Tag Archives: Services

hey, Leading Payments and e-Commerce Player in Japan, Secures Growth Investment Led by Bain Capital Tech Opportunities

BainCapital

TOKYO & BOSTON, August 4, 2020 – hey, a leading payments and e-commerce platform
in Japan that helps businesses easily create bespoke online stores and process in-store
cashless payments, today announced it secured a Series E investment led by Bain Capital
Tech Opportunities with participation from PayPal Ventures, Goldman Sachs, YJ Capital,
Anatole, and existing investor World Innovation Lab. The funding, along with Bain Capital’s
global expertise with integrated software and payments, will enable hey to accelerate growth
and serve the large and growing number of businesses in Japan who are looking to establish
an online retail presence and accept cashless payments in stores.

In conjunction with the new investment round, hey also announced that it has acquired Coubic,
an emerging consumer-facing reservations platform that will help hey further scale and
diversify into adjacent categories. Financial terms of both private investments were not
disclosed.

Formed in 2018 by the merger of mobile point of sale (mPOS) terminal business Coiney and ecommerce
platform Stores.jp, hey provides end-to-end support for businesses as they create
and maintain personalized virtual storefronts and accept in-person payments. The platform
plays an important role allowing merchants in Japan to engage and transact with current and
prospective consumers at a fraction of the cost of other alternatives in the market.

Japan is the third largest economy in the world with $2.7 trillion in consumer spending, but
cashless payments and e-commerce have historically been underpenetrated compared to
other developed markets. However, interest in both categories is at an inflection point today as
Japan is in the midst of a generational transition to a more modern, digital consumer economy.
Concurrently, COVID-19 has driven an acceleration in consumer and merchant demand for
mobile payment options as a frictionless alternative to cash. Together, these tailwinds have
positioned hey to capture market share through smart investments in product development
and customer service as well as enhancements to its go-to-market, cross-selling, and
acquisition strategies.

“Yusuke and his talented team are at the forefront of developing integrated mPOS and ecommerce
solutions that enable Japanese merchants to engage with and sell to consumers
across the country, even those using legacy payment methods. Their innovative technology
creates a ‘one stop shop’ that drives a more efficient, friendly and cost-effective shopping
experience,” said Darren Abrahamson, Managing Director at Bain Capital Tech Opportunities.
“We are excited to partner with hey to help drive the next phase of growth in existing and
complementary markets, which kicks off with the exciting acquisition of Coubic.”

“hey was formed with a vision to employ our innovative technology platform to foster
connections between Japanese consumers and merchants who have been under-served by ecommerce
solutions in the marketplace. Our 100% growth in gross merchandise value over the
past year and this new partnership with a world class group of investors are key milestones in
realizing that vision,” said Yusuke Sato, President of hey. “Partnering with Bain Capital as well
as PayPal Ventures and leveraging their global platform and deep payments and e-commerce
experience will enable us to meet the growing demand for dynamic, remote shopping
experiences for Japanese consumers.”

Bain Capital has deep global investment experience across the payments and e-commerce
sectors, having invested in and added value to a wide-range of companies at all stages of their
growth cycle including Concardis, Finix, Mirakl, Nets, Nexi and Worldpay (acquired by FIS).
The firm has also become a leading investor in Japan since establishing its Tokyo office in
2006, with a portfolio of preeminent technology companies including EmberPoint, Kioxia,
Macromill and Works Human Intelligence. Concurrent with the new investment, Naofumi Nishi,
a Principal at Bain Capital Private Equity in Japan will join hey’s board of directors.

About Hey
Through the development of the online store establishment service STORES, cashless payment
STORES Terminal, and the development of STORES Digital Store Platform, hey supports the
digitization of business. Founded in 2018 by leaders in Japan’s emerging payments and
ecommerce industries, hey’s easily deployed tools create a frictionless shopping, service and
transacting experience regardless of seller size or industry.

About Bain Capital Tech Opportunities
Bain Capital Tech Opportunities (https://www.baincapitaltechopportunities.com/) aims to help
growing technology companies reach their full potential. We focus on companies in large,
growing end markets with innovative or disruptive technology where we believe we can
support transformational growth. Our dedicated, tenured team has deep experience supporting
growing technology businesses—bringing together differentiated backgrounds in private and
public equity investing as well as technology operating roles. We invest behind fundamental
long-term tailwinds as technology penetrates across industries, creating a large and growing
number of investment opportunities. Bain Capital Tech Opportunities focuses on five priority
sub-verticals: Application Software, Infrastructure & Security, Fintech & Payments,
Healthcare IT and Internet & Digital Media.

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Astorg to acquire Normec Group from Summit Partners

Astorg

Astorg is pleased to announce that it has signed a definitive agreement in partnership with management to acquire Normec Group (“Normec” or the “Group”), a leading provider of testing, inspection, certification and compliance services headquartered in the Netherlands, from global growth equity investor Summit Partners.

Normec was founded in 2016 and today employs a team of more than 900 across the Benelux region and Germany. The Group specialises in testing, inspection and certification services in the foodcare and life, safety & environment markets. Since its inception, Normec has accelerated the execution of its strategy to become a Top 3 player in its markets through the acquisition of over 20 leading specialist providers.

Joep Bruins, CEO and founder of Normec, said: “We are delighted that Astorg has chosen to partner with Normec. Astorg has a strong track record of investing in and supporting the growth of founder-led companies. We are very proud of what we have achieved in such a short timespan since our founding, and we are appreciative of the support we have received from Summit Partners. We are excited to work together with Astorg to continue to strengthen and build out the Normec value proposition for our clients.”

François de Mitry, Managing Partner at Astorg, commented: “Over the past years, we have spent significant time reviewing the testing, inspection and certification space through which we have identified Normec. Normec’s leading position in its highly attractive core markets is a strong fit with Astorg’s investment strategy, and we are very excited to support Normec’s international expansion.” Nicolas Marien and Benjamin Cordonnier, Directors at Astorg added: “Normec has an impressive track record of delivering consistent growth through outstanding quality of service. We have already identified promising future M&A opportunities to actively work on with the management team led by Joep.”

Christian Strain, Managing Director at Summit Partners said: “It has been a privilege to work in partnership with the Normec team. Since Summit’s investment in 2017, the Group has executed its organic and acquisition-driven growth strategy and created a leading pan-European testing, inspection and certification services provider.” Johannes Grefe, Principal at Summit Partners, added: “The Normec management team has delivered strong growth over the last several years. We look forward to seeing the Group build upon this strength in the future.” Mr. Strain and Mr. Grefe led Summit Partners’ 2017 investment in Normec and have served on the Group’s board of directors since that time.

The transaction is expected to close in the third quarter of 2020 and is subject to customary closing conditions and regulatory approvals. Financial terms of the transaction were not disclosed. Normec was advised by Jefferies and the management team of Normec was advised by ING.

Press contacts:

Astorg

Stéphanie Tabouis
Publicis Consultants
Tel: +33 6 03 84 05 03
e-mail: stephanie.tabouis@publicisconsultants.com

Summit Partners

Meg Devine
Tel: +1 617 824 1047
e-mail: mdevine@summitpartners.com

About Normec:

Normec is the holding company of the Normec Group. Normec is active in the field of testing, inspecting, certification and compliance mainly in the Netherlands, Belgium and Germany. Normec assesses and supports the quality and safety of materials, systems and products by conducting independent audits, tests and inspections based on accredited methods. As an independent organisation, the work of Normec includes taking care of the quality and safety of their clients’ materials, systems and products. With intelligent, thorough and independent research and reporting, Normec combines professional expertise with excellent IT-driven services to provide value added services to their clients. In doing so, Normec ensures the sustainable improvement of companies or institutions. Normec operates in the Life Safety & Environment and Food & Agriculture segments. For further information about Normec: www.normecgroup.com.

About Astorg:

Astorg is a leading independent private equity firm with over €8 billion of assets under management. Astorg seeks to partner with entrepreneurial management teams to acquire market leading global companies headquartered in Western Europe and North America, working together to create value through the provision of strategic guidance, experienced governance, and adequate capital. Astorg enjoys a distinct entrepreneurial culture, a long-term shareholder perspective, and a lean decision-making body enhancing its reactivity. Though not specialised, Astorg has gathered valuable industry expertise in software, healthcare, business-to-business professional services, and technology-based industrial companies. Astorg has offices in London, Paris, Luxembourg, Frankfurt and Milan. For further information about Astorg: www.astorg.com.

About Summit Partners:

Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $21 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit invests across growth sectors and has invested in more than 500 companies in technology, healthcare and other growth industries. These companies have completed more than 140 public equity offerings, and more than 200 have been acquired through strategic mergers and sales. Summit maintains offices in North America and Europe and invests in companies around the world. For more information, please see www.summitpartners.com or follow on LinkedIn.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this document is issued by Summit Partners LLP, a firm authorized and regulated by the Financial Conduct Authority. Summit Partners LLP is a limited liability partnership registered in England and Wales with registered number OC388179 and its registered office is at 11-12 Hanover Square, London, W1S 1JJ, UK. This document is intended solely to provide information regarding Summit Partners’ potential financing capabilities for prospective portfolio companies.

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Onex Agrees to Convertible Preferred Stock Investment in Emerald

Onex

Toronto, June 10, 2020 – Onex Corporation (“Onex”) (TSX: ONEX) today announced an agreement with Emerald Holding, Inc. (“Emerald” or the “Company”), a leading operator of business-to-business trade shows in the U.S., on a $400 million convertible participating preferred equity (the “Preferred Stock”) investment led by Onex Partners V, Onex’ $7.2 billion fund. Onex Partners has been a significant shareholder of the Company since 2013. As part of the transaction, Onex Partners V will purchase $263.5 million of the Preferred Stock in an initial private placement and Emerald will pursue a rights offering for the remaining $136.5 million to the Company’s other common shareholders. Onex Partners V has agreed to backstop the rights offering, which could increase the Onex group’s total investment in Emerald up to $400 million.

The new capital will significantly strengthen Emerald’s balance sheet, increase liquidity and enable management to focus on executing strategic initiatives as the Company navigates the global COVID-19 pandemic.

“We are extremely pleased to expand our relationship with Onex as they continue to actively support the business and help us position the company for recovery once the impact of COVID-19 is behind us,” said Brian Field, Interim President and Chief Executive Officer of Emerald. “We have continued confidence in our strategic plan and the long-term prospects of our marketplaces. The capital we are raising will substantially aid in our effort to build on the strength of our brands and accelerate new growth opportunities we expect will arise during these uncertain times.”Emerald expects to use the net proceeds from the investment for a combination of debt repayment and general corporate purposes, including organic and acquisition growth initiatives. The investment will also substantially buttress Emerald’s existing liquidity position.

“We believe Emerald has the platform, strategy and management team to deliver strong performance through future periods of economic recovery and create meaningful long-term stockholder value,” said Kosty Gilis, Managing Director at Onex. “With this investment, Emerald’s enhanced liquidity and strong balance sheet will position the Company to pursue many attractive opportunities that will arise in the coming years. We look forward to continuing to work with the management team to create value for all stakeholders.

”The Preferred Stock will be convertible into common stock at an initial conversion price per share of $3.52, which represents a 13% premium to the closing price of $3.11 per share as of June 9, 2020, and a 42% premium to the 30-day volume weighted average price of $2.48 as of June 9, 2020. The liquidation preference of the Preferred Stock will accrete at a rate of 7.0% per annum, compounded quarterly, in-kind for the first 12 quarters following its issuance, and thereafter either in cash or in- kind at the Company’s option.

Together with its existing investment, the Onex group’s pro forma ownership of Emerald, after giving effect to both the initial private placement and the rights offering, will be between 65.9% and 86.8% on an as-converted basis depending on the extent to which other common shareholders participate in the rights offering.

The initial private placement is expected to close later this month. Additional information regarding the transaction and terms of the Preferred Stock will be included in a Form 8-K that Emerald will file with the Securities and Exchange Commission.

About Emerald

Emerald is a leader in building dynamic, market-driven business-to-business platforms that integrate live events with a broad array of industry insights, digital tools, and data-focused solutions to create uniquely rich experiences. As a true partner, Emerald strives to build its customers’ businesses by creating opportunities that inspire, amaze, and deliver breakthrough results. With over 140 events each year, Emerald’s teams are creators and connectors who are thoroughly immersed in the industries they serve and committed to supporting the communities in which they operate.

About Onex

Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, private debt and other credit strategies; and Gluskin Sheff’s actively managed public equity and public credit funds. In total, Onex has approximately$32.9 billion of assets under management, of which approximately $6.0 billion is its own shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.The Onex Partners and ONCAP businesses have assets of $45 billion, generate annual revenues of $27 billion and employ approximately 170,000 people worldwide.

Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX.

For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

Forward-Looking Statement

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward- looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward- looking statements in this press release.

For Further Information

Claire Glossop Irani Director,

Client and Product Solutions 416.362.7711

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Nordic Capital to acquire Max Matthiessen, a leading financial advisor in the Nordic region

Nordic Capital

MAY 25 2020
Nordic Capital to acquire Max Matthiessen, a leading financial advisor in the Nordic region Image

Nordic Capital has signed an agreement to acquire Max Matthiessen, one of the leading financial advisors within pensions, insurance and investment in the Nordic region, from Willis Towers Watson. Nordic Capital is a leading investor in the financial services sector and has a deep understanding of the Nordic financial advice and savings markets. By investing in Max Matthiessen’s continued product development and enhancing its organisational capacity, Nordic Capital intends to support the Company’s expanded customer offering and its next phase of sustainable growth and innovation.

Max Matthiessen was founded in 1889 and has been active in the insurance sector for more than 130 years. The Company is headquartered in Stockholm and has 440 full-time employees of which 235 are advisors, based across circa 30 locations throughout Sweden. Its product offering includes occupational pensions, asset management and non-life insurance. Max Matthiessen has a customer base of circa 13,000 corporate clients, with revenues of SEK 1,552 mn (EUR 148 mn) in 2019.

Max Matthiessen is operating in an industry that is subject to constant change as a result of an increasing focus on sustainability, transparency and regulation. Furthermore, the industry transformation is driven by technical advancements and product development. By leveraging its deep sector expertise, extensive industrial network and access to significant capital, Nordic Capital sees an opportunity to support Max Matthiessen to realise its full potential by scaling the Company’s platform and driving growth through investment in the team, modernising its product offering for the benefit of customers and exploring selective acquisition opportunities.

“Max Matthiessen has a high-quality, talented team and is one of the leaders in the Nordic region. The Company fits perfectly within Nordic Capital’s sector focus and strategy for Financial Services. Nordic Capital is excited to partner with Max Matthiessen to support the Company’s growth journey. Going forward, the joint focus will be on scaling Max Matthiessen’s operations and investing in organic as well as acquisitive growth. Together with the Company, Nordic Capital will support continued product innovation to the benefit of the customers and pension savers,” says Christian Frick, Partner and Head of Financial Services, Nordic Capital Advisors.

“We are excited to partner with Nordic Capital for the next chapter of Max Matthiessen’s development. We are wholly aligned when it comes to our strategic vision. Together, we will be able to accelerate our growth by continuing to provide the best financial advice as one of the leading financial advisors and by developing and expanding our product portfolio further. Nordic Capital has a great strategic approach and deep experience across our sector. They have a strong history of growing companies and we look forward to leveraging Nordic Capital’s expertise in the next phase of our development,” says Bo Ågren, CEO, Max Matthiessen.

Johan Forsgård, Head of Nordics, Willis Towers Watson said: “We are very proud of what Max Matthiessen has accomplished and are confident that Max Matthiessen will continue to grow and expand their capabilities in order to deliver first-class client solutions with Nordic Capital as the new owner. Willis Towers Watson and Max Matthiessen will have ongoing relationships in certain aspects of the business where we remain closely aligned and we look forward to continuing to work together.”

Nordic Capital’s previous experience in the Financial Service sector includes investments in MFEX, Nordnet, Resurs Holding, Nordax, Bank Norwegian, Lindorff (combined with Intrum), Trustly, Bambora and Point as well as a long history of enabling and driving rapid organic and acquisitive growth.

The terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals. Citi acted as financial advisor to Nordic Capital and Cederquist acted as its legal advisor. 

Footnote: “Nordic Capital” refers to any, or all, Nordic Capital branded or associated investment vehicles and their associated management entities. Nordic Capital is advised by its exclusive advisors, the NC Advisory entities and the Nordic Capital Investment Advisory entities, any or all of which is referred to as Nordic Capital Advisors.

 

Media contacts:

Nordic Capital

Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

Max Matthiessen

Petra Broman, Communications Manager
Tel:  +46 733 75 74 36
e-mail: petra.broman@maxm.se

 

About Max Matthiessen

Max Matthiessen, founded in 1889, is a leading Swedish advisor within pensions, insurance and investment, offering advice, analysis, administration and procurement of pension and insurance solutions to employers, entrepreneurs and individual customers. The Company also offers advice within savings, investment advisory and asset management. Max Matthiessen has 440 employees at circa 30 locations throughout Sweden. In 2019, revenues were SEK 1,552 million. For further information, please see www.maxm.se.

 

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Core sectors are Healthcare, Technology & Payments, Financial Services and Industrials & Business Services. Key regions are Northern Europe and globally for Healthcare. Since inception in 1989, Nordic Capital has invested more than EUR 14.5 billion in over 110 investments. The Nordic Capital vehicles are based in Jersey. They are advised by several non-discretionary sub-advisory entities based in Sweden, Denmark, Finland, Norway, Germany, the UK and the US, any or all of which are referred to as Nordic Capital Advisors. For further information about Nordic Capital, please visit www.nordiccapital.com

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EQT Credit completes unitranche financing to support Mayfair Equity Partners’ acquisition of atHome Group

eqt

EQT Credit, through its Direct Lending investment strategy, is pleased to provide committed senior debt facilities to support Mayfair Equity Partners (“Mayfair”), a buyout and growth capital investor providing capital to dynamic businesses in the TMT and Consumer sectors, in its acquisition of a majority stake in atHome Group (“atHome” or the “Company”). Oakley Capital (“Oakley”) will retain a minority stake in the Company.

atHome is a leading online classifieds platform in Luxembourg, with the number one position in its core property classifieds market, as well as a growing presence across the automotive and mortgage broking verticals.

Vivian Ngan, Director at EQT Partners’ Credit team, Investment Advisor to EQT Credit, commented: “We were particularly attracted by atHome’s strong competitive position and impressive track record of growth achieved by its first-rate management team. We would like to thank our sector experts who, as senior executives in the classifieds sector, provided key support and insight to the deal team throughout the due diligence process.”

Andrew Cleland-Bogle, Partner at EQT Partners’ Credit team, Investment Advisor to EQT Credit, added: “atHome is a well-established player with strong brand awareness in the Luxembourg classifieds market. This transaction represents another example of the Credit platform’s ability to provide long-term capital as a committed partner to sponsors and management teams as they continue to grow their businesses. The Credit platform is delighted to be backing Mayfair, Oakley and the management team on this deal and look forward to supporting them in their continued development of the Company.”

Contact
Andrew Cleland-Bogle, Partner at EQT Partners, +44 20 7430 5510
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a differentiated global investment organization with more than EUR 62 billion in raised capital and around EUR 40 billion in assets under management across 19 active funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtgroup.com
Follow EQT on Twitter and LinkedIn

About EQT Credit
EQT Credit invests through three complementary strategies: Senior Debt, Direct Lending, and Special Situations. Since inception, EQT Credit has raised over EUR 7 billion of capital and invested in over 160 companies. EQT Credit’s Direct Lending strategy seeks to provide flexible, long-term debt solutions to support European businesses, across a wide range of sectors. These businesses include privately-owned companies seeking growth capital as well as those that are the subject of private equity-led acquisitions or refinancings.

More info: www.eqtgroup.com/business-segments/credit/strategies/

About Mayfair Equity Partners
Mayfair Equity Partners is a buyout and growth capital investor providing capital to dynamic businesses in the TMT and Consumer sectors. Its primary focus is on building strong partnerships with exceptional management teams. Mayfair is an investor in OVO Energy, a high-growth tech-enabled challenger brand in the energy space, YO!, a multi-brand multi-channel sushi platform with operations across the UK, Canada and the US, SuperAwesome, a global high-growth digital marketing business whose technology platform enables brands and agencies to deliver kid-safe digital advertising to under-thirteen audiences and Pixomondo, the VFX house behind the Emmy-winning HBO series Game of Thrones and the Oscar-winning 2011 film Hugo, as well as seven other promising growth businesses.

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Accurate Background to acquire CareerBuilder Employment Screening, broadening reach and accelerating growth

Apax Digital

4 February 2020

Investment by the Apax Digital Fund to support transaction

Irvine, California, February 4, 2020: Accurate Background, a leading provider of compliant, automated workforce screening solutions, today announced that it has signed a definitive agreement to acquire CareerBuilder Employment Screening (CBES) from CareerBuilder. The combined entity will operate under the Accurate Background brand and creates a uniquely positioned company focused on technology innovation, customer service, candidate experience, and delivery at scale. Through a strategic partnership agreement, CareerBuilder will continue to offer Accurate’s employment screening services to clients.

Accurate Background to acquire CareerBuilder Employment Screening, broadening reach and accelerating growth

The acquisition of CBES, which offers highly complementary background screening and drug-testing services and technology to employers in the U.S. and abroad, is expected to strengthen Accurate’s pre-and post-employment screening leadership and accelerate the company’s mission to deliver the most innovative and comprehensive screening services.

“We are excited to combine our two high-growth, innovation-focused background screening businesses to create an industry leader with significant scale in the U.S. and internationally,” said Dave Dickerson, Founder and CEO of Accurate. “Our teams have great mutual respect and share the same dedication to customers and commitment to products and services that dramatically simplify the background screening process. We also look forward to partnering with Apax Digital in this strategic transaction and welcome their insights and expertise as we move forward.”

“Accurate and CBES have highly aligned corporate cultures centered on innovation and customer service,” said Tim Dowd, President and COO of Accurate. “Importantly, the combined products and services are highly complementary and allow us to extend the value we bring to enterprise, mid-market and small business customers. We expect a seamless integration of our product offerings and teams that will allow us to deliver one of the most comprehensive offering in the industry to our customers around the world.”

Irina Novoselsky, CEO of CareerBuilder, said, “I’m proud of the investments we have made in this best-in-class solution and the significant growth that CBES has experienced. The strategic partnership with Accurate aligns with our approach to both own, and partner when appropriate, to deliver Hello to Hire solutions to our clients. This allows for increased investment in our core business of talent discovery and acquisition. I look forward to what we will be able to accomplish in a large and dynamic market and ultimately the impact we will make on the success of our clients.”

Marcelo Gigliani, Managing Partner of Apax Digital, said, “An increasingly competitive labor-market, a more complex regulatory environment, and a growing focus on risk management excellence, are driving employers’ strong demand for best-in-class technology solutions for enhanced screening services. We are eager to partner with Accurate in its acquisition of CareerBuilder Employment Screening and look forward to supporting the company in accelerating its customer service advantage, cutting-edge innovation, and international expansion efforts.”

The transaction, which is subject to customary regulatory approvals, is expected to close by the first quarter of 2020. Financial terms of the transaction were not disclosed. The transaction will be supported by an investment from the Apax Digital Fund, the technology-focused growth equity fund advised by global private equity advisory firm Apax Partners. In conjunction with the investment by the Apax Digital Fund, Marcelo Gigliani and David Evans will join the Board of Directors of Accurate Background.

Barclays and Stifel served as financial advisors to Accurate and the Apax Digital Fund. Latham & Watkins, LLP and Simpson Thacher & Bartlett served as legal advisors to Accurate and the Apax Digital Fund, respectively.

About Accurate Background

Accurate Background is a trusted provider of automated workforce screening. U.S. and international clients across all industries, from emerging businesses to Fortune 500 companies, rely on their compliant solutions. Accurate Background is accredited by the National Association of Professional Background Screeners and has been recognized by Inc. 5000, Deloitte Technology Fast 500, and the Workforce Hotlist. To learn more, visit accurate.com.

About CareerBuilder

CareerBuilder is a global technology company that provides end-to-end talent acquisition solutions to help employers find, hire and onboard great talent, and helps job seekers build new skills and progressive careers as the modern world of work changes. An industry disruptor for nearly 25 years, CareerBuilder is the only company that offers both software and services to cover every step of the Hello To Hire™ process, enabling its customers to free up valuable resources across their HR tech supply chain to drive their business forward. CareerBuilder operates in the United States, Canada, Europe and Asia and is the largest provider of AI-powered hiring solutions serving the majority of the Fortune 500 across five specialized markets. CareerBuilder is majority-owned by funds managed by affiliates of Apollo Global Management, Inc. and Ontario Teachers’ Pension Plan Board. For more information, visit careerbuilder.com for a great candidate experience and hiring.careerbuilder.com to learn more about our solutions for employers.

About Apax Digital

The Apax Digital Fund specializes in growth equity and buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax Partners’ deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit http://digital.apax.com.

Over its more than 40-year history, Apax Partners has raised and advised funds with aggregate commitments of c.$50 billion. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

Notes to Editors: London-headquartered Apax Partners (www.apax.com) and Paris-headquartered Apax Partners (www.apax.fr) had a shared history but are separate, independent private equity firms.

Media contacts

For Accurate Background

Vikki Herrera
vikki@teamseismic.com
408.206.7009

For CareerBuilder

Lori Ruggiero
CareerBuilder@5WPR.com
917.584.2606

For Apax Digital / Apax Partners

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

U.S. Media: Todd Fogarty, Connor Moriarty, Kekst CNC | +1 212 521 4800 | Apax@kekstcnc.com

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

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t: +44 20 7872 6300
andrew.kenny@apax.comGreenbrook Communications
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NEW INVESTOR ROUND FOR CLS

Ardian

ARDIAN and IFREMER sell their shares to CNP, CNES remains a significant shareholder

Paris, February 3rd, 2020 – CLS, a company that develops solutions used to study and protect our planet and manage its resources sustainably, will benefit from renewed investment.

Ardian, a world leader in private investment, and Ifremer (French Research Institute for Exploitation of the Sea), have officially announced the sale of their minority shareholding to CNP (Compagnie Nationale à Portefeuille), a Groupe Frère investment company. CNP thus acquires a majority stake in CLS, while the group’s founding institution, CNES, retains a significant minority interest.

CNES, Ardian, and Ifremer can be pleased with this outcome. With their support and the hard work of the teams at CLS, the company has pursued a robust development strategy over the last six years based on innovation, geographic expansion, five new acquisitions, and the creation of Kinéis, now Europe’s leading operator of a constellation of nanosatellites, bringing the group to 720 employees and nearly €135 million in turnover and doubling its profitability.

This European governance marks the start of a new chapter for CLS. Both CNES (now a 34% shareholder) and CNP (a 66% shareholder) are positioned for the long term and share the group’s vision and philosophy. Together, they will guide CLS in its development and help the company meet the ambitious challenges of putting the space sector to work for our planet.

The transaction was completed on January 30, 2020.

Christophe Vassal, Chief Executive, CLS : “I’d like to thank the Ardian, CNES, and Ifremer teams for their support. They have really been there for us, playing a major role in developing new expertise and supporting our international expansion. Their strategic and practical guidance has helped strengthen our leadership and broaden our portfolio of solutions. We are delighted to welcome CNP, an investor that shares our vision and corporate philosophy. CNP, together with CNES, will help us grow and take on new challenges for a sustainable planet.”

Caroline Pihan, Director, Ardian Expansion : “We are very proud to have helped space industry star CLS and its management team pursue their development strategy. What we’ve done reflects our ability to support international growth projects and—in the case of CLS—to do so alongside public players. I would like to thank CNES and Ifremer, which have done an outstanding job developing the company, and especially CNES, which will continue to support it in future projects.”

Antoine Seillan, Chief Financial Officer, CNES : “CNES is proud to have established CLS nearly 35 years ago and to have watched it become a world reference in satellite solutions for Earth observation. The partnership with Ardian and Ifremer has been tremendously successful, and I thank them for the strong ties we have forged. I welcome CNP and look forward to the next chapters in this ongoing success story. In the years to come, we will continue to support CLS, in particular in its areas of excellence such as Altimetry. Together, we will accompany the growth of Kinéis, our joint subsidiary and France’s leading operator of a constellation of nanosatellites that is the legacy and amplification of the Argos system, now equipped with unprecedented IoT capabilities.”

Xavier Le Clef, Co-CEO, Groupe Frère, CNP : “CLS’s technological expertise and the commitment of its historical shareholders have enabled the company to build solid leadership positions in the global Earth observation satellite ecosystem. Groupe Frère is particularly pleased to enter into this new partnership with CNES and the CLS management team and to support CLS over the long term in its continued growth and international efforts to protect the planet and its resources.”

Patrick Vincent, Assistant Managing Director, IFREMER : “We are proud to have helped CLS grow and use space to better understand, protect, and make sustainable use of our seas and oceans. I would like to thank CNES for joining us in creating this wonderful venture. Thanks again to CNES and to Ardian, who joined us in supporting its growth. We are leaving CLS but will reconnect with it around Kinéis. We are investing in a young company, a CLS subsidiary, that will write the future of the Argos system and in 2022 will launch the first constellation of nanosatellites dedicated to the Internet of Things. We have a promising future together, continuing to serve our planet.”

ABOUT ARDIAN

Ardian is a world-leading private investment house with assets of US$96bn managed or advised in Europe, the Americas and Asia. The company is majority-owned by its employees. It keeps entrepreneurship at its heart and focuses on delivering excellent investment performance to its global investor base.
Through its commitment to shared outcomes for all stakeholders, Ardian’s activities fuel individual, corporate and economic growth around the world.
Holding close its core values of excellence, loyalty and entrepreneurship, Ardian maintains a truly global network, with more than 640 employees working from fifteen offices across Europe (Frankfurt, Jersey, London, Luxembourg, Madrid, Milan, Paris and Zurich), the Americas (New York, San Francisco and Santiago) and Asia (Beijing, Singapore, Tokyo and Seoul). It manages funds on behalf of around 1,000 clients through five pillars of investment expertise: Fund of Funds, Direct Funds, Infrastructure, Real Estate and Private Debt.
www.ardian.com

LIST OF PARTIES INVOLVED

Ardian: Caroline Pihan, Arthur de Salins, Dominique Gaillard (Senior Advisor)
CLS: Christophe Vassal, Stéphanie Limouzin, Iva Colom Toro
CNES: Antoine Seillan, Jean Aussaguel
Ifremer: Patrick Vincent
CNP: Xavier Le Clef, Benoit Robertz, Gauthier Parisis, Gil BrihayeVDD
Finance: Alvarez & Marsal: Frédéric Steiner, Benoit Bestion, Amira el Hajem
Strategy: BCG: Benjamin Entraygues, Benjamin Sarfati, Constant Morez
Legal: BGB & Associés: Alexandre Gaudin, GCA: Damien Canali
Taxation: Delaby & Dorison: Emmanuel Delaby, Florian Tumoine
Labour MGG Legal: Marijke Granier-Guillemarre, Alexandra Frelat
Technology: Accenture Strategy & Octo: Sebastien Amichi, Romain Le Guen, Sylvain Fagnent
ESG: Indefi: Emmanuel Parmentier, Joanna Tirbakh

M&A
EdR: Arnaud Petit, Gregory Fradelizi, Raphael Compagnion, Laure Klein, Mohamed Rtel Bennani, Hamza El Abboubi

Lawyers
Latham & Watkins: Olivier du Mottay, Elise Pozzobon, Ketzia Chetrite
Latham & Watkins (financing): Lionel Dechmann
Sekri Valentin Zerrouk: Frank Sekri
FTPA: Sylvain Clerambourg, Alice Larrouy

Buyer’s counsel
M&A: Messier Maris & Associés (Jean-Marie Messier, Driss Mernissi), Wil Consulting (Jacques Ittah)
Finance: KPMG (Mohamed Macaigne)
Taxation: KPMG Avocats (Sophie Fournier-Dedoyard)
IT: KPMG (Josselin du Plessis)
Legal/Labour: Willkie Farr & Gallagher (Eduardo Fernandez, David Lambert, Marie Aubard)
Strategy: Bain & Company (Bernard Birchler, Cédric Bovy, Doris Galan)
Lawyers: Willkie Farr & Gallagher (Eduardo Fernandez, David Lambert, Philippe Grudé, Paul Lombard, Faustine Viala)

Management counsel
Callisto Finance: Vincent Ayme, Tancrede Caulliez
Sekri Valentin Zerrouk: Frank Sekri, Céline Raynal

PRESS CONTACTS

ARDIAN
Image 7
ANNE-CHARLOTTE CREAC’H
Tel : 01 53 70 94 21
accreach@image7.fr
FLORE LARGER
Tel : 01 53 70 74 90
flarger@image7.fr

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KKR Increases Commitment to KKR India Financial Services

KKR

Commitment to bolster financial position and enhance KIFS’ ability to provide financing solutions to companies in India

NEW YORK & MUMBAI–(BUSINESS WIRE)–Jan. 14, 2020– Global investment firm KKR today announced that it has committed to invest an additional US$150 million in KKR India Financial Services (“KIFS” or the “Company”), KKR’s alternative credit business in India. The new capital will bolster KIFS’ position in India’s structured credit space and will enable the Company to continue to partner with Indian borrowers with long-term capital needs.

Joe Bae and Scott Nuttall, Co-Presidents & Co-Chief Operating Officers of KKR, said, “Today is a unique time in the Indian credit markets, with many lenders unable to invest while the demand for alternative credit solutions continues to grow. This commitment demonstrates our ongoing support of the KIFS franchise and its future prospects. Moreover, it solidifies KIFS’ financial position, allows KIFS to be proactive in a dislocated market, and reflects our confidence in KIFS and its mission to finance India’s homegrown champions.”

KIFS provides Indian businesses with financing solutions, as well as alternative asset management and capital market strategies, and is supported by a deep local presence and KKR’s international investment expertise. KIFS has deployed more than US$5 billion of Indian credit investments over the past decade across more than 150 deals. The Company seeks to be an integral part of India’s financial system and to maintain long-term relationships with banks and mutual funds in India.

Sanjay Nayar, CEO of KKR India & CEO of KIFS, commented, “Private lending in India is more important than ever. India has been an important part of KKR’s global growth strategy in Asia, and this investment reinforces KKR’s commitment to the region and provides KIFS with additional resources to enable the continued success of its business.”

KKR will fund its commitment to KIFS through the Firm’s balance sheet. The proceeds of KKR’s investment will be used for general corporate purposes. KKR is the majority stockholder of KIFS, and will continue to coordinate with KIFS’ existing investors to drive the Company’s results. KIFS currently has a CRISIL credit rating of “AA” (Stable) and is regulated by the Reserve Bank of India as a non-bank finance company.

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 financing to companies. As of January 10, 2019, KIFS has executed over 150 deals in India worth more than US$5 billion.

Source: KKR & Co. Inc.

Media:

KKR Asia Pacific
Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

AdFactors (for KKR India)
George Smith Alexander
+91 98213 56867
George.Smith@adfactorspr.com

KKR Americas
Kristi Huller & Cara Major
+1 212 750-8300
Media@kkr.com

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IK Investment Partners acquires Acture Groep

ik-investment-partners

IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that the IK Small Cap II Fund has reached an agreement to acquire a majority stake in Acture Groep (“Acture” or “the Company”) from the Company’s founders. Financial terms of the transaction are not disclosed.

Acture Groep is a unique collective of innovative businesses providing specialised outsourced services to Dutch corporates and temporary staffing agencies to manage cases of illness or disability in their workforces. The Company was founded by current CEO, Maudie Derks, and two other co-founders in 2008 with the purpose of reducing absenteeism and employer costs amidst the complex and evolving Dutch social security system.

Through an organic and inorganic diversification strategy, the leadership team have sought high quality brands to augment their offering, which now encompasses health assessments, administration and reintegration services and independent insurance advice. IK will acquire its stake in the business from the founders, with Maudie Derks remaining as CEO and reinvesting alongside the Fund.

Maudie Derks, CEO of Acture Groep, commented: “For over a decade, Acture Groep has established itself as a leader in Dutch social security services and is now the largest private social security provider in The Netherlands. As we enter a period of accelerated growth, we are delighted to partner with IK Investment Partners whose combined experience in the healthcare and tech-enabled business services sectors will be an asset to us as we grow to the next stage. We look forward to working with them as we develop our position and international offering.”

Sander van Vreumingen, Partner at IK and advisor to the IK Small Cap II Fund, commented: “Acture Groep is an impressive collection of products and brands with a track record of success in supporting Dutch employers with the complex task of managing compliance and social security legislation. We believe that the Company and its entrepreneurial leadership team is well-positioned for future growth and look forward to supporting Acture Groep as it embarks on the next phase of its strategy.”

The transaction represents the ninth investment made by the IK Small Cap II Fund.

For further questions, please contact:

IK Investment Partners
Sander van Vreumingen, Partner
Phone: +31 208 909210

Acture Groep
David Gribnau, Gribnau Comunicatie
Phone: +31 35 533 7226

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 €10 billion of capital and invested in over 130 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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CVC Credit Partners becomes sole lender to Horizon Capital’s Sabio

The refinancing of the existing debt facility allows CVC Credit Partners to support Sabio in its next stage of growth

CVC Credit Partners is pleased to announce that it has provided a unitranche loan and a dedicated acquisition facility to Sabio, a leading customer experience solutions provider and managed services business, backed by Horizon Capital.

Founded in 1998 and headquartered in the UK, Sabio is a global provider of customer engagement technology and managed services, to blue chip enterprise clients. Sabio helps brands optimise contact centre operational performance and improve the customer experience, structures and strategies. The business operates from 11 offices and employs just over 500 people. Sabio Group is backed by Horizon Capital who invested in 2016 and have supported the business’s tripling in size over the past three years.

Simon Hitchcock, Managing Partner at Horizon, commented: “The refinancing in partnership with CVC Credit means that Sabio can continue its successful organic growth, underpinned by an experienced and supportive lender. Securing this significant new committed acquisition facility means we are able to accelerate the buy and build strategy and in the coming months we expect to complete a number of acquisitions from a strong pan European pipeline.”

Jonathan Gale, CEO of Sabio Group said: “With Horizon and CVC backing the business, Sabio is ideally positioned to continue our growth strategy, building a strong footprint in primary European markets and adding technology and skills to our portfolio. This is an exciting move for Sabio and enables our ongoing strategy to bring the very latest in AI powered, self-service and channel agnostic customer engagement solutions to our fantastic, growing, client base.”

Chris Fowler, Managing Director in CVC Credit Partners’ European Private Debt business, added: “Sabio is a leading technology provider, which operates in a large and growing market driven by increasing investment in digital automation and analytics. Its loyal client base yields high renewal rates and reliable recurring revenues. With Horizon’s backing, Sabio has grown strongly in recent years and we are now pleased to support the business on its next stage of development.”

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