Tag Archives: Investments

Announcing Partner promotions at EQT

eqt

2018 was yet another eventful year for EQT. The various EQT buy-out funds invested in 52 companies and exited, or partially exited 18. The pace was high also on the fundraising side with three funds successfully closed; EQT Mid Market Asia III (at USD 800 million), EQT Mid-Market Credit II (at EUR 2.3 billion which was more than four times the size of its predecessor fund), and EQT VIII (at its hard cap of EUR 11 billion after less than six months of fundraising).

The EQT organization has continued to grow both geographically, with offices opened in San Francisco and Berlin, and in terms of new investment strategies, with Public Value being the most recent initiative. EQT also welcomed some 80 new colleagues to the firm and today, EQT has close to 600 employees across the globe.

Being an organization where the most important asset is the employees, it is a great pleasure to announce the yearly Partner promotions – the following Directors have been promoted to Partners, effective as of January 1, 2019.

Christian Sinding, CEO and Managing Partner comments: “I would like to express my warmest congratulations to the new Partners. They have all demonstrated a strong dedication and an entrepreneurial spirit, providing valuable contributions to the EQT platform, our culture and values. I look forward to working together for continued success as we enter the next phase of EQT’s growth journey.”

In addition, EQT is happy to announce the recruitment of two new Partners to the EQT Ventures advisory team; Lyle Fong and Johan Svanström. Lyle has founded several companies in enterprise software and gaming, and Johan was most recently worldwide President of Hotels.com, and a member of the global management team of its parent, Expedia Group Inc. Both will be based in London.

Thomas von Koch, Deputy Managing Partner, adds: “I am thrilled about the Partner promotions, these individuals play a key role in EQT’s vision to become the most reputable investor and owner and they are truly passionate about developing companies. I also look forward to collaborating with Lyle and Johan in my new capacity focusing on EQT’s various growth areas – their experiences as serial entrepreneurs will be invaluable for EQT Ventures’ future development.”

Categories: People

Tags:

AnaCap acquires structured investment from leading Italian bank

Anacap

AnaCap Financial Partners (“AnaCap”), the specialist European financial services private
equity firm, today announces a structured investment into a portfolio of SME loans from a
leading Italian bank with which AnaCap has a long-standing relationship across a broad
range of transactions.

With a face value of €4.0bn, the portfolio comprises a static, highly granular pool of
performing loans made to a mix of SME and corporate borrowers concentrated in the
more prosperous area of Northern Italy.
AnaCap was able to leverage its direct experience completing a similar investment from the
seller in its predecessor Credit Opportunities Fund as well as its extensive broader
investment track record in Italy and SME lending across Europe.
Italy remains a core focus for AnaCap’s credit strategy, having acquired more than €13bn
face value of performing and non-performing debt across 15 Italian transactions since
2012.

Konstantin Karchinov, Managing Director at AnaCap Financial Partners LLP, said:
“The successful completion of this investment in one of our core geographies
demonstrates our ability to continue to deploy capital at attractive risk-adjusted returns
through the cycle, even in markets attracting significant investor interest such as Italy.”
This investment also marks the initial investment for AnaCap’s fourth Credit
Opportunities Fund following a first close in November 2018.

Categories: News

Tags:

Peter Hofvenstam appointed new CEO of Nordstjernan

Nordstjernan

The Board of Directors of Nordstjernan AB has appointed Peter Hofvenstam as the new CEO. Peter Hofvenstam is currently Deputy CEO and head of the Unlisted Holdings business area, which represents approximately half of Nordstjernan’s operations. He was born in 1965, has an MSc Economics, and has held various positions at Nordstjernan since 1999. He is a board member of Rosti and Swedol, as well as the chairman of Nordstjernan Kredit. Tomas Billing will continue as CEO until the transition, which will take place at the Annual General Meeting in May 2019.

“Taking Nordstjernan forward will be an exciting challenge. I look forward to work closely with our professional team to further reinforce our model of active long-term ownership in order to develop our companies and to create good returns,” says Peter Hofvenstam.

“As the chairman of Nordstjernan, it is a pleasure to present a strong internal successor to Tomas Billing. Peter has a genuine understanding of long-term value creation. He is responsible for Nordstjernan’s Unlisted Holdings, a business area that has developed very well through both growth in profits and sound business transactions. I look forward to working with Peter in his new role,” says Viveca Ax:son Johnson.

Outgoing CEO Tomas Billing will continue to work at Nordstjernan after the transition, in a role as senior advisor. He will work on nomination committees and boards in Nordstjernan’s holdings.

“I would like to thank Tomas Billing, who has been CEO for a full 20 years. When he started, Nordstjernan’s net asset value was SEK 2.7 billion, and we had one investment – NCC. Today, our net asset value is SEK 30 billion and we have 15 active investments. Two unlisted companies – Rosti and Etac – currently comprise Nordstjernan’s largest holdings. That is quite an achievement,” says Viveca Ax:son Johnson.
Questions will be answered by:

Viveca Ax:son Johnson
Chairman of Nordstjernan AB
Telephone: +46 8 788 50 18
E-mail: vaj@nordstjernan.se

Stefan Stern
Senior advisor, responsible for communications, Nordstjernan AB
Telephone: +46 70 636 74 17
E-mail: stefan.stern@nordstjernan.se
Nordstjernan AB is a family-controlled investment company whose business concept is to be an active owner that creates long-term and positive value growth. More information about Nordstjernan can be found on www.nordstjernan.se.

Categories: People

Tags:

Trade Me and Apax Funds – scheme implementation agreement

Apax

Trade Me and Funds advised by Apax Partners enter scheme implementation agreement 

Trade Me has entered into a scheme implementation agreement under which funds advised by Apax Partners will acquire 100 percent of Trade Me shares for NZ$6.45 per share, subject to shareholder and Court approval.

This represents a 27 per cent premium to Trade Me’s one-month volume-weighted average price to 20 November 2018 , an implied equity value of NZ$2.56 billion, an enterprise value of NZ$2.74 billion and acquisition multiples of ~16.7x based on Trade Me’s underlying F18 EBITDA of NZ$164 million and ~19.7x based on underlying F18 EBIT of NZ$139 million.

Subject to an Independent Advisor’s report concluding that NZ$6.45 per share is within or above its valuation range, and in the absence of a superior proposal, the Trade Me Board unanimously recommends that Trade Me shareholders vote in favour of the scheme. Subject to those same qualifications, all directors intend to vote all Trade Me shares held or controlled by them in favour of the scheme.

Trade Me chairman David Kirk said: “The Apax Funds have increased their offer price since the indicative proposal, following the completion of their due diligence. After careful consideration, the Board has unanimously concluded that this offer is consistent with our efforts to deliver maximum value for shareholders.

“We’re confident Trade Me would have a successful standalone future, but we believe the certainty of the cash offer and material premium would be an attractive outcome and it merits being put to shareholders with our recommendation, in the absence of a superior proposal.”

The Board notes shareholders do not need to take any action at present, and currently expects the shareholder vote on the scheme to be held in April 2019.

Details of the scheme implementation agreement 

The scheme implementation agreement is publicly released alongside this announcement. It is subject to a limited number of customary conditions including:
· the approval of Trade Me shareholders and the High Court of New Zealand; and
· approval of the Overseas Investment Office.

It also contains usual termination rights for each party, including where various material adverse circumstances arise, or where a party is in material breach.

The scheme contains customary exclusivity provisions in favour of the Apax Funds, including “no shop, no talk, no due diligence” restrictions. These restrictions are subject to exclusions which permit the Trade Me Board to engage on a competing proposal which is (or is reasonably capable of becoming) a superior proposal, subject to notifications being made to Apax and to the Apax Funds’ right to match any such proposal. The agreement also sets out circumstances under which Trade Me may be required to pay the Apax Funds a NZ$19.2 million “break fee”.

