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Dr Vranjes Firenze invests in Japan

Bleugem

Dr Vranjes Firenze has agreed to acquire Dr Vranjes Japan, making Japan its second most important market after Italy

Bluegem Capital Partners, the specialist pan-European private equity fund investing in consumer brands underpinned by non-discretionary demand and megatrend tailwinds, is pleased to announce the acquisition of Dr Vranjes Japan. The Japanese wholesale and retail business will be consolidated as part of the Dr Vranjes Group.

Dr Vranjes Firenze was founded in 1983 by Master Perfumer Dr Paolo Vranjes and has become the market leader of luxury home fragrances internationally, with Japan representing a strong and growing market. Already famous for its home fragrances, Dr. Vranjes has expanded its range to scented candles, car perfumes and most recently also to personal care. It now exports to 70 countries from its facility near Florence, with Japan representing the second largest market for the business.

Since Bluegem’s initial investment in 2017 Dr Vranjes has grown rapidly and continues to capture increased market share at home and abroad.  The business is projected to close 2022 with revenues of close to €40 million revenue, up from about €10 million at the time of the acquisition, representing a CAGR of over 25%.

CEO of Dr Vranjes Firenze Giuseppe Colotto said:

“The integration of the Japanese business into the Dr Vranjes Group is an important milestone on our continued rapid growth trajectory and brings an opportunity to accelerate growth in a region where the customer base is loyal and market share continues to grow.“

The seller further commented:

“Dr Vranjes is recognised as a great heritage brand in Japan and since establishing the business in Japan 15 years ago the brand has captured a significant share of the market.“

 About Bluegem Capital Partners LLP

Bluegem is a specialist private equity firm investing in non-discretionary brands underpinned by resilient demand and megatrend tailwinds.  Bluegem have an experienced Portfolio Team, working alongside the Investment Team, to offer a toolkit for accelerating business growth. This includes, among other things, 360 degree digitalisation of the businesses (including the use of artificial intelligence), international expansion (main focus on the USA) and product innovation.  With a track record of investing across Europe through different economic cycles, Bluegem focus on non-discretionary consumer segments benefiting from secular megatrends, including Beauty & Personal Care; Household Care; Food & Beverage; Baby Care; Pet Care and Health & Wellness.  More information about Bluegem can be found at www.bluegemcp.com.

Categories: News

GIP and KKR-led Consortium Enters Into Strategic Co-control Partnership With Vodafone to Invest in Vantage Towers AG

KKR

Two of the world’s leading infrastructure investors and Vodafone team up to jointly transform Vantage Towers into a leading player in the European telecoms tower sector

  • The Consortium, as partner to Vodafone, will co-control Vodafone’s c. 81.7% stake in Vantage Towers and launch a public takeover offer to the minority shareholders of the company for the remaining c. 18.3%
  • GIP and KKR together with Vodafone intend to provide the deep infrastructure expertise needed to accelerate Vantage Towers’ strategic and operational development
  • The strategic partners intend to support an ongoing multibillion euro investment program over the next five years in order to improve Vantage Towers’ existing infrastructure and expand and upgrade its network
  • The Consortium will support the development of Europe’s digital infrastructure by driving network expansion and enabling the deployment of next-generation technologies
  • The public takeover will be launched at an offer price of EUR 32.0 per Vantage Towers share, representing a 19% premium to the 3-month volume-weighted average share price

LONDON & FRANKFURT–(BUSINESS WIRE)– Today, a consortium of funds led by Global Infrastructure Partners (“GIP”) and KKR (together “the Consortium”) entered into a strategic co-control partnership with Vodafone GmbH (“Vodafone”) for Vodafone’s c. 81.7% stake in Vantage Towers AG (“Vantage Towers” or “the company”), a leading telecoms tower company in Europe. Vodafone will transfer its stake in Vantage Towers to a holding company (“Oak BidCo”), which will be indirectly co-controlled by Vodafone and the Consortium. The Consortium will obtain a shareholding of up to 50%. Oak BidCo will launch a voluntary public takeover offer for all outstanding free float shares of Vantage Towers AG comprising c. 18.3% of the share capital.

GIP and KKR will be investing through their core infrastructure strategies. Tower Bridge Infrastructure Partners1 will be part of the Consortium as a co-investor, with additional funding for the transaction provided by the Public Investment Fund (“PIF”).

Together, GIP, KKR and Vodafone will provide deep infrastructure expertise to help advance the company’s strategic plans. The Consortium and Vodafone share a joint ambition to accelerate the company’s growth trajectory through additional investments by Vantage Towers in its network and expansion into fast-growing adjacent markets. The Consortium and Vodafone aim to expand Vantage Towers’ business to create a leading pan-European telecoms tower business.

Already a leader in its core markets today, Vantage Towers has a large footprint of approximately 83,000 sites in ten countries, long-term agreements with high-quality tenants and a deep and dense network in the markets in which it operates. The company benefits from consistent organic growth, stable margin development and strong cash generation driven by significant revenue visibility and enhanced commercialization of its tower footprint. In 2021, Vantage Towers signed a landmark agreement with 1&1 Mobilfunk GmbH to support the company in the rapid roll-out of its 5G network, covering potentially up to 5,000 existing sites throughout Germany for the next 20 years.

“We’re delighted to join forces with Vodafone and KKR to invest in Vantage Towers, a high-quality European tower portfolio with strong upside potential. We are looking forward to capturing the exciting value-creating opportunities in the European telecoms infrastructure sector by advancing Vantage Towers’ strategy and supporting its capacity to build new sites. As strategic partners with Vodafone and KKR, we will bring our deep infrastructure expertise and resources to help the company deliver the best data connectivity for individuals and businesses and contribute to enabling Europe’s digital future in the interest of all stakeholders,” said Will Brilliant, Partner and Head of Digital Infrastructure at GIP.

“Together with our strategic partners Vodafone and GIP, we believe Vantage Towers’ high-quality footprint and network across the region ideally position it to meet the ever-growing demand for mobile connectivity in Europe. We have a shared goal of creating a pan-European telecoms champion by continuing to grow and develop the business, leveraging the Consortium’s significant telecoms infrastructure investment experience and global resources. At KKR we are long-term conviction investors in Europe’s digital infrastructure and at Vantage Towers we intend to pursue value-creating investments to capitalise on the growth in this sector and to help drive consolidation in a fragmented market,” said Vincent Policard, Partner and Co-Head of European Infrastructure at KKR.

“This is a landmark moment for both Vodafone and Vantage Towers. This transaction successfully delivers on Vodafone’s stated aims of retaining co-control over a strategically important asset, deconsolidating Vantage Towers from our balance sheet to ensure we can optimise its capital structure and generate substantial upfront cash proceeds for the Group to support our priority of deleveraging. We are excited to partner with GIP and KKR, both world-class investors who bring significant expertise in digital infrastructure and share our long-term vision for Vantage Towers as we collectively take the business to the next stage of its growth,” said Nick Read, Vodafone Group Chief Executive.

Investing in the modernization of Europe’s mobile infrastructure
Together, the strategic partners plan to support Vantage Towers’ multibillion investment program over the next 5 years in order to improve existing infrastructure and to expand as well as upgrade the network. Through their strategic co-control partnership, the Consortium and Vodafone intend to support Vantage Towers to:

  • Accelerate the company’s ambitious program to build new sites for existing clients (“Build-to-suit”, “BTS”) that helps them to meet their coverage obligations and densification requirements.
  • Enhance Vantage Towers’ commercial capabilities and drive the utilization of existing assets by capturing additional co-location opportunities from new and existing third-party customers.
  • Expand the company’s activities beyond its core business into fast-growing adjacent markets such as 5G private networks, data centers, edge computing, small cells and the internet-of-things (“IoT”), and deploying fiber to the tower ecosystem.
  • Further drive consolidation in the European tower sector.

This European growth strategy is expected to allow Vantage Towers to further diversify its tenant base, increase the size and depth of its tower portfolio, while also creating further cost efficiencies and improving its profitability.

With further investments into Vantage Towers’ network, the Consortium and Vodafone are supporting Europe’s digitalization efforts and ensuring that mobile telecommunications infrastructure can keep up with the rapidly rising demand for data traffic and connectivity. Emerging trends such as autonomous driving, telemedicine, virtual/augmented reality, smart farming and IoT depend on the data services and infrastructure that enable them. Vantage Towers has the DNA of a carrier-neutral infrastructure provider, which will play a key role in empowering a sustainably connected Europe. The Consortium is aware of its responsibility to provide access to communications services for the community. It also recognizes the importance of sustainably stewarding these critical assets and is committed to ensuring that Vantage Towers remains a highly attractive employer in the industry.

GIP and KKR have a long track record of collaboration in the infrastructure sector
Both GIP and KKR are leading global infrastructure investors. Together, they form a Consortium with unique experience and expertise in global infrastructure investing, particularly in the digital and communications sector. Both companies share a longstanding institutional relationship and have a proven track record of acting together within one consortium. The Consortium is a strong financial partner for Vantage Towers with access to ample liquidity and long-term value creation objectives to support the business and the necessary investments at this pivotal moment for the industry.

Voluntary takeover offer
As part of their strategic co-control partnership, the Consortium and Vodafone will launch a voluntary public takeover offer to the shareholders of Vantage Towers through Oak BidCo. Vantage Towers’ shareholders will be offered EUR 32.0 per share in cash. Vantage Towers’ shareholders will benefit from a 19% premium to the 3-month volume-weighted average share price.

The voluntary takeover offer will be subject to various customary offer conditions, including the receipt of regulatory antitrust and FDI approvals, with closing expected in the first half of 2023.

As part of the transaction, Oak BidCo and Vantage Towers have entered into a Business Combination Agreement in which Vantage Towers undertook to support the takeover offer. Subject to their review of the offer document, the management board and supervisory board of Vantage Towers welcome and support the offer and intend to recommend that Vantage Towers’ shareholders accept the offer. The current management board members of Vantage Towers will continue to lead the company.

Further, the Consortium and Vodafone intend to implement a domination profit and loss transfer agreement (“DPLTA”) if the final shareholding of Oak BidCo in Vantage Towers is below 95%, or a squeeze-out of non-Oak-BidCo minority shareholders if the aggregate shareholding of Oak BidCo in the company is 95% or higher. Post-closing, Vodafone and the Consortium will consider removing Vantage Towers’ public listing from the Frankfurt Stock Exchange.

Offer document and further information
The voluntary public takeover offer will be made pursuant to an offer document to be approved by the German Federal Financial Supervisory Authority (BaFin). This offer document will be published following receipt of permission from BaFin, at which point the initial acceptance period of the takeover offer will commence. The offer document (in German and a non-binding English translation) and other information pertaining to the public takeover offer will be published on the following website: https://angebot.wpueg.de/oak/.

GIP and KKR are advised by Morgan Stanley as exclusive financial advisor and Latham & Watkins as legal advisor.

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About Vantage Towers
Vantage Towers is a leading tower company in Europe with around 83,000 sites in ten countries, connecting people, businesses and devices in cities and rural areas.

The company was founded in 2020 and is headquartered in Düsseldorf. Vantage Towers has been listed on the Deutsche Börse’s Prime Standard in Frankfurt since 18 March 2021. The shares are included in the MDAX, TecDAX, STOXX Europe 600 and FTSE Global Midcap Indices.

Vantage Towers’ portfolio includes towers, masts, rooftop sites, distributed antenna systems (DAS) and small cells. By building, operating and leasing this infrastructure to MNOs or other network providers such as IoT companies or utilities, Vantage Towers is making a significant contribution to a better-connected Europe.

While already 100% of the electricity that Vantage Towers uses to operate its infrastructure is obtained from renewable energy sources, green energy is increasingly being generated directly on site with the help of solar panels, micro wind turbines and in future also hydrogen solutions. This fits well into the overall strategy of the company to drive a sustainable digitalisation in Europe and to support partners through technological innovation in decarbonisation and achieving their climate goals.

For more information, please visit our website at www.vantagetowers.com, follow us on Twitter at @VantageTowers or connect with us on LinkedIn at www.linkedin.com/company/vantagetowers.

About Vodafone
Unique in its scale as the largest pan-European and African technology communications company, Vodafone transforms the way we live and work through its innovation, technology, connectivity, platforms, products and services.

Vodafone operates mobile and fixed networks in 22 countries, and partners with mobile networks in 47 more. As of 30 June 2022, we had over 300 million mobile customers, more than 28 million fixed broadband customers and 22 million TV customers. Vodafone is a world leader in the Internet of Things (“IoT”), connecting around 160 million devices and platforms.

We have revolutionised fintech in Africa through M-Pesa, which celebrates its 15th anniversary in 2022. It is the region’s largest fintech platform, providing access to financial services for more than 50 million people in a secure, affordable and convenient way.

Our purpose is to connect for a better future by using technology to improve lives, digitalise critical sectors and enable inclusive and sustainable digital societies.

We are committed to reducing our environmental impact to reach net zero emissions across our full value chain by 2040, while helping our customers reduce their own carbon emissions by 350 million tonnes by 2030. We are driving action to reduce device waste and achieve our target to reuse, resell or recycle 100% of our network waste.

We believe in the power of connectivity and digital services to improve society and economies, partnering with governments to digitalise healthcare, education and agriculture and create cleaner, safer cities. Our products and services support the digitalisation of businesses, particularly small and medium enterprises (SMEs).

Our inclusion for all strategy seeks to ensure no-one is left behind through access to connectivity, digital skills and creating relevant products and services such as access to education, healthcare and finance. We are also committed to developing a diverse and inclusive workforce that reflects the customers and societies we serve.

For more information, please visit http://www.vodafone.com, follow us on Twitter at @VodafoneGroup or connect with us on LinkedIn at http://www.linkedin.com/company/vodafone.

About Global Infrastructure Partners
GIP is a leading independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries. Headquartered in New York, GIP operates out of 10 offices: New York, London, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. GIP manages c. US $84 billion for its investors. GIP’s portfolio companies have combined annual revenues of c. US $68 billion and employ over 100,000 people. For more information, visit www.global-infra.com.

About KKR
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.

KKR established its Global Infrastructure business in 2008 and has since grown to one of the largest infrastructure investors globally with a team of more than 75 dedicated investment professionals. The firm currently oversees approximately US$50 billion in infrastructure assets globally as of 30 September, 2022, and has made over 65 infrastructure investments across a range of sub-sectors and geographies. KKR’s infrastructure platform is devised specifically for long term, capital intensive structural investments.

For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

1 Separately Managed Account managed by GIP

Media Contact Consortium (on behalf of GIP and KKR)

Germany

Thea Bichmann
Mobile: +49 172 13 99 761
Email: thea.bichmann@fgsglobal.com

Christian Falkowski
Mobile: +49 171 86 79 950
Email: christian.falkowski@fgsglobal.com

UK

Alastair Elwen
Telephone: +44 20 7251 3801
Email: alastair.elwen@fgsglobal.com

Sophia Johnston
Telephone: +44 20 7251 3801
Email: sophia.johnston@fgsglobal.com

Source: KKR

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Aurora Capital Partners Promotes Bianca Sganga to Vice President

Aurora Capital

LOS ANGELES, Nov. 9, 2022 /PRNewswire/ — Aurora Capital Partners (“Aurora” or the “Firm”) is pleased to announce that Bianca Sganga has been promoted to Vice President. Prior to joining Aurora in 2019 as an Associate, Bianca worked in the Investment Banking Division at Goldman Sachs in both New York and Sydney.

At Aurora, Bianca has worked closely with Aurora portfolio companies Premier Roofing, where she is a member of the Board of Directors, and Randall Reilly. She has also played an active role in the Firm’s recruiting and training efforts for new Associates. Bianca earned her B.S. in Chemical Engineering from Columbia University.

“Bianca has been an outstanding contributor since joining Aurora, both internally as a key member of the investment team and externally to our portfolio companies,” said Matt Laycock, a Partner at Aurora. “Our team and culture are our most important assets at Aurora, and we look forward to Bianca’s continued growth in her new role.”

Aurora recently completed the sale of VLS Environmental Solutions to I Squared Capital in August as well as the sale of National Technical Systems to Element Materials Technology Group in September, the latter of which marked the final exit from Aurora’s Fund IV. The Firm also recently completed the take-private acquisition of Sharps Compliance in August and acquired Universal Pure in November.

About Aurora Capital Partners
Aurora Capital Partners is a leading Los Angeles-based private equity firm with over $4.5 billion in assets under management. Founded in 1991, the firm focuses principally on control investments in middle-market companies with leading market positions, stable industry dynamics, attractive business model characteristics and actionable opportunities for growth in partnership with management. Aurora provides unique resources to its portfolio companies through its Strategy & Operations Program and its team of experienced operating advisors. Aurora’s investors include leading public and corporate pension funds, endowments and foundations active in private equity investing. For more information about Aurora Capital Partners, visit: www.auroracap.com.

Media Contacts:
Aurora Capital Partners
ASC Advisors
Taylor Ingraham / Harriet Hartman
+1 (203) 992-1230
tingraham@ascadvisors.com / hhartman@ascadivsors.com

SOURCE Aurora Capital Partners

Categories: People

KKR BRINGS TOGETHER BETTCHER INDUSTRIES AND FRONTMATEC TO BUILD A GLOBAL LEADER IN PROTEIN PROCESSING AUTOMATION

KKR

NEW YORK – November 10, 2022 – KKR, a leading global investment firm, and Bettcher Industries (“Bettcher”), a KKR portfolio company, today announced that Bettcher has completed the acquisition of Frontmatec, a global manufacturer of end-to-end automated solutions for pork and beef processing with world-class robotics capabilities. Frontmatec will join Bettcher, a leading manufacturer of protein processing equipment, to form a global market leader in protein processing automation.

The acquisition of Frontmatec represents an important step in building a diversified, scaled platform of food processing automation technologies with best-in-class capabilities to serve customers globally. Frontmatec’s leading robotics, vision systems, intelligent software and other capabilities as well as its global footprint and strong presence in Europe, are highly strategic and complementary to Bettcher’s leading focus on semi-automated protein processing tools and automated poultry processing systems.

Dan Daniel, Executive Advisor at KKR and Chairman of Bettcher, said, “We are excited to establish and build a platform that brings together two great companies who share a common vision of solving their customers’ problems in the protein processing automation space. From a strategic standpoint, the acquisition will allow us to invest in even greater innovation that helps our customers achieve enhanced productivity, automation and worker safety on a global scale. We are excited to continue building on the platform from here.”

As part of a KKR-owned platform, Bettcher and Frontmatec will continue to operate independently under their existing brands and leadership teams. The companies expect to collaborate on sharing best practices and driving future innovation and product development. They will also explore further strategic acquisition opportunities, including bringing additional businesses with leading brands into the platform.

Frontmatec CEO, Allan Kristensen, said, “Bringing the strengths of our companies together will enable us to deliver special innovation to the market. Culturally, our two companies are a great fit as we share the same passion for customer focus, developing high-quality solutions that will meet the accelerating global demand for higher yields in production as well as improved food quality and worker/people safety.”

The employee engagement program established by KKR will be extended to all Fontmatec employees. A key pillar of the program is allowing all employees to take part in the benefits of ownership by granting them the opportunity to participate in any equity return alongside KKR.

KKR’s investments in Bettcher and Frontmatec were made through its North America Fund XIII.

About Frontmatec
Headquartered in Kolding, Denmark, Frontmatec is a leader in end-to-end automated solutions for the red meat processing industry. Frontmatec serves customers worldwide through its global manufacturing and service footprint, including many of the world’s largest red meat processors. It is a full-line supplier of processing equipment, parts and services, instruments as well as controls software, which help solve key issues pertaining to yield, health and safety, animal welfare, food quality and more. For more information, please visit https://www.frontmatec.com/en.

About Bettcher Industries
Headquartered in Birmingham, Ohio, Bettcher is a leading developer and manufacturer of innovative equipment in the food processing and medical device industries. The Bettcher portfolio includes the following: Bettcher, a designer and manufacturer of handheld trimmers, tools, and cutting consumables for all protein applications; Cantrell-Gainco, a manufacturer of processing equipment and yield enhancement and yield tracking systems for various protein operations; ICB Greenline, an aftermarket replacement parts and services company focused on poultry processing; and, Exsurco Medical, a leading-edge medical device company that provides innovative products and services to transform surgical grafting, debridement, and recovery outcomes for patients with burn and trauma wounds. For more information, please visit https://www.bettcher.com/en

About KKR
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.

 

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Balance Point Announces its Investment in the Sylmar Group

Balance Point Capital
Westport, CT, November 8, 2022 – Balance Point Capital Advisors, LLC (“Balance Point”), in conjunction with its affiliated fund, Balance Point Capital Partners IV, L.P., is pleased to announce an investment in the Sylmar Group (“Sylmar”, or the “Company”).  Balance Point provided debt capital as part of a flexible financing solution that facilitated Sylmar’s acquisitions of two businesses in the water and wastewater industry.
Founded in 2020, and headquartered in Los Angeles, CA, Sylmar is a buy-and-build platform dedicated to investing in legacy operating businesses in the large, growing, and fragmented water and wastewater industry. Sylmar’s founding team of Peter Brooks and Michael Warady have decades of combined experience across sales, operations, and investment in the water industry, and have worked together since 2017. Sylmar’s first two platform businesses are regional leaders in the Southwest U.S., providing mission critical industrial water treatment and water pump/well maintenance services to commercial and utility customers.
“We are thrilled to partner with the Sylmar team as the Company enters an exciting new phase of growth,” said Balance Point Managing Partner Seth Alvord. “We look forward to supporting the Company as they expand their platform and provide high-quality, essential services to their customers.”
Peter Brooks, co-founder and CEO of Sylmar, said, “Balance Point has been an incredible partner and helped us reach a new level as a business. Everyone on our team appreciates their insight, counsel, and ongoing support as we scale and continue to serve our customers.”
About Balance Point
Balance Point is an alternative investment manager focused on the lower middle market. With approximately $1.7 billion in assets under management, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. Balance Point takes a long-term, partnership approach to investing and is committed to building lasting relationships with its partners, management teams and intermediaries. Balance Point is a registered investment advisor. Further information is available at www.balancepointcapital.com.
About Sylmar Group
Sylmar Group buys and builds mission-critical service businesses in the water and wastewater sector from founders and entrepreneurs. Combining decades of industry experience with committed, patient capital, Sylmar Group scales legacy businesses that serve to protect public health and the environment. For more information about Sylmar, please visit our website at www.sylmargrp.com.

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CNSI and Kepro Announce Merger to Create Leading Healthcare Solutions Company

Apax
8th November 2022

Combined company to drive improvements in health outcomes through technology enablement, data analytics, and clinical expertise

McLean, VA, and Nashville, TN, November 9, 2022 – CNSI, a leading provider of innovative healthcare technology products and solutions, and Kepro, a leading provider of technology-enabled care management, quality oversight, and clinical assessment services announced an agreement to merge. The combined company will help government-sponsored healthcare agencies and payers expand healthcare access, enhance quality, improve health outcomes, and lower costs through its clinical services, provider management, health claims and encounter processing, interoperability, and health analytics services and solutions. CNSI is backed by funds advised by global investment firm Carlyle (NASDAQ: CG), and Kepro is a portfolio company of funds advised by Apax Partners LLP (“Apax Funds”), which will be exiting its investment through this transaction.

Todd Stottlemyer, CNSI’s CEO, will lead the new company. Susan Weaver, MD, Kepro’s President and CEO, will become President. Both leaders will sit on the company’s board of directors.

“The combination of CNSI and Kepro aligns with the strategic objectives of both companies to deploy technology-enabled products, solutions, and services that help our clients achieve their mission and better serve their priority populations,” said Stottlemyer. He added: “I am excited about our ability to provide a full array of services and solutions that will help our clients meet the holistic health needs of those they serve.”

“Healthcare is changing rapidly, and we believe the combination of our capabilities will help our clients meet and adapt to these changes,” said Dr. Weaver. “Kepro gains a partner with extensive large-scale, systems implementation experience, and CNSI gains a partner with deep clinical expertise. Together our employees will also benefit with new opportunities to diversify their skillsets and advance their careers,” Weaver added.

Dayne Baird, CNSI Board Member and Managing Director at Carlyle, said: “We are incredibly excited by the combination of these two highly differentiated businesses and the opportunity to partner with Todd, Susan, and their talented leadership teams. The combination brings CNSI’s leading health technology capabilities together with Kepro’s clinical expertise and unique service offerings, allowing the company to better serve its clients and improve care quality and health outcomes.”

Andrew Cavanna, Kepro Board Member and Partner at Apax, said: “We are proud to have supported Kepro in its evolution over the past five years. Through the leadership of Susan and her management team, the business grew its capabilities and the value it delivers to its customers. We wish the combined company every success in the future.”

CNSI is headquartered in McLean, VA, and Kepro is headquartered in Nashville, TN. Both locations will be maintained. The newly merged company will rebrand in early 2023.

The new company is backed by Carlyle (NASDAQ: CG), a global investment firm. Latham & Watkins LLP acted as legal advisor to CNSI and Carlyle. Centerview Partners acted as an investment advisor to Kepro and Apax, and Kirkland & Ellis served as legal advisor to both Kepro and Apax. The transaction is expected to close in December 2022, subject to customary closing conditions.

 

About CNSI

CNSI delivers a broad range of health information technology enterprise solutions and products to a diverse base of state and federal agencies in the United States that help clients achieve their mission, enhance business performance, reduce costs, and improve the health of individuals and communities. Headquartered in McLean, VA, CNSI’s global workforce includes 1,200 employees, including a world-class team of technologists, program managers, and subject matter experts with large-scale, mission-critical information technology implementation experience.

About Kepro

Founded in 1985 by physicians, Kepro provides technology-enabled services for priority populations to help them remain in the home or community of their choice. Kepro partners with government and private healthcare payers to maximize healthcare quality, improve accuracy, and increase efficiency. The company’s three core solution lines, care management, quality oversight, and assessments and clinical eligibility, ensure that clients’ beneficiaries receive the right care delivered in the right place at the right time. Kepro’s workforce numbers over 1,700 employees, including 600 full-time clinicians, across 17 U.S.-based offices, as well as a network of 4,500 physicians and 450 clinicians who serve on their advisory and review panels.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $369 billion of assets under management as of September 30, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.

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CNSI and Kepro Announce Merger to Create Leading Healthcare Solutions Company

Apax

Combined company to drive improvements in health outcomes through technology enablement, data analytics, and clinical expertise

McLean, VA, and Nashville, TN, November 9, 2022 – CNSI, a leading provider of innovative healthcare technology products and solutions, and Kepro, a leading provider of technology-enabled care management, quality oversight, and clinical assessment services announced an agreement to merge. The combined company will help government-sponsored healthcare agencies and payers expand healthcare access, enhance quality, improve health outcomes, and lower costs through its clinical services, provider management, health claims and encounter processing, interoperability, and health analytics services and solutions. CNSI is backed by funds advised by global investment firm Carlyle (NASDAQ: CG), and Kepro is a portfolio company of funds advised by Apax Partners LLP (“Apax Funds”), which will be exiting its investment through this transaction.

Todd Stottlemyer, CNSI’s CEO, will lead the new company. Susan Weaver, MD, Kepro’s President and CEO, will become President. Both leaders will sit on the company’s board of directors.

“The combination of CNSI and Kepro aligns with the strategic objectives of both companies to deploy technology-enabled products, solutions, and services that help our clients achieve their mission and better serve their priority populations,” said Stottlemyer. He added: “I am excited about our ability to provide a full array of services and solutions that will help our clients meet the holistic health needs of those they serve.”

“Healthcare is changing rapidly, and we believe the combination of our capabilities will help our clients meet and adapt to these changes,” said Dr. Weaver. “Kepro gains a partner with extensive large-scale, systems implementation experience, and CNSI gains a partner with deep clinical expertise. Together our employees will also benefit with new opportunities to diversify their skillsets and advance their careers,” Weaver added.

Dayne Baird, CNSI Board Member and Managing Director at Carlyle, said: “We are incredibly excited by the combination of these two highly differentiated businesses and the opportunity to partner with Todd, Susan, and their talented leadership teams. The combination brings CNSI’s leading health technology capabilities together with Kepro’s clinical expertise and unique service offerings, allowing the company to better serve its clients and improve care quality and health outcomes.”

Andrew Cavanna, Kepro Board Member and Partner at Apax, said: “We are proud to have supported Kepro in its evolution over the past five years. Through the leadership of Susan and her management team, the business grew its capabilities and the value it delivers to its customers. We wish the combined company every success in the future.”

CNSI is headquartered in McLean, VA, and Kepro is headquartered in Nashville, TN. Both locations will be maintained. The newly merged company will rebrand in early 2023.

The new company is backed by Carlyle (NASDAQ: CG), a global investment firm. Latham & Watkins LLP acted as legal advisor to CNSI and Carlyle. Centerview Partners acted as an investment advisor to Kepro and Apax, and Kirkland & Ellis served as legal advisor to both Kepro and Apax. The transaction is expected to close in December 2022, subject to customary closing conditions.

 

About CNSI

CNSI delivers a broad range of health information technology enterprise solutions and products to a diverse base of state and federal agencies in the United States that help clients achieve their mission, enhance business performance, reduce costs, and improve the health of individuals and communities. Headquartered in McLean, VA, CNSI’s global workforce includes 1,200 employees, including a world-class team of technologists, program managers, and subject matter experts with large-scale, mission-critical information technology implementation experience.

About Kepro

Founded in 1985 by physicians, Kepro provides technology-enabled services for priority populations to help them remain in the home or community of their choice. Kepro partners with government and private healthcare payers to maximize healthcare quality, improve accuracy, and increase efficiency. The company’s three core solution lines, care management, quality oversight, and assessments and clinical eligibility, ensure that clients’ beneficiaries receive the right care delivered in the right place at the right time. Kepro’s workforce numbers over 1,700 employees, including 600 full-time clinicians, across 17 U.S.-based offices, as well as a network of 4,500 physicians and 450 clinicians who serve on their advisory and review panels.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $369 billion of assets under management as of September 30, 2022, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,100 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

About Apax

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For further information about Apax, please visit www.apax.com.

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EQT strengthens and diversifies its management team with key leadership appointments

eqt

EQT AB (EQT) today announced three key additions to its Executive Committee (ExCom).

Suzanne Donohoe joins as Chief Commercial Officer (“CXO”) and will lead a newly-formed platform to drive EQT’s external commercial activities. She joins EQT most recently from KKR where she was a Partner & Global Head of Strategic Growth. Donohoe also built and led the Client & Partner Group for over a decade and served as Co-head of the Inclusion & Diversity Council. Her prior experience includes an extensive global career at Goldman Sachs. Altogether, Donohoe brings thirty years of experience to her new role, where she will be responsible for the firm’s external commercial activities (outside of its investment strategies). In addition to Capital Raising & Client Relations, the new Platform “EQT-Ext” includes the firm’s Sustainability, Business Development, and Communications efforts. Donohoe will start in January 2023.

Ricardo Reyes will oversee Global Communications & External Affairs after recently joining EQT full-time. He brings significant experience from his roles positioning Tesla, YouTube and most recently Dyson, where he was the Chief Communications Officer. In addition to his work in Silicon Valley, Reyes started his career in Washington DC, working at the White House and on policy initiatives. Born in Managua, Nicaragua, his diverse experience will be instrumental to ensure that the EQT brand supports the business and addresses an ever-expanding global audience.

EQT also announces the elevation to ExCom of Gustav Segerberg, an accomplished leader at EQT with responsibility for the firm’s Business Development efforts. Segerberg joined EQT in 2016 as part of the Capital Raising & Client Relations team after a decade as an investment banker. He became Head of Business Development in 2018. Segerberg has played a crucial role in the strategic development of EQT in recent years, including executing EQT’s IPO in 2019, and driving the combinations with BPEA, Exeter and LSP, as well as new product development.

“The newest members of EQT’s Executive Committee will equip EQT with an unmatched set of competencies, backgrounds, and perspectives to continue serving our global clients and partners,” said Christian Sinding, CEO & Managing Partner at EQT. “Suzanne joins us at a unique point in time with EQT having become a truly global firm, and she brings a broad range of leadership experiences to our team. I am very pleased that Ricardo has taken on the role of globalizing EQT’s brand and communications; and with the internal promotion of Gustav to the ExCom we are securing our continued development through M&A and new initiatives.”

The changes follow a decision on the part of Morten Hummelmose, who joined EQT in 2006, to step down. He served in a variety of roles over his tenure and most recently led the firm’s capital raising efforts. Hummelmose will remain a member of the EQT Foundation and be part of its Investment Committee.

“I extend my warmest gratitude to Morten for his significant contributions to EQT over many years, most recently as Head of CR,”  said Sinding.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of delivering consistent and attractive returns across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT today has EUR 114 billion in assets under management, within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in 24 countries across Europe, Asia and the Americas and has more than 1,750 employees.

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

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KKR to Invest $400 Million in Decarbonization Platform Serentica Renewables

KKR

November 8, 2022

  • Serentica seeks to enable the energy transition for energy-intensive, hard-to-abate industrial sectors by providing complex clean energy solutions
  • Transaction is among the largest industrial decarbonization investments in India to date

NEW DELHI–(BUSINESS WIRE)– KKR, a leading global investment firm, and Serentica Renewables (“Serentica” or the “Company”), a decarbonization platform that seeks to enable the energy transition by providing complex clean energy solutions for energy-intensive, hard-to-abate industries, today announced the signing of definitive agreements under which KKR will invest $400 million in the Company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221107006199/en/

Serentica looks to deliver round-the-clock clean energy solutions for large-scale, energy-intensive industrial customers. This includes providing renewable energy solutions through long-term Power Purchase Agreements (“PPAs”) and working closely with customers to design their paths to net-zero electricity. Currently, the Company has entered into three long-term PPAs and is in the process of developing ~1,500 MW of solar and wind power projects across various states including Karnataka, Rajasthan, and Maharashtra. Serentica’s medium term goal is to install 5,000 MW of carbon-free generation capacity coupled with different storage technologies and supply over 16 billion units of clean energy annually and displace 20 million tonnes of CO2 emissions.

Serentica’s launch builds on the favorable macroeconomic tailwinds behind India’s power and renewables sectors, as well as the government’s strong commitment to advancing India’s energy transition. In addition, Serentica looks to provide clean energy alternatives to the critical but hard-to-abate industrial sectors that continue to drive India’s development and economic growth. As energy demands continue to rise alongside India’s developmental needs and prosperity, there is significant potential for renewable energy to play an important role in meeting the energy needs of the industrial sector in a sustainable manner.

Pratik Agarwal, Director of Serentica Renewables, said, “We are happy to have a like-minded strategic partner in KKR who believes in our model of sustainable development. The world is undergoing a clean energy transition and India is at the forefront of this effort with its ambitious target of 450GW by the year 2030. This investment will allow us to leap ahead in our vision of decarbonizing large energy intensive industries and help in reversing climate change. This transaction is amongst the largest industrial decarbonization investments in India to date and carries forward the global decarbonization agenda which is centre stage at COP27 (2022 United Nations Climate Change Conference).”

Hardik Shah, Partner at KKR, said, “Our investment in Serentica reflects KKR’s confidence in India’s renewables sector and our commitment to advancing the energy transition in India. Energy-intensive, heavy-industry companies play an important role in society but have traditionally faced more challenges in meeting energy needs sustainably. With Serentica, we look to support these companies in their decarbonization objectives. We are delighted to back Serentica through this latest strategic partnership and are excited to develop Serentica into a leading decabonization platform that can contribute meaningfully to the energy transition requirements that lie ahead of us.”

Standard Chartered Bank acted as the sole financial advisor to Serentica for this transaction.

KKR makes its investment from its Asia Pacific Infrastructure strategy. The transaction in Serentica marks KKR’s latest investment in India and the renewables sector. Since 2011, KKR has deployed over $15 billion in equity globally to invest in renewable assets, such as solar and wind, which have an operational power generation capacity of 23 GW, as of December 31, 2021. In Asia Pacific, KKR sees renewables as core to its infrastructure strategy and seeks to invest behind the significant opportunities across the region.

About Serentica Renewables

Established in 2022, Serentica Renewables is 100% held by Twinstar Overseas Limited (“TSOL”) which also owns controlling stakes in Sterlite Power Transmission Limited & Sterlite Technologies Ltd. Serentica Renewables looks to provide round-the-clock clean energy solutions enabling the transition of large-scale, energy-intensive industries to clean energy. The company is focused on industrial decarbonization, by making renewables the primary source of energy for the commercial & industrial segment which consumes more than 50% of the electricity generated in India. Serentica aims to provide assured renewable energy through a combination of solar, wind, energy storage and balancing solutions.

For more details on Serentica, please visit www.serenticaglobal.com

About KKR

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.

Media enquiries:
For Serentica Renewables:
Ajay Padamanabhan
+91 90112 38700
contact@serenticaglobal.com

For KKR:
Wei Jun Ong
+ 65 9139 5813
WeiJun.Ong@kkr.com

Source: KKR

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Sun Capital affiliate sells Allied Glass

Sun Capital
  • Leading manufacturer of glass packaging containers for the premium food and drinks market sold to Verallia Group
  • First Fund VII exit

BOCA RATON, Fla. – November 8, 2022 – Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm focused on defensible businesses in growing markets with tangible performance improvement opportunities, today announced that an affiliate has sold Allied Glass (“the Company” or “Allied”) to Verallia Group (“Verallia”) (ENXTPA: VRLA), the third largest producer of glass packaging for beverages and food products globally, headquartered in France, for a total enterprise value of £315 million. The sale of Allied marks the first Fund VII exit. Sun Capital was advised by its European affiliate, Sun European Partners, LLP, in connection with this transaction.

Established in 1874 and headquartered in Leeds, UK, Allied is the leading UK-based manufacturer of glass packaging containers for the premium spirits, food and drinks markets. It specializes in shorter production runs for bespoke premium bottles which are manufactured to order.

“Allied is an outstanding business with an exceptional management team. Since 2019, we have worked with management to execute on several operational improvement opportunities, including ESG-friendly product innovation, SKU reporting and a significant CapEx program enhancing plant utilization,” said Paul Daccus, Managing Director of Sun European Partners. “Our work with Allied Glass underlines Sun Capital’s commitment to partnering with outstanding management teams to drive value creation. This sale has allowed us to achieve a very successful outcome for the Company and our investors, and we’re confident that Allied Glass will continue to go from strength to strength as part of Verallia, a global leader in glass manufacturing.”

Since an affiliate of Sun Capital acquired Allied in December 2019, value creation was accelerated through product innovation, and increasing recycled content in glass production, bolstering the ESG profile. The Company also introduced activity-based, product level costing platforms to enhance commercial and operational decision making and cost savings. Furthermore, a capex program for a new facility increased capacity and manufacturing efficiency. Each of these initiatives expanded the company’s market share and profitability, growing EBITDA significantly.

“Our partnership with the Sun European team has been a great success and today Allied Glass is a market leader in its field, with impressive technical capability and a flexible, customer-focused approach,” said Alan Henderson, CEO of Allied Glass. “Our shared values and focus on delivering a customer-first strategy, combined with Sun European’s operational knowledge and deep manufacturing expertise, have allowed us to transform and grow the business over the last 2-3 years and create further value through innovation and internal development.”

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