Archives

Partners Group to acquire Velvet CARE, one of the leading European manufacturers of hygiene paper products

Partners Group

Baar-Zug, Switzerland; 11 December 2023

  • Velvet CARE has 850 employees and generated EUR 277 million in revenues in 2022
  • The Company is a fully integrated manufacturer currently operating two production sites
  • Partners Group’s value creation plan will focus on international expansion

Partners Group, a leading global private markets firm, acting on behalf of its clients, has agreed to acquire Velvet CARE (or “the Company”), one of the leading European manufacturers of hygiene paper products, from Abris Capital Partners.

Headquartered in Klucze, Poland, Velvet CARE is one of the largest independent manufacturers of branded and private-label hygiene paper products, including toilet paper, paper towels, paper tissues, and moist toilet paper, in Central and Eastern Europe. Velvet CARE is a vertically integrated manufacturer currently operating two production sites that cover the full process of hygiene paper production. Finished branded and private-label products are sold to supermarkets, discounters, wholesalers, and other retailers. The Company has 850 employees and generated EUR 277 million in revenues in 2022, with its largest markets including Poland, the Czech Republic, and Germany. Velvet CARE, which owns Velvet, one of the leading hygiene paper brands in Poland, has a long track record of innovation and continues to develop new products in a variety of sizes, textures, fragrances, and decorative patterns.

The hygiene paper market is characterized by stable demand through economic cycles. Velvet CARE’s ability to offer products across different price ranges, through premium branded products and private-label ones, allows it to address short- and long-term changes in purchasing patterns. Partners Group will work with management to build on the Company’s strong position and drive growth. Key value creation initiatives will include expanding international reach; broadening the product portfolio with a focus on high-growth categories; and making targeted acquisitions.

Ralph Schuck, Managing Director, Private Equity Goods & Products Industry Vertical, Partners Group, says: “Velvet CARE has a diversified product portfolio and a strong market position in its core markets. The Company differentiates itself through its superior production capabilities, best-in-class technology, and deep relationships with retailers across multiple countries. We see Velvet CARE as a platform for further growth in Europe and look forward to working with the management team on our transformational value creation plan.”

Artur Pielak, Chief Executive Officer, Velvet CARE, comments: “At Velvet CARE, our mission is to provide the highest quality hygiene paper products to consumers whilst also creating value within local communities. With that in mind, we have designed sustainable processes, which use renewable materials and reuse water, as we continue to search for new levers to add value in a sustainable manner. We strongly believe Partners Group’s global reach, financial resources, and operational experience make it the right growth partner as we look ahead to our next chapter.”

Milorad Andelic, Member of Management, Private Equity Goods & Products Industry Vertical, Partners Group, adds: “Velvet CARE’s extensive offering of staple products give the Company resilience and cash flow stability during macroeconomic slowdowns. At the same time, Velvet CARE’s markets have strong, long-term tailwinds, with rising incomes driving demand for both premium and value products. Our value creation plan will focus on strengthening the Company’s existing position while continuing to expand into other major European markets.”

Velvet CARE was established in 2013 but its origins date to 1897. The Company received B Corp Certification, the globally recognized accreditation for businesses that demonstrate the highest standards of social and environmental performance, transparency, and accountability, in 2023.

Completion of the transaction is subject to customary regulatory approvals.

Categories: News

Tags:

EQT Infrastructure to acquire a majority position in Heritage Environmental Services, a leading provider of industrial waste management

eqt

 

Industrial waste management services constitute a vital segment of the industrial manufacturing and production process by ensuring reliable and compliant final disposal of specialized and highly regulated waste

Transaction highlights EQT’s commitment to partnering with purpose-driven companies that provide essential services to society. Heritage Environmental Services owns and operates 37 mission critical assets that provide the last line of defense for the environment

EQT Infrastructure to accelerate Heritage’s future growth trajectory with EQT’s extensive experience in the environmental services sector through investments in sustainability, digitalization, and operational excellence

EQT is pleased to announce that the EQT Infrastructure VI fund (“EQT Infrastructure”) has agreed to acquire a majority position in Heritage Environmental Services (“HES” or the “Company”) from The Heritage Group. Founded in 1970, HES is a family-owned leading provider of sustainability and industrial waste management services in the US. The Company is headquartered in Indianapolis, IN and has 37 highly regulated facilities strategically located in key industrial hubs across the US. HES and its nearly 1,600 full-time team members safely manage approximately 660 thousand tons of industrial waste per year for more than 1,800 customers. The company’s wide array of tailored solutions from waste disposal, on-site support, and technical solutions to emergency response and sustainability services, address customers’ complex waste problems across more than a thousand waste types.

