EQT Private Equity sells its stake in GPA Global

eqt
  • EQT Private Equity has sold its stake in GPA Global, a packaging services provider with operations across North America, Europe, and Asia, to Ontario Teachers’
  • Under EQT Private Equity’s tenure, GPA Global has transformed from an Asia-focused consumer electronics packaging specialist, into a global packaging platform serving a well-diversified mix of customers and end-markets
  • The sale of GPA Global represents another successful exit for EQT Private Equity in Asia and further cements EQT’s overall momentum in APAC

EQT is pleased to announce that the EQT Mid Market Asia III fund (“EQT Private Equity”) has completed the sale of its co-control stake in GPA Global (“GPA” or the “Company”) to Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”).

Founded in 2007, GPA Global is a global packaging services provider. The Company offers a comprehensive suite of end-to-end services across the packaging value chain; including prototyping, design, vendor management, production and supply chain logistics. GPA provides these services to some of the world’s most well-known brands, and has more than 600 customers across the beverage, consumer electronics, healthcare, beauty and jewelry end-markets.

Since EQT Private Equity’s investment in 2017, GPA has substantially expanded its capability set and geographic footprint, and transitioned from an Asian focus into a global platform operating across North America, Europe and Asia. Over the five year period, the Company has grown its operating base from a single office in Asia to 31 global offices and facilities, including four in-house production facilities, and expanded its employee base from around 150 to 2,000 today.

GPA’s expansion has partly been enabled by the successful completion of seven strategic add-on acquisitions. These acquisitions served to diversify the Company’s revenue base, enhance its global manufacturing capabilities, and elevate its ability to deliver a differentiated value proposition to customers.

To support its rapid growth, GPA also invested heavily in building a deep management bench with the appropriate skill-set to help future-proof its operations. This included on-boarding regional heads in North America and Europe following relevant acquisitions in those markets, and also bolstering functional senior leadership in the areas of finance, HR, digital and sustainability.

Tom Wang, Co-Founder and President of GPA said, “GPA has undergone a transformation over the past five years, from an Asia-centric consumer electronics packaging specialist, into its position today as a truly global packaging platform that has a strong market position across a diversified mix of attractive end-markets. EQT has been instrumental in supporting this journey and have been great partners in the development of our business.”

Adam Melton, Co-Founder and CEO of GPA commented, “The growth GPA has achieved over the past five years is a testament to our differentiated value proposition in the packaging market. Our amazing global team bring innovation, customer-centricity and a nimble mindset to help our customers’ unique products shine in a crowded marketplace. Our whole team have enjoyed the partnership with EQT, and are equally excited about our future with Ontario Teachers’.”

David Forde, Managing Director within EQT Private Equity’s Advisory Team, said, “GPA is a great example of how EQT can partner with founder management teams to unlock the full potential of their business, and support their global expansion ambitions. In addition to growing earnings five-fold over the investment period, GPA has also thoughtfully laid the foundations for sustained long-term growth through a continued broadening of its capability set, geographic presence and addressable end-markets.”

Evercore acted as financial advisor to GPA Global and EQT Private Equity on the transaction, and Baker McKenzie as legal advisor to EQT Private Equity.

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

EQT is a purpose-driven global investment organization with EUR 77 billion in assets under management as of 30 June 2022, across 36 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 280,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About GPA Global
More info: www.gpaglobal.net

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Altor supports H2 Green Steel on EUR 190 million funding round

Altor

Altor Fund V (Altor) continues to support the Swedish green impact company H2 Green Steel in its first close of the Series B equity financing. The key investors in the financing round next to Altor are AMF, GIC, Schaeffler, Swedbank Robur and Vargas Holding. Existing shareholders continue to support the company with additional equity funding, including such investors as Kingspan, FAM, Marcegaglia, IMAS Foundation, Cristina Stenbeck and Daniel Ek.

Altor was also part of the initial Series A equity financing in March 2021.

H2 Green Steel was founded in 2020 with the ambition to accelerate the decarbonization of the steel industry, using green hydrogen. Steel, which is one of the world’s largest carbon dioxide emitters, is the company’s first business vertical. The company has proceeded in record pace receiving a permissibility permit for its operations in Boden, securing a 14TWh agreement for renewable electricity and initiating ground works and construction.

