Adelis Equity Partners Closes €600 million Second Fund

Adelis

Adelis Equity Partners Fund II has held a final close. The Fund will continue its predecessor fund’s focus on investments in the Nordic lower mid market.

Adelis Equity Partners Fund II (Adelis II) was launched in March 2017 and closed on its hard cap of €600 million on June 9, 2017. Investors include leading pension funds, foundations and fund-of-funds from Europe and North America. Adelis’ employees have committed to invest €30 million.

Adelis Equity Partners Fund I closed on SEK 3.7 billion in October of 2013 and has so far invested in twelve companies in Sweden, Denmark and Finland. These portfolio companies have in turn made more than 20 add-on acquisitions.

Adelis II will continue its predecessor fund’s successful strategy of acquiring majority interests in Nordic companies with Enterprise Values between €20 million and €200 million.

“We are grateful for the strong support from our existing investors and very pleased to have broadened our investor base with several blue chip institutions from Europe and North America” says Jan Akesson at Adelis.

Adelis received legal advise from O’Melveny Myers and Vinge in the fundraising process. Park Hill Group served as exclusive placement adviser

For further information:

Jan Akesson, Partner, +46 8 525 200 01

Adalbjörn Stefansson, Head of Investor Relations, +46 8 525 200 04

About Adelis Equity Partners

Adelis is an active investor and partner in creating value at medium sized Nordic companies. Adelis was founded in 2012 with the goal of building the leading middle market investment firm in the Nordics. Adelis’ team members have extensive Private Equity experience, have invested in over 50 companies and have been members of the board in more than 50 middle market companies. For more information please visit www.adelisequity.com .

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Ratos presents updated strategic agenda

Ratos, in conjunction with its Capital Markets Day being held today, is presenting an updated strategic agenda. Through increased value creation and earnings levels in the portfolio companies, the long-term intention is to lay the foundation for a larger part of cash-flow-generated financing of the future dividends of the Ratos share. The investment interval for new investments has been updated and the central management costs have been reduced through internal efficiency measures. Ratos has chosen six sectors to focus its acquisition and company development efforts on going forward.

Ratos’s CEO Magnus Agervald comments:

“Ratos will continue to operate under the same business concept, but with increased focus on acquisition and company development efforts within six sectors. We regard Ratos as having a unique position in the market, with our flexible investment horizon, strong brand and history, and a transparent and value-driven culture. We also have broad expertise, a large network and extensive experience in operational development,” says Ratos’s CEO Magnus Agervald.

“To gain greater flexibility to make new acquisitions, we are changing our lowest investment interval and lowering the upper interval to create a better spread of risk in the portfolio. We are working closely with our portfolio companies to take measures more quickly, but also to continue investing in and focusing on improvement programmes in the companies that we regard as having continued potential. Through higher levels of earning in our portfolio companies and through ownership of certain companies over a longer time, our long-term ambition is to be able to finance a larger portion of the Ratos share dividends through cash flow from the portfolio companies.”

“In addition to these initiatives, we have been working for some time to improve our internal processes and operations, which has enabled a reduction in our central costs. Ratos has progressed from operational management costs of SEK 261m for 2016 to the current SEK 150m on a prospective annual basis.”

Changed investment criteria
To create greater flexibility to make new acquisitions, the former lowest investment interval of SEK 250m in equity has been removed. The goal for new acquisitions is instead that the company in question must have the potential to reach SEK 0.5 billion in equity in the next five years. The upper investment interval has been lowered from SEK 5 billion in equity to SEK 2 billion in equity to create a better balance and risk spread in the portfolio.

Long-term ownership provides the opportunity to finance the Ratos share dividend
Ratos’s potential for long-term ownership is a strength in many investments, particularly partnerships in which we develop companies in cooperation with the former owners. Owning and developing profitable companies over a long period of time provides the possibility of receiving continuous cash flow from these portfolio companies. In the future, it should be possible to partly finance the dividend of Ratos’s common share using the current cash flow from the portfolio companies. Ratos will thus own certain companies for a longer time and work to reduce the debt level in the companies to enable dividends from these.

Focus on more rapid change
We are increasing our impatience of companies that do not deliver the desired results by taking measures more quickly, and continuing to invest in and focus on improvement programmes in the companies that we regard as having continued favourable potential.

To build internal structural capital and competence more effectively, Ratos has changed its working methods and the investment organisation is now structured in six sectors; Business Services, Construction, Consumer/Retail/Leisure, Healthcare/Lifescience, Industrials and TMT (Technology, Media, Telecom). Ratos has also launched a number of operational focus areas to effectively support the development of the companies. Such examples are Purchasing, Digitalisation and Sustainability.