Industrial waste management is a vital part of the waste disposal value chain, offering total elimination of waste from the environment and enabling safe and sustainable industrial manufacturing and production. Compelling market tailwinds from US industrial output growth, manufacturing onshoring, bipartisan policy incentives such as the CHIPS and Science Act (CHIPS), and outsourcing is increasing the need for industrial waste management services. HES, with its 50+ year operational track record and national footprint, is well positioned to be a leading partner to industrial customers.

Juan Diego Vargas, Partner within the EQT Infrastructure Advisory team, said: “EQT and HES are proven business leaders who share a like-minded approach to environmental stewardship, and this acquisition aligns directly with EQT’s thematic approach of investing in businesses that provide essential environmental services to society. EQT is excited to partner with the entire HES team and to invest in organizational, operational and digital technology initiatives that will enhance HES’s ability to provide reliable and compliant final disposal to complex industrial waste challenges.”

This transaction highlights the strength of EQT’s Environmental Services practice and existing strong relationship with The Heritage Group. EQT previously partnered with The Heritage Group on its investment in Cirba Solutions, a premier battery recycling materials and management company. At transaction close, The Heritage Group will continue to remain a shareholder in the Company, building on the trusted partnership with EQT.

EQT’s purpose-driven investment model represents several growth opportunities for HES, whose business centers on being the last line of defense for the environment. EQT is committed to working closely with HES, providing both capital and operational support, to achieve compelling results for all stakeholders. Under EQT’s ownership, HES will continue to differentiate its service offerings, with a focus on innovation and sustainable services. EQT is committed to growing HES’s team, realizing near-term operational upgrades, enhancing customer partnerships and building greater trust with the industrial customers that HES serves.

Jeff Laborsky, HES CEO, said, “EQT has been a strong partner to The Heritage Group, and we are excited to expand our relationship. Importantly, the concepts of a similar culture, treatment of our employees, respect for the communities we serve and commitment to a long-term partnership with THG were key criteria in selecting EQT as our partner. Combined with EQT, our joint commitment is to continue to bring the most innovative reuse, recycle, treatment, and disposal solutions in the United States. HES is at the forefront of providing sustainable solutions to our customers and EQT’s partnership will accelerate our growth and investment in expanding our differentiated offerings. We couldn’t ask for a better partner as we embark on this next phase of our company’s evolution.”

The transaction is subject to customary conditions and approvals. It is expected to close in Q1 2024.

Nomura Greentech served as exclusive financial advisor and Simpson Thacher & Bartlett provided legal counsel to EQT Infrastructure. Truist Securities was the exclusive financial advisor to The Heritage Group and Kirkland & Ellis LLP served as legal counsel in connection with the transaction.

With this transaction, EQT Infrastructure VI is expected to be 20-25 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size.

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

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

 

Latest news

Categories: News

Tags:

Cinven to sell its stake in Miller

Cinven

International private equity firm Cinven today announces that it has agreed to sell its stake in Miller (‘the Company’), a leading independent specialty insurance and reinsurance broker. Financial details of the transaction are not disclosed.

Miller is a leading specialist insurance and reinsurance broker operating across the UK and internationally. Miller supports clients across a wide range of specialist areas, including Marine & Energy, Property & Casualty, Sports & Entertainment, Construction, Professional & Financial lines and Reinsurance. Miller places more than $3.2bn of premiums annually for more than 4,500 clients globally. The Company is headquartered in London with more than 900 staff across its international office network.

