Archives

Eurazeo’s private debt program reaches €3.2 billion after the succesful closing of its Sixth direct lending fund

Eurazeo

Eurazeo announces the successful closing of its sixth direct lending fund at €2.3 billion including €2.1 billion from third parties, thereby exceeding the initial target of €2 billion. Adding in the €900 million raised from retail investors, the total scale of Eurazeo’s Private Debt program reaches €3.2 billion.

The success of this latest fundraising illustrates the wisdom of Eurazeo’s strategy and bolsters its position as a leading funder of SMEs in Europe. Relying on its skilled Private Debt team and building on the success of five previous generations of funds, Eurazeo benefits from the ongoing trust of its long-standing investors and has attracted several new ones, both international and French. Currently, more than 70% of investors come from Europe (outside France), Asia, North America and Australia.

Since its inception, the program is already over 70% deployed. The Private Debt VI fund has invested in over 50 companies across Europe, operating in resilient, non-cyclical sectors such as business services, healthcare, specialized financial services and information technology.

Eurazeo’s Private Debt strategy now accounts for over 20% of its assets under management. Its experienced international team of over 20 investors provides funding – mainly senior debt but also subordinated – to European SMEs with valuations of between €30 million and €300 million. Since the team was formed in 2007, it has helped financing almost 400 companies, with total commitments amounting to €10.5 billion.

 

François Lacoste and Eric Gallerne, Managing Partners – Private Debt, said:

“The success of this sixth vintage shows the level of confidence that our investors have in our Private Debt business, in which our cautious and selective strategy is particularly appropriate in the current environment. It is also an acknowledgment of the quality of our teams who, across our four European offices in Paris, London, Frankfurt and Madrid, support the development of many high-growth-potential mid-cap companies in Europe.”

Information – Individual investors

Eurazeo Investment Manager (EIM) and Eurazeo Mid Cap (EMC) are merging to form Eurazeo Global Investor (EGI)

LEARN MORE

Categories: News

Tags:

DIF investee company Tonaquint acquires EdgeX Data Centers in Oklahoma City

DIF

Premier data centre solutions provider expands geographic footprint.

DIF Capital Partners’ (DIF) investee company Tonaquint Data Centers (Tonaquint) has acquired EdgeX Data Centers (EdgeX), adding a further site to its portfolio of data centres in the United States.

Tonaquint is a specialised data centre provider offering cloud, colocation, backup, disaster recovery and network-as-a-service solutions to mid-market organisations through its facilities in the Mountain West and Southwest regions of the United States.

This acquisition adds another data centre to Tonaquint’s existing platform in Boise, Idaho and St. George, Utah, and enables Tonaquint to extend its robust portfolio into the rapidly growing Oklahoma City market, and adjacent markets. Tonaquint was acquired by DIF in December 2022.

The EdgeX facility is a purpose-built Tier III data centre, comprising 65,000 square feet in total, including two 10,000 square foot data halls, situated on a highly secure 4-acre campus. The facility has the ability to deliver water-chilled cooling for high density workloads.

Tonaquint plans to commission a minimum of 2.5 MW of critical IT load, via a phased approach, in the first year of operations. With an expansion capability of up to 12MW, the EdgeX facility holds significant future upside.

Strategically located near Will Rogers World Airport, the EdgeX facility utilizes the same electrical grid that powers the airport and is designed to withstand tornado-force winds of up to 310 mph, positioning it to provide 100% uptime.

As part of the transaction, Terry Morrison, Co-Founder and CTO of EdgeX, will join Tonaquint as COO and CTO.

Willem Jansonius, Partner at DIF and Tonaquint board member said: “This acquisition is a great step towards further building out the Tonaquint platform and expanding into underserved markets. We welcome Terry Morrison to join the strong management team at Tonaquint. Data centres form an important part of DIF’s investment strategy. We believe the investment offers substantial opportunities for value enhancement in the coming years, combined with reliable cash flows from high-quality contracts.”

Matt Hamlin, CEO of Tonaquint said: “Working with the EdgeX team has been an absolute pleasure. This transaction will enable Tonaquint to accelerate its growth and expand the service offering to our clients.”

John Parsons, Co-Founder of EdgeX said: “We are thrilled to be able to bring EdgeX together with Tonaquint and are excited about continuing to work with them to extend the capabilities of the Tonaquint platform into the very vibrant Oklahoma City market.”

 

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with ca. EUR 16 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two strategies: its traditional DIF funds invest in lower-risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital infrastructure, energy transition and sustainable transportation sector.

With a team of over 225 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information, please visit www.dif.eu or follow us on LinkedIn.

 

About Tonaquint

Tonaquint was founded in 2008 in St. George, UT, and entered the Boise, ID, market in 2020 with the acquisition of Fiberpipe Data Centers, Inc. Tonaquint provides a comprehensive set of data center solutions to a diverse and growing client base in the technology, healthcare, financial services, and industrial sectors, in high growth and emerging markets. In December 2022, DIF Capital Partners acquired Tonaquint, to enable Tonaquint to continue its growth. To learn more and get connected, visit tonaquint.com.

 

About EdgeX

EdgeX was founded in 2021, after acquiring a facility originally built by Devon Energy. EdgeX provides resilient facilities for businesses with demanding uptime, scalable compute, storage, and content distribution requirements, across the financial services, digital content distribution, and insurance verticals. For more information, please visit https://edgexdc.com/about-us.

 

Press contacts:

DIF Capital Partners: press@dif.eu

Tonaquint: jsa_tonaquint@jsa.net

Categories: News

Tags:

Rover Agrees to be Acquired by Blackstone in $2.3 Billion Transaction

Blackstone

$11.00 Per Share Purchase Price Represents 61% Premium Over 90 trading-day VWAP

SEATTLE, November 29, 2023 – Rover Group, Inc. (Nasdaq: ROVR) (“Rover” or the “Company”), the world’s largest online marketplace for pet care, today announced that it has entered into a definitive agreement to be acquired by private equity funds managed by Blackstone (“Blackstone”) in an all-cash transaction valued at approximately $2.3 billion.

Under the terms of the agreement, Rover stockholders will receive $11.00 per share in cash, representing a premium of approximately 61% to the volume weighted average share price of Rover’s Class A common stock over the 90 trading days ending on November 28, 2023.

“We are thrilled for this next chapter in the Rover story and look forward to the partnership with the Blackstone team, who share our conviction, excitement and strategic vision,” said Aaron Easterly, co-founder and CEO of Rover. “Blackstone brings deep expertise in partnering with innovative technology companies, and with their support and collaboration, we plan to continue investing in our business in service of our mission to make it possible for everyone to experience the unconditional love of a pet in their lives. This transaction delivers immediate and compelling value to Rover stockholders, and is a testament to the commitment and hard work of our team and an exciting milestone for Rover.”

Sachin Bavishi, a Senior Managing Director at Blackstone, said, “We are excited to partner with Aaron and the exceptional Rover team, whose vision, creativity and data-driven approach have built the Company into an industry leader. Our investment highlights Blackstone’s high-conviction focus on backing rapidly growing digital businesses and supporting talented entrepreneurs with extensive resources to take advantage of transformational growth opportunities. We look forward to working with Rover as they continue working to drive innovation for pet owners and providers.”

Tushar Gupta, a Principal at Blackstone, added, “We believe Rover has a significant runway for growth as pet owners increasingly place a premium on high-quality care, flexibility and convenience. We look forward to partnering with management to build upon their leading online marketplace and leveraging Blackstone’s extensive expertise and resources to support the Company’s continued expansion as a private company.”

Rover was created to provide an alternative to relying on friends, family, neighbors, and/or boarding facilities for pet care when traveling away from home. Over the years, offerings on Rover have grown to include five core services addressing daytime and overnight needs. From its inception through September 30, 2023, over 93 million services have been booked by more than 4 million pet parents on Rover with more than 1 million pet care providers paid across North America and Europe. Through its platform and mobile app, pet parents can easily discover, book, re-book, pay, and review loving pet care providers online. Rover eliminates many of the barriers of pet ownership, enabling the Company’s mission to make it possible for everyone to experience the unconditional love of pets.

Rover’s partnership with Blackstone reflects a shared belief in the future growth potential of the industry and long-term vision to build on Rover’s leadership position in the market. Blackstone’s investment aims to help enable Rover to further accelerate investment priorities, expand its global footprint, and fuel expansion initiatives.

Transaction Terms
The merger agreement includes a customary 30-day “go-shop” period expiring on December 29, 2023. During this period, Rover and its advisors will be permitted to solicit, consider and negotiate alternative acquisition proposals from third parties. The Rover board of directors will have the right to terminate the merger agreement to enter into a superior proposal, subject to the terms and conditions of the merger agreement. There can be no assurance that this “go-shop” process will or will not result in a superior proposal, and Rover does not intend to disclose related developments unless and until it determines that such disclosure is appropriate or otherwise required.

The transaction is currently expected to close in the first quarter of 2024, subject to the approval of Rover’s stockholders and the satisfaction of required regulatory clearances and other customary closing conditions. The Rover board of directors approved the merger agreement and recommended that Rover stockholders approve the transaction and adopt the merger agreement. Closing of the transaction is not subject to a financing condition.

Upon completion of the transaction, Rover’s Class A common stock will no longer be publicly-listed and Rover will become a privately held company. The Company will continue to operate under the Rover name and brand.

Advisors
Goldman Sachs & Co. LLC is acting as lead financial advisor to Rover, and Centerview Partners LLC is also acting as a financial advisor to Rover and delivered a fairness opinion to Rover’s Board of Directors with respect to the proposed transaction. Wilson Sonsini Goodrich & Rosati, Professional Corporation is acting as legal counsel to Rover.

Evercore is acting as lead financial advisor and Moelis & Company LLC is also acting as a financial advisor to Blackstone, and Kirkland & Ellis LLP is acting as legal counsel to Blackstone.

About Rover Group, Inc.
Founded in 2011 and based in Seattle, Rover (Nasdaq: ROVR) is the world’s largest online marketplace for pet care. Rover connects pet parents with pet providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, including doggy daycare, dog walking, and drop-in visits. To learn more about Rover, please visit www.rover.com.

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.

Cautionary Statement Regarding Forward-Looking Statements
This communication may contain forward-looking statements, which include all statements that do not relate solely to historical or current facts, such as statements regarding the pending acquisition of the Company by private equity funds managed by Blackstone (the “Merger”) and the expected timing of the closing of the Merger and other statements that concern the Company’s expectations, intentions or strategies regarding the future. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “aim,” “potential,” “continue,” “ongoing,” “goal,” “can,” “seek,” “target” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. These forward-looking statements are based on the Company’s beliefs, as well as assumptions made by, and information currently available to, the Company. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: (i) the risk that the Merger may not be completed on the anticipated timeline or at all; (ii) the failure to satisfy any of the conditions to the consummation of the Merger, including the receipt of required approval from the Company’s stockholders and required regulatory approval; (iii) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement with private equity funds managed by Blackstone, including in circumstances requiring the Company to pay a termination fee; (iv) the effect of the announcement or pendency of the Merger on the Company’s business relationships, operating results and business generally; (v) risks that the Merger disrupts the Company’s current plans and operations; (vi) the Company’s ability to retain and hire key personnel and maintain relationships with key business partners and customers, and others with whom it does business; (vii) risks related to diverting management’s or employees’ attention during the pendency of the Merger from the Company’s ongoing business operations; (viii) the amount of costs, fees, charges or expenses resulting from the Merger; (ix) potential litigation relating to the Merger; (x) uncertainty as to timing of completion of the Merger and the ability of each party to consummate the Merger; (xi) risks that the benefits of the Merger are not realized when or as expected; (xii) the risk that the price of the Company’s Class A common stock may fluctuate during the pendency of the Merger and may decline significantly if the Merger is not completed; and (xiii) other risks described in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), such as the risks and uncertainties described under the headings “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and other sections of the Company’s Annual Report on Form 10-K, the Company’s Quarterly Reports on Form 10-Q, and in the Company’s other filings with the SEC. While the list of risks and uncertainties presented here is, and the discussion of risks and uncertainties to be presented in the proxy statement on Schedule 14A that the Company will file with the SEC relating to its special meeting of stockholders will be, considered representative, no such list or discussion should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and/or similar risks, any of which could have a material adverse effect on the completion of the Merger and/or the Company’s consolidated financial condition. The forward-looking statements speak only as of the date they are made. Except as required by applicable law or regulation, the Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

The information that can be accessed through hyperlinks or website addresses included in this communication is deemed not to be incorporated in or part of this communication.

Additional Information and Where to Find It
This communication is being made in respect of the Merger. In connection with the proposed Merger, the Company will file with the SEC a proxy statement on Schedule 14A relating to its special meeting of stockholders and may file or furnish other documents with the SEC regarding the Merger. When completed, a definitive proxy statement will be mailed to the Company’s stockholders. STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT REGARDING THE MERGER (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND ANY OTHER RELEVANT DOCUMENTS FILED OR FURNISHED WITH THE SEC IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. The Company’s stockholders may obtain free copies of the documents the Company files with the SEC from the SEC’s website at www.sec.gov or through the Company’s website at investors.rover.com under the link “Financials” and then under the link “SEC Filings” or by contacting the Company’s Investor Relations department via e-mail at investorrelations@rover.com.

Participants in the Solicitation
The Company and its directors and executive officers, which consist of Adam Clammer, Jamie Cohen, Venky Ganesan, Greg Gottesman, Kristine Leslie, Scott Jacobson, Erik Prusch, Megan Siegler, who are the non-employee members of the Company’s Board of Directors, Aaron Easterly, the Company’s Chief Executive Officer and Chairperson of the Board, Brent Turner, the Company’s President and Chief Operating Officer, and Charlie Wickers, the Company’s Chief Financial Officer, are participants in the solicitation of proxies from the Company’s stockholders in connection with the Merger. Information regarding the Company’s directors and executive officers (other than for Mr. Prusch), including a description of their direct or indirect interests, by security holdings or otherwise, can be found under the captions “Security Ownership of Certain Beneficial Owners and Management,” “Board of Directors and Corporate Governance—Director Compensation,” and “Executive Compensation—Outstanding Equity Awards at Fiscal 2022 Year-End” contained in the Company’s 2023 annual proxy statement filed with the SEC on April 28, 2023 (the “2023 Proxy Statement”). To the extent that the Company’s directors and executive officers and