Gimv welcomes WorxInvest as reference shareholder

GIMV

 

 

Antwerp, 30 November 2023 – The diversified investment company WorxInvest and the Flemish Participation Company VPM announce today an agreement where WorxInvest acquires all of VPM’s remaining 27.81% stake in Gimv NV (Gimv), the Euronext Brussels listed European investment company. WorxInvest is the parent company of the leading European HR solutions provider SD Worx. The transaction is subject to customary regulatory approvals.

Gimv is a European investment company with over four decades of experience in private equity and venture capital. It manages around EUR 1.6 billion of investments in about 60 companies. As a recognised market leader in selected investment platforms, Gimv identifies entrepreneurial and innovative companies with high-growth potential and supports them in their transformation into market leaders. Gimv’s five investment platforms are: Consumer, Healthcare, Smart Industries, Sustainable Cities and Life Sciences.

The transaction value of the 27.81% stake has been determined at EUR 375 million, or
EUR 48.36 per share (cum dividend). This represents a premium of +10% to the closing price on 30 November and a discount of 6% to the latest reported net asset value.

WorxInvest considers Gimv as a long-term strategic investment through which it will realise its direct private equity investment strategy, while WorxInvest separately continues its focus on indirect investments.

Filip Dierckx, Executive Chairman of WorxInvest, comments: “We are very pleased to announce this transaction, which marks a new milestone for WorxInvest. We have a lot of respect for Gimv’s achievements and the strength of its CEO and management team, and we look forward to working together to create value for all stakeholders. We believe that Gimv has a unique position in the European investment landscape, and we are proud to contribute to its future success. As an active reference shareholder of Gimv, WorxInvest will fully support Gimv’s activities and provide continuity and anchorage in Flanders. WorxInvest is committed to fostering a collaborative and mutually beneficial partnership with Gimv in alignment with its strategic objectives and European growth ambitions, while respecting Gimv’s governance.”

Koen Dejonckheere, CEO of Gimv, says: “We welcome WorxInvest as our new reference shareholder and we thank VPM for more than 43 years of “Building Leading Companies” together. We are confident that WorxInvest will be a constructive and reliable partner for Gimv, sharing our vision and values. With WorxInvest on board, we will further pursue our mission and continue our growth journey as a stock market-listed international investor. By focusing on the values of ambitious entrepreneurship, diverse top talent and ground-breaking innovation, Gimv -as a partnership-oriented investor- aims to continue to add significant value for its shareholders as well as sustainable prosperity for our society.”

Matthias Diependaele, Flemish Minister for Finance and Budget, states: “WorxInvest is the ideal partner for Gimv. WorxInvest is anchored in Flanders and has experience with similar investments. The link with Flanders was crucial for me and was therefore included in the selection criteria for finding the best future partner. With this transaction we are anchoring Gimv in Flanders, allowing Gimv to continue playing its important role in the Flemish business landscape. Moreover, the price offered is a considerable boost for Flanders and is fully in line with the 10-year average share price of Gimv. The price that WorxInvest is prepared to pay recognises the great appreciation WorxInvest has for Gimv and its future potential.”

Jo Brouns, Flemish Minister for Economy, Innovation, Work, Social Economy and Agriculture, states: “We are very pleased to have found a good partner who will take over VPM’s role as a reference shareholder of Gimv. We trust that there will be a high degree of continuity, which will be to the benefit of our Flemish economy.

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Nordic Capital-backed Max Matthiessen acquires two companies – and expands to Denmark

Nordic Capital

Max Matthiessen continues to future-proof its business as it expands its footprint outside of Sweden. With the acquisitions of the two Danish companies, PensionsSelskabet and StockRate Asset Management, Max Matthiessen will have a significant presence on the Danish market.

“We’ve ambitious growth targets and are in the process of taking Max Matthiessen to the next level. With us, the customer is always at the centre. The entry into the Danish market is very positive. For future growth, the ambition is to establish a presence in Denmark both organically and through acquisitions,” said Jacob Schlawitz, CEO at Max Matthiessen.

PensionsSelskabet pension & health care services has an attractive business model, based on solid partnerships, and has demonstrated a solid track-record of growth and expansion. Its business strategy focuses on ensuring high quality and putting customers’ best interest first.

PensionsSelskabet and its employees look forward to joining Max Matthiessen, as it expands its Life & Pension offering and footprint in Denmark. The acquisition will widen the selection of products and services accessible to customers in Denmark.

“It’s very promising that this is becoming a reality, and we’re all looking forward to joining. With Max Matthiessen’s strength and experience, we can improve and develop our services and range of innovative products in Denmark,” said Stig Wetterstrom, CEO at PensionsSelskabet.

Max Matthiessen also acquires StockRate Asset Management, a leading provider of personal wealth management services, and by that increases its market shares within the segment. With the ambition to expand further internationally, the StockRate acquisition is a perfect match. It brings a presence on the Danish market and is an excellent addition to Max Matthiessen’s product assortment. Furthermore, it will give StockRate employees the opportunity to benefit from Max Matthiessen’s established collaborations and access to Max Matthiessen Group’s business solutions.

