Tag Archives: Industrie

Precision Coating, a Katahdin Company, Acquired by Integer

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Ampersand

Hudson, MA – February 4, 2025 – Katahdin Industries, LLC is pleased to announce the sale of substantially all of the assets of Precision Coating to Integer Holdings Corporation. The transaction closed on January 7, 2025. Precision Coating provides global Medtech customers with innovative products and services to enhance the surface functionality of patient-critical products.

Since 2006, Precision Coating has built a highly specialized proprietary coatings platform in the medical technology supply chain. The portfolio build, positioning and growth trajectory was accelerated through five acquisitions including CHN Metal Finishing (2008), Medi-Solve (2008), Boyd Coatings Research (2015), a merger with N2 Biomedical (2021), and Providence Texture (2023). A nearly ten-fold increase in scale over the hold period was further facilitated by investments in data systems, automation, materials development, and greenfield expansion in Costa Rica. The company currently operates out of four North American sites and one in Costa Rica.

“From the very beginning, we identified precise control over surface treatment as a key feature in the medical device manufacturing process,” commented Tim Cabot, Chairman of Katahdin. “We also saw a gap in the market to address unique coating-as-a-service needs for medical device customers and to position the company to become a fully capable contract manufacturing services provider for the full life cycle of each product we work on. Over time our market focus has also allowed us to expand and enhance our specialized, high-value, and innovative application solutions, including GlideLine™, our proprietary fluoropolymer coatings for medical devices; MICRALOX®, our patented anodic coatings for re-usable medical instruments; and IonGuard®, our proprietary ion treatment for implants.”

Bill Ellerkamp, President of Precision Coating, added, “We are very excited about the acquisition of Precision Coating by Integer. We are proud of the strong and defensible position we’ve built in the proprietary coatings segment of the Medtech industry and the exceptional company culture we’ve created. Integer is uniquely positioned to capitalize on the strengths of our technologies and our respective cultures are well aligned. We are confident in the future of Precision Coating as part of Integer.”

Piper Sandler & Co. served as exclusive financial advisor to Katahdin and Ruberto, Israel, & Weiner, P.C. served as legal advisors.

 

About Katahdin

Katahdin Industries, LLC is a closely held investment corporation with both individual and institutional ownership. Following Katahdin’s 2021 merger with N2 Biomedical, Ampersand Capital Partners became a minority shareholder and provided strategic guidance cultivated from a deep history of investing in medical contract design and manufacturing organizations. Tim Cabot and Bob DeAngelis led the original acquisition and company build out through 2018 when Bill Ellerkamp became President of Precision Coating. Additional information about Precision Coating is available at www.precisioncoating.com.

About Ampersand Capital Partners

Ampersand Capital Partners, founded in 1988, is a middle-market private equity firm with $3 billion of assets under management, dedicated to growth-oriented investments in the healthcare sector. With offices in Boston, MA, and Amsterdam, Netherlands, Ampersand leverages a unique blend of private equity and operating experience to build value and drive long-term performance alongside its portfolio company management teams. Ampersand has helped build numerous market-leading companies across each of the firm’s core healthcare sectors. For additional information, visit Ampersandcapital.com or follow us on LinkedIn.

About Integer®

Integer Holdings Corporation (NYSE: ITGR) is one of the largest medical device contract development and manufacturing organizations (CDMO) in the world, serving the cardiac rhythm management, neuromodulation, and cardio and vascular markets. As a strategic partner of choice to medical device companies and OEMs, the Company is committed to enhancing the lives of patients worldwide by providing innovative, high-quality products and solutions. The Company’s brands include Greatbatch Medical® and Lake Region Medical®. Additional information is available at www.integer.net

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PAI Partners enters into exclusive negotiations to acquire a majority stake in Alvest

PAI Partners

PAI Partners, a pre-eminent private equity firm, has entered into exclusive negotiations to acquire a significant stake in Alvest, the global leader in the production, distribution and services of airport Ground Support Equipment (“GSE”). Upon completion of the transaction, PAI will become the largest shareholder in Alvest alongside a co-investor, with Ardian retaining a minority stake alongside the company’s founders and management team.

Since its founding in 2001, Alvest has grown to be a key player in the GSE market, providing high quality, innovative and sustainable products and services for the aviation industry. Alvest’s portfolio is tailored to meet the specific needs of airlines, airports and ground-handling companies, with a focus on improving efficiency, safety and sustainability within aviation operations. This includes the design, manufacturing and distribution of airport GSE, the distribution of spare parts and accessories, maintenance and associated services activities, as well as the deployment of decarbonisation and automation solutions for aviation on the ground.

Headquartered in France, Alvest has more than 3,500 employees worldwide, a global proprietary sales and after-sales network, and 10 industrial factories in the US, Canada, France, Belgium, UK, India and China, which together serve customers in over 167 countries and provide associated services in more than 250 airports.

PAI’s investment will support Alvest’s next phase of expansion and innovation, leveraging the firm’s deep expertise in the General Industrials sector. The partnership will focus on enabling Alvest to accelerate the transition to electric GSE and continue to grow the product and service offering, including enhancing resilient servicing activities, fleet management systems and maintenance services.

Valentin Schmitt, CEO of Alvest, said: “The whole Alvest Management Committee is very pleased that investors of the calibre of PAI are partnering with us, and that Ardian will continue to support us in our development. This vote of confidence continues to support our development ambitions, which remain focused around the quality of our products and services, as well as the satisfaction of our customers. We thank CDPQ and Sagard for the valued relationship and contribution to the strong development of Alvest over the past years.”

Laurent Rivoire and Albin Louit, Partners at PAI, said: “We have tracked Alvest’s progress for many years. Today, we are delighted to have the opportunity to partner with Alvest’s exceptional management team to support the company in its next phase of growth. Leveraging its global leadership in Ground Support Equipment and its unique set of technologies and services, Alvest is well placed to help make aviation leaner and greener. We look forward to working with the management team to deliver on this ambition.”

Alexandre Motte, Co-Head of Co-Investment and Senior Managing Director at Ardian, said: “We have known Alvest and its management team for many years, having been shareholders from 2006 to 2013 and since 2018. We are very excited to partner with Alvest in this new phase of its development and thank the Alvest leadership for their trust.”

The transaction is expected to close during the summer, subject to customary regulatory approvals.

Contacts

PAI Partners
Dania Saidam
+44 20 7297 4678

About PAI Partners

PAI Partners is a pre-eminent private equity firm investing in market-leading companies across the globe. The Firm has more than €28 billion of assets under management and, since 1994, has completed over 100 investments in 12 countries and realised more than €25 billion in proceeds from over 60 exits. PAI has built an outstanding track record through partnering with ambitious management teams where its unique perspective, unrivalled sector experience, and long-term vision enable companies to pursue their full potential – and push beyond.
Learn more about the PAI story, the team and their approach at: www.paipartners.com.

About Ardian

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.
www.ardian.com

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3i invests in OMS Prüfservice, a tech-enabled service provider for testing electrical systems and equipment

3I

3i Group plc (“3i”) today announces it has agreed to invest in OMS Prüfservice (“OMS”), the largest specialised service provider in testing electrical systems and equipment for B2B customers in the DACH region.

OMS provides electrical testing and certification services for B2B customers, an attractive end-market underserved by generalist providers that focus on larger enterprise customers. OMS has a fully-tailored, proprietary software platform, INSPEKTRA. This enables OMS to digitalise and automate its testing processes, maximising efficiency and allowing OMS to optimise its services down to an individual customer level.

OMS operates from 43 locations across Germany, Austria and Switzerland. This strong local presence, combined with its technology-driven processes, allows OMS to deliver high-quality services with unparalleled customer proximity.

OMS’s market-leading operations, widespread branch network and data-driven processes have generated a c.30% sales CAGR since 2019. The company is well positioned for future growth due to its geographic footprint, the increasing digitalisation of workplaces and increased outsourcing due to the demand for skilled technicians.

3i is investing to drive further growth in OMS’s core business while exploring new opportunities, such as testing electric vehicle charging infrastructure and photovoltaic installations.

