Gimv has entered into exclusive negotiations with Crédit Mutuel Equity to sell its majority stake in Groupe Claire, a specialist in water network equipment and performance solutions.
Investment AB Latour (publ) has, through its wholly-owned subsidiary Latour Future Solutions AB, signed an agreement to invest in Quandify AB (”Quandify”).
Quandify offers intelligent water measurement systems for commercial and private buildings, enabling cost efficient analysis of water consumption, leakage detection, and remote shut off capability. The company’s cloud-based platform uses data analysis combined with a portfolio of patented sensors and a user-friendly app. The business was founded in 2017 and is headquartered in Stockholm with 20 employees.
“One of our investment areas is sustainable water usage. Quandify offers the same possibility to analyze and reduce water consumption in a building as comparable systems already in use for electricity consumption”, says Pelle Mattisson, CEO Latour Future Solutions AB.
”Our system can reduce water consumption by up to 40 per cent and consequently reduce energy consumption by 8 – 16 per cent. This enables more informed water consumption in society. With Latour as long-term partner, we can continue driving this development both internationally and within new customer segments”, says Ramtin Massoumzadeh, CEO and one of three co-founders of Quandify.
The investment will be made via a directed share issue in Quandify AB, where Latour Future Solutions AB enters as a minority owner of approximately 22 per cent of the company.
Gothenburg, 13 July 2023
INVESTMENT AB LATOUR (PUBL)
Johan Hjertonsson, CEO
For further information, please contact:
Pelle Mattisson, CEO, Latour Future Solutions AB, +46 705 80 06 57
Niclas Nylund, Investment Director, Investment AB Latour, +46 708 17 35 85
Latour Future Solutions is an investment area within Latour that targets sustainability-focused growth companies. The ambition is that the investments should contribute to increasing the pace of the transformation to a sustainable society based on all dimensions; environmental, social and economic.
Investment AB Latour is a mixed investment company consisting primarily of a wholly-owned industrial operations and an investment portfolio of listing holdings in which Latour is the principal owner or one of the principal owners. The investment portfolio consists of ten substantial holdings with a market value of about SEK 74 billion. The wholly-owned industrial operations has an annual turnover of SEK 24 billion.
“We have built a great company by combining proven brands with science, monitoring, and controls, to solve today’s utility operating challenges,” said David Stanton, President and CEO of cleanwater1. “Our new name and website are designed to make it easier for our customers to find us and learn how we can help.”
The Swedish company Retein that has developed a patented technology for water separation today announced the successful closing of their latest financing round. The company is being backed by Industrifonden, Butterfly Ventures, Navigare Ventures, and existing owner Chalmers Ventures. The new financing will bring their technology one step closer to industry and people in need.
Retein, until recently named Aquammodate, was founded in 2019 and has developed a patented technology for energy-efficient and high purity water separation. The technology has the potential to reduce the cost for recovering clean water and have lower impact on the environment than traditional methods. The new investment will be used to increase the production of stabilized aquaporins and finalize the development of a filtration module with embedded aquaporins.
Simon Isaksson, co-founder and CEO at Retein, said: “We are excited to welcome Industrifonden, Butterfly Ventures, and Navigare Ventures on board our journey towards enabling sustainable reuse of resources such as clean water. Their extensive experience in scaling and advancing deep tech solutions adds additional strength on our path to realize the transformational potential of our solution”.
The patented molecular separation technology was initially developed over the course of Simon Isaksson’s PhD project under the supervision of Retein co-founder professor Martin Andersson, at Chalmers University of Technology. The foundation of the technology is a biomimetic approach to water separation, as the company has taken inspiration by how aquaporins function in diatoms. The proprietary silica stabilization allows the aquaporins to be used as an additive to various kinds of filters on a wide range of scales.
Iliam Barkino, Principal at Industrifonden, said: “We’re proud to back the team at Retein and their unique technology based on impressive science from Chalmers University of Technology. They are truly unique in the way they have been able to stabilize aquaporins in a similar way that algae do, and we believe in the team that has a mix of highly qualified technological expertise and entrepreneurial experience.”
Munich/Mannheim/São Paulo, February 1, 2023 – VAG, a portfolio company of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8), announces the Add-on acquisition of FKB Válvulas, a specialist Brazil-based valve manufacturer.
VAG’s acquisition of FKB aims to strengthen the company’s product offering across penstocks and knife gate valves, as well as increasing its footprint in Brazil and expanding its customer base globally. This adds to VAG’s acquisition of RTS Válvulas in 2022, another supplier of valves headquartered in São Paulo, Brazil.
Founded in 2000, FKB specialises in the bespoke design and manufacturing of penstock and knife gate valves for customers operating in water, wastewater, dam & hydro, and other industries. The company’s foundations are built on serving its customers right across the value chain from the modelling and consultation phase right to the manufacturing and implementation of its valves.
About VAG Group
VAG is one of the leading manufacturers of valves for water treatment and distribution, wastewater systems, dams and hydropower. The company has been under AURELIUS Group ownership since November 2018. VAG is known throughout the world for its market-leading water valves since 150 years.
Groundworks to Implement a Broad-based Equity Ownership Program for its More Than 4,000 Employees
VIRGINIA BEACH, Va. and NEW YORK, Feb. 1, 2023 /PRNewswire/ — Groundworks, LLC (“Groundworks” or the “Company”), a leading foundation repair and water management services company, and KKR, a leading global investment firm, today announced a significant investment in Groundworks as part of a new strategic partnership with KKR. Cortec Group (“Cortec”), Groundworks’ current growth partner, will remain an important shareholder in the Company and member of the board of directors.
Founded in 2016, Groundworks has more than 4,000 employees operating in 33 states providing residential foundation and water management solutions, including foundation repair, basement waterproofing, crawl space repair and encapsulation, plumbing, gutter installation, and concrete lifting services. The Company’s brands have served over one million customers in the United States.
“In 2016, Groundworks embarked on a bold vision of building the nation’s leading foundation repair and water management services company by investing and rewarding our incredibly talented tradesmen and tradeswomen,” said Matt Malone, Founder & CEO of Groundworks. “KKR is the ideal strategic partner as we enter the next chapter of evolving this industry given their experience and strong track record in supporting growth-oriented companies, extensive global resources, and our shared culture and values. The strategic partnership enables Groundworks to further invest in our predominantly blue collar workforce with equity sharing programs that will allow every colleague to participate in the success they help to create.”
“Groundworks provides essential and highly technical services to homeowners across the country, with a differentiated business model and focus on customer excellence,” said Felix Gernburd, Partner at KKR. “We’re thrilled to support Matt and the entire Groundworks team as they continue to build on their industry-leading position.”
As part of this transaction, Groundworks will expand its equity ownership program to make all employees owners of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 50,000 non-management employees across nearly 30 companies. The new ownership program is aligned with Groundworks’ values and focus on honoring the nation’s tradesmen and tradeswomen.
“Cortec is extremely excited about Groundworks’ new strategic partnership with KKR, through which we will collectively continue what Matt and the team began building in 2016,” said Dave Schnadig, Cortec’s Co-President. “Not only will Groundworks further its leadership at its existing branches, the Company is also exceptionally well positioned to enter new markets and broaden its service offering, both organically and via acquisitions.”
KKR is making the investment primarily through its North America XIII Fund. The transaction, which is subject to receipt of required regulatory approvals and satisfying other customary closing conditions, is expected to close in the first quarter of 2023.
Harris Williams LLC served as exclusive financial advisor and Paul Hastings LLP served as legal counsel to Groundworks. Deutsche Bank Securities Inc. and William Blair & Company, LLC served as buyside financial advisors and Simpson Thacher & Bartlett LLP served as legal counsel to KKR.
Groundworks®, headquartered in Virginia Beach, Va., is the nation’s leading and fastest-growing foundation and water management solutions company. Groundworks Companies provide residential foundation and water management solutions, including foundation repair, basement waterproofing, crawl space repair and encapsulation, plumbing, gutter installation, and concrete lifting services. Groundworks’ combined brands have helped over one million homeowners protect and repair their most valuable asset, their home. Groundworks operates over 50 offices and has been named for six years in a row to the Inc. 5000 Fastest Growing Companies, Qualified Remodeler Top 500, BBB integrity award, and Best Places to Work. For more information about Groundworks, visit www.Groundworks.com, and connect with us on Facebook, Twitter, LinkedIn and Instagram.
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
Founded in 1984, Cortec focuses on investing in and helping management build entrepreneur- and family-owned middle-market business-to-consumer and business-to-business products and services companies in consumer, healthcare, and other attractive end markets. Cortec partners with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. More information about Cortec can be found at www.cortecgroup.com.
London, United Kingdom (12 September 2022) – Arcus Infrastructure Partners (“Arcus”) announces that Arcus European Infrastructure Fund 3 SCSp (“AEIF3” or the “Fund”) has agreed to acquire a c. 83% interest in Workdry International Limited (“Workdry” or the “Company”), with the balance of the shareholding to be held by the current majority owners of the business (the Bright family) and key individuals from the Company’s management team.
The acquisition of Workdry, the UK’s leading leasing provider of water pump and wastewater treatment assets, marks the first investment for the new Fund. Workdry operates through trading brands Selwood and Siltbuster and serves customers across the water utility, large-scale infrastructure and construction sectors. The Company’s assets are critical to managing the maintenance lifecycle of the UK’s water infrastructure network, supporting the UK’s wastewater treatment network through periods of high demand and maintenance, and for general water displacement needs related to large-scale infrastructure and construction projects. In addition to its core asset leasing activities, the Company provides highly specialised services such as surveying, system design, installation and monitoring.
Workdry’s market leading position is supported by its extensive regional footprint, sizeable asset base and deep operating expertise. The Company operates from a depot network of 22 locations, with a fleet of over 5,500 pumps (plus ancillary equipment) and 3,000 modular wastewater treatment systems. Workdry’s c. 550-person employee base, including its solutions engineering team, ensures a highly responsive and unique value-add leasing proposition for its high-quality customer base, which includes the majority of the UK’s water utilities as well as leading engineering, infrastructure and construction firms. Its assets play a key role in the delivery of landmark UK infrastructure projects such as Crossrail, HS2 and Hinkley Point as well as major construction projects across the country.
Richard Brown, CEO of Workdry, said: “Workdry is an incredibly successful business that has grown significantly over the past decade in line with the Board’s plans to deliver the very best in complete water handling and treatment solutions on a regional, national and international scale.”
“Delivering the next steps in our growth required new and experienced investors to enable us to scale up while continuing to deliver the quality assets and services that our customers associate with our Selwood and Siltbuster brands. The team at Arcus shares our values, vision and commitment to outstanding provision of mission-critical assets and services, and their investment will enable us to deliver on those ambitions, building on all we have achieved to date to strengthen our position as a European leader in water and wastewater asset leasing and integrated solutions.”
Jordan Cott, Arcus Partner and Head of Logistics & Industrials Origination, who led the transaction, said: “We have spent significant time reviewing value-add industrial asset leasing businesses in Europe, and Workdry stood out as a key target not only due to its strong management team and market leading position but also given its strong fit with Arcus’ infrastructure investment strategy. The Company’s essential role for its customers has become even more important given increasingly stringent regulation and public scrutiny with respect to the UK’s water and wastewater infrastructure. We look forward to partnering with the Bright family and Workdry’s very strong senior management team in delivering the next phase of growth for the business.”
Commenting on the acquisition, Ian Harding, Managing Partner and Head of Origination at Arcus said: “We are extremely pleased to announce our investment in Workdry, a significant announcement for Arcus as we make our first investment in our new Fund. Workdry represents a strong fit with the AEIF3’s investment strategy of targeting mid-market, value-add infrastructure businesses. As with many Arcus investments, we are delighted to be partnering with a business with such an extensive operating history and are looking forward to developing the business further in this essential UK industry.”
Arcus was advised by Lincoln (M&A and Financing), Santander (Financing), LEK (Commercial), WSP (Technical), Macfarlanes (Legal), PWC (Financial, Tax and IT), and AON (Insurance).
Arcus Infrastructure Partners is an independent fund manager focused solely on long-term investments in European infrastructure. Arcus invests on behalf of institutional investors through discretionary funds and special co-investment vehicles and, through its subsidiaries, currently manages investments with an aggregate enterprise value of EUR c.19bn (as of 30 June 2022). Arcus targets mid-market, value-add infrastructure investments, with a particular focus on businesses in the digital, transport, logistics & industrials, and energy sectors.
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The investment will enable the company to fuel continued growth due to the increasing prevalence of municipal water quality issues driven by climate change, increasing population density, aging infrastructure and resource scarcity.
“Baird Capital provides more than just a source of capital,” said Andy Seidel, Chief Executive of UGSI. “Their partnering approach, industrial presence and deep experience with growth companies provide the bench strength for the next stage of growth for UGSI solutions.”
“We are very pleased to partner with Andy and UGSI’s strong leadership team,” said Rob Ospalik, Partner with Baird Capital’s private equity team. “This investment aims to drive continued growth and operational improvements across the business so UGSI can continue innovating and driving success for their customer base.”
Ospalik and Becca Schlagenhauf, Vice President, have joined UGSI’s board of directors as part of the investment deal. Raymond James & Associates, Inc. (“Raymond James”) served as the financial advisor to UGSI. Additional financial details were not disclosed.
For more information on Baird Capital’s investment approach to Sustainability, visit www.BairdCapital.com.
About UGSI Solutions, Inc.
UGSI Solutions, Inc. provides a suite of water quality management technologies and chemical feed solutions to municipal and industrial clients. With a history that reaches back over 100 years, UGSI Solutions combines iconic brands such as Encore® metering pumps, Varea-Meter® flow meters and Polyblend® polymer activation systems with today’s cutting-edge technologies such as Microclor® on-site hypochlorite generation, Monoclor® RCS disinfectant residual management and PAX tank and reservoir mixing systems. From tank mixing, to DBP removal, to disinfectant residual management and polymer activation – UGSI Solutions offers a full set of plant based and “outside the fence” water quality solutions. Tens of thousands of installations validate our experience and know-how in the areas of chemical feed and disinfection. UGSI Solutions makes your water and wastewater chemicals work harder for you.
About Baird Capital
Baird Capital manages two investment platforms: Global Private Equity and U.S. Venture Capital and makes investments in B2B technology & services-focused companies around the world. Having invested in 335 companies over its history, Baird Capital partners with entrepreneurs and, leveraging its executive networks, strives to build exceptional companies. Baird Capital provides operational support to its portfolio companies through teams on the ground in the United States, Europe and Asia, a proactive portfolio operations team and a deep network of relationships, which together strive to deliver enhanced shareholder value. Baird Capital is the direct private investment arm of Robert W. Baird & Co. For more information, please visit BairdCapital.com.
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Munich/Mannheim/São Paulo, April 4, 2022 – VAG, a portfolio company of AURELIUS Equity Opportunities SE & Co. KGaA (ISIN: DE000A0JK2A8), closed the acquisition of RTS (Brazil), a supplier of valve solutions, from the company’s previous owner. RTS’ well-known market position and customer base looks set to allow VAG to expand its geographical reach along with complementary product portfolios of the two companies. This will allow VAG to offer a broad range of high-quality water flow control solutions for water treatment and distribution, wastewater management, dams and hydropower.
RTS is a leading Brazil-based manufacturer of valve solutions used in water, wastewater and other industries such as energy. The company is headquartered in Guarulhos – São Paulo, Brazil, and has a well-established customer base in its home country. Becoming a VAG Group brand, RTS will support VAG’s growth in Brazil and other Latin American markets. RTS and VAG have been collaborating since 2004 and RTS has been an official VAG distributor in Brazil since 2012.
“We are very pleased about this opportunity for VAG and RTS to join forces and offer even better products and services to our customers in Brazil and Latin America with RTS becoming one of VAG’s Group brands. RTS has been a trusted partner of VAG for many years, so our two companies already know each other very well. We are confident that together we will be able to respond to our customer needs in Brazil better than ever before”, says Dr. Jan Nopper, CEO of VAG Group.
“This acquisition will further strengthen VAG’s position in the region towards a market leading position. It is our fifth add-on acquisition in 2022, underlining AURELIUS’ highly successful buy-and-built strategy of value creation for both our portfolio companies and our investors.” says Matthias Täubl, CEO of AURELIUS Equity Opportunities SE & Co. KGaA.
AURELIUS/VAG were advised on the transaction by KPMG (Financial, Labour, Tax) and Machado Meyer (Legal).
About VAG Group
VAG is one of the leading suppliers of valves for water treatment and distribution, wastewater systems, dams and hydropower. It belongs to the AURELIUS Group since November 2018. VAG is known throughout the world for its market-leading water valves since 150 years. The company is active in both the production and distribution of standard products and the global project business.