The strengthened investment solutions will be beneficial for the customers. StockRate has a solid business model based on flourishing partnerships and a very strong Private Banking branch.

“StockRate is a customer-oriented organisation where the customers’ needs, wishes and satisfaction are at the centre of our decision-making, strategies, and activities. We always strive to create value to our customers through customised products, attentive customer service and continuous improvement in our performance. With Max Matthiessen, we’ll be stronger and able to offer additional investment solutions that earlier haven’t been available in Denmark,” said Kristian Kjer, Administrative Director at StockRate Asset Management.

 

Press contact:
Hanna Ericsson
Press Officer, Max Matthiessen
Tel: +46 73 463 66 31
e-mail: hanna.ericsson@maxm.se

About PensionsSelskabet pension & health care services
PensionsSelskabet mediates pension- and healthcare systems for companies, entrepreneurs, and individuals, as well as advises on everything from the composition of the company’s pension system to an individual employee’s own solution. The company has more than 25,000 customers, 35 passionate pension specialists and offices in Aalborg, Aarhus, Esbjerg, Herning, Sonderborg, Odense and Copenhagen. The company offers both traditional and innovative pension solutions for companies and their employees.

About StockRate Asset Management
StockRate aims to have a positive impact on the investment industry and to be a responsible and decent asset manager for its clients. It puts the customer at the centre and prioritises personal and independent advice based on its customers’ financial wishes and individual situation. StockRate has extensive expertise in the areas of global equities, bonds, rental housing and alternative and sustainable investing. The company manages more than DKK 8 bn for Danish private professional investors. StockRate strives to deliver value to clients through personal, transparent, and independent advice that makes a real difference.

About Max Matthiessen
Max Matthiessen, founded in 1889, is a leading Swedish advisor within pensions, insurance and investment, offering advice, analysis, administration and procurement of pension and insurance solutions to employers, entrepreneurs and individual customers. The Company also offers advice within savings, investment advisory and asset management. Max Matthiessen has 560 employees at 36 locations throughout Sweden. In 2022, revenues were EUR 190 m. For further information, please see https://www.maxm.se/

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KKR Acquires $373 Million Portfolio of Prime Auto Loans

KKR

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that private credit funds and accounts managed by KKR have purchased a $373 million portfolio of prime auto loans from Synovus Bank.

This investment aligns with KKR’s asset-based finance (ABF) strategy, which focuses on privately originated and negotiated credit investments that are backed by large and diversified pools of financial and hard assets, with attractive risk-adjusted returns. KKR has made 65 ABF investments globally since 2016 through a combination of portfolio acquisitions, platform investments and structured investments. The firm has approximately $42 billion in ABF assets under management and a team of more than 50 professionals directly involved in the ABF effort globally.

“We continue to see opportunities to provide capital to the banking community and believe that the combination of our scale, deep ABF investment expertise and ability to execute efficiently positions us to be a partner of choice for these types of transactions,” said Dan Pietrzak, Global Head of Private Credit at KKR.

“There is an immense opportunity for scaled private capital investment across the ABF space, especially as traditional lenders increasingly focus on optimizing their balance sheets and increasing liquidity,” said Avi Korn and Chris Mellia, Managing Directors at KKR.

KKR made the investment through its private credit funds and accounts.

About KKR

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

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

Source: KKR

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Carlyle to acquire Evolution Funding

Carlyle

London, United Kingdom, 25 July 2023 – Global investment firm Carlyle (NASDAQ: CG) announced today that it has agreed to acquire Evolution Funding (“Evolution”), the UK’s largest used auto finance platform, investing alongside Evolution’s founders and existing investor LDC. The terms of the transaction were not disclosed.

Based in Chesterfield, UK, Evolution is a technology-led motor finance platform that connects car dealers and auto finance providers with multiple lenders. Since it was founded in 2002, the business has grown to become the largest used car finance marketplace in the UK with its funding platform widely embedded across UK automotive dealerships. It has c. 500 employees and supports over 4,000 dealer forecourts, including national car dealerships such as Marshall, Sytner Group and Trust Ford, and major online-only used car dealers such as Cinch and Cazoo. It also has brand partnerships with the AA and fintech services like Experian and ClearScore, which offer access to direct-to-consumer channels. In the last twelve months, Evolution has enabled nearly 150,000 financing transactions with a total platform volume in excess of GBP 2 billion. Over the last four years, the business has almost quadrupled the total volume of advances it enables along with doubling its employee headcount.

Evolution has made two key strategic acquisitions in recent years: Click Dealer in July 2021 and Motion Finance in May 2023. Click Dealer is highly complementary to Evolution’s existing services and supports its growth strategy to enhance its technology, digital capabilities, and SaaS proposition. Motion Finance has allowed Evolution to further grow its core market share in independent motor dealers.

Equity for the investment will be provided by Carlyle Europe Technology Partners (“CETP”) V, a €3 billion fund which invests in technology companies across Europe. CETP will work with management to support Evolution’s growth in the used car finance market by working to expand the range of dealers’ product offerings on its interface and in doing so becoming an enablement platform for additional sales, developing a digital lead-generation capability, and exploring consolidation of the fragmented motor finance market through further M&A.

