Tag Archives: Consumer brands

Ardian sells Riemser to international pharmaceutical company Esteve

Ardian

Greifswald/Berlin/Frankfurt/Barcelona, 8 January 2020: Ardian, a world-leading private investment house, has come to an agreement to sell all the shares of the German pharmaceutical company RIEMSER to ESTEVE, an international pharmaceutical company headquartered in Barcelona. Financial details of the transaction will not be disclosed. The closing of the transaction is subject to antitrust approval and is expected in the first quarter of 2020.

RIEMSER is a provider of specialty pharmaceuticals in human medicine headquartered in Greifswald and Berlin. The Company has subsidiaries in Great Britain, France and Spain, and an international distribution network across more than 50 countries.

With the acquisition of RIEMSER, ESTEVE broadens its access to the fast-growing hospital market, in which RIEMSER is particularly successful. Today, RIEMSER generates about 80 percent of its sales with products for clinical application. Numerous RIEMSER drugs are considered ‘gold standard’.

Ardian acquired RIEMSER in 2012 and, together with the management team, successfully refocused the company on its core business of specialty pharmaceuticals, which it acquires, licenses, markets and distributes. Today, the company’s product portfolio comprises prescription drugs for the treatment of serious diseases in oncology, neurology, infectiology, as well as niche indications in cardiovascular medicine, dermatology, rheumatology and infectiology.

RIEMSER has divested from areas which are not part of its core business, such as the dental and veterinary business and the medical devices business. The proceeds were invested in the licensing and acquisition of products, the acquisition of companies in the specialty pharmaceuticals sector and the expansion of indications for existing products:

RIEMSER acquired Keocyt in France in 2014 and Intrapharm, based in England, in 2015. In 2016, the acquisition of the CNS division of Dolorgiet followed, whose products expanded the portfolio by the therapeutic area of neurology. In 2019, RIEMSER bought the Spanish distribution service provider Zaltanpharma, which has since been renamed RIEMSER Iberia.

In the area of drug approval and in–licensing, RIEMSER, among others introduced the active ingredient triamcinolone hexacetonide in Canada and concluded an agreement with the Japanese pharmaceutical company Eisai on the exclusive development and marketing rights for Prialt in Europe in 2018; in 2019 Keocyt received a new EU approval for Zanosar in eleven European countries.

Christof Naményi, Managing Director in the German Ardian Buyout team, said: “Ardian has extensive experience as an investor in the European healthcare, life sciences and pharmaceutical markets. We are pleased that we have been able to successfully leverage our expertise and network with RIEMSER, supporting the company’s acquisition strategy, corporate and organisational development, and executive recruitment. We would like to thank Konstantin von Alvensleben, his management team and all RIEMSER employees for the excellent cooperation and wish them all the best for the future.”

Konstantin von Alvensleben, CEO of RIEMSER, added: “When I joined RIEMSER in 2015, Ardian had already set the course for the further development of the company. I am pleased that since then we have been able to accelerate this process and together reached further milestones in the growth and internationalisation of the business. Ardian’s support was invaluable in achieving this. We are very proud that with Esteve, a strong family-owned pharma company with a long tradition, has chosen to acquire Riemser and we are looking forward to entering the next stage of our development. Being part of a much larger Group will support our joint growth. ”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 640 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Ardian on Twitter @Ardian
www.ardian.com

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ClassPass raises $285 million to accelerate international growth and scale corporate program

Apax Digital

8 January 2020

L Catterton and the Apax Digital Fund Lead Series E Round 

NEW YORK, NY, January 8, 2020: ClassPass, the leading global fitness and wellness marketplace, today announced the close of a $285 million Series E investment. The round, which was led by L Catterton and Apax Digital, with additional participation by existing investor Temasek, follows the successful expansion by ClassPass into 28 countries and the signing of more than 1,000 leading employers into its corporate wellness program.

Founded in 2013, ClassPass pioneered the modern-day fitness and wellness marketplace. Today, ClassPass partners with more than 30,000 boutique studios, gyms and wellness providers, offering members access to the largest global network of wellness-inspired experiences. The investment will enable ClassPass, which now has over 650 employees across five continents, to continue rapidly scaling its proprietary reservation and booking technology across the globe. ClassPass’s superior model and technology have made it the marketplace of choice for providers who leverage ClassPass’ advanced machine learning capabilities to maximize their revenue and optimize utilization.

“We are motivated by the impact we’ve had on members and partners, including 100 million hours of workouts that have already been booked. This investment is a significant milestone that will further our mission to help people stay active and spend their time meaningfully,” says Founder and Executive Chairman Payal Kadakia.

As part of the investment, Marc Magliacano, Managing Partner at L Catterton’s Flagship Fund, and Daniel O’Keefe, Managing Partner at Apax Digital, will join the ClassPass Board of Directors.

“This fundraise is a reflection of our proven and sustained success in the U.S. and our rapid adoption internationally. In 18 months, we’ve scaled from 4 to 28 countries. Even in our recently launched European markets, our partners consistently call us their #1 driver of new customer reservations,” said Fritz Lanman, ClassPass CEO. “Our goal is to be the brand of choice and clear leader in every country we enter. This investment will allow us to expand more rapidly within existing geographies, add more countries to our network, and scale our corporate program globally. Additionally, I am thrilled to welcome two new board members with incredible domain expertise in digital subscription businesses and the fitness industry more broadly.”

L Catterton has deep experience working with leading fitness brands, including tech-enabled brands such as Peloton, Hydrow, and Tonal, as well as studio and fitness club brands, including Xponential Fitness, Equinox Holdings, Pure Barre, CorePower Yoga, Will’s Gyms (China), and BodyTech (Latin America). Apax has significant experience helping digital marketplace and consumer subscription businesses scale globally.

“As an investor in a number of highly respected studio and fitness club brands, we have seen firsthand how ClassPass providers and members mutually benefit from the ClassPass relationship,” said Mr. Magliacano. “ClassPass has continuously evolved its model to meet the changing needs of both partners and users. The ClassPass credits model, when combined with its A.I. tools, allows studios significant flexibility in monetizing their excess inventory and generates more revenue for studios than any other aggregator. We are confident that ClassPass is poised to grow into one of the most prominent wellness brands of the new decade and we couldn’t be more excited to continue to partner with Fritz and his team.”

“Apax has a long history of backing leading global marketplace businesses, and ClassPass is the tenth such investment to date. We’ve known the company since its early days and have been continually impressed by its global brand, attractive customer and studio value propositions, and history of explosive growth,” said Mr. O’Keefe. “We are excited to leverage the Apax global footprint to help ClassPass continue to accelerate its international traction.”

About ClassPass

Founded in 2013 by Payal Kadakia, ClassPass is the world’s most flexible network of fitness and wellness experiences. Members gain instant access to over 30,000 pre-vetted global exercise studios, which offer diverse fitness options including yoga, cycling, Pilates, strength training, boxing and more. In addition to workouts, members can instantly book inspiring wellness experiences, such as massages, acupuncture and spa treatments. ClassPass simplifies the discovery process, using machine learning to provide catered recommendations to each member based on their goals and preferences. ClassPass also lifts the fitness industry, working directly with studio partners to merchandise their excess inventory, find new customers and generate new streams of revenue. Learn more at http://classpass.com.

About LCatterton

With approximately $20 billion of equity capital across seven fund strategies in 17 offices globally, L Catterton is the largest consumer-focused private equity firm in the world. L Catterton’s team of more than 190 investment and operating professionals partner with management teams around the world to implement strategic plans to foster growth, leveraging deep category insight, operational excellence, and a broad thought partnership network. Since 1989, the firm has made over 200 investments in leading consumer brands. L Catterton was formed through the partnership of Catterton, LVMH, and Groupe Arnault. For more information about L Catterton, please visit www.lcatterton.com.

About Apax Digital

The Apax Digital Fund specializes in growth equity and buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax Partners’ deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of $50 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

About Temasek

Temasek is an investment company with a net portfolio value of US $231 billion (S$313 billion) as of March 31, 2019. Our Temasek Charter roles as an investor, institution and steward shape our investment stance, ethos and philosophy, to do well, do right and do good. Our investment philosophy is anchored around four key themes: Transforming Economies; Growing Middle Income Populations; Deepening Comparative Advantages; and Emerging Champions. We actively seek sustainable solutions to address present and future challenges, as we capture investment and other opportunities that help to bring about a better, smarter and more sustainable world. Headquartered in Singapore, we have 11 offices around the world, including New York, San Francisco and Washington, D.C. For more information on Temasek, please visit www.temasek.com.sg.

Media Contacts:

For ClassPass

Mandy Menaker | mandy.menaker@classpass.com

For L Catterton

Andrea Rose / Julie Oakes / Andrew Squire
Joele Frank, Wilkinson Brimmer Katcher
+1 212-355-4449

For Apax Digital / Apax Partners

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com

USA Media: Todd Fogarty, Kekst CNC | +1 212-521 4854 | todd.fogarty@kekstcnc.com

UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

For Temasek

Paul Ewing-Chow | paulewingchow@temasek.com.sg

Aedan Lai | aedanlai@temasek.com.sg

 

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KKR to Acquire Leading Digital Reading Platform OverDrive

KKR

NEW YORK–(BUSINESS WIRE)–Dec. 24, 2019– KKR, a leading global investment firm, today announced the signing of a definitive agreement to acquire OverDrive, Inc. (“OverDrive” or the “Company”), the leading digital reading platform for libraries and schools, from Rakuten USA, a wholly owned subsidiary of Rakuten, Inc. Financial details of the transaction were not disclosed.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191224005160/en/

Serving a growing network of 43,000 libraries and schools in more than 75 countries, OverDrive delivers the industry’s largest catalog of ebooks, audiobooks, magazines and other digital media to millions of readers around the world. With its proprietary platform, the Company securely allows these institutions to acquire and manage premium and differentiated digital content from a strong publisher network OverDrive has built over more than 25 years.

“KKR is delighted to be investing in OverDrive, a premier digital content platform that serves libraries and library patrons around the world,” said Richard Sarnoff, Member at KKR. “OverDrive provides digital tools and services to libraries and schools so that they can lend the widest variety of digital books, audiobooks, and other materials, while at the same time respecting and compensating authors and publishers through the widest range of access models. It is a privilege to work with an industry leading team, including founder and CEO Steve Potash, on growing this special franchise in the decade to come.”

“At a time of accelerating digital adoption throughout libraries and schools, OverDrive offers its growing user base a best-in-class technology platform and reading experience – something we’re excited to be a part of,” said Ted Oberwager, Managing Director at KKR. “We look forward to working with the Company to further grow its portfolio and network, and continue to build on its status as a recognized leader in the digital content space.”

“OverDrive is very excited to work with the world-class KKR team due to their track record of accelerating digital media and technology businesses in global markets,” said Steve Potash, founder and CEO of OverDrive. “This provides access to an extraordinary network of capabilities to empower our institutional partners for the benefit of the communities and readers they serve.”

KKR has a long history of successfully investing in market-leading businesses in the digital media and content sectors. KKR’s recent and related investments include Epic Games, AppLovin, RBmedia, Pandora, WebMD, UFC, Leonine, BMG Rights Management, Next Issue Media, and Nielsen, among others.

KKR is making the investment in OverDrive from its KKR Americas XII Fund.

Goldman Sachs & Co. LLC and LionTree Advisors served as financial advisors to KKR and Simpson Thacher and Bartlett served as legal advisor to KKR.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About OverDrive

OverDrive is the leading digital reading platform for libraries and schools worldwide. Named one of PCMag’s Best Free Software of 2019 and one of TIME’s Best Apps of 2018, the award-winning Libby is the “one-tap reading app” for libraries. Sora, the student reading app, was honored as one of TIME’s Best Inventions of 2019. We are dedicated to “a world enlightened by reading” by delivering the industry’s largest catalog of ebooks, audiobooks, magazines and other digital media to a growing network of 43,000 libraries and schools in 76 countries. Founded in 1986, OverDrive is based in Cleveland, Ohio USA. www.overdrive.com

Source: KKR

KKR:
Kristi Huller or Cara Major
212.750.8300
Media@KKR.com

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ARDIAN acquires Cérélia, a leading transatlantic provider of innovative Bakery Solutions from IK INVESTMENT PARTNERS

ik-investment-partners

Paris and New York, December 19, 2019 – Ardian, a world leading private investment house, announced today that it is acquiring Cérélia (“the Company”), from the IK VII Fund, advised by IK Investment Partners (“IK”).  Cérélia is a leading transatlantic provider of innovative bakery solutions with a product portfolio including ready-to-bake pie and pizza dough, pancakes, crepes and cookies.  The Company’s products provide consumers with a wholesome and convenient baking experience.  The management team, led by Guillaume Réveilhac, will own a meaningful stake alongside Ardian.

Headquartered in Paris, Cérélia employs over 1,600 people, operates 12 facilities across Europe and North America, sells its products in more than 50 countries around the world and generates nearly €500 million of revenue.  The Company traces its roots to Alsacienne de Pâtes Ménagères, which in 2012 merged with Eurodough to form Cérélia.  In 2015, the Company and IK broadened its strategy through the acquisition of de Bioderij, which extended its product portfolio into pancakes and crepes and launched the Company into the North American and Asian markets.  Over the past three years, Cérélia also acquired two complementary businesses, English Bay Batter and Bakeaway, to further expand its product portfolio and geographic reach, most notably throughout the United States, Canada and the United Kingdom.

Cérélia has experienced a tremendous track record of growth in Europe due to its focus on quality, impeccable service and new product innovation – including a range of organic, gluten-free and wholesome products – alongside an ambitious, yet thoughtful acquisition strategy.  Today, Cérélia holds leadership positions in multiple core European markets and is rapidly building a portfolio of innovative bakery products in North America.

Cérélia has an unwavering commitment to sustainability, utilising farming practices that promote biodiversity, local production whenever possible and green energy to reduce its carbon footprint.  Furthermore, the Company’s continued prioritisation of innovative production practices and reduction of packaging materials will support the growth of disruptive new product opportunities.

Guillaume Réveilhac, Founder and CEO of Cérélia, said: “The Cérélia team is delighted to begin this new chapter in the company’s development, and we thank the IK team for their support and guidance over the last five years.  Together we have dramatically grown Cérélia to become a leader in the European bakery segment. We are excited to partner with Ardian as the team has a strong collaborative approach, a core skill set and an extensive network. We were also convinced by Ardian’s primary business philosophy, a set of values that we also share. Our common goal is founded on two aspects: first, strengthen our position on our core-business – refrigerated dough, crepes and pancakes – and second, invest in expanding into adjacent segments and extending our geographic reach.”

Mr. Réveilhac continued: “Over the past ten years, Cérélia has managed to open its capital to a number of employees. We will continue this with Ardian. Our management team is committed to our strategy and has made a significant investment alongside Ardian. I would like to thank our employees for their commitment, support and professionalism, which every day helps contribute to the quality of service we provide to our clients.”

Thibault Basquin, Head of Americas Investments for the Ardian Buyout Fund, said: “We are proud to invest alongside management as we accelerate Cérélia’s growth in Europe and North America. Its undisputed market position in Europe, quality of customer relationships and history of growth reflect the strength of the management team, the employees and the overall commitment to a culture of excellence.  In particular, Ardian is excited to partner with Guillaume Réveilhac and Walter Kluit to drive Cérélia’s organic growth and acquisition strategy. We firmly believe that the Company’s innovative products, use of technology and sustainability initiatives make Cérélia a leader in the bakery category.”

Rémi Buttiaux, Partner at IK Investment Partners and advisor to the IK VII Fund commented: “We have been delighted to help Guillaume Réveilhac and his team transform Cérélia into the global leader it is today. Under our ownership, Cérélia doubled its size in four years, and further developed its product range along with its international footprint through three acquisitions.  The Group’s unique know-how coupled with its manufacturing competitive edge will enable it to smoothly transition into its new development phase.”

Cérélia is the seventh investment of Ardian’s Buyout team in 2019.  With 50 employees across seven offices in Europe and New York, the buyout team invests in high-quality mid- and large-cap companies, applying transformational strategies to become world leaders in their niche markets.

ABOUT Cérélia

Formed in 2012 by merging Alsacienne de Pâtes Ménagères (“APM”, founded in 1994) and Eurodough (former Sara Lee International Bakery division, created in 1974), Cérélia is a leading manufacturer of fresh, ready-to-bake dough solutions for pie and pizza, as well as ready-to-heat pancakes, crepes, cookies and cookie dough.

Thanks to (i) sustained organic growth over many years, driven by a relentless focus on product quality, service levels, and new product innovation (such as the introduction of organic, gluten-free and wholesome products) and (ii) an ambitious, yet thoughtful M&A strategy, Cérélia has become the leader in the European market. In 2015, the Company broadened its strategy through the acquisition of de Bioderij, which extended its product portfolio into pancakes and crepes and launched the Company into the North American and Asian markets. Through the acquisition of Bakeaway in 2016 and English Bay Batter in 2017, Cérélia expanded its presence in the United Kingdom and North America while further diversifying its product portfolio. The Company has meaningful market shares in the private label segment, manufacturing for some of the largest brands in the world alongside its own family of brands, which regularly introduce innovative new products.

www.cerelia.com

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, North America, Asia, and South America. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.

Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.

Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 640 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.

www.ardian.com

ABOUT IK INVESTMENT PARTNERS

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €10 billion of capital and invested in over 130 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects.

www.ikinvest.com

PARTICIPANTS

Ardian: Thibault Basquin, Emmanuel Miquel, Christopher Sand, Giorgio Cicala, Maxime Debost

Legal advisor: Latham & Watkins (Gaëtan Gianasso, Bénédicte Bremond, Marine Bazé (corporate), Xavier Renard (tax))

Commercial and strategic advisor: AT Kearney (Jérôme Souied, Nicholas Veg)

Financial advisor: Accuracy (Frédéric Loeper, Romain Proglio, Quentin Mutschler)

Debt advisor: Lazard (François Guichot-Perere, Jean-Philippe Bescond, Emmanuel Plantin)

M&A advisor: Oddo BHF Corporate Finance (Frédéric de Villèle, Thomas Devineau)

IK Investment Partners: Remi Buttiaux, Dan Soudry, Diki Korniloff, Thibaut Richard, Deborah Collignon

Legal advisor: Wilkie Farr & Gallagher (Eduardo Fernandez, Gregory de Saxce)

Financial advisor: EY (Daniel Benquis, Stephanie Merle-Mortel)

M&A advisor: BNP Paribas (Sylvina Mayer, Marc Walbaum, Alban Bouley)

Cérélia Exexutive Committee: Guillaume Réveilhac, Walter Kluit, Bernd Homann, Grégoire Julien, Claude Le Bourg

Management advisors: The Silver Company (Stephane Argyropoulos), Callisto (Charles de Rozières, Tancrède Caulliez), Gide (Jean-François Louit, Caroline Lan)

PRESS CONTACTS

Cérélia

Marianne Szychowski

Executive Assistant to the President

Tél :  +33 (0)3 21 72 75 75

Mob: +33 (0)6 32 99 80 93

mszychowski@cerelia.com

ARDIAN

Emma Murphy / Charlie Mathon

Tel: (347) 968-6800 / (508) 614-0667

ardian@neibartgroup.com

IK INVESTMENT PARTNERS

France:

CTCom

Sibylle Descamps

Tel: +33 (0)6 82 097 007

sibylle.descamps@ct-com.com

International:

Maitland

James McFarlane

Tel: +44 (0)7584 142 665

jmcfarlane@maitland.co.uk

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Scandlines appoints Vagn Sørensen as Chairman

3I

Scandlines, the German-Danish, green and innovative ferry operator in the Baltic Sea, has appointed Vagn Sørensen as Chairman as of 01 January 2020.

Vagn Sørensen brings over 30 years’ experience from international business and the aviation industry in particular. He joined Scandinavian Airlines in 1984 and became Executive Vice President in 1994. He was appointed Chief Executive Officer of Austrian Airlines in 2001, stepping down in 2006 to successfully pursue a plural career.

Vagn Sørensen has extensive experience across both executive and non-executive positions internationally. He currently holds a number of roles, including Chairman of

Air Canada, Chairman of FLSmidth & Co., Chairman of SSP Group Plc and Chairman of Flying Tiger Copenhagen. Vagn Sørensen is also a board member at Royal Caribbean Cruise Lines.

Scandlines will benefit from Vagn Sørensen’s leadership skills and his extensive commercial experience, gained from a variety of businesses operating in similar industries as Scandlines.

Vagn Sørensen says: “I am delighted to be joining Scandlines as Chairman. I am excited by the company’s green agenda, its growth prospects and strong customer focus. I look forward to working with Søren Poulsgaard Jensen and the management team to continue Scandlines’ development.”

Søren Poulsgaard, CEO of Scandlines, comments:  “I am happy to welcome Vagn as Chairman. His knowledge and experience will be invaluable as we pursue our green strategy, continually enhance our customer experience and modernise our fleet.”

Vagn Sørensen takes over the position as Chairman from Steve Ridgway, who joined Scandlines as Chairman in 2014. Steve Ridgway comments: “I have enjoyed the journey with Scandlines since 2014 and I am happy to pass the keys on to an experienced operator with a track record of building big brands in the leisure travel and retail sector.”

– Ends-

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About Scandlines

Scandlines stands as a symbol of a historical and close cooperation between Denmark and Germany. Scandlines runs two ferry routes with high capacity and frequency as well as with a green vision for the future.

The core business is to provide an efficient and reliable transport service for both passengers and freight customers. The main focus for all activities in Scandlines is to create value for our customers on board the ferries as well as in our shops.

With more than 43,000 departures on 8 ferries, in 2018 Scandlines transported 7.4 million passengers, 1.8 million cars and more than 700,000 freight units and 36,000 busses on the routes Puttgarden-Rødby and Rostock-Gedser.

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Hellman & Friedman to Acquire AutoScout24

Hellman & Friedman

MUNICH, Germany

AutoScout24, the leading European digital car marketplace, today announced that affiliates of Hellman & Friedman LLC (“H&F”) have entered into a definitive agreement to acquire the company from Scout24.

With over 10 million monthly users, 2.5 million cars listed and 45,000 car dealer customers, AutoScout24 is the leading online car classifieds platform in Europe. The company is based in Munich and has a presence in 18 countries.

Blake Kleinman, Partner of Hellman & Friedman said: “We have known AutoScout24 for many years. We are excited to partner with the AutoScout24 team to build upon the historical successes that we achieved together. We are strong believers in AutoScout24’s consumer-centric approach; we look forward to working with its dealer customers to offer them value-added marketing solutions as they continue to digitalise their business models. This transaction will help AutoScout24 focus on the growth opportunities ahead.”

Tobias Hartmann, CEO of Scout24 added: “This transaction is an important milestone for Scout24. Separating ImmoScout24 and AutoScout24 will help each business focus on their respective growth opportunities and accelerate shareholder value creation.”

“We are delighted to resume our partnership with AutoScout24. We sincerely thank Hans-Holger Albrecht and the Supervisory Board as well as Tobias Hartmann and the entire Scout24 Management Board for the opportunity to support the business once more. This transaction is an outstanding outcome for Scout24, its shareholders as well as for AutoScout24” added Patrick Healy, CEO of Hellman & Friedman.

The transaction is expected to close in the first half of 2020. J.P. Morgan acted as sole financial advisor, Freshfields Bruckhaus Deringer as legal counsel to H&F for this transaction.

About Hellman & Friedman LLC
Hellman & Friedman is a leading private equity investment firm with offices in San Francisco, New York, and London. Since its founding in 1984, H&F has raised over $50 billion of committed capital. The firm focuses on investing in outstanding business franchises and serving as a value-added partner to management in select industries including financial services, business & information services, software, healthcare, internet & media, retail & consumer, and industrials & energy. For more information, please visit www.hf.com.

About Scout24
AutoScout24 is the largest pan-European online car marketplace. The marketplace allows users to easily find, buy and finance the right car. With more than 36 million downloads, AutoScout24’s app was awarded the title of Germany’s best car app*. The Company generated €235m in 2018 and has delivered consistent double-digit revenue growth and margin expansion throughout the last decade. The company is headquartered in Munich and operates in 18 markets. In addition to the AutoScout24 car classifieds websites, the transaction perimeter includes Finanzcheck, a leading German online brokerage business.

*by Focus Money

For further information, please contact:
Felix Schönauer
+49 69 92 18 74-59

 

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KDC/ONE to Merge with HCT Group

Cdpq

Québec, Private Equity Longueuil, Québec and Los Angeles,
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Creates a Global Leader in Manufacturing and Packaging Solutions for the Beauty and Personal Care Industry

Knowlton Development Corporation (“KDC/ONE”), a leading value-added partner to beauty, health and personal care brands, and HCT Group (“HCT”), an innovative, global leader delivering full-service solutions in the design, engineering, manufacturing, formulation, filling and logistics of cosmetics products, today announced that they have entered into a definitive agreement to create a comprehensive global end-to-end solutions provider for the beauty and personal care industry.

As an innovative, global one-stop solution for customers ranging from Fortune 500 companies to indie, emerging and prestige brands, the two companies will partner to provide customers with an expanded suite of manufacturing and packaging solutions. Following the close of the transaction, Nicholas Whitley, President and CEO of KDC/ONE, and Tim Thorpe, President and CEO of HCT, will continue as CEOs of each business.

Established in 2002, KDC/ONE has grown organically and through acquisitions to become a leading custom formulator and manufacturer serving the prestige beauty, personal care and household sectors. With 16 state-of-the art manufacturing facilities in North America and Europe, KDC/ONE offers high-touch innovation, operational excellence and speed to market to well-known and emerging brands. In December 2018, Cornell Capital, together with Caisse de dépôt et placement du Québec (“CDPQ”), Investissement Québec (“IQ”) and HarbourVest Partners, LLC (“HarbourVest”), acquired KDC/ONE with a focus on driving international growth and enhancing the company’s high-quality manufacturing capabilities. Since then, KDC/ONE has made three acquisitions to scale the platform, acquire new technologies and expand globally.

Founded by Chris Thorpe, along with his wife Clare and eldest son James in 1992, HCT has grown organically to become a global leader providing full-service, turnkey solutions across concept development and design, manufacturing, fill and assembly, and logistics and operations. With headquarters in Santa Monica and offices in New York, New Jersey, London, Paris, Milan, Hong Kong, South Korea and Shanghai, HCT partners with more than 400 clients comprising some of the most iconic names and most successful beauty brands across indie, prestige and mass segments.

“This transformative transaction will enhance how we serve beauty and personal care brands around the world,” said Nicholas Whitley. “Our vertically integrated platform will offer the industry a true one-stop solution. With the support of our partners at Cornell Capital, as well as CDPQ, IQ and HarbourVest, we have been able to build our reputation as a top-tier innovator for an expanded base of customers. HCT’s cutting-edge designs, engineering, manufacturing and global reach will enable us to further elevate our product and service offerings to better serve and anticipate the evolving needs of our valued customers.”

“KDC/ONE and HCT have highly complementary business models and together will offer a unique solution to our world-class client base,” said Tim Thorpe. “The transaction will enable us to leverage adjacent customer relationships, geographic footprints and products. On behalf of my family and the entire company, I’m proud of all that we have accomplished and look forward to exploring synergies across both businesses for the benefit of customers and employees.”

“Together, these businesses will provide greater innovation and growth opportunities in one of the most attractive subsectors in the CPG space,” said Justine Cheng, Chair of the KDC/ONE Board of Directors and Partner at Cornell Capital. “KDC/ONE and HCT have best-in-class management teams and we expect that KDC/ONE’s manufacturing capabilities with HCT’s packaging design expertise will enable the new platform to better serve its customers globally. In addition, the transaction will improve the overall financial profile of the companies through further diversification and increased scale.”

Charles Émond, Executive Vice-President, Québec, Private Equity and Strategic Planning, at CDPQ added, “As a longstanding partner of KDC/ONE, we are pleased to support this Quebec-based company as it continues to grow into a global leader in the industry. This transaction strongly positions KDC/ONE as it executes on its acquisition and diversification strategy.”

Financing for the transaction will include significant equity reinvestment from Cornell Capital, as well as from the other existing financial sponsors and HCT management. UBS Securities LLC and Jefferies LLC are acting as joint lead arrangers for the transaction, with UBS as the left lead arranger. Specific financial terms of the transaction were not disclosed. The transaction is expected to close in early 2020 and is subject to customary closing conditions.

Jefferies Group LLC is acting as financial advisor to KDC/ONE and Cornell Capital, and Weil, Gotshal & Manges LLP is acting as legal advisor. Houlihan Lokey is acting as financial advisor to HCT, and Morgan Lewis & Bockius LLP is acting as legal advisor.

About KDC/ONE

KDC/ONE is the largest North American custom innovator, formulator and manufacturer serving the prestige beauty, personal care and household sectors. Established in 2002, KDC/ONE is headquartered in Longueuil, Québec and employs over 5,000 employees across 16 state-of-the-art facilities throughout North America, the UK, France and the Czech Republic. KDC/ONE also operates two state-of-the-art innovation and R&D centers, one in Saddle Brook, New Jersey and one in Irvine, California. The business delivers high-touch innovation, operational excellence and speed to market to well-known and indie, emerging and prestige brands. Over the past four years, KDC/ONE has experienced rapid growth through the successful completion of eight notable acquisitions, most recently in California and Europe with the acquisitions of Benchmark Cosmetics Laboratories, of the ALKOS Group and of the manufacturing operations of Swallowfield plc. For more information, visit www.kdc-one.com.

About HCT Group

For over 25 years, HCT Group has remained a global leader in cosmetic manufacturing — and partners with many of the most successful beauty brands to create the industry’s most iconic products. Founded by Chris Thorpe, along with his wife Clare and eldest son James in 1992, HCT provides full-service, turnkey solutions across concept development and design, manufacturing, fill and assembly, and logistics and operations. With headquarters in Santa Monica and offices in New York, New Jersey, London, Paris, Hong Kong, South Korea and Shanghai, HCT partners with more than 400 clients comprising some of the most iconic names and most successful beauty brands across indie, prestige and mass segments. For more information, visit www.hctgroup.com.

About Cornell Capital

Cornell Capital LLC is a private investment firm that takes a value-driven approach to investing. Partnering with strong and entrepreneurial management teams, the firm seeks opportunities in market- leading businesses across the consumer, financial and industrial/business services sectors. Founder and Senior Partner Henry Cornell, who served as the Vice Chairman of Goldman Sachs’ Merchant Banking Division prior to founding Cornell Capital in 2013, leads a highly seasoned senior leadership team with decades of shared investing experience. The firm currently manages over $3.1 billion of assets and has offices in New York and Hong Kong. For more information, visit www.cornellcapllc.com.

About CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CAD 326.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

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3i to receive c. £102m cash from Audley Travel and Hans Anders

3I

3i-backed Audley Travel (“Audley”) and Hans Anders to return c. £102m in cash to 3i Group plc (“3i Group”).

Audley, a leading provider of tailor-made experiential travel, has completed a dividend recapitalisation. 3i Group will receive £67m from this transaction, which together with the shareholder distribution 12 months ago, takes total cash return to date to 3i Group to £93m, equivalent to 0.6x its original investment. For the £67m received from this transaction, it is expected that £18m will be treated as income and the remaining balance as capital proceeds.

3i Group invested in Audley in 2015 to build on its market-leading UK presence and support international growth, particularly in the US, where Audley has seen a 5x increase in bookings over the last 4 years.

Following its acquisition of eyes + more in January 2019, Hans Anders, a market leading, value-formoney optical retailer in North-West Europe has also completed a refinancing. 3i Group will receive €42m (£35m1), which will be treated as a partial return of its investment in Hans Anders.

3i Group invested in Hans Anders in 2017. The fragmented European optical retail market presents significant growth opportunities for Hans Anders.

 

1 Based on a GBPEUR FX rate of 1.19

– Ends-

Download this press release  

 

For further information, contact:
3i Group plc

Silvia Santoro
Shareholder enquiries		 Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com
Kathryn van der Kroft
Media enquiries		 Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

 

Notes to editors

About 3i Group

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

About Audley Travel

Audley is a leading provider of tailor-made experiential travel to over 80 destinations worldwide. Serving clients predominantly in the UK and US, Audley is renowned for its superior customer service and in-depth destination expertise delivered by its country specialists. For more information, please visit www.audleytravel.com

About Hans Anders

Founded in 1982 and headquartered in the Netherlands, Hans Anders is a market leading, value-formoney optical retailer in North-West Europe. The company operates under the Hans Anders, eyes + more and Direkt Optik retail banners, and offers a range of private label and branded spectacles, hearing aids, contact lenses and sunglasses at average price points significantly below its major competitors. For more information, please visit www.hansanders.nl

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ICE acquires WMPH Vacations to expand its cruise business and add new product capabilities

3I

3i-backed International Cruise & Excursions (“ICE”), a global leader in travel loyalty solutions, has acquired We Make People Happy Vacations (“WMPH”), a leading cruise travel agency. Don Walker and Uf Tukel, the WMPH co-founders, are re-investing alongside 3i and the other ICE shareholders. Don and Uf will join ICE and take on senior leadership roles for the combined business.

Founded in 2004 and headquartered in Delray, Florida, WMPH is a key partner to all major cruise lines, operating through its primary brand, iCruise, which is a leader in the industry and one of the best online resources for consumers to research and book cruises.

The acquisition will help enhance ICE’s cruise offering and will provide new sales capabilities, digital marketing and product technology. This will strengthen ICE’s travel-oriented closed-user groups (CUGs) and further enhance ICE’s leading cruise programmes.

Brian Fontana, CEO, ICE, commented: “We see a number of commercial synergies between the two organisations, and look forward to this next phase of the journey for WMPH and ICE. We would like to welcome co-founders Don Walker and Uf Tukel to the ICE team.”

Andrew Olinick, Partner at 3i, US added: “ICE has a track record of long term growth and introducing innovation into the travel industry.  ICE remains committed to cruise as a core market and we are excited about the significant new business and organic growth opportunities with WMPH in the ICE family.”

WMPH will continue to operate from its Delray, Florida headquarters, with support from ICE’s international service centres.  Located near major cruise suppliers, the company is well positioned to build and maintain partner relationships.  Founders Uf Tukel and Don Walker will join the leadership team at ICE and strengthen ICE’s commitment to excellence in cruise, product and marketing solutions.

3i invested in ICE in June 2018. ICE is headquartered in Scottsdale, Arizona with additional offices in Carlsbad, Australia, UK, Portugal, India, Mexico, New Zealand and the Philippines. It provides technology-based travel loyalty solutions for organisations such as Carnival, American Express, USAA and Diamond Resorts.

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Gryphon Investors Invests in Heartland Veterinary Partners

Gryphon Investors

Leading General Veterinary Practice Headquartered in the Midwest Provides Proven Platform for Continued Expansion

San Francisco, CA – December 12, 2019 —Gryphon Investors (“Gryphon”), a San Francisco-based middle-market private equity firm, announced today that it has made a majority investment in Heartland Veterinary Partners (“Heartland” or “the Company”), a leading veterinary support organization in the Mid-American and Southern U.S. markets. Tyree & D’Angelo Partners (“TDP”) and management will retain minority stakes alongside Gryphon. This transaction marks a continuation of Gryphon’s successful track record in helping to build leading multi-site healthcare services businesses. Terms of the deal were not disclosed.

Headquartered in Chicago, the Company partners with over 200 veterinarians across nearly 100 veterinary practices. The Company is focused on providing high-quality general veterinary services to companion animals and has an exceptional reputation within the industry due to its veterinarian-centric mission, vision, and values. CEO Dr. George Robinson, a 30-year veterinarian and industry expert, will remain with the Company and will retain an ownership stake, as will other members of senior management.

“Pets are an important part of the family unit in America. American pet ownership continues to grow and there is a long-term trend towards high-quality preventative care as well as exceptional medical treatment to improve the lives of pets,” said Kevin Blank, Healthcare Operating Partner at Gryphon. He added, “We believe that Heartland is well-positioned for growth in the highly fragmented veterinary services market and has demonstrated an ability to partner with veterinarians to better serve their communities.”

Luke Schroeder, Gryphon Principal, said, “Heartland offers scalable systems, standardized back office support operations, and a predictable and attractive business model generating strong, cash-based revenue. The Company has a terrific reputation as a partner of choice for veterinarians and there are opportunities to continue to grow the customer base and expand the services offered to pet owners. In addition, we will continue to prioritize growth through acquisitions.”

“We’re pleased to partner with Gryphon, which has a long track record of helping companies like ours successfully grow their businesses,” said Dr. Robinson. “With the support of Gryphon’s deep operational and financial resources, we look forward to expanding our network of affiliated veterinarian hospitals and accelerating growth across our core geographies.”

Houlihan Lokey acted as financial advisor to Gryphon, and William Blair was the financial advisor to Heartland. Kirkland & Ellis acted as legal advisor to Gryphon, and Winston & Strawn acted as legal advisor to Heartland.

About Heartland Veterinary Partners
Heartland Veterinary Partners is one of the highest quality and fastest growing veterinary support organizations in the United States, with nearly 100 veterinary practices across the Mid-American and Southern markets. Heartland’s footprint continues to rapidly expand through the successful execution of veterinary practice acquisitions and partnerships with independent practicing veterinarians focused on delivering general veterinary services to companion animals. For more information, please visit www.heartlandvetpartners.com.

About Gryphon Investors
Based in San Francisco, Gryphon Investors (www.gryphoninvestors.com) is a leading private equity firm focused on profitably growing and competitively enhancing middle-market companies in partnership with experienced management. The firm has managed over $5.0 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $100 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $500 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise.

About Tyree & D’Angelo Partners
Based in Chicago, IL, Tyree & D’Angelo Partners is a leading lower middle market private equity firm that makes control ownership investments in businesses that generate less than $50 million of annual revenue and $1–$5 million of EBITDA. TDP seeks to establish true collaborative partnerships with business owners and management teams that will lead to substantial creation of value over a long-term investment horizon. To date, TDP has completed over 200 partnerships across its portfolio companies. For more information, please visit www.tdpfund.com.

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