”We are excited to continue supporting H2 Green Steel. It fits perfectly with our increased efforts to invest in green transition opportunities, where we have made a number of other investments such as OX2, Svea Solar and Vianode. H2 Green Steel has proven the demand of its products by already having more than 50% of its initial volumes pre-sold to customers across a range of industries, from passenger vehicles and white goods to steel trading clients” says Klas Johansson, Partner at Altor.

“This financing milestone is a real statement of confidence in H2 Green Steel. Despite the uncertainty in global markets, a venture like ours, with both a strong business case and a strong sustainable purpose, is clearly attractive to investors. This financing round has allowed us to combine leading industrial companies and global financial institutions, with investors with a strong Swedish participation, creating the investor- base, that will set us up for success,” says Henrik Henriksson, CEO of H2 Green Steel.

For more information, please contact:
Tor Krusell, Head of Communications at Altor, tor.krusell@altor.com, +46 705 43 87 47

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 5 billion in more than 85 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are OX2, Vianode, Svea Solar and Nordic Climate Group. For more information visit www.altor.com

About H2 Green Steel
H2 Green Steel (H2GS AB) was founded in 2020 with the ambition to accelerate the decarbonization of the steel industry, using green hydrogen. Steel, which is one of the world’s largest carbon dioxide emitters, is the company’s first business vertical. The founder and largest shareholder of H2 Green Steel is Vargas, which is also co-founder and one of the larger shareholders in Swedish battery maker Northvolt. H2 Green Steel is headquartered in Stockholm, Sweden, with its first green steel plant under development in Boden, northern Sweden. www.h2greensteel.com

Author: Katarina Karlsson
Date: 2022.08.30
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Quadrum Capital sells stake in Bark Packaging Group to Berlin Packaging

Quadrum Capital

Woerden, 25th August 2022 – Quadrum Capital is pleased to announce that an agreement has been reached for the acquisition of Bark Packaging Group, specialist in industrial, flexible and UN-certified packaging, by Berlin Packaging, global leader in packaging distribution. At the same time the announcement was made that DeeDee Verpakkingen, specialist in flexible packaging, has been acquired by Bark Packaging Group and will therefore also become part of Berlin.

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Bark Packaging Group

On Thursday 25th of August the announcement was made that a definitive agreement had been reached to sell the shares of Bark Packaging Group, a supplier of industrial, flexible and UN-certified packaging and portfolio company of Quadrum, to Berlin Packaging, the world’s largest “hybrid” supplier of (mainly) rigid packaging. At the same time it has been announced that Bark Packaging Group has completed the acquisition of DeeDee Verpakkingen, a supplier of flexible packaging especially active in innovative stand-up pouches. With this acquisition Berlin Packaging has significantly strengthened its position on the Northern European market and DeeDee Verpakkingen, together with Bark Verpakkingen, Bark Innovations, Dutch Pack International and Carepack, become part of Berlin Packaging.

In March 2020, Quadrum invested in Bark from its second fund, Quadrum Investment Fund II, acquiring a stake alongside Erik Bos and Berny Plas, the two directors and fellow shareholders. A key pillar of the investment strategy was to enable the Eerbeek-based company to accelerate growth, both organically through product innovation and international expansion, and through a buy & build strategy focused on complementary specialists. This led in 2021 to the acquisition of Carepack, a specialist in UN-certified packaging for hazardous substances, and continued in June 2022 with the acquisition of DeeDee, active in flexible packaging. These acquisitions fitted perfectly with Bark’s strategy of expanding its key position in its customers’ supply chains, aimed at unburdening customers as much as possible by providing them with all their packaging management needs.

Gert van Drie, Investment Director at Quadrum: “Faster than expected, but with appropriate pride we now say goodbye to Bark. It is an excellent example of successful cooperation with an enterprising management team of Erik Bos and Berny Plas”. Dennis de Buijzer, Investment Manager, adds: “We have enjoyed working with management to build the Bark Packaging Group and are very grateful for their leadership in making this a success. We are proud to have been a part of this and wish Erik and Berny all the best with the further growth of the company in the coming years.”

Erik Bos, CEO and co-shareholder of Bark Packaging Group: “We are grateful for Quadrum’s support in the past years, in which they have given us the confidence and entrepreneurial freedom to further build the company. This has brought us to the current Bark, which as a platform is ready to realise further growth.” Berny Plas, founder and co-shareholder of Bark Packaging Group: “We look forward to starting this new chapter in our history with Berlin Packaging. Together we can offer our customers a wide range of advanced solutions and offer our people even more opportunities.

“We are thrilled to be joining forces with Bark and Berlin Packaging. This partnership opens up so many new opportunities for our team. Everyone at DeeDee is ready to help our new and existing customers find the perfect pouch for their product,” said Elke Coolen and Inge Louwers, Directors of DeeDee

“Bark and DeeDee will be a great addition to Berlin Packaging. Both companies have a lot of knowledge and expertise in their respective markets, and we are delighted to add both companies to Berlin Packaging,” said Paolo Recrosio, CEO of Berlin Packaging EMEA. Marcel Schröder, CEO Benelux/Nordics/DACH of Berlin added: “We welcome all new colleagues who will bring new opportunities to Berlin. No doubt this combination will bring our customers in Northern Europe and beyond many new success stories”.

“The addition of Bark including DeeDee will give Berlin a stronger foothold in Northern Europe, especially for flexible and UN-certified packaging. We also will expand our industrial packaging capabilities in Northern Europe, including Germany, a key European market,” said Bill Hayes, Global CEO of Berlin Packaging.

As part of Berlin Packaging, the continuity of the company and the retention of staff is guaranteed, with the management team led by Erik Bos, Berny Plas and, since last year, Konrad Eichberger continuing their work. The closing of the acquisition is subject to the usual conditions and will be finalised in the coming period.

About Bark Packaging Group Since its foundation in 1978, the Bark Packaging Group from Eerbeek has grown from a traditional packaging wholesaler to an important link in the supply chain of its customers. As a specialist in packaging management, Bark Packaging Group provides, in addition to supplying industrial, flexible and UN-certified packaging, the complete packaging needs of its customers by unburdening them in the field of purchasing, logistics, stock management and financing. These business models are well known as “Outsourcing Concept” and “Tail-end Management concept”.Besides the aforementioned Bark Packaging Group offers customers support from its own innovation center Bark Innovations in the field of the development of new packaging concepts and the (re)design of packaging.

For more information: www.barkpackaginggroup.com

About Berlin Packaging Berlin Packaging is the world’s largest Hybrid Packaging Supplier® of glass, plastic, and metal containers and closures. The company supplies billions of items annually along with package design, financing, consulting, warehousing, and logistics services for customers across all industries. Berlin Packaging brings together the best of manufacturing, distribution, and income-adding service providers. Its mission is to increase the net income of its customers through packaging products and services.

Please visit www.berlingpackaging.com and www.berlinpackaging.eu for more information.

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Latour acquires ABC Ventilationsprodukter

Latour logo
2022-08-22 13:00

Investment AB Latour has, through its wholly-owned subsidiary Swegon Group AB, signed an agreement to acquire ABC Ventilationsprodukter. The company was founded in 1976 and has 90 employees with head office and manufacturing located in Borås, Sweden, and a turnover of about SEK 140 m.

By the acquisition, Swegon strengthens its position as one of the leaders within ventilation products in the Nordics.  ABC Ventilationsprodukter will complement Swegon’s existing portfolio by broadening the product range to include products such as roof hoods, louvres, and fire and smoke products. In addition, the company has a clear focus on climate- and energy efficient products.

“We have a long history of collaboration with ABC Ventilationsprodukter and are now pleased to welcome them to the Swegon family. With their complementary product portfolio as well as their expertise, ABC Ventilationsprodukter will be a great addition to our complete indoor climate system that will strengthen our position on the market even further”, says Andreas Örje Wellstam, CEO at Swegon Group.

“We are excited to see how our long partnership, where we share the long-term business perspective and have similar company values, now enters a new phase where we after several years of investment in our production and development are ready to take the next step in accelerating our business growth”, says Ingemar Carlsson, founder of ABC Ventilationsprodukter.

As an effect of the acquisition the net debt of the Latour Group increases with about SEK 0.1 billion.

Göteborg, 22 August, 2022

INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO

For further information, please contact:
Andreas Örje Wellstam, CEO Swegon +46 31 89 58 00
Rebecca Palm Ballesta, Corporate Development Swegon +46 31 89 58 00

Swegon Group is a market leading supplier in the field of indoor environment, offering solutions for ventilation, heating, cooling and climate optimisation, as well as connected services and expert technical support. Swegon has subsidiaries in and distributors all over the world and 17 production plants in Europe, North America and India. The company employs more than 2 600 people and a turnover of SEK 6 billion.

Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 72 billion. The wholly-owned industrial operations has an annual turnover of SEK 19 billion.

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Audax Private Equity Announces Investment in Rensa Filtration

Audax Group

Audax Private Equity (“Audax”) announced the acquisition of Rensa Filtration (“Rensa” or the “Company”), a manufacturer of consumable, mission-critical air filtration products. Financial terms of the transaction were not disclosed.

Founded in 2017 by CEO Brandon Ost, Rensa manufactures best-in-class air filtration solutions that keep environments safe and industries thriving. The Company has a manufacturing and distribution footprint that includes facilities in Maryland, Illinois, Michigan, and Texas, and the Company’s products are marketed across a range of brands including Rensa, Custom Filter, Viskon-Aire, Permatron, D Mark, and Air Filters, Inc. In its partnership with Audax, Rensa will continue to look to acquire high-growth companies interested in being part of a family of leading-edge filtration suppliers.

Brandon Ost, CEO of Rensa, will continue to lead the Company alongside the existing management team, who also collectively will continue to maintain a significant ownership position in the Company.

“Since our founding, Rensa has honored its commitment to engineering excellence, continuous improvement and innovation—and Audax’s investment is a critical piece of our overall strategy as we continue to build a world-class filtration business,” said Mr. Ost. “We believe Rensa has never been better positioned for growth, and look forward to benefiting from Audax’s proven expertise and value-add resources.”

“We’re thrilled to be partnering with Brandon and the talented team at Rensa to help drive growth, both organically and through strategic M&A,” said Joe Rogers, Managing Director at Audax Private Equity. “With our investment, Rensa will be well-positioned to deepen relationships with key customers and channels, expand the Company’s manufacturing footprint and capabilities, and increase exposure to rapidly growing markets.”

Andrew Oliver, Managing Director at Audax Private Equity, added, “Rensa is a distinguished leader in the air filtration manufacturing space, with a highly diversified product portfolio across key end markets. We look forward to supporting the Company as it continues its impressive growth trajectory, providing mission-critical products to its valued customers.”

Lincoln International served as financial advisor to Audax and Baird served as financial advisor to the Company. Ropes & Gray served as legal counsel to Audax and Vedder Price served as legal counsel to the Company.

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AURELIUS Equity Opportunities successfully closes the sale of portfolio company Hammerl to BACHL Unternehmensgruppe

Aurelius Capital

Munich, August 2, 2022 – AURELIUS Equity Opportunities SE & Co. KGaA (“AURELIUS”; ISIN DE000A0JK2A8) announces the successfully closed sale of Hammerl GmbH (Hammerl), a leading manufacturer of blown film products in Germany, to Karl Bachl GmbH & Co KG (BACHL). 

AURELIUS’ operations experts closely supported Hammerl in its transformation and growth during its time under AURELIUS ownership, which began in 2016. Hammerl has established itself as a leading industry player, offers exceptional levels of expertise and maintains a reliable as well as large customer base, with recurring order cycles.

Hammerl was founded in 1956 and has been a pioneer in blown film production since 1977. The products are primarily used in civil engineering, building construction/fitout, renovation, gardening and landscaping. Hammerl is the only company in the German market to cover the entire product range consisting of construction films, special films, dimpled mats and vapour barrier films. The products, which are ‘Made in Germany’, are mainly supplied to wholesalers under their own brand.

BACHL itself is a well-established film producer operating throughout Europe and will stand to benefit from Hammerl’s expertise towards capitalising on its own corporate objectives.

AURELIUS was advised on the transaction by Clearwater International (M&A) and Gütt Olk Feldhaus und Wagensonner (Legal M&A).

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Stairlift producer Otolift brings investor NPM Capital on board

NPM Capital

Bergambacht, Koninklijke Otolift Trapliften, the Dutch market leader in the development, production, installation and maintenance of stairlifts, has reached an agreement with investment company NPM Capital to welcome them as a new shareholder. The family business, which was founded in 1891 and is currently led by its fourth generation, will bring a new family on board with NPM Capital, part of the multinational and family-owned company SHV.

With this transaction, Otolift does not only secure its shareholder base for the long term: the company will also be empowered to accelerate its current international expansion strategy and its growth in designated export markets. The family business exports stairlifts to 48 countries through its expansive dealership network and has multiple offices in the Netherlands, as well as local sales offices in Belgium, France, Italy, Spain, and the United Kingdom.

Over the last few years, Otolift benefitted from elevated sales and rentals of new and secondhand stairlifts. Under the leadership of the current Board, consisting of Jan Otto, André and Alex Ooms (the great grandchildren of founder Otto Ooms), Otolift grew into a significant European player with a total annual revenue of over €150M in 2021. Spread out over the company headquarters and the 15,000 square metre production hall in Bergambacht, the Netherlands, a second production site in Slovakia, and the company’s various daughter companies, the family business now employs approximately 700 people. In addition, the company has an expansive European service network: within the Netherlands alone, over 110 mechanics are on call to provide 24/7 service.

Otolift sees opportunities for growth in international markets, which can be capitalised on by opening new sales offices, among other things. Achieving this growth also requires further professionalisation of the business. “We believe we will be able to take this step faster, better, and more easily with an external investor on board. NPM Capital has the means, the knowhow, the long-term vision and the commitment to bring Otolift to a new stage of growth. The fact that NPM understands the dynamics of a family business is very appealing to us. NPM has a great deal of experience supporting companies of our type and size, with similar potential and growth ambitions. And they are familiar with the complexity and professionalisation efforts involved with that,” said the three Ooms brothers in a shared statement.

Innovative
Otolift is known to be very innovative. The company was the first to use production techniques like CNC-controlled lathes, robots, and lasers. Otolift developed its own app in-house, enabling sales consultants to accurately measure – down to the millimetre – any staircase within twenty minutes. A built-in Augmented Reality (AR) option then shows the customer precisely how the stairlift would look once installed. In 2016, the company launched the Otolift Modul-Air, a fully modular stairlift that enabled significant reductions of lead times. The rail is also unique: it is the most slender single rail in the world.

Otolift has won several awards in recent years, including the Smart Manufacturing Award and the Red Dot Design Award for the design of its stairlift.

Rutger Ruigrok, Managing Director of NPM Capital commented: “We consider the quality, sustainability and reusability of Otolift’s stairlifts to be major assets for the further growth of the business. Otolift is very accessible to end users as well, thanks to its short delivery times and its stairlifts’ compatibility with any type of staircase. This investment aligns perfectly with our strategic investment theme ‘Healthy Life’. As stairlifts enable growing numbers of people to live an independent life in their own homes and in their familiar environments for a longer time. We are impressed by the knowledge, expertise and engagement of Otolift’s teams and we look forward to working with them to help the company achieve further growth.”

The closing of the planned transaction is subject to the usual conditions applicable to transactions of this nature. The parties involved will not disclose any financial details of the acquisition.

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Contact

Breitnerstraat 1
1077 BL Amsterdam (NL)

Poortakkerstraat 93
9051 Gent (BE)

T: +31205705555
E: info@npm-capital.com

 

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CD&R Completes Acquisition of Cornerstone Building Brands

Cornerstone Logo.
Monday, July 25, 2022
Cary, N.C.

Cornerstone Building Brands, Inc. (“Cornerstone Building Brands” or the “Company”), the largest manufacturer of exterior building products in North America, today announced that Clayton, Dubilier & Rice (“CD&R”) has successfully completed the acquisition of Cornerstone Building Brands.

Holders of a majority of the shares of Cornerstone Building Brands common stock not owned by CD&R and its affiliates voted to approve the acquisition at the Special Meeting of Stockholders held on June 24, 2022. The acquisition also received the approval of the holders of a majority of the shares of Cornerstone Building Brands common stock outstanding at the Special Meeting. With the completion of the acquisition, Cornerstone Building Brands’ common stock has ceased trading and will no longer be listed on the New York Stock Exchange.

“The closing of this transaction is an important milestone for Cornerstone Building Brands, and we are pleased to be entering our next phase of growth as a private company,” said Jeffrey S. Lee, Executive Vice President and Chief Financial Officer of Cornerstone Building Brands. “With CD&R’s operational and strategic support, Cornerstone Building Brands will be even better positioned to accelerate our future growth plans and advance our journey to be the premier exterior building solutions company and deliver enhanced value to our customers. I want to thank all Cornerstone Building Brands employees for their continued dedication and hard work. This transaction is a testament to our team’s unwavering commitment to our customers and focus on executing our strategy. I am excited about the opportunities ahead for Cornerstone Building Brands, and I look forward to continuing our work together as we drive value for all stakeholders.”

J.L. Zrebiec, Partner at CD&R, said, “We have long admired Cornerstone Building Brands’ business and talented team, and we are thrilled to work even more closely with its leadership team and employees in this next chapter. We firmly believe that the Company is uniquely positioned to expand on its position as the largest manufacturer of exterior building products in North America, and we look forward to working together to build on the significant momentum underway.”

Advisors
Centerview Partners LLC is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to a special committee of Cornerstone Building Brands’ independent directors. Sullivan & Cromwell LLP is serving as legal counsel to Cornerstone Building Brands.

UBS, Barclays, BNP Paribas Securities Corp., Goldman Sachs, Jefferies, Natixis, New York Branch, RBC Capital Markets, and Societe Generale are providing financial advisory services to CD&R. Kirkland & Ellis LLP is serving as legal counsel to CD&R on the transaction and Debevoise & Plimpton LLP is serving as legal counsel to CD&R on the financing. CD&R has obtained committed financing from Deutsche Bank Securities Inc., UBS Investment Bank, Barclays, BNP Paribas, RBC Capital Markets, Societe Generale, Goldman Sachs, Natixis, New York Branch, Jefferies, Apollo, Blackstone Credit, and U.S. Bank.

About Cornerstone Building Brands, Inc.
Cornerstone Building Brands is the largest manufacturer of exterior building products by sales for residential and low-rise non-residential buildings in North America. Headquartered in Cary, N.C., we serve residential and commercial customers across the new construction and repair and remodel markets. Our market-leading portfolio of products spans vinyl windows, vinyl siding, stone veneer, metal roofing, metal wall systems and metal accessories. Cornerstone Building Brands’ broad, multichannel distribution platform and expansive national footprint includes more than 20,000 employees at manufacturing, distribution and office locations throughout North America. Corporate stewardship and environmental, social and governance (ESG) responsibility are embedded in our culture. We are committed to contributing positively to the communities where we live, work and play. For more information, visit us at www.cornerstonebuildingbrands.com.

About Clayton, Dubilier & Rice
Clayton, Dubilier & Rice is a private investment firm with a strategy predicated on building stronger, more profitable businesses. Since its inception, CD&R has managed the investment of more than $40 billion in over 100 companies with an aggregate transaction value of over $175 billion. The Firm has offices in New York and London. For more information, please visit www.cdr-inc.com.

Forward Looking Statements
This communication includes forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements about the potential benefits of the proposed acquisition, anticipated growth rates, the Company’s plans, objectives, expectations, and the anticipated timing of closing the proposed transaction. When used in this communication, the words “believes,” “estimates,” “plans,” “expects,” “should,” “could,” “outlook,” “potential,” “forecast,” “target” and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward looking statements. Forward-looking statements are based on a number of assumptions about future events and are subject to various risks, uncertainties and other factors that may cause actual results to differ materially from the views, beliefs, projections and estimates expressed in such statements. These risks, uncertainties and other factors include, but are not limited to, those discussed under “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 1, 2022, and the Company’s Quarterly Report on Form 10-Q for the quarterly period ended April 2, 2022, filed with the SEC on May 3, 2022, and the following: (1) disruption from the transaction making it more difficult to maintain business and operational relationships, including retaining and hiring key personnel and maintaining relationships with the Company’s customers, vendors and others with whom it does business; (2) risks related to disruption of management’s attention from the Company’s ongoing business operations due to the transaction; (3) significant transaction costs; (4) the risk of litigation and/or regulatory actions related to the transaction or unfavorable results from currently pending litigation and proceedings or litigation and proceedings that could arise in the future; (5) other business effects, including the effects of industry, market, economic, political or regulatory conditions; (6) information technology system failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity, malware or ransomware attacks; and (7) changes resulting from the COVID-19 pandemic, which could exacerbate any of the risks described above.

Readers are cautioned not to place undue reliance on forward-looking statements made by or on behalf of the Company. Each such statement speaks only as of the day it was made. The Company undertakes no obligation to update or to revise any forward-looking statements. The factors described above cannot be controlled by the Company.

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IK Partners enters exclusive negotiations to sell LINXIS Group to Hillenbrand

IK Partners

IK Partners (“IK”) is pleased to announce that an affiliate of the IK VIII Fund (“IK VIII”) has entered into a put option agreement to sell its stake in LINXIS Group (“LINXIS” or “the Group”) to Hillenbrand, Inc. (NYSE:HI) (“Hillenbrand”).

Founded in 1988 and headquartered in Nantes, France, LINXIS is a leading global supplier of industrial processing equipment and automation solutions for the food, pharma and cosmetic industries.

The Group consists of six market-leading brands – VMI, Diosna, Shaffer, Shick Esteve, Unifiller and Bakon – with more than 1,100 employees collectively. Cutting edge in-house engineering and R&D capabilities are both key drivers of outperformance versus peers.

Operating various design and assembly facilities in Europe and North America, it serves thousands of customers across 100 countries, specialising in the design, installation and maintenance of mission-critical equipment. LINXIS is organised around three complementary business units: Mixing Technology, Ingredient Automation and Portion Process. Over the years, the Group has cemented its market-leading positions in both Europe and North America, across all three of these units.

IK acquired LINXIS from Equistone in October 2017 and has transformed the Group substantially through add-on acquisitions; Unifiller in 2018 and Laramore, Bakon and Shaffer in 2021. This, coupled with strategically developing the product offering and its cross-selling capabilities and the introduction of an operational excellence programme, has allowed for significant growth and global expansion.

Tim Cook, CEO of LINXIS Group, commented: “We are delighted to have enjoyed a successful partnership with IK, which has seen LINXIS grow significantly since 2017. The additional financial firepower and market expertise brought by the IK team has allowed us to pursue a number of inorganic growth opportunities and expand the business on a global scale. We look forward to continuing our growth trajectory in partnership with Hillenbrand.”

Rémi Buttiaux, Managing Partner at IK and Advisor to the IK VIII Fund, added: “It has been a pleasure working with the team at LINXIS for the past five years. Through a selective acquisition strategy and the development of several purchasing and aftersales initiatives, we were able to support the excellent management team led by Tim Cook (CEO) and Didier Soumet (Chairman) and drive significant growth for the business. We wish them well for the future.”

Kim Ryan, President and CEO of Hillenbrand, said: “LINXIS will continue to build upon our profitable growth strategy by further strengthening and accelerating our position in the attractive food end market and enhancing the technical capabilities of our products and service offerings. By leveraging the combined capabilities of our Coperion brand and the LINXIS brands, we will be able to offer more comprehensive processing solutions, creating significant value for our customers.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in 170 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikpartners.com

About LINXIS Group

LINXIS Group gathers leaders in specialized equipment for the food and health industries – Bakon, Diosna, Shick Esteve, Unifiller and VMI are experts in ingredient automation, pre-dough systems, mixing and depositing technologies. Their common mission is to grow their position as global leaders in process equipment design and supply, for the customers they serve all around the world.
www.linxisgroup.com

About Hillenbrand

Hillenbrand (NYSE: HI) is a global industrial company operating in over 40 countries with over 10,000 associates serving a wide variety of industries around the world. Guided by our Purpose — Shape What Matters For Tomorrow™ — we pursue excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders. Hillenbrand’s portfolio includes brands such as Coperion, Milacron Injection Molding & Extrusion, and Mold-Masters, in addition to Batesville. To learn more, visit: www.Hillenbrand.com

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Eurazeo enters into exclusive discussions with Apax Partners for the sale of its majority stake in Vitaprotech

Eurazeo

Eurazeo, through its Small mid buyout team , has entered into exclusive discussions with Apax Partners to sell its majority stake in Vitaprotech, the French leader in premium security solutions for sensitive sites. The operation would remain subject to applicable regulatory approvals.

Eurazeo’s disposal would be set to produce a cash-on-cash multiple of 3.2x and an internal rate of return (IRR) of more than 30%.

Founded in 2012, Vitaprotech addresses all customers’ needs in securing sensitive sites through an integrated offer built around three complementary areas of expertise: access control, perimeter intrusion detection systems, intelligent monitoring & video.

Supported by Eurazeo since 2018 and driven by the strategic vision of its Chairman Eric Thord, the group has achieved a strong organic growth driven by dynamic underlying markets, accelerated by a proven buy & build strategy (9 acquisitions closed over the last 4 years). Vitaprotech has also pursued its transformation by strengthening the weight of software solutions and managed services (c. 45% of its activity), supported by constant and significant investment in R&D.

With a targeted turnover of more than €80M for 2022, Vitaprotech has tripled in size since 2018 with more than 400 employees in France, Germany, the UK, and the US.

Benjamin Hara, Managing Director, Small-mid buyout, said:

“We are proud to have supported the group and its management in the realization of their strong-growth ambition as well as in their transformation strategy towards an integrated and substantially enriched offer of software solutions. This path perfectly reflects Eurazeo’s know-how: supporting leading companies in accelerating their development, driven by the vision of a committed management team. We are convinced that the group has solid foundations on which to build its future success, with the support of its new shareholder.”

Eric Thord, Chairman of the Vitaprotech group, declared:

“Eurazeo has been a real partner in building and executing the group’s transformation and growth acceleration strategy, mobilizing its platform to serve our project. This partnership, both human and financial, has contributed to making Vitaprotech the French leader in premium solutions for securing sensitive sites. We would be happy to welcome Apax Partners as a partner in this new step full of opportunities”

About Eurazeo

  • Eurazeo is a leading global investment company, with a diversified portfolio of €32 billion in assets under management, including nearly €23.2 billion from third parties, invested in 530 companies. With its considerable private equity, venture capital, private debt as well as real estate and infrastructure asset expertise, Eurazeo accompanies companies of all sizes, supporting their development through the commitment of its nearly 360 professionals and by offering deep sector expertise, a gateway to global markets, and a responsible and stable foothold for transformational growth. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.
  • Eurazeo has offices in Paris, New York, London, Frankfurt, Berlin, Milan, Madrid, Luxembourg, Shanghai, Seoul, Singapore and Sao Paulo.
  • Eurazeo is listed on Euronext Paris.
  • ISIN: FR0000121121 – Bloomberg: RF FP – Reuters: EURA.PA

EURAZEO CONTACT

Virginie CHRISTNACHT

DIRECTRICE DE LA COMMUNICATION

+33 (0) 1 44 15 76 44

Pierre BERNARDIN

DIR. RELATIONS INVESTISSEURS

+33 (0) 1 44 15 16 76

PRESS CONTACT

David Sturken

MAITLAND/AMO

+44 (0) 7990 595 913

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