Tag Archives: Services

Platinum Equity Completes Acquisition of Livingston International

Platinum

(Los Angeles, May 2, 2019) – Platinum Equity today announced it has completed the acquisition of North American customs brokerage and trade services firm Livingston International.

Headquartered in Toronto, Ontario, with U.S. headquarters in Chicago, Il, Livingston International is the largest pure-play customs brokerage in North America and boasts the widest presence along America’s northern border. It is also the third-largest customs entry filer in the United States. The company serves as a trusted adviser to more than 30,000 businesses globally, facilitating the completion and transmission of customs documentation and ensuring goods are cleared through international borders seamlessly and expediently.

Livingston is also a leading provider of global trade management services, including trade consulting and customs compliance, helping businesses optimize their use of free trade agreements, mitigate compliance risk and recover duties where possible.

Platinum Equity is a global private equity firm with approximately $13 billion of assets under management and a highly specialized focus on business operations.

“Livingston has served as a critical partner to businesses around the world as they react and adapt to changes in the global trade environment,” said Dan McHugh, Chief Executive Officer, Livingston International. “We are excited about the possibilities that lie ahead and look forward to benefiting from Platinum’s dedicated resources and counsel as we continue to focus on providing best-in-class brokerage, freight forwarding and trade management solutions.”

In addition to its role as a trusted customs broker and adviser, Livingston offers international freight forwarding solutions with special emphasis on North American transportation and global air and sea freight capabilities. Its freight solutions also include value-added services, such as warehousing, barge services and project cargo.

About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with approximately $13 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. The firm is currently investing from Platinum Equity Capital Partners IV, a $6.5 billion global buyout fund, and Platinum Equity Small Cap Fund, a $1.5 billion buyout fund focused on investment opportunities in the lower middle market. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 23 years Platinum Equity has completed more than 250 acquisitions.

About Livingston International 
Livingston International focuses on customs brokerage and trade compliance, offering international trade consulting, global trade management and freight forwarding. It provides clarity in a world of trade complexity, so businesses can grow further, faster and smarter. Livingston employs approximately 3,200 associates at more than 100 key border points, sea ports, airports and other strategic locations across North America, Europe and Asia. Visit us at www.livingstonintl.com, and on Twitter, LinkedIn and Facebook.

Media Contacts

Dan Whelan
Platinum Equity
310-282-9202
dwhelan@platinumequity.com

Dan Ovsey
Director, Public Relations & Marketing Communications
Livingston International
1-800-387-7582 / ext. 13088
dovsey@livingstonintl.com

Investor Relations
and Media Contacts:

Mark Barnhill
Partner
+1 310.228.9514 E-mail Mark

Dan Whelan
Principal
+1 310.282.9202 E-mail Dan

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Onex Invests in Convex

Onex

Toronto, April 30, 2019 – Onex Corporation (“Onex”) (TSX: ONEX) today announced Onex
Partners V and a consortium of co-investors have committed to invest $1.8 billion in Convex
Group Limited (“Convex”), of which approximately $1.6 billion has been funded.
Convex is a de novo specialty property and casualty insurance company headquartered in Bermuda
with an office in London. The company will write insurance and reinsurance with a focus on
underwriting complex specialty risks across a diversified range of business lines. The company is
led by Stephen Catlin, Paul Brand and a team of well-respected insurance industry experts.
“We’re very excited to partner with Stephen, Paul and the rest of the Convex team. They have a
reputation for disciplined underwriting and strong relationships as well as a multi-decade track
record of delivering market outperformance,” said Bobby Le Blanc, a Senior Managing Director
of Onex.

Todd Clegg, a Managing Director of Onex continued, “Consolidation within the insurance sector
has created opportunity for an independent carrier with a focused, specialist proposition, capable
of serving clients with complex risk exposures. The Convex platform is designed to satisfy this
demand.”

