Tag Archives: Industrie

Chase Corporation Enters Definitive Agreement to be Acquired by KKR for $1.3 Billion

KKR

WESTWOOD, Mass. & NEW YORK–(BUSINESS WIRE)–Chase Corporation (“Chase” or the “Company”) (NYSE American: CCF), a leading global manufacturer of protective materials for high-reliability applications across diverse market sectors, today announced that it has entered into a definitive agreement to be acquired by an affiliate of investment funds managed by KKR, a leading global investment firm (as applicable, “KKR”). The all-cash transaction is valued at approximately $1.3 billion, including the assumption of debt.

“We look forward to supporting Chase on its next phase of growth through developing exciting new products, executing upon strategic acquisitions, and serving customers in growing end-markets, including critical applications in electronics, fiber optics and electric grid infrastructure.”

Under the terms of the agreement, KKR will acquire all outstanding shares of Chase common stock for $127.50 per share in cash, delivering substantial value to shareholders. The transaction value implies a valuation of approximately 13 times trailing-twelve-months EBITDA.

“At Chase, we have always been deeply committed to continuously improving our operating performance while providing an outstanding customer experience. In KKR, Chase has found the right strategic partner with strong cultural alignment combined with the experience and resources to help support our mission and drive future growth,” said Adam P. Chase, President and Chief Executive Officer of Chase Corporation.

“Over its nearly 80-year history, Chase has established itself as a leader in highly-engineered protective materials and built a portfolio of trusted brands, while delivering outstanding customer service,” said Josh Weisenbeck, a KKR Partner who leads KKR’s Industrials investment team. “We look forward to supporting Chase on its next phase of growth through developing exciting new products, executing upon strategic acquisitions, and serving customers in growing end-markets, including critical applications in electronics, fiber optics and electric grid infrastructure.”

KKR is making its investment in Chase through its North America Fund XIII. The investment builds on KKR’s deep experience investing in industrial businesses with technical, materials science capabilities, including Minnesota Rubber and Plastics, Charter Next Generation and Hyperion Materials & Technologies.

Following the close of the transaction, KKR will support Chase in creating an equity ownership program to provide all employees the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-management employees across more than 30 companies.

Transaction Approvals and Timing

The Board of Directors of Chase Corporation (the “Board”) has unanimously approved the transaction and recommends that shareholders vote in favor of the transaction. The transaction is expected to close in the fourth quarter of 2023, subject to the receipt of approval from the Company’s shareholders and certain required regulatory approvals, as well as the satisfaction of other customary closing conditions. The all-cash transaction is not subject to financing conditions.

Peter Chase, Adam Chase, Mary Chase and the Edward L. Chase Trust, collectively holding approximately 26% of the outstanding shares of Chase Corporation common stock, have entered into a support agreement pursuant to which they have agreed, among other things, to vote their shares in favor of the transaction.

Once the transaction is complete, Chase will be a privately held company wholly owned by an affiliate of KKR’s investment funds and will no longer have its common stock listed on any public market.

Important Information For Investors And Shareholders

This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. This communication relates to a proposed transaction between Chase and KKR. In connection with this proposed transaction, Chase may file one or more proxy statements or other documents with the Securities and Exchange Commission (the “SEC”). This communication is not a substitute for any proxy statement or other document Chase may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF CHASE ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Any definitive proxy statement(s) (if and when available) will be mailed to shareholders of Chase as applicable. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Chase through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Chase will be available free of charge on Chase’s internet website at https://chasecorp.com/investor-relations/ or by contacting Chase’s primary investor relation’s contact by email at investorrelations@chasecorp.com or by phone at 781-332-0700.

Participants in Solicitation

Chase, KKR, their respective directors and certain of their respective executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of Chase is set forth in its Annual Report on Form 10-K for the fiscal year ended August 31, 2022, which was filed with the SEC on November 10, 2022, its proxy statement for its 2023 annual meeting of shareholders, which was filed with the SEC on December 22, 2022, certain of its Quarterly Reports on Form 10-Q and certain of its Current Reports filed on Form 8-K.

These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

Forward Looking Statements

This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements about Chase’s ability to consummate the proposed transaction and the expected benefits of the proposed transaction, may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of the Company based on current expectations and assumptions relating to the Company’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the failure to obtain the required vote of Chase’s shareholders, (ii) the timing to consummate the proposed transaction, (iii) the risk that a condition of closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, (iv) the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated, (v) the diversion of management time on transaction-related issues, (vi) risks related to disruption of management time from ongoing business operations due to the proposed transaction, (vii) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of Chase, (viii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Chase to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (ix) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, including in circumstances requiring the Company to pay a termination fee, (x) unexpected costs, charges or expenses resulting from the Merger, (xi) potential litigation relating to the Merger that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, worldwide economic or political changes that affect the markets that the Company’s businesses serve which could have an effect on demand for the Company’s products and impact the Company’s profitability, (xii) challenges encountered by the Company in the execution of restructuring programs, (xiii) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, including tariffs and trade restrictions, cyber-security vulnerabilities, foreign currency volatility, swings in consumer confidence and spending, raw material pricing and supply issues, retention of key employees, increases in fuel prices, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Chase’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A – Risk Factors of Chase’s Annual Report on Form 10-K for the year ended August 31, 2022 and in the Company’s other filings with the SEC.

These forward-looking statements speak only as of the date of this communication, and Chase does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of the Company.

Advisors

Perella Weinberg Partners LP and Davis Polk & Wardwell LLP are serving as advisors to Chase. KKR is advised by Goldman Sachs and Kirkland & Ellis LLP.

About Chase Corporation

Chase Corporation, a global specialty chemicals company that was founded in 1946, is a leading manufacturer of protective materials for high-reliability applications throughout the world. More information can be found on our website https://chasecorp.com/

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.

