Tag Archives: Consumer brands

Litorina exits Euroflorist

Litorina
  • Euroflorist Intressenter, majority-owned by Litorina, divests Euroflorist to a consortium of highly regarded investors
  • During Litorina’s holding period Euroflorist has built an international footprint as a leading online platform for flower sales across northern Europe and the UK with an attractive and rapidly growing DTC box offering
Euroflorist

Litorina exits Euroflorist, a leading international online flower sales platform, to a consortium of investors led by Magnus Silfverberg, previously CEO of Bisnode and Betsson, and Johan Tjärnberg, CEO of Trustly and CEO/co-founder of Bambora, alongside a group of co-investors. The transaction was completed through divestment of the operating group of companies and the seller is Euroflorist Intressenter, where Litorina holds the majority of the shares. The transaction closed on December 17, 2021.

During Litorina’s holding period, Euroflorist has grown organically and through selective add-on acquisitions to become one of the leading European online platforms for flower sales, with activity in 11 countries. The company has successfully leveraged its extensive international florist network to drive growth in online sales. The traditional florist delivery model has been complemented by a differentiating and margin accretive DTC box business, which still holds substantial further penetration potential. Through excellent execution, the company successfully capitalised on the strong demand driven by the pandemic in 2020-21 and is well-positioned to benefit from the structural positive market shift. During Litorina’s ownership, the company more than doubled sales with earnings increasing more than fivefold.

“Euroflorist’s platform model for flower delivery comes with several attractive characteristics. At its core lies the high scalability and low capital requirements. Litorina invested with a view to leverage that model and capitalise on the increased e-com penetration to drive international growth, and I am pleased to see that this generated a good return for our investors.” says Jörgen Ekberg, Executive Chairman at Litorina. ”The international footprint of the business and the margin accretive DTC box offering constitutes an attractive foundation for continued success for Euroflorist”, Jörgen continues.

The sellers were advised by Carnegie, Vinge and PwC.

For further information, please contact:

Magnus Silfverberg, +46 (0) 702 714 700, CEO at Euroflorist
Jörgen Ekberg, +46 (0) 708 113 160, Executive Chairman at Litorina

Euroflorist is a leading international online flower sales platform with operations in eleven European countries. Every year, Euroflorist delivers millions of floral greetings, reception flowers, gifts and funeral wreaths through some 5,000 directly affiliated flower shops and external suppliers. Since its inception in 1982, Euroflorist has grown internationally through its own establishments and through acquisitions of florist networks. Euroflorist began to offer online flower gifts as early as 1995, which today represent approximately 85% of the total sales. For more information, please visit www.euroflorist.se.

Litorina, founded in 1998, invests in niche market-leading companies with headquarters in the Nordics. Litorina partners with management teams and entrepreneurs that want to take their companies to their full potential. Litorina aims to build larger, better and more sustainable companies by contributing relevant experience, knowledge, passion and resources to accelerate growth. For more information, please visit www.litorina.se.

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Marcone Acquires Professional Plumbing Group

Strategic Acquisition Expands Marcone into Plumbing Parts and Equipment

ST. LOUIS, Dec. 20, 2021 /PRNewswire/—Marcone, the leading residential appliance parts distributor and portfolio company of Genstar Capital, today announced that it has acquired Professional Plumbing Group (PPG), a distributor of plumbing products for repair and remodel applications, from Dunes Point Capital, LP.

PPG designs, manufactures, markets and distributes high-quality plumbing products. PPG’s portfolio includes products from two proprietary brands – Wolverine Brass, and Speakman – as well as third-party products across all of the leading brands. Wolverine Brass is a respected brand selling high quality plumbing products for the past 125+ years exclusively to professional plumbers and trade personnel; Speakman is a 150+ year-old brand widely known for high quality showers and other fixtures. PPG sells 20,000 SKUs to more than 10,000 customers including plumbing technicians, third-party distributors, ecommerce providers and retailers and through commercial channels such as hospitality. PPG has nearly 300 employees and is based in Concordville, PA.

Jim Souers, Chief Executive Officer of Marcone, stated, “PPG is a superb business and a leader in the plumbing specialty marketplace operating through highly diversified sales channels with long-established customer relationships. Its brands are well known and trusted among the trade community and is a strong strategic fit with our go forward strategy. We are excited to capitalize on increased spending on plumbing products from consumers, technicians and larger strategic accounts, and look forward to working together with PPG to accelerate growth. We are pleased to welcome PPG’s strong management team and organization to the Marcone family.”

Rob Rutledge, Managing Director at Genstar Capital, said, “When we partnered with Marcone and its management team earlier this year, we knew it was a truly outstanding business in its core market with a large opportunity to expand by selling other parts and services into the home. PPG represents an exciting step into the large and fragmented plumbing market, with material revenue opportunities across the combined customer base.”

About Marcone

Marcone is an authorized distributor for major brands such as Whirlpool, Electrolux, General Electric, Maytag, Bosch, Samsung, L-G and many more.  Through its vast distribution network, Marcone supplies the largest inventory of original replacement parts in the country for household appliances such as refrigerators, ranges, dishwashers, microwaves, washers, and dryers.  Marcone exports to over 120 countries and also operates a comprehensive training institute offering quality business and technical training. Headquartered in St. Louis, Marcone has 12 regional distribution centers and nearly 50 retail centers.

About PPG

PPG is a distributor of plumbing products for repair and remodel applications. PPG distributes two proprietary brands (Wolverine Brass and Speakman), along with third-party plumbing products. PPG serves ten thousand customers across four channels: direct-to-trade, commercial, ecommerce, and retail. PPG is headquartered in Concordville, PA and employs nearly 300 people. For more information, visit https://www.ppg-inc.com.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years.  Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $33 billion of assets under management and targets investments focused on targeted segments of the financial services, industrials, healthcare, and software industries.

Contact: Chris Tofalli                                                                                    
Chris Tofalli Public Relations                                                                        
914-834-4334

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Blackstone Growth (BXG) Announces Majority Investment in Supergoop!, Category Creator in SPF Innovation and Everyday Sun Protection

Blackstone

NEW YORK, SAN ANTONIO – December 20, 2021 – Blackstone (NYSE:BX) today announced that funds managed by Blackstone Growth (BXG) (“Blackstone”) have entered into a definitive agreement for a majority investment in Supergoop!, the first protective skincare brand that puts SPF at the forefront. The company, founded by former teacher and skincare industry pioneer Holly Thaggard, has enjoyed tremendous growth over the past five years given an increasing recognition of the importance of daily skin protection – a direct result of Supergoop!’s efforts for more than 15 years. Thaggard, Supergoop!’s CEO Amanda Baldwin and the existing senior management team will continue to maintain significant equity ownership in the business alongside Blackstone. The investment will help fuel Supergoop!’s commitment to launch category-creating innovations; drive consumer behavior change through education and best-in-class brand marketing; and expand the company’s national and global reach.

Supergoop! strives to educate and inspire the world to wear SPF. Every. Single. Day™. Thaggard launched the brand in 2005, after a close friend was diagnosed with skin cancer at age 29, with the mission of developing highly innovative dermatologist-approved, clean-ingredient SPF products that feel good to wear, make it easier to incorporate sunscreen into everyday routines and help consumers make daily sun protection a habit. Today, with nearly 50 formulas, Supergoop! has created a new category of daily-use SPF for everyone, from makeup-loving millennials to Gen Z skincare enthusiasts, wellness-minded men to six-month-old babies – truly spanning across generations and geographies. Its formulas are award winning – earning two TIME Magazine’s Best Invention of the Year honors and seven consecutive Allure Best of Beauty Seals, as well as being named one of WWD Beauty Inc.’s Power Brands. Rooted in its mission to educate and inspire, Supergoop!’s Ounce by Ounce program ships complimentary Supergoop! to classrooms across America and the brand recently received recognition on Inc.’s Best in Business: Most Inspiring Companies list.

“Over fifteen years ago, I founded Supergoop! with a mission to transform the sunscreen industry and eradicate skin cancer by making everyday essentials with SPF that people want to wear,” said Holly Thaggard, Supergoop! Founder and Chair of the Board. “Today, we’ve changed consumer behavior and attitudes toward SPF through innovative products and education. We couldn’t be more thrilled to join the Blackstone family of female-founded, category-creating companies to further that mission. Their experience of driving growth around the world is exceptional and will be critical to furthering our efforts to change the way the world thinks about sunscreen.”

Ann Chung, Global Head of Consumer for Blackstone Growth (BXG), said: “By creating a new category in SPF-focused skincare, Holly is the kind of innovative founder who is inspiring mission-driven entrepreneurs globally. Supergoop!’s everyday products that look and feel great while providing meaningful protection from sun damage are changing the way people view sunscreen. We’re proud to support the continued expansion of this business and to welcome Holly, Amanda and their incredible management team into the Blackstone family.”

“We are on an incredible journey at Supergoop! and are excited for the road ahead. As we look forward to the future, we wanted a partner who could help us drive the business to reach the next level,” said Amanda Baldwin, Supergoop! CEO. “We’re excited to work with the team at Blackstone because they think differently, reinforce our strengths and will help the team scale Supergoop! through expanded brand awareness, international exposure and out-of-the-box product innovation.”

Today’s investment in Supergoop! is the most recent example of a number of innovative female-founded companies Blackstone is proud to back. This includes in just the last two years SPANX, the mission-driven womenswear brand founded by Sara Blakely; Bumble, the online dating app where women make the first move founded by Whitney Wolfe Herd; Hello Sunshine, the mission-driven media company that puts women at the center of every story it creates, founded by Reese Witherspoon; Medable, a leading cloud platform for patient-centered clinical research co-founded by its CEO Dr. Michelle Longmire; Hotwire Communications, a leading provider of cutting-edge fiber-based telecommunication services co-founded by its CEO Kristin Johnson; and GeoComply, a global leader in geolocation compliance technology, co-founded by its Chairman Anna Sainsbury. This is in addition to female-led technology businesses in which Blackstone has invested, such as Ancestry.com, Articulate and Ellucian.

Investors who will continue to support Supergoop! in its next phase of growth include The Thaggard and Emery families, Encore Consumer Capital, CULT Capital, Green Park & Golf Ventures, CircleUp, Grace Beauty and SWAT Equity. Supergoop! was advised by Goldman Sachs and GreenbergTraurig. Blackstone’s financial advisor for the transaction was Raymond James & Associates, Inc. and legal advisor was Simpson Thacher & Bartlett LLP. Terms of the transaction, which is subject to customary closing conditions, were not disclosed.

About Supergoop!

Holly Thaggard launched Supergoop! to stop the skin cancer epidemic and change the way the world thinks about sunscreen. Supergoop! creates highly innovative, feel-good products that make integrating SPF into everyday routines easy (and fun!) in order to inspire consumers to do the number one thing they can for their skin- wear SPF! For more information, visit www.supergoop.com.

About Blackstone 

Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our $731 billion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Contacts

For Supergoop!:
Ashley Freudenheim
supergoop@derris.com

For Blackstone:
Matt Anderson
matthew.anderson@blackstone.com
(518) 248-7310

Mariel Seidman-Gati
mariel.seidmangati@blackstone.com
(917) 698-1674

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Carlyle to acquire Altadia Group from Lone Star

Carlyle

17 December 2021 – Global investment firm Carlyle (NASDAQ: CG) announced today that it has agreed to acquire Altadia Group (“Altadia”) from an affiliate of Lone Star Funds (“Lone Star”), partnering with current management, led by Vincente Bagan and Antonio Blasco, the original founders of Itaca. The transaction is subject to customary regulatory approvals and is expected to close in H1 2022.

Headquartered in Castellon, Spain, Altadia is the largest global manufacturer of intermediate products for the production of ceramic tiles. The group, formed in 2021, was created as a result of the transformational merger between Esmalglass-Itaca and Ferro Tile Coatings, consolidating its leading market position across all ceramic specialties, including the production of inkjet inks, body stains, glaze stains, and frits & glazes. Servicing a diversified base of global customers, including international leading ceramic tile producers, Altadia employs more than 3,600 people across 19 countries with a global manufacturing footprint consisting of 32 production plants and 19 distribution centres.

Carlyle will support Altadia in accelerating its growth plan through the development of its leading R&D platform, and through strategic acquisitions to expand its presence further in international markets.

Vincente Bagan, CEO of Altadia, said: “Over the last four years, thanks to the company’s strong entrepreneurial spirit, unique service offering, and its long-standing relationships with a highly diversified and global customer base, Altadia has succeeded in transforming itself into a global market leader. We thank Lone Star for their support and partnership, particularly through the merger of Ferro with Esmalglass, as we focused together on positioning the company for future sustainable growth. We are delighted to partner with Carlyle as we look to advance our strategic growth objectives.”

Alex Wagenberg, Managing Director of the Carlyle Europe Partners advisory team, said: “We have followed Altadia’s success for a number of years recognising its strong track record of launching innovative and successful products and technologies, its market-leading position for tile coatings in a growing ceramics industry, and the investment it has made in its innovation and sustainability journey. The company has a strong reputation with its customers for its production of high-quality solutions that look to transform everyday spaces and surfaces. We are excited to partner with Vicente and his team and look forward to leveraging our significant expertise in scaling specialty Chemicals businesses to diversify the business into new growth areas.”

“We congratulate the management team and Altadia employees for their many accomplishments over the last four years, most importantly the quality products and innovations they have been able to offer their customers around the world,” said Donald Quintin, President, Lone Star Opportunity Funds. “Thanks to the energy and dedication that permeates the Altadia culture, and its strong global footprint, the company stands ready to embrace the many opportunities ahead. We wish the whole team well.”

—

 

About Altadia Group

Headquartered in Castellon, Spain, Altadia is the largest global manufacturer of intermediate products for the production of ceramic tiles. The group, formed in 2021, was created as a result of the transformational merger between Esmalglass-Itaca and Ferro Tile Coatings, consolidating its leading market position across all ceramic specialties, including the production of inkjet inks, body stains, glaze stains, and frits & glazes. Servicing a diversified base of global customers, including international leading ceramic tile producers, Altadia employs more than 3,600 people across 19 countries with a global manufacturing footprint consisting of 32 production plants and 19 distribution centres.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $293 billion of assets under management as of September 30, 2021, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 1,800 people in 26 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

 

About Lone Star

Lone Star, founded by John Grayken, is a leading private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized 21 private equity funds with aggregate capital commitments totaling approximately $85 billion. The firm organizes its funds in three series: the Commercial Real Estate Fund series; the Opportunity Fund series; and the U.S. Residential Mortgage Fund series. Lone Star invests on behalf of its limited partners, which include institutional investors such as pension funds and sovereign wealth funds, as well as foundations and endowments that support medical research, higher education, and other philanthropic causes. For more information regarding Lone Star Funds, go to www.lonestarfunds.com.

 

Press Enquiries:

 

Carlyle Contact:

Charlie Bristow

Charlie.bristow@carlyle.com

+44 (0) 7384 513568

 

Altadia Group Contact:

Begoña Baigorri

+34 600 596 843

bbaigorri@esmalglass-itaca.com

 

Lone Star Contact:

Christina Pretto

O: +1 212 849 9662

M: +1 917 499 4260

cpretto@lonestarfunds.com

 

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Afterburn Holdings, a Leading Franchisee of Orangetheory® Fitness, Acquires Washington State Area Representative

Brentwood

Brentwood Associates partners with Garnett Station Partners to finance the acquisition and support future growth

HOUSTON–(BUSINESS WIRE)–Afterburn Holdings (“Afterburn”), a leading Orangetheory® Fitness franchisee, has expanded into the Pacific Northwest with the recent acquisition of eighteen owned studios, thirteen sub-franchised studios, and area development rights to the state of Washington. Afterburn now operates and oversees 89 studios across several high growth markets and has grown its studio footprint by over four times since partnering with Brentwood Associates (“Brentwood”) in December 2018.

Concurrent with the transaction, Brentwood partnered with Garnett Station Partners (“Garnett Station”) to help Afterburn finance the acquisition. Brentwood and Garnett Station will continue to support Afterburn in its future growth.

Jim Potesta, President and CEO of Afterburn, stated, “We are excited to expand the Afterburn footprint into the growing Washington fitness market and to leverage our operational expertise to deliver a best-in-class Orangetheory Fitness experience to our members. We look forward to partnering with a highly experienced local team to return Washington to its strong, pre-pandemic performance, continuing our successful partnership with Brentwood, and cultivating a new partnership with Garnett Station.”

Chris Reekie, Principal at Brentwood, commented, “Jim and team have continued to demonstrate strong operational excellence, especially while navigating the challenging fitness environment of the last two years. The Washington market aligns well with Afterburn’s strengths in managing high-volume studios, and we look forward to seeing them deliver an exceptional member experience in their existing and new markets. Combined with our new partnership with Garnett Station, this strategic acquisition further solidifies Afterburn’s position as a top franchisee in the Orangetheory Fitness system.”

Alex Sloane, Co-Founder and Managing Partner at Garnett Station, added, “We are pleased to work alongside Brentwood to help Jim and the Afterburn team achieve this goal, and to be a partner to further accelerate Afterburn’s significant growth potential.”

Orangetheory® utilizes technology and a science-backed combination of endurance, strength and power to deliver superior fitness results. The Orangetheory® brand has garnered attention for the strong sense of community it generates within its member base. Classes are group-based and incorporate real-time results displayed on large screens in the studio, allowing participants to track progress on their goals in real time. The combination of exercise, technology and community renders the Orangetheory® workout a powerful tool, effective for all fitness levels.

Piper Sandler & Co. served as exclusive financial advisor to the seller of the Washington state area representative. Burr & Forman LLP served as legal counsel to Afterburn. Lane Powell PC served as legal counsel to the seller.

ABOUT AFTERBURN HOLDINGS

Afterburn Holdings is a leading franchisee and area representative of Orangetheory Fitness, founded in 2013 and headquartered in Houston, Texas. The Company operates and oversees 89 Orangetheory Fitness studios across territories in Texas, Florida and Washington.

ABOUT ORANGETHEORY® FITNESS

Orangetheory is a heart-rate based total-body group workout that combines science, coaching and technology to produce maximum results from the inside out. Workouts are typically 1-hour long and are led by trained coaches, incorporating endurance, strength, and power to guide members through 5 different heart rate zones. The workout aims to increase excess post-exercise oxygen consumption (EPOC or the ‘Orange Effect’) whereby participants can continue to burn a higher rate of calories for 24 to 36 hours after their workout. There are currently over 1,300 fitness studios worldwide in the Orangetheory system.

ABOUT BRENTWOOD ASSOCIATES

Brentwood Associates is a Los-Angeles based private equity investment firm with a 30+ year history of investing in middle-market growth-oriented consumer & technology-enabled business services companies. Core sectors of investment include branded consumer products and services, health and wellness, beauty, personal care, food & beverage, multi-unit restaurant and specialty retail, e-commerce, and education. Since 1984, Brentwood’s dedicated private equity team has invested in over 50 portfolio companies with an aggregate transaction value of over $6 billion. With significant experience in both investing and brand building, Brentwood is a value-added partner for entrepreneurs and senior management teams building world-class companies. For more information about Brentwood, please visit www.brentwood.com.

ABOUT GARNETT STATION PARTNERS

Garnett Station Partners is a principal investment firm founded in 2013 by Matt Perelman and Alex Sloane. Garnett Station partners with experienced and entrepreneurial management teams and strategic investors to build value for its portfolio of growth platforms. The firm draws on its global relationships, operational experience and rigorous diligence process to source, underwrite and manage investments. Core sectors include food & beverage, health & wellness, automotive and business services. Garnett Station’s culture is based on the principles of entrepreneurship, collaboration, analytical rigor and accountability. For more information, please visit www.garnettstation.com.

Contacts

Kate Klein
(832) 910-9084

Read the Full Press Release Below:

Afterburn Holdings, a Leading Franchisee of Orangetheory® Fitness, Acquires Washington State Area Representative

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Kinnevik invests USD 23 million in Vay – a leading teledrive mobility company

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced that it has invested USD 23m in Vay, a leading teledrive mobility company.

The global urban personal mobility sector is a USD 4.9tn market, which has seen and will continue to experience, tectonic shifts in response to changes in consumer preferences and technology advances. Amongst the most revolutionary of these shifts is the development of driverless transportation, supporting the transition to a low carbon economy by utilising vehicles and public roads more efficiently, and avoiding traffic congestion.

Current approaches to driverless transportation are mostly focused on autonomous driving. However, despite billions of dollars invested by governments, technology companies and car manufacturers, a growing numbers of experts are warning that truly ubiquitous, foolproof autonomous driving is far in the future and may in fact never be achievable, due to the technological, economic, regulatory and ethical challenges.

Vay has taken a different approach to driverless mobility, starting with a proprietary teledriving platform that allows drivers in a central teledriving hub to remotely drive connected cars on the public roads. Autonomous features can be integrated gradually, as they become technically and commercially viable. This offers an immediately commercialisable, and safe, path to autonomous driving.

With a USD 23m investment Kinnevik is leading Vay’s USD 95m funding round together with Coatue and Eurazeo, joining a number of existing investors such as Atomico, Creandum and La Famiglia, as well as Kinnevik’s lead shareholder Cristina Stenbeck.

Vay will use the funding to launch its first commercial service in Hamburg, Germany in 2022, and to triple the size of its team. With a strong focus on growing its engineering team and capabilities, Vay will further develop its teledrive services as well as autonomous driving technology.

Natalie Tydeman, Senior Investment Director at Kinnevik, commented: “Driverless transportation is potentially the biggest and most positive change in mobility in our generation. Thomas, Fabrizio, Bogdan, and the rest of the Vay team are pioneers in this industry, combining a visionary and pragmatic approach, with a strong mission to increase the safety and sustainability of transportation. Kinnevik is excited to partner with Vay and we look forward to joining the ride.”

Thomas von der Ohe, Co-founder and CEO at Vay, commented: “We are very excited to have Kinnevik onboard as investors as we accelerate our efforts to become a global mobility company. We have had a very positive impression of the whole Kinnevik team during the months we have gotten to know them and especially appreciate their authentic commitment to building sustainable businesses and investing for the long term.”

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor, and we back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthtech, consumer services, foodtech and fintech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe, with a focus on the Nordics, and in the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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Latour divests its shares in Neuffer Fenster + Türen GmbH

Latour logo
2021-12-09 16:00

Investment AB Latour has, through its fully owned subsidiary Latour-Gruppen AB, signed an agreement to divest its shares in Neuffer Fenster + Türen GmbH (“Neuffer”) to IFN-Holding AG (“IFN”), based in Traun, Austria. The completion of the transaction is expected to take place during the month of January 2022, subject to customary closing conditions.

Neuffer is a company active in the distribution, development and installation of windows and doors through online sales and Latour acquired 66 per cent of the shares in Neuffer in 2015 in order to gain additional competence and knowledge within the e-commerce area. This initiative has now been completed and following a strategic review Latour has come to the conclusion to divest its ownership in Neuffer in order for Neuffer to continue its development with IFN as the new majority owner.

As an effect of the divestment the net debt (excl. IFRS 16) of the Latour Group is expected to decrease compared to the net debt level at the end of September 2021, to around SEK 8.3 billion, all else equal.

Göteborg, December 9, 2021

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Martin Knobloch, CEO Hultafors Group AB, +46 722 148 946
Jens Eriksson, CFO Hultafors Group AB, +46 702 114 601

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 94 billion. The wholly-owned industrial operations has an annual turnover of SEK 17 billion.

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Kevel Raises $10M to Help Brands Build Custom Ad Platforms

Fulcrum

We are excited to announce that Kevel has raised $10M in Series B funding!

kevel all hands

The round was led by Fulcrum Equity Partners, with participation from Commerce Ventures, JARS Labs, AperiamVentures, and existing Series A angels. This financial support will be used to grow our team, secure more partnerships, develop the product, and expand further into retail media.

James Avery, Founder and CEO of Kevel, shared:

“We are delighted to be partnered with investors who have recognized our growth over the past year. More businesses than ever want to build custom ad platforms like Facebook’s and Amazon’s, and our tools make it easy for them to do so.”

This funding comes at a pinnacle in digital advertising when user privacy is at the forefront of discussion. Kevel enables businesses to build walled garden ad solutions that rival those of the monopolies (Facebook, Google, etc.) in a privacy-focused way. Our API platform is a cookie-less, JavaScript-free solution that gives monetization control back to the publishers.

The lead investor, Fulcrum Equity Partners, is a growth equity firm based in Atlanta, Georgia, with a focus on healthcare IT, B2B SaaS, and tech-enabled services. They led Kevel’s Series A round of funding in 2020.

In a statement, Philip Lewis, Partner at Fulcrum Equity Partners, said:

“We’ve seen Kevel’s significant growth over the past year and are tremendously impressed with the team and culture they have created. We look forward to continuing this partnership to cement Kevel’s position as the leading ad serving API provider. Kevel has built a great product that will have a significant impact on the digital advertising industry as a whole.”

The funding comes alongside multiple industry awards in 2021, including MarTech Breakthrough’s Best Display Ad Platform and Digiday’s Best Ad Monetization Platform.

You can read more coverage about our funding announcement at WRAL TechWire and Venture Capital Journal.

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True Fit secures $15 million credit facility from Espresso Capital

espresso capital

Boston — December 8, 2021 —  Espresso Capital announced today that it has provided True Fit, the global data and software leader retailers choose to decode fit & size, with a $15 million credit facility. The company will use the capital to make further enhancements to its product and scale its distribution.

“The pandemic has brought massive disruption to the apparel industry,” said William R. Adler, President & CEO of True Fit. “With the shift to digital shopping, we’ve experienced unprecedented demand for our product. Espresso’s facility allows us to make important investments in our business so that we’re better positioned to meet that demand and further optimize our business for growth.”

True Fit is the only platform that solves online fit at scale, serving high-fidelity, trusted experiences for shoppers everywhere. True Fit’s Fashion Genome is the world’s largest connected data platform, fueling AI-driven models that combine product attribution for 17,000 brands, $250 billion in cross-market buying behavior, and first party preference data from over 200 million registered True Fit members. The Fashion Genome underscores exceptional software and data services that brands and retailers use to personalize the buying experience online. This focus on customer experience across leading sites from PacSun to Under Armour to Boden translates to a 2-5 percent lift in revenue, driven by a +47 percent increase in order rate.

“True Fit solves a massive and real pain point for consumers by giving them the confidence that clothing and shoes purchased online will fit,” says Espresso Capital Director, Mark Gilbert. “This drives higher basket sizes at checkout, higher customer satisfaction, and lower return rates. They have a great team and are well positioned to take advantage of the tailwinds bolstering their industry.”

True Fit has nearly doubled its annual recurring revenue since the pandemic began. Adoption of its platform is up 109 percent and the company currently has an active base of 82 million active members.

“Espresso really listens,” said Adler. “They knew what was most important to us and demonstrated great flexibility in their model to create a win-win deal for everyone. They’ve been great to work with and we appreciate that they take a long-term, relationship-first approach to partnering.”

“It’s an exciting time for True Fit,” noted Justin LaFayette, Lead Investor at Georgian, one of the company’s sponsors. “The recent investment allows the team to make major innovations in its Fashion Genome platform and customer experience.”

About True Fit

True Fit is the leading consumer experience platform leveraged by apparel and footwear retailers to decode fit and connect shoppers with only what they love. It has organized the broadest footwear, apparel and consumer data in the world to provide best in class fit recommendations covering the industry’s brands and styles. The platform is leveraged by the world’s leading footwear and apparel retailers, representing 17,000 brands and 82 million active members. True Fit’s data platform underscores exceptional software and data services that brands and retailers utilize to personalize the buying experience online. TrueFit.com

About Georgian

At Georgian, we’re building a platform to provide a better experience of growth capital to software company CEOs and their teams. Georgian’s platform is designed to identify and accelerate the best growth-stage software companies, taking an intelligent, data-first approach to solving the key challenges CEOs face as they grow their businesses. We invest in high-growth companies across North America that harness the power of data in a trustworthy way. Based in Toronto, Georgian’s team brings together software entrepreneurs, machine learning experts, experienced operators and investment professionals. Georgian.io

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Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway and increase strategic flexibility with non-dilutive capital. Learn more at espressocapital.com.

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NZXT Secures First-Ever Strategic Investment Led By Francisco Partners

Franciso Partners
ess Release – December 08 2021

New Investment Will Support Continued Expansion and Product Growth

City of Industry, CA – December 8, 2021 – NZXT, a leader in PC gaming hardware and services, today announced it has secured a strategic investment of approximately $100 million led by Francisco Partners, a leading global investment firm that specializes in partnering with technology businesses. This investment will allow NZXT to bring on more senior talent, expand its product offering to include new hardware categories, expand its direct-to-consumer offering in new global markets, invest more in the community, and focus on continuing to build the NZXT brand.

In addition to Francisco Partners, strategic investors in NZXT also include top leaders and entrepreneurs across multiple industries, reflecting how PC gaming connects many different worlds. This group of investors includes (but is not exclusive to):

  • Kevin Lin – Co-Founder of Twitch
  • Vanessa Dew – Co-Founder & CSO of Health-Ade Kombucha
  • Patrick Lee – Co-Founder of Rotten Tomatoes
  • James Lin – Co-Founder of CrunchyRoll
  • Eddie Hartman – Co-Founder of LegalZoom
  • James Park – Co-Founder & CEO of Fitbit, Inc.
  • Kevin Ma – Founder of Hypebeast
  • Michael Chen – Co-Founder and President of Pokeworks

“We have always been laser-focused on our community and meeting their needs. As the industry and the world around us has evolved, we realized it was time to reach out for strategic guidance and invest more deeply in all of the things our community has been asking for,” said Johnny Hou, CEO of NZXT. “Francisco Partners’ track record and expertise helping successful technology companies take their growth to the next level made them the ideal partner for us. We look forward to working closely with their team as they not only understand the challenges we face and where our priorities are, but most importantly, they are as committed to our community as we are.”

As a part of this investment, Hou will remain the majority shareholder and maintain control of the company and day-to-day operations. Alan Ni from Francisco Partners will also join NZXT’s Board of Directors.

“Under Johnny’s visionary leadership, NZXT has established itself as both a leader and innovator in the PC gaming industry with products that are designed to make PC gaming more achievable and accessible for everyone across the gaming community,” said Alan Ni, who leads consumer internet investing at Francisco Partners. “As NZXT enters this next phase of growth, we are excited to partner with Johnny and the entire team to help them scale the business and expand into new products built to serve the needs of gamers across the world.”

NZXT will remain focused on creating seamless experiences for PC gamers with products that include top quality PC cases, coolers, fans, and accessories including the newly released Capsule microphone. The Company will continue to offer PC gaming enthusiasts the opportunity to purchase customized ideal set-ups or pre-built systems, including the NZXT BLD Kit for the first-time builder. The BLD Kit comes complete with all of the components, tools, and guidance necessary for those who are new to PC gaming and are looking for a hands-on experience. With the BLD Kit in addition to a growing roster of configuration and support services, NZXT now has solutions for those at all experience levels – making PC gaming more achievable and seamless for everyone.

For more information about NZXT, please visit www.nzxt.com or follow the company on Twitter at:https://twitter.com/nzxt.

About Francisco Partners
Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 20 years ago, Francisco Partners has invested in more than 300 technology companies, making it one of the most active and longstanding investors in the technology industry. With more than $30 billion in assets under management, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

About NZXT
Founded in 2004, NZXT is dedicated to making PC gaming achievable to all of those with a passion for play. With design in mind, NZXT makes award-winning products that allow for a personalized approach to building PC’s. Their first products were computer cases and they have since expanded to include PC cooling solutions, RGB lighting kits, components, power supplies, and their free PC performance monitoring software, NZXT Cam. They have recently expanded to include new categories like Audio featuring the Capsule Microphone and BLD Kit– an exclusive experience for first-time builders. NZXT also has launched their CRFT line of products, bringing their PC design mindset together with some of entertainment’s most popular brands to create limited-edition cases and accessories for gaming enthusiasts. NZXT remains committed to serving the PC gaming community and keeping their needs at the core of who we are.

Media Contacts:

Francisco Partners
Kate Sylvester
ksylvester@sloanepr.com

NZXT
Tali Fischer
tali.fischer@nzxt.com

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