“Onex has a track record of successful investing in the insurance industry and a consistent view of
the market opportunity making it the ideal partner for us,” said Stephen Catlin, Chairman and Chief
Executive Officer of Convex. “With Onex’ support, Convex is uniquely positioned to provide a
high touch, client-service focused approach and leverage innovative and proprietary technology to
enhance the value we bring to our clients.”
The funded investment includes $750 million from Onex Partners V, $780 million from
co-investors, including PSP Investments, and $50 million from the Convex management team.
Onex’ portion of the equity investment as a Limited Partner in the Fund is $124 million.

About Onex
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and
ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with
talented management teams. At Onex Credit, Onex manages and invests in leveraged loans,
collateralized loan obligations and other credit securities. Onex has $31 billion of assets under
management, including $6.4 billion of Onex proprietary capital, in private equity and credit
securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are
collectively the largest investors across Onex’ platforms.
Onex’ businesses have assets of $51 billion, generate annual revenues of $32 billion and employ
approximately 217,000 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 Statements

This news release may contain forward-looking statements that are based on management’s current
expectations and are subject to known and unknown uncertainties and risks, which could cause
actual results to differ materially from those contemplated or implied by such forward-looking
statements. Onex is under no obligation to update any forward-looking statements contained
herein should material facts change due to new information, future events or otherwise.

For further information:
Emilie Blouin
Director, Investor Relations
Tel: +1 416.362.7711

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Edison Partners Leads $8 Million Growth Investment in Suuchi

Edison Partners

Accelerates go-to-market execution, product innovation and network expansion for next-generation supply chain platform for fashion brands and retailers

 

PRINCETON, NJ—April 25, 2019—Edison Partners, the growth equity investment firm, today announced an $8 million growth investment in Suuchi, the next-generation supply chain platform provider for fashion brands and retailers. The company will use the funds to accelerate go-to-market execution and product innovation, as well as continue to expand its network of designers, materials suppliers and factories throughout the United States.

 

In the $2 trillion global apparel manufacturing market, the need to shrink the time from concept to consumer is prompting more fashion brands and retailers to seek supply-chain modernization. Suuchi delivers a next-generation approach to apparel supply chains that streamlines the connection of design and sourcing to US-based shop-floor manufacturing and provides complete, real-time transparency throughout the entire process.

 

“Time is the biggest risk factor for fashion brands and retailers in today’s supply chain, and legacy systems and processes continue to hinder time to market, not to mention growth, profits and consumer experience,” said Kelly Ford, Partner, Edison Partners, who led the investment and joins the company’s board of directors. “Suuchi is changing the game for apparel brands of all sizes, with a network-driven SaaS platform that makes not only speed, but also profitability, possible with ‘made in the USA.’”

 

Suuchi’s platform is a modern, intuitive SaaS-based application, called Suuchi GRID, powered by a curated network of 200+ freelancers, materials suppliers, and U.S.-based factories with a current available capacity of more than 8M units. Today, more than 200 fashion businesses, from large brands, like Cintas, to mid-tier and emerging brands, like Little Giraffe, are streamlining their supply chain workflows and production on the platform.

 

“We are reducing fashion supply chain complexity and time to market for brands and retailers by creating a more intelligent bridge between supply and demand; and with our shop-floor subject matter expertise, we are dematerializing the supply chain into a digital, made-local model,” said Suuchi Ramesh, founder and CEO of Suuchi. “With this investment, we are poised to provide a scalable answer to one of the world’s last trillion-dollar problems yet to be solved. In Edison Partners, and Kelly Ford, we have the perfect trifecta of strategic vision alignment, enterprise solutions experience, and a world-class team of operating experts to guide our fast growth.”

 

Ramesh, an immigrant from India, started the company in 2016 after 10-plus years in successful roles in technology, analytics and sales at two companies that became unicorns in their industries. She was an EY Entrepreneur of the Year for New Jersey in 2018 and named to the ROI-New Jersey Influencers Power List for 2019. Last year, the company was also awarded NJ Grow innovation incentives by the New Jersey Economic Development Authority to further develop its business in the state. The company currently employs 120 people at its North Bergen headquarters and is actively hiring for positions in sales, marketing, software engineering, human resources and finance.