Contacts

For Chase Corporation
Investor & Media Contact:
Jackie Marcus or Ashley Gruenberg
Alpha IR Group
Phone: (617) 466-9257
E-mail: CCF@alpha-ir.com

Shareholder & Investor Relations Department:
Phone: (781) 332-0700
E-mail: investorrelations@chasecorp.com

For KKR
Liidia Liuksila or Miles Radcliffe-Trenner
(212) 750-8300
media@kkr.com

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Convent Capital successfully sells CROWD to Tikehau

Convent Capital

Tikehau Capital signs agreement to acquire a majority stake in CROWD to support its growth

Amsterdam, Paris, Frankfurt, 20 July 2023 – Tikehau Capital, the global alternative asset management group, announced today that it has signed an agreement to acquire a majority stake in CReators of the Outside WorlD (“CROWD”, or “the Company”), a pan European leading provider of cycling infrastructure and sustainable street furniture, based in the Netherlands, with a strong presence in the DACH Region, from Convent Capital, an investment company based in Amsterdam.

Founded in 2014, CROWD provides premium cycling infrastructure and street furniture products, with a focus on circularity and digital city solutions. Through solid organic growth, coupled with several strategic acquisitions, CROWD has experienced strong growth to become a leading pan-European player in the industry, boasting superior market shares across DACH, Benelux, UK and Nordics. In 2022, the Company generated over €120m in revenue and grew to nearly 500 employees.

Tikehau Capital’s majority investment in CROWD will mark a key milestone in the execution of the Company’s growth strategy. Through this partnership, Tikehau Capital will provide CROWD with operational and strategic support to consolidate its market-leading position, leverage its global network to help accelerate its international development and expand its product portfolio with tech-enabled products, among others. CROWD’s management team will be reinvesting significantly alongside Tikehau Capital.

Tikehau Capital’s investment will be made via its private equity decarbonisation strategy* and represents it’s twelfth investment to date. Launched in 2018, in partnership with TotalEnergies, the first vintage of this €1.4 billion strategy is one of the largest private equity vehicles singularly committed to supporting small and medium-sized companies that are driving the decarbonisation of the economy.

CROWD is a sustainability-driven company that prioritises circularity throughout its value chain, adhering to the principles of “maintain, re-use, re-furbish, and re-cycle”. CROWD promotes low-carbon mobility, delivering high-quality, sustainable and safe products to cyclists everywhere. CROWD’s commitment drives the shift towards greener spaces and a healthier lifestyle and is fully in line with the investment philosophy of Tikehau Capital’s Private Equity decarbonisation strategy. CROWD was founded by Convent Capital back in 2014 with a vision to create a pan-European company supporting the transition to low carbon-mobility and promoting the circular economy in its industry. Convent Capital has been actively involved in building the company into a leading player it is today. The acquisition of CROWD by Tikehau Capital marks Convent Capital’s third exit from its first investment fund launched in 2011, demonstrating its active support in enabling its investments to capitalise on the opportunities presented by the circular economy.

“CROWD has outperformed the European market and is well positioned to continue its growth trajectory, thanks to its innovative product offering, which supports the shift towards greener spaces and growth of low-carbon mobility. We look forward to working with CROWD’s management team in its next chapter of development and expansion, and we are confident in our ability to leverage Tikehau Capital’s global network and expertise to support the Company in its strategic objectives. This cross-border deal showcases the strength of our multilocal setup as our private equity teams from Germany, France, and Benelux collaborate in their endeavour to achieve this significant operation,” said Emmanuel Laillier, Head of Private Equity at Tikehau Capital.

James Steward, CEO of CROWD, confirms that, “Tikehau Capital’s investment marks a truly defining moment for us all at CROWD! With the combined resource, network and support from the private equity decarbonisation strategy, we will be able to accelerate our efforts across all areas ensuring the continued facilitation of the micro mobility shift within the built environment and public domain. Additionally, it will allow us to continue to furnish the outside world, encouraging public socialisation, interaction and movement. CROWD’s entire management are fully committed and excited to start this next chapter with Tikehau Capital. With a clear focus on expanding into new territories, making internal investments, and improving within manufacturing, insourcing and operational excellence, we aim to enhance intercompany trading and expand our group platform in marketing, finance and ICT. In our view, this newly formed partnership will actively assist in the decarbonisation of the public realm. Lastly, we would like take this opportunity to thank Convent Capital, our previous investor, for the faith, trust and support they have showed over the last years in developing CROWD into the pan-European leader it is today!”

“Looking back on CROWD’s exciting and successful journey, building the company from a regional player to the European market leader it is today, we are proud of what we have achieved together with everyone involved. We would like to thank all employees and CROWD’s management in particular for their contribution and effort in realising its success, and for the joy we have had working with them over the years. We believe a bright future lies ahead for CROWD, and although it is with some sadness that we part, we are confident Tikehau Capital is the right partner to guide the company through the next chapter of its successful journey,” added Dirk Hoorn, Founding Partner of Convent Capital.

About Tikehau Capital
Tikehau Capital is a global alternative asset management group with €39.7 billion of assets under management (at 31 March 2023). Tikehau Capital has developed a wide range of expertise across four asset classes (private debt, real assets, private equity and capital markets strategies) as well as multiasset and special opportunities  strategies. Tikehau Capital is a founder led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.1 billion of shareholders’ equity at 31 December 2022), the firm invests its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 742 employees (at 31 December 2022) across its 15 offices in Europe, the Middle East, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP). For more information, please visit: www.tikehaucapital.com.

About CROWD
CReators of the Outside WorlD is an innovative group of established companies that designs and furnishes the public space and built environment. CROWD’s key focus areas are within cycling infrastructure, public shelters and street furniture. CROWD aims to make a conscious contribution to the living environment of society by developing products which enable modal transport, socialisation, and interaction, along with sustainable and circularity design principles. Whilst CROWD was founded in 2014, via its buy & build strategy, executed in the main the last 4 years, it consists currently of 6 companies, namely Lumiguide, VelopA, ZIEGLER, IJslander, HITSA (including LAMPAS) and Bailey
Street Furniture Group (including Cyclepods). Group turnover is more than €120 mio, with a total of 10 main office locations throughout 8 countries and 5 production locations (as of 30 June 2023). Therefore, CROWD is proud to be Europe’s largest street furniture and cycling infrastructure group.
For more information, please visit: www.crowdoutside.com

About Convent Capital
Founded in 2011, Convent Capital is an independent investment company based in the Amsterdam, the Netherlands. From the start, Convent Capital has had a strong focus on sustainability and a dedication to the transition from the current linear economy to a circular economy. Its long-term strategy creates sustainable, high returns for its stakeholders combined with positive societal impact. Convent Capital currently manages two funds. Its first evergreen fund focuses on Dutch SMEs with a strong track record and strategic and operational capabilities. With its recently launched Agri Food Growth Fund, Convent allocates growth capital to innovative and sustainable companies in the agricultural and food industries, and aims to generate a positive impact through every investment. For more information, please visit: www.conventcapital.nl

Press contacts:
Tikehau Capital: Valérie Sueur – +33 1 40 06 39 30
UK – Prosek Partners: Matthieu Roussellier – +44 (0) 7843 279 966
USA – Prosek Partners: Trevor Gibbons – +1 646 818 9238
press@tikehaucapital.com

Shareholder and investor contacts:
Louis Igonet – +33 1 40 06 11 11
Théodora Xu – +33 1 40 06 18 56
shareholders@tikehaucapital.com

Parties have reached agreement on the mains terms and conditions for the transaction subject to customary conditions such as works council advice and regulatory filings.

Disclaimer:
*The strategy mentioned in this press release is reserved for professional investors, is no longer open to marketing nor subscription and is managed by Tikehau Investment Management SAS, a portfolio management company approved by the AMF since 19/01/ 2007 under the number GP-07000006. Non-contractual document intended exclusively for journalists and media professionals. The information is provided for the sole purpose of enabling them to have an overview of the transactions, whatever the
use they make of it, which is exclusively a matter of their editorial independence, for which Tikehau Capital declines all responsibility. This document does not constitute an offer to sell securities or investment advisory services. This document contains only general information and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current forecasts, prevailing market and economic conditions, estimates, projections and opinions of Tikehau Capital and/or its affiliates. Owing to various risks and uncertainties actual results may differ materially from those reflected or expected in such forward-looking statements or in any of the case studies or forecasts. Tikehau Capital accepts no liability, direct or indirect, arising from the information contained in this document. Tikehau Capital shall not be liable for any decision taken on the basis of any information contained in this document. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relate to Tikehau Capital North America.

 

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Egeria enters into a new partnership with Sonic Equipment

Egeria

19 July, 2023 – Egeria is pleased to announce that it has signed an agreement to acquire Sonic Equipment (“Sonic” or “the Company”), a global specialist in professional hand tools, filled toolboxes and premium storage solutions.

Egeria is acquiring a majority stake from Torqx Capital Partners (“Torqx”) alongside management who will be reinvesting. Financial terms of the transaction are not disclosed.

Sonic is a global specialist in professional hand tools, filled toolboxes and premium storage solutions, founded in 2004 by Remko Papenburg and Niels Veldt. In 2019, the founders partnered with Torqx to accelerate growth through international expansion. Over the past four years Sonic has doubled in size, entered multiple new countries and has set up an effective marketing strategy with a differentiated customer approach. Today it has established a leading brand position in more than 65 countries worldwide, with local teams, warehouses and showrooms in the Netherlands (HQ), Germany, Austria, France, Taiwan, Italy and the USA.

Under the current management team, consisting of founder and CEO Remko Papenburg, CFO Freddy Peeters and CCO Gerben de Jong, Sonic has a track record of strong international growth by delivering efficiency, style and support to professionals worldwide. Sonic empowers them to excel in their daily jobs and achieve great success and satisfaction. Going forward, management will continue to drive the success and growth of Sonic in partnership with Egeria.

REMKO PAPENBURG, FOUNDER AND CEO AT SONIC EQUIPMENT:
“We look forward to the next chapter which will see us working closely together with the team of Egeria to continue full throttle. With their support, we aim to realize our ambitious growth plans through organic initiatives and M&A. I would also like to use the opportunity to thank Torqx. We are grateful for the support that Torqx has provided us with over the past years.”

SANDER VAN KEKEN, PARTNER AT EGERIA:
“We are impressed by Sonic’s entrepreneurship, growth track record and unique value proposition in the tools market. We strongly believe in the further international growth potential of the Sonic brand and product offering in the years to come and very much look forward to collaborate with Remko and the team to develop Sonic further.”

DAVID VAN HASSELT, PARTNER AT TORQX CAPITAL PARTNERS:
“Over the last years, Sonic has shown an impressive, international growth trajectory with its differentiating brand, customer oriented proposition, and high quality products. It has been an honor to support management in the value creation for Sonic and develop the Company into the strong player it is today. We would like to thank management and the entire Sonic team for the very pleasant, entrepreneurial and successful partnership. We still see endless opportunities for Sonic and are looking forward to following Sonic’s successes closely with their new partner Egeria.”

For this transaction, Lincoln International acted as corporate finance advisor to the sellers, Houthoff acted as legal advisor, Deloitte provided the financial and tax vendor due diligence and Roland Berger assisted in vendor commercial due diligence. Egeria was advised by Boston Consulting Group on their commercial due diligence, EY performed the financial & tax due diligence, Allen&Overy acted as legal advisor and DC Advisory as financial advisor.

ABOUT
Egeria
Established in 1997, Egeria is an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region. Egeria invests in healthy businesses and believes in building businesses jointly with entrepreneurial management teams (Boldly Building Together). Egeria Private Equity Funds has interests in 15 companies in the Netherlands and Germany, while Egeria Evergreen has investments in 7 companies. Egeria’s portfolio companies generate combined revenues of more than EUR 2 billion and employ more than 12,000 people.

Sonic
Sonic is a leading global specialist in the development, marketing and distribution of professional hand tools and storage solution systems. Founded in 2004 by Remko Papenburg and Niels Veldt, Sonic today extends across the global market, having achieved strong and consistent growth since its inception. With an innovative and complete product range of 6,000+ high-quality tools & storage systems, Sonic improves the efficiency, image, ergonomics and productivity of thousands of professionals in over 65 countries across the globe. Sonic is known for its exceptional value proposition, unique branding and highly customer-oriented approach. The Company has office facilities and warehouses in the Netherlands, Germany, Austria, France, Taiwan, Italy and the USA. Sonic employs c.80 FTE. For more information please visit www.sonic-equipment.com.

Torqx
Torqx invests in medium-sized companies with significant value creation potential. Situations include growth-, buyand-build-, performance improvement-, turnaround- and transformational investments across a range of industries including manufacturing, distribution and services. Torqx acquires majority positions based on a partnership with co-shareholders and management teams, offering the companies smart capital, network, expertise and talent to support implementation of their plans and achieve their full potential. The Torqx team consists of 15 highly experienced and skilled investment professionals who look beyond spreadsheets and understand what it takes to build businesses and increase momentum. Torqx currently manages over € 380 million in committed capital and is backed by reputable international institutional investors and the Torqx team itself. For more information please visit www.torqxcapital.com.

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Torqx Capital Partners announces the sale of Sonic Equipment to Egeria

Torqx Capital

Torqx Capital Partners (“Torqx”) is pleased to announce that it has signed an agreement to sell its majority stake in Sonic Equipment (“Sonic” or “the Company”), to EGERIA, an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region.

Sonic is a global specialist in professional hand tools, filled toolboxes and premium storage solutions, founded in 2004 by Remko Papenburg and Niels Veldt. In 2019, the founders partnered with Torqx to accelerate growth through international expansion. Over the past four years Sonic has doubled in size, entered multiple new countries and has set up an effective marketing strategy with a differentiated customer approach. Today it has established a leading brand position in more than 65 countries worldwide, with local teams, warehouses and showrooms in the Netherlands (HQ), Germany, Austria, France, Taiwan, Italy and the USA.

Under the current management team, consisting of founder and CEO Remko Papenburg, CFO Freddy Peeters and CCO Gerben de Jong, Sonic has a track record of strong international growth by delivering efficiency, style and support to professionals worldwide. Sonic empowers them to excel in their daily jobs and achieve great success and satisfaction. Going forward, management will continue to drive the success and growth of Sonic in partnership with Egeria.

Remko Papenburg, Founder and CEO at Sonic Equipment: “We look forward to the next chapter which will see us working closely together with the team of Egeria to continue full throttle. With their support, we aim to realize our ambitious growth plans through organic initiatives and M&A. I would also like to use the opportunity to thank Torqx. We are grateful for the support that Torqx has provided us with over the past years.”

David van Hasselt, Partner at Torqx Capital Partners: “Over the last years, Sonic has shown an impressive, international growth trajectory with its differentiating brand, customer oriented proposition, and high quality products. It has been an honor to support management in the value creation for Sonic and develop the Company into the strong player it is today. We would like to thank management and the entire Sonic team for the very pleasant, entrepreneurial and successful partnership. We still see endless opportunities for Sonic and are looking forward to following Sonic’s successes closely with their new partner Egeria.”

Sander van Keken, Partner at Egeria: “We are impressed by Sonic’s entrepreneurship, growth track record and unique value proposition in the tools market. We strongly believe in the further international growth potential of the Sonic brand and product offering in the years to come and very much look forward to collaborate with Remko and the team to develop Sonic further.”

For this transaction, Lincoln International acted as corporate finance advisor to the sellers, Houthoff acted as legal advisor, Deloitte provided the financial and tax vendor due diligence and Roland Berger assisted in vendor commercial due diligence. Egeria was advised by Boston Consulting Group on their commercial due diligence, EY on financial & tax due diligence, Allen&Overy acted as legal advisor and DC Advisory as financial advisor.

About Sonic
Sonic is a leading global specialist in the development, marketing and distribution of professional hand tools and storage solution systems. Founded in 2004 by Remko Papenburg and Niels Veldt, Sonic today extends across the global market, having achieved strong and consistent growth since its inception. With an innovative and complete product range of 6,000+ high-quality tools & storage systems, Sonic improves the efficiency, image, ergonomics and productivity of thousands of professionals in over 65 countries across the globe. Sonic is known for its exceptional value proposition, unique branding and highly customer-oriented approach. The Company has office facilities and warehouses in the Netherlands, Germany, Austria, France, Taiwan, Italy and the USA. Sonic employs c. 80 FTE. For more information please visit www.sonic-equipment.com.

About Egeria
Established in 1997, Egeria is an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region. Egeria invests in healthy businesses and believes in building businesses jointly with entrepreneurial management teams (Boldly Building Together). Egeria Private Equity Funds has interests in 15 companies in the Netherlands and Germany, while Egeria Evergreen has investments in 7 companies. Egeria’s portfolio companies generate combined revenues of more than EUR 2 billion and employ more than 12,000 people. For more information, visit www.egeriagroup.com

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Successful realization of investment in R+S Group

Deutsche_Beteiligungs_AG
  • Implementation of value enhancement strategy and first sale of an investment exclusively with funds from own balance sheet
  • Positive value contribution for DBAG in line with forecast for current financial year
  • Reinvestment of part of the proceeds in acquiring company NOKERA in order to participate in attractive and sustainable growth prospects in the market for serial construction in the long term

Frankfurt/Main, 17 July 2023. Deutsche Beteiligungs AG (DBAG) has successfully concluded its investment in R+S Group (R+S), a leading group of companies in the fields of sustainable supply technology, digital and energy-efficient solutions for sustainable building systems, trade and future-proof skilled labour. The shares in the company will be sold to NOKERA AG (NOKERA), a producer of buildings in serial and sustainable construction. DBAG had acquired the majority of the shares in R+S in March 2021, thus structuring its second Long-Term Investment, i.e. exclusively with funds from its own balance sheet. In total, DBAG has invested around 18 million euros in R+S. The proceeds from the disposal will be partially reinvested in a minority stake in NOKERA to participate in the attractive growth of the market for serial construction and serial energy-efficient refurbishment of buildings. Corresponding agreements were signed today. The closing of the transaction is still subject to the approval of the antitrust authorities.