Micha Erz, CEO, OMS Prüfservice, said: “We are very pleased to be partnering with 3i. It has a strong track-record of scaling high-growth, international companies and its experience in the testing, inspection and certification sector will be invaluable. With its support, we look forward to broadening our service portfolio to deliver even greater value to our customers and to address evolving needs in areas such as e-mobility. In addition, this partnership will enable us to achieve sustainable growth, create exciting opportunities for our employees and foster a strong, innovative and collaborative workplace culture.”

Peter Wirtz, Head of Private Equity, 3i, said: “As a value-added, tech-enabled outsourced service provider, OMS sits at the core of our Services and Software strategy. OMS combines an extensive footprint, best-in-class operations and a unique software platform to create a market-leading offering. We have been following their success for some time and are looking forward to partnering with Micha Erz and the team to capture the significant opportunities which lie ahead.”

 

-Ends-

Download this press release 

For further information, contact:

3i Group plc

Kathryn van der Kroft
Media enquiries

Silvia Santoro
Shareholder enquiries

  

Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

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Cottonwood’s portfolio company Orange Quantum Systems developed the first industrial quantum chip testing device

Cottonwood’s portfolio company Orange Quantum Systems developed the first industrial quantum chip testing device.

The OrangeQS MAX is an important product for the quantum industry.

Quantum chip producers need to perform cryogenic testing on every single chip, so addressing testing is essential for them. When they want to scale up the size of their quantum chips and the quantum computers they are deployed in, testing becomes a significant bottleneck. The OrangeQS MAX addresses this, as the only turn-key test equipment for utility-scale quantum chips available in the market at the moment.

📰 Read more about the first OrangeQS MAX shipment here: https://lnkd.in/e22h_-c7

First OrangeQS MAX is shipped to IQM in Espoo, Finland

The first OrangeQS MAX has been shipped to the quantum chip fabrication facility of IQM in Espoo, Finland. Quantum chip producers still need to perform cryogenic end-of-line testing on every single chip and the OrangeQS MAX is currently the only turn-key test equipment for utility-scale quantum chips in the market.

Part of the crates with OrangeQS MAX components on their way to IQM in Espoo, Finland.

Part of the crates with OrangeQS MAX components on their way to IQM in Espoo, Finland.

 

In November 2024, we successfully completed the Factory Acceptance Test of our first OrangeQS MAX. This was followed by a memorable product launch and reveal of the launching customer of the OrangeQS MAX, namely IQM Quantum Computers.

The OrangeQS MAX is now shipped to the quantum chip fabrication facility of IQM in Espoo, Finland, where the OrangeQS deployment team will be assembling it onsite.

The OrangeQS MAX is an important product for the quantum industry. Quantum chip producers need to perform cryogenic testing on every single chip, so addressing testing is essential for them. When they want to scale up the size of their quantum chips and the quantum computers they are deployed in, testing becomes a significant bottleneck. The OrangeQS MAX addresses this, as the only turn-key test equipment for utility-scale quantum chips available in the market at the moment.

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Dhoot Transmission Group Secures Strategic Growth Investment from Bain Capital for Significant Minority Stake Sale

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BainCapital

Partnership empowers Dhoot Transmission Group to drive continued innovation, expand global reach, and capitalize on high-growth segments

MUMBAI – January 16, 2024 – Dhoot Transmission Group (“Dhoot”), a leading manufacturer of automotive components, today announced a strategic growth investment from Bain Capital, a global private investment firm. Through an aligned partnership with Founder and CEO, Rahul Dhoot, Bain Capital will leverage its global automotive expertise and deep value-creation capabilities to support the company’s continued growth. Together, they aim to accelerate Dhoot Transmission Group’s leadership in high-demand segments, foster continued innovation, and support global expansion through strategic acquisitions and partnerships.

Founded in 1999, Dhoot Transmission Group is a global leader in Two-Wheeler and Three-Wheeler Wiring Harness. The company’s advanced Wiring Harnesses also power Heavy and Light Commercial Vehicles, Off-road Vehicles, and Farm Equipment in ICE and EV segments across the globe. Over the past 25 years, Dhoot Transmission Group has also diversified in Electronics Sensors & Controllers, Automotive Switches, Connection Systems and an array of EV products, including Charging Guns, Inlets, Off-Board Chargers, RCDs, High Voltage & Low Voltage Wiring Harness, and assembly of Li-Ion Batteries. This growth has been fueled by a strong focus on innovation, customer-centric approach, strategic acquisitions, and technology partnerships. Dhoot Transmission Group has also expanded internationally, employing over 10,000+ people across 20+ state-of-the-art manufacturing facilities in India, the UK, Slovakia, and Thailand.

“Our journey over the past two decades has been defined by a commitment to innovation, quality, and trust,” said Rahul Dhoot, Founder and CEO of Dhoot Transmission Group. “Partnering with Bain Capital is an exciting opportunity to accelerate this evolution. Their strategic expertise and integrity make them the perfect partner to help us scale globally and pursue emerging opportunities that deliver value to our customers worldwide.”

“Over the past two decades, Rahul has built Dhoot Transmission Group into a market leader, serving as a critical partner to OEMs powering India’s Two-wheeler market—the largest in the world with a strong growth trajectory. Dhoot’s entrepreneurial culture, customer focus, and investments in cutting-edge technology have also now positioned the company at the forefront of several high-growth segments. We are excited to partner with Rahul and the Dhoot Transmission team to build on their impressive growth journey and help drive expansion through M&A and technology partnerships,” said Rishi Mandawat, Partner at Bain Capital. “Their customer-first approach and strong employee engagement has helped the group to build a leading auto-component business and together, we see significant opportunities to expand both organically and inorganically, accelerate exports, and enhance their global footprint,” added Saahil Bhatia, Managing Director at Bain Capital.

Bain Capital’s investment was made through its Private Equity team, which has deep experience supporting the growth of founder-led companies and global industrial platforms. Since establishing its Mumbai office in 2008, Bain Capital has built one of the largest private equity teams in India, with notable investments including Hero MotoCorp, RSB Transmissions, Porus Labs, 360one Wealth, CitiusTech, J.M. Baxi, and Quest Global.

Terms of the private transaction, which is subject to regulatory approval, were not disclosed.

Alvarez and Marsal, AZB & Partners, ERM, ICICI Securities, Kearney, Kirkland and Ellis, KPMG and PwC served as advisors to Bain Capital

Singhi Advisors, Trilegal and Deloitte served as advisors to Dhoot Transmission Group

About Bain Capital
Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Dhoot Transmission Group 
Dhoot Transmission Group is a distinguished group of companies under the ownership of Rahul Dhoot and family. As a rapidly expanding global automotive components enterprise, Dhoot Transmission Group excels in a broad spectrum of business pursuits, extending from the design to manufacturing of Wiring Harnesses and Components (including several EV Components) tailored for Two-wheelers, Three-wheelers, commercial vehicles, Off-road vehicles as well as Farm equipment.

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Ardian invests in Sicer, a global leader in the production of specialty coatings for high-end ceramic decoration

Ardian

Ardian, a world-leading private investment house, announces that it has acquired a minority stake in Sicer, a long-established player active globally in the development and production of premium specialty coatings for the ceramic industry. The investment aims to support Sicer’s ambitious development plans, in partnership with entrepreneurs Gianfranco Padovani and Giuliano Ferrari, who are reinvesting to acquire the majority stake of the group. Sicer majority is being sold by the private equity fund Demos 1, managed by Azimut Libera Impresa SGR (Azimut Group), which had invested in the company in November 2020.

Founded in 1993 and headquartered in Fiorano Modenese, Sicer specializes in the development and production of innovative, high-performance coatings, including frits, glazes, engobes, glazes and inks. These products are essential for the surface treatment of high-end ceramic tiles, enhancing their durability, resistance, and aesthetics. Over the years, the company has built a strong reputation with a customer-oriented approach based on its commitment to quality and sustainability, exceptional service and innovation capabilities.

Sicer has a widespread presence in the main global ceramic districts, with production sites in Italy, Spain, the United States, Mexico, India, and Indonesia, and expects to close 2024 with revenues of approximately 130 million euros.

Ardian will acquire a minority stake in Sicer to support the company’s entrepreneurs and managers, Gianfranco Padovani (Executive Chairman), Giuliano Ferrari (CEO), and Marco Eumenidi (Commercial Director). They have an extensive experience in the ceramic market and strongly believe in the company’s business model. As part of the transaction, they will reinvest significantly to acquire a majority stake in Sicer, reaffirming their confidence in the group’s growth potential.

Ardian’s investment will help Sicer further consolidate its position in the European market, particularly in Italy and Spain, key regions for high-end ceramics. Additionally, Sicer plans to expand in the United States and India, leveraging its innovative products and strong international customer relationships. The company’s growth strategy focuses on enhancing its production capabilities, developing new products, and pursuing potential acquisitions to strengthen its global position.

“Sicer is a company with strong growth potential, blending tradition and innovation with technical expertise and customer focus. We believe in its potential and the vast experience of its management team, with whom we share values and vision. Together, we are confident we will achieve great results.” François Jerphagnon, Member of the Executive Committee, Managing Director Ardian France & Head of Expansion, Ardian

“We are excited to work with Sicer, an Italian excellence that has already secured a strong position in the international market and will continue to grow to become a preferred partner of main ceramic tiles players. Sicer’s strategy will benefit from Ardian global network and will focus on developing new products and expanding internationally. We are committed to supporting the entrepreneurs throughout this journey.” Marco Molteni, Managing Director Expansion, Ardian

“We are excited to partner with Ardian, whose support will be crucial to achieve our growth plans. This investment will strengthen our international presence, particularly in North America and Asia. With Ardian’s backing, we will continue to innovate and offer high-quality service. On behalf of the entire management team, we thank Azimut Libera Impresa for their support over the past four years, which has been instrumental in reinforcing Sicer’s global leadership through strategic investments and acquisitions.” Gianfranco Padovani, Executive Chairman, Sicer

“Ardian’s investment reflects the strength of our business model and growth potential. We look forward to working closely with Ardian to execute our strategic plans and drive Sicer’s global success, continuing the path started with Azimut Libera Impresa.” Giuliano Ferrari, CEO, Sicer

List of participants

  • Buyers

    • Ardian team: Marco Molteni, Giacomo Brettoni, Elisabetta Bozzoni Pantaleoni and Edoardo Munari
    • M&A (Buy side): Mediobanca
    • Legal advisors: PedersoliGattai (Stefano Catenacci) and Studio legale Sutich Barbieri Sutich (Giorgio Barbieri)
    • Business due diligence: Advancy
    • Financial due diligence: KPMG (Matteo Contini)
    • Tax due diligence: Gitti&Partners (Diego De Francesco), Abaco Commercialisti Associati (Alessandro Stradi) and Poggi&Associati (Vittorio Melchionda)
    • ESG due diligence: Ramboll
    • Insurance dd: Mactavish

  • Azimut

    • M&A (Sell side): DC Advisory (Giuliano Guarino)
    • Legal Advisor: Studio Giovannelli e Associati (Alessandro Giovannelli)

  • Sicer

    • Business Advisor: OC&C
    • Financial Advisor: EY

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT SICER

Sicer is one of the world leaders in the production of glazes, inks, and other solutions for high-quality ceramic decoration. Founded in 1993 in Fiorano Modenese, the heart of the Italian ceramic district, it specializes in the development and production of innovative, high-performance solutions for the surface treatment of high-end ceramic tiles, such as frits, glazes, enamels, and inks. With over 500 employees and production sites in Italy, Spain, the United States, Mexico, India, and Indonesia, Sicer has a widespread presence in the main global ceramic districts.

sicer.it

Media contacts

Ardian

HEADLAND

ardian@headlandconsultancy.com

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EVK Joins Headwall Group to Strengthen Market Leadership in Hyperspectral Imaging and Industrial Sensor Solutions

Arsenal Capital Partners

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.

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Arcline Investment Management to Acquire Rotating Machinery Services, Inc.

Arcline

Bethlehem, Pennsylvania, January 9, 2025 – Arcline Investment Management (“Arcline”), a growth-oriented private equity firm, today announced the acquisition of Rotating Machinery Services, Inc. (“RMS” or the “Company”), an Original Equipment Manufacturer (“OEM”) and leading third-party provider of parts and services to a long-lived installed base of critical turbomachinery infrastructure globally.

Founded in 1998, RMS has reinvented the concept of an aftermarket turbomachinery business. The Company is equipped to provide a full suite of services including parts manufacturing, component repair, engineering, metrology, and service for both OEM and non-OEM equipment.

 

Arcline commented, “RMS demonstrates key traits we look for in our portfolio companies as a provider of mission critical, highly engineered, non-discretionary aftermarket parts and services to a massive installed base of critical infrastructure. The Company has an excellent reputation among customers and employees and is led by an experienced and deeply knowledgeable management team. We are confident the growth-oriented culture at RMS will fit well within the Arcline portfolio, and we are excited to partner with the management team for the Company’s next chapter of growth.”

John Bartos, CEO of RMS, added, “Arcline’s deep industry and business model experience and focus on growth is a perfect match with our management team, employees, and customers. Our success has been made possible by the hard work and dedication of the entire team at RMS, and we look forward to working with Arcline to continue executing on our vision to redefine the aftermarket turbomachinery business through superior parts offering, service, expertise, and customer focus.”

BMO served as financial advisor to Arcline in connection with the transaction.

 

About Arcline Investment Management

Arcline Investment Management is a growth-oriented private equity firm with $9.1 billion in cumulative capital commitments. Arcline seeks to invest in technology-driven, meaningful to the world industrial businesses that enable a better future. For more information visit www.arcline.com.

About Rotating Machinery Services, Inc.

Rotating Machinery Services, Inc. is headquartered in Bethlehem, Pennsylvania, and is a leading provider of specialty aftermarket repair, maintenance, and overhaul services for large, highly engineered turbomachinery. The Company operates out of nine facilities and serves a diverse, global customer base across a wide range of end markets.

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Ardian launches a Continuation Fund with Syclef to support its next phase of growth

Ardian

Ardian, a world-leading private investment house, announces the successful closing of a newly formed Continuation Fund for Syclef, a leading European firm specializing in the installation and maintenance of refrigeration and air conditioning systems.

Representing Ardian’s first Private Equity Continuation Fund, this fund will be managed by Ardian and capitalized by Eurazeo as senior lead investor and Astorg as co-lead investor, following a competitive auction process. The fund comprises commitments from existing investors of Ardian Expansion Fund V and new investors, alongside a significant equity contribution from both Syclef’s Management team, and the Expansion team. The Continuation Fund includes substantial additional capital to further support Syclef’s organic growth plan and acquisition pipeline.

Since Ardian’s investment in November 2020, Syclef has continued to demonstrate outstanding performance. The company has consolidated its market position in France while successfully pursuing its M&A strategy internationally. Today, the Group is recognized as a key player in the energy transition, supporting its customers in the installation of custom-designed natural fluid systems across the refrigeration and air conditioning markets.

Ardian will support the company’s next phase of growth, enabling Syclef to further pursue its international expansion and support the refrigeration and air conditioning industries in transitioning to more efficient natural fluids, allowing Syclef’s clients to improve their energy efficiency and reduce environmental impact.

“We are very proud to have completed the first Private Equity Continuation Vehicle of Ardian with close to 50% of new LPs. It is a great recognition of the Expansion team’s investment strategy to support visionary entrepreneurs in mission-critical companies.” François Jerphagnon, Executive President of Ardian France and Head of Expansion, Ardian

“We are delighted to extend our collaboration with Syclef and the Group’s Management team. We are confident that the extension of this strategic partnership will enable Syclef to pursue its continuing growth trajectory across Europe and further establish itself as a European leader in natural fluids refrigeration and air conditioning systems.” Marie Arnaud-Battandier, Managing Director Expansion, Ardian

“We are delighted to renew our support for Syclef in this next phase of its development. Syclef is now recognized as a key player driving the energy transition across the high-growth refrigeration and air conditioning sectors.” Arthur de Salins, Managing Director Expansion, Ardian

“The entire Management team is delighted to renew its partnership with Ardian’s Expansion team. With Ardian’s support, Syclef has become a much more diversified player geographically. The Group has broadened its offer to the market and is in a stronger position both in financial and extra-financial terms. Thanks to its local presence across Europe and strong expertise in business services, Ardian will be a valuable asset in the ambitious next phase of the Group’s development.” Hervé Lohéac, Chairman, Syclef

LIST OF PARTICIPANTS

  • Participants

    • Ardian : Marie Arnaud-Battandier, Arthur de Salins, Thomas Grétéré, Badr M’haidra
    • Eurazeo: Christophe Simon, Amine Rais, Théo Charpentier, Mahdi Benerradi
    • Astorg: Sebastiaan van den Berg, Michal Lange, Ben Deanfield, Chuck Sandilya

  • Continuation fund

    • Advisor: Lazard Private Capital Advisory (Marion Cossin, Jérôme de Vienne, Thibault Principaud)
    • Fund Lawyers: Clifford Chance (Xavier Comaills, Elodie Cinconze, Alexandre Gardini, Laura Ferrier
    • Corporate Lawyers: Latham & Watkins (Olivier du Mottay, Louise Gurly)
    • Financing Lawyers: Latham & Watkins (Xavier Farde, Carla-Sophie Imperadeiro)
    • Strategic Due Diligence: LEK (David Danon-Boileau, Charles Petracco, Pierre Demuyt)
    • Financial Due Diligence: KPMG (Olivier Boumendil, Benjamin Patte)
    • Legal, Tax and Social Due Diligence: Delaby & Dorison (Emmanuel Delaby, Romain Hantz, Romain Bellamy); GCA (Thomas Brillet)
    • Alexandre Gaudin, Guillaume Oger, Athida Nhouyvanisvong); Valoren (Virginie Lockwood)

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $176bn of assets on behalf of more than 1,720 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility. At Ardian we invest all of ourselves in building companies that last.

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ABOUT SYCLEF

Founded in 2003, Syclef is a leading European player in the installation and maintenance of refrigeration systems. The Group is specialized in medium and large refrigeration installations, in industrial refrigeration (logistics platforms, storage warehouses, food processing, etc.), commercial refrigeration (supermarkets, convenience stores, etc.) and air conditioning. The Group’s customer base relies on Syclef to manage its complex and critical refrigeration systems. The Group benefits from a key player position in the energy transition, using innovative sustainable technologies such as natural refrigerant fluids.

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Citation welcomes new investment from HarbourVest Partners supporting its growth as a global provider of SME compliance and certification solutions

HG Capital

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.

Chris Morris, CEO of Citation, said: “We’re thrilled to welcome HarbourVest as our new strategic partner. Their expertise, along with the continued support from Hg and KKR, will be instrumental as we pursue our vision of simplifying compliance for SMEs globally. Our focus remains on providing peace of mind to business owners, allowing them to concentrate on growing their enterprises, while we protect their people, their businesses and their reputations.”

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.

Gonçalo Faria Ferreira, Managing Director at HarbourVest, said: “We are excited to become a strategic partner to Citation, joining Hg and KKR to support the Group’s continued growth. Having followed the business for several years, we are impressed by what Chris and his team have achieved. We see strong potential for the business going forward as it continues its mission to simplify compliance for SMEs.”

Joris Van Gool and Nick Jordan, Partners at Hg, said: “Citation stands as a testament to what can be achieved with the right team, technology and strategic partners. The addition of HarbourVest to the fold marks an exciting new phase for Citation, as we continue to unlock the immense potential within the SME compliance space.” Hans Arstad and Rami Bibi, Managing Directors in KKR’s European Private Equity and Global Impact teams, added, “We’re excited to welcome HarbourVest as Citation continues its strong growth under Chris and the team. Together, we’ll further expand Citation’s reach and enhance its offering through strategic acquisitions and innovation, positioning the business for continued success.”

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.

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