Ratos’s central costs
In the past year, Ratos’s central organisation has undergone efficiency enhancements, which has led to a smaller organisation and, accordingly, reduced central operational management costs. Ratos’s operational management costs are expected to be approximately SEK 150m on an annual basis in the future (compared with SEK 261m for 2016) excluding transaction and financing costs.

The presentations at today’s capital markets day are available at www.ratos.se

For further information, please contact:
Magnus Agervald, CEO Ratos, +46 8 700 17 00
Helene Gustafsson, Head of IR & Press, +46 8 700 17 98

– See more at: http://www.ratos.se/en/Press/Press-releases/2017/Ratos-AB-Ratos-presents-updated-strategic-agenda/#sthash.NQMxZeV8.dpuf

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Eurazeo welcomes the Decaux family as a shareholder with 15.4% of its capital.

Eurazeo is pleased to announce that the entire 15.4% stake in Eurazeo, previously held by Crédit Agricole SA, has been acquired by the Decaux family through its investment vehicle, JCDecaux Holding.

This transaction underlines the attractiveness of Eurazeo, one of Europe’s leading listed investment companies, at a time when the company has accelerated its strategic development through a number of significant initiatives, notably in international markets. Eurazeo has thus demonstrated, through its performance in recent years, its capacity to create value over the long-term through its specific business model, the quality of its teams and the companies in which it is a shareholder. The investment by the new shareholder confirms the relevance of Eurazeo’s strategy and the potential for appreciation of its portfolio.

The investment is based on a spirit of long-term shareholder commitment and embodies respect for the values of independence and sustainable value creation.

This transaction, which also includes a governance agreement, consolidates Eurazeo’s independence which has long been founded on a stable core of entrepreneurial and family shareholders.

Michel David-Weill, Chairman of Eurazeo’s Supervisory Board, said: “We are very pleased to welcome the Decaux family as a new core shareholder, with whom we share the same strategic vision, the same entrepreneurial DNA and the same Commitment to Eurazeo’s independent model.

We are grateful to Crédit Agricole for its support over the last 20 years.”

Patrick Sayer, CEO of Eurazeo, added: “With the support of a shareholder of the quality of the Decaux family, Eurazeo will continue to ramp up its unique strategy, helping to grow and transform its companies and creating value for its shareholders.” Jean-Charles Decaux, Chairman of JCDecaux Holding, said:

“We are especially pleased to be able to accompany Eurazeo in the long term and to participate in the acceleration of its development.

This significant investment bears witness to our conviction that Eurazeo has the potential to grow, thanks to the quality of its strategy and its management.”

Governance agreement In light of the long-term nature of JC Decaux Holding’s investment, the transaction will include a governance agreement between JCDecaux Holding and Eurazeo, to take effect upon the acquisition of Crédit Agricole SA’s stake, in order to consolidate Eurazeo’s independence which has long been founded on a stable core of entrepreneurial and family shareholders. This governance agreement, which will last 10 years, provides for the nomination of two JCDecaux Holding representatives to the Eurazeo Supervisory Board. These representatives will also be proposed as members of the Compensation Committee and the Audit Committee. In addition, one of them will be proposed as Vice-Chairman of the Finance Committee.

JCDecaux Holding will respect a 23% cap on its holding in Eurazeo subject to certain termination events and exceptions.

In addition, any possible sale of the Eurazeo stock held by JCDecaux Holding will be covered, except in certain cases, by a three-year lock-up. Finally, after those three years, any subsequent sale will be governed by apriority negotiating rights mechanism and a right of first refusal for Eurazeo. The main requirements of the agreement will be the subject of a notification to the AMF, which will publish a summary in line with the applicable regulations.

About Eurazeo

With a diversified portfolio of approximately €6 billion euros in diversified assets and €1 billion in assets under management, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The Company covers most private equity segments through its five business divisions- Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands.

Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo is a shareholder in AccorHotels, ANF Immobilier, Asmodee, CIFA, Desigual, Elis, Europcar, Fintrax, Grape Hospitality, Les Petits Chaperons Rouges, Moncler, Neovia, Novacap, Sommet Education, and also SMEs such as Péters Surgical, and Flash Europe International, as well as start-ups such as Farfetch and Vestiaire Collective.

Eurazeo is listed on Euronext Paris.

 

 

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Partners Group raises over EUR 1 billion for innovative multi-asset credit program;continues to see strong deal flow in the corporate and asset-backed middle market

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Baar-Zug, Switzerland,6 June 2017

Partners Group raises over EUR 1 billion for innovative multi-asset credit program;continues to see strong deal flow in the corporate and asset-backed middle market.

Partners Group, the global private markets investment manager, has raised over EUR 1 billion for the latest offering in its Multi-Asset Credit (MAC) series of investment programs.

The capital was raised via the firm’s third dedicated comingled MAC program, MAC 2016 (III), as well as a number of separate client mandates. Partners Group’s global MAC investment strategy provides investors with comprehensive exposure to corporate and asset-backed private markets debt.

The strategy focuses on senior secured debt and aims to generate attractive risk-adjusted returns within a relatively short build-up period compared to traditional private market credit offerings.

The MAC strategy was first launched in 2014 as a complement to the firm’s long-running corporate credit-focused Private Markets Credit Strategies series of investment programs.

At the time of its final close, MAC 2016 (III) had already been committed to over 30 credits across a diverse range of sectors and regions.

Corporate investments include Diligent, a US-headquartered global provider of online collaboration tools for company boards and leadership teams ;

Claranet, a leading UK-based managed IT services provider; as well as Loungers, a fast-growing UK-based operator of café-bars in the casual dining sector. Asset-backed investments include the debt financing of a mixed use real estate site in the City of London.

Christopher Bone,Managing Director and Head of Private Debt Europe at Partners Group, comments:

“The MAC series of programs has proven to be an attractive offering for our clients who want broad access to private credit with attractive risk-adjusted returns. We continue to see excellent relative value in the mid-market globally. Our proven arranging capabilities, coupled with global reach, mean that we are able to find and access great assets to invest in on behalf of our clients.”

Scott Essex, Partner and Co-Head of Private Debt at Partners Group, states: “We continue to see strong appetite for our private debt offerings from institutional investors searching for yield at a time when traditional fixed income investments are still offering low to negative yields. Combined, our range of private debt programs and mandates allow clients to access the full spectrum of private market credit opportunities.”

About Partners Group

Partners Group is a global private markets investment management firm with over EUR 54 billion (USD 57 billion) in investment programs under management in private equity, private real estate,

private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in San Francisco, Denver, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney.

The firm employs over 900 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.

 

www.partnersgroup.com

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Johan Van de Steen joins IK Investment Partners

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Johan Van de Steen joins IK Investment Partners

IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that Johan Van de Steen has joined the firm as Operating Partner as of April 2017. Johan will head IK’s Strategy, Operations and Business Control (SOBC) team.

Johan Van de Steen, 51, has substantial hands-on industrial experience, acquired over more than two decades in the corporate, management consulting and private equity environments. He began his career in industry, working for Siemens before joining McKinsey & Company as a strategy consultant.  He then became one of the founding European team members of KKR Capstone. Johan spent 15 years in private equity before joining IK.

In total, Johan brings more than 23 years of operating experience to IK. He will work closely with IK investment professionals and management teams to support IK’s existing portfolio companies to reach their full potential.

Johan holds a Master of Business Administration from INSEAD in France and a Master of Science degree in Electronics Engineering from Katholieke Universiteit Leuven in Belgium.

“Johan has a unique background with an exceptional toolkit of operational skills, a vast network of industrial contacts and a firm command of several European languages. As such, he is particularly well fitted to contribute to IK’s active ownership model. We are looking forward to taking a further step in sharpening our firm’s operational skill set,” said Christopher Masek, CEO of IK Investment Partners.

“I was very much attracted to IK’s strong operational focus and hands-on approach as they partner with management teams to help businesses grow and expand. I look forward to collaborating closely with the investment teams and the companies across IK’s portfolio,” said Johan Van de Steen, Operating Partner at IK Investment Partners.

For further questions, please contact:

IK Investment Partners
Christopher Masek, CEO
Phone: +44 207 304 4300

Mikaela Hedborg
Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.hedborg@ikinvest.com

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9 billion of capital and invested in over 100 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

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IK Investment Partners opens Amsterdam office

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IK Investment Partners opens Amsterdam office

IK Investment Partners (“IK”), a leading Pan-European private equity firm, announces today that it has opened an office in Amsterdam at UNStudio, 13th floor, Gustav Mahlerlaan 350, 1082 ME Amsterdam.

The Amsterdam office will be led by Partner and Head of Benelux, Remko Hilhorst who has been with IK since 2001. In addition to the existing mid cap team, consisting of a total of six investment professionals, IK is extending its small cap strategy and establishing a Benelux-dedicated team. Together, the two Amsterdam-based teams will focus on investments with enterprise values of up to €500m, partnering with entrepreneurs who are looking for support to help them achieve the next stage of their company’s growth and development.

IK has been present in the Benelux region since 1995 and has completed thirteen successful investments during this time. IK’s current portfolio includes four companies in the Benelux region including CID LINES, the dedicated supplier of innovative hygiene solutions, Salad Signature, the leading producer of spreadable salads, Ampelmann, the global market leader in offshore access and DGI, a leading supplier of power, motion and control solution for the oil & gas, maritime and high-end machine building industries. Having an office and teams located in the region will allow IK to better help companies to achieve their growth plans.

To date, over €1bn has been invested into the Benelux region through IK’s funds. In recent years, IK has been one of the most active regional players with notable transactions including Vemedia, the market leader of OTC drugs which was sold to Cooper last year, Wehkamp, one of Holland’s leading online retailers, Magotteaux, the leading manufacturer of cast wear parts for cement and mining industries and fund administrator Vistra, amongst many others.

Remko Hilhorst, Partner and Head of Benelux at IK Investment Partners said:
“We are excited to announce the opening of our Amsterdam office. Ever since IK’s inception in 1989, we identified the Benelux as a unique region fertile with investment opportunities thanks to the number of entrepreneurs and family-owned businesses which operate here. We are particularly pleased to have both a mid cap and small cap practice operating on the ground, allowing the firm to capitalise on the synergies which are present in the market and giving the teams a superb investing platform from which to execute transactions.”

Christopher Masek, Partner and CEO at IK Investment Partners said:
“Our strategy remains focused on partnering with ambitious management teams and growth businesses, and helping them realising their full potential. Given the success IK has seen with its investments in the Benelux over the years, we look forward to further building on our track record and supporting the local business community.”

For further questions, please contact:

IK Investment Partners
Remko Hilhorst, Partner
Phone: +44 207 304 4300

Mikaela Hedborg
Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.hedborg@ikinvest.com

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9 billion of capital and invested in over 100 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well positioned businesses with excellent long-term prospects. For more information, visit http://www.ikinvest.com

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Eaton Vance completes acquisition of Calvert Investments

Eaton Vance

Following the agreement reached for the purchase of SRI boutique Calvert Investments in October 2016, Eaton Vance has completed the acquisition of all business assets of Calvert Investments and has launched a new subsidiary, Calvert Research and Management.

Terms of the transaction were not disclosed.

Founded in 1976, Calvert Investments had $12.1bn (€11.6bn) of fund and separate account assets under management as of 31 October 2016.

John Streur, president and CEO of Calvert Investments, has joined Calvert Research and Management in the same role. He also retains his role of president of the Calvert Funds.

The Calvert Funds are diversified and responsibly invested mutual funds, encompassing actively and passively managed equity, fixed income and asset allocation strategies managed in accordance with the Calvert Principles for Responsible Investment.

“The new Calvert Research and Management is dedicated to building on the Calvert brand and legacy to achieve global leadership in responsible investment management,” said Thomas Faust, chairman and CEO of Eaton Vance.

Eaton Vance and its affiliates managed $336.4bn (€322.5bn) in assets as of 31 October 2016.

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Investment in Fronteer Solutions

Investinor

Investinor invests MNOK 3.5 in Oslo based Fronteer Solutions, a fintech startup that offers tech based equity fund management.

Fronteer Solutions recently launched its first equity fund where security selection and risk management is entrusted to a powerful machine. With the help of computing power and advanced mathematics, Fronteer provides smart portfolio solutions based on predetermined investment criteria.

The solution is described as «thousand analysts in a box», but without human psychology coming into play.

​«Our vision is to make smart savings- and investment solutions available to all in a simple and safe way, and at a reasonable price. Fronteer shall be at the forefront of developments in science-based asset management and offer best-of-breed products. With the launch of our first fund, we have taken an important step towards providing our solutions to the retail market», says CEO Atle Christiansen.

Smart and long-term
«Fronteer’s approach is rooted in decades of financial research and contributions from several Nobel Prize-winning economists. Our solution is not, however, to automate short-term trading strategies or to be faster than everyone else. Put simply, we have built a powerful technology to make long-term investments smarter and at a lower risk. You may call it thousand analysts in a box», says Christiansen.

Fronteer’s computing machine has analyzed more than 7,000 stocks across 46 developed and emerging markets. Based on well-known investment criteria, the machine selects the best stocks and combines these in a portfolio. The machine continuously analyzes vast amounts of data to monitor market opportunities and risks.

Norway’s Government Pension Fund Global, the world’s biggest sovereign wealth fond, applies many of the same principles in its asset management.

Experienced team
Fronteer comprises a multi-disciplinary team with background from the start-up success Point Carbon, the Norwegian Government’s Soverign Wealth Fund and academics from the Norwegian University of Science and Technology (NTNU).

From it’s base at StartupLab in Oslo, the company has caught the attention of reputable and experienced investors. ​Among its owners are Investinor, Founders Fund, Martin Skancke and Åge Korsvold.

Skancke was formerly Director General at the Norwegian Ministry of Finance with responsibility for the development of the Norwegian Petroleum Fund’s strategy. Korsvold, previously CEO of Storebrand, Orkla and Kistefos, is the company’s Chairman.

«The finance industry is in an unprecedented era of digital innovation and disruption. Financial technology is internationally one the hottest growth areas. We believe the market is ripe for the solutions offered by Fronteer. The way that large parts of the asset management industry thinks and acts has not changed much during the last 50 years. We believe in the vision, the technology and the people behind Fronteer. It is exciting that a Norwegian player leads the way and acts as a challenger in this market», says Investment Director Jon Øyvind Eriksen at Investinor.

Fronteer’s first product is a global equity fund aimed at professional investors.

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New venture capital fund SHIFT Invest launched

Shift Invest

First fund to invest in food & health and clean bio-based technologies. Menzis, Rabobank, Wageningen UR, TU Delft and the World Wildlife Fund have set up a new investment fund: SHIFT Invest. The fund invests in ambitious Dutch companies with innovative technologies or solutions within the themes: agro, food & health, clean and bio-based technologies. SHIFT Invest’s objective is to create an impact on sustainability and health, in addition to a financial return.

SHIFT stands for “Sustainability and Health Impact through Food & agri Transitions”. SHIFT Invest is the follow-up fund of the Dutch Greentech Fund. With the entry of new investor Menzis, the investment domain is broadened to food and health.

SHIFT Invest responds to the increasing attention for new food concepts as a result of increasing under- and overnutrition in developed economies. In addition, the fund focuses on the necessary, sustainable innovations in the traditional agro-food chain and in chemistry through (partial) transition to bio-based raw materials.

Innovation, cooperation and crossovers between sectors form the basis of new sustainable chains and the strengthening of the population’s living capacity. With its strong knowledge base and leading agro, food and chemical industry, the Netherlands has the potential to produce leading innovations.

SHIFT Invest’s investment team and its shareholders actively work with ambitious entrepreneurs on innovations and breakthrough technologies. The fund offers a combination of venture capital, relevant networks and knowledge to accelerate their proven innovation to the market.

SHIFT Invest participates up to several million euros in exchange for a minority interest. In the first few years, convertible loans of up to € 250,000 are also granted to promising early stage companies. In addition to the usual investment criteria, such as the quality of the management and a sound business plan, the fund has impact objectives in the areas of sustainability and health.

“Investing in companies that offer innovative technologies that contribute to people’s health dovetails perfectly with Menzis’ higher goal, which is to provide high-quality care together in order to strengthen the quality of life of every human being,” said Roger van Boxtel, CEO of Menzis.

Bas Rüter, Director of Sustainability at Rabobank: “A reliable, healthy and sustainable food supply is crucial for everyone. Sustainable innovative entrepreneurship is vitally important for this. Rabobank is committed to this together with its customers through contributing knowledge, network and financial solutions”.

“This fund helps start-ups bring innovative, ‘green’ solutions to the market that stimulate healthy food and a sustainable living environment,” says Ruud van den Bulk, head of business development at Wageningen UR.

Paul Althuis, Director Valorisation Center at TU Delft: “Availability of capital and access to the partners’ network for promising early-stage companies with pioneering sustainable technologies contribute to TU Delft’s valorisation objective.

Dylan de Gruijl, WNF press officer: “Conservation of nature is expressly linked to our consumption. Preserving biodiversity depends on our choices and ingenuity to use the earth’s natural resources sparingly. Sustainable innovation by progressive entrepreneurs is indispensable in this respect. SHIFT Invest is an important flywheel for bringing promising ideas and technologies to maturity”.

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