Bolton, MA and Raaba, Austria — Headwall Group (“Headwall”), a global leader in high-performance spectral imaging solutions and optical components and a portfolio company of private equity firm Arsenal Capital Partners, is pleased to announce its acquisition of EVK DI Kerschhaggl GmbH (“EVK”), an Austria-based technology company specializing in industrial sensor-based sorting and inspection systems. This strategic acquisition marks a significant step forward in Headwall Group’s mission to enhance its portfolio and bolster its presence in the industrial machine vision market.

The integration of EVK into the Headwall Group is a natural extension of Headwall Group’s strategy to diversify its product offerings and deepen its capabilities in delivering comprehensive, high-value imaging solutions. EVK’s innovative hyperspectral technology and inductive sensor technologies as well as data analysis expertise align seamlessly with Headwall Group’s existing products and commitment to advancing hyperspectral imaging applications and AI-driven interpretation software in machine vision and remote sensing markets.

“We are thrilled to welcome EVK into the Headwall family,” said Mark Willingham, CEO of Headwall Group. “Their proven track record in sensor-based solutions and industrial inspection complements our vision of providing integrated, next-generation hyperspectral technologies at the speed and scale needed by the industry. This partnership will drive further innovation and accelerate our ability to meet the increasing demand for more advanced, application-focused imaging solutions.”

Matjaz Novak, CEO of EVK, stated, “Joining forces with Headwall presents a tremendous opportunity to combine our expertise and technologies. Together, we can offer our customers enhanced solutions and expand our reach in the industrial imaging market. We look forward to a collaborative future that leverages the strengths of both organizations.”

EVK’s cutting-edge technology, which spans a range of industries including food processing, plastics recycling, and material sorting, will empower Headwall Group to broaden its market reach and foster new growth opportunities in both machine vision and remote sensing applications.

About Headwall Group:

Headwall Group is a leader in designing and manufacturing hyperspectral imaging systems, optical components, and machine vision solutions. The company serves industries such as food processing, recycling, pharmaceuticals, and environmental monitoring, providing high-performance technology backed by proprietary software for data interpretation. With its headquarters in Bolton, MA, and a network of global subsidiaries, Headwall is dedicated to pushing the boundaries of imaging and AI-driven analytics. For more information, visit www.headwallphotonics.com.

About EVK:

EVK is a distinguished provider of sensor-based solutions for industrial applications. Based in Austria, EVK offers advanced sensor technology and data processing solutions that enable precise inspection and sorting in various industrial sectors. Their focus on robust, innovative technology has established them as a trusted partner in the industry. For more information, visit www.evk.biz.

London, UK – December 18, 2024: The Citation Group (Citation), an international provider of tech-enabled compliance and certification solutions to small to medium-sized enterprises (SMEs), today announce that they have welcomed HarbourVest Partners (HarbourVest), a global private markets investment manager, as a new investor in the business. This new chapter of investment will see HarbourVest join forces with the management team and current majority investors, KKR and Hg, to bolster Citation’s international growth trajectory – organically, through product development in AI and through strategic acquisitions.

Citation supports SMEs in the UK, Canada, and Australia, acting as a critical partner for over 110,000 SMEs businesses navigating the complexities of HR, Health and Safety, and Quality Certifications.

This transaction follows a period of sustained and rapid growth at Citation, in which the Group has benefited from its leading quality and the breadth of its mission-critical compliance solutions, as well as its hybrid approach in leveraging both software and services to optimally serve its customers’ compliance needs. In the last four years, Citation has entered Canada and Australia – now jointly representing >20% of revenue, and consistently stayed in excess of “rule of 40” economics.

The transaction details have not been disclosed. Jefferies International acted as financial advisors to Citation Group, Hg and KKR.