Trade Me has been advised that the acquisition is expected to be funded with equity committed by the Apax Funds, and third party debt financing.

Indicative timetable and next steps 

A booklet containing information relating to the scheme, the Independent Advisor’s Report, the reasons for the directors’ unanimous recommendation and meeting information is currently expected to be mailed to Trade Me shareholders in March 2019.
The Board expects that Trade Me shareholders will have the opportunity to vote on the scheme at a meeting in April 2019. If all the conditions are satisfied, the scheme is expected to be implemented in the second quarter of 2019.

Note that these dates are indicative and subject to change.
Trade Me is being advised by Goldman Sachs.

ADDITIONAL INFORMATION:

About Apax Partners 
Apax Partners is a leading global private equity advisory firm. Over its more than 35-year history, Apax Partners has raised and advised funds with aggregate commitments in excess of $50 billion. The Apax Funds invest in companies across four global sectors of Tech & Telco, Services, Healthcare and Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. The Apax Funds have a strong track record investing in online classified businesses, combining extensive digital investment expertise with deep operational value-add. These include Auto Trader, Trader Corporation, Boats Group, Idealista and SouFun. For more information see: www.apax.com.

CONTACTS:

Trade Me Media Contact 

Paul Ford, Trade Me | mediaenquiries@trademe.co.nz
(Please note that David Kirk and Jon Macdonald are unavailable for interviews.)

Apax Media Contacts

Global Media: Andrew Kenny, Apax | +44 20 7 872 6371 | andrew.kenny@apax.com

NZ Media: Geoff Senescall, Senescall Akers | +64 214 81234 | senescall@senescallakers.co.nz

USA Media: Todd Fogarty, Aduke Thelwell, Kekst | +1 212-521 4800 | apax@kekst.com

UK Media: Matthew Goodman / James Madsen, Greenbrook | +44 20 7952 2000 | apax@greenbrookpr.com

Categories: News

Tags:

Jean-Marc Huët joins Bridgepoint Advisory Board

Bridgepoint

Bridgepoint, the international private equity group, has appointed Jean-Marc Huët to its Advisory Board with effect from 1st January 2019.

Mr Huët is a former CFO of Unilever plc/NV, Bristol-Myers Squibb and Royal Numico NV and began his career at Goldman Sachs International. He currently holds non-executive directorships at Heineken, Canada Goose and J2.

A Dutch national, Mr Huët was educated at Dartmouth College, New Hampshire and has an MBA from INSEAD.

Welcoming the appointment, Bridgepoint managing partner William Jackson, said: “Jean-Marc is a seasoned international executive with a strong track record across several industries. He will bring a global view and important insight to Bridgepoint. We look forward to working with him.”

Jean-Marc Huët said: “I am enthusiastic about the opportunity at Bridgepoint and contributing to the team’s assessment of sectors and specific companies as it continues to consolidate its middle market position in the alternative assets space.”

The Advisory Board provides external perspectives and advice to Bridgepoint’ senior leadership team and is also involved on an individual member basis on value creation at portfolio companies.

Press enquiries

For all press enquiries, contact James Murray on +44 (0) 20 7034

Categories: People

Tags:

EQT Mid-Market Credit II holds final close at EUR 2.3 billion – increasing EQT Credit’s presence in European direct lending

eqt

  • The EQT Mid-Market Credit II fund successfully closes at EUR 2.3 billion of available capital, including anticipated leverage – more than four times the size of its predecessor direct lending fund, EQT Mid-Market Credit
  •  Continuation of the diligence-led investment strategy succcessfully deployed by the EQT Credit platform since its inception in 2008
  •  Strong support from existing investors and new investors to both EQT and EQT Credit, resulting in a diversified blue-chip investor base of pension funds, insurance companies, family offices and foundations across Europe, North America and Asia

EQT today announces the final closing of its second European direct lending fund, EQT Mid-Market Credit II (the “Fund”). The Fund received commitments equivalent to EUR 2.3 billion of available capital, including anticipated leverage. Since launch in 2008, the EQT Credit platform has raised over EUR 6 billion and invested over EUR 5.1 billion in over 170 companies.

The Fund will continue EQT Credit’s strategy of providing financing solutions to European mid-market companies, with a focus on high-quality performing businesses with defensive characteristics. Over 30% of the Fund has already been committed in 12 investments, including recent financings for Medifox, Dukes Education and VPS.

Investors in EQT Mid-Market Credit II include a diverse group of European, Asian and North American pension funds, insurance companies, endowments, foundations and family offices.

Paul Johnson, Partner at EQT Partners, Investment Advisor to the Fund, comments: “We are confident that the significant opportunities in the market play to EQT Credit’s strengths as a due diligence-focused investor with the ability to leverage the knowledge that resides in EQT having invested in the same geographies and industries over the last 24 years. Thanks to the strong support demonstrated by existing and new investors, the Fund is well positioned to capitalize on these opportunities over the coming years as the direct lending market continues to grow across Europe.”

Andrew Konopelski, Partner and Head of EQT Credit at EQT Partners, continues: “Our focus on local sourcing and diligence, supported by EQT’s network of Industrial Advisors, as well as the capacity to invest in a broad range of situations, has been key to EQT Credit’s investment approach over the last ten years. The EQT Credit platform has developed significantly and we are looking into ways of transforming and broadening the offer even further.”

“The growth of the EQT Credit platform has been extremely successful and complements EQT’s offering across the entire spectrum of alternative investments. The Fund far exceeded its initial target, which further confirms investors’ appetite for this asset class as well as their support and trust for EQT and EQT Credit. With a strong ten-year track record in the market and an experienced investment advisory team led by Andrew Konopelski, EQT has firmly cemented its position as an integrated capital provider across the full range of risk profiles”, says Thomas von Koch, CEO and Managing Partner at EQT.

The fundraising for EQT Mid-Market Credit II has now closed. As such, the foregoing should in no way be treated as any form of offer or solicitation to subscribe for or make any commitments for or in respect of any securities or other interest or to engage in any other transaction.

This press release is translated into multiple languages for information purposes only. In case of a discrepancy, the English version shall prevail.

Contacts
Andrew Konopelski, Partner and Head of EQT Credit at EQT Partners, +44 20 7430 5525
Paul Johnson, Partner at EQT Partners, +44 20 7430 5520
Jussi Saarinen, Partner and Head of Investor Relations at EQT Partners, +46 8 506 55 368
Carlota Sanchez-Marco, Managing Director, Investor Relations at EQT Partners, +34 674 345 701
EQT Press Office +46 8 506 55 334, press@eqtpartners.com

About EQT Credit
The EQT Credit platform, which spans the full risk-reward spectrum investing with three strategies: senior debt, direct lending and credit opportunities, has invested over EUR 5.1 billion across over 170 companies since inception in 2008.
For more information: www.eqtpartners.com/Investment-Strategies/Credit

About EQT
EQT is a leading investment firm with approximately EUR 50 billion in raised capital across 28 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.
For more information: www.eqtpartners.com

Categories: News

Tags:

KKR Appoints Sumanth Cidambi and Vijay Padmanabhan as Directors in its India Credit Business

KKR

Appointment Aimed at Meaningfully Scaling Credit Operations in India

MUMBAI, India–(BUSINESS WIRE)–Dec. 4, 2018– KKR today announced the appointment of Sumanth Cidambi and Vijay Padmanabhan as Directors for the firm’s credit business in India. Both the appointments will help KKR deepen and scale its existing India credit strategy and move into adjacencies.

KKR has been the pioneer in developing private high-yield and structured credit investing in India. The firm operates in the credit space through an NBFC and Alternative Investment Funds, suitably complemented with global capital pools. Since 2009, the firm has executed on over 140 transactions in India, valued at close to US$6 billion.

Speaking on the appointments, BV Krishnan, Member, KKR, and CEO, KKR India Financial Services, said: “Both Sumanth and Vijay join our team at a very opportune time. Sumanth brings to us the much necessary owner-operator mindset and has a track record of delivering sustainable value. He will complement our focus on building capabilities in the operational turnaround and workout areas, which are becoming a critical differentiator in credit investing in India.”

He further added, “Vijay brings on board deep credit underwriting experience. He has a unique risk-reward perspective, having worked in the UK and India. His skill sets and understanding of the domestic eco-system give him a wholesome understanding of what it takes to succeed in this space. His ability to underwrite across the capital structure will be a critical element in our plan to further scale our platform where we have been the market leader in private high-yield investing.”

With nearly two and a half decades of diversified industrial experience, Sumanth Cidambi has worked extensively with corporate boards and senior management teams in Asia, Europe and the US, to create sustainable value. Leveraging his deep experience in operations restructuring and business turnarounds, he will work closely with KKR’s credit portfolio companies in India to deliver identified and specific value. Sumanth’s addition highlights the firm’s strong view that operational involvement in companies is a dimension that is critical to delivering value to stakeholders, and risk managing outcomes.

Vijay Padmanabhan has extensive experience in credit underwriting and distress investing, in the UK and India, including in Old Lane, Fidelity Investments, SBI Funds Management, PricewaterhouseCoopers, and Edelweiss Alternative Asset Advisors.

Early this year, KKR’s India Financial Services made two Director level hires viz. Jigar Shah as the Legal and Compliance Head for the firm in India, from JP Morgan, and Niraj Karia as a senior credit originator, from Kotak Investment Bank.

KKR has been investing in India since 2006. In addition to a strong private equity practice, KKR is highly focused on credit, capital markets and real estate opportunities in India. Its credit portfolio in India includes, but is not limited to, Enzen Global Solutions, Amanta Healthcareand Walchandnagar Industries.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About KKR India Financial Services

KKR India Financial Services (“KIFS”) is KKR’s alternative credit business in India that provides flexible financing to companies via a unique business model that comprises balance sheet — via a non-bank finance company —alternative asset management, and capital markets. As of Nov 30, 2018, KIFS has executed over 140 transactions in India worth close to US$6 billion.

Source: KKR

Media

For KKR Asia:
Cara Major
Cara.Major@KKR.com

For KKR India:
Edelman
Siddharth Panicker, +91-9820-857-522
Siddharth.Panicker@Edelman.com

Categories: People

Tags:

HQ Capital Gives Back! in New York

HQ Capital

New York, NY, 3 December 2018. HQ Capital’s New York office participated in a “Reading Party” for grade school children as part of the firm-wide HQ Capital Gives Back! Initiative.

More than 30 employees attended the event, hosted by Pajama Program, a national organization dedicated to providing new pajamas and books to vulnerable children in support of a caring bedtime ritual and good night’s sleep. The Reading Party began with introductions and then the children spent an hour reading with their adult “reading buddies.”  At the end of the Reading Party, the children each selected a book of their choice to take home and were presented with a new pair of pajamas, specially wrapped and labeled with their name. Each child was given a round of applause to encourage their participation in reading activities.

“As a parent of teenage children, the Reading Party brought back memories of reading to my own children. Knowing the importance of this activity made the experience especially meaningful,” said Chris Lawrence, Managing Director at HQ Capital. “The event was well-run, and the staff is extremely devoted and caring. It was truly rewarding to have contributed to the impact the Pajama Program is making in the lives of these kids.”

Pajama Program was founded in 2001 by Genevieve Piturro after she was asked by a young girl living in a shelter, “What are pajamas?” Piturro regularly read to children at a local shelter and was shocked to realize how many did not have pajamas to change into or a book to read before bedtime. She started the program with the goal of helping to transform bedtime into a loving ritual for children living in difficult circumstances. The program now serves children in every state and has delivered more than 3 million pajamas and over 2 million books.

“The number of employees who participated in the Reading Party is a testament to HQ Capital’s commitment to giving back to the community,” said Jeremy Katz, Co-Head of Real Estate at HQ Capital. “We are proud to have partnered with the Pajama Program and to have supported their mission of providing new pajamas and books to children who might not otherwise have them. We are continually looking for opportunities in which we can make a positive social impact.”

About Pajama Program

At Pajama Program, we understand deeply how many children in this country don’t have a stable home life, or a home at all. To these children — often abandoned, neglected, living in shelters or temporary housing — we pledge our unwavering commitment to the inherent right of every one of them to have a loving bedtime and restful good night as the start of a positive, empowering good day. New pajamas and books are magical gifts that we collect and give, with love, to vulnerable children. They inspire them, teaching them how to use imagination and creativity to change their lives in the moment, and every day. They are the building blocks of confidence, trust and love. Further information can be found at www.pajamaprogram.org.

Categories: News

Tags:

GP Bullhound appoints Floris Backer van Ommeren as Executive Director

Gp Bullhound

GP Bullhound today announced that Floris Backer has joined its advisory team as Executive Director. Based in London and Amsterdam, Floris will oversee the firm’s activities in Benelux.

Previously, Floris was Head of Tech Media & Telecom at ABN AMRO in the Netherlands. Prior to that, he worked at Deutsche Bank and Lehman Brothers in London, New York and Amsterdam.

Manish Madhvani, Managing Partner of GP Bullhound, said: “We are excited that Floris will be joining our fast-growing franchise at a time of healthy deal-activity in the technology sector. He brings a wealth of experience and a strong network, helping us increase our reach in Benelux.”

GP Bullhound has been active in the region for many years, both as an advisor and an investor, working with companies including Zoover and Greetz which was recently sold to Photobox Group.

Floris Backer said: “GP Bullhound is a leading global technology specialist, and I am excited to help grow the business further. Reflected in the rise of companies like Adyen, Takeaway.com and Elastic; we see a strong ecosystem of tech companies and investors in Benelux and we look forward to working with them closely.”

Floris has built up an extensive investment banking experience, executing and originating numerous transactions. He was involved in many deals in Europe and the US for companies including Adyen, Takeaway.com, Independer.nl, Plaxis, Telegraaf Media Group, Wolters Kluwer, SLM Solutions, Deutsche Telekom and Nielsen.

A native speaker in Dutch, and passionate about technology, competitive cycling and sailing, Floris holds a master degree in Engineering from Delft University of Technology.

Enquiries
For any enquiry, please contact floris.backer@gpbullhound.com or manish.madhvani@gpbullhound.com

About GP Bullhound
GP Bullhound is a leading technology advisory and investment firm, providing transaction advice and capital to the best entrepreneurs and founders. Founded in 1999, the firm today has offices in London, San Francisco, Stockholm, Berlin, Manchester, Paris, Hong Kong, Madrid and New York. For more information, please visit www.gpbullhound.com, or follow on Twitter @GPBullhound

 

Categories: People

Tags:

Samsung SDI, Port of Tallinn, GEM and Alrosa recognised in the 15th annual East Capital Awards

East Capital

East Capital, a specialist asset manager in emerging and frontier markets, today announces the winners of the 2018 East Capital Awards:

 

  • Samsung SDI      Best Growth Award
  • Port of Tallinn    Best IPO Award
  • GEM                       Discovery of the Year Award
  • Alrosa                    Best Corporate Governance Award

 

This is the 15th year that the East Capital Awards honour remarkable companies in East Capital’s investment universe. Peter Elam Håkansson, Chairman and CIO of East Capital, said: “The Awards serve to highlight some of the most outstanding companies in our portfolios, and also to inspire others. Through our extensive in-depth research with frequent company meetings in emerging and frontier markets, we identify companies each year that have achieved impressive results and demonstrate great potential. I want to extend my sincere congratulations to this year’s award winners on their impressive achievements.”

The Best Growth Award is presented to Samsung SDI, a global leader in lithium battery technology. In 2018, the South Korean company saw a strong turnaround in earnings thanks to growth momentum in all its business segments. During the first nine months of 2018, revenue jumped 49% and net profit 19%. The small battery segment benefitted from market share gains among smartphone and power-tool producers. The large batteries are used for electric vehicles and are on track to become a profitable segment for the company in the second half of 2018 due to superior product quality. During next year, we expect a significant margin improvement in the large battery business.

The Best IPO Award is presented to Port of Tallinn, the fourth largest port operator in Northern Europe, with 10.6 million passengers in 2017. The Estonian company operates a portfolio of diversified high-quality infrastructure assets, including passenger and cruise ship harbours, cargo ports and a domestic ferry service. Their IPO on the Tallinn Stock Exchange was the first privatisation in the Baltic region in almost two decades. The deal was skillfully executed, and more than 3 times oversubscribed by a wide investor base. The company has continued to show strong results in the first half of the year, with an expected dividend yield of 6% for 2018, above the market and peer group benchmarks. East Capital participated in the IPO, acquiring 1.3% of the shares. The stock outperformed the market by 16% during the first three days of trading and is up by 22%* since the IPO. It is however still trading at a significant discount to European peers.
*As of 12-11-2018

The Discovery of the Year Award is presented to GEM, the largest used batteries and rare metals recycling company globally. It is also the world’s largest ultra-fine cobalt powder producer, with 20% market share, sourcing 35% of its cobalt from its own recycling. GEM moved downstream and entered the nickel-cobalt-manganese cathode and precursor material business in recent years, growing cathode and precursor capacity from 15,000 tons in 2015 to a target of 90,000 tons in 2020. We like GEM’s leading position in cobalt recycling and the strong synergy between the recycling and battery material businesses. While the recycling business provides cost advantages for GEM’s battery material business, its battery material business creates a new sales channel for its recycling business, allowing GEM to climb up the value chain by capturing a higher-margin segment.

The Best Corporate Governance Award is presented to Alrosa, the world’s largest producer of diamonds. The company is majority owned by the Russian State and by the Republic of Sakha (Yakutia). Typically, state-owned companies are not leaders in terms of corporate governance developments, but we consider Alrosa one of the best examples adhering to the highest standards of corporate governance in emerging markets. The improvement of corporate governance has been led by CEO Sergey Ivanov and CFO Alexey Phillipovskiy. Most notably, the dividend policy is expected to be radically changed to 100% of the free cash flow. And there have been a number of other achievements, including cost-cutting, disposal of non-core assets and working capital improvements.

 

 

—

 

Notes to editors

The East Capital Awards were established in 2004 to reward the progress of outstanding companies in East Capital’s portfolios.

The award for Best Growth is presented to a company that has demonstrated outstanding growth in the areas of sales, market share and profit margins in recent years. The Best IPO Award is presented to the company that has carried out the most successful floatation in the region. The Discovery of the Year is awarded to a company discovered by our investment team that is expected to demonstrate unique performance. The Best Corporate Governance Award is presented to a company that demonstrates exceptional standards in the area of corporate governance.

 

For further information about the winning companies, please visit:

Best Growth Award 2018: Samsung SDI
samsungsdi.com / linkedin.com/company/samsung-sdi/

Best IPO Award 2018: Port of Tallinn
portoftallinn.com / linkedin.com/company/port-of-tallinn/

Discovery of the Year Award 2018: GEM
gemchina.com

Best Corporate Governance Award 2018: Alrosa
eng.alrosa.ru / twitter.com/ALROSA_official

 

Contact information:

Ilze Johnston, Marketing Communications Manager, East Capital

+46 8 505 88 550 mediaenquiries@eastcapital.com  

 

Andrew Fleming/ Georgie Rudkin, MHP Communications, Europe

+44 203 128 8100  eastcapital@mhpc.com  

 

Ruby Lo / Judith Bence, MHP, Asia

+852 6255 8133 / +61 415 903 849 eastcapital@mhpc.com

 

Categories: News

Tags: