EW YORK, July 25, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds (the “Apollo Funds”) have entered into a definitive agreement with Advent International to acquire Evri, one of the UK’s largest parcel delivery companies.

Since relaunching as Evri in 2022, the company has grown to become a key leader in parcel delivery, with a strong national network purpose-built for third-party e-commerce parcels and a differentiated last-mile delivery model. Today, Evri reaches nearly every household in the UK and, on average, serves more than 12 million customers per week.

Apollo Private Equity Partner Alex van Hoek said, “Evri has built an enviable position in parcel delivery, with an innovative model, technology and infrastructure purpose-built for reliable, lower emissions delivery in the fast-growing e-commerce market. We are delighted to partner with Martijn and the management team to support and invest in Evri’s continued success and expansion as an Apollo fund portfolio company.”

Evri CEO Martijn de Lange said, “We are incredibly proud of the transformative changes that have enabled Evri to efficiently scale while maintaining our focus on on-time delivery and an environmentally responsible model. We want to thank the team at Advent for their partnership over the past five years and providing the business with a strong foundation for continued expansion. In this next chapter we are excited to partner with the Apollo team to execute on the compelling growth opportunities we see ahead.”

“There is strong momentum in Evri’s business and we are excited to leverage our capital and experience in logistics and transportation to serve as value-add partners in this next phase,” added Apollo’s Michael Saffer.

Apollo’s private equity business has a long track record spanning more than 30 years and significant experience in the transportation and logistics space.

The Evri transaction is expected to close in the third quarter of 2024. Financial terms are not disclosed. Sidley Austin LLP is serving as legal counsel to the Apollo Funds.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of March 31, 2024, Apollo had approximately $671 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
communications@apollo.com / EuropeanMedia@apollo.com

• Constellation Cold Logistics (“Constellation”) provides temperature-controlled storage infrastructure to a wide-range of food producers via a network of 26 storage facilities across seven countries in Western Europe and the Nordics
• The Company offers critical food preservation services that are essential to the modern food supply chain, helping to feed the world safely while reducing food waste
• EQT will support Constellation as it looks to further entrench its market-leading position, execute identified M&A opportunities and deliver major expansion developments within Europe

EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT”) has agreed to acquire Constellation Cold Logistics (“Constellation” or the “Company”) from Arcus Infrastructure Partners. Financial details are not disclosed.

Constellation was established in 2020 by Arcus Infrastructure Partners, which brought together three businesses located in Belgium, Norway and the Netherlands. Just four years later, Constellation today owns and operates 26 large cold storage facilities across seven countries in Western Europe and the Nordics. The London headquartered firm employs 700 people and is expected to generate revenues over EUR 150 million in FY24.

Constellation provides temperature-controlled storage capacity and complementary services to a wide range of food producers, traders and retailers. Its sites are located either close to clients’ production and processing premises or near critical logistics routes to major cities, ports or food hubs. By offering warehousing and value-added services in these strategic locations in an efficient, flexible and responsive manner, Constellation provides a critical service to its customers that ensures their supply and logistics chains remain smooth and safe.

The European cold storage market features strong underlying growth of around seven percent per year, driven by multiple factors. For one, growing populations are leading to a greater demand for food. At the same time, the popularity of frozen and chilled foods is growing as the sector and customers recognize how these categories reduce food waste and improve quality. Producers are also increasingly adopting outsourcing, just-in-case supply chain strategies, and value-added services as the industry matures.

EQT will support Constellation as it works to capture this attractive market opportunity. Led by deeply experienced CEO Carlos Rodriguez, the Company has already proven its ability to successfully execute M&A, having completed ten deals in the past four years. With EQT, Constellation will be able to further expand within its existing catchment areas and enter new countries, both organically and through consolidation of the highly fragmented European market. Additional investment will be made into Constellation’s automation and digital capabilities to solidify a stronger foundation for growth.

Francesco Malvezzi, Managing Director within the EQT Value-Add Infrastructure Advisory Team, said: “Constellation is one of the leading cold storage providers in Europe with an excellent track record of growth, both organically and through M&A. It offers strong diversification across geographies, customers and end-markets and has impressive service offerings, customer focus and facilities. We’re excited to start working with Carlos and the team to help build an even stronger platform for continued growth. With EQT’s expertise in owning infrastructure companies that provide inherent essential services to society, we’ll be able to support Constellation as it works to deliver safe, quality food to people across Europe.”

Carlos Rodriguez, CEO of Constellation, said: “In four short years, Constellation, with support from Arcus, has expanded into one of the largest cold storage players in Europe, enabling our clients to benefit from enhanced accessibility and efficiency in their supply chains. We will maintain an absolute focus on responsiveness and customer service together with our commitment to sustainability on our path to net-zero. We’re excited to continue implementing our 2030 strategic plan with the support of EQT, which brings strong infrastructure experience, global scale, and deep expertise in areas like sustainability and digitalization. I’d like to thank the Arcus team for its dedication to this point but, most of all, I’d like to thank all Constellation’s employees for their hard work and continuous support as the company evolves.”

The transaction is subject to customary conditions and approval. It is expected to close in October 2024.

EQT was advised by UBS (M&A), Roland Berger (commercial), Milbank (legal), PwC (financial, tax).

With this transaction, EQT Infrastructure VI is expected to be 40 – 45 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size and subject to customary regulatory approvals.

Contact
EQT Press Office, press@eqtpartners.com

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Infrastructure VI will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

About EQT
EQT is a purpose-driven global investment organization with EUR 242 billion in total assets under management (EUR 132 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About Constellation Cold Logistics

More info: https://www.constellationcold.com/

• Global carve-out of the leading power transmission system supplier to Commercial & Off-Highway and Light-Vehicle OEMs
• Quality, customer service and technological know-how drive market position
• More than USD 450m in revenue, order book above USD 2bn
• Footprint in North America, Europe and Asia

New York/London/Luxembourg, May 2, 2024 – AURELIUS Private Equity Mid-Market Buyout announces the acquisition of Dayco Propulsion Solutions from Dayco Group, a company backed by financial sponsor Hidden Harbor Capital Partners. The transaction emphasises AURELIUS´ growing focus on North America. Dayco Propulsion Solutions is the leading power transmission system supplier to Commercial Vehicle & Off-Highway (CVOH) and Light Vehicle (LV) Original Equipment Manufacturers (OEMs). The company specialises in manufacturing propulsion systems which manage the belt power transmission system of CVOHs and LVs. Its products are sold to OEMs as well as related aftermarkets.

AURELIUS´ expertise for operational transformation offers Dayco Propulsion Solutions the option to leverage its market-leading position in hybrid systems, helping the company to enter a new phase of profitable growth. With its deployment, the AURELIUS Operational Task Force will advise the management team in unlocking new opportunities and further expanding the business´ position.

Following in the footsteps of the acquisition of LSG Sky Chefs, this marks another transaction with significant US operations, once more confirming AURELIUS’ commitment to the region. With Dayco Propulsion Solutions, AURELIUS Investment Advisory has identified yet another company that had become non-core to its owner, but offers ample operational improvement potential. While countries across the world are imposing ever tighter restrictions on harmful emissions, AURELIUS is convinced that the company´s best-in-class hybrid vehicle solutions can play a key role in solving these industry challenges.

“Dayco Propulsion Solutions underlines our growing focus on North America. We are grateful to be chosen as a trusted partner by Dayco and its shareholder, financial sponsor Hidden Harbor Capital Partners. Looking ahead, we aim to build on the company’s strong positioning in its sector and to drive further growth”, commented Fabian Steger, Managing Director at AURELIUS European Opportunities IV.

With eight manufacturing facilities across the globe, Dayco Propulsion Solutions operates on a global scale and serves as a trusted partner to a range of LV-OEMs, including some of the leading LV & CVOH OEMs in North America. A strong order book in the CVOH segment, bolstered by its close customer relationships and growing portfolio in the hybridized vehicle space, affirms its leading market position and testifies to its significant growth potential.

AURELIUS was advised by Woodward Park Partners (M&A), Berylls (Commercial), BakerMcKenzie (Legal), Deloitte (Accounting), AON (Insurance), HaverMailänder (Anti-trust) and EY (Tax).

CapMan Buyout exits Havator to BMS Stangeland

Funds managed by CapMan Buyout have agreed to sell Havator Group Oy, a Nordic leader in lifting, special transport and heavy haulage services, to a joint venture owned by the Danish–Norwegian crane operator BMS Group A/S and Stangeland Gruppen AS.

CapMan invested in Havator in 2010 and has since focused on growing the company’s business and position on the Nordic market. Today, the company is a Nordic leader in lifting, special transport and heavy haulage services with a turnover of approximately EUR 100 million and nearly 500 employees.

“I want to thank the leadership and personnel at Havator for the excellent cooperation throughout the years. I am glad the company’s new owners provide such an excellent strategic fit and believe them to enable exciting growth opportunities,” says Anders Björkell, Partner at CapMan Buyout.

“A Nordic consolidation is something our industry has been expecting. The new set-up will allow Havator to leverage an even stronger and broader service offering to its clients and also offer more uniform services to clients operating on a Nordic scale. Joining a pan-Nordic company will also offer our personnel an even more international outlook towards the future, combined with growing opportunities to develop competencies and careers. I am also pleased that our new owner is a true industrial player,” says Hannu Leinonen, CEO of Havator.

“We have always looked at Havator as a great and highly respected crane colleague in the Nordics. We have for quite some years followed Havator closely, so we are very happy that the time was now right to join forces. Havator is – as Stangeland and BMS – a mature company with aligned values and a very loyal and competent workforce. We are therefore looking forward to welcoming the Havator-employees to our crane-family,” says Jens Enggaard, CEO of BMS.

As part of the transaction, the joint venture BMS Stangeland A/S acquires the entire capital stock of Havator from the CapMan Buyout IX Fund and Havator’s other current owners. The closing of the transaction is expected during the spring 2024 and is subject to regulatory approvals and customary closing conditions.

For more information, please contact:

Anders Björkell, Partner, CapMan Buyout, +358 40 537 7566

Hannu Leinonen, CEO, Havator, +358 40 588 7804

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and over €5 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

Havator

Havator, established in Finland in 1956, is the Nordic leader in lifting, special transport and heavy haulage services. We operate in Finland, Sweden, Norway and Estonia. Our goal is to be at the forefront of development, to be a leader in developing the operations’ safety and efficiency, without forgetting the industry’s traditions. Havator Group Oy has a turnover of approximately EUR 100 million and employs approximately 500 people. Read more: havator.com

Ardian supported the Group’s international expansion and diversification through an ambitious transformation and development plan.
• Staci is now active in 10 countries, with over 80 logistics hubs in Europe, the United States and Asia.