For further inquiries, please contact:

Citation:
Stephanie Beane
Email: stephaniebeane@citation.co.uk

HarbourVest:
Andrew Hopkins
Email: ahopkins@harbourvest.com

Hg:
Tom Eckersley
Email: tom.eckersley@hgcapital.com

KKR:
Annabel Arthur
Email: annabel.arthur@kkr.com

About Citation

Citation is a leading provider of tech-enabled compliance (HR, Health and Safety) and certification subscription solutions to SMEs in the UK, Canada, and Australia/New Zealand. Serving a diverse customer base, Citation provides its customers with a suite of software tools and services, supporting businesses both on a day-to-day basis, as well as in their moment of need. Its offering allows customers to operate with confidence in compliance and certification matters, while being a cost-effective alternative to professional services, and a more holistic solution compared to software-only solutions.

About HarbourVest

HarbourVest is an independent, global private markets firm with over 42 years of experience and more than $132 billion of assets under management as of June 30, 2024. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,200 employees, including more than 245 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than $59 billion to newly-formed funds, completed over $58 billion in secondary purchases, and invested over $41 billion in direct operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities.

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well. With a vast European network and strong presence across North America, Hg’s 400 employees and around $75 billion in funds under management support a portfolio of around 50 businesses, worth over $160 billion aggregate enterprise value, with around 110,000 employees, consistently growing revenues at more than 20% annually.

Milan & Velo D’Astico, 16 December 2024 – Global investment firm Carlyle (NASDAQ: CG) has agreed to sell Forgital Group (“Forgital”), a provider of advanced aerospace and industrial forged products, to Stonepeak.

Forgital is a leading integrated European manufacturer specialising in the forging, laminating and machining of rolled rings with technologically advanced manufacturing capabilities across a broad portfolio of materials, including titanium, nickel-based alloys, aluminium, and steel. The company serves a diverse range of end markets, including aerospace, defence, space, power generation, and oil & gas, and offers vertical integration across the entire forged components value chain, from process engineering to assembly, final machining, and testing. Founded in 1873 by the Spezzapria family and headquartered in Italy, the business has facilities in Italy, France, and the US, and over 1,100 employees. Its products are sold to clients in over 40 countries.

During its ownership period, Carlyle worked in partnership with the company’s leadership to expand and institutionalise the management team, reposition the business during the significant impact of Covid-19 through operational and efficiency initiatives, improve procurement and functional processes throughout the business, significantly grow the order book and diversify the customer base by developing new product offerings in adjacent segments and platforms, and gain customers in new verticals.

Marco De Benedetti, Chairman of Italy at Carlyle, said: “We are pleased to have supported Forgital through such a transformative period for the business. As a result of the investment, partnership, and the team’s sector expertise, we believe Forgital is well-placed to capitalise from long-term growth in its key end markets of aerospace & defence and industrial applications, and I have no doubt the business will continue to build upon its strong position today as a European leader in specialised forged products.”

Meddah Hadjar, CEO of Forgital, said: “I would like to thank the Carlyle team for their invaluable support, expertise and guidance over the last few years, which have been a significant period of change and development for Forgital. Stonepeak represents an ideal partner for the next stage of Forgital’s growth, bringing deep experience, global relationships, and operational expertise within sectors and businesses that are mission-critical to the supply chain. We are excited to leverage these resources to support our customers, and to partner with Conor and the rest of the Stonepeak team as we continue to develop Forgital’s manufacturing excellence and global capabilities.”

Conor Sutherland, Managing Director at Stonepeak, said: “Forgital is an integral link in the global aerospace supply chain, and a trusted partner to leading aerospace manufacturers and industrial customers. We have high conviction in long-term aerospace end market demand and believe Forgital is positioned to benefit from these tailwinds. We admire Forgital’s strong business model, manufacturing excellence and distinguished reputation among its customers for quality and reliability. We are thrilled to make this investment and partner with Forgital’s dedicated management team and talented workforce to support Forgital’s continued success.”

The transaction is expected to close in the second quarter of 2025 and is subject to customary regulatory approvals.

J.P. Morgan Securities Plc acted as advisor to Carlyle and sole financial advisor on the transaction. Latham & Watkins LLP served as legal counsel to Carlyle. Zulli, Tabanelli, e Associati and Perris e Associati served as financial advisors to Spezzapria family minority shareholders. Simpson Thacher & Bartlett LLP, Legance – Avvocati Associati, Hogan Lovells International LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Stonepeak.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

About Forgital

Forgital is a leading, vertically integrated Group focused on the manufacturing of seamless rolled rings in rectangular or profiled sections, as well as assembled fan modules, covering the largest range of sizes. Forgital specializes in forging rolled rings, with technologically advanced capabilities across a broad range of materials, including titanium, nickel and cobalt alloys, carbon steel, alloy steel, stainless steel and aluminium. Forgital’s Compact Supply Chain simplifies the production process of its customers through an integrated system of technologies and services which encompasses all the steps of the project: from the pre-processing to the post-processing phase (including finishing, welding and macroetching).

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

Media

Carlyle

Nicholas Brown

nicholas.brown@carlyle.com

+44 7471 037 002

Forgital

Mara Rezzadore

Mara.Rezzadore@forgital.com

+39 0445 731322

Stonepeak

Kate Beers / Maya Brounstein

corporatecomms@stonepeak.com

+1 (646) 540-5225

NEW YORK & VELO D’ASTICO – December 16, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has entered into a definitive agreement to acquire Forgital Group (“Forgital” or the “Company”), a leading manufacturer of advanced forged and machine-finished components for aerospace and industrial end markets, from global investment firm Carlyle (NASDAQ: CG).

Forgital, founded in 1873, specializes in forged and laminated metallic rolled rings, with technologically advanced manufacturing capabilities across a broad portfolio of materials, including titanium, nickel-based alloys, aluminum, and steel. The Company serves a diverse range of end markets, including aerospace, defense, space, power generation, and oil & gas, and offers vertical integration across the entire forged components value chain, from process engineering to assembly, final machining, and testing. Forgital has a global workforce with an operational footprint across Europe and North America spanning nine facilities in Italy, France, and the United States.

Conor Sutherland, Managing Director at Stonepeak, said: “Forgital is an integral link in the global aerospace supply chain, and a trusted partner to leading aerospace manufacturers and industrial customers. We have high conviction in long-term aerospace end market demand and believe Forgital is positioned to benefit from these tailwinds. We admire Forgital’s strong business model, manufacturing excellence and distinguished reputation among its customers for quality and reliability. We are thrilled to make this investment and partner with Forgital’s dedicated management team and talented workforce to support Forgital’s continued success.”

Meddah Hadjar, CEO of Forgital, said: “I would like to thank the Carlyle team for their invaluable support, expertise and guidance over the last few years, which have been a significant period of change and development for Forgital. Stonepeak represents an ideal partner for the next stage of Forgital’s growth, bringing deep experience, global relationships, and operational expertise within sectors and businesses that are mission-critical to the supply chain. We are excited to leverage these resources to support our customers, and to partner with Conor and the rest of the Stonepeak team as we continue to develop Forgital’s manufacturing excellence and global capabilities.”

Marco De Benedetti, Chairman of Italy at Carlyle, said: “We are pleased to have supported Forgital through such a transformative period for the business. As a result of the investment, partnership, and the team’s sector expertise, we believe Forgital is well-placed to capitalise from long-term growth in its key end markets of aerospace & defence and industrial applications, and I have no doubt the business will continue to build upon its strong position today as a European leader in specialised forged products.”

The transaction is expected to close in the second quarter of 2025 and is subject to the satisfaction of customary regulatory approvals.

Simpson Thacher & Bartlett LLP, Legance – Avvocati Associati, Hogan Lovells International LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Stonepeak. J.P. Morgan Securities Plc served as financial advisor to Carlyle. Latham & Watkins LLP served as legal counsel to Carlyle.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

About Forgital

Forgital is a leading, vertically integrated Group focused on the manufacturing of seamless rolled rings in rectangular or profiled sections, as well as assembled fan modules, covering the largest range of sizes. Forgital specializes in forging rolled rings, with technologically advanced capabilities across a broad range of materials, including titanium, nickel and cobalt alloys, carbon steel, alloy steel, stainless steel and aluminium. Forgital’s Compact Supply Chain simplifies the production process of its customers through an integrated system of technologies and services which encompasses all the steps of the project: from the pre-processing to the post-processing phase (including finishing, welding and macroetching).