Having been identified as an attractive investment opportunity in the Financial Services sector, Miller was acquired by the Cinven Strategic Financials Fund (‘SFF’) and GIC, a global institutional investor, from Willis Towers Watson in March 2021. Cinven and GIC have worked in close partnership with the Company’s management team to support Miller’s evolution into a leading independent challenger in specialist broking and a destination of choice for high-quality entrepreneurial brokers. This strategy has been supported by Miller’s strong culture and reputation for best-in-market client service. 

Miller has delivered strong growth and profitability since the acquisition by Cinven and GIC by:

  • Driving market share gains across specialist insurance niches, where Miller is recognised for its high-quality service and product expertise;
  • Cementing Miller’s position as an employer of choice within the specialist insurance sector, allowing the business to attract high-quality brokers to enhance organic growth and support new product launches, including Reinsurance, Bloodstock & Livestock, Farms & Estates, Media and renewable energy propositions;
  • Completing two bolt-on acquisitions as part of a targeted M&A strategy, which enhanced Miller’s footprint and product offering across Continental Europe and Asia;
  • Supporting significant investment in the organisation, strengthening the senior management team and wider finance, M&A and operational functions;
  • Maintaining a strong focus on operational excellence, centralising core functions across the business and implementing industry best practices, including introducing more efficient, tech-enabled processes; and
  • Enhancing Miller’s digital capabilities, including the transition to a new customer engagement platform which has been rolled out across the organisation.

Commenting on the investment, Luigi Sbrozzi, Partner at Cinven said: 

“We are very proud of the journey Miller has travelled over the last three years and its strong growth during that time, which has been supported by expanding into new geographies and product lines. It is a great example of Cinven’s strategy to support leading companies with sustainable, resilient business models that can perform well through macroeconomic cycles. We wish the team continued success in the future.”

Juan Monge, Partner at Cinven, said: 

“We have greatly enjoyed working with James, Neil and the wider Miller team to deliver on the company’s growth ambitions as an independent platform. We have been impressed by the business’ continuous focus on excellence and on identifying, attracting and successfully onboarding complementary new broker teams and businesses. We believe Miller is well-positioned to continue its strong track record of growth in the next leg of its journey.”

James Hands, CEO of Miller added: 

“When Miller returned to independence in 2021, we outlined a bold and ambitious vision and today’s announcement reflects how we’ve delivered against this. We have meaningfully grown our revenues, both organically and inorganically, added well over 250 colleagues across the UK, Europe, Asia and Bermuda and built on our reputation for market-leading specialism and highest quality of service to our clients. Our shareholders have been pivotal in helping us to achieve this, and I would like to thank Cinven for their support and investment.” 

Completion of the transaction is expected at the end of the first quarter of 2024 and is subject to customary regulatory and antitrust approvals. 

Categories: News

Tags:

Apax closes Global Impact Fund at c.$900m

Apax

Apax, a leading global private equity advisory firm, announced today the final closing of the Apax Global Impact Fund (“AGI”), a c.$900m fund committed to investing in mission-driven companies with core products and services that tackle environmental or social issues.

Apax has a strong heritage in impact and sustainability. The firm, co-founded by impact pioneer Sir Ronald Cohen over fifty years ago, was an early leader in implementing ESG data measurement in private markets, and has been committed to driving excellence in sustainability since inception. The Impact team, co-led by Managing Partners Alykhan Nathoo and David Su, builds on this track record, creating a unique and differentiated strategy that is optimised for both financial and impact returns.

Central to AGI’s investment strategy is its robust and proprietary impact measurement system, which evaluates and monitors impact across AGI’s portfolio. Formulated by internal and external experts, AGI’s rigorous measurement approach helps identify and track outcomes across truly impactful businesses within four key sector themes: health and wellness, environment and resources, social and economic mobility, and digital impact enablers. AGI has already utilised this approach to identify and invest in four businesses: GAN Integrity, a supply chain risk-management software platform; Swing Education, an online marketplace that connects schools and substitute teachers; Bonterra, a social good software company, and Eating Recovery Center (ERC), a leading provider of eating disorder and mood and anxiety treatment in the U.S.