 

Edison Partners has financed and guided more than 200 private companies throughout the eastern United States, a third of which have been in the enterprise solutions space. Suuchi is the 48th investment in the firm’s home state of New Jersey. In addition to Suuchi, Edison’s active NJ-based investments include Northpass, Scivantage, Trialscope and Zelis Healthcare.

 

About Suuchi

Suuchi Inc. is a next-generation supply chain platform for fashion brands and retailers. Using its product lifecycle management (PLM) application, Suuchi GRID, and its network of carefully curated freelancers, factories and mills, Suuchi designs and produces millions of units at speedy turnarounds. Suuchi is transforming retail, enabled by mega trends of just-in-time production, shop-floor integration, and supply chains created for consumer demand. For more information, visit https://www.suuchi.com/

 

About Edison Partners

For more than 30 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm’s investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in financial technology, healthcare IT and enterprise solution sectors, Edison targets high-growth companies with $5 to $25 million in revenue; investments also include buyouts, recapitalizations, spinouts and secondary stock purchases.

 

Edison’s active portfolio has created aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets throughout the eastern United States.

 

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JENSEN HUGHES Acquires Security Risk Management Market Leader Hillard Heintze

Gryphon Investors

Acquisition provides clients with a holistic, integrated approach to managing risk across the spectrum from fire and life safety to emergency management and security

Baltimore, MD – April 19, 2019 —

JENSEN HUGHES, a global leader in safety, security and risk-based engineering and consulting, announced today its acquisition of Hillard Heintze, a market leader in strategic security risk management and investigation services for Fortune-ranked enterprises, professional sports leagues, and law enforcement agencies, as well as many of the world’s most affluent families.Over the last four years, Jensen Hughes, a portfolio company of Gryphon Investors, has made eight strategic acquisitions. These have been specifically focused on both expanding the company’s global presence and also strengthening its expertise in emergency management and security to better serve clients and their most complex challenges by addressing their risk from an increasingly sophisticated, integrated, and holistic perspective.

Hillard Heintze has earned accolades as an industry leader in setting new world-class service standards for customized solutions that help organizations identify and manage risk to their people, property, performance, and reputations. Since its formation in 2004, more than 85 Fortune-ranked enterprises, 575 U.S. and international brands, and 150 of the world’s most affluent families have gained insight, assurance, and confidence through its services – and are better managing their security risk.

“Our success stems from a consistent focus on providing our clients with exceptional specialty engineering and consulting services and through expanding our capabilities to meet their growing needs,” explains Paul Orzeske, CEO, JENSEN HUGHES. “In our Security practice, we have been able to provide clients the highest quality of security design engineering, however we recognized that we could help them solve their security challenges more holistically with a broader portfolio of capabilities. Hillard Heintze’s services complement our work exceptionally well, and, like ours, their team is passionate about its commitment to providing outstanding client service. Together we can improve our ability to partner with clients and help them manage their operations across an end-to-end spectrum of risk – from fire and life safety to emergency management and security. Arnette and team have built a best-in-class organization and we are honored to welcome them to the JENSEN HUGHES family.”

“This is a very exciting day for us,” says Hillard Heintze founder and CEO Arnette Heintze. “The rapid growth of our two companies, respectively, has been driven by a comparable and complementary commitment to service excellence, exceptional talent, and an internal culture of teaming and collaboration. Joining JENSEN HUGHES is the most powerful and promising way to continue to meet our vision to be trusted around the world to protect what matters. As part of JENSEN HUGHES, we strengthen our ability to scale and adapt as our clients’ needs expand to areas such as fire and life safety, emergency management, and forensics, and as their operations expand worldwide to new countries and markets – and new risks.”

Livingstone acted as exclusive financial advisor to Hillard Heintze. XMS Capital Partners advised Gryphon Investors and JENSEN HUGHES on this transaction.

Contacts

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21 Grams acquires Mailworld Group

Priveq

Becomes leader in international and office mail21 Grams acquires 100% of the shares in Mailworld Group, which includes MailWorld AB and Mailworld Office AB.

ƒMailWorld AB is one of the Nordic region’s largest independent suppliers of international mail and parcels with worldwide distribution.ƒMailworld Office AB is a Swedish certified postal operator that focuses on office mail and unsorted domestic mail.

The merger will give customers of 21 Grams and Mailworld access to a wider range of physi-cal and digital postal services, and continued focus on simplicity and price-efficiency.

The Mailworld companies will continue to operate as subsidiaries under their own trademarks but will be part of the 21 Grams group’s combined sales, purchasing and production organiza-tion. The CEO of Mailworld will be David André.

”We are delighted to welcome Mailworld to the 21 Grams group. In addition to a leading position in certain customer segments and more than 500 customers, we are strengthening our management with new postal and entrepreneurial experience, which will help 21 Grams become an even stronger player in the Nordic region’s communications sector,” says Stefan Blomqvist, CEO of 21 Grams.“With 21 Grams’s size and position we can scale up Mailworld more rapidly to accommodate more partners, larger customers and new markets. We have worked successfully with 21 Grams for many years and will now continue building on this foundation together,” says David André, CEO of Mailworld.

The merged entity will have a turnover of SEK 750 million and some 75 employees.

For more information please contact:Stefan Blomqvist, CEO, 21 Grams+46 76 808 21 21 stefan.blomqvist@21grams.com

About 21 Grams

21 Grams was founded in 2004 and is a Swedish ser-vice company that provides smart communication solu-tions for physical and digital post and mobile payments.The company is a leader in the sorting software and postage and the electronic distribution of business doc-uments and direct mail advertising.21 Grams offers a network of postal operators both domestically in Sweden and international. and offers ac-cess to all the Nordic region’s digital distribution alterna-tives including E-faktura (e-invoicing), Kivra and Digipost (digital mail) and Swish (the Swedish mobile payment system).In 2018, the company had a turnover of around SEK 600 million and some 60 employees.Our customers include Google, Viasat, UNICEF, the Swedish Tax Agency, Collectum, Länsförsäkringar and Shell. www.21grams.comDavid André, CEO, Mailworld+46 733-16 22 84 david.andre@mailworld.se

About Mailworld

Mailworld have provided international mail services since 2003, and have been a registered postal operator since 2010, certified by the Swedish Post and Telecom Authority to also provide postal services for the domestic market.Mailworld today has offices and in-house sorting termi-nals in Stockholm, Gothenburg and Malmö, but our ser-vices are also available to customers across the whole of Sweden and in other European markets. We collect post from most of the print providers in Sweden and at our sorting terminals we process more than 20 million postal items annually. www.mailworld.se

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IK to support fire protection company BST

ik-investment-partners

IK Investment Partners (“IK”) is pleased to announce that the IK Small Cap II Fund has reached an agreement to acquire BST Brandskyddsteamet AB (“BST Group”), a leading Swedish provider of active fire protection services, from Infrea AB (publ). Financial terms of the transaction are not disclosed, and the completion of the transaction is subject to regulatory approval. The founders and management team will remain as shareholders.

BST provides a wide range of sprinkler system services, including consultancy & design, installation and repair & maintenance. Through its strong local presence across Sweden with a full-service offering and blue-chip client base, the Company has established a solid market position. The Swedish sprinkler market has experienced strong growth historically and is expected to continue to grow at a high pace driven by favourable trends such as tightening regulation, increased safety awareness and urbanisation.

“Despite its relatively young age, BST has established itself as a Swedish market leader within the fire protection market. We are truly impressed with the management team and all of BST’s employees, and we look forward to supporting the company as it continues on its growth trajectory,” said Kristian Carlsson Kemppinen, Partner at IK Investment Partners and advisor to the IK Small Cap II Fund.

“IK is a strong partner to support BST’s future development. BST has been a successful holding for Infrea and has increased its sales by over 50% during the ownership period,” added Tony Andersson, CEO of Infrea.

“BST was founded by entrepreneurs in 2012 and has grown rapidly since. I would like to thank Infrea for their support over the past few years. We are very excited to team up with IK given their vast experience in the fire protection industry,” concluded Peter Bühler, CEO and Co-Founder of BST.

BST will be the third investment in the fire protection segment made by IK Funds. In 2009, IK facilitated the merger between Minimax and Viking, resulting in one of the world’s largest companies in fire protection, and in 2015, the IK Small Cap I Fund backed svt Group, a leading German provider of passive fire protection.

For further questions, please contact:

IK Investment Partners
Kristian Carlsson Kemppinen
Partner
Phone: +46 8 678 95 00

Mikaela Murekian,
Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.murekian@ikinvest.com

Infrea
Tony Andersson
CEO
Phone: +46 8 401 01 81

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 close to €10 billion of capital and invested in over 125 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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Chevron Traffic Management acquires Traffic Management Services LTD.

Triton

Stockholm (Sweden) / Thame (UK), 12 April 2019 – Chevron Traffic Management Ltd (Chevron TM), a Triton Fund IV company, has acquired Traffic Management Services Ltd (TMS). Terms of the transaction are not disclosed.

Established in 1982 and based out of Retford (UK), TMS specializes in the low-speed and events sector, operating predominantly across the Midlands and the North East. The firm employs more than 100 staff across three depots in Retford, Leeds and Horncastle, Lincolnshire.

Founded in 1997 and headquartered in Thame, Chevron TM employs more than 500 people at ten regional depots across the UK. The company has annual sales of more than £70m.

Chevron TM is the largest independent traffic management company operating throughout England and Wales. The company specializes in the provision of temporary traffic management in accordance with NHSS 12A, B, C & D. Managing any level of contract, Chevron TM gives unrivalled support from the consultation and design phase, right through to work completion and sign-off.

“This deal is an exciting step in the future development of Chevron and TMS, which will lead to new growth opportunities for both businesses in the future. TMS has fast become one of the most respected firms in the low-speed traffic management and events sector. It has a great team of people behind it and we’re looking forward to working with them to help strengthen their position as a leading firm in their sector,” said Tim Cockayne, CEO of Chevron TM.

Chevron TM was acquired by Triton Fund IV in April 2018.

About Chevron TM

Chevron TM is the largest independent traffic management company operating throughout England and Wales. The company specializes in the provision of temporary traffic management in accordance with NHSS 12A, B, C & D. Managing any level of contract, Chevron TM gives unrivalled support from the consultation and design phase, right through to work completion and sign-off.

For further information: www.chevrontm.com

About Triton

Since its establishment in 1997, Triton has sponsored nine funds, focusing on businesses in the industrial, business services, consumer and health sectors.

The Triton funds invest in and support the positive development of medium-sized businesses headquartered in Europe.

Triton seeks to contribute to the building of better businesses for the longer term. Triton and its executives wish to be agents of positive change towards sustainable operational improvements and growth. The 38 companies currently in Triton’s portfolio have combined sales of around €13.6 billion and around 84,500 employees.

For further information: www.triton-partners.com

Press Contacts

Triton
Fredrik Hazén
Phone: +46 70 948 38 10

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Semantix acquires translation provider Teknotrans

Segula

Through the acquisition of Teknotrans AB, Semantix continues its acquisition drive, strengthening its offering in the global market and consolidating its position as the Nordic language technology leader.

– Teknotrans’ business structure and customer base offer us great opportunities to strengthen Semantix’ offering in the global market. They also have a long history of delivering high-quality translations with a strong footprint in the automotive and industrial sector, which makes the acquisition interesting for us. The acquisition further consolidates Semantix’ role as the Nordic leader in language technology and multilingual services, says Patrik Attemark, Group CEO of Semantix.

Teknotrans was founded in 1971 and has offices in Gothenburg, Sweden, and in Split, Croatia. The company is fully owned by CEO, Christian Hammer.

– The acquisition comes at a perfect time for us to give Teknotrans a platform for continued growth, ensuring our customers access to broader and more complete language technology offerings, which is something Semantix will enable, says Christian Hammer, CEO of Teknotrans.

 

For more information please contact:
Patrik Attemark, Group CEO, patrik.attemark@semantix.se, +46 8 506 225 50

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CapMan Buyout to sell Maintpartner’s operations in Finland, Estonia and Poland to Caverion

The funds managed by CapMan Buyout have agreed to sell Maintpartner Group Oy to Caverion.

Maintpartner is one of the leading industrial operation and maintenance companies in Northern Europe operating in Finland, Sweden, Estonia and Poland. Maintpartner provides services in the industrial sectors of energy, chemicals, metal, food and manufacturing. Maintpartner’s net sales were EUR 164 million in 2018, and the net sales of the entity now to be sold were EUR 137 million, most of which came from Finland.

”During CapMan’s ownership period Maintpartner has grown significantly and has established a firm foothold in various industrial sectors. In addition, the company has developed IoT solutions and machine learning analytics for industrial companies to improve their operation and maintenance processes. Maintpartner’s sale to Caverion Industrial Solutions Division provides an excellent basis for further growth and development of the operations”, comments Jan Mattlin, partner at CapMan Buyout.

The acquisition is in line with our Fit for Growth strategy and strengthens our Services business. Our Industrial Solutions division is now fit for growth and we are therefore entering the Growth phase in the division. The acquisition will focus our industrial operations more towards Services business and create a major player in the Finnish market,” says Ari Lehtoranta, CEO and President of Caverion Corporation.

The transaction is subject to approval by the competition authorities. The acquisition includes Maintpartner Group, while excluding the holding company Maintpartner Holding Oy and Maintpartner Group’s subsidiaries and operations in Sweden. The funds managed by CapMan Buyout and the other owners continue as the owners of Maintpartner Holding Oy. The funds managed by CapMan Buyout made an investment in Maintpartner in 2006.

CapMan Buyout is the largest mid-market private equity team in the Nordic region, with 12 investment professionals in Finland and Sweden and 30 years of experience.

For more information, please contact:

Jan Mattlin, partner, CapMan Buyout, tel. +358 40 508 6406

Martti Ala-Härkönen, CFO, Caverion Corporation, tel. +358 040 737 6633

Sakari Toikkanen, Head of Division Industrial Solutions, Caverion Industrial Solutions, tel. +358 040 532 2174

CapMan is a leading Nordic private asset expert with an active approach to value creation. We offer a wide selection of investment products and services. As one of the Nordic private equity pioneers, we have developed hundreds of companies and real estate assets and created substantial value in these businesses and assets over the past 30 years. CapMan employs today approximately 120 private equity professionals and has over €3 billion in assets under management. Our objective is to provide attractive returns and innovative solutions to investors. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover Private Equity, Real Estate and Infra. We also have a growing service business that includes procurement services, fundraising advisory and fund management services. Altogether, CapMan employs 120 people in Helsinki, Stockholm, Copenhagen, London, Moscow and Luxembourg.

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CDPQ to invest over INR 1800 crores (approximately US$250 million) in Edelweiss NBFC

Cdpq

  • CDPQ enters into an agreement to invest into ECL Finance, the NBFC arm of Edelweiss
  • CDPQ will partner in the long-term strategy to build a strong credit portfolio, with an increasing focus on the retail segment.
Edelweiss Group announced today, that CDPQ Private Equity Asia Pte. Ltd., a wholly owned subsidiary of Caisse de dépôt et placement du Québec (“CDPQ”), one of North America’s largest pension fund managers, has signed an agreement to invest over INR 1800 crores (approximately US$250 million) in Edelweiss Financial Services’ non-banking financial company (NBFC) arm, ECL Finance Ltd. (“ECL Finance”). The planned investment by CDPQ would contribute towards establishing a large and diversified credit platform in India. This proposed investment will close after customary regulatory approvals.Edelweiss Group has built a significant competitive position across businesses including the Credit segment. With a credit book of around INR 30,000 crores (approximately US$4.2 billion) (Q3FY19) that is spread across wholesale and retail finance segments, the business has both robust size and scalability. The agreement with CDPQ will enable ECL Finance to capitalize on opportunities in the credit market and confirm the capability of the Group to capture opportunities in the NBFC space.  It provides thrust to the business for technology and digital investments. This investment also ensures that ECL Finance has the requisite resources to maintain strong organic growth, as well as take advantage of any market consolidation opportunities.

Speaking on the development, Rashesh Shah, Chairman and CEO of Edelweiss Group said, “Credit penetration in India will be the key to advancing India’s economic gains, driven by the long-term trends in democratisation of credit, rising household incomes and increased consumption. I expect this partnership to deliver tremendous value towards deepening the market and we are encouraged by this investment by CDPQ to partner with us on this journey”.

Michael Sabia, President and Chief Executive Officer at Caisse de depot et placement du Quebec, stated, “We are glad to strengthen and expand our partnership with Edelweiss Group, with whom we share a common mindset and who has one of the most innovative credit investing platforms in India. This new investment capitalizes on solid growth in the financing demand from SMEs and residential sectors, both of which being key drivers in sustaining India’s future growth”.

The CDPQ partnership with the Edelweiss Group began in 2016 with a significant investment in Edelweiss ARC, India’s largest Asset Reconstruction Company.

Deepak Mittal, CEO of ECL Finance added, “Credit has been our strength and we are well positioned to capitalize on the India opportunity.  At this stage of our expansion, we are excited to join hands with CDPQ to fuel our retail lending business across India. Our competitive edge will come from investments in the direct technology platform and next generation data analytics as we scale across SME, affordable housing, agri-loans and rural finance”.

Edelweiss has built a diversified credit book credit catering to corporate and retail customers. This business has been a significant growth engine for the Group, driven by rapid scale up in retail credit book in the last few years.  With an aim to be closer to customers, the business has now expanded to over 180 locations across the country with plans afoot to double this number in the near future. A string of innovative products and services are also lined up for launch in the latter half of the year. This investment and the deep focus on expanding credit to deserving and underserved markets will propel growth in this business for Edelweiss.

ABOUT EDELWEISS GROUP

The Edelweiss Group is one of India’s leading diversified financial services company providing a broad range of financial products and services to a substantial and diversified client base that includes corporations, institutions and individuals. Edelweiss’s products and services span multiple asset classes and consumer segments across domestic and global geographies. Its businesses are broadly divided into Credit Business (Wholesale & Retail Mortgages, SME and Business Loans, Agri and Rural Finance, Structured Collateralised Credit and Distressed Credit), Franchise & Advisory Business (Wealth Management, Asset Management and Capital Markets) and Insurance (life and general insurance). Edelweiss has an asset base of ~INR 55,800 cr, as of 31st December, 2018. The Group had a revenue of INR 8,623 cr and PAT of INR 890 cr for FY18. The group’s research driven approach and proven history of innovation has enabled it to foster strong relationships across all client segments. The group has sizeable presence in large retail segment through its businesses such as Life Insurance, Housing Finance, Mutual Fund and Retail Financial Markets. Together with strong network of Sub-Brokers and Authorized Persons, Edelweiss group has presence across all major cities in India.

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2018, it held CA$309.5 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

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