Positive value contribution for DBAG in line with the forecast for the current financial year
The proceeds from the disposal exceed the fair value of DBAG’s Investment in DBAG’s latest half-yearly financial report (reporting date 31 March 2023). The disposal will therefore lead to an increase in net income from investment activity of approximately 14 million euros in the current third quarter of the financial year 2022/2023. This value contribution is included in the forecast for the net asset value as at 30 September 2023 and the net income for the 2022/2023 financial year, which was specified today.

Value enhancement through strengthening of equity and acceleration of successful reorganisation
The successful strategic development of R+S in the past two years was characterised by completing the already well-advanced reorganisation of the company in order to enable a basis for further profitable revenue growth. The market environment supports this positively: the trend towards smart buildings and energy-efficient buildings ensures continued growth and expands the market especially for electrical building equipment, which R+S focuses on.

Reinvestment of part of the proceeds for further participation in attractive growth prospects
DBAG is reinvesting part of the sales proceeds in NOKERA, thereby participating in the attractive growth prospects of the market for cost-efficient, sustainable and serially produced real estate. NOKERA’s highly automated serial production offers significant cost and time advantages over conventional residential construction in an ESG-friendly environment.

“The expansion of our investment strategy to invest exclusively with funds from our own balance sheet has opened up additional investment opportunities for us,” said Jannick Hunecke, member of DBAG’s Board of Management, at the signing ceremony. “We are very pleased that with our reinvestment we can participate in the attractive growth prospects of the market for cost-efficient and sustainable residential real estate and thus also invest in sustainable construction, which is driven by the ESG trend,” Hunecke continued.

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Providence Acquires d&b Group from Ardian

Providence

Leading global provider of high-end audio, video, light & media solutions for the event sector to continue international growth

LONDON – 10 JULY 2023 – Providence Equity Partners (“Providence”), a premier private equity firm specializing in growth-oriented investments in media, communications, education and technology, today announced its acquisition of a majority interest in d&b Group (“d&b”) – with the registered name of Cubes Holding GmbH – from Ardian. The existing management team is re-investing and will continue to lead day-to-day operations following completion. Financial terms were not disclosed.

Headquartered in Backnang, Germany, d&b is one of the world’s leading providers of professional audio technology and end-to-end Audio, Video, Light & Media (“AVLM”) solutions for live entertainment. d&b operates through d&b audiotechnik, which offers high quality audio systems for installation projects and rentals, as well as d&b solutions – which offers comprehensive service solutions across audio, video, lighting, and extended reality.

In the last 10 years, d&b has evolved organically and through acquisitions from a loudspeaker manufacturer to a premier event technology company with over 1,000 employees globally. Select global customers include the Sydney Opera House, Amsterdam Arena, Royal Albert Hall, Wembley Stadium, BBC, and ITV Sport.

Providence has prior experience partnering with innovative businesses specialising in technology and live entertainment solutions in Europe and North America.

The transaction is expected to close by October 31, 2023, subject to necessary and customary closing conditions.

Robert Sudo, Managing Director at Providence, said: “In our view, d&b bears the hallmarks of a classic Providence investment – it is a business with innovation at its core, market leadership and loyal customers. d&b’s passionate team has advanced and defined industry standards and exceeded client expectations for the last four decades. We believe d&b can continue its growth trajectory by delivering spectacular experiences to audiences across the globe. With our prior experience investing in live entertainment and technology companies, we believe Providence is the ideal partner to support d&b and we look forward to working with Amnon and his hugely talented team to execute our shared vision for the business.”

Andrew Tisdale, Senior Managing Director at Providence, added: “The needs of customers in live entertainment are becoming ever more complex, which has expanded d&b’s addressable opportunities. We were impressed by d&b’s passionate management team and, with Providence’s resources and network, we are committed to supporting d&b’s strategic plan.”

Amnon Harman, Chief Executive Officer of d&b, said:

The global growth trend for events, concerts and major events has continued unchanged after a forced break due to the COVID-19 pandemic. This is accompanied by the increasing professionalization and digitization of these events and thus an increasing need for professional event technologies. As one of the world’s leading system providers for audio technology and integrated audio, video, light and media solutions (AVLM) with a comprehensive portfolio of hardware and software technologies, we are perfectly positioned to gain further market share.

Ardian has proven to be a reliable business partner over the past few years. Thanks to their unwavering support, especially during the pandemic, we have been able to innovate during this period of crisis and to emerge stronger from it. We look forward to continuing our successful journey with Providence and cementing our global position as a leader in professional audio and integrated AVLM solutions.”

Dr. Alexander Friedrich, Managing Director of Buyouts, and Stefan Kappis, Director of Buyouts at Ardian, said: “We would like to thank Amnon Harman and his team for their hard work, unwavering commitment and, above all, the trust they have placed in us over the past seven years. d&b has an outstanding corporate culture that is embodied by each and every employee. The contribution of all d&b colleagues has been essential to the Group’s success, including significant growth, a strategic transformation and strong international positioning. We are proud to have accompanied d&b on this journey together and we wish the entire team and Providence the very best for the next chapter in the company’s history.”

Alantra and Unicredit served as financial advisors to Providence, and White & Case and Allen & Overy as legal counsel. Intermediate Capital Group arranged financing.

About Providence Equity Partners
Providence Equity Partners is a specialist private equity investment firm focused on growth oriented media, communications, education and technology companies across North America and Europe. Providence combines its partnership approach to investing with deep industry expertise to help management teams build exceptional businesses and generate attractive returns. Since its founding in 1989, Providence has invested over $35 billion across more than 170 private equity portfolio companies. With its headquarters in Providence, RI, the firm also has offices in New York, London, Boston and Atlanta. For more information, please visit www.provequity.com.

About d&b Group
The d&b Group provides professional audio technology and AVLM solutions to create memorable, multisensorial experiences. d&b audiotechnik, the manufacturing side of the firm, is internationally regarded as a leading company for sound reinforcement systems in installed and mobile applications, with a reputation for quality of construction, standard of service, system integration principles, and pioneering technological development. d&b solutions, the service-focused business entity, offers complete and flexible audio, video, lighting and xR expertise, covering system planning, installation, maintenance and managed services. Founded in Germany in 1981, d&b headquarters are located in Backnang, near Stuttgart. With offices in major cities around the world, the global d&b team numbers more than 1000 professionals.

 

 

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Intel Agrees to Sell Minority Stake in IMS Nanofabrication Business to Bain Capital

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Intel Agrees to Sell Minority Stake in IMS Nanofabrication Business to Bain Capital

Transaction will accelerate innovation of critical multi-beam mask writing tools, foster deeper cross-industry collaboration

 

NEWS HIGHLIGHTS

  • Transaction will accelerate innovation of critical multi-beam mask writing tools and foster deeper cross-industry collaboration.
  • Multi-beam mask writing tools are critical to the semiconductor ecosystem for creating EUV technology.
  • Sale of approximately 20% stake values IMS at approximately $4.3 billion.

SANTA CLARA, Calif., and BOSTON, June 21, 2023 – Intel Corporation today announced that it has agreed to sell an approximately 20% stake in its IMS Nanofabrication GmbH (“IMS”) business to Bain Capital Special Situations (“Bain Capital”), in a transaction that values IMS at approximately $4.3 billion. The transaction is expected to close in the third quarter of 2023. IMS will operate as a standalone subsidiary and will continue to be led by CEO Dr. Elmar Platzgummer.

 

Since inventing multi e-beam technology and introducing the first commercial multi-beam mask writer in 2015, Vienna, Austria-based IMS has been an industry leader in multi-beam mask writing for advanced technology nodes. Intel initially invested in IMS in 2009 and ultimately acquired the business in 2015. Since the acquisition, IMS has delivered a significant return on investment, growing its workforce and production capacity by four times and delivering three additional product generations.

 

Today, as EUV technology becomes broadly adopted in leading-edge technologies, the multi-beam mask writing tools required to create advanced EUV (extreme ultraviolet lithography) masks are increasingly critical components to the semiconductor manufacturing ecosystem. This investment will position IMS to capture the significant market opportunity for multi-beam mask writing tools by accelerating innovation and enabling deeper cross-industry collaboration.

 

“The advancement of lithography is critical to driving continued progress in the semiconductor industry, and mask writing plays a central role in the industry’s transition to new patterning technologies, such as high-NA EUV,” said Matt Poirier, senior vice president of Corporate Development at Intel. “Bain Capital’s investment and partnership will provide IMS with increased independence and bring strategic perspective to help accelerate the next phase of lithography technology innovation, ultimately benefitting the ecosystem as a whole.”

 

Platzgummer said, “We are pleased to gain a valuable partner in Bain Capital, which has a long history of partnering with companies to drive growth and value creation. They share our conviction in the meaningful opportunity ahead for IMS as EUV becomes more pervasive and high-NA EUV moves from development into high-volume manufacturing in the second half of the decade. We look forward to expanding our ability to support the world’s largest chip producers, who rely on our technology to produce current and next generations of semiconductor products.”

 

Marvin Larbi-Yeboa, a partner at Bain Capital, said, “As the global leader and innovator of emerging technologies in the semiconductor fabrication and nanotech industries, we believe IMS is well-positioned to capitalize on attractive secular tailwinds as additional chip production capacity comes online and build on its leading competitive position, tech differentiation and cutting-edge product capabilities.”

 

Will Tetler, a managing director at Bain Capital, added, “We look forward to partnering with IMS’ exceptional management team and Intel to employ our deep industry experience and value-creation capabilities to support the business’ long-term growth strategy through further investment in its leading-edge tech and product portfolio to enable IMS to extend its competitive market position.”

 

Forward Looking Statements

This press release contains forward looking statements regarding the planned investment by Bain Capital Special Situations (“Bain Capital”) in IMS Nanofabrication GmbH (“IMS”), including the timing of closing and possible implications of such investment on the IMS business.  Such forward looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied, including:  the risk that the transaction may not be completed in a timely manner or at all, including as a result of a failure to receive regulatory approvals; the occurrence of any event, change or other circumstance that could give rise to the termination of the transaction; the risk that the expected benefits of the transaction, including as a result of the increased independence of IMS, may not be realized or that the sale of a minority ownership in IMS may adversely impact the IMS business or Intel; disputes or potential litigation related to the transaction or the ownership, control and operation of the IMS business, including as it relates to Intel; unanticipated costs related to the transaction or the IMS business that may be incurred; risks as to the retention of key IMS personnel and customers; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the transaction; changes in demand for semiconductor manufacturing tools; the high level of competition and rapid technological change in the semiconductor industry; and other risks and uncertainties described in Intel’s earnings release dated April 27, 2023, 2022 Annual Report on Form 10-K and other filings with the SEC. All information in this press release reflects Intel management views as of the date hereof unless an earlier date is specified. Intel does not undertake, and expressly disclaims any duty, to update such statements, whether as a result of new information, new developments, or otherwise, except to the extent that disclosure may be required by law.

About Intel

Intel (Nasdaq: INTC) is an industry leader, creating world-changing technology that enables global progress and enriches lives. Inspired by Moore’s Law, we continuously work to advance the design and manufacturing of semiconductors to help address our customers’ greatest challenges. By embedding intelligence in the cloud, network, edge and every kind of computing device, we unleash the potential of data to transform business and society for the better. To learn more about Intel’s innovations, go to newsroom.intel.com and intel.com. © Intel Corporation. Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries. Other names and brands may be claimed as the property of others.

 

About IMS Nanofabrication

IMS Nanofabrication GmbH, an Austrian business and subsidiary of Intel Corporation, is the global technology leader for multi-beam mask writers. Its customers are the largest chip manufacturers in the world, who rely on its technology to produce current and future chip generations. IMS’ innovative multi-beam writers play a key role in chip manufacturing and provide significant added value to the semiconductor industry. They are continually customized and refined by an interdisciplinary team, in line with the latest market demands. Over the last 10 years, IMS has perfected its electron-based multi-beam technology. The first-generation multi-beam mask writer, MBMW-101, is successfully operating all over the world. The second-generation multi-beam mask writer, MBMW-201, entered the mask writer market in the first quarter of 2019 for the 5nm technology node. And this year, IMS is launching MBMW-301, a fourth-generation multi-beam mask writer that delivers unprecedented performance. Learn more at www.ims.co.at/en/.

 

About Bain Capital Special Situations

Bain Capital Special Situations is a global team of investors who have driven value creation for more than 20 years. Bain Capital Special Situations has $18 billion in assets under management and has invested more than $28 billion since our inception in 2002. We provide bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners. Across all market cycles, the strategy brings together credit, equity, corporate and real asset expertise to partner where traditional providers cannot. Our dedicated, global team of more than 100 investment and portfolio professionals contribute the local expertise and capabilities that enable these diverse investments. For more information, please visit: https://baincapitalspecialsituations.com/.

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EQT Private Equity to sell BBS Automation, a global leader in factory automation solutions

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  • EQT Private Equity, together with its co-shareholders, to sell BBS Automation to MDAX-listed Dürr Group
  • Under EQT’s ownership, BBS has transformed from a founder-led organization to a global leader in end-to-end factory automation solutions with full digital capabilities
  • Since EQT entered in 2018, the Company has more than doubled its revenues, significantly expanded its global site footprint, and complemented organic growth with four add-on acquisitions

EQT is pleased to announce that the EQT Mid Market Europe and EQT Mid Market Asia III funds (together “EQT Private Equity” or “EQT”), together with its co-shareholders, have agreed to sell BBS Automation (“BBS” or the “Company”) to MDAX-listed Dürr Group.

Headquartered in Munich, Germany, BBS Automation helps companies automate their production processes and reduce energy consumption, waste and downtime, allowing customers to meet rapidly growing cost and sustainability demands. It plays a pivotal role in the Industry 4.0 revolution by developing and manufacturing automated, smart factory solutions. The Company’s tailor-made assembly and testing applications are used by customers in a wide range of industries, including (e)Mobility, Life Sciences, and Consumer Electronics, amongst others.

EQT Private Equity partnered with Josef Wildgruber in May 2018 and acquired a majority stake in BBS with a joint vision to build a leading global platform for factory automation. During EQT’s ownership, BBS has more than doubled its sales to over EUR 300 million today (2023 estimate). At the same time, BBS has made substantial investments in its global footprint, doubling its network of sites from 7 to 14 and growing its number of employees from around 550 to around 1,200.

Organic growth was complemented by four strategic add-on acquisitions including ANT Solutions, a Polish provider of digital factory solutions, TEAM, an Italian specialist for winding technology, and ReaLead, a Chinese automation solutions provider. Last year, BBS significantly strengthened its MedTech and Life Sciences capabilities with the acquisition of Italy-based Kahle Automation.

As part of Dürr Group, BBS will continue its growth journey under the leadership of Josef Wildgruber. The combined Group will be one of the leading assembly and automation players globally with a highly complementary solution portfolio and substantial synergies with Dürr’s automation business, in particular Teamtechnik, which Dürr acquired in 2021.

Andreas Aschenbrenner, Partner within EQT Private Equity’s Advisory Team, said, “We could not have imagined a better home for BBS than Dürr Group and a more compelling industrial logic. By combining the Dürr automation business with BBS’ global automation platform, we are creating a global leader in the field. BBS is a showcase of EQT’s philosophy of investing at the nexus of digitization and sustainability, creating value for our investors, the company and its employees and society at large.”

Robert Latz, Managing Director within EQT Private Equity’s Advisory Team, adds, “We are very proud of what we have achieved together with the BBS team over the past years. EQT has a long-standing track record of partnering with founders to help them scale and professionalize their businesses. BBS is a showcase of how we can help companies reach their full potential. We have transformed BBS to a global leader in industrial automation by expanding its solutions portfolio, end markets, and geographic footprint.”

Josef Wildgruber, CEO and Founder of BBS Automation, said “This is a momentous day in the history of BBS. We are very excited to become part of the Dürr family and continue our growth journey together, leveraging our combined German heritage, reputation and expertise. We are very grateful for EQT’s strong support over the years, which enabled us to turn BBS into the global platform it is today with a market-leading footprint across all continents. I very much look forward to working with Jochen Weyrauch and his team in building the future of automation.”

The transaction is subject to regulatory approval. Closing of the transaction is expected in the fall of 2023.

 

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

About EQT
EQT is a purpose-driven global investment organization with EUR 119 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About BBS Automation
Headquartered in Munich, Germany, BBS Automation develops flexible and high-quality automation solutions for complex manufacturing and testing processes. With state-of-the-art production sites in Germany, Italy, Poland, Slovakia, India, China, Malaysia, Mexico and the US, BBS Automation supports a diverse network of blue-chip customers on a global scale. BBS has around 1,200 employees across 14 locations in Europe, Asia, and North America.

More info: www.bbsautomation.com

About Dürr Group
The Dürr Group is one of the world’s leading mechanical and plant engineering firms with extensive expertise in automation, digitalization and energy efficiency. Its products, systems and services enable highly efficient and sustainable manufacturing processes in different industries. The Dürr Group primarily supplies the automotive industry, producers of furniture and timber houses as well as the chemical, pharmaceutical, medical devices and electrical engineering sectors. The company has about 18,500 employees and 123 business locations in 32 countries.

More info: www.durr.com

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Ardian acquires majority stake in Tom Barrow Company, leading provider of HVAC solutions

Ardian

Ardian, a world-leading private investment house, today announced that its North America Fund team acquired a majority stake in Tom Barrow Company, a market-leading provider of commercial HVAC solutions in the US Southeast. The management team and founding family will continue to own a meaningful minority share of the business.

Led by Mike Shea, Chief Executive Officer, Tom Barrow is a leading supplier of design-assist engineering and manufacturers’ representation services to the commercial HVAC industry across healthcare, life sciences, education, government, industrial and other commercial end markets. It offers a comprehensive range of HVAC product lines, including custom air handling units, packaged equipment, precision cooling equipment, air distribution, fans, sheet metal products and a variety of other specialty applied equipment and commercial components.

Tom Barrow works with clients to deliver solutions ranging from heating, cooling, filtration, Indoor Air Quality, energy efficiency and ventilation. Through its design assist capabilities, Tom Barrow works with architects, mechanical engineers, building owners and contractors at the outset of the engineering and design process and offers support throughout the HVAC product lifecycle.

Founded in 1955 and headquartered in Atlanta, Georgia, the company has ten locations across Georgia, Florida, Tennessee and Alabama, with approximately 240 employees. It has experienced several years of strong growth, driven by both increasing share in existing markets and expanding into new geographies. Tom Barrow also services customers in some of the most technically demanding end markets including hospitals, clean room manufacturing facilities and education. Additionally, it specializes in developing energy-efficient HVAC systems, an increasing priority for commercial building owners. It also works with customers to retrofit less efficient HVAC systems in existing buildings with newer energy-efficient systems.

“We are excited to partner with Ardian to accelerate our growth, while continuing to provide our existing customers with industry-leading levels of service.” Mike Shea, Chief Executive Officer, Tom Barrow

“Tom Barrow is a market-leading HVAC systems supplier, ideally positioned to expand both within its existing geographic markets and into new regions. We are particularly excited to be working with such a strong management team. The company’s resilient end markets, blue-chip customer base, and broad capabilities give us great confidence in the company’s potential.” Kevin Kruse, Managing Director North America Fund, Ardian

“The commercial HVAC industry benefits from particularly strong secular tailwinds. Building owners and tenants are increasingly focused on both indoor air quality and energy efficient buildings. Healthcare facilities, Life sciences labs, EV and battery plants, solar panel plants, and data centers are also all HVAC-intensive, increasing the need for clean room levels of purity, specialized cooling, or both. We believe Tom Barrow is well positioned to capture significant share in this attractive market.” Todd Welsch, Managing Director North America Fund, Ardian

Ardian’s North America Fund team specializes in lower middle market private equity transactions, acquiring industrial and business services companies across a range of sectors.

Financial details were not disclosed. Truist Securities, Inc. served as exclusive financial adviser to Tom Barrow. Configure Partners served as financing advisor to Ardian.

ABOUT TOM BARROW

As the leading provider of HVAC solutions in the Southeast, Tom Barrow Company offers clients unmatched industry expertise and integrated services through benefit-driven collaboration with its design, engineering, and service professionals and the exceptional manufacturing companies it proudly represents.

tombarrow.com

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $150bn of assets on behalf of more than 1,400 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian is part-owned by its employees and places great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our1,050+ employees, spread across 16 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last

ardian.com

Press contact

ARDIAN

THE NEIBART GROUP : Emma Murphy

ardian@neibartgroup.com +1 347 968 6800

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BGF backs family-run business Troy with £15.5 million investment

BGF

Troy,

the largest independent network for industrial and engineering supplies in the UK, has today announced a £15.5 million investment from BGF to support its ambitious growth strategy.

A family-run business, founded in 1986 and based in Exeter, Troy is Britain’s leading independent MRO (maintenance, repair and overhaul) product distributor. It serves the industrial, engineering and trade sectors nationwide via its distribution centres and buying group of 400-plus members.

Passionate about championing independent merchant businesses, Troy delivers value for its members via instant access to more than 420 suppliers of leading industry brands at the best possible purchasing terms, a best-in-class business support system, an invaluable network of people, and an investment platform to ensure local businesses are future-proofed.

With investments in 16 member businesses to date, Troy has delivered value via system enhancements and group synergies. Troy and its members service a range of sectors, including general manufacturing, rail, renewable energy, automotive, medical, aerospace and trade, with a broad product offering including power tools, cutting tools, fixings, fastenings and PPE.

Under the leadership of Paul Kilbride, who acquired Troy in 2010, the business has experienced rapid growth and is now the largest independent distribution network in the industrial and engineering sector in the UK, with a turnover of over £300 million.

BGF’s financial support will further accelerate the company’s growth strategy. In addition to the investments Troy has made within the membership base over the last five years, there is also a significant pipeline of opportunities identified post-investment.

In addition to the funding, Troy has appointed former Wickes CEO Simon King as Non-Executive Chair, following an introduction from BGF’s Talent Network – the largest pool of non-exec talent in the UK.

Paul Kilbride, Chief Executive at Troy, said: “To deliver our strategy of structured growth, we required a minority investment partner that recognised the capabilities of Troy. We are confident that, with BGF as key allies, we will maintain our growth trajectory and realise the company’s ambition.”

The new £15.5 million investment deal was led by James Skade and Hannah Waters, investors in BGF’s Bristol-based South West team.

This is a great opportunity for BGF to invest in a thriving national business network with an excellent reputation and a huge potential for growth. We are delighted to be working alongside Paul and Simon, and look forward to supporting the business to deliver on its ambitious growth plans.

James Skade, BGF investor

Simon King, Non-Executive Chair of Troy, said: “I’m excited to be joining the board of Troy, working alongside the wider team and BGF to capitalise on significant market opportunities and to position the business for further growth.”

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