AURELIUS wins “Private Equity Turnaround of the Year” award for successful exit from Solidus Solutions

Aurelius Capital

  • Recognition by prestigious Institute for Turnaround (IFT) for the second time in three years for the Group’s most successful exit to date
  • Jury impressed by the strategic carve-out, bolt-on and organic growth of Solidus Solutions under AURELIUS’ ownership

Munich/London, December 2, 2019 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) is the winner of this year’s award for Private Equity Turnaround of the Year. AURELIUS received the prestigious award from the Institute for Turnaround (IFT, in London for the sale of Group subsidiary Solidus Solutions. In September 2019 AURELIUS exited Solidus Solutions to funds advised by Centerbridge L.P. for an enterprise value of approx. EUR 330 million. The transaction was AURELIUS’ largest exit to date and brought AURELIUS a cash multiple of approx. 16x on the capital invested.

Dr. Dirk Markus, CEO and Chairman of the Executive Board of AURELIUS Equity Opportunities: “We are very happy to receive this award for the second time. AURELIUS’ transformation of Solidus Solutions exemplifies our strategic carve-out and buy and build expertise. We are incredibly proud of our investment and operational teams that worked on the turnaround of Solidus, and AURELIUS’ colleagues around Europe that have helped us achieve several successful exits in 2019. AURELIUS’ investment strategy continues to deliver significant growth in the corporate carve-out market.”

Strategic realignment and higher growth of Solidus Solutions under the AURELIUS umbrella

AURELIUS announced its largest exit to date in 2019, the sale of Solidus Solutions, the leading European producer of sustainable fibre-based packaging solutions for food, beverage & horticulture, consumer goods and industrial applications, to Centerbridge Partners LP for EUR 330m. AURELIUS acquired the business operations in 2015 as a corporate carve-out of several production mills and packaging converting facilities from UK & Irish listed Smurfit Kappa Group PLC. Deploying significant experience in complex corporate carve-out processes, AURELIUS conducted the acquisition quickly and efficiently, taking over the business, rebranding it as Solidus Solutions and establishing it as a standalone platform. In the next four years of ownership AURELIUS provided hands-on operational and M&A support, transforming Solidus Solutions from an unloved, orphan business into a market-leading, independent, pan-European operation, with significant growth potential.

Categories: News


CapMan Buyout’s exit from Maintpartner has been completed

CapMan Buyout press release
29 November 2019 at 3.10 p.m. EET

CapMan Buyout’s exit from Maintpartner has been completed

Caverion Plc has today completed the acquisition of Maintpartner’s operations in Finland, Estonia and Poland from funds managed by CapMan Buyout, as announced in March 2019. The arrangement has obtained all required approvals from relevant authorities. Consideration for the acquisition was EUR 34 million and the purchase price was paid in cash.

Maintpartner is an industrial maintenance and service provider operating in sectors such as energy, chemicals, metal, food and manufacturing industries. Caverion designs, builds, operates and maintains intelligent and energy-efficient solutions for buildings, industries and infrastructures in Northern, Central and Eastern Europe.

For additional information, please contact:
Jan Mattlin, Partner, CapMan Buyout, +358 40 508 6406

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. With over €3 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory, and analysis, reporting and wealth management services. Altogether, CapMan employs 140 people in Helsinki, Stockholm, Copenhagen, London, Moscow and Luxembourg. Please visit for more information.

Categories: News


Endev receives EUR 4.3 million in financing for scaling up wastewater sludge solution


Investments in companies, Impact28.11.2019

Endev, a Finnish company extracting energy and nutrients from wastewater sludge, has raised EUR 4.3 million and is scaling up its technology to full industrial production. State-owned Tesi will co-invest in the company along with Sinituote Ltd, Tejusa Ltd, Loipposet Ltd, Henri Juva, Aivi Invest Ltd and a number of private investors. Endev’s solutions are based on a circulating mass dryer and reactor combination patented in 19 countries. Energy is produced from the incineration of wastewater treatment sludge while harmful components are removed from circulation. After many years of successful testing in test plants, the company’s technology is currently undergoing joint trials with Napapiiri Energy and Water Ltd (Neve) in an industrial-scale plant in Rovaniemi, in Finnish Lapland.

Only incineration eliminates the harmful substances in sludge

“Incinerating the sludge prevents recirculation of harmful substances and nutrients. The valuable phosphorus contained in wastewater sludge is extracted from the burn as clean ash that can then be utilised as an ingredient of agricultural fertilisers without the risk of drug residuals re-entering circulation,” explains Endev’s CFO Arttu Laasonen. He is pleased with the progress made in testing the industrial-scale plant commissioned last summer.

Sludge incineration is fairly widespread in Europe and elsewhere in the world. Most of the sludge from wastewater plants in Finland, however, is treated by rotting or composting, and then used in agriculture or landscaping. Decomposed or composted sludge can contain harmful substances such as drug residuals and microplastics, as well as bacteria or viruses that are harmful to health. These are problematic, especially for food production. Endev’s plant can also treat sludge that has been through a biogas process.

“In terms of energy economy, our process is extremely efficient. It works without support fuel and produces excess heat that can be used in, for instance, district heat production. Our method is suited to sludge from individual wastewater treatment plants because small and medium-sized sludge treatment facilities can be built next to the wastewater plant at a reasonable cost,” says Laasonen.

Growing European market for sludge incineration

“Tesi sees a significant opportunity for international growth in Endev’s environmental technology expertise. The impact investment we made under our Circular Economy programme is aimed not only at stopping the circulation of harmful substances in sludge but also in reducing the emissions produced in transporting sludge. The process is eminently suitable for medium-sized cities, of which there are hundreds in Europe. We want to promote widespread industrial adoption of the technology. Doing so will take time and necessitate risk-taking, as will the pilot plant. But that’s essential to making a worthwhile impact,” says Tesi’s Investment Director Mikael Niemi.

Treating sludge is a global problem: the average person in the western world produces some 0.2 tonnes of sludge a year, and sludge treatment costs are rising. Switzerland has already prohibited all sludge treatment other than incineration after a transition period, and Germany plans to do the same. The Netherlands and Belgium, meanwhile, recommend incineration for treating sludge.

Further information:

Endev, Arttu Laasonen, CFO, tel. +358 50 062 6848,

Tesi, Mikael Niemi, Investment Director, tel. +358 50 597 7303,

Endev Ltd is a Finnish cleantech company founded in 2011 that offers solutions for the thermal treatment of sludge produced by wastewater and industrial processes. Endev has developed its innovative solution for treating municipal wastewater sludge locally, and in an efficient and cost-effective way. The method recovers the energy and nutrients contained in sludge while simultaneously eliminating harmful components such as drug residuals and microplastics from circulation. Deploying this technology drastically reduces the amount of sludge mass transported away from the site, while the clean ash that remains can be used as agricultural fertilizer. The solution has been chosen by the Finnish Ministry of the Environment as a key project in nutrient recycling.

Tesi (Finnish Industry Investment Ltd) is a state-owned investment company that wants to raise Finland to the front ranks of renewing economic growth by investing in funds and directly in companies. We invest profitably and responsibly, together with co-investors, to create the world’s new success stories. Our investments under management total 1.2 billion euros. Ambition for ownership and success | | @TesiFII

Tesi’s Circular Economy programme will provide financing of altogether MEUR 75 to companies in the circular economy sector. In addition to direct investments, the target is to create venture capital funds investing in Finland’s circular economy.

Categories: News


EQT Credit leads recapitalization of Bartec and becomes largest shareholder


EQT Credit, through its Credit Opportunities strategy, is pleased to announce that it has led the recapitalization of Bartec (“the Company”), a global market leader in explosion protection. With the transaction, EQT Credit becomes the largest shareholder in the Company.

Founded in Germany in 1975, Bartec is one of the market leading global players in explosion protection. With a broad product portfolio and a strong long-term track record of industry experience, Bartec caters to specific customer requirements worldwide. Its key applications are in the fields of Electrical Safety Systems, Electrical Heating Systems, Technology Systems and Enterprise Mobility.

EQT Credit and other shareholders are investing EUR 80 million of equity in the Company, significantly strengthening its balance sheet, and as part of the transaction, Bartec’s debt is reduced by approximately EUR 280 million.

EQT will support Bartec and its management team on its value creation initiatives centered around operational excellence, customer focus and best in class products.

Martin Schefter, CEO of Bartec, commented: “This is an exciting day for Bartec. With a strong portfolio of world leading products, excellent customer relationships and renewed financial flexibility we are well positioned to capture the significant opportunities we see ahead of us.”

Cyril Tergiman, Partner at EQT Partners and Investment Advisor to EQT Credit, added, “EQT Credit believes there is a real potential for growth with Bartec and looks forward to supporting its management in building the Company’s position as an industry leader.”

Dominik Mattmann, Managing Director at EQT Partners and Investment Advisor to EQT Credit, concluded: “As Bartec’s largest shareholder, EQT Credit will work with other shareholders to put in place an experienced and high-caliber Board of Directors of senior industrialists to support management in their efforts to drive value in the coming years.”

Cyril Tergiman, Partner at EQT Partners and Investment Advisor to EQT Credit fund, +44 20 7430 5510
EQT Press Office,, +46 8 506 55 334

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 41 billion in assets under management across 20 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info:
Follow EQT on Twitter and LinkedIn

About Bartec
Bartec is a leading manufacturer of explosion proof equipment preventing explosions wherever hazardous substances could occur. Bartec’s product portfolio ranges from complex measurement and analysis technology via innovative heating technology solutions to explosion-proof components and systems for automation, control and communication. Bartec’s customers (comprising a balanced mix of OEMs, EPCs and end customers) operate in a wide range of industries including oil & gas, chemical, petrochemical, mining and pharmaceutical. Bartec operates globally and is headquartered in Bad Mergentheim, Germany.

More info:

Categories: News


The Carlyle Group and Stellex Capital Management Complete Acquisition of Vigor and MHI Holdings; Appoint Jim Marcotuli Chief Executive Officer of New Company


NEW YORK, NORFOLK, Va., PORTLAND, Ore. & SEATTTLE, Wa. – Global investment firm The Carlyle Group (NASDAQ: CG) and private equity firm Stellex Capital Management today announced they have closed on their acquisition of Vigor Industrial LLC and MHI Holdings LLC. In addition, Carlyle and Stellex announced they have appointed Jim Marcotuli as CEO of the newly created company comprising Vigor and MHI, effective today.

Marcotuli brings more than 30 years of leadership experience in the defense and manufacturing industries. He has served in a number of executive and operating roles with Carlyle portfolio companies and in industries spanning defense, aerospace, transportation, and automotive.

“Vigor and MHI have tremendous potential for growth and I am grateful for the opportunity to lead the new company,” said Marcotuli. “I am eager to engage with the employees who have made these companies what they are today, and to work with the team to create sustainable value for our customers.”

“Jim is a proven leader who excels at driving strong performance through motivating and building great teams,” said Derek Whang, Principal at The Carlyle Group. “He is a natural fit for Vigor and MHI, both in his leadership style and his background, and we’re looking forward to partnering with Jim and all employees and supporting them in this next phase of growth.”

“Jim is a results-oriented executive who builds and successfully executes strategies to drive sustained improvement and growth,” said David Waxman, Managing Director at Stellex Capital.  “We have known Jim for many years and are confident that he will build upon the solid foundations of Vigor and MHI to create an even stronger company.”

Frank Foti, Vigor’s founding CEO and prior majority owner, has stepped out of his role as CEO of Vigor while remaining an investor in the new parent company and serving as its Vice Chairman of the Board of Directors. Tom Epley will continue to lead MHI Ship Repair & Services LLC and MHI Holdings LLC and will report to Marcotuli.

Marcotuli previously served as the Interim Chairman and CEO of Remington Outdoor Company and prior to that served as CEO of North American Bus Industries (NABI).  He has held board seats and senior positions in various manufacturing companies predominately in the aerospace and automotive industries.

A native of Pennsylvania, Marcotuli holds a multi-disciplinary Bachelor of Science degree from Pennsylvania State University, with emphases in accounting, business administration and management psychology.

Carlyle’s equity for the investment came from the Carlyle U.S. Equity Opportunity Fund II, a $2.4 billion fund that focuses on middle-market and growth companies in the United States and Canada.


About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $223 billion of assets under management as of June 30, 2019, 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. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.

About Stellex Capital Management LP
Stellex Capital is a private equity manager that invests in and oversees U.S. and European corporate assets. With $870 million of committed capital, Stellex’s focus is on companies going through business or industry transitions, as well as special situation opportunities. Stellex seeks to identify and deploy capital in opportunities that have the potential to provide stability, improvement, and growth. Portfolio companies benefit from Stellex’s industry knowledge, operating capabilities, network of senior executives, strategic insight and access to capital. Sectors of particular focus include specialty manufacturing, industrial and business services, aerospace & defense, and government services. Additional information may be found at

About Vigor Industrial LLC
Vigor is a values-driven, diversified industrial business operating in seven locations with 2,300 people in Oregon, Washington and Alaska. Built around a collection of powerful, unique assets and differentiated capabilities, Vigor excels at specialized shipbuilding, ship repair and handling important, complex projects in support of energy generation, our nation’s infrastructure and national defense. With deep respect for people and the planet, Vigor strives to be a positive, regenerative force for good – environmentally, in the lives of its employees and in the community.

About MHI Holdings LLC
MHI Holdings LLC consists of three major providers serving the U.S. Navy, Military Sealift Command, Maritime Administration and Commercial ship owners and operators worldwide. MHI Ship Repair and Services is a major marine repair and conversion contractor with shipyard and full-service pier facilities located in Norfolk, Virginia. The Company has earned their well-regarded reputation by providing reliable and quality ship repair services to its clients with accurate job pricing for over 33 years. Seaward Marine Services is a global provider of underwater hull cleaning and ship husbandry services to the U.S. Navy. Accurate Marine Environmental performs tank cleaning and gas free engineering, including the removal of hazardous and non-hazardous materials for the marine and commercial industries, disaster response services and operates a wastewater treatment facility in Portsmouth, Virginia.

Media Contacts
The Carlyle Group: Christa Zipf

Stellex Capital Management and MHI Holdings: Rosalia Scampoli
Marketcom PR
212-537-5177 x7

Vigor Industrial: Athena Maris

Categories: News


Q Acquires TBL Performance Plastics


SOLON, OH, October 2019 – Q announced today that it has entered into an agreement to acquire TBL Performance Plastics, Sparta, NJ, a leading manufacturer of single-use bio-process components and systems including fittings, tubing, single-use assemblies, and fabrication.

TBL represents a strategic acquisition for Q’s Biopharma Business, creating a flexible and multi-faceted biopharma component and single-use assembly manufacturer with North American and European production and distribution centers.

Together, Q and TBL will offer an in-depth suite of development and manufacturing services, material technologies, and industry expertise. The combined business will also offer complete product lifecycle management with cleanroom assembly and packaging services.

Thomas J. Hook, Chief Executive of Q, commented: “We are delighted to have reached this agreement to purchase TBL. The businesses are highly complementary and the acquisition represents a critical milestone in building Q’s Biopharma Business. It will significantly enhance the value we can deliver to our North American customer base.”

P. Robert DuPont Jr., CEO of TBL, added, “We are excited to be working with Q to build an industry-leading Single-Use Technology (“SUT”) business. Q’s operational excellence, synergistic capabilities, and silicone products are powerful resources. Combined with TBL’s portfolio of other non-metallic products and services for the biotech industry, our companies are strategically aligned as key players in the industry. The alignment will benefit our customers by providing them with a greater global network, product development, and manufacturing capabilities.”

Richard Relyea, Managing Director 3i North America, commented: “3i is pleased to support Q in this strategic acquisition of TBL. The combination further supports our commitment to expanding our offering in the biopharma market. We will continue to invest to further expand our capabilities, geographic footprint and differentiated products to better support our global customer base.”

About Q
Q provides world class engineered and elastomeric solutions for the global life sciences, automotive,
and industrial markets. With Centers of Excellence in North America, Mexico, Europe, the Middle East,
India and China, Q goes to market in the life sciences as Silicone Altimex and Q Medical Devices (Qure,
Degania, Biometrix, Arthesys) and in electrical management as Quality Synthetic Rubber (QSR).

About TBL
TBL Performance Plastics manufactures non-metallic single-use products tailored for biopharmaceutical
manufacturers, CMOs, drug development companies and related OEMs. TBL offers industry-leading
expertise in developing non-metallic fluid transfer and storage products with a heavy focus on quality,
regulatory compliance, and meeting the application-specific needs of our clients.


Categories: News


Divestiture of Aleris completed


2019-10-01 15:30

Patricia Industries, a part of Investor AB, has following regulatory approval today completed the divestiture of Aleris to Triton. As announced on July 12, 2019, net cash proceeds are estimated to SEK 2bn. Following the completion of this divestiture, Patricia Industries no longer retains any ownership in Aleris. Doktor24, remains within Patricia Industries’ Financial Investments.

Categories: News


Divestiture of Aleris completed


Divestiture of Aleris completed Patricia Industries, a part of Investor AB, has following regulatory approval today completed the divestiture of Aleris to Triton. As announced on July 12, 2019, net cash proceeds are estimated to SEK 2bn. Following the completion of this divestiture, Patricia Industries no longer retains any ownership in Aleris. Doktor24, remains within Patricia Industries’ Financial Investments.

For further information:

Viveka Hirdman-Ryrberg, Head of Corporate Communication and Sustainability Phone +46 70 550 3500

Magnus Dalhammar, Head of Investor RelationsPhone +46 735 24 2130

Our press releases can be accessed at Investor, founded by the Wallenberg family in 1916, is an engaged owner of high-quality, global companies. We have a long-term investment perspective. Through board participation, as well as industrial experience, our network and financial strength, we work continuously to support our companies to remain or become best-in-class. Our holdings include among others ABB, Atlas Copco, Ericsson, Mölnlyckeand SEB. Investor AB Arsenalsgatan 8C, SE-103 32 Stockholm, Sweden+46 8 614 20 00

Categories: News


EQT Credit completes unitranche financing for CTEK


EQT Credit, through its Direct Lending investment strategy, is pleased to announce its support for CTEK AB (“CTEK” or the “Company”) with a senior secured financing.

Owned by Altor, CTEK is today a leading provider of technologically advanced battery chargers, with market-leading positions across Europe, Australia and the US. Following the recent acquisition of Chargerstorm, CTEK is also Scandinavia’s largest developer of electric vehicle charging solutions.

Paul Johnson, Partner at EQT Partners’ Credit team, Investment Advisor to EQT Credit, commented: “CTEK has over the past 30 years become the global leader for premium battery charging solutions, based on its market leading products and technology. With a strong brand and presence in key markets, EQT Credit believes CTEK is primed for continued growth.”

Alexandre Hökfelt, Director at EQT Partners’ Credit team, Investment Advisor to EQT Mid-Market Credit, added: “In addition to its market leading position in battery chargers, EQT Credit is excited to support Altor and CTEK as they continue to grow their electric vehicle charging solutions in Scandinavia.”

CTEK is the fifth Nordic investment made by EQT Mid-Market Credit II and the third in 2019.

Paul Johnson, Partner at EQT Partners, Investment Advisor to EQT Credit
Alexandre Hökfelt, Director at EQT Partners, Investment Advisor to EQT Credit
EQT Press Office, +46 8 506 55 334,

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info:
Follow EQT on Twitter and LinkedIn

About EQT Credit
EQT Credit invests through three complementary strategies: Senior Debt, Direct Lending, and Special Situations. Since inception, EQT Credit has raised over EUR 7 billion of capital and invested in over 160 companies. EQT Credit’s Direct Lending strategy seeks to provide flexible, long-term debt solutions to support European businesses, across a wide range of sectors. These businesses include privately-owned companies seeking growth capital as well as those that are the subject of private equity-led acquisitions or refinancings.

More info:
Follow EQT on Twitter and LinkedIn

Categories: News


Participation in Solex

Anders Invest

September 9, 2019


Anders Invest

Anders Invest has acquired a controlling interest in Solex Thermal Science Inc together with its co-shareholders in Mosman. Solex, located in Calgary, Canada, like Mosman, is active in the production and sale of indirect heat exchangers for bulk solids. The expertise of Solex and Mosman are combined so that they can achieve optimum performance for their customers.


Solex is a global leader  in the development and sale of indirect heat exchangers for bulk solids. In addition to the application in sugar, oilseeds, and fertilizer production processes, Solex has developed heat exchangers for a wide range of other production processes, for example for coffee beans, foundry sand, and energy storage media.. The company has a great deal of expertise in the field of product development and  has a globally active sales force.


In its more than 25 years of existence, Solex has maintained its position as a  market leader in the field of bulk solids heat exchangers. Due to the increasing attention for energy consumption of the production processes and the desired high quality and consistency of product output, indirect heat exchangers are being used in more and more production processes. In recent years, Solex has invested heavily in the development of its technology for applications in a wide variety of bulk materials.


Solex and Mosman will join forces to provide optimum solutions for their customers. The locations in Calgary Canada and Haaksbergen Netherlands will remain active and the combination of capacity will enable Solex and Mosman to better serve their customers with products and services. As a result of the combination of the businesses, production of the heat exchangers will be concentrated at the Mosman facility in Haaksbergen and the expectation is that this production location will be expanded.

Categories: News