Alykhan Nathoo and David Su, co-heads of the Apax Global Impact strategy, commented: “We are grateful for the confidence of AGI’s investors, all of whom share our commitment to supporting the visionary founders and management teams tackling society’s most pressing environmental and social challenges. We look forward to partnering with these sustainability leaders, leveraging the deep sub-sector expertise of the Apax sector teams, the strength and scale of the Apax platform globally, and the value creation potential of the Operational Excellence Practice to help the businesses of tomorrow, grow today.”

Jason Wright, Chair of Apax’s Global Impact strategy and a member of AGI’s investment committee, said: “We want to thank AGI’s limited partners for their support. We’re incredibly excited by the possibilities within the burgeoning impact space, and this successful fundraise is testament to our distinctive and differentiated proposition. The Apax Global Impact team have an impressive combination of private equity experience and impact expertise, making them ideally positioned to help visionary businesses accelerate growth and unlock value.”

Sir Ronald Cohen, Chair of the Apax Global Impact Advisory Board, said: “Apax, because of its history, its DNA, its values, and the authenticity of its intentions, is extremely well-positioned in the field of Impact. The world has historically operated on two parameters: risk and return. We now find ourselves shifting to three dimensions: risk, return and measurable impact. It is incredibly important that as businesses generate profits, they also deliver improvement in the lives of people and the state of the planet. The Apax Global Impact fund is committed to this mission.”

The dedicated Impact team consists of fourteen people and is supported by an Impact Advisory Board, comprising of five leading industry experts. This Advisory Board provides guidance on matters including impact measurement and the driving of additional impact across partner companies. In line with its commitment to generating measurable impact, a percentage of carried interest is linked to successful impact performance and AGI is classified as an Article 9 fund under the Sustainable Finance Disclosure Regulation (SFDR).

Rede Partners advised on the fundraising for the Apax Global Impact Fund. AGI received commitments from both existing and new investors globally, including private and public pension funds, sovereign wealth funds, fund of funds, insurance companies, endowments and charitable foundations.

 

-ENDS-

 

About Apax & Apax Global Impact

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 $65 billion. The Apax Funds invest in companies across four global sectors of Internet/Consumer, Tech, Services, and Healthcare. These funds provide long-term equity financing to build and strengthen world-class companies.

Apax Global Impact seeks out opportunities to support companies which deliver tangible societal and/or environmental impact. The strategy revolves around themes including Health & Wellness, Environment & Resources, Social & Economic Mobility, and Digital Impact Enablers. Apax Global Impact leverages the deep expertise of the Apax sector teams, the strength and global scale of the Apax platform globally, and the value creation potential of Apax’s Operational Excellence Practice.

For more information see: www.apax.com.

Apax is authorised and regulated by the Financial Conduct Authority in the UK.

Categories: News

Tags:

Fortino Capital closes 2nd Private Equity fund at €377M

Fortino Capital

Antwerp/Amsterdam/Munich, December 8th, 2023 – Fortino Capital, a European B2B software venture capital and growth equity firm, announces the final closing of its 4th investment fund. Fortino Capital PE II is a €377 million fund dedicated to ambitious B2B software founders across Europe.

To date Fortino has raised across 4 funds, a total of over 800M Euros. It closed its first VC fund in 2016 at 80M, followed by PE I at 242M in 2017 and VC II at 105M in 2021. Fortino Capital has invested in 53 businesses in the past 10 years and has realized 22 exits.

Fortino Capital’s new PE II fund has made 4 investments in software companies including Van Roey (BE), Speak Up (NL), Symbio (DE) and Addactis (FR/BE) and has already realized one early exit. Symbio has recently been acquired by the German software company Celonis. This fund is looking to establish long term partnerships with passionate entrepreneurs who have the ambition to accelerate the scaling of their businesses. In this fund Fortino will typically deploy minimum €10M initial equity tickets in established companies and scale-ups with the following characteristics: B2B SaaS and PaaS applications with a minimum turnover of 5M, being profitable in the core, and headquartered in Europe.

The Software As A Service market is very dynamic, offering lots of opportunity. Multiple forces of change and innovation are at play. As specialists in the domain, Fortino is well equipped to underwrite valuations with insight and bring the operating support to accelerate growth.

Fortino Capital aims to make a positive contribution by leveraging its international network, C-level and entrepreneurial experience and by sharing best practices amongst its portfolio of B2B SaaS companies. It also grants access to its own talent acquisition resources that help its portfolio attract the right talent.

Duco Sickinghe, Executive Chairman of Fortino Capital: “We are pleased to announce at the occasion of our 10th anniversary, that we have successfully closed our second PE fund. We are grateful for the trust and support of so many loyal investors that have extended their commitment to Fortino and we are warmly welcoming our new Belgian, Dutch and German investors.”

Duco Sickinghe, Fortino Capital

Renaat Berckmoes, CEO of Fortino Capital: “This fund will allow us to accompany more founders and management teams on their quest for growth and building better companies. We are targeting investing in at least 15 B2B software platforms across Europe. We have a well filled pipeline and expect to be able announcing some further investments early next year.”

Fortino partner, Renaat Berckmoes

About Fortino Capital

Fortino Capital is a European investment company with a focus on high-growth B2B software solutions managing two private equity growth funds and two venture capital funds. With offices in Belgium, the Netherlands and Germany, Fortino backs exceptional and ambitious entrepreneurs in Europe. Fortino Capital’s private equity growth portfolio includes VanRoey (BE), BizzMine (BE) MobileXpense (BE), Efficy CRM (BE), Tenzinger (NE), SpeakUp (NE), Cenosco (NE), Maxxton (NE), Stardekk (BE) and Bonitasoft (FR). Fortino’s Venture Capital portfolio includes Vaultspeed (BE), Vertuoza (BE), TechWolf (BE), Zaion (FR), Salonkee (LUX), Sides (DE), GetVisibility (IE), Billy Grace (NE), BuyBay (NE), D2X (NE), Peers (DE) and Kosli (NO) among others.

Fortino Capital Partners
T. +32 2 669 10 50
contact@fortinocapital.com

Categories: News

Tags:

WEMAS partners with Sekisui Jushi Corporation (“SJC”) to pursue further expansion after growth journey alongside Gimv and Paragon Partners

GIMV

Gimv, Paragon Partners (“Paragon”) and its minority investors are to sell 100% in WEMAS to Sekisui Jushi Corporation.

WEMAS (www.wemas.de) was established in 1971 and has grown into a full-range supplier of certified passive traffic safety products. The company is based in Gütersloh and employs more than 130 employees at two sites in Germany.

Under Gimv’s and Paragon’s ownership, WEMAS has strengthened its market leading position in traffic safety technology by making significant investments in product innovation, production automation and capacity expansion. As a result, the company has been able to launch new products and broaden its customer base, allowing it to accelerate growth both in Germany and abroad.

Maja Markovic and Ruben Monballieu, both Partner Sustainable Cities at Gimv, say: “WEMAS is a European market leader with an innovative product range and state-of-the-art production in Germany. We are proud of the company’s international growth during our holding period.”

Dr. Edin Hadzic, Founding Partner at Paragon Partners, adds: “We would like to thank the management team at WEMAS for their commitment and drive in executing this successful growth story.”

Dirk Gößling, CEO at WEMAS, concludes: “The management team is looking forward to continuing to offer innovative and market-leading solutions to our customers. In doing so, we will benefit from the complementary expertise and geographic presence of our new owner SJC.”

Paragon and Gimv were supported throughout the transaction by Alvarez & Marsal (financial), Reed Smith (legal), KPMG (tax) and William Blair (M&A).

The transaction has no significant impact on the Net Asset Value of Gimv as of 30 September 2023. Over the entire holding period Gimv realizes a return in line with the long-term portfolio return target. No further financial details will be disclosed.

 

Read the full document

Categories: News

Tags:

Digital Realty and Blackstone Announce $7 Billion Hyperscale Data Center Development Joint Venture

Blackstone

JV will deliver approximately 500 megawatts of IT capacity across three Tier 1 metros in Europe and North America

Austin, TX and New York – December 7, 2023 – Digital Realty (NYSE: DLR), the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions, and Blackstone Inc. (NYSE: BX) announced today that Blackstone-affiliated funds led by Infrastructure, Real Estate and Tactical Opportunities have agreed to establish a joint venture with Digital Realty to develop four hyperscale data center campuses across three metro areas on two continents. The developments are expected to support approximately 500 megawatts (MW) of total IT load upon full build out of all campuses. Blackstone will acquire an 80% ownership interest in the joint venture for approximately $700 million of initial capital contributions, while Digital Realty will maintain a 20% interest. Subsequent to closing, the joint venture parties will fund their pro rata share of the remaining development costs. Digital Realty will manage the development and day-to-day operations of the joint venture, for which it will receive customary fees.

The four hyperscale data center campuses are located in Frankfurt, Paris and Northern Virginia and have a total estimated development cost of approximately $7 billion over the course of the next several years. The campuses are planned to support the construction of 10 data centers with approximately 500 MW of potential IT load capacity. Of this capacity, 46 MW is under construction and is 33% pre-leased. The remaining land capacity is in varying phases of pre-construction and is expected to be developed to meet customer demand. Approximately 20% of the total potential IT load capacity is expected to be delivered through 2025, with the balance expected to be delivered in 2026 and beyond.

“By partnering with Blackstone, the world’s largest alternative asset manager, Digital Realty is better able to deliver capacity to meet the burgeoning demand of our hyperscale customers, by accessing a deep pool of likeminded private capital,” said Andy Power, President and Chief Executive Officer of Digital Realty. “Digital Realty is focused on executing on the sizable opportunity that lies ahead and this partnership helps to accelerate the monetization of nearly 20% of our industry-leading land bank.”

Greg Wright, Chief Investment Officer of Digital Realty, added, “Partnering with Blackstone marks the culmination of a record year of capital recycling and aptly reflects the shift in our funding strategy, to diversify our sources of capital and bolster our balance sheet in order to capitalize on the significant opportunity that lies ahead.”

Jon Gray, President & COO of Blackstone, said, “Data centers are experiencing once-in-a-generation demand growth, driven by cloud adoption and the AI revolution. Digital infrastructure is one of our highest conviction investment themes as a firm, and this transaction with a trusted data center operator in Digital Realty is another example of how we are investing behind this trend.”

Greg Blank, Senior Managing Director at Blackstone Infrastructure, and Mike Forman, Managing Director at Blackstone Real Estate, added, “Blackstone’s deep pools of capital and extensive sector experience position us to capitalize on the explosive growth in data. We look forward to partnering with Digital Realty to develop high-quality data centers in top markets around the world.”

The joint venture is scheduled to close in two stages over the course of the first half of 2024, subject to certain regulatory and other approvals, as well as other customary closing conditions.

Advisors
Latham & Watkins is serving as Digital Realty’s legal counsel. Simpson Thacher & Bartlett LLP is acting as Blackstone’s legal counsel.

About Digital Realty
Digital Realty brings companies and data together by delivering the full spectrum of data center, colocation and interconnection solutions.  PlatformDIGITAL®, the company’s global data center platform, provides customers with a secure data meeting place and a proven Pervasive Datacenter Architecture (PDx®) solution methodology for powering innovation and efficiently managing Data Gravity challenges. Digital Realty gives its customers access to the connected communities that matter to them with a global data center footprint of 300+ facilities in 50+ metros across 25+ countries on six continents. To learn more about Digital Realty, please visit digitalrealty.com or follow us on LinkedIn and X.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to create positive economic impact and long-term value for our investors. We do this by relying on extraordinary people and flexible capital to help strengthen the companies we invest in. Our over $1 trillion in assets under management include investment vehicles focused on private equity, real estate, public debt and equity, infrastructure, life sciences, growth equity, opportunistic, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

For Additional Information

Investor Relations
Jordan Sadler / Jim Huseby
Digital Realty
+1 737 281 0101
InvestorRelations@digitalrealty.com

Media Contacts
Helen Bleasdale
Digital Realty
+1 737 267 6822
hcbleasdale@digitalrealty.com

Blackstone
Paula Chirhart
+1 646 583 6684
paula.chirhart@blackstone.com 

Jeffrey Kauth
+1 212 583 5395
jeffrey.kauth@blackstone.com

Safe Harbor Statement
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. Forward-looking statements involve significant known and unknown risks and uncertainties that may cause the Digital Realty’s actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements as a result of, but not limited to, the following factors:  timing of the closing of the joint ventures; the development timing and cost of the campuses; potential IT load capacity; the satisfaction of customary closing conditions; and other risk factors relating to the industries in which Digital Realty operates, as detailed from time to time in each of Digital Realty’s reports filed with the Securities and Exchange Commission. There can be no assurance that the proposed transactions will be consummated on the terms described herein or at all.  For a list and description of such risks and uncertainties, see the reports and other filings by Digital Realty with the U.S. Securities and Exchange Commission. Digital Realty disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Categories: News

Tags:

Polaris Invests in AwardIt

Polaris

Polaris has through PPE V acquired a 24.1% stake in Awardit AB, which is listed on First North Stockholm. Awardit helps businesses increase revenue and profitability by implementing and operating loyalty programs, incentive programs and gift card programs targeting B2B and B2C customers. The company was established in 1999 and has successfully expanded its operations to today’s presence in more than 6 countries with around 300 employees.

Please see the following press release:

English

For more information, please contact:

Roger Hagborg, Partner
Phone: +46 70 6678515
Mail: rha@polarisequity.dk

Jan Johan Kühl, Managing Partner
Phone: +45 35 263574
Mail: jjk@polarisequity.dk

Categories: News

Tags:

KKR Expands DACH Presence With New Office In Zurich

KKR

Zurich, 7 December 2023 – KKR, a leading global investment firm, today announced the opening of a new office in Zurich, Switzerland, solidifying its presence in one of the world’s most important institutional and wealth management centers. The KKR office opens with individuals representing KKR’s Global Client Solutions team and will also serve as a Swiss base for investment professionals covering the DACH region.

Christian Ollig, Partner and Head of the DACH Region at KKR, said: “The new office is an important addition to KKR’s network in DACH, and underscores our commitment to the Swiss market. KKR’s global proposition is built on a strong local presence across key markets connected to the firm’s global network and resources. While Switzerland has been an active market for KKR for many years, formalizing our presence will enable us to expand our relationship with companies and clients as we support their value creation ambitions.”

The team based in Zurich will be principally focused on supporting KKR’s client relationships and building the firm’s global wealth business. The core team based in Zurich includes Hagen Raab, a Director who has been supporting KKR’s institutional clients since he joined KKR since 2018, and Tomislav Culic who joined KKR in November 2023 as a Director to lead KKR’s Global Wealth Solutions in Switzerland.

KKR continues to expand its global wealth solutions, providing ways for eligible individuals to access the firm’s investment platform across Private Equity, Infrastructure, Credit and Real Estate through their financial advisors, private bankers or wealth platforms. Investment vehicles are tailored for individuals but largely invest in the same companies and assets as KKR’s institutional funds.

Hagen Raab and Tomislav Culic, Directors in KKR’s Global Client Solutions team, commented: “Switzerland is an important location for managers of institutional and private wealth, whose demand for alternative investment solutions is set to continue growing rapidly. Our strengthened local presence reflects this outlook and will help us meet this demand and better support our clients. Switzerland is also the largest cross-border wealth management centre globally, representing a tremendous opportunity for KKR and our strategic partners at the Swiss banks to offer world-class private market solutions to private clients globally.”

KKR has been managing long-term capital on behalf of a significant number of institutional investors in Switzerland since 1999, including insurance companies, pension funds, asset managers, and family offices. The new office and local team will enable the firm to continue building on its strategic partnerships with institutional clients, while also developing KKR’s private wealth offer. Switzerland is the largest European market for private wealth, with many of the world’s largest private banks headquartered there.

KKR has been investing in Switzerland since 2007, with the team deploying approximately EUR 2 billion of equity to date, out of the EUR 15 billion of equity that has been invested across the DACH region since 1999. Investments in Switzerland include pharmaceutical and logistics company Galenica, online classified ads business Scout24 Switzerland, and life sciences platform Biosynth Carbosynth.

Zurich is KKR’s eleventh office in the EMEA region, alongside offices in Copenhagen, Dubai, Dublin, Frankfurt, London, Luxembourg, Madrid, Paris, Riyadh and Stockholm.

-ends-


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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media Contacts

Jeffrey Vögeli
FGS Global
Phone: +47 (0)79 511 1761
Email: jeffrey.voegeli@fgsglobal.com

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

 

DOWNLOAD PDF

Categories: News

Ajax Health Establishes Cortex, A Comprehensive AFib Ablation Technology Company, With $90 Million Investment Led By KKR And Hellman & Friedman

KKR

Cortex‘s fully integrated solution will include advanced diagnostic and therapeutic pulsed field ablation catheters supported by innovative mapping technology.

MENLO PARK, Calif., Dec. 7, 2023 /PRNewswire/ — Ajax Health announced today the formation and funding of Cortex, a medical technology company developing an integrated mapping and ablation solution suite for the treatment of atrial fibrillation (AFib), the most common heart rhythm disorder, affecting more than 30 million patients worldwide. Cortex has raised $90 million in funding commitments led by KKR and Hellman & Friedman (H&F) with participation by other investors including AI Life Sciences, an affiliate of Access Industries.

Cortex brings together expert teams with complementary innovations in electrophysiology to accelerate the continued development and clinical validation of next-generation ablation solutions and differentiated AFib mapping technology. The fully integrated solution suite is designed to enable more precise therapy planning and delivery and optimize clinical outcomes and safety for AFib patients, while simplifying workflows and improving procedural efficiency.

“Cortex’s vision is to enable more intelligent AFib treatment,” said Duke Rohlen, CEO of Ajax Health and CEO of Cortex. “We are developing solutions that prioritize precision, simplicity, and efficiency to simultaneously improve patient outcomes and lower procedural cost.”

Cortex is focused on developing diagnostic and pulsed field ablation catheters with a comprehensive mapping and navigation solution powered by Ablacon‘s innovative Electrographic Flow® (EGF) mapping technology. EGF mapping allows physicians to detect AFib sources and is designed to support personalized ablation therapy to potentially improve outcomes. The recently completed randomized, controlled FLOW-AF trial (NCT04473963) showed that EGF-guided treatment of AFib sources in persistent AFib patients improved freedom from AFib at one year post-ablation by 51% on an absolute basis compared with patients randomized to control, who received conventional pulmonary vein isolation therapy only. Ablacon’s latest Ablamap® X mapping system is 510(k) cleared. Following on the favorable results of FLOW-AF, the company has launched the RESOLVE-AF trial (NCT05883631), a large, international, multi-center clinical trial to further evaluate benefits in AFib patients and support CE mark application.

“Duke Rohlen and the Ajax team have cultivated an exceptional ecosystem of engineers and clinical experts with a clear plan to bring impactful new technology to clinical settings,” said Ali Satvat, Partner, Co-Head of Americas Health Care and Global Head of Health Care Strategic Growth at KKR. “We are pleased to continue our long-standing strategic partnership with Duke and join with a strong investor group to support Cortex as it pursues improved outcomes for cardiac arrhythmia patients.”

KKR and H&F are investing in Cortex through the Cordis Accelerator, Cordis-X, which was established in 2021 as part of their investment in Cordis, a leading provider of cardiovascular and endovascular medical devices. KKR is investing additional capital in Cortex through its Health Care Strategic Growth Fund II.

About Cortex
Cortex (CortexEP.com) is developing an advanced, seamlessly integrated, comprehensive platform for evaluating and treating AFib. The company has assembled a proven team of highly skilled and experienced engineers and clinical experts focused on bringing this innovative suite of technologies to market.

About Ajax Health
Ajax Health is a turnkey growth solution for commercial-stage medtech companies. The Ajax team draws on decades of experience as entrepreneurs, operators, and investors to create value for its strategic partners by developing product portfolios through novel business models and creative deal structures. Ajax Health is headquartered in Menlo Park, CA with offices in New York City, Los Angeles, and Austin.

SOURCE Cortex

 

DOWNLOAD PDF

Categories: News

Tags: