Tag Archives: Industrie

Ratos and other owners considering diversifying ownership of Aibel

Ratos

Aibel’s owners, including Ratos AB (publ) (“Ratos”), are considering the possibility of diversifying the company’s ownership, preferably through a listing on the Oslo Børs, in order to further accelerate its transition into the renewable energy industry. However, a final decision has not been taken.

Ratos currently owns 32% of Aibel. The other owners are Ferd (50%) and Sixth AP Fund (18%).

“Aibel has undergone an outstanding transition over the past five years with Mads Anderson as CEO. Its operations are stable, and half of the order book now comprises projects related to offshore wind power and electrification. The company is in a transitional period, and the Board and owners believe it would be advantageous to further improve the company’s financial conditions for continued growth,” says Christian Johansson Gebauer, Business Area Manager at Ratos and Board member of Aibel.

For further information about Aibel, visit https://aibel.com

For further information:
Christian Johansson Gebauer, Head of Business Area Construction & Services
+46 8 700 17 00

Johan Hähnel, Acting Head of Communications and IR
+46 8 700 17 00

This release is not and does not form part of an offer of securities for sale in the United States or in any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration.

About Ratos:
Ratos is a business group consisting of 12 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 34 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

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Diab has agreed to acquire ULTEM TM Foam production line, to better serve high end core material segments

Ratos

Diab has acquired the ULTEMTM foam production line from SABIC, a global chemical company, to broaden product offering and better be able serve high end core material applications. ULTEMTM resin-based foam has excellent fire, smoke and toxicity (FST) properties making the material especially well-suited for aerospace applications.

ULTEMTM resin-based foam is a recyclable PEI (Polyetherimide) thermoplastic foam used mostly in aerospace applications. Diab will incorporate the product into its current portfolio under the name Divinycell U.

“We are excited to broaden our portfolio with the acquisition of the ULTEMTM foam production line and develop the technology further,” says Diab’s CEO, Tobias Hahn. “This will strengthen our position in the market, enabling us to offer even more fit for purpose core material. Strong material properties in fire, smoke and toxicity is very important in the aerospace segment and we believe that Divinycell U will complement our current FST range benefitting our customers.”

Diab will relocate the acquired production line equipment to its manufacturing site in DeSoto, TX, USA. Beginning Q3-2021, Diab will produce and market the Divinycell U portfolio to existing and new users of the ULTEM™ resin-based foam.
For further information, please contact:
Tobias Hahn, CEO, Diab Group
+46 70 890 94 98
tobias.hahn@se.diabgroup.com

Joakim Twetman, Head of Business Area Industry, Ratos
+46 70 339 16 66
joakim.twetman@ratos.com

 

About Diab:
Diab offers industry-leading competence together with the broadest range of stronger, lighter, smarter core materials. Today Diab is one of the world’s largest manufacturers of structural core materials with a turnover of approx. SEK 2,1 billion and 1,300 co-workers. Diab has six strategically located manufacturing sites and 14 sales units worldwide to support its global customers. Diab is owned by Ratos AB and is a UN Global Compact participant for a more sustainable society.

About Ratos:
Ratos is a business group consisting of 12 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 34 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

SABIC and brands marked with ™ are trademarks of SABIC or its subsidiaries or affiliates.

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Graphic Packaging Holding Company to acquire AR Packaging from CVC Funds

CVC Capital Partners

Acquisition for $1.45 Billion in cash will create premier global provider of sustainable fiber-based consumer packaging solutions

  • Combination strengthens global positioning and expands scale in large and growing European fiber-based consumer packaging markets
  • Growth trajectory of combined company aligns with Vision 2025, providing significant value creation for stockholders and other stakeholders
  • Graphic Packaging to host conference call at 8:30am EDT/2:30pm CEST today to review transaction details

Graphic Packaging Holding Company, (“Graphic Packaging” or the “Company”), a leading vertically-integrated provider of sustainable fiber-based consumer packaging solutions, and CVC Capital Partners Fund VI today announced a definitive agreement under which Graphic Packaging will acquire AR Packaging Group AB (“AR Packaging”), Europe’s second largest producer of fiber-based consumer packaging, for approximately $1.45 billion in cash, subject to customary adjustments.

The combination enhances Graphic Packaging’s global scale, innovation capabilities, and value proposition for customers throughout Europe and bordering regions. With a broad set of industry-leading packaging solutions, design expertise, and expanded geographic reach, the combined company will be uniquely positioned to capture continued organic growth opportunities across existing and new global customers and markets.

The proposed acquisition of AR Packaging is expected to add $1.1 billion in annual sales and $160 million in annual Adjusted EBITDA. In addition, the combination is expected to drive total synergies of $40 million over 36 months following close. The deal is expected to be immediately accretive to the Company’s earnings per share and cash flow.

Michael Doss, Graphic Packaging’s President and CEO said, “AR Packaging is a leader in the attractive and growing market for sustainable packaging in Europe. Acquiring AR Packaging will result in significant value creation opportunities for our customers, our employees, and our stockholders as we bring together two leading providers of fiber-based consumer packaging solutions with long histories of innovation and creative packaging design. The large, distributed footprint of AR Packaging’s 25 converting facilities across Eastern and Western Europe provides significant scale and cost efficiency benefits strengthening our combined presence and ability to service customers throughout Europe and globally. We are pleased to welcome the AR Packaging team as we work together to further advance our commitment to sustainable packaging solutions for global consumers in support of the move to a more circular economy.”

Stephen Scherger, Graphic Packaging’s EVP and CFO added, “The acquisition of AR Packaging expands our opportunities to serve and grow in markets around the world with our sustainable packaging solutions. The combination, together with our previously announced acquisition of Americraft Carton, supports our growth goals and positions Graphic Packaging to consistently deliver organic sales growth at the high end of our 100 to 200 basis points goal as outlined in Vision 2025. Notably, the lean operating models executed by both organizations, coupled with our complementary market segments, provide compelling financial benefits. The significant cash flow generation capability of the combination will drive strong returns and is expected to return Graphic Packaging to our long-term 2.5-3.0x target leverage range within 24 months following close.”

AR Packaging’s President and CEO, Harald Schulz, said, “I am proud of the progress we have made in establishing a clear strategy and building AR Packaging into a respected provider of packaging solutions. I want to thank CVC for their support in those efforts over the last five years. Graphic Packaging’s shared approach to customer service and deep focus on providing innovative, sustainable solutions closely aligns with how we operate our own business, making them an ideal partner. The ability to leverage beneficial value chain integration, from paperboard manufacturing to carton converting, provides increased possibilities to offer sustainably optimized solutions to our customers. Our team looks forward to joining with the Graphic Packaging team to become the premier global provider of sustainable fiber-based packaging solutions.”

Lave Beck-Friis, Managing Director at CVC, commented, “We are very proud of the progress AR Packaging has made during our partnership. It has been a pleasure working with Harald and his excellent team to develop and roll out numerous new products, as well as investing to support an active M&A agenda to accelerate the growth of the business into a truly global player. We are pleased to be handing AR Packaging over in such a strong position, and to have found a new owner that shares management’s vision for the future direction of the business.”

The transaction, which has been unanimously approved by the Boards of Directors of Graphic Packaging and AR Packaging, is expected to close in four to six months, subject to regulatory approvals and other customary closing conditions.

BofA Securities is serving as financial advisor and DLA Piper is serving as legal counsel to Graphic Packaging. Credit Suisse International is serving as financial advisor and Roschier is serving as legal counsel to AR Packaging.

Investor Conference Call

An investor conference call will be hosted by Graphic Packaging at 8:30am EDT/2:30pm CEST today (May 14, 2021). The conference call will be webcast and can be accessed from the Investors section of the Graphic Packaging website at www.graphicpkg.com. Participants may also listen via telephone by dialing 833-900-1527 from the United States and Canada, and 236-384-2052 from outside the United States and Canada. Telephone participants are required to provide the conference ID 2253579. The event webcast will be available for replay on the Graphic Packaging website beginning at approximately 1:00pm EDT Friday, May 14, 2021.

 

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IK Investment Partners to sell Hansen Protection to Survitec Group

ik-investment-partners

IK Investment Partners (“IK”) is pleased to announce that the IK VII Fund has sold its stake in Hansen Protection AS (“Hansen Protection” or “the Company”) to Survitec Group Ltd (“Survitec”). Financial terms of the transaction are not disclosed.

Hansen Protection, with headquarters in Moss, Norway has over 140 years of experience in design and production of textile products safeguarding people, property and the environment. The Company is a leading European supplier of immersion suits and protective rainwear used in harsh environments and cold water areas, as well as a leading Scandinavian supplier of coated textile products for leisure, marine and niche applications. Trusted by defence, marine, energy, agricultural and emergency response clients for decades, Hansen Protection has a reputation for the provision of outstanding lifesaving products that conform to the most stringent safety standards.

Since partnering with IK in 2013, Hansen Protection has reformed its strategy in the rental and personal protection businesses to also service the growing offshore wind segment though its heliports in Norway, Denmark and the Netherlands, as well as expanding its protective rainwear offering to the wider European market. Through leveraging IK’s operational expertise, the Company has also re-focused on bespoke provision for the energy sector, whilst continuing to win prestigious contracts outfitting European navies, coastguards as well as search and rescue teams.

Terje Gorm Hansen, CEO of Hansen Protection, commented: “It has been our privilege to have partnered with IK, an organisation that shares our Nordic roots and drive for excellence. With their support, we have strengthened our product range and service standards to better serve those that rely on us through the most challenging conditions.”

Christopher Masek, Chief Executive Officer of IK Investment Partners and advisor to the IK VII Fund, said: “With its committed team dedicated to delivering world-class equipment that is trusted and reliable, Hansen Protection has a rich history and an exciting future ahead of it. Together with Survitec, they will continue to provide lifesaving solutions to those working in essential industries and roles.”

Ron Krisanda, Executive Chairman of Survitec Group, said: “The combined portfolios from Survitec and Hansen Protection will offer greater value to our customers by providing one single supplier for Survival Technology. This acquisition reinforces our position as the global leader in the provision of personal protection wear, including suits, lifejackets, and rainwear, across the Marine, Energy, Defence and Aerospace sectors.”

For further questions, please contact:

IK Investment Partners
Maitland/AMO
James McFarlane
Phone: +44 (0) 7584 142 665
Email: jmcfarlane@maitland.co.uk

About Hansen Protection

Hansen Protection AS is a high-tech company that develops, designs and manufactures both standard and tailor-made hi-tech textile products for various sectors. The company has over 140 years of experience in manufacturing protective clothing and life jackets for seafarers, and has been designing, developing and making rescue and survival suits for the North Sea Oil Industry since 1976. In addition, the company has activities within canopies and interior fittings for leisure boats, as well as products for agricultural applications and the health sector. For more information, visit www.hansenprotection.no

About IK Investment Partners

IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €14 billion of capital and invested in over 145 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit: www.ikinvest.com

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KKR to Invest in Charter Next Generation to Grow Specialty Films Leader

KKR

May 6, 2021

All Employees to Become Owners in Company

NEW YORK–(BUSINESS WIRE)– KKR today announced the signing of a definitive agreement to invest in Charter Next Generation (“CNG”), a leading producer of specialty films used in flexible packaging, industrial, healthcare, and consumer applications. KKR will be joining Leonard Green & Partners, L.P. as an equal co-owner of the business, and a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) will also be investing in the transaction to become a minority owner.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210506005421/en/

With more than 30% of all food produced globally wasted due to spoilage, Charter Next Generation offers solutions for keeping food fresh longer, while maintaining the lowest carbon footprint of any major packaging substrate given its optimized size and lighter weight. These attributes are imperative at a time when in the U.S., for example, 54 million Americans are food insecure, up significantly due to the COVID-19 pandemic. Additionally, with landfills being the third-largest industrial emitter of methane, food waste alone represents 8% of total global greenhouse gas emissions.

CNG manufactures high performance specialty films focused especially on the critical inner lining of packaging, protecting foods and other goods by creating heat resistance, sterility, oxygen and odor barriers, UV shields, moisture protection, and more. These specialty films also allow for recyclability, compostability, and the use of post-consumer resin. In addition, CNG’s high-performance, specialty films are used in a variety of other industrial, healthcare, and consumer applications.

“Charter Next Generation offers the gold standard when it comes to materials science, product quality, innovation, and technical expertise in specialty films,” said Josh Weisenbeck, KKR Partner who leads KKR’s Industrials investment team. “We are looking forward to investing in the company’s growth as they continue to raise the bar in innovation and sustainability.”

“Continuous investment in our film technologies and in our team is mission critical for us, which is why we are excited to partner with these exceptional, forward-thinking firms – particularly for their steadfast approach to employee engagement and ownership,” said Kathy Bolhous, CEO of Charter Next Generation. “Offering all employees ownership in the company aligns everyone around our objectives while providing financial rewards for their efforts, fitting well with our employee first culture.”

For over a decade, KKR’s Industrials team has focused on employee engagement as a key driver in building stronger businesses. The strategy’s cornerstone has been to allow all employees to take part in the benefits of ownership by granting them the opportunity to participate in the equity return alongside KKR. Beyond sharing ownership, KKR also supports employee engagement by investing in training across multiple functional areas and by partnering with the workforce to give back to the community.

“We are thrilled to have the opportunity to invest in Charter Next Generation not only because they are an industry leader on many fronts, but also because Kathy and her team are completely aligned with how we approach building stronger manufacturing companies: by building stronger company cultures through a robust employee engagement and ownership program,” said Pete Stavros, KKR Partner and Co-Head of Americas Private Equity at KKR.

Goldman Sachs, Morgan Stanley & Co. LLC, and Latham & Watkins LLP served as advisors to CNG, while Kirkland & Ellis and Deloitte served as advisors to KKR.

KKR is making the investment in CNG through its Americas XII Fund. Further terms were not disclosed.

About Charter Next Generation

Charter Next Generation is North America’s leading independent producer of high-performance, specialty films used in flexible packaging and other end-use markets. Known for sustainable, innovative products and world-class manufacturing capabilities, the company’s quality and expertise are unsurpassed. Its sustainability first mindset, and relentless pursuit of excellence, make it an ideal partner to help brand owners reach their long-term sustainability goals. Visit Charter Next Generation at: https://cnginc.com

About KKR

KKR is a leading global investment firm that offers alternative asset management and capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of The Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About LGP

Leonard Green & Partners, L.P. (“LGP”) is a leading private equity investment firm founded in 1989 and based in Los Angeles. The firm partners with experienced management teams and often with founders to invest in market-leading companies. Since inception, LGP has invested in over 100 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, business, and healthcare services, as well as retail, distribution, and industrials. For more information, please visit www.leonardgreen.com.

For Charter Next Generation:
Bill Singer
(856) 981-0991
bill.singer@cnginc.com

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

Source: KKR

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Andus Group welcomes Gilde Equity Management as shareholder

Gilde Equity

Vianen – Andus Group, an internationally active holding company with 14 leading and independent subsidiaries, spread across Refractories, Steel Structures and Specialties divisions, welcomes Gilde Equity Management (GEM) as shareholder.

For Tom van Rijn, founder and major shareholder of Andus Group, this represents the next step in his business succession. He stepped down from the day-to-day management of the Andus Group in 2018 and has scaled down his responsibilities within it. The current management of Andus Group will stay on and continue its day-to-day management.

Chairman of the Board, Wiebe van den Elshout, is grateful to Tom van Rijn for his huge contribution during the past 25 years and welcomes the current collaboration with Gilde. “Over 100 years of experience underscore the strong position that Andus Group has built up worldwide within the industry. We are a strong, reliable partner for our clients and we work to the highest safety and quality standards. After our success in recent years, Andus Group now finds itself on the cusp of our next growth phase. In Gilde, we have found an ambitious partner that matches our entrepreneurial group culture. Gilde can help us with further investments in the expansion of our services and the acceleration of our international growth ambitions.”

Bas Glas, Partner at Gilde Equity Management says that Gilde is proud to fuel this business succession. “We recognize the strength of the Andus Group, how essential its products and services are to its clients and how well positioned it is to flourish in future. We are looking forward to this collaboration and the further international growth of Andus Group and we have every confidence in the strategy that has been defined.”

About Andus Group

Andus Group is a strong, internationally active holding company with independent subsidiaries in the Netherlands, Belgium, Germany, Slovakia and Sweden. With a workforce of more than 650 employees, these subsidiaries realize a total turnover of approximately € 250 million.

The Andus Group’s subsidiaries are divided across three divisions: Refractories, Steel Structures and Specialties. Within each division, the focus is on the end user in market segments that include: waste-to-energy, wind energy, petrochemicals, civil engineering, offshore oil & gas, the pharmaceutical industry and mechanical engineering. For many years now these subsidiaries have enabled Andus Group to create added value for its clients. This value is added in areas that include engineering, production and installation of high-quality refractory bricks and concrete, bridge-building, locks and complex, heavy steel structures, the manufacture of stainless steel and high-grade alloy process equipment, the design and production of platforms for the offshore industry and the manufacture of high-value industrial castings used in mechanical engineering and the dredging industry.

Refractories

In this division are the companies that operate worldwide in the high-value refractory market. Their activities relate to engineering, the production and delivery of refractory bricks, castables, concrete and service and maintenance work for a wide range of industrial refractory linings, applications and processes. Thanks to the high quality they provide and their reliability of delivery, the position of Refractories companies in the (primary) aluminum, waste-to-energy and petrochemical markets is both renowned and firmly anchored, all over the world. Refractories recently strengthened its position in Scandinavia. In addition to the foundation of Gouda Refractories Nordic AB, it also acquired the Industri-Eldfast AB refractory installation company in Sweden.

Steel Structures

The companies in this division focus on the design, engineering, production and delivery of multidisciplinary steel construction projects for the (petro)chemical and heavy industries, as well as for the energy market, such as transformer platforms for offshore wind energy and oil and gas platforms. In the offshore wind sector, HSM Offshore, one of the companies in this division, is regarded as one of the most progressive platform builders in the world. The first large offshore transformer platforms in the offshore wind energy sector in the Netherlands (Borssele Alpha and Beta from TenneT) were built by HSM Offshore. Companies in the division also build large infrastructure projects, such as steel bridges and lock complexes.

Specialties

This division comprises companies engaged in the provision of industrial castings, such as pump housings for the dredging industry, large castings used in mechanical engineering and special projects for railways and public spaces. They are also active in the design, production and installation of stainless-steel process equipment, beer-tank installations and beer-delivery trucks.

For more information, please visit https://www.andusgroup.com/.

About Gilde Equity Management

Gilde Equity Management (GEM) is an independent private equity firm with €1.5 billion in committed capital. Since its foundation in the mid-1990s, GEM has been a leading investor in medium-sized companies and has helped many of them to realize (international) growth. Examples of GEM investments include: Dunlop, a leading manufacturer of safety boots for industrial applications; Fruityline, a fast-growing producer of freshly squeezed premium fruit and vegetable juices and smoothies; Wasco, a technical wholesaler active in the area of heating, ventilation, air conditioning and sanitary facilities; Actief Interim, one of the biggest independent employment agencies in Benelux and Germany serving the SME sector; Eiffel, a consultancy firm with expertise in Legal, Finance and Process; and Kwantum & Leen Bakker, discount retailers in the Dutch and Belgian home-furnishing and decoration sector.

For more information, please visit https://www.gembenelux.com/.

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

Smile Invest

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

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

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

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

About Smile Invest:

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

Contact Smile Invest:

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

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

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

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Astorg enters into exclusive negotiations to acquire Corialis from CVC Capital Partners Fund VI

CVC Capital Partners

Corialis’ management will reinvest a significant part of their proceeds alongside Astorg

Astorg is pleased to announce that it has entered in exclusive negotiations to become the new majority shareholder of Corialis, a leading European designer and manufacturer of aluminium systems for windows and doors, from CVC Capital Partners Fund VI. Corialis’ management will reinvest a significant part of their proceeds alongside Astorg.

Founded in 1984 and headquartered in Belgium, Corialis employs c. 2,700 people across eight sites in the UK, Belgium, France, Poland, Portugal, La Reunion, Serbia and South Africa. The company benefits from long-term, secular growth fuelled by the increasing use of aluminium as the eco-friendly material of choice for architectural purposes: unlike competing PVC products, aluminium systems have a longer lifetime and are endlessly recyclable, and thereby help to reduce the environmental footprint of the construction industry. Corialis enjoys leading positions in the countries it operates in as well as best-in-class profitability, underpinned by superior customer service and industrial organisation.

Johan Verstrepen, CEO of Corialis, said: “The entire management team is happy to welcome on board Astorg as our new majority shareholder. From the start, the Astorg team has demonstrated an outstanding understanding of our business and full compatibility with our culture, which are the right fundamentals for a successful partnership. We would also like to express our gratitude to CVC for their support and guidance over the past years.”

François de Mitry, Managing Partner at Astorg, said: “We are teaming up with an exceptional management team, who has built a remarkable company, and has demonstrated its ability to outpace market growth over the past 20 years and through economic cycles. We were also impressed by their passion for sustainable construction products and by their efforts to bring ESG to the fore in the industry.”

Nicolas Marien, Partner at Astorg, added: “We are excited to be part of the next chapter of the company’s adventure, and are fully supportive of the investment program that has been devised by management in order to further develop Corialis’ vertically integrated industrial set up and to broaden its product offering. We are convinced it will further boost growth and increase the gap vis-à-vis its competitors.”

Steven Buyse, a Managing Partner at CVC Capital Partners, commented: “It has been a pleasure working with Corialis’ world-class management team. By investing to develop new high-quality and innovative products, and international expansion into new markets through the creation of a new Iberian hub from the accretive acquisition of Lingote in Portugal, Corialis is now undisputedly the leading designer and manufacturer of aluminium systems for windows and doors in Europe.”

The terms of this transaction, which require workers’ council consultation and are subject to the approval of regulatory authorities, are not disclosed.

Astorg was assisted by Rothschild & Co and Latham & Watkins. CVC was assisted by Goldman Sachs International and Allen & Overy. Management was assisted by Clifford Chance.

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Audax Private Equity Completes the Sale of AI Fire to Snow Phipps Group

-Audax Private Equity (“Audax”) has completed the sale of AI Fire, LLC (“AI Fire” or the “Company”) to Snow Phipps Group (“Snow Phipps”).

Headquartered in Long Beach, CA, AI Fire is a leading fire and life safety provider to both national account customers via a vendor partner network and regional customers through its self-perform district operations. The Company offers a broad range of services including routine inspections, repair services, customized work orders, and system installations. AI Fire serves over 10,000 unique customers across national chains and healthcare, financial, industrial, and other commercial end-markets. The Company operates a network of 20 district offices and two national call centers. Since Audax’ investment in AI Fire in April 2017, the Company has completed 11 acquisitions, adding broader service capabilities, and expanding the self-perform footprint in the Northeast, Texas, and Rocky Mountains.

Mike Lloyd, CEO of AI Fire, said, “Audax has been a valuable partner in helping us grow AI Fire into a leading national provider of fire and life safety services. With Audax’ support, we were able to grow the Company organically and via acquisitions while investing in key talent and systems to support and sustain growth. We look forward to partnering with the Snow Phipps team to continue executing on our growth strategy.”

Jay Mitchell, Managing Director at Audax, said, “We are proud to have partnered with Mike Lloyd and the AI Fire team in creating a leading platform in the national fire and life safety market. The Company expanded its service offering and geographic footprint through organic initiatives and strategic acquisitions while investing in talent and corporate infrastructure. We wish continued success for Mike and the entire team as they embark on their next chapter of growth.”

Terms of the transaction were not disclosed. Kirkland & Ellis LLP and Goulston & Storrs PC served as legal advisors and Lincoln International LLC served as financial advisor to AI Fire.

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EQT Private Equity to sell DESOTEC to Blackstone

eqt
  • EQT Private Equity to sell Belgium-based DESOTEC, a leading European environmental services company and provider of mobile filtration solutions for a broad range of industrial applications through a unique, closed-loop service model
  • DESOTEC has pioneered the market for mobile filters and has achieved strong top-line growth since foundation, which further accelerated under EQT Private Equity’s ownership
  • EQT Private Equity has made substantial investments in DESOTEC’s sales and digitization capabilities, and supported technology- and R&D investments related to its filters and furnaces to enable a more circular service offering

EQT is pleased to announce that the EQT VII fund (“EQT Private Equity”) has entered into an agreement to sell DESOTEC (“the Company”) to private equity funds managed by Blackstone (“Blackstone”).

Based in Roeselare, Belgium, DESOTEC is a leading European environmental services company with a mission to protect the planet through innovative circular filtration solutions, enabling clean water, air, and soil. The Company was founded in 1990 and is focusing on mobile purification solutions mainly based on activated carbon technology.

DESOTEC’s fleet of approximately 2,700 mobile filters is the largest of its kind in Europe and it serves a broad range of industrial applications, including air emission, biogas, remediation, wastewater, and chemicals. The Company’s mobile filters enable its customers to comply with environmental regulations and sustainability requirements, through its closed-loop, “Filtration-as-a-Service” rental solution.

EQT Private Equity acquired DESOTEC in 2017 and has since then made significant investments in its sales and digital capabilities. Moreover, EQT has supported technology- and R&D investments related to DESOTEC’s filters and furnaces to enable a more circular service offering. Today, the Company is a European market leader in its field with an impressive track-record of double-digit organic growth, which was further accelerated under EQT Private Equity’s ownership.

The sale of DESOTEC represents another successful exit for EQT Private Equity in the Benelux and it further cements EQT’s position and momentum in the Benelux market.

Bert Janssens, Partner and Investment Advisor, Head of Benelux and Global Co-Head of the TMT sector team at EQT Partners said, “It has been a privilege to partner with Mario and the ‘DESOTEC Warriors’ team on this successful journey, and to support them in their mission to protect our planet. In the last years, management has executed on an ambitious strategic agenda, which was centered around sales acceleration, digitization, and strengthening the company and circular service proposition. The trajectory under EQT Private Equity’s ownership exemplifies our approach of responsible ownership, focused on investing in companies to accelerate growth. Furthermore, this investment showcases the win-win of investing in companies that provide solutions to societal problems. We are confident that DESOTEC will continue to be successful under its new ownership and we wish the business, management, and all its employees every success in the future.”

Mario Hertegonne, CEO of DESOTEC, said, “Over the past four years we have been on an exciting and transformational journey, supported by EQT who has significantly contributed to helping us transform the business and accelerate growth by making substantial investments. We would like to thank Bert and the EQT team, as well as the DESOTEC supervisory board, for their continued support and we look forward to continuing to develop our business together with Blackstone”.

The transaction is subject to customary conditions and approvals and is expected to close in Q2 2021. The parties have agreed not to disclose the transaction value.

Rothschild & Co acted as financial advisor and Freshfields Bruckhaus Deringer LLP acted as legal advisor to EQT Private Equity and DESOTEC.

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

About EQT
EQT is a purpose-driven global investment organization with more than EUR 84 billion in raised capital and currently more than EUR 52 billion in assets under management across 17 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and North America with total sales of more than EUR 27 billion and approximately 159,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
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About DESOTEC
DESOTEC, founded in 1990, is the leading European provider of mobile filtration technology through a unique and circular service concept, which helps protect the planet by enabling clean water, air, and soil. DESOTEC’s customer base is constantly growing thanks to a strong focus on 24/7 service and a commitment to design and deliver the best solution in close dialogue with the customer. Through in-depth expertise of industrial applications and continuous investment in mobile filters, centralised reactivation capacity and well-positioned European hubs, DESOTEC ensures that the European industry can meet the increasing regulations for a better and cleaner environment.

More info: www.desotec.com

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