Fernando Chueca, Managing Director in the CETP investment advisory team, said: “In Evolution, we identified the opportunity to partner with an advanced technology platform in the UK’s fragmented market for used car finance, which we believe is an attractive and growing segment. In addition to its market leading position and high barriers to entry, we believe the continued development and expansion of Evolution’s digital platform, as well as exploring M&A opportunities, can unlock significant value. We look forward to working with Lee and the entire team at Evolution.”

Lee Streets, founder and CEO of Evolution Funding, said: “We believe Evolution holds a unique position in the UK’s motor finance market, built upon capturing the opportunity to provide a differentiated, technology-based platform which helps both lender and dealer partners navigate change from digitisation and regulation. In Carlyle, we have found the ideal partner to continue our growth journey, given their experience growing and scaling entrepreneurial technology businesses like ours.

We would like to thank the team at LDC for their support over the last four years, investment in the development of our technology platform, and for helping us to position Evolution at the leading edge of the market. We are excited for this next stage of Evolution’s journey as we continue to transform the motor finance market.”

Lawrence Dean, Partner and Head of South at LDC, added: “Lee and his team have almost quadrupled the total volume of advances Evolution’s platform enables in the last four years; a significant achievement given the uncertainty in the market. In addition, Evolution has continued to invest in its technology, playing a leading role in the digitisation of the motor finance market and developing innovative digital finance solutions that are shaping the industry and customer experience. We look forward to continuing to work together to support Evolution’s future growth plans.”

CETP was advised by Houlihan Lokey, DLA Piper, Alvarez & Marsal, LEK and Seedcloud.

Evolution Funding and LDC were advised by Arma Partners, Gowling WLG, KPMG, OC&C and Crosslake.

The transaction is subject to FCA approval.

 

###

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $381 billion of assets under management as of March 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

 

About Evolution Funding

  1. Evolution Funding is the UK’s largest independent motor finance broker and technology provider, authorised and regulated by the Financial Conduct Authority. Its head office is in Chesterfield, Derbyshire, UK. They employ circa 500 staff UK-wide.

 

  1. Evolution Funding delivers brokered motor finance solutions for approximately 4,000 active motor dealers using a panel of 30+ lenders. Dealers consist of independent and franchised dealers through to car supermarkets and include many of the Top 10 national dealer groups.

 

  1. Evolution Funding develops its own market-leading technology to facilitate digital finance journeys for consumers via dealer websites, price comparison and eligibility platforms.

 

  1. Evolution Funding has been named Car Finance Awards ‘Best Broker’ for seven consecutive years.

 

  1. Evolution Funding’s Vision is “To lead change, digital innovation and excellence in motor finance”.

 

  1. For further information, visit http://web.evolutionfunding.com/news

 

About LDC

www.ldc.co.uk/pressrelease

  1. LDC is a private equity investor and part of Lloyds Banking Group. It is authorised and regulated by the Financial Conduct Authority.
  2. We have partnered with more than 675 management teams since 1981 and have a portfolio of more than 90 businesses across the UK.
  3. We have made investments across all major sectors of the UK economy and are actively supporting businesses in industries including Business Services, Consumer, Healthcare, ICT, Industrials, Media and Technology.
  4. Our teams are based in every part of the UK and we’re committed to investing in at least 100 businesses nationally over the next five years.

 

 

Media contacts

 

Carlyle:

Nicholas Brown

nicholas.brown@carlyle.com

+44 7471 037 002

 

Evolution Funding:

Sarah Simpkins

sarahsimpkins@evolutionfunding.com

+44 7971 407 631

 

LDC:

Sophie Millward, Citypress

sophie.millward@citypress.co.uk

0161 235 0350

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Bain Capital to Acquire and Invest in Adani Capital’s Growth

BainCapital

Bain Capital to Acquire and Invest in Adani Capital’s Growth

  • Transaction to position leading non-bank financial institution as a standalone company to drive expanded lending to underserved MSME, agriculture, and affordable housing segments.
  • Includes significant support and reinvestment from Gaurav Gupta, who will continue to serve as MD & CEO.

MUMBAI, 23 July 2023 – Bain Capital, a leading global private investment firm, today announced that it has entered into a definitive agreement to acquire 90% of Adani Capital and Adani Housing. The transaction will buy out 100 percent of the Adani family’s private investments in the company, with Gaurav Gupta fully rolling his stake in the company and continuing to serve as Managing Director and CEO.

Bain Capital has also committed $120 million in primary capital to facilitate the company’s ongoing growth. Further, Bain Capital is also immediately making available to the Company a liquidity line $50 million in the form of Non-Convertible Debentures.

“Gaurav and the team have built a scale lending business that supports entrepreneurialism and is trying to solve the $300 billion+ unmet retail MSME credit demand in the country. The company has strong business fundamentals, an experienced team, with ability to serve and expand to core segments like agriculture, housing and to underbanked rural areas,” said Rishi Mandawat, a Partner at Bain Capital. “We see compelling opportunities to partner with Gaurav and team to support and facilitate Adani Capital’s next phase of growth by providing access to significant capital, strategic and operating resources, and deep experience partnering with financial services businesses in India and across the globe.”

“I have known Gaurav since his days as an investment banker,” said Mr. Gautam Adani, Chairman, Adani Group. “He wanted to become an entrepreneur and I backed him. He has not only built a good financial services business with a focus on the underserved in semi-urban and rural India but has also valuably contributed to the Adani Group. I am very happy that a credible investor like Bain Capital is stepping in now and this will help the business grow manyfold from here.”

“It has been an extraordinary six years; to have the capital, a strong brand and, more importantly, the freedom to build a business is perhaps unprecedented – and for this, I thank Gautambhai for the opportunity and for his faith in me,” said Gaurav Gupta. “Our aim has always been to support micro-entrepreneurs and first-time homeowners in Bharat and to be the most economical and convenient lender to our customers by leveraging technology. The team and I are very pleased to welcome a partner like Bain Capital who shares our vision of making affordable finance available to our customer segment with a strong focus on customer literacy and education. With Bain Capital committing INR 1,000 Cr of capital in the Company, we are now equipped to grow 4x from here.”

Entrepreneurialism and growing consumption rates across India are driving a significant increase in the volume of MSMEs, which now constitute an important segment of the Indian economy, contributing approximately 30% of its gross domestic product, according to the Ministry of Micro, Small & Medium Enterprises. Despite their potential, only 10% of MSMEs in India have access to a formal source of credit to support growth aspirations, particularly more acute in rural areas. Adani Capital was founded in 2017 to democratize access to affordable, convenient lending solutions and support the next generation of MSMEs and entrepreneurs in India. To realize that vision, Adani Capital has built an AUM of nearly $500 million, a network spanning more than 170 branches across eight states, and a team of over 2,500 professionals who expound its “customer-first” culture.

Avendus Capital was the exclusive financial advisor to Adani Capital, Adani Housing Finance and their shareholders on this transaction. Rothschild was the exclusive financial advisor to Bain Capital on this transaction.

Bain Capital has deep experience in investing to support the growth and leadership of a diversified set of financial services businesses in India and across the globe, including Axis Bank, 360One (fka IIFL Wealth), Judo Bank, L&T Finance Holdings, Legacy Corporate Lending, and more.

The transaction is expected to close in Q4 2023, pending necessary regulatory and market approvals.

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365 Business Finance Boost funding capacity with increase to senior secured facility with Pollen Street

Pollenstreet

365 Business Finance and Pollen Street Capital (“Pollen Street”) have successfully completed a 40% increase to Pollen Street’s senior secured credit facility boosting 365 Business Finance’s funding capacity to support SMEs across the UK.

The London-based provider of revenue-based finance has already seen significant growth in demand, with 141% year-on-year increase in the amount funded to UK SMEs. 365 Business Finance’s proprietary technology platform and unique automatic collections process have enabled it to maintain market-leading credit performance and record levels of origination. The increased facility has also enabled the company to increase its maximum individual advance from £300k to £400k.

“We’ve seen incredible levels of growth in the past year, with thousands of businesses looking to our revenue-based funding solution to help their businesses thrive during this challenging period of economic uncertainty and high interest rates,” said Andrew Raphaely, 365 Business Finance Managing Director. “Our flexible repayments solution, which matches our customers’ cashflow, market-leading customer service and fully-automated collections technology have enabled us to become a leading provider of unsecured finance to the retail, hospitality and online sectors.

“We’re delighted to build on our long-standing relationship with Pollen Street. Our increased credit facility will enable us to more than double our levels of funding to UK SMEs over the next 12 months.”

Michael Katramados, Partner, Pollen Street, said, “We are delighted to build on our strong relationship with 365 which started in 2018, increasing our facility to support them as they grow. Through this facility our financing will continue to support SMEs across the UK, aligning with our commitment to generating a positive impact through the work that we do.”

365 Business Finance has grown significantly and is originating at its fastest pace ever while performance and cash collections remain strong. The business has seen headcount grow by 50% in the past 12 months and recently opened a brand-new office in Finchley Road.

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BPEA EQT led consortium to acquire HDFC Credila – India’s largest non-bank education loan specialist, enabling academic studies for the country’s growing young population

eqt
  • BPEA EQT led consortium to acquire HDFC Credila, India’s leading provider of tailored financing solutions for students pursuing academic studies in India and abroad
  • HDFC Credila empowers India’s growing young population by enabling aspiring students to actualize their dreams of a higher education – having helped more than 124,000 youths enroll to 4,100 academic institutions in 59 countries to date
  • The BPEA EQT led consortium also plans to invest INR 20bn primary capital in HDFC Credila to support its next phase of growth and accelerate its digital transformation, while strengthening its footprint in existing markets, leveraging BPEA EQT’s long experience and proven track record in the education sector
  • The investment marks the largest ever private equity buyout transaction in the financial services sector in India

EQT is pleased to announce that BPEA Private Equity Fund VIII (“BPEA EQT”), alongside partner co-investor ChrysCapital have agreed to acquire a 90 percent stake of HDFC Credila (the “Company”) for INR 103.5 billion pre-money valuation from its parent company Housing Development Finance Corporation Ltd. (“HDFC”), which will retain a 9.99 percent stake. HDFC Group is one of India’s leading financial conglomerates with interests in housing finance, banking, life insurance, general insurance, asset management, real estate venture funding, and education loans.

Headquartered in Mumbai, India, HDFC Credila is the country’s first and largest dedicated education loan company, supporting tens of thousands of Indian students every year with tailored financing solutions for undergraduate and postgraduate studies. Since its establishment in 2006, HDFC Credila has helped more than 124,000 students enroll to approximately 4,100 universities and academic institutions across 59 countries globally, primarily in the U.S., Canada, the U.K., and Australia, with a higher focus on STEM courses.

There is a growing demand for quality higher education among India’s expanding middle class, which today makes up approximately a third of the country’s 1.4 billion population. With that demand underserved in India, parents and students increasingly look overseas for higher education, and the outflow of Indian students is expected to grow by around 10 percent annually over the coming years. This trend is also driven by favorable immigration policies in developed countries to solve talent shortage due to an aging population, especially for STEM talent, and demand from international universities to increase diversity.

The BPEA EQT led consortium will infuse INR 20 billion of primary capital in HDFC Credila to support its next phase of growth while maintaining the core focus on funding postgraduate studies for Indian students. BPEA EQT aims to accelerate the Company’s digital transformation, leveraging EQT’s in-house digitalization expertise, solid track record within cyber security and credit underwriting, as well as its proven go-to-market capabilities within banking and loan management.

Moreover, BPEA EQT aims to grow HDFC Credila’s footprint and strengthen partnerships with academic institutions in existing and prospective markets, drawing on its long experience in the education sector, having supported its portfolio company Nord Anglia Education’s expansion across 33 countries over the past 15 years, and recently acquired IMG Academy, a world-leading sports education institution in the U.S.

Jimmy Mahtani, Partner and Head of BPEA EQT India, commented, “The demand in India for obtaining a higher education is growing at a faster pace than ever, accelerated by our country’s growing middle class and students’ strive for better career opportunities. Coming out of HDFC Group, one of India’s most respected and well-established financial conglomerates, HDFC Credila plays a critical part in serving this demand. We have been following HDFC Credila for several years and we are excited to partner with its strong management team led by Arijit Sanyal. We also welcome HDFC Group’s decision to retain a minority stake in the business and we see their continued support as a testament to our vision for the company. Looking ahead, BPEA EQT plans to accelerate HDFC Credila’s digital transformation and invest significantly in the Company’s continued growth.”

Arijit Sanyal, CEO of HDFC Credila, said, “Having established ourselves as the largest NBFC in the education finance sector in India, we are delighted to welcome our new investors BPEA EQT and ChrysCapital. Our association with such marquee investors is expected to fuel the next chapter in HDFC Credila’s journey and enable us to scale new heights. We also welcome HDFC’s decision to retain 9.99 percent stake in the Company and look forward to our continued association. I would like to thank all our stakeholders and employees for their continued support. I am extremely optimistic about our future and look forward to the next steps.”

Kosmo Kalliarekos, Partner and Co-Head of Education within BPEA EQT’s Advisory Team, concluded, ”We all know how important education is to get a good start in life. It goes beyond one’s personal development and career as it helps build a better society for future generations. BPEA EQT is proud to support HDFC Credila on its mission to empower aspiring students to achieve their dreams of academic studies, and it resonates well with EQT’s purpose to make a positive impact through our investments. HDFC Credila marks BPEA EQT’s second education investment this year following IMG Academy and we look forward to contributing with our sector experience and networks to ensure that more youths are given access to a good education.”

BPEA EQT was advised by Arpwood Capital, E&Y (financial, tax, ESG, and technology), Awelin (digital),  and JSA (legal).

With this transaction, BPEA Private Equity Fund VIII is expected to be 25-30 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About BPEA EQT
BPEA EQT is part of EQT, a purpose-driven global investment organization in active ownership strategies. BPEA EQT combines the private equity teams from Baring Private Equity Asia (BPEA) and EQT Asia, creating a comprehensive Asian private equity presence with local teams in eight cities across the region, a 25-year heritage, and more than USD 25 billion of capital deployed since inception. In addition to BPEA EQT, EQT’s strategies in the region include EQT Infrastructure and the real estate division EQT Exeter.

More info: www.eqtgroup.com/private-capital/bpea-eqt
Follow EQT on LinkedIn, Twitter, YouTube and Instagram

About HDFC Credila
HDFC Credila Financial Services Limited is a leading, tech-enabled, fast-growing education sector financier in India. Since inception in 2006, HDFC Credila has enabled over 124,000 young aspirants across 59 countries, 4100+ institutes and 2700+ courses to pursue their dreams of higher education in India and overseas. The Company has a proven track record as market and thought leader in the education finance sector.

More info: www.hdfccredila.com

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Azets Group secures investment from PAI Partners to join Hg and support next phase of growth

PAI Partners

Azets Group (“the Group”), a leading provider of business-critical accounting, tax, payroll, audit and advisory services to SMEs, has announced today that PAI Partners (“PAI”), a pre-eminent private equity firm, has joined the business as a new investor. Following completion, PAI will hold an equal and co-controlling stake in Azets alongside current owners Hg, a leading investor in European and transatlantic software and services businesses.

Azets was formed by Hg six years ago, in response to the growing digitalisation of financial compliance processes for SMEs. Since then, the Group has grown significantly to become one of the largest tech-enabled providers of professional advisory, financial and accounting services to SMEs globally.

Azets continues to benefit from the broader trend of SMEs outsourcing non-core and non-discretionary services, as well as the highly fragmented nature of the sector. The business has acquired more than 90 local providers since inception. Today, Azets’ 7,600 professionals support over 93,000 clients and generate revenues of approximately £700 million.

Azets is now backed by two leading private equity investors: PAI, with its deep sector expertise in Business Services, and Hg, with its longstanding heritage in software and services investing. Both investors have a strong track record of partnering with management teams to rapidly scale businesses and create global industry leaders.

With this support, Azets is well placed to continue its successful growth strategy, deepening its presence in new and existing markets across Europe through a combination of organic growth and further strategic M&A.

Chris Horne, Group Chief Executive Officer at Azets, said: “Azets has established a strong reputation for delivering innovative tech-enabled services in what has previously been a low-tech adoption sector. Our five-year Pathway strategy outlines a clear purpose and vision of how we want our business to develop, and we are thrilled to have selected two investors who are as excited about our future as we are. To gain backing from another world-class investor is testament to this evolution and will enable us to deliver on future opportunities that will help us scale and support our thousands of clients and colleagues globally.”

Colm O’Sullivan, a Partner at PAI Partners, said: “With its proven and resilient business model, Azets provides a strong platform for future growth. Thanks to its leading market positioning, the firm is well placed to benefit from the growing levels of compliance, regulation and outsourcing that underpin its core services market. We look forward to partnering with the management team and Hg in this next phase of Azets’ growth.”

Matthew Brockman, Managing Partner at Hg, said: “We are delighted to have reached this milestone with Azets. From the original vision, we have built a world-class company using our deep knowledge of this sector and considerable operational capabilities in building software and services companies. This transaction allows us to return significant capital to our investors, a huge priority for us in the last year, while bringing on substantial new expertise from a strong partner and retaining a substantial interest in the next leg of growth for Azets.”

Completion is subject to customary regulatory approvals.

Hg and Azets management were advised by JP Morgan as lead adviser, Jefferies, Alpha Advisory, Skadden, EY, Deloitte and OC&C. PAI Partners was advised by Deutsche Bank, Freshfields, KPMG, Alvarez & Marsal and Bain & Company.

For further information, please contact:

For Azets
Shaun Staff, Azets Group
+44 (0)7515 789306
shaun.staff@azets.co.uk

For PAI Partners
Dania Saidam, PAI Partners
+44 (0)20 7297 4678
dania.saidam@paipartners.com

For Hg
Tom Eckersley, Hg
+44 (0)20 8396 0930
tom.eckersley@hgcapital.com

Azadeh Varzi, Brunswick Group
+44 (0)207 404 5959
hg@brunswickgroup.com

About Azets

Azets is an international outsourcing, compliance, and advisory group. Our 7,600 smart talented people support 93,000 clients through our network of 189 offices in the Nordics, UK, and Ireland.

We provide trusted advice and personalised client services across accounting, tax, audit, advisory, people, and technology, saving companies and business owners precious time, so they can focus on achieving their ambitions.

We exist to improve the lives of our colleagues, clients, and communities, in a sustainable way. And everything we do is underpinned by our investments in people and technology.

Our proprietary digital workplace technology, Azets Cozone, is a unique cloud-based portal giving SMEs instant access to information about their business that simplifies workflows, increases operational productivity, and supports a more productive client relationship.

Blick Rothenberg, London’s award-winning international corporate and private tax and accounting brand, and Nordic-based companies Karabingruppen, Legeregnskap, Luotsi Isännöinti, and Idur are all a part of Azets.

Azets is a member of Allinial Global, the member-based association dedicated to the success of independent accounting and consulting firms.

Fine out more at www.azets.com.

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. It manages c. €25 billion of dedicated buyout funds and, since 1994, has completed 97 investments in 12 countries, representing over €70 billion in transaction value. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond. Learn more about the PAI story, the team and their approach at: www.paipartners.com.

About Hg

Hg support the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers.

This industry is characterised by digitisation trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.

With a vast European network and strong presence across North America, Hg’s 400 employees and $65bn in funds under management support a portfolio of more than 45 businesses, worth over $120 billion aggregate enterprise value, with over 100,000 employees, consistently growing revenues at more than 20% annually. If you’d like to see more, check Hg out at www.hgcapital.com.

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True Wind Capital and Elyan Partners Make Strategic Growth Investment in Envoy Global

Truewind

SAN FRANCISCO, PARIS, CHICAGO January 24, 2022 –True Wind Capital (“True Wind”), a San Francisco-based private equity firm focused on investing in leading technology companies, and Elyan Partners (“Elyan”), a member of the Edmond de Rothschild Private Equity partnership, today announced a growth investment in Envoy Global (“Envoy”), a leading, mission-driven provider of software and services solutions to the global business immigration market. True Wind and Elyan are partnering with Palladium Equity Partners (“Palladium”), affiliates of which acquired Envoy in September 2021 and which will remain the company’s largest shareholder.

Based in Chicago, Envoy is a leading provider of workforce management solutions that empower companies to hire the best talent regardless of where they live while enhancing transparency and efficiency for both employees and employers. The company serves nearly 1,000 customers, including many Fortune 500 companies, across a broad range of industries, such as technology, healthcare, and finance, with an emphasis on STEM workforce needs. Envoy leverages proprietary technology and expert legal representation to help simplify and assist highly skilled foreign nationals, HR professionals and enterprises with immigration filing processes and human capital business needs.

Sean Giese, a partner at True Wind who will join the board of Envoy as part of this transaction, said, “Envoy is a dynamic, market leading company with a compelling value proposition that has become an important resource for companies and employees navigating the increasingly complex global immigration process. We look forward to supporting the company by leveraging our proven capabilities in building and scaling technology businesses, and working alongside management and our partners, Palladium and Elyan, to accelerate growth.”

“We welcome True Wind and Elyan as partners as we continue to simplify global immigration compliance programs and the sponsorship and management of work authorizations in key markets around the world,” said Dick Burke, President and Chief Executive Officer of Envoy. “Importantly, True Wind and Elyan share our values and recognize the critical work we do every day for the coalition of cultures, ethnicities and nationalities hoping to maximize their opportunities and reach their potential.”

Alex Funk, Principal at Palladium, added, “As Envoy continues on its growth trajectory, we are glad to have True Wind and Elyan join us in supporting the management team. We believe True Wind’s operational approach and legacy of helping build and transform software businesses, coupled with Elyan’s deep international presence and global relationships, make them valued partners in our collective efforts to expand and enhance Envoy’s impressive platform and reach.”

Jean-François Felix, Managing Partner at Elyan, commented, “Envoy is uniquely positioned in the U.S. immigration services market with its innovative and market-leading solution for businesses. We look forward, together with our partners Palladium and True Wind, and with the support of the Edmond de Rothschild group’s deep European network, to helping Envoy expand its services outside the U.S. and particularly in Europe, where similar market complexities create a strong opportunity to assist international companies with their staffing needs and facilitate the onboarding of international talent.”

Orrick served as legal advisor to True Wind, Dechert served as legal advisor to Elyan, and O’Melveny and Myers served as legal advisor to Envoy and Palladium.

About True Wind Capital

True Wind Capital is a San Francisco-based private equity firm focused on investing in leading technology companies. True Wind has a broad investing mandate, with deep industry expertise across software, data analytics, tech-enabled services, internet, financial technology, and hardware. Founded in 2015, True Wind has completed 11 platform investments and 20 add-on acquisitions. For more information, please visit https://www.truewindcapital.com.

About Envoy

Founded in 1998, Envoy is a global immigration services provider with an international footprint, working across offices in APAC, EMEA and the Americas. Envoy offers an immigration management platform that makes it seamless for companies to hire and manage an international workforce by combining expert legal representation — for both inbound and outbound immigration — and proprietary technology. Envoy empowers companies to acquire the best talent regardless of their global footprint; helps mobilize employees around the world to take advantage of business opportunities; and enables the management of entire global workforces, providing a strategic, proactive view into workforce and financial forecasting and compliance. Envoy has managed more than 30,000 cases and served more than 2,000 customers in a broad range of industries.

Website, technology platform and administrative services are provided by Envoy Global Inc., a Delaware corporation. U.S. legal services are provided by two U.S. law firms — Global Immigration Associates, PC and Corporate Immigration Partners, LLP. Global immigration services are provided by Envoy or Envoy’s global immigration service providers. All U.S. legal and global immigration services are fully integrated with the Envoy Platform for a seamless customer experience. Please visit www.envoyglobal.com for more information.

About Palladium Equity Partners, LLC

Palladium is the oldest minority-owned private equity buyout firm in the industry with over $3 billion of assets under management. The firm seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital, strategic guidance and operational oversight. Since its founding in 1997, Palladium has invested over $3 billion of capital in 38 platform investments and 148 add-on acquisitions, realizing 22 of these platform investments. The firm focuses primarily on buyout equity investments in the range of $50 million to $150 million. The principals of the firm have meaningful experience in consumer, services, industrials, and healthcare businesses, with a special focus on companies they believe will benefit from the growth in the U.S. Hispanic population. Palladium is based in New York City. For more information, visit www.palladiumequity.com.

About Elyan Partners and Edmond de Rothschild Private Equity

Elyan Partners is a member of the Edmond de Rothschild Private Equity partnership and is the exclusive financial advisor for the ERES (Edmond de Rothschild Equity Strategies) and Privilege funds, together totaling close to €1 billion in assets under management. Through a collaborative investment strategy with management teams and shareholders, Elyan is committed to supporting the sustainable growth of midcap companies in Europe and the United States.

Edmond de Rothschild Private Equity is an independent firm, part of Edmond de Rothschild Asset Management, with over CHF3 billion in assets under management. With an entrepreneurial approach to finance and backed by strong convictions, Edmond de Rothschild Private Equity builds and develops differentiating investment strategies that provide a sustainable response to environmental and social issues. Created in 1953, the Edmond de Rothschild group has CHF 168 billion in assets under management, 2,500 employees and 33 locations worldwide.

Media Contacts:

For True Wind Capital:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co.
(212) 257-4170

For Palladium Equity Partners:
Todd Fogarty/Jeffrey Taufield
Kekst CNC
todd.fogarty@kekstcnc.com/jeffrey.taufield@kekstcnc.com

For Elyan Partners and Edmond de Rothschild Private Equity:
Laura Barkatz
Steele & Holt
+336658255414
laura@steeleandholt.com

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Genstar Capital Joins GTCR as Investor in JSSI

SAN FRANCISCO and CHICAGO, November 11, 2022Genstar Capital, a leading private equity firm focused on investments in targeted segments of the financial services, healthcare, software, and industrials industries, today announced a significant investment in Jet Support Services, Inc. (JSSI), the leading independent provider of aircraft maintenance support and financial tools for the business aviation industry. Genstar is partnering with existing investors GTCR, the Book family and JSSI’s management team to support the company’s next phase of growth.

For more than 30 years, JSSI has been delivering Hourly Cost Maintenance (HCM) Programs to the business aviation industry, partnering with aircraft owners and operators to help stabilize aircraft costs, assure high quality maintenance and provide enhanced customer service. JSSI also offers maintenance tracking software, a result of two notable acquisitions in the past 18 months, a global multi-channel parts distribution and engine leasing business (JSSI Parts & Leasing), and a subscription-based aircraft operating cost and performance guide (Conklin & de Decker), all of which provides synergistic benefits to aircraft operators.

The company has a global footprint across 85 countries, with 450 employees, including 75 technical advisors and product line specialists supporting 5,000+ aircraft and overseeing 10,000+ annual maintenance events. JSSI facilitates and streamlines carbon offset purchasing directly through its customer platform, allowing customers to monitor and reduce their carbon footprint. JSSI Parts & Leasing supports sustainable utilization through recycling of parts via aircraft teardowns and subsequent reuse of serviceable parts in maintenance and repair work.

Neil Book, Chief Executive Officer of JSSI, said, “We are laser focused on creating value for our customers by simplifying and easing the complexities of aircraft maintenance. My team and I are appreciative for the ongoing collaboration with GTCR, which has been a fun and rewarding partnership since 2020. As we start this next chapter, Genstar is an ideal partner, with a tremendous track record, to support our ambitious growth plan.”

Genstar’s investment in JSSI spanned a multi-vertical team across software, insurance and industrials, led by Eli Weiss, Ryan Clark and Rob Clark. “Genstar has a rich history investing across software, insurance and industrial distribution businesses and is excited to bring that unique perspective to help JSSI in its next chapter. JSSI is extremely well positioned to further its position in the private aircraft maintenance sector by leveraging its 30-year history in the industry. We are closely aligned with GTCR on how to create meaningful value and the JSSI team is poised to embark on its next chapter of growth. We look forward to working with Neil, his team and GTCR to further the company’s offerings and deliver value to customers,” said Weiss, Clark and Clark.

Craig A. Bondy, Managing Director at GTCR, added, “Since our investment in 2020 we have worked closely with Neil to accelerate JSSI’s growth, including completing two key acquisitions to significantly grow the company’s maintenance tracking software business and deliver advanced solutions to a wider cross section of the business aviation community. Genstar’s investment is a testament to the hard work of the JSSI team and the value proposition they deliver to customers.”

Simpson Thacher & Bartlett LLP served as legal counsel to Genstar. Kirkland & Ellis LLP served as legal counsel to GTCR.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for over 30 years.  Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar currently has approximately $35 billion of assets under management and targets investments focused on targeted segments of the financial services, healthcare, industrials, and software industries.

About GTCR

Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology, Media & Telecommunications sectors. Since its inception, GTCR has invested more than $24 billion in over 270 companies, and the firm currently manages over $27 billion in equity capital. GTCR is based in Chicago with offices in New York and West Palm Beach. For more information, please visit www.gtcr.com. Follow us on LinkedIn.

About Jet Support Services, Inc.

For more than 30 years, Jet Support Services, Inc. (JSSI), has been the leading independent provider of maintenance support and financial services to the business aviation industry. JSSI supports in excess of 5,000 business jets and helicopters across the globe through its maintenance programs and software and serves customers through an infrastructure of certified technical advisors. JSSI leverages this technical knowledge, experience, buying power and data to provide support at every stage of the aircraft lifecycle, from aircraft acquisition to aircraft teardown and part out. For more information, visit jetsupport.com.

Media Contacts:

For JSSI
Chiara Lawrance
8020 Communications
+44 1483 447380
JSSI@8020comms.com

For GTCR
Andrew Johnson
(212) 835-7042
andrew.johnson@gtcr.com

For Genstar Capital
Chris Tofalli Public Relations
Chris Tofalli
914-834-4334
chris@tofallipr.com

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