Tag Archives: healthcare

Gimv increases its interest in German GPNZ to further support and develop the dental platform in its growth ambitions

05/05/2021 – 07:30 | Portfolio

Gimv has increased its interest in GPNZ (Gesellschaft für Praxisnachfolge in der Zahnmedizin), a fast-growing, high-quality dental platform in Germany. In addition to a significant capital increase into the company, Gimv has acquired the shares of co-investors Cannonball® and co-founder Marcus Geier. The founder and CEO of GPNZ Roman Wachtel also participated in the capital increase. The additional resources will be used to conclude further partnerships and to continue the group’s dynamic growth path. 

The dentistry group GPNZ (Gesellschaft für Praxisnachfolge in der Zahnmedizin, Munich, – www.gpnz.de) was launched in late 2018 with the aim of becoming a leading high-quality dental chain in Germany through buy and build. In collaboration with the co-investors and the current management, GPNZ has established itself as a fast growing dental platform, having assembled a group of high quality dental practices and supported them with tailor-made development plans, backed by a strong team at the Munich headquarters as well as effective regional support.

Acquisition of high quality and successful dental practices with best-in-class dentists and staff is an essential part of GPNZ’s consolidation strategy in a large but highly fragmented market, bringing benefits for dentists, staff and patients. Dentists reduce time spent on administrative, HR, marketing or commercial tasks and can focus on their medical role. They also gain flexibility in working hours and reduce their entrepreneurial risk. Staff is supported in terms of marketing, recruiting, and invoicing. Patients benefit from a wider range of professional medical services under one roof and convenience, either through additional specialisations, greater capacity or extended opening hours. Patient satisfaction and ensuring top quartile medical quality as a minimum standard in each practice are key priorities for GPNZ.

Despite the Covid pandemic, GPNZ has maintained strong momentum, with a further nine practices coming on board or having signed in the last 15 months. The company is led by an experienced management team with expertise in various healthcare fields (compliance, dentistry, marketing, hospital management, etc.) to fully support the organic growth of the practices. Long-term mutual goal alignment is ensured by management’s co-investment into GPNZ.

In the transaction announced today, co-founders Cannonball® and Marcus Geier, both having played instrumental roles in the first phase of establishing GPNZ, will sell their shares to Gimv. Gimv and CEO Roman Wachtel are committed to a further capital contribution to the company.

Philipp v. Hammerstein, Partner at Gimv, comments: “We are very pleased with the development of the group since the start of our journey back in 2018. I wish to express my sincere thanks to Cannonball®  and Marcus Geier for their invaluable contributions in establishing the company to where we stand today. We are excited about further prospects and committed to further supporting the team and developing the group going forward.”

Dominik F. Hesse, Managing Partner at Cannonball®, adds: “We are proud of having co-founded this success story and contributed significantly to building the company being both part of the management team and financial investor. It is now the right moment for us to hand over the baton. We would like to thank Gimv and the management team for this partnership and wish them all the best for the future development of GPNZ.”

Roman Wachtel, CEO of GPNZ sums up: “We are grateful for the further commitment, as well as the ongoing reliable support, deep sector knowledge and buy and build experience contributed by Gimv. We are looking forward to the future and remain fully committed to continue GPNZ’s successful path as a leading dental platform where patients experience the highest medical standards.”

This acquisition further underpins Gimv’s position as one of the most active European investors in the healthcare industry and its ambition to positively contribute to the United Nations Sustainable Development Goals of good health and well-being. Gimv currently has 23 participations in companies in the healthcare and life sciences sector. The Gimv portfolio also includes several clinic and practice groups, as well as medical technology and biotech companies.

No further financial details on this transaction are being published.

Categories: News

Tags:

Confluent Medical Announces Strategic Investment in The Electrospinning Company

Ampersand
Confluent Medical Invests in The Electrospinning Company To Expand Design Options Utilized in Structural Heart Markets

Confluent Medical Technologies and Electrospinning Company logos

SCOTTSDALE, Ariz.–(BUSINESS WIRE)– Confluent Medical Technologies Inc. (Confluent) announced today a strategic investment in The Electrospinning Company Ltd. (Electrospinning).  Electrospinning, a UK-based company, has developed a proprietary electrospinning process which will expand the design options utilized in the structural heart market and fully automate the process of attaching biomedical textiles to heart valve frames.

