as lead financial advisor, Scotiabank served as financial advisor, and Davies Ward Phillips & Vineberg LLP served as legal advisor to Plusgrade.

About Plusgrade

Plusgrade powers the global travel industry with its portfolio of leading ancillary revenue solutions. Over 200 airline, hospitality, cruise, passenger rail, and financial services companies trust Plusgrade to create new, meaningful revenue streams through incredible customer experiences. As the ancillary revenue powerhouse, Plusgrade has generated billions of dollars in new revenue opportunities across its platform for its partners, while creating enhanced travel experiences for millions of their passengers and guests. Plusgrade was founded in 2009 with headquarters in Montreal and has offices around the world. For more information, please visit: www.plusgrade.com

About General Atlantic

General Atlantic is a leading global growth investor with more than four decades of experience providing capital and strategic support for over 500 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has approximately $83 billion in assets under management inclusive of all products as of December 31, 2023, and more than 280 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.

About CDPQ

CDPQ invests constructively to generate sustainable returns over the long term. As a global

investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. CDPQ is active in the major financial markets, private equity, infrastructure, real estate and private debt. As at December 31, 2023, CDPQ’s net assets totalled CAD 434 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

Media Contacts

Plusgrade
Carrie Mumford
Director, Brand & Communications
pr@plusgrade.com

General Atlantic
Emily Japlon & Sara Widmann
media@generalatlantic.com

CDPQ
Kate Monfette
Director, Media Relations
+ 1 438 525-2520
kmonfette@cdpq.com

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Blackstone Completes Acquisition of Rover

Blackstone

SEATTLE- February 27, 2024 – Rover Group, Inc. (“Rover” or the “Company”), the world’s largest online marketplace for pet care, today announced the completion of its acquisition by private equity funds affiliated with Blackstone (“Blackstone”) in an all-cash transaction valued at approximately $2.3 billion.

The transaction was previously announced on November 29, 2023 and was approved by Rover stockholders at Rover’s special meeting of stockholders held on February 22, 2024. With the completion of the acquisition, Rover stockholders are entitled to receive $11.00 in cash for each share of Rover common stock they owned immediately prior to the closing. Rover’s common stock has ceased trading and will be delisted from the Nasdaq Stock Market.

“The closing of this transaction is an important milestone in Rover’s history and marks the start of the next chapter in our story,” said Aaron Easterly, co-founder and CEO of Rover. “We are excited to officially partner with Blackstone to leverage their resources and deep expertise to further our mission of making it possible for everyone to experience the unconditional love of a pet.”

Sachin Bavishi, a Senior Managing Director at Blackstone, said, “Aaron and the Rover team have done an incredible job building a leading digital marketplace for pet services. We’re thrilled to embark on this partnership, bringing Blackstone’s scale and resources to further accelerate Rover’s growth and innovation, and enhance Rover’s strong value proposition relative to alternatives.”

Advisors
Goldman Sachs & Co. LLC acted as lead financial advisor to Rover, and Centerview Partners LLC also acted as a financial advisor to Rover and delivered a fairness opinion to Rover’s Board of Directors with respect to the proposed transaction. Wilson Sonsini Goodrich & Rosati, Professional Corporation acted as legal counsel to Rover.

Evercore acted as lead financial advisor and Moelis & Company LLC also acted as a financial advisor to Blackstone, and Kirkland & Ellis LLP acted as legal counsel to Blackstone.

About Rover Group, Inc.
Founded in 2011 and based in Seattle, Rover is the world’s largest online marketplace for pet care. Rover connects pet parents with pet providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits. To learn more about Rover, please visit www.rover.com.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-Looking Statements
This communication may contain forward-looking statements, which include all statements that do not relate solely to historical or current facts, such as statements regarding the Company’s impacts of the merger with a private equity fund managed by Blackstone (the “Merger”), the Company’s delisting from the Nasdaq Stock Market, and other statements that concern the Company’s expectations, intentions or strategies regarding the future. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “aim,” “potential,” “continue,” “ongoing,” “goal,” “can,” “seek,” “target” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements are based on the Company’s beliefs, as well as assumptions made by, and information currently available to, the Company. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: (i) the effect of the Merger on the Company’s business relationships, operating results and business generally; (ii) risks that the Merger disrupts the Company’s current plans and operations; (iii) the Company’s ability to retain and hire key personnel and maintain relationships with key business partners and customers, and others with whom it does business; (iv) risks related to diverting management’s or employees’ attention from the Company’s ongoing business operations; (v) the amount of costs, fees, charges or expenses resulting from the Merger; (vi) potential litigation relating to the Merger; (vii) risks that the benefits of the Merger are not realized when or as expected; (viii) continued availability of capital and financing and rating agency actions; and (ix) other risks described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), such as the risks and uncertainties described under the headings “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of the Company’s Annual Report on Form 10-K, the Company’s Quarterly Reports on Form 10-Q, and in the Company’s other filings with the SEC. While the list of risks and uncertainties presented here is considered representative, no such list or discussion should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and/or similar risks, any of which could have a material adverse effect on the Company’s consolidated financial condition. The forward-looking statements speak only as of the date they are made. Except as required by applicable law or regulation, the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

The information that can be accessed through hyperlinks or website addresses included in this communication is deemed not to be incorporated in or part of this communication.

Contacts

FOR ROVER
Investors
Walter Ruddy
(206) 715-2369
Walter.Ruddy@rover.com

Media
Kristin Sandberg
(360) 510-6365
Kristin.Sandberg@rover.com

FOR BLACKSTONE
Media
Matt Anderson
(518) 248-7310
Matthew.Anderson@blackstone.com

Mariel Seidman-Gati
(646) 482-3712
Mariel.SeidmanGati@blackstone.com

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AURELIUS Finance Company provides GBP 18.5m Refinancing Facility to Trutex Limited

Aurelius Capital

London, February 27, 2024 – AURELIUS Finance Company, the Private Debt segment of AURELIUS, announces the successful provision of a GBP 18.5m refinancing facility to Trutex Limited, one of the UK’s oldest and best-loved schoolwear producers. The financing facility comprises:

  • A GBP 15m revolving asset-based loan, designed to generate the maximum liquidity by leveraging Trutex’s inventory and receivables
  • A GBP 3.5m cashflow loan, structured as a fully revolving, seasonal swing-line RCF

Trutex has a history of over 150-years supplying quality school uniforms to thousands of specialist retailers, distributors and schools throughout the world. It is a strongly performing business with an established market position, producing premium garments that are high-quality, and long-lasting. The facility will maximise working capital headroom over the course of the school year, supporting the business in building its order book ahead of peak trading periods.

Commenting on the deal, Matthew Easter, Group CEO at Trutex Limited, said: “AURELIUS Finance Company took the time to understand our business and its specific requirements right from the outset. By having their senior team involved from our very first meeting, they were able to structure a bespoke facility at pace, and this will now enable us to deliver on our growth plans; both domestically and overseas.”

“We realise that not all businesses have a uniform working capital requirement, and so our completely bespoke structure is designed to flex and deliver the optimum amount of working capital headroom at key points throughout the year. This shows the role which non-traditional lenders, such as AURELIUS Finance Company, can play in making available financing for companies which despite being strong performers, can often lack access to a stable source of working capital all year round” said James Marler, Director and Head of New Business at AURELIUS Finance Company. “And despite this tailored structure, we were able to utilise our institutional funding lines to provide a very competitively priced facility.”

As Andy Ducker, Chairman and majority shareholder, acknowledges, “AURELIUS Finance Company’s ability to provide a mix of ABL and senior cashflow lending was critical to delivering this successful outcome.”

AURELIUS Finance Company was advised by Squire Patton Boggs (Legal) and Hilco (Collateral Diligence). Trutex were further advised by Alvarez & Marsal (Debt Advisory) and Walker Morris (Legal).

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bistroMD Acquired by Marley Spoon

AUA Private Equity

WEST PALM BEACH, FL. (FEBRUARY 21, 2024) — AUA Private Equity Partners, LLC (“AUA Private Equity”), is pleased to announce that it has taken a minority stake in Marley Spoon Group SE (“Marley Spoon Group” or “MSG”) following Marley Spoon Group’s acquisition of bistroMD, LLC (“bistroMD”), which was previously owned by AUA Private Equity, LLC (“AUA Private Equity”).

bistroMD is the leading doctor-designed ready-to-eat meal plan in the US, and since its founding in 2005 it has developed a national blueprint in the medically tailored weight loss industry. AUA Private Equity acquired bistroMD in March 2021. Since that investment, AUA Private Equity has worked closely with Founder & CEO Edward Cederquist and Dr. Caroline Cederquist to grow the business.

On January 31, 2024, MSG entered into a binding agreement to acquire bistroMD, with bistroMD shareholders receiving shares and warrants of MSG as well as the opportunity to receive additional shares based on the achievement of certain earn-out provisions. The transaction closed on February 9, 2024.

Fabian Siegel, CEO & Founder of Marley Spoon commented about the transaction: “We are impressed by the strong brand and customer-focused organization that founder Ed Cederquist and his team have built over the past 19 years. We are committed to ensuring that bistroMD continues to flourish and grow as part of the Marley Spoon platform, and we welcome Ed and his team to Marley Spoon.”

David Benyaminy, Partner of AUA Private Equity Partners, added: “bistroMD is a unique player in the U.S. meal plan market, and we’ve enjoyed collaborating with Ed and the management team to grow the business. We are excited about bistroMD’s next phase as a part of the Marley Spoon Platform.”

The transaction was led by Partner David Benyaminy and Senior Associate Jordana Cooper.

About AUA Private Equity Partners, LLC
AUA Private Equity Partners is a West Palm Beach, FL based, operationally focused, lower middle-market investment firm providing strategic capital to companies in the consumer products and services sectors with a particular focus on family-owned businesses. AUA Private Equity typically makes equity investments of $40 to $100 million in companies that generate in excess of $10 million in EBITDA. For more information on AUA Private Equity Partners, please visit www.auaequity.com.

About bistroMD
bistroMD is a national, direct to consumer doctor-designed and chef-prepared meal delivery subscription service that provides ready-to-eat, gourmet meals, specifically designed for weight loss and long-term weight management. Founded in 2005 by Edward Cederquist and Dr. Caroline Cederquist, bistroMD operates with the belief of “food as medicine”, providing weight loss meal programs that allow for customization and can accommodate special dietary needs including gluten free, heart healthy, diabetic, and low sodium diets. With over 150 meals to choose from, bistroMD provides a wide selection of options for individuals who are looking to lose weight but do not want to compromise on good quality food. For more information about bistroMD, please visit www.bistromd.com.

CONTACT

Michael Melamed
auaprivateequity@laurelstrategies.com

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KKR To Sell Majority Stake In Chord Music Partners To Universal Music Group And Dundee Partners Led Investor Consortium

KKR

Joins with Dundee Partners to form long-term strategic partnership for management and acquisition of world-class music IP

UMG to globally administer publishing and distribute recordings for Chord’s existing catalogs, with more than 60,000 music copyrights

KKR to sell its majority stake in Chord to current shareholder Dundee Partners and its investor consortium with a minority stake held by UMG

SANTA MONICA, Calif. and HILVERSUM, The Netherlands, Feb. 20, 2024 /PRNewswire/ — Universal Music Group (UMG), the world-leader in music-based entertainment, and Dundee Partners, the investment office of the Hendel family, today announced that UMG will acquire a 25.8% interest in Chord Music Partners (Chord) for US$240 million (approximately €223 million when translated into € at today’s current EUR/USD rate), in a deal that values Chord at US$1.85 billion.

Chord, which was formed in 2021 by KKR and Dundee Partners, is a pure-play catalog of premier music intellectual property (IP). Chord’s portfolio includes works from many of the world’s most iconic artists and songwriters, including The Weeknd, Ryan Tedder/OneRepublic, David Guetta, Lorde, Kid Cudi, Diplo, Jimmy Jam & Terry Lewis, Ellie Goulding, ZZ Top, John Legend, Twenty One Pilots and many more.

UMG and Dundee Partners will enter into a new long-term strategic partnership to actively manage Chord’s rights through UMG’s global network and to acquire additional catalogs via Chord in the future. Chord’s music publishing rights will be administered through Universal Music Publishing Group (UMPG) and recorded music through UMG’s Virgin Music Group (VMG).

Sir Lucian Grainge, Chairman and CEO of Universal Music Group said, “Finding partners who share our passion for identifying iconic songs and recordings that will stand the test of time and deliver long-term growth is essential, which is why we’re so pleased to be working with Stephen and Sam Hendel and Dundee Partners. With the leadership of Jody Gerson at UMPG, Nat Pastor and JT Myers at Virgin, and the support of our experienced creative executives around the world, no one can do more with music rights than our teams. We look forward to creating maximum commercial and creative value for the songwriters and artists in Chord and building for the future.”

Boyd Muir, Universal Music Group’s Executive Vice President, Chief Financial Officer and President of Operations said: “We’re excited to partner with the Hendel family in Chord for a number of reasons. First, KKR and Dundee have built a very high-quality catalog that will benefit from our first-rate management and global capabilities. Second, this new structure provides us with an efficient vehicle for future catalog acquisitions, without significant capital allocation through a combination of leverage and partner equity capital. And finally, it offers us the perfect partner to approach future growth opportunistically and flexibly, one who is equally bullish on the long-term prospects for music.”

Sam Hendel, Dundee Partners’ Managing Principal and Co-Founder of Chord, said: “We’re thrilled to be partnering with Universal Music Group and embarking on this next exciting chapter for Chord. By combining a best-in-class financial acquisition vehicle with the world’s leading music company, we are creating both a premier platform for music investment as well as a permanent home for premier artist’s legacies and their iconic cultural works. We’d like to thank the team at KKR for their partnership and creating a strong foundation for Chord and its future success.”

“We are grateful to have had the opportunity to collaborate with many leading artists and to create significant value for our investors by building Chord into a differentiated and scaled portfolio. We believe that Dundee and UMG will drive further value creation for artists and that they share our commitment to being respectful stewards of artists’ music,” said Jenny Box, Partner, KKR.

KKR will exit Chord upon completion of the transaction, with the Dundee consortium and UMG owning 74.2% and 25.8% respectively.

As a leader in music-based entertainment, UMG is positioned and resourced to manage and drive growth for Chord’s existing rights catalogs, while UMG and Dundee Partners are both aligned in their long-term vision for the acquisition, management and growth opportunities for significant, timeless music-rights catalogs.

UMG was advised by Goldman Sachs, Kirkland & Ellis LLP and Freshfields. DLA Piper and Axinn, Veltrop & Harkrider LLP served as legal advisors to Dundee. Fifth Third Bank, National Association served as financial advisor and provided committed financing to Dundee and UMG. The Raine Group served as exclusive financial advisor and Manatt, Phelps and Phillips, LLP served as legal advisor to Chord Music Partners. Latham & Watkins LLP. served as legal counsel to KKR.

About Universal Music Group
At Universal Music Group, we exist to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising, and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation, and entrepreneurship, UMG fosters the development of services, platforms, and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information, visit www.universalmusic.com.

About Dundee Partners
Dundee Partners is the investment office of the Hendel family and has a long history of unwavering dedication to the promotion of arts and culture. The family is proud of its decades-long support for theater and notably were lead producers of the Broadway hit “Fela!”. In addition to co-founding Chord Music Partners, Dundee is the majority owner of Knitting Factory Entertainment, Partisan Records, and Kino Lorber. Beyond those endeavors, the family continues to make strategic investments at the intersection of music and technology, shaping industry and cultural evolution.

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

SOURCE Universal Music Group N.V.

 

 

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