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Contacts

For Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

For Forgital
Mara Rezzadore
Mara.Rezzadore@forgital.com
+39 0445 731322

For Carlyle
Nicholas Brown
nicholas.brown@carlyle.com
+44 7471 037 002

A pioneering leader in robotic additive manufacturing, has secured £500,000 through the British Business Bank’s South West Investment Fund.

Maven has invested £500,000 in Q5D Technologies, a pioneering leader in robotic additive manufacturing, through the British Business Bank’s South West Investment Fund. This funding is part of a larger £2 million investment round, which aims to support Q5D’s mission to revolutionise wire laying processes across multiple sectors, including automotive, aerospace, and consumer electronics.

The investment will enhance Q5D’s capacity to scale its innovative 5-axis platform, which automates the complex process of adding wiring and electronics to 3D surfaces. This technology offers a faster, more efficient, and cost-effective alternative to traditional manual processes.

Q5D’s platform has gained interest from major industry players, including several of the world’s largest wiring harness companies and some of the largest and most innovative car makers, demonstrating Q5D’s impressive business model and the growth potential of its patented technology.

The funding will also support the delivery of initial HaaS (Hardware as a Service) contracts and expand Q5D’s Technology Assessment Centre in Portishead, which has become a hub for testing and refining the company’s solutions alongside clients.

With this investment, Q5D is well-positioned to continue its momentum, bringing advanced automation capabilities to markets seeking to reduce costs, improve product quality, and support the transition to smarter, more sustainable manufacturing.

“We are really pleased to be partnering with Maven and the South West Investment Fund, their advice and capital are helping us drive the company’s growth. Q5D is already attracting large number customers and growing the support and business development teams is critical.”

Stephen Bennington, CEO of Q5D Technologies

“We are thrilled to support Q5D Technologies as they scale their operations. Their unique approach to additive manufacturing, combined with impressive early traction with major industry players, positions them well for rapid growth. We look forward to working closely with Stephen and the team as they look to meet the increasing demand from global leaders in the automotive and aerospace sectors.”

Melanie Goward, Partner at Maven

“We’re excited to support Q5D as they scale up their operations, bringing their cutting-edge technology to market. The South West Investment Fund helps support and foster innovation across the South West and we look forward to seeing Q5D deliver its pioneering solutions to manufacturing sectors in the region and beyond.”

Lizzy Upton, Senior Investment Manager at British Business Bank

The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. The Fund is increasing the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.

SWIF – Maven Equity Finance can provide investment of up to £5 million to support ambitious earlier and later stage businesses across the South West of England. The Fund has also backed sustainable packaging innovator, Kelpi, global wireless solutions provider Blu Wireless, and healthcare buy and build operator, Covestus.

If your business, or the business you advise, is looking for an equity investment as a solution to fund future growth, get in touch here >

Gimv Consumer acquires a majority stake in Lupine Lighting Systems, a true “Made in Germany” technology and recognized quality brand leader for premium high-performance portable light solutions for (e-)bike, outdoor and tactical applications. Founder and CEO Wolf D. Koch reinvests in the company and becomes a minority shareholder alongside Gimv.

Located in Neumarkt, Bavaria, in Germany, Lupine Lighting Systems (www.lupine.de) develops and produces high-performance portable light solutions for (e-)bikes,  outdoor and tactical applications, distributing through local dealer networks, importers and a growing D2C channel. The company has always been a pioneer in producing lamps of the highest quality, extending the hours during which people can enjoy outdoor activities. All lamps are “Made in Germany” with a high focus on sustainability thanks to their long lifetime, durable materials and good reparability.

Being a recognized frontrunner and innovator in portable lighting, Lupine is the preferred innovation partner of choice of selected top global bike manufacturers such as Canyon and several outdoor sports champions.

Lupine Lighting Systems is at the heart of Sports & Leisure as one of the focus markets within the Home & Family segment targeted by Gimv Consumer.

Gimv acquires a majority stake of Lupine Lighting Systems, with Wolf D. Koch, founder and CEO, reinvesting part of his proceeds to hold a minority stake in the company. Gimv and Mr. Koch will jointly look for a suitable CEO succession to accelerate the commercial development of Lupine. Upon completion of this search, Mr. Koch will continue to play a key role in the continued technological innovation journey of the company.

Ferdinand Becker and Maximilian von den Hoff, Principals in the Gimv Consumer team, declare: “Lupine is a pioneer of its industry and convinces over decades with quality leadership underpinned by its large customer base. We strongly believe in Lupine’s organic growth opportunities and look forward to the future journey together with Wolf and the entire Lupine team.”

Wolf D. Koch, Founder and CEO of Lupine Lighting Systems, states: “With Gimv, we start a new growth phase of Lupine. Together with a new CEO and the entire team, we will bring the unmatched Lupine products to more consumers and more outdoor enthusiasts in more markets.”

No further details of the transaction are disclosed. This communication is subject to successful closing of this transaction.

IK Partners (“IK”) is pleased to announce that the IK X Fund has signed an agreement to acquire Driescher GmbH (Moosburg and Eisleben) (“DRIESCHER” or “the Group”), a leading German manufacturer of high-tech medium and low voltage switches and switchgears. IK is acquiring its stake in DRIESCHER from the family shareholders, who will all be reinvesting. As part of the transaction, the co-founders and co-shareholders of the Czech subsidary, DRIBO, spol. s r.o. (“DRIBO”), will be selling their shares and reinvesting into the Group. Financial terms of the transaction are not disclosed.

Established over 85 years ago, DRIESCHER is a leading provider of critical grid components and a reliable partner to many large municipal utilities, industrial customers and railway operators. The Group offers a comprehensive portfolio of products and services, necessary for the expansion of energy grids and the modernisation of existing infrastructure.

DRIESCHER excels in providing SF₆-free, air-insulated components designed to enhance protection and safety, serving as essential infrastructure for managing power flows and voltage conversion within energy grids. With a reputation for innovation and deep engineering expertise, the Group offers tailored solutions to meet a wide range of customer needs.

As a trusted partner to many organisations, DRIESCHER plays an important role in advancing the energy transition by improving grid reliability, expanding capacity, supporting the integration of renewable energy and fostering the shift towards broader electrification. Today, the Group has approximately 500 employees, based across four production sites in Germany and the Czech Republic.

With the support of IK, DRIESCHER aims to strengthen its core business by: engaging both existing and new customers; driving continuous product innovation; expanding operations in Germany and entering into other international markets; as well as enhancing aftersales services. The Group may also consider value-accretive bolt-on acquisitions.

Doris and Christoph Driescher, Family Shareholders of DRIESCHER, commented: “With a history of over 85 years, we take pride in the legacy built by our grandfathers, our fathers and the dedicated employees of DRIESCHER. Together with the management team, we are thrilled to partner with IK as DRIESCHER enters the next stage of its development. IK has convinced us with its expertise, values, cultural alignment and vision for the future of our Group, making this the right step to initiate the succession for DRIESCHER.”

Frank Hegenbart and Thomas Lehner, Managing Directors at DRIESCHER, added: “Our leadership team is very much looking forward to the partnership with IK. We are confident that, with the experience of our employees and the support of IK’s team, we will continue our path of sustainable growth with technologically leading products and excellent service for our steadily growing customer base.”

Dalibor Bartoš and Tamara Ottichová, Managing Directors at DRIBO, commented: “DRIBO and DRIESCHER have a joint history of almost 30 years and this new partnership represents a significant milestone in the Group’s development. We are looking forward to working with the team at IK to accelerate future growth.”

Anders Petersson, Managing Partner at IK Partners and Advisor to the IK X Fund,said: “DRIESCHER has established itself as a leading supplier of critical components of energy grids and is well-positioned for growth, driven by long-term market trends that include the need to modernise aging electrical grid infrastructure, enable the integration of new renewable energy sources and expand capacity to meet the rising demand for electricity. We would like to extend our sincere thanks to the family shareholders of DRIESCHER for choosing IK to be the Group’s new partner. We value the confidence placed in us and are very much looking forward to working with the management team in this next phase of DRIESCHER’s growth.”

For further questions, please contact:

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