Tag Archives: Consumer brands

Oakley Capital agrees sale of Casa.it to EQT

Oakley

Oakley Capital (“Oakley”) is pleased to announce that it has reached an agreement to sell its stake in Casa.it (“Casa”), one of the leading players in the online real estate classifieds market in Italy, to the EQT IX fund (“EQT”). Casa is part of Fund III’s investment in the online classifieds group, Casa & atHome.

Oakley originally invested in the business in 2017, as part of the acquisition of a portfolio of classifieds businesses from REA Group, which comprised Casa.it in Italy and atHome.lu in Luxembourg. Under Oakley’s ownership, Casa has significantly expanded its customer base, now servicing over 14,000 real estate agents with over one million property listings on its website.

Luca Rossetto, CEO of Casa, commented:
“This step comes after a 3-year period of significant change at Casa.it. Our technology platform, brand equity, skills and organisation are now positioning Casa.it to be a much stronger player in the Italian market. I would like to take this opportunity to thank the team at Oakley for its support and valuable contribution over this period, which has been key to the development of the company.”

Mediobanca acted as Oakley’s Financial Adviser in connection with this transaction.

We would like to thank Luca Rossetto and his team for their hard work in successfully developing Casa over the past three years, delivering operational improvements and significant customer growth. Casa has many of the traits that Oakley targets in an investment, as a digital platform with a strong position in a structural growth market, and our partnership has continued Oakley’s successful track record in the digital consumer space.
Peter Dubens
Managing Partner, Oakley Capital

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Sun Capital Partners Affiliate Invests in Mancini’s Sleepworld

Sun Capital

Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm focused on investing in market-leading companies, today announced that its affiliate has made an investment in Mancini’s Sleepworld (“Mancini’s” or “the Company”), a mattress retailer serving the Northern California market. Terms of the private transaction were not disclosed.

Founded by the Mancini family in 1969, Mancini’s Sleepworld sells leading brand mattresses and other sleep products such as adjustable bed frames. Randy Mancini, a second-generation owner, has built the successful business to approximately 33 locations throughout the Bay area.

“Mancini’s is in Sun Capital’s sweet spot: a family-owned business in an industry that Sun Capital knows well and where we have had a track record of success,” said Marc Leder, Co-CEO of Sun Capital. “The Company’s success is a testament to Randy Mancini and Marc Fey’s hard work and business acumen, and we appreciate their trust in Sun Capital’s ability to partner with them in growing the business.”

The U.S. bedding industry has grown by approximately 4% annually over the past 20 years and Mancini’s has consistently outperformed this benchmark.

“I have been impressed by Sun Capital’s ability to support the business and its management team to help navigate the current environment, where we are open for business,” said Randy Mancini. “Sun Capital’s focus on supporting sales growth and leveraging its experience and confidence in mattress retailing will be invaluable to the company going forward.”

Sun Capital has extensive experience in the mattress industry through its current investment in Dreams, the U.K.’s leading bed and mattress specialist and previous investments in U.S. mattress retailer Mattress Firm and foam mattress manufacturer, Innocor.

“Sun Capital looks forward to partnering with Marc Fey, who has been promoted to CEO of the company, Randy Mancini, Chairman of the Board, and the rest of the management team, including the impressive sales professionals who do such an excellent job serving Mancini’s customers,” said Matthew Garff, Managing Director at Sun Capital. “We see significant opportunity to benefit from Mancini’s strong reputation to grow sales in-store and via e-commerce as well as to expand Mancini’s geographic footprint.”

About Sun Capital Partners, Inc.

In 2020, Sun Capital Partners, Inc. celebrates 25 years of investing; identifying companies’ untapped potential; and accelerating value through operational excellence. Since 1995, Sun Capital has invested in more than 375 companies worldwide with revenues in excess of $50 billion across a broad range of industries and transaction structures. Over the quarter century, the Firm has built a reputation as a trusted partner recognized for its investment and operational experience, including particular expertise in Business and Consumer Services, Healthcare, Industrial and Consumer sectors. Sun Capital has offices in Boca Raton, Los Angeles and New York, and an affiliate with offices in London.

Contacts

Emily Meringolo
Stanton
646-502-3559
EMeringolo@StantonPRM.com

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Kimberly-Clark to acquire Softex Indonesia

04 Sep 2020

The $1.2b all-cash transaction has been agreed with a group of shareholders including CVC Capital Partners Asia Pacific IV.

Kimberly-Clark Corporation today announced that it has entered into a definitive agreement to acquire Softex Indonesia, a leader in the fast-growing Indonesian personal care market, in an all-cash transaction for approximately $1.2 billion from a group of shareholders including CVC Capital Partners Asia Pacific IV.

Since 1976, Softex Indonesia has built a successful personal care business with strong market positions and has consistently delivered double-digit growth. The company has excellent manufacturing capabilities and a strong go-to-market distribution network. Softex Indonesia generated net sales of approximately $420 million in 2019.

The transaction is expected to close early in the fourth quarter of 2020 and is subject to customary closing conditions. Morgan Stanley & Co. LLC and Centerview Partners LLC acted as financial advisors, and Gibson Dunn and Crutcher LLP acted as legal counsel to Kimberly-Clark on the transaction.

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IK Investment Partners acquires Forthglade

ik-investment-partners

IK Investment Partners (“IK”) is pleased to announce that the IK Small Cap II Fund has acquired a majority stake in Forthglade Foods Limited (“Forthglade” or “the Company”) alongside management. This is the first investment by IK’s newly established UK team. Financial terms of the transaction are not disclosed.

Forthglade is a fast-growing UK based natural pet food brand, producing premium wet and dry dog food and treats. The Company was founded in 1971 and has been led by Gerard Lovell and Chris Brooking since their management buyout in 2011 and subsequent investment by Piper in 2015. IK will acquire a majority stake in Forthglade, with the management team reinvesting alongside.

Based in Okehampton, Devon, Forthglade employs over 130 people in the UK, and distributes across supermarkets, independent specialist pet retailers and online retailers including its own website (www.forthglade.com). Forthglade’s award-winning recipes are valued by customers for their natural ingredients, high meat content, gentle cooking methods, and grain free recipes. Backed by the increasing demand for quality natural pet food and following strategic investments in production processes, marketing, and operations, Forthglade has grown branded sales by over 30% per annum in the last three years and is set to generate over £22 million in sales in the year to September 2020. The company has seen sales accelerate ahead of plan throughout the lockdown period.

The Company recently opened a state-of-the art factory in Devon, which produces the business’ natural wet dog food and has significant additional capacity to support future growth. Forthglade has also successfully launched ranges of cold pressed natural dry food and hand baked dog treats, which are key growth areas for the Company. With IK’s investment, Forthglade plans to increase brand awareness and distribution to drive growth in the UK and overseas. IK will also support Forthglade’s ongoing digital development, as well as further expansion in the business’ product range and growth in its manufacturing capabilities.

The transaction represents the 10th investment from IK’s €550 million Small Cap II Fund. The investment in Forthglade marks a significant milestone for IK’s recently formed UK Small Cap team as they seek to deploy capital in the UK market across IK’s four core sectors: Business Services, Consumer/Food, Engineered Products and Healthcare.

Gerard Lovell, Joint Managing Director of Forthglade commented: “We have thoroughly enjoyed working with Piper whose support and expertise have been invaluable in helping us achieve so much. We are delighted to partner with IK for the next stage of our growth. With their experience across food production and animal health and an established Pan-European footprint, they are well placed to help us grow our offering and enter new markets. We have exciting plans ahead as we look to expand our success in wet into cold pressed and treats, and we see a strong runway for growth ahead.”

Tom Salmon, Partner at IK and advisor to the IK Small Cap II Fund, commented: “Forthglade is an excellent business and a great fit for our investment strategy. We have been very impressed with the achievements of Gerard, Chris and the rest of team in growing the business in recent years, and we are delighted to be backing them in the first investment made by IK’s new UK investment team. The market for natural pet food in the UK is particularly strong and resilient, and we see significant further growth potential for Forthglade in the UK and beyond in the years to come. With our strong track record in supporting growing food production and animal health companies, we look forward to similar success with Forthglade.”

For further questions, please contact:

Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
jmcfarlane@maitland.co.uk 

IK Investment Partners:
Nastasja Vojvodic
Phone:+44 (0) 20 7304 4300
nastasja.vojvodic@ikinvest.com

About IK Investment Partners

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €13 billion of capital and invested in over 130 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

About IK Small Cap II
The €550 million IK Small Cap II Fund (“IK Small Cap II” or “the Fund”) closed in 2018 and invests in growing businesses across IK’s four core sectors: Business Services, Consumer/Food, Engineered Products and Healthcare. Dedicated investment teams in Amsterdam, Copenhagen, Hamburg, London, Paris and Stockholm look to support businesses with an Enterprise Value of between c. €30 million and c. €100 million across the Benelux, DACH, France, Nordics and the UK. For more information, visit www.ikinvest.com/IK-Funds/ik-small-cap-ii-fund

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Takeover of Wasserij Gaverland by CleanLease

ActiveCapital

Koudekerk aan den Rijn, 1 September 2020 – CleanLease, a Dutch-Belgian group specialised in the rental and maintenance of textiles for health care and holiday parks, has taken over its sector partner Wasserij Gaverland. CleanLease is mainly active in hospitals, residential care centres and holiday parks and has about 20 specialised laundries in Belgium and the Netherlands. After the earlier acquisitions of Malysse in Belgium and Lips+ in the Netherlands in 2019, CleanLease has further developed into a leading player in its sector.

Wasserij Gaverland specialises in the maintenance of personal goods for people staying in residential care centres and psychiatric hospitals. With about 200 employees in one Belgian branch and two branches in the Netherlands, they realise a turnover of 16 million euros.

The healthcare market has changed dramatically in recent years. The supply of hire linen, the processing of service clothing and the maintenance of personal laundry are increasingly linked. CleanLease and Wasserij Gaverland find each other a reliable partner. Gaverland customers will be able to enjoy the absolute expertise and variety of CleanLease in the field of linen for hire, service clothing and personal laundry. CleanLease customers will benefit from Gaverland’s years of experience and “know how” in the field of maintaining personal laundry.

With the acquisition of Wasserij Gaverland, CleanLease confirms its ambition to further specialise in the treatment of personal items.

Together, CleanLease and Gaverland will have better opportunities to structurally invest in modernisation and in the development of innovative products and services for their customers. With a perfect spread of its branches across Belgium and the Netherlands, CleanLease is always close to its customers and can offer a more sustainable and efficient service thanks to this coverage ratio.

About CleanLease CleanLease is a leading company in the rental and management of high quality textiles to companies, institutions and individuals in the Benelux. In a rapidly changing environment CleanLease offers its clients professional and innovative solutions in sustainable textile care, efficient logistics and a total facilities concept. CleanLease’s working method focuses on customer relationship, accessibility, speed and sustainability. For more information: www.cleanlease.com.

About Gaverland For over 40 years, Wasserij Gaverland has been an independent laundry that focuses on various sectors specialising in care and industry. The activities of Gaverland focus on the rental of bath and bed linen, the care of personal laundry and the care of the company clothing of employees. Wasserij Gaverland is originally a Belgian company, with a Dutch owner. From a family business, Gaverland has grown into a leading service provider in healthcare and industry. In 2012, Gaverland opened its second branch in Alphen a/d Rijn and a third laundry in Zierikzee in 2017. Both locations specialise in personal laundry and industrial clothing. For more information: www.wasserijgaverland.be.

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Melijoe and Gimv join forces with The Babyshop Group to strengthen global leadership in high-end children’s fashion

GIMV

20/08/2020 – 10:55 | Portfolio

Melijoe, a leading multi-brand website for premium children’s fashion, announced today that it has joined forces with The Babyshop Group (BSG), a Swedish high-end children’s fashion group. The merger with BSG fits Melijoe’s ambition to further expand its vision and international presence to become the largest and most professional e-tailer for premium children’s fashion. Gimv and the Melijoe founder remain shareholders and join a group of recognized investors led by Verdane Capital.

Melijoe (Paris, www.melijoe.com ) was founded in 2007 when Parisienne Nathalie Genty, mother of five, launched a website offering some of the world’s most coveted children’s fashion brands.

Founded in 2007 by Nathalie Genty, mother of five with a passion for fashion and the internet, Melijoe (Paris, www.melijoe.com) has in just a few years become the privileged partner of major fashion houses. Today, the company offers more than 150 of the world’s most coveted children’s fashion brands on its website, with highly inspiring and aesthetic choices.

Gimv acquired a stake in Melijoe in November 2014, mainly to support the company in its international development towards market leadership in a global and at the same time fragmented fashion market in digital transformation.

To meet the desire of major brands to collaborate with a limited number of professional partners in a consolidating market, Gimv, as majority shareholder, has fully supported Melijoe’s strategy. A high-end positioning for an international customer base, a high-quality customer experience, an original product range and strategic partnerships with leading brands were key in this, more than a growth strategy based on volume. Thanks to this shared vision, the company was able to record sustainable international growth and is now ready for the next step, through the collaboration with BSG.

The complementarity between BSG and Melijoe is attractive: BSG’s well-developed back office (data management, acquisition marketing, retail logistics, etc.) can be deployed on a broader scale and enables the group to build further on an ambitious plan for the future.

“From my perspective, clothes are a reflection of children’s emerging personalities. When I created Melijoe, I dreamt of an online store where parents could be free to pick and play with fashion for their kids. Joining Babyshop Group will give me the opportunity to further expand my vision of what Melijoe and our new sister sites should be and represent globally.” comments Nathalie Genty, founder and CEO of Melijoe.

“Combining scale and deep sector expertise within an established but fragmented global niche market such as children’s fashion ensures the continued potential of the new Stockholm-London-Paris team. In the new group, operational capabilities and privileged relationships with consumers and A-brands should enable the very best customer experience in the business. “ add Guillaume Bardy, Partner and Gert Kerkstoel, Associate Partner at Gimv.

Through this transaction Melijoe founder Nathalie Genty and Gimv join a solid group of shareholders, with  Swedish Verdane Capital as main investor and benchmark investor for consumer internet companies in Northern Europe.

For more information, we refer to the press release of The Babyshop Group in attachment. No further financial details on this transaction are being published.

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Vaaka Partners’ successful 10 year journey with Musti Group finalized

Thursday 13.08.2020
Musti Oy

Vaaka Partners has sold the remaining shares in Musti Group in an accelerated bookbuild process together with EQT on August 12th 2020. This brought the successful 10 year journey with the company to an end.

Vaaka invested in Musti ja Mirri in 2010, when the industry was still relatively immature compared to other retail branches. However, the underlying market drivers were very attractive – non-cyclical demand and continuous historical growth based on healthy and sustainable drivers of pet population growth and pets becoming family members. Combining that with very dedicated and motivated company staff and the opportunity to apply best practices from other retail sectors, we eagerly began working and created a bold plan for the company, together with a CEO-to-be Mika Sutinen. Our clear target was to become the leading Nordic omnichannel pet retail chain. Mika then lead the company for the next 7 years and executed this plan very successfully.

One noteworthy milestone was the acquisition of Grizzly Zoo in Sweden in 2012 to bring what we felt was the Nordics leading pet retail concept to Sweden with a kick-start. EQT acquired the majority ownership in the company in the beginning of 2015, and Vaaka remained a ~10% shareholder after that transaction. Musti Group continued to expand and established presence in Norway. In February 2020, Musti Group became a publicly listed company in OMXNasdaq.

Since we acquired the company in 2010, the company has grown from €25 million net sales to €270m and is now the undisputed market leader in the Nordics. It has created new jobs with the employee count growing from 140 to 1100 today. Musti Group is effectively competing against foreign online competitors that generally pose a threat to retail companies and retail jobs. The business is healthy and profitable while growing rapidly and subsequently, the value of the company has grown more than 40-fold over this period. While the last 10 years have been very successful, the story is by no means over and we look forward to hearing great news from the company also going forward. Even if we are not part of the story anymore, we feel pride for being part of the team that got all this going a decade ago.

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KKR to Acquire Roompot Group from PAI Partners

KKR

LONDON–(BUSINESS WIRE)–Jun. 18, 2020– KKR, a leading global investment firm, today announces an agreement to acquire Roompot Group, a provider of holiday parks in Western Europe and #1 operator in the Netherlands, from leading European private equity firm PAI Partners. The transaction is subject to customary closing conditions, having already received positive works council advice. Financial terms are not disclosed.

Founded in 1965 in the region of Zeeland (the Netherlands), Roompot has progressively developed to become a leading holiday parks operator in Europe. The business directly owns and operates 33 parks in the Netherlands, Germany and Belgium, and works exclusively with more than 100 third-party park operators to support their booking and distribution efforts and provide development, design and refurbishment services.

Under PAI’s ownership, Roompot has invested significantly in upgrading and expanding its accommodations and opening new parks, developed a strong digital marketing and distribution platform, increased real estate ownership and grown revenue and EBITDA at double digit growth rates. The company now welcomes three million guests and 13 million overnight stays each year, generating revenues of almost EUR 400 million. PAI’s ownership of Roompot continued its strong track record of supporting the growth of consumer companies worldwide, including in the leisure sector with B&B Hotels most recently, and in the Netherlands where it is currently invested in Wessanen, a leading European healthy and sustainable foods company, and Refresco, a leading international bottler of beverages.

KKR will continue to support Roompot’s current management team with its further development into a leading pan-European operator, driven by supportive structural trends around domestic tourism. The investment continues KKR’s track record in the Netherlands with major recent investments including Upfield (formerly Unilever’s Spreads business), Exact Software (a leading provider of accounting software to SMBs) and Q-Park (a pan-European parking services provider).

Jurgen van Cutsem, CEO of Roompot Group, said: “As we change to new ownership we would like to thank PAI, who have been a hugely supportive partner to our team since 2016, and welcome KKR for the next phase. Our focus, as always, will be providing a great service for our leisure customers and third-party providers. We continue to see growing demand from our guests and from our corporate partners due to the leading platform we have put in place, providing a solid foundation to scale the business, also on an international level.”

Daan Knottenbelt, Partner and Head of the Benelux region at KKR, said: “Roompot is already a leading player in the region with a best-in-class management team and a strong recent track record. We see significant further growth potential based on a very strong development pipeline, continued expansion of Roompot’s owned assets and new corporate partnerships. KKR is investing in Roompot through our Core Investments strategy, which is our pool of capital for longer-term investments, and we look forward to working with Jurgen and his team over the coming years.” Joerg Metzner, Director at KKR, added that “We have been looking for a platform to invest behind in the fragmented European holiday parks market for some time. Our support for Roompot and its management team fits perfectly with our broader investment theme in the leisure space.”

Gaëlle d’Engremont, Partner and Head of Food & Consumer at PAI Partners, said: “PAI has accompanied Roompot through an exciting transformation journey since 2016. Roompot has significantly reinforced its offer and its leadership in the Dutch holiday park sector over the past four years under the leadership of Jurgen. We are delighted that KKR will support the strong ambitions of the team to continue this successful trajectory.”

KKR is making its investment through its Core Investments strategy, which represents capital targeting longer-term opportunities. Recent European investments through this strategy include the acquisition of Exact Software in the Netherlands in 2019.

About Roompot
Roompot is the second-largest operator and provider of holiday parks in Europe and a regional market leader in the Netherlands, with a strong and expanding position on the coastal regions. More than 2100 employees are motivated to let 3 million guests enjoy a well-earned vacation each year, representing 13 million overnight stays in Roompot’s 17,000 holiday accommodations. In total Roompot has more than 150 holiday parks in Denmark, the Netherlands, Germany, Belgium, France and Spain in its portfolio, from premium resorts to comfortable parks and pleasing campsites. www.roompot.com

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 PAI Partners
PAI Partners is a leading European private equity firm with offices in Paris, London, Luxembourg, Madrid, Milan, Munich, New York and Stockholm. It manages €13.6 billion of dedicated buyout funds and, since 1994, has completed 74 transactions in 11 countries, representing over €50 billion in transaction value. PAI Partners is characterised by its industrial approach to ownership combined with its sector-based organisation. It provides the companies it owns with the financial and strategic support required to pursue their development and enhance strategic value creation. www.paipartners.com

Media Contacts
KKR: international
Alastair Elwen / Alice Neave
Finsbury
+44 (0) 20 7251 3801 or kkr@finsbury.com

KKR: Netherlands
Corina Holla
Meines Holla & Partners
+31 (0)70 362 25 52 or corinaholla@meinesholla.nl

PAI Partners
Head of Communications: Matthieu Roussellier
+44 20 7297 4674
Greenbrook Communications: James Madsen / Fanni Bodri
+44 20 7952 2000

Roompot
PR & Corporate Communications: Baptiste van Outryve
+31 6 30 94 78 24

Source: KKR

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Kinnevik agrees to divest shares in Qliro Group

Kinnevik

Kinnevik AB(publ)(“Kinnevik”) today announced that it has agreed to divest 36,021,945 shares in Qliro Group AB (“QliroGroup”) to Rite Ventures, corresponding to 23.2percent of the shares in Qliro Group. As partial payment for thesold Qliro Group shares, Kinnevik will receive up to 47,439 shares in MatHem i Sverige AB (“MatHem”), corresponding to 0.5percentof the total number of shares in MatHem. The balance will be paid through a promissory note from Rite Ventures, which under some circumstances provides for a purchase price adjustment. The total consideration that Kinnevik expects to record in its financial statements immediately after closing of the transaction corresponds toSEK 195m.After the transaction, Rite Ventures will hold 29.9 percent of the shares in Qliro Group.

In connection with the transaction, other MatHem shareholders may also sell a portion of their MatHem shares to Kinnevikin exchange for Qliro Groupshares. If a sufficient number of MatHem shareholders exchange their shares, Kinnevik may come to divest its remaining stake of approximately 4 percent in Qliro Group through such exchange. Final completion of the transaction is subject to approval from the Swedish Financial Supervisory Authority, and closing is expected to take place in the third quarter of 2020.

For further information, visitwww.kinnevik.comor contact:Torun Litzén, Director Investor Relations

Phone +46 (0)70 762 00 50Email press@kinnevik.com

Kinnevik is an industry focused investment company with an entrepreneurial spirit. Our purpose is to make people’s lives better by providing more and better choice. In partnership with talented founders and management teams we build challenger businesses that use disruptive technology to address material, everyday consumer needs. As active owners, we believe in delivering both shareholder and social valueby building long-term sustainable businesses that contribute positively to society. We invest in Europe, with a focus on the Nordics, the US, and selectively in other markets. 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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KAR Global announces $550 million strategic investment led by Funds advised by Apax Partners

Apax

CARMEL, Ind. – May 26, 2020: KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), a global vehicle remarketing and technology solutions provider, today announced the placement of $550 million in newly issued perpetual convertible preferred stock of KAR Global (“KAR”). The preferred stock has a 7.0% dividend which shall be paid in-kind for the eight quarters following closing, and thereafter in cash or in-kind at KAR’s option. The initial conversion price of $17.75 per share represents an approximately 42% premium to KAR’s closing price of $12.52 per share on Friday, May 22, 2020. The investment was led by funds advised by Apax Partners (the “Apax Funds”), a global private equity advisory firm, with participation by Periphas Capital, L.P. The proceeds of the transaction will be utilized to expedite the resumption of operations to meet market demand, sustain the company’s technology platforms and development pipeline and navigate the industry and economic recovery.

“KAR took early and decisive steps in response to COVID-19 to protect the safety of our employees and customers, preserve our capital position and keep our operations moving forward,” said Jim Hallett, Chairman and CEO of KAR. “This transaction will help us continue to support our global customers and further accelerate our digital transformation. Apax is the right strategic partner for our company, employees and stockholders, and their investment reinforces the strength of our brands, market position and long-term strategy for growth and expansion.”

“KAR is an internationally recognized leader in wholesale remarketing with a strong track record of innovation,” said Roy Mackenzie, Partner at Apax Partners. “The company’s market leading digital platforms and investments in data analytics uniquely position them to thrive in the new digital normal. We look forward to partnering with KAR’s progressive and entrepreneurial management team to transform their industry and drive long-term value for all stockholders.”

Goldman Sachs & Co. LLC acted as lead financial advisor, J.P. Morgan Securities LLC acted as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisor to KAR. Simpson Thacher & Bartlett LLP served as legal advisor to Apax Partners. Wachtell, Lipton, Rosen & Katz served as legal advisor to Periphas Capital.

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About KAR

KAR Auction Services, Inc. d/b/a KAR Global (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. KAR Global’s unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services, including the sale of nearly 3.8 million units valued at approximately $40 billion through our auctions in 2019. Our integrated physical, online and mobile marketplaces reduce risk, improve transparency and streamline transactions for customers in more than 80 countries. Headquartered in Carmel, Indiana, KAR Global has employees across the United States, Canada, Mexico, U.K. and Europe. For more information, go to www.karglobal.com. For the latest KAR Global news, follow us on Twitter @KARspeaks.

About Apax Partners

Apax Partners is a leading global private equity advisory firm. Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies.

The Apax Funds are growth focused investors with a long and successful track record investing in leading software and digital businesses. The Apax Funds have invested more than $5 billion in this sub-sector, including Dealer.com, DealerTrack, Trader Corporation and Auto Trader Group plc.

For more information see: www.apax.com.

About Periphas Capital 

Periphas Capital focuses on growth and buyout investments in four primary industries: Technology Enabled Services, Business Services, Consumer and Industrials. The principals of Periphas bring 30 years of private equity investing experience and have led 37 investments with aggregate invested capital of $5 billion, including a previous investment in KAR, in addition to investments in Aramark, Burger King and Hexcel.

For more information see: www.periphascapital.com.

Forward-Looking Statement

This press release includes certain statements that may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and are intended to be covered by the safe harbor provisions thereof. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect, believe or anticipate will or may occur in the future, are forward-looking statements. Forward-looking statements are not guarantees of future performance and we caution you not to place undue reliance on such statements. Forward-looking statements are generally identifiable by the use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “project,” “continue,” or the negative of these words, or other similar words or terms.

Forward-looking statements contained in this press release are subject to a number of risks and uncertainties, many of which are beyond our control, that may cause our actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by forward-looking statements made by us. Factors and risks to our business that could cause actual results to differ from those contained in the forward-looking statements are described in our filings with the Securities and Exchange Commission. These risks and uncertainties include, but are not limited to, potential risks and uncertainties relating to the novel coronavirus (COVID-19).

Contacts 

For Apax Partners

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

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

For KAR

Media Inquiries: Tobin Richer | +1 (317) 249-4521 | tobin.richer@karglobal.com

Analyst Inquiries: Mike Eliason | +1 (317) 249-4559 | mike.eliason@karglobal.com

Notes to Editors 

London-headquartered Apax Partners (www.apax.com) and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.

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