We are pleased to announce that Affirma Capital has exited part of its stake in TBO Tek Ltd (“TBO”) to
General Atlantic at over a 9x money multiple of its investment subject to terms and conditions agreed
by the parties. Affirma Capital invested approximately INR 3 billion (USD 42 million) in 2018 through a
secondary transaction immediately prior to its spin-off from Standard Chartered Bank.

Multi-bagger exits in private equity are rare. When they happen, they can be due to investors taking a
contrarian bet, a company’s disruptive product offering, exceptional management execution or due to
strong market tailwinds. In our case, we are fortunate that all the above have been contributors.

First: Since TBO largely serves offline travel agents, there was always a concern that this market
segment would get marginalised at the cost of customers directly booking online. However, outbound
travel is highly complex and travel agents play, and will continue to play, a crucial role in facilitating
leisure and corporate travel. The outbound market has not only grown but the company has
continually expanded its offering to thousands of its agents worldwide: Affirma Capital invested in TBO
when the business was primarily India focused and has worked with management to transform the
business into a global player by expanding organically and through acquisitions.

Second: TBO’s robust tech platform simplifies travel and removes the friction that travellers face today
– yes, simplicity can be disruptive!

Third: Having great products or access to large market opportunities can be meaningless without
strong leadership. Gaurav and Ankush are exceptional leaders who have executed well with the help
of the strong management team that they have built. Covid was the mother of all crises that a travel
company could face but this management team turned adversity into opportunity by opening new
business lines, adding global talent, making bolt-on acquisitions and creating goodwill with suppliers
and travel agent consumers.

Finally, no one can control the markets, but the pandemic has taught us that life can be unpredictable,
and we shouldn’t hold back on spending on things we enjoy. Travel allows people to unwind, spend
time with friends and families and expand one’s horizons. So, growth in outbound travel is a trend
that’s here to stay (even today, only a small percentage of Indians have passports).
“We are grateful to Affirma Capital who have supported us immensely during the last five years,
including during the COVID pandemic, and have been true value-add partners in our scale-up
journey,” said Gaurav Bhatnagar and Ankush Nijhawan, co-founders of TBO, commenting on the deal.

“Since our investment in 2018, we have witnessed TBO’s transformational journey to becoming one of
the leading travel technology platforms globally. We continue to believe in its potential to aggregate and
digitize travel for travel partners across the globe and are excited to remain invested in the business,”
said Udai Dhawan, Founding Partner and India Head at Affirma Capital.

Note to Editors:
About Affirma Capital
Affirma Capital is an independent emerging market private equity firm owned and operated by the
former senior leadership of Standard Chartered Private Equity (SCPE). It currently manages c. USD
3.2 billion in assets for leading global limited partners and sovereign wealth funds and has offices in
Singapore, Seoul, Shanghai, Mumbai, Dubai, and Johannesburg.
About TBO Tek Ltd
TBO is one of the leading global travel distribution platforms that offers an integrated two-sided
technology platform, thus acting as a seamless interface between suppliers and buyers. TBO’s platform
allows the large and fragmented base of suppliers to display and market inventory to, and set prices
for, the large and fragmented global buyer base. TBO has a diversified global footprint and revenue
mix, and has regional operation centres across India, Middle East, Europe, North America, APAC and
Latin America.
For more information please contact media@affirmacapital.com

Funds advised by Apax Partners LLP (“Apax”) announced today that they have completed the acquisition of Bazooka Candy Brands (“Bazooka” or “the Company”), a portfolio of leading non-chocolate confectionary brands, from Michael D. Eisner’s Tornante Company and funds affiliated with Madison Dearborn Partners (“MDP”). 

Bazooka produces, markets, and distributes a range of iconic confectionary brands, including Ring Pop®, Push Pop®, Baby Bottle Pop®, Juicy Drop®, and Bazooka Bubble Gum®. The Company’s portfolio spans lollipops, gummies, chewy candy, gum, and chocolate, packed in highly unique formats to deliver Edible Entertainment® experiences to generations of customers worldwide. Over the past several years, Bazooka’s U.S. retail sales growth has significantly outpaced the overall confectionary category, and in the year-to-date period through August 2023, retail sales have grown approximately 29% year-over-year[1]. Effective upon the transaction’s closing, Tony Jacobs, Bazooka Candy Brands’ long-time President, has been promoted to Chief Executive Officer.

The Apax team, working in partnership with Bazooka’s management team, will look to stand the Company up as an independent business and build on the success of Bazooka’s global portfolio of beloved confectionery brands. In support of its growth efforts, the team will focus on distribution growth, product innovation, geographic expansion, and the strategic acquisition of brands in complementary categories.

“We’re incredibly excited to partner with Apax in this next stage of our growth journey,” said Tony Jacobs, Chief Executive Officer, Bazooka. “Bazooka will continue to build on our history of successful brand-building and innovation to drive outsized growth in the U.S. and globally. We have an incredibly talented team, and I’m very proud of the leadership position we’ve been able to establish in the marketplace. Together with Apax, we look forward to continuing to deliver truly differentiated and exciting products that customers love. I also want to thank our former owners, Tornante and MDP, as well as CEO Michael Brandstaedter, for their support and commitment to our brands, which have enabled our strong performance and have positioned the business for our next chapter of success.”  

“It’s rare to have the opportunity to partner with a business that can boast the success and heritage that Bazooka has, and we are excited to work with the entire team on this next chapter for the business,” said Nick Hartman, Partner, Apax. “Bazooka fits squarely within our team’s focus on investments in well-positioned consumer packaged goods categories, and we see a compelling opportunity to leverage our sector knowledge to help the Company achieve its next phase of growth.”

“This transaction is the culmination of an extremely successful and gratifying tenure of ownership of Bazooka, which would not have been possible without the foresight and leadership of Tornante’s incredibly talented President, Andy Redman,” said Michael D. Eisner. “Together with MDP, an exceptional and constructive partner throughout, and our outstanding corporate management, including Mike Brandstaedter and Tony Jacobs, we have grown Bazooka into a group of the most iconic candy brands on the market. We look forward to celebrating the Company’s continued success from the sideline.”

“It has been a privilege to partner with Michael Eisner and Tornante, and to work with Bazooka’s leadership for the duration of our investment partnership,” said MDP Managing Director Scott G. Pasquini. “Tony Jacobs and his leadership team are the best in the business, and we know they will continue to guide Bazooka to new heights.”

Financial terms were not disclosed. Macquarie Capital and Simpson, Thacher & Bartlett LLP served as financial and legal advisors, respectively, to Apax. Deutsche Bank and Kirkland & Ellis LLP served as financial and legal advisors, respectively, to Bazooka Candy Brands.

-ENDS-

ABOUT BAZOOKA

Bazooka Candy Brands, until recently a division of The Bazooka Companies, Inc. features a range of iconic produces and high-quality candy products such as Ring Pop®, Push Pop®, Baby Bottle Pop®, Juicy Drop® Pop, and of course, Bazooka® bubble gum. For additional information, visit  www.bazookacandybrands.com

ABOUT APAX

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $65 billion. The Apax Funds invest in companies across four global sectors of Internet/Consumer, Tech, Services, and Healthcare. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

Apax Partners is authorised and regulated by the Financial Conduct Authority in the UK.

ABOUT THE TORNANTE COMPANY

Founded in 2005 by Michael Eisner, The Tornante Company is a privately held company that invests in, acquires, and operates companies in media and entertainment.

ABOUT MADISON DEARBORN PARTNERS

Madison Dearborn Partners, LLC (“MDP”) is a leading private equity investment firm based in Chicago. Since MDP’s formation in 1992, the firm has raised aggregate capital of more than $29 billion and has completed over 160 platform investments. MDP invests across five dedicated industry verticals, including basic industries; business and government software and services; financial services; health care; and telecom, media and technology services. For more information, please visit www.mdcp.com.

[1] Information Resources, Inc. (IRI)

GLOBAL MEDIA CONTACT

Katarina Sallerfors

t: +44 20 7872 6300

Luke Charalambous

t: +44 20 7872 6300

Gresham House Ventures participates in £8.3mn series B fundraising round for existing portfolio business TravelLocal, a global tailor-made holidays platform, alongside Puma Private Equity and Active Partners, helping to accelerate the company’s international growth. 

TravelLocal is a global brand and receives bookings from clients worldwide, as a managed marketplace. It is growing rapidly, as travellers demand genuinely authentic, more sustainable holidays and prioritise spending on experiences, annual bookings are over USD 50mn and are growing over 100% year on year. The new additional funding will support the company’s international growth, including investment in its managed marketplace platform and further brand marketing (including broadcasting its latest TV advert “Global Travel, Local Experts”).

TravelLocal’s innovative model is revolutionising tailor-made holidays, by connecting its customers directly with handpicked, trusted local travel experts based in their destination – who know their country better than anyone. This combines the benefits of human advice from vetted local experts, the convenience of being able to book online and full consumer financial protection (through ABTA and ATOL in the UK). Since the business was founded in 2016, TravelLocal has helped more than 70,000 customers create the perfect trip.

The TravelLocal platform enables bookings with over 500 individual local travel experts around the world, who create truly personalised itineraries directly with and for the client. They work in 271 curated partner companies and are the ‘hidden stars’ of the legacy travel industry, to whom clients now have direct access by booking with TravelLocal. They have extensive experience of advising international clients. Many travellers care deeply about making their holidays more responsible and sustainable, and TravelLocal’s approach helps to fulfil this, by enabling direct access. By dealing directly with experts in locally incorporated companies, who know and care passionately about their communities and ecosystems, more client spend remains in the local economy of the destination.

This Series B funding round follows the highly successful merger in July 2021 of TravelLocal (UK) and Trip.me (Germany), both now fully integrated under the TravelLocal brand. TravelLocal has offices in Bristol and Berlin with colleagues also working remotely across the world. This follow-on is Gresham House Venture’s third investment in the company, with Active Partners, following the Series A and the merger in 2021.

Tom Makey, Investment Director at Gresham House Ventures said:

“This marks another important milestone for the talented TravelLocal team. The business performed strongly through the pandemic thanks to its innovative, agile approach, and it has continued this success ever since, adapting to the evolving dynamics of the travel sector and the demand from customers for a more authentic and responsible experience. We look forward to supporting the business in its next phase of growth.”

Tom Stapleton, CEO at TravelLocal said:

“TravelLocal has performed very strongly again coming out of the pandemic as people travel extensively – and increasingly with a strong desire to do so in a more sustainable, meaningful way, that supports local people and economies. Our unique business model enables everyone to do just that. This funding round reflects the excellent growth opportunity we now have, and the first class team we have built to tackle it.”

Media enquiries

KL Communications

gh@kl-communications.com

September 04, 2023, LONDON–(BUSINESS WIRE)–Butternut Box, the UK-based fresh dog food company known for its innovative approach to pet food, today announced it has raised £280m in its latest fundraising round from new investor General Atlantic, a leading global growth equity firm. Existing investor L Catterton, a leading global consumer-focused investment firm, also participated in the round, helping to further the brand’s presence in Europe and continue its mission to deliver fresh, tasty, and healthy meals to dogs around the world. The transaction’s closing is subject to customary regulatory conditions, but is expected to occur in Q4 2023.

Butternut Box is Europe’s largest fresh dog food brand, feeding dogs in the UK, Ireland, the Netherlands, Belgium, and most recently Poland following its April 2023 acquisition of PsiBufet, one of the leading fresh dog food companies in Central and Eastern Europe. Since its inception in 2016, Butternut Box has grown rapidly, raising over £100m to date including investments from L Catterton, White Star Capital, Five Seasons Ventures, Passion Capital, Literacy Capital, Claret Capital, and HSBC.

This latest investment will be used to build on this momentum, underscoring Butternut Box’s mission to deliver health and happiness to dogs and their humans. Butternut Box plans to use this funding to accelerate the Company’s leadership position across the Fresh category in the pet food space through further European expansion, including the development of a new European manufacturing facility. The planned facility will be the second of its kind for Butternut Box after Rudie’s Kitchen, a fully integrated manufacturing and fulfilment facility that opened in March 2021, giving the Company complete visibility and control over its emissions production. This further underlines the Company’s commitment to creating a positive impact across all areas of its business, as evidenced by receiving B Corp accreditation in September 2022.

Kevin Glynn, co-founder of Butternut Box, said: “We are delighted to now partner with General Atlantic, who is an incredible investor and shares our long-term vision of developing the category of Fresh pet food across Europe. It is also fantastic to receive further support from our long-standing partner, L Catterton who we’ve been proud to work with for several years now and who also believes in the power of Fresh and that we are only really at the starting line. Most notably we are incredibly excited by what this investment will unlock for our customers (dogs and humans) in the years to come as we are nothing without them.”

“We’re thrilled about the ways in which this investment will allow us to continue to live out our mission,” added David Nolan, co-founder of Butternut Box. “Everyone here is driven by a uniting purpose to deliver health and happiness to all dogs, everywhere. This investment will help us take the next leap forward in doing just that.”

“We are very excited to partner with Kevin and David who have reimagined Fresh pet food through Butternut Box’s diversified product portfolio and mission-driven brand,” said Melis Kahya Akar, Managing Director and Head of Consumer for EMEA at General Atlantic. “There is an immense opportunity set across the Fresh pet food category in EMEA, and we believe Butternut Box is well positioned to leverage its digitally enabled business model to meet this growing demand. We look forward to utilising our pet expertise and technology capabilities to support the Company through its next chapter of growth.”

“Since partnering with Kevin, David, and the team three years ago, Butternut Box has expanded its leadership in the growing Fresh pet food space in the UK and Europe and has built a loyal following among pets and humans alike,” said Howard Steyn, a Partner at L Catterton. “While we have long had conviction in the UK Fresh category after investing behind this concept in the U.S., we’ve been particularly impressed by how Butternut Box continues to innovate and deliver such compelling value to its customers. We look forward to leveraging our global experience in the pet category to support the brand’s next phase of growth.”

Butternut Box is dedicated to serving only the highest quality, freshly–prepared meals for dogs, delivered straight to customers’ doors. With a core meals range of 12 fresh recipes, plus a growing selection of treats, chews and supplements, Butternut Box is delivering a fresh take on dog food.

Butternut Box was advised by Harris Williams and Orrick, Herrington & Sutcliffe LLP. Houlihan Lokey served as financial advisor and Freshfields served as legal advisor to General Atlantic. PwC served as financial advisor and Latham & Watkins served as legal advisor to L Catterton.

About Butternut Box

Butternut Box is a fresh dog food company founded by two friends, Kev & Dave. The two started the company after seeing the benefits that home-cooked food had on Dave’s poorly rescue dog, Rudie. Butternut’s mission is to deliver health and happiness to dogs and their humans all over the world. For more information, visit www.butternutbox.com.

About General Atlantic

General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 500 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic has more than $77 billion in assets under management inclusive of all products as of June 30, 2023, and more than 220 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Miami, Mumbai, Munich, San Francisco, São Paulo, Shanghai, Singapore, Stamford and Tel Aviv. For more information on General Atlantic, please visit: www.generalatlantic.com.

About L Catterton

L Catterton is a market-leading consumer-focused investment firm, managing approximately $34 billion of equity capital and three multi-product platforms: private equity, credit, and real estate. Leveraging deep category insight, operational excellence, and a broad network of strategic relationships, L Catterton’s team of more than 200 investment and operating professionals across 17 offices partners with management teams to drive differentiated value creation across its portfolio. Founded in 1989, the firm has made over 250 investments in some of the world’s most iconic consumer brands. For more information about L Catterton, please visit www.lcatterton.com.

Contacts
Butternut Box
Tom Lansdowne
tom@butternutbox.com

General Atlantic
Liz McBain
media@generalatlantic.com

L Catterton
Julie Hamilton
media@lcatterton.com
203.742.5185

• New York-based Gympass allows its base of over two million employee subscribers to access a global network of over 50,000 gyms, studios, classes, personal trainers, and wellness apps although though one employee benefit
• The USD 85 million investment round will help Gympass accelerate growth across its 11 global markets, as employers prioritize decreasing healthcare costs and improving employee wellbeing
• EQT Growth, in partnership with the company’s management team and existing investors, will support the company in the next leg of its growth journey, leveraging its in-house digital business development experts to continue to deepen Gympass’ network and global leadership

EQT is pleased to announce that the EQT Growth fund (“EQT Growth”) has invested in Gympass (or the “Company”), as part of its $85m Series F round. The round also saw participation from Neuberger Berman client funds and existing investors. Carolina Brochado, Deputy Head of the EQT Growth Advisory team, will join the Gympass Board.

Founded in 2012 and based in New York, Gympass is a leading corporate wellness platform, providings access to a network of over 50,000 gyms, studios, classes, personal trainers, and wellness apps through a single employee benefit. With over two million global employee subscribers, Gympass supports companies around the world to retain employees, drive productivity, and reduce healthcare costs.

Gympass has seen 80% year-on-year growth in its customer base over the last year, on the back of strong adoption tailwinds for its platform. For example, four out of five employees globally believe wellbeing is equally important to salary, according to the Gympass Work-Life Wellness Report 2022. As a result of its powerful platform, Gympass has more than doubled the average number of employees engaged with wellness at its corporate customers and has thereby grown the market, all while driving improved employee happiness and health.

EQT Growth will support Gympass in its next phase of growth, drawing on EQT’s presence in over 20 countries across the world. It will leverage its in-house digital business development experts, as well as its extensive network of industrial advisors to help Gympass continue to deepen its reach and global leadership. EQT Growth will also support further investment in the Company’s product capabilities.

Carolina Brochado, Deputy Head of the EQT Growth Advisory team, said: “For years we have watched the Gympass team exceed expectations again and again. Their powerful recurring model, which now reaches 11 markets globally, sees clear and strong network effects the more it scales. It enables Gympass to deliver a diverse and growing network of partners, thereby reaching employees who might not have previously had access to wellness activities and as a result further expanding the market. We are really excited to be helping this stellar management team continue to build a healthier, happier, and more productive corporate world.”

Cesar Carvalho, Co-Founder and CEO of Gympass, said: “We live in a time where companies globally are making investments to drive efficient growth and reduce spending. Organizations are shifting from reactive and traditional healthcare benefits that increase costs, to more holistic and preventative wellness benefits that reduce costs and improve employee wellbeing and productivity. With the support of EQT Growth and our other investors, we look forward to further accelerating our growth and reach so that we can improve the wellbeing of even more employees around the world.”

Contact
​​Finn McLaughlan, finn.mclaughlan@eqtpartners.com, +44 771 534 1608
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT Growth
EQT Growth supports leading growth-stage technology companies as they take the next step to scale. The strategy seeks to invest around EUR 50 million to EUR 200 million, backing strong management teams of companies supported by secular macro trends primarily within four tech sub-sectors: enterprise, con/prosumer, health, and climate. Based in five countries across Europe, the EQT Growth team has extensive investing and operating experience that allows it to support its portfolio companies however called upon.

EQT Growth is part of EQT, a purpose-driven global investment organization with EUR 126 billion in fee-paying assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About Gympass
Gympass is one of the most loved corporate wellness platform, offering the best network of gyms, studios, classes, personal trainers, and wellness apps – all in one employee benefit. More than 15,000 companies use Gympass to help their employees move, eat, sleep, and feel better with access to fitness and wellness partners in subscriptions that cost up to 50% less than traditional memberships. Gympass more than doubles the number of employees engaged with wellness. This widespread participation results in workforces that are 40% less likely to turnover and save their companies up to 35% on healthcare costs. Investing in employee wellbeing is investing in company performance. Get started at gympass.com