Tag Archives: Industrie

Altor continues backing H2 Green Steel

In the largest private placement in Europe this year, H2 Green Steel has raised €1.5 billion in equity from an investor group led by Altor, GIC, Hy24 and Just Climate. The round will finance the world’s first large-scale green steel plant and Europe’s first giga scale electrolyzer. 

 

The private placement is co-led by new investor Hy24, together with existing investors Altor, GIC and Just Climate. The transaction also includes a new investors AP2 and Temasek as well as a group of existing investors that continue to support H2 Green Steel with additional equity funding, including AMF, Cristina Stenbeck, Hitachi, IMAS Foundation, Kinnevik, Schaeffler, Vargas and Wallenberg asset management company FAM.

The proceeds will finance the construction and development of H2 Green Steel’s flagship large-scale green steel plant in Boden, Sweden. Groundworks have been ongoing on site in Boden since summer 2022, and through this transaction H2 Green Steel takes another big leap towards start of operations end of 2025.

The plant will deliver steel with up to 95 percent less CO2 compared to steel produced with traditional blast furnace technology. This is made possible by replacing coal in the production process with hydrogen, produced on-site with Europe’s largest electrolyzer, using electricity from renewable sources. Next-generation technology and digitalization, along with an unmatched approach to both circularity and recycling will make the steel plant the first of its kind.

“We are impressed by the achievements to date by H2 Green Steel and excited to take the role as one of the lead investors. We will significantly increase our engagement in H2 Green Steel in this next important phase when the company is set to build the world’s first large-scale green steel plant. Over Altor’s 20 years, partnering in large industrial transformations has been at our core. H2 Green Steel also fits perfectly next to Altor’s increasingly broad base of investments in the green transition space. We look forward to extending the partnership with management and support on the path to launch operations at the end of 2025”, says Klas Johansson, co-managing Partner at Altor.

“The caliber of investors that are backing us is impressive. Some of the most professional institutions, investors and industrial companies globally are part of this round and we are proud that they all share our commitment to sustainability as their true north. €1.5 billion is the largest private placement in Europe this year and the appetite to invest in us proves both our solid business case and the market demand for green steel,”, says Henrik Henriksson, CEO of H2 Green Steel.

Since launch in 2021, H2 Green Steel has raised more than €1.8 billion of equity in three financing rounds. The company closed its series A equity round of €86 million in May 2021 and announced the close of its series B1 round of €260 million in October 2022. On the debt side, H2 Green Steel announced in 2022 the structure for its debt financing of over €3.5 billion and renewed commitment letters in July 2023.

About Altor

Since inception, the family of Altor funds has raised more than EUR 10 billion in total commitments. The funds have invested in just south of 100 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 H2 Green Steel, Trioworld, OX2, Vianode, Tibber, and Svea Solar. 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

Press contact

Tor Krusell

Head of Communications

tor.krusell@altor.com

+46 705 43 87 47

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H2 Green Steel raises €1.5 billion in equity to build the world’s first green steel plant

GIC

Stockholm, September 7, 2023 – In the largest private placement in Europe this year, H2 Green Steel has raised about €1.5 billion in equity from an investor group led by Altor, GIC, Hy24 and Just Climate. The round will finance the world’s first large-scale green steel plant and Europe’s first giga-scale electrolyzer.

The private placement is co-led by new investor Hy24, together with existing investors Altor, GIC and Just Climate. The transaction also includes new investors Andra AP – fonden and Temasek as well as a group of existing investors that continue to support H2 Green Steel with additional equity funding, including AMF, Cristina Stenbeck, Hitachi Energy, IMAS Foundation, Kinnevik, Schaeffler, Vargas and Wallenberg Investments holding company FAM.

The proceeds will finance the construction and development of H2 Green Steel’s flagship large-scale green steel plant in Boden, Sweden. Groundworks have been ongoing on the site in Boden since summer 2022, and through this transaction H2 Green Steel takes another big leap towards start of operations end of 2025.

The plant will deliver steel with up to 95 percent less CO2 emissions compared to steel produced with traditional blast furnace technology. This is made possible by replacing coal in the production process with hydrogen, produced on-site with Europe’s largest electrolyzer, using electricity from renewable sources. Next-generation technology and digitalization, along with an unmatched approach to both circularity and recycling, will make the steel plant the first of its kind.

“The caliber of investors that are backing us is impressive. Some of the most professional institutions, investors and industrial companies globally are part of this round and we are proud that they all share our commitment to sustainability as their true north. €1.5 billion is the largest private placement in Europe this year and the appetite to invest in us proves both our solid business case and the market demand for green steel”, says Henrik Henriksson, CEO of H2 Green Steel.

“This marks the start of industrial scale decarbonization of basic materials production. The sector will require substantial investments over the coming decades to enable our customers to produce green end products and, thereby meet their climate targets. We hope this financing will contribute towards accelerating the much needed, broad participation of capital markets in the transformation of hard-to-abate industries”, says Otto Gernandt, CFO of H2 Green Steel.

Since launch in 2021, H2 Green Steel has raised more than €1.8 billion of equity in three financing rounds. The company closed its series A equity round of €86 million in May 2021 and announced the close of its series B1 round of €260 million in October 2022. On the debt side, H2 Green Steel announced in 2022 the structure for its debt financing of over €3.5 billion and renewed commitment letters in July 2023.

Morgan Stanley & Co. International plc acted as sole financial advisor to H2 Green Steel in the private placement.

Comments from investors:

“We are impressed by the achievements to date by H2 Green Steel and excited to take the role as one of the lead investors. We will significantly increase our engagement in H2 Green Steel in this next important phase when the company is set to build the world’s first large-scale green steel plant. Over Altor’s 20 years, partnering in large industrial transformations has been at our core. H2 Green Steel also fits perfectly next to Altor’s increasingly broad base of investments in the green transition space. We look forward to extending the partnership with management and support on the path to launch operations at the end of 2025”, says Klas Johansson, co-managing Partner at Altor.

“Since our first round of investment, H2 Green Steel has made significant progress in building the world’s first green steel plant. We will continue to support management as they work towards this first-of-its-kind project in the hard to abate industry. As a long-term investor, we are committed to providing capital to develop solutions that help decarbonize the real economy”, says Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC.

”H2 Green Steel Boden is the most advanced large-scale, green industrial project in the world. It is a trailblazer in decarbonization of hard-to-abate industrial sectors like steel. The investment by Hy24’s clean hydrogen infrastructure fund will support the H2 Green Steel’s ambition to materially reshape steel markets, providing a green alternative to its off-takers and partners. This is part of Hy24’s commitment to help industry get to net zero”, says Pierre-Etienne Franc, CEO of Hy24.

“When we established Just Climate it was to invest into the hard-to-abate areas of industry that produce some of the highest levels of carbon emissions. Decarbonizing steel production is a critical piece of this industrial decarbonization process, and we are pleased to be part of the lead investor group that has today announced its support for the business”, says Shaun Kingsbury CBE, Chief Investment Officer of Just Climate.

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Carlyle grants exclusive rights to Orora Group for the purchase of Saverglass

Carlyle

Paris & Feuquières, France, 5 September 2023 – Global investment firm Carlyle (NASDAQ: CG) announced today that it has granted exclusive rights to Orora Group (“Orora”) for the purchase by Orora of Saverglass, a global specialist manufacturer of high-quality glass bottles.

Founded in 1897 and based in Feuquières, France, Saverglass designs, manufactures and decorates luxury glass bottles and carafes for wines and spirits. The company has six glassworks and four decoration sites in France, Belgium, Mexico and the United Arab Emirates. It employs over 3,900 people worldwide and sells more than 530,000 tonnes of glass a year (equivalent to 700 million bottles) in some 100 countries. Saverglass’ knowledge of traditional glassmaking and its longstanding heritage in the industry, combined with its innovation and design capabilities, make the business a key partner to a range of fine wine and spirits producers across the globe. Saverglass is committed to positioning the business for the future and protecting its unique cultural inheritance by continuing to place sustainability and social responsibility at the heart of its operating model.

Carlyle has been Saverglass’ majority shareholder, alongside the management team and employees, since 2016.

Loïc Quentin de Gromard, Honorary Chairman of Saverglass, said: “Having worked with Saverglass for almost 40 years, I am delighted at the prospect of a new shareholder for the Group and its employees. It will enable Saverglass to continue implementing its strategy of investment and successful innovation for the benefit of its customers, which underpins the exceptional bonds of cooperation and trust built up with them. The deal also marks an exciting new chapter for the business, in which it can build on its strong heritage and unlock new opportunities to develop the ethical values on which the Saverglass community is founded.”

Jean-Marc Arrambourg, Chairman and CEO of Saverglass, said: “Carlyle has been a valuable partner for us in recent years, and we are grateful to them for supporting our international growth strategy. We are convinced that the Orora Group is the perfect partner for Saverglass to continue our development, and we are confident that together we will be able to further accelerate our growth trajectory.”

Jonathan Zafrani, Co-Head of Carlyle Europe Partners, added: “We are proud to have supported Saverglass, its management team and its employees over the last few years. Its ambitious growth strategy in new geographies – particularly in the Americas – has enabled it to strengthen its position across key markets and further build upon its technical expertise, creativity, and quality of service. We wish the company every success in this new phase of its life.”

The offer and the signature of the binding documentation will be subject to consultation with employee representative bodies, and the transaction is subject to regulatory approvals.

—

 

About Saverglass

Saverglass, a world leader in the design, production, customization and decoration of high-end bottles for the premium and ultra-premium spirits and wine markets, is a privileged partner of the world’s leading spirits and wine brands, as well as emerging brands committed to the quality and exclusivity of their packaging.

From its six glass plants and four decoration units benefiting from leading-edge technologies, and thanks to the professionalism, ongoing training and passion for excellence of its 3,900 employees, Saverglass sells over 700 million bottles to more than 4,000 customers in some 100 countries, and is committed to its longstanding sustainable development strategy with the objective of reducing its carbon footprint by 50% by 2035.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $385 billion of assets under management as of June 30, 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 Orora

Orora is a leading manufacturer and distributor of sustainable, innovative packaging and visual solutions for customers across the world. Listed on the ASX and headquartered in Melbourne, Australia, the company is focused on designing and delivering products and services that enables its customers’ brands to thrive. Every day, millions of consumers buy and use goods in packaging proudly designed, developed, manufactured or distributed by Orora. The company operates businesses across two key geographic segments – Orora Beverage Australasia and Orora Packaging Solutions (OPS) North America. More than 4,600 people are employed across 23 manufacturing plants and 80 distribution sites in seven countries. Learn more at www.ororagroup.com.

 

Media contacts

Carlyle:

Nicholas Brown

nicholas.brown@carlyle.com

+44 7471 037 002

 

Saverglass:

Angélique Thomas

ath@saverglass.com

 

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Measurlabs seeks to become a sector leader in Europe with a seed round of EUR 2.5 million

Tesi

Measurlabs is a laboratory analysis and testing service provider that helps R&D professionals get the tests they need easily in one place. The recent EUR 2.5 million growth funding will enable the company to scale services in the UK and other European countries and to develop new features to further automate its logistics and purchasing platform. The seed round was led by VentureFriends and joined by existing investors Lifeline Ventures, Tesi, and Curus.

“We are proud to continue supporting Measurlabs on their growth journey. Measurlabs’ unique service and extensive expertise bring significant value to customers by streamlining the high-friction industry of outsourced testing services. In fast-growing sectors like semiconductors and other novel materials the availability of high-quality analytical services is crucial in making product development processes seamless and bringing new products to the market rapidly. We are excited to continue alongside Measurlabs in their mission to support these companies”, comments Tuomas Rekonen, Investment Manager at Tesi.

Tesi first invested in the company in 2022. The investment was made from the Venture Bridge programme that was closed for initial investments in March the same year.

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Additional information:

Tuomas Rekonen, Investment Manager, Venture Capital Investments
tuomas.rekonen@tesi.fi
+358 40 7540 660

 

Tesi wants to raise Finland to the forefront of transformative economic growth. We develop the market, and work for the success of Finnish growth companies. We invest in private equity and venture capital funds, and also directly in growth companies. We provide long-running support, market insights, patient capital, and skilled ownership. tesi.fi | Twitter | LinkedIn | Newsletter

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Altor has acquired a further 3.8% of the outstanding shares in FLSmidth & Co. A/S

We are pleased to announce that we, Altor Fund Manager AB (“Altor”), on August 16th 2023 have indirectly acquired a further 2.2 million shares in FLSmidth & Co. A/S (“FLSmidth”), corresponding to 3.8% of the shares outstanding. Combined with existing holdings, Altor now owns 14.9% of the outstanding shares and voting rights of FLSmidth.

“Since our initial investment in FLSmidth earlier this year, our positive view on the company has only been strengthened. We remain excited about the strategic direction of the company and the attractive long-term, green transition demand drivers supporting it, and we are impressed by the capable management team and their ability to execute on the strategic plans. The company is a great match for us, we share the same beliefs in what can and needs to be done in terms of decarbonization – an area in which we are active across many industries.” says Daniel Reimann, Principal at Altor.

Altor controls, through Altor Fund V (No.1) AB and Altor Fund V (No. 2) AB, the subsidiary, Altor Invest 7 AS, who is the direct holder of shares in FLSmidth.

Disclaimer

The purchase has not included an offer, whether directly or indirectly, in the United States, Canada, Japan, South Africa, Hong Kong or Australia, unless otherwise indicated, or in any other jurisdiction where such offer pursuant to legislation and regulations in such relevant jurisdictions would be prohibited by applicable law. This announcement is intended for the sole purpose of providing information. Persons needing advice should consult an independent financial adviser. This announcement does not constitute an investment recommendation.

About Altor

Since inception, the family of Altor funds has raised more than EUR 10 billion in total commitments. The funds have invested in just south of 100 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 H2 Green Steel, Norican, Wrist Ship Supply, Multi-Wing, OX2, Vianode, Tibber, and Svea Solar. For more information visit www.altor.com

About FLSmidth

FLSmidth provides sustainable productivity to the global mining and cement industries. The company delivers market-leading technology, products and service solutions that enable its customers to improve performance, drive down costs and reduce environmental impact. MissionZero is the company’s sustainability ambition towards zero emissions in mining and cement by 2030. FLSmidth works within fully validated Science-Based Targets, its commitment to keep global warming below 1.5°C and to becoming carbon neutral in its own operations by 2030. For more information visit www.flsmidth.com

Press contact

Tor Krusell

Head of Communications

tor.krusell@altor.com

+46 705 43 87 47

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Leading European industrial temperature control equipment rental specialist Coolworld to be sold by Gimv to Arcus European Infrastructure Fund 3, the third fund of Arcus Infrastructure Partners

GIMV

16/08/2023 – 07:28 | Portfolio

Building on its strong organic growth, Coolworld Investments B.V. (“Coolworld” or the “Company”), a market-leading specialist in mission-critical temperature control asset rental solutions, will be acquired by Arcus European Infrastructure Fund 3 (“AEIF3”), the third fund of Arcus Infrastructure Partners (“Arcus”). As part of the transaction, Gimv will sell its majority shareholding in the Company.

Arcus has significant value-add investing experience in European infrastructure and, specifically, asset leasing and cold chain businesses. This will help to support Coolworld’s management in further accelerating growth and focusing on long-term, sustainable value creation. The current management team will continue to lead the business through this next phase of growth and reinvest in the Company alongside AEIF3.

Coolworld offers a wide range of temperature control asset rental solutions, including process cooling, climate control, modular cold storage and industrial heating. The Company is a key industrial partner to its customers, providing mission-critical assets to enable and ensure process and product integrity, and support companies in complying with operational and regulatory requirements.

Over three decades of organic growth, the Company has built a market-leading position as a pureplay temperature control rental specialist, reflected in the number of long-term relationships it serves with blue chip customers across the food, pharmaceutical, chemical, logistics and other sectors.

Coolworld’s comprehensive customer offering is enabled by its high-quality range of temperature control assets, including industrial chillers, climate control units, mobile cold rooms, its network of depots in key regions of Northwest Europe, deep in-house expertise and a full-service solutions offering. Coolworld supports its customers across the full spectrum of requirements, from temporary emergency and downtime capacity to long-term leasing solutions.

Coolworld currently operates in six European countries and serves its customers through local depots to ensure high responsiveness and to minimise its carbon footprint. The Company’s focus on sustainability will continue to be a priority in this next growth phase, through significant further investment in the asset fleet, an increasing range of sustainable solutions and partnerships with customers and suppliers to drive decarbonising innovation.

In 2019, Gimv invested in Coolworld through its Sustainable Cities platform alongside the founders and management team. At the time of investment, Coolworld already had a strong position in the Netherlands, Belgium, Germany, France, Austria and Switzerland and served a diversified customer base. With Gimv’s guidance, Coolworld achieved impressive organic growth through key strategic decisions, including further investments in a more sustainable fleet, build-out of the organisation and IT architecture, and further strengthening Coolworld’s local presence across Europe.

Ruud van Mierlo, CEO of Coolworld, noted: “Coolworld has delivered very strong growth over recent years and we have positioned ourselves as one of the leading temperature control asset rental companies in the market. Together with Gimv as our main shareholder, we were able to make substantial investments in our rental fleet and the organisation to keep up with the demands of our customers. With Arcus on board as our new majority shareholder, we will be able to enter the next phase of development in our company. Further growth, further professionalisation and access to more financing to support the growth of our company as a pan-European leader.”

Jordan Cott, Partner at Arcus Infrastructure Partners commented: “As part of our broader industrial infrastructure sector strategy, Coolworld stands out as a market-leading pureplay specialist in the temperature control asset leasing space. The Company has a well invested asset fleet, top-tier management team, long-term operating relationships and excellent market reputation, with decades of track record in providing its mission-critical asset rental solutions to growing and resilient end markets in Europe. It is an excellent fit within AEIF3’s infrastructure investment strategy, and a business where we can leverage our significant experience in value-add asset leasing as well as cold chain infrastructure. We look forward to working closely with Coolworld’s excellent management team to deliver the next phase of growth for the Company.”

Rombout Poos, Partner Sustainable Cities at Gimv, added: “Under the leadership of Ruud van Mierlo and his team, Coolworld has experienced very strong growth in recent years as a solutions provider for the numerous climate challenges we all face today. With Arcus as a new shareholder, Coolworld will be able to further expand its position as a pan-European player.”

Over the entire holding period Gimv realizes a return in excess of the long-term portfolio return target. No further financial details will be disclosed.

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Carlyle and Quest Global Enter into a Strategic Partnership

Carlyle

Singapore, August 8, 2023 – Global investment firm Carlyle (NASDAQ: CG) and Quest Global, one of the world’s leading engineering services firms, today announced they have reached a definitive partnership agreement whereby Carlyle will be acquiring a significant minority stake in the company. Equity for this transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners.

As part of this transaction, current investors Bain Capital and Advent International will exit; Quest Global will repurchase its company shares; and Ajit Prabhu, Chairman and CEO of Quest Global, will acquire an additional stake in the company. The partnership approach taken for this transaction demonstrates Quest Global’s commitment to the long-term success of its business strategy and its employees.

Established over 25 years ago and headquartered in Singapore, Quest Global is a leading global player in engineering, research and development (“ER&D”) services for the design, product development and operations of complex engineering systems. It currently has a multi-disciplinary team of over 17,500 engineers, across 67 delivery centers and offices, in 17 countries globally, that is dedicated to helping solve its clients’ engineering challenges better and faster.

Amit Jain, Managing Director and Head of Carlyle India Advisors, said, “We have known Ajit for two decades and we believe he has demonstrated visionary leadership over these years. Carlyle was the first early-stage private equity investor in Quest Global and we are proud to partner again. We believe the company’s undivided client centricity, drive for engineering excellence, differentiated global delivery model and the entrepreneurial energy of the management team have enabled it to scale successfully across a diverse set of industry verticals. Looking ahead, our view is that Quest Global is well-poised to benefit from the growing focus on product innovation, digital engineering, embedded systems, increased outsourcing and disruptive technology advancements across industries. We look forward to working closely with Quest Global’s management team while leveraging Carlyle’s deep sector expertise and global network to help the company expand its global leadership in the ER&D space.”

“At Quest Global, we believe engineering has the unique opportunity to solve the problems of today that stand in the way of tomorrow – to create a brighter future. It was a great value-added partnership with Carlyle the first time around, and I look forward to working with Carlyle again, to propel us in the journey ahead. Together, I am confident we will deliver on our mutual commitment to provide cutting edge engineering solutions to our clients around the world, while preserving our entrepreneurial culture,” said Ajit Prabhu, Chairman and CEO of Quest Global.

“We are thankful for the partnership of Bain and Advent for their instrumental role in advancing the company’s purpose and growth trajectory. Their strategic insights and unwavering support have been invaluable,” added Mr. Prabhu.

The transaction remains subject to satisfaction of certain conditions precedent to closing, including customary regulatory approvals.

Barclays, J.P. Morgan, BNP Paribas and Latham & Watkins served as advisors to Quest Global on the transaction; and Deutsche Bank, Clifford Chance, KPMG and Trilegal served as advisors to Carlyle. Barclays, BNP Paribas, Citibank, Deutsche Bank, HSBC, ING, J.P. Morgan, Nomura, Standard Chartered Bank, Allen & Overy and Linklaters helped arrange financing for the transaction.

Carlyle’s buyout funds, including Carlyle Asia Partners, have well-established experience investing in the technology and business services sector, and have invested over US$35 billion of equity in over 280 deals globally as of June 30, 2023, with approximately US$5.6 billion of this in Asia.

 

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About Quest Global

Founded in 1997, Quest Global is one of the world’s leading engineering research and development (ER&D) services companies. Quest Global believes engineering has the unique opportunity to solve the problems of today that stand in the way of tomorrow. For more than 25 years, the Company has strived to be the most trusted partner for the world’s hardest engineering problems. As a global organization headquartered in Singapore, team at Quest Global live and work in 17 countries, with 67 global delivery centers and offices, driven by 17,500+ extraordinary employees who make the impossible possible every day. Quest Global delivers world-class end-to-end engineering solutions by leveraging deep industry knowledge and digital expertise. By bringing together technologies and industries, alongside the contributions of diverse individuals and their areas of expertise, Quest Global is able to solve problems better, faster. This multi-dimensional approach enables the team to solve the most critical and large-scale challenges across the aerospace & defense, automotive, energy, hi-tech, healthcare & medical devices, rail, and semiconductor industries.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $385 billion of assets under management as of June 30, 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.

 

Media Contacts

Quest Global

Anubhuti Agarwal

Tel: +91 990 331 6945

Email: Anubhuti.Agarwal@quest-global.com

Quest Global LinkedIn: https://www.linkedin.com/company/quest-global/mycompany/

 

Carlyle

Lonna Leong

Tel: +852 9023 1157

E-mail: lonna.leong@carlyle.com

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EQT Private Equity to sell Schülke, a sustainability leader in infection prevention and treatment for the healthcare industry

eqt

EQT Private Equity to sell Schülke to the ATHOS Consortium, having acquired the Company in a carve-out from Air Liquide in July 2020. The Company has delivered double digit annual revenue growth and almost doubled EBITDA in its core healthcare business over this time

Under EQT Private Equity’s ownership, Schülke has been repositioned to focus entirely on the healthcare and life science market, while expanding into new geographies and sales channels through five add-on acquisitions

The Company has also established itself as a sustainability leader, for example by launching a pioneering green hospital-grade product line, transitioning to almost 100% green electricity, and signing up to the Science Based Targets initiative

EQT is pleased to announce that the EQT VIII fund (“EQT Private Equity”) has agreed to sell Schülke (the “Company”), a leading provider of infection prevention and treatment solutions for the healthcare industry, to a consortium led by ATHOS, a Munich-based single family office, along with other co-investors such as Bitburger Holding (the “ATHOS Consortium”).

Schülke is a key partner to the healthcare industry with an almost 135-year heritage of developing holistic and mission-critical infection prevention and treatment solutions. It supplies hospitals and other healthcare institutions with high quality disinfectants and antisepsis products. It also sells to the pharmacy and direct patient care channels, as well as the global life science industry. Schülke is headquartered in Norderstedt, Germany, employs approximately 1,200 people, and generates sales in more than 80 countries with market leading positions in Central and Eastern Europe, Australia and Brazil.

EQT Private Equity acquired Schülke in July 2020 with a vision to focus the business portfolio, accelerate growth in core markets, invest in sustainability and innovation, and expand its geographical footprint. Together with the Schülke management team, EQT Private Equity has delivered on this vision. Schülke repositioned to focus entirely on the healthcare and life science market, which included the sale of the Personal Care business and the discontinuation of other non-healthcare related operations. It also expanded its geographical footprint to Northern and Southern Europe and established a direct patient care channel through acquisitions, while investing in innovation including next generation products. As a result, during EQT Private Equity’s ownership Schülke has delivered double digit annual revenue growth and almost doubled EBITDA in its core healthcare business.

Central to EQT Private Equity and Schülke’s partnership has been the delivery of a customer centric sustainability strategy. Through a strategic approach to sustainability, the Company established a pioneering green hospital-grade product line, transitioned to almost 100% green electricity, and signed up to the Science Based Targets initiative, with the target to reduce greenhouse gas emissions by up to 40% by 2030. Through this transformation, Schülke has positioned itself as a key partner to its healthcare and life sciences clients in their efforts to make the industry more sustainable.

Matthias Wittkowski, Partner within EQT Private Equity’s Advisory Team, said: “We were excited about Schülke’s purpose and mission critical role in the healthcare industry when we acquired the business, and are even more so today. In close partnership with the management team, we have transformed Schülke from a corporate subsidiary to a high-performing, stand-alone healthcare company. We are proud to have supported the Company in becoming a sustainability leader that today fully lives up to its mission of “protecting lives worldwide”. This again showcases EQT Private Equity’s ability to carve out high-potential companies, drive transformation and position them for long-term success. We believe that the ATHOS Consortium is a fantastic partner for Schülke as it takes the next step on its journey.”

Stefan Kukacka, CEO of Schülke, said: “It has been a pleasure working with EQT Private Equity over the past years. Together we have strategically re-positioned the business, driven organic growth, and pursued an active M&A agenda with five add-on acquisitions. Perhaps most importantly, we delivered on a sustainability transformation strategy to ensure that we live up to our mission and are set up for sustainable growth. We are grateful for the partnership and are now looking forward to building on this momentum under the ownership of the ATHOS Consortium.”

The transaction is subject to customary regulatory approvals. It is expected to close in Q4 2023.

EQT Private Equity was advised by Bank of America, Freshfields Bruckhaus Deringer, Deloitte and Bain & Company.

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

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KKR Acquires Majority Stake in Leading Pallet Pooling Platform LEAP India

MUMBAI, India–(BUSINESS WIRE)– KKR, a leading global investment firm, and LEAP India (‘LEAP’ or the ‘Company’), a leading pallet pooling platform in India, today announced the signing of definitive agreements under which funds managed by KKR will acquire a majority stake in the Company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230801401222/en/

Founded in 2013 by Sunu Mathew, LEAP is a leading pallet pooling platform in India, providing a wide range of innovative and high-quality supply chain solutions, including equipment pooling, returnable packaging, inventory management and movement, transportation, and repair and maintenance, to a diversified and large customer base across e-commerce, consumer durables, beverages, fast-moving consumer goods and automotive. Today, the Company operates a network of 21 warehouses and more than 3,500 customer locations, and manages more than 6 million total assets, including pallets and containers, across India for its customers.

The investment builds on strong macroeconomic tailwinds in India that include a focus on modernizing, automating, and optimizing efficiencies in supply chains and logistics services. In addition, sustainable logistics is expected to play a critical role in driving India’s rapid economic growth over the next 25 years.1 As Indian corporations increasingly look to focus on core operations and sustainably streamline logistics arrangements, there is significant opportunity for platforms such as LEAP to provide high-quality and efficient supply chain solutions.

Ami Momaya, Director, Infrastructure at KKR, said, “We are pleased to invest in LEAP, a standout leader in India’s pallet pooling industry that will play an important role in driving the country’s continued modernization and growth. LEAP is supporting this shift by providing the critical assets needed for the manufacturing, storage, and movement of goods in supply chains and in so doing also helps companies to be better equipped to improve the environmental impact of their operations. The Company has grown rapidly since its founding under the leadership of a talented management team, and we look forward to collaborating closely and leveraging our deep infrastructure experience, operational expertise and global networks to help LEAP achieve its next stage of transformation.”

Sunu Mathew, Founder and Managing Director at LEAP India, said, “From Day One, LEAP’s mission has been to provide quality supply chain solutions to support our clients’ needs and contribute to India’s modernization. We are proud of our growth and grateful for the support received from our strategic partners and investors, including our first investor Mayfield, that have helped us to scale to where we are today. Going forward, we look to tap into KKR’s global expertise to accelerate our growth and deliver impactful solutions to our clients.”

KKR is making this investment as part of its Asia infrastructure strategy. The acquisition of LEAP marks KKR’s latest infrastructure investment in India. Past transactions in the sector by KKR have included Serentica Renewables, a decarbonization platform that seeks to provide complex clean energy solutions for energy-intensive, hard-to-abate industries; Hero Future Energies, a leading independent power producer and the renewable energy arm of the Hero Group; Highways Infrastructure Trust, a roads infrastructure investment trust (InvIT); Virescent Infrastructure, a renewable energy platform in India; and IndiGrid, a leading infrastructure InvIT. The transaction is expected to be completed by Q3 2023, subject to customary pre-closing and closing conditions. Additional details of the transaction are not disclosed.

Deloitte Touche Tohmatsu and Transaction Square acted as LEAP’s advisors and Anagram Partners acted as legal advisor to LEAP. EY and KPMG acted as KKR’s advisors and AZB & Partners and Simpson Thacher & Bartlett acted as legal advisors to KKR.

About LEAP India

LEAP, or Leading Enterprise in Asset Pooling, is a premier provider of sustainable supply chain solutions in India. Specializing in the design, manufacture, and management of wooden pallets, reusable packaging, and containers, LEAP primarily operates in the asset pooling space, offering cutting-edge supply chain solutions to businesses throughout India.

Established in 2013, LEAP’s mission is to provide cost-effective and sustainable solutions that help businesses reduce waste and lower costs while minimizing the environmental impact of their operations. Through its commitment to innovation, integrity, teamwork, customer service, and excellence, LEAP has earned a reputation as a reliable partner for businesses seeking to optimize their supply chain operations.

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.

1 EY: Envisioning the future of Indian logistics@2047, April 2023: https://www.ey.com/en_in/consulting/transforming-the-future-of-indian-logistics-sector

Media

For LEAP India:
Priti Vinchhi
+91 8657504746
priti.vinchhi@leapindia.net

For KKR:
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

Source: KKR

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Carlyle Provides $200 Million Term Loan to iRobot

Carlyle

NEW YORK, NY – Global investment firm, Carlyle (NASDAQ: CG), today announced it has closed a $200 million senior secured term loan to iRobot Corp. (NASDAQ: IRBT) (“iRobot”), a leader in consumer robotics.

iRobot is a global consumer robot company that designs and builds thoughtful robots and intelligent home innovations that make life better. iRobot introduced the first Roomba robot vacuum in 2002. Today, iRobot is a global enterprise that has sold millions of robots worldwide. iRobot’s product portfolio features technologies and advanced concepts in cleaning, mapping and navigation. Working from this portfolio, iRobot engineers are building robots and smart home devices to help consumers make their homes easier to maintain and healthier places to live.

“iRobot is a demonstrated leader in the consumer robotics space with an innovative approach to bringing valuable products and technology into consumer’s homes,” said Jesse Hou, a member of the Carlyle Credit Opportunities Fund. “We are pleased to partner with a leading management team and support an iconic global consumer brand.”

“Securing financing to increase our credit facility is a critical component in our mission to continue developing helpful products that make customers’ lives easier,” said Colin Angle, chairman and CEO at iRobot. “We are thankful for Carlyle’s support, which will enable us to fulfill our goals during a time where iRobot faces a dynamic market environment.”

Carlyle Global Credit manages $150 billion in assets as of March 31, 2023. It is an active provider of private credit solutions across the capital structure, including senior secured loans, unitranche loans and junior debt.

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.

Media and Investor Relations

Kristen Greco
Carlyle
Corporate Communications
(212) 813-4763
Kristen.greco@carlyle.com

Charlie Vaida
iRobot
Corporate Communications
(781) 430-3182
cvaida@irobot.com

OR

Karian Wong
Investor Relations
iRobot
(781) 430-3003
investorrelations@irobot.com

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