Electrospinning Company productsImplant designs for the fast-growing, transcatheter structural heart market primarily utilize a custom textile that is sutured to a high-performance Nitinol metal frame.  Confluent’s Nitinol and biomedical textile expertise, in combination with Electrospinning’s leadership in electrospun nanofiber biomaterials expands the design options that Confluent customers can utilize in the structural heart market. Additionally, the application of the textile to the valve frame will be fully automated, simplifying the manufacturing process.

“The investment in Electrospinning reinforces Confluent’s strategy of Applying Materials Science to MedTech Innovation,” said Dean Schauer, CEO and President of Confluent Medical. “This partnership creates an opportunity for our two companies to facilitate further expansion of innovative structural heart products on behalf of our customers.”

About Confluent Medical Technologies

Confluent Applies Materials Science to MedTech Innovation.  Confluent’s engineered solutions to the most challenging design problems enable our OEM medical device customers to offer life-saving implantable products.  Our customers rely on Confluent for materials science and associated manufacturing expertise which is critical to the function and value of their most demanding, high growth products – proprietary expertise which spans processing of high purity Nitinol, ultra high density knitting of biomedical textiles and precision laser treatment of specialty polymers.  Confluent partners with leading OEM’s to create a selective product portfolio which includes such complex applications as transcatheter heart valves, neurovascular implants, endovascular stent grafts and advanced smart catheters.  With facilities in Fremont and Laguna Niguel, California;  Warwick, Rhode Island;  Windham, Maine;  Austin, Texas;  Chattanooga, Tennessee;  and San Jose, Cost Rica, Confluent has earned the confidence of the leaders in the medical device community through a proven track record of innovative materials science, engineering and manufacturing.  Additional information about Confluent is available at www.confluentmedical.com.

About The Electrospinning Company

Electrospinning offers contract services to design, develop and manufacture nanofiber biomaterials for medical devices and regenerative medicine. Based on the electrospinning platform technology, Electrospinning uses their expertise and experience to support clients in a range of different therapeutic indications, including the supply of the first electrospun biomaterial to be incorporated into an FDA-approved medical device. Electrospinning is located on the Harwell Innovation Campus near Oxford, UK. Additional information about The Electrospinning Company is available at www.electrospinning.co.uk.

For information please contact Confluent Medical, https://confluentmedical.com/.

Contact: Brittany Mai, Brittany.Mai@confluentmedical.com

Categories: News

Tags:

Icario Partners with CVC to fuel next phase of growth

CVC Capital Partners

Global private equity firm brings world-class resources and support to Icario’s current and future customers

Icario, the healthcare industry’s leading health action company, is pleased to announce that CVC Capital Partners (“CVC”), a leading global private equity firm, has acquired a majority interest in the company through the CVC Growth Partners II fund. The investment will be used to fuel Icario’s next phase of growth; financial terms were not disclosed.

The news comes at an exciting time for Icario, which rebranded earlier this year following the merger of market leaders Revel and NovuHealth. CVC will help Icario accelerate its business roadmap as it continues to build innovative solutions for its customers, which include many of the most trusted health plans in the United States.

“With CVC’s support, Icario is ideally positioned to bring our mission to more people through our shared vision for the business,” said Steve Wigginton, CEO of Icario. “We have been fortunate to benefit from the insight and leadership of our founders and early investors, and we look forward to our next chapter led by a team and a firm with a strong reputation for taking organizations to the next level.”

“Icario’s proprietary technology, data science, and behavioral insights drive highly valuable actions,” said Aaron Dupuis, partner at CVC Growth Partners. “We have followed the Icario story for some time as part of our long-standing efforts in member engagement, and we look forward to working with the Icario team to accelerate initiatives to bring even more member engagement innovation to Icario’s impressive customer base of more than 50 leading healthcare payers.”

“Engaging consumers in their health has never been more important than it is today,” said Fazle Husain, Partner and Head of U.S. Healthcare at CVC. “We see significant tailwinds for Icario as plans increasingly focus on coordinating member communications to drive member satisfaction, better health outcomes and lower cost of care.”

Icario is a health action company whose solutions seek to deeply understand people by leveraging behavioral and data sciences in order to move them to take action for better health. The early founders of the company recognized the gap between consumer engagement in other industries — travel, retail, and financial services — and identified an opportunity to do the same for healthcare through personalized, multi-channel communications that connect all people to health.

“We are thrilled to welcome the CVC team as Icario’s capital partner,” said Tom Wicka, co-founder of NovuHealth and chairman of Icario. “We have a shared vision for using technology and data to drive consumer behaviors that empower health plans’ quality, assessment, and health action strategies to drive better health outcomes.”

Icario was recently featured on the 2021 Inc. 5000 Regionals: Midwest list, the most prestigious ranking of the fastest-growing private companies in the Midwest. For more information on Icario and its health action capabilities, visit https://icariohealth.com.

TripleTree, LLC served as the exclusive financial advisor to Icario for this transaction. The transaction is subject to regulatory approvals.

Categories: News

Tags:

Ardian sells majority stake in Lagarrigue to Naxicap Partners, following significant acceleration of the group’s growth

Ardian

Paris, April 27, 2021 – Ardian, a world leading private investment house, announces today that it has sold its stake in the Lagarrigue Group, a Toulouse headquartered, global specialist in external orthopedic devices and in the design and manufacture of large-scale orthopaedic devices for the treatment of disabilities, to Naxicap Partners.

Since Ardian Expansion conducted the investment in 2016, the Lagarrigue group has matured from a French leader to a major international player. This development is primarily the result of the nearly 25 acquisitions, which were rapidly made within a short time frame of fewer than five years. This growth has seen Lagarrigue build its international turnover from 10% in 2016 to over 30% in 2021. In Europe, the group has now become one of the market leaders in both Switzerland and Belgium. Beyond these footholds, it has also started expanding in Spain and North America. The company recorded average sales growth of over 20% annually.
Simultaneously, the company has continued to play a leading role in the digital transformation of the sector, with sales of technology solutions integrating software increasing from 5% to 11%, between 2016 and 2021.

Lagarrigue has a unique model, giving it a strong competitive advantage and significant potential for organic growth:

  • A local network provided by teams of in-house ortho-prosthetists who design innovative medical devices perfectly adapted to the needs of each patient; custom-made products account for 95% of the company’s business.
  • The integration of digital technologies, from the industrial manufacturing process (via Rodin 4D and Vorum, CAD/CAM software solutions) to the assembly of components and raw materials.
  • Components: since 2017, the group has also strengthened its positioning on this strategic activity. Lagarrigue has developed a strategy of vertical integration in the manufacture and production of components, in particular following the acquisition of G2M.

Social and Environmental Responsibility (SER) is at the heart of Lagarrigue’s business model. Accompanied by the Ardian Expansion teams, the company has built an ambitious roadmap focused on the well-being and care of all patients, inclusive of all ability, age or level of independence.

Alain Montean and Jean-Pierre Mahé, respectively CEO and Chairman of the Lagarrigue Group, stated: “The last five years with Ardian have enabled us to accelerate the transformation of our company while continuing to capitalize on the group’s values and the fundamentals of our model. Thanks to its network and resources, the Ardian Expansion team has allowed us to take a key step in our international development. Lagarrigue is now a recognized global player in its sector. We are better positioned than ever to benefit from new opportunities that are opening up for us.”

Marie Arnaud-Battandier, Managing Director in the Ardian Expansion team, commented: “We were proud to work alongside the Lagarrigue team. They have once again demonstrated all qualities necessary to innovate and grow their company to give it the place it deserves in its market. Lagarrigue’s growth potential is still significant and the group’s unique position as well as  resilience provides it  with a decisive advantage in the coming years, particularly with the ongoing market consolidation.”

“We are thrilled to announce the acquisition of a majority stake in Lagarrigue alongside Jean-Pierre Mahé, Alain Montean, Nathalie Barracetti and their teams. The Group’s expertise, its global positioning and the values of its management team make it a rare investment opportunity and a highly motivating challenge,” said Luc Bertholat, Member of the Management Board of Naxicap Partners, and his team.

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$110bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 700 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of more than 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
Follow @Ardian on Twitter

ABOUT NAXICAP PARTNERS

As one of the top private equity firms in France, Naxicap Partners – an affiliate of Natixis Investment Managers* – has €4.3 billion in assets under management. As a committed, responsible investor, Naxicap Partners builds solid, constructive partnerships with entrepreneurs so that their projects can succeed. The firm has 39 investment professionals spread across five offices in Paris, Lyon, Toulouse, Nantes and Frankfurt.

ABOUT NATIXIS INVESTMENT MANAGERS*

Natixis Investment Managers serves financial professionals with more insightful ways to construct portfolios. Powered by the expertise of more than 20 specialized investment managers globally, we apply Active Thinking® to deliver proactive solutions that help clients pursue better outcomes in all markets. Natixis Investment Managers ranks among the world’s largest asset management firms with more than $1 trillion assets under management (€906.0 billion). Headquartered in Paris and Boston, Natixis Investment Managers is a subsidiary of Natixis. Listed on the Paris Stock Exchange, Natixis is a subsidiary of BPCE, the second-largest banking group in France. Natixis Investment Managers’ affiliated investment management firms include AEW; Alliance Entreprendre; AlphaSimplex Group; DNCA Investments;3 Dorval Asset Management; Flexstone Partners; Gateway Investment Advisers; H2O Asset Management; Harris Associates; Investors Mutual Limited; Loomis, Sayles & Company; Mirova; MV Credit; Naxicap Partners; Ossiam; Ostrum Asset Management; Seeyond; Seventure Partners; Thematics Asset Management; Vauban Infrastructure Partners; Vaughan Nelson Investment Management; Vega Investment Managers;4 and WCM Investment Management. Additionally, investment solutions are offered through Natixis Investment Managers Solutions, and Natixis Advisors offers other investment services through its AIA and MPA division. Not all offerings available in all jurisdictions.

LIST OF PARTICIPANTS

  • ARDIAN

    • Marie Arnaud-Battandier, Maxime Séquier, Arthur de Salins, Romain Gautron

  • IXO PE

    • Bruno de Cambiaire, Nicolas Olivès

  • LAGARRIGUE

    • Alain Montean, Jean-Pierre Mahé, Nathalie Baracetti

  • VENDOR DUE DILIGENCES

    • Strategic: BCG (Benjamin Entraygues, Benjamin Sarfati)
    • Financial: Eight Advisory (Florent Garnier, Pierre-David Forterre, Julie Vuarchex, Richard Emery)
    • Tax: Delaby & Dorison (Emmanuel Delaby, Romain Hantz, Alexandre Tardif)
    • Legal: Valoren (Capucine Mesas)
    • Social: MGG Voltaire (Marijke Granier-Guillemarre)
    • ESG: Indefi (Emmanuel Parmentier, Joanna Tirbakh)
    • IT: Netsystem (Olivier Cazzulo, Lionel Gros)

  • M&A AND FINANCING

    • Edmond de Rothschild Corporate Finance (M&A): Arnaud Petit, Julien Donarier, Anastasia Saldi, Hamza El Abboubi, Hervé Bizot
    • Edmond de Rothschild Corporate Finance (Financing) : Grégory Fradelizi, Nicolas Lévy

  • LAWYERS

    • Weil Gotshal & Manges: Frédéric Cazals, Alexandra Stoicescu, Cassandre Porges, Nicolas Mayol

  • MANAGEMENT’S ADVISORS

    • Agilys Avocats: Baptiste Bellone, Carolle Thain-Navarro, Sophie Auvergne
    • Callisto Finance: Vincent Aymé, Tancrède Caulliez

  • NAXICAP Partners

    • Luc Bertholat, Alban Sarie, Dominique Frances, Claire Lesellier

  • M&A ADVISORS

    • Clearwater: Benjamin Zayat, Grégoire Houëdry, Marc-Aurèle Taverna
    • Oaklins: Hadrien Mollard, Jean-Pierre Chometon, Raphaël Petit

  • FINANCING ADVISORS

    • Clearwater : Laurence de Rosamel, Paul Assael

  • BUYER’SDDs

    • Strategic : Indefi (Julien Berger), Cepton Stratégies (Francis Turina-Malard, Pierbruno Ricci)
    • Financing: Accuracy (Arnaud Lambert, Mathieu Philippot)
    • Legal, social and tax: McDermott Will & Emery AARPI

  • BUYER’S LAWYER

    • McDermott Will & Emery AARPI (Henri Pieyre de Mandiargues, Stanislas Offroy, Pierre-Arnoux Mayoly)

PRESS CONTACTS

Ardian – Headland

VIKTOR TSVETANOV

VTsvetanov@headlandconsultancy.co.uk +44 207 3435 7469

Categories: News

Tags:

Kinnevik invests SEK150 million in MatHem’s SEK1.1 billion funding round

No Comments
Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced its pro-rata participation of SEK 150m in Mathem’s SEK 400m primary equity raise. Existing investors AMF and Stena invested SEK 100m and SEK 50m respectively, increasing their ownership in the business. The funding round also includes a debt facility of SEK 700m provided by P Capital Partners AB.

The newly raised capital will be used to fund MatHem’s continued expansion, including the launch of the new fulfilment center in Larsboda next year, and growing the product offering through, among other initiatives, the launch of pharmacy products in cooperation with Kronans Apotek. In 2020, MatHem recorded sales growth of 50 percent year-on-year, with sales amounting to SEK 2.3bn for the full year, consistently growing its share of the online grocery home delivery market.

Georgi Ganev, CEO of Kinnevik commented: ”Kinnevik is proud to support the continued growth of MatHem as it expands its product range and gains market share. I am impressed by how Johan and his team has met the increased interest in having groceries delivered to your doorstep, and I am convinced that MatHem will continue to develop its customer offering and efficiency.”

Johan Lagercrantz, CEO of MatHem commented: “I am incredibly grateful for the trust in MatHem from our investors in this funding round. MatHem has a clear focus on growth and increased efficiency in our continued journey towards profitability. We work hard to constantly develop to meet our customers’ needs and for our e-commerce of groceries with home delivery to contribute to a more convenient and simpler everyday life. With this investment we will be able to achieve fantastic results going forward.”

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

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

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

Attachment

Categories: News

Tags:

Gimv partners with Apraxon to support the company’s growth ambitions

GIMV

14/04/2021 – 07:30 | Portfolio

Gimv has completed its investment into the Apraxon Group, a leading homecare provider focusing on wound care services in Germany. This transaction is part of a joint growth plan with the company’s founder and CEO Oliver Pokrzewinski, who will continue to be an important shareholder in the company. 

Apraxon, (Hofbieber (DE) – apraxon.com), offers high quality wound care for (mostly elderly) people suffering from chronic wounds in a homecare setting. Typical wound indications include decubitus, diabetic foot or ulcus cruris. In providing this service, the company acts as an intermediary between patients, doctors, nursing services or homes and insurance companies.

Due to its high degree of specialization, Apraxon continuously provides high quality medical care and is able to tailor the treatment process according to each patient’s individual needs. In a market with steadily increasing patient numbers, primarily driven by demographic change, specialized medical care is gaining in importance. Services provided are reimbursed by health insurance companies, for whom Apraxon has been a reliable partner for many years.

“I am convinced that Gimv is the right partner to realize the company’s growth ambitions and expand Apraxon’s footprint in Germany,” explains Oliver Pokrzewinski, Managing Director and CEO of Apraxon. 

”Thanks to Apraxon’s clear commitment to quality, highly qualified nursing staff and strongly digitised and scalable processes, we believe that Apraxon is the right platform to build a true leader in the German wound care market. We are very much looking forward to supporting Mr. Pokrzewinski and the entire Apraxon team in realising their ambitious growth plans,” says Philipp v. Hammerstein, Partner at Gimv in the Health & Care team in Munich.

The new investment marks Gimv’s fifth acquisition in the German-speaking healthcare market over the last four years. Gimv currently has 23 participations in companies in the healthcare and life sciences sector. This acquisition further underpins Gimv’s position as one of the most active European investors in the healthcare industry and its ambition to positively contribute to the United Nations Sustainable Development Goals of good health and well-being. The Gimv portfolio also includes several clinic and practice groups, as well as medical technology and biotech companies

Categories: News

Tags:

KKR to Acquire Therapy Brands

KKR

April 7, 2021

BIRMINGHAM, Ala. and NEW YORK, April 7, 2021 /PRNewswire/ — KKR, a leading global investment firm, announced today that it has agreed to acquire a majority interest in Therapy Brands (the “Company”), a leading practice management and electronic health record (EHR) software platform for mental, behavioral, substance use recovery, applied behavior analysis (ABA) and physical rehabilitation healthcare providers, from its existing shareholders – investment funds affiliated with Lightyear Capital LLC, Oak HC/FT and Greater Sum Ventures. Existing investor PSG will participate in the transaction alongside KKR and continue to be a minority shareholder in Therapy Brands. Financial details of the transaction were not disclosed.

Founded in 2013, Therapy Brands provides end-to-end, purpose-built software solutions to streamline the full clinical, administrative and reimbursement workflows of healthcare professionals in multiple end markets. Its HIPAA-compliant solution suite supports the daily operations of more than 28,000 practices across the U.S., ranging from individual providers to national multi-location practice groups.

“Provider and patient friendly technology-enabled solutions are more important than ever as the demand for mental and behavioral health services continues to rapidly increase,” said Kimberly O’Loughlin, CEO of Therapy Brands. “We are excited to welcome KKR as our new investor, which brings a deep understanding of the healthcare sector and extensive experience in scaling technology-enabled platforms. This support will help us accelerate our mission of making it easier for providers to navigate an increasingly complex administrative landscape so they can spend more time and focus on delivering improved outcomes for their clients.”

Therapy Brands’ technology platforms address the underserved practice management needs of mental and behavioral healthcare professionals, including psychologists, psychiatrists, counselors, social workers, ABA clinicians, addiction specialists and physical, speech and occupational therapists. Across its portfolio of leading brands – including TheraNest, ShareNote, CodeMetro, AccuPoint,DataFinch, TenEleven, Procentive, Fusion Web Clinic, and A2C – Therapy Brands offers comprehensive and customized practice management and EHR services along with integrated capabilities for telehealth, data collection and interoperability, revenue cycle management, e-prescribing and payments. Therapy Brands’ technologies are purpose-built, focused squarely on improving the patient experience and decreasing the administrative burden for practitioners so they can spend more time focused on the health and well-being of their clients and businesses.

“We are delighted to be backing Therapy Brands at a time when there is increasing recognition and social awareness about the importance of mental health,” said Max Lin, a KKR Partner who co-leads the health care industry team for KKR’s Americas Private Equity business. “Therapy Brands has developed an impressive portfolio of best-in-class software tools and mission-critical solutions to help mental health providers modernize their practices.  We look forward to working with the team in accelerating the growth of the platform and finding additional ways of delivering enhanced value to its clinicians.”

“We formed the Therapy Brands platform to bring comprehensive technology solutions to this important end market within our healthcare system,” said Marco Ferrari, a Managing Director at PSG. “We have been thrilled with our partnership with the Therapy Brands team and look forward to continuing this journey alongside KKR.”

KKR is making its investment in Therapy Brands primarily from its Americas XII Fund. The investment adds to KKR’s experience of investing in leading behavioral healthcare businesses, including Blue Sprig Pediatrics and BrightSpring Health Services, and in high-growth healthcare-related technology companies such as WebMD (Internet Brands) and Clarify Health. KKR has also established a strong track record of supporting leading vertical market software companies including Autodata, Epicor Software Corporation, Ipreo, Mitchell, MYOB and OptimalPlus.

Mark F. Vassallo, Managing Partner of Lightyear, stated, “The investment in Therapy Brands reflects Lightyear’s ongoing thematic focus on the intersection of tech-enabled financial services and healthcare. Under our ownership, Therapy Brands has more than tripled in size through a combination of strong organic growth and nine strategic acquisitions. It has been a pleasure working with Kimberly and the Therapy Brands team, and we wish them continued success.”

William Blair and TripleTree are acting as financial advisors and Davis Polk & Wardwell LLP as legal advisor to Therapy Brands. Kirkland & Ellis LLP is serving as legal advisor to KKR.

About Therapy Brands
At a time when the topics of digital connectivity and access to care are at the forefront of the cultural conversation in the U.S., Therapy Brands is equipping practitioners with effective solutions to address the growing needs of mental and behavioral health, substance use recovery, applied behavior analysis and rehabilitation populations. Through purpose-built, fully integrated practice management and EHR solutions provided by Therapy Brands, healthcare providers can improve patient quality of care and support better health outcomes for those they serve. Therapy Brands is headquartered in Birmingham, AL. For more information, please visit us at www.therapybrands.com

About KKR
KKR is a leading global investment firm that offers alternative asset management and 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 The 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.

PSG
PSG is a growth equity firm that partners with middle-market software and technology-enabled services companies to help them navigate transformational growth, capitalize on strategic opportunities and build strong teams. Having backed more than 65 companies and facilitated over 275 add-on acquisitions, PSG brings extensive investment experience, deep expertise in software and technology, and a firm commitment to collaborating with management teams. Founded in 2014, PSG operates out of offices in Boston, Kansas City and London. To learn more about PSG, visit www.psgequity.com.

Media Contacts:
For KKR:
Cara Major or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

For Therapy Brands:
Shannon Vann
Mediainquiries@therapybrands.com

For PSG:
Cameron Nugent
cameron.nugent@psgequity.com

Categories: News

Tags:

SMILE INVEST acquires IGS GEBOJAGEMA, a market leading company in hightech medical moulds

Smile Invest

Smile Invest has become the majority shareholder in IGS GeboJagema alongside management and minority investor Rabo Corporate Investments. This is the fifth investment of Smile Invest in the last 6 months following earlier investments in Climate for Life Holding, 4ITEGO, Effect Photonics and Hospidex. Smile Invest’s portfolio now consists of ten innovative growth companies based in the Benelux that are each leading in their respective markets.

IGS GeboJagema is specialized in the development, manufacturing and validation of high-end, multi-cavity injection moulds for the production of plastic components within the healthcare market. The moulds are used by contract manufacturers and leading pharmaceutical companies for their high-volume production. Examples of end products produced with the moulds are contact lenses, insulin pens and inhalers. The Company employs 120 specialists and is based in Eindhoven, where its state-of-the-art production facilities are located with a global customer footprint.

Peter Mertens, CEO IGS GeboJagema: “This transition comes at the right moment. We are currently working on our entry into the United States, where there are a lot of possibilities for our products which are tailored to the medical sector. The medical sector has a zero tolerance towards risk. We offer high quality, high precision moulds and together with validation services provide a one stop solution. The partnership with Smile Invest offers new possibilities to us driven by their technological knowledge, international experience and network”

Ivo Vincente, Ad Notenboom and Bart Cauberghe, partners at Smile Invest: “IGS is a superb company with a unique positioning in its market. We are impressed by the scalability and high level of automatisation of the factory footprint coupled with the model based product development process. This makes IGS a state-of-the-art mould maker. The innovative character, focus on the medical sector and ambition for further growth of IGS fits perfectly within the portfolio of Smile Invest. We will support IGS with their expansion in the United States, but also with further diversification to other end markets such as medical packaging”

About Smile Invest:

Smile Invest (Smart Money for Innovation Leaders) is a European evergreen investment firm with €350 million assets under management, financed by 40 entrepreneurial families and with a long term focus on innovative growth companies. Smile Invest focuses on companies active in technology, healthcare and digital services. From its offices in Leuven and The Hague the team supports ambitious entrepreneurs and management teams in realising their growth plans.

Contact Smile Invest:

Ivo Vincente, Managing Partner • ivo.vincente@smile-invest.com • +31 622 91 92 32

Ad Notenboom, Partner • ad.notenboom@smile-invest.com • +31 654 28 60 98

Bart Cauberghe, Managing Partner • bart.cauberghe@smile-invest.com • +32 476 33 66 69

Categories: News

Tags:

Kinnevik invests USD 30 million in Cityblock to support nationwide expansion

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced its participation with USD 30m in Cityblock’s recent USD 192m funding round. Cityblock will use the newly raised capital to accelerate deployment of its community and value-based care model nationwide, bringing desperately needed transformation to the most vulnerable and underserved communities across the US.

In just four years since its launch, Cityblock has achieved positive results with its comprehensive care model. Data from Cityblock’s first member cohort show a 15 percent reduction in emergency room visits and a 20 percent reduction in in-patient hospital stays. Cityblock sees around 70 percent member engagement compared to the health plan average of 5-7 percent and receives average NPS scores of over 85, compared to the provider average of 15. While delivering these outcomes, Cityblock is experiencing 3x year-over-year revenue growth.

Georgi Ganev, CEO of Kinnevik commented: “Cityblock addresses a massive need in the US supporting the most vulnerable population groups with a community-based, scalable care model. This is a great example how value-based care can transform the healthcare experience and achieve sustainable change, even for populations which are fundamentally disadvantaged in today’s healthcare system. We are proud to continue to support the founders Toyin Ajayi and Iyah Romm by investing well above pro-rata as they expand the model across the US.”

The USD 192m funding round was an extension of Cityblock’s Series C round. Tiger Global led this latest round, with participation from other existing investors alongside Kinnevik, including Maverick Ventures, General Catalyst, and Wellington Management. The Series C extension brings Cityblock’s total fundraising since its founding in 2017 to about USD 500m.

In Kinnevik’s Year-End Release 2020, Kinnevik’s investment in Cityblock was valued at SEK 841m. Cityblock has continued its strong operational performance during the first months of 2021, and the recent funding round provides strong reference points for the valuation of Cityblock relative to listed comparable businesses. In combination, these factors underpin a value of Kinnevik’s investment that corresponds to a value uplift of SEK 1.0bn or SEK 3.6 per Kinnevik share, excluding the USD 30m in new capital invested in the funding round at hand.

The reassessed fair value of Kinnevik’s investment in Cityblock will be finalized and reported in Kinnevik’s Interim Report for the first quarter, to be published on 22 April 2021.

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

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

Kinnevik 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 value by 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.

Categories: News

Tags:

Audax Private Equity Completes Sale of Altasciences to Novo Holdings

Audax Group

Audax Private Equity (“Audax”) today announced that it has successfully completed the previously announced sale of Altasciences to Novo Holdings.

Altasciences is a leading, fully-integrated, early drug development services platform, providing the pharmaceutical and biotech industries with a trusted partner for drug development, from preclinical safety testing through clinical proof-of-concept studies. Headquartered in Laval, Quebec, Altasciences operates six facilities in the U.S. and Canada and employs over 1,300 people.

Audax invested in Altasciences in 2017, partnering with management to pursue strategic acquisitions and to accelerate organic growth. Altasciences completed three acquisitions under Audax’ ownership, growing its footprint and expanding its service offerings into preclinical safety testing and pharmaceutical contract development and manufacturing.

Joe Rogers, Managing Director at Audax, said, “We are pleased to complete the sale of Altasciences to Novo Holdings, and wish the team well as they continue their important work. We are proud of the tremendous growth Altasciences achieved under our ownership and are confident that the business is well-positioned to continue capitalizing on the growing market for drug development services.”

Chris Perkin, Chief Executive Officer of Altasciences, added: “On behalf of the Altasciences team, I would like to thank Audax for their support during the last four years. Audax was instrumental in helping us identify and execute strategic acquisitions while furthering our organic growth initiatives. We look forward to our next chapter as part of Novo Holdings and wish Audax continued success in their future endeavors.”

Abhijeet Lele, Senior Partner, Head of Principal Investments in the U.S. at Novo Holdings, added: “The Altasciences team has done an impressive job of building an innovative company that plays an essential role in bringing innovative drugs to patients and that we believe is well-positioned to capture share in the fast-growing market for drug development services. We are excited about this investment and look forward to leveraging our network to continue growing Altasciences in collaboration with the management team.”

Harris Williams & Co. served as lead financial advisor with Rothschild & Co. and Edgemont Partners serving as co-advisors to Altasciences. Kirkland & Ellis LLP and Blake, Cassels & Graydon, LLP served as legal advisors to Altasciences. Goodwin Procter LLP served as legal advisor to Novo Holdings.

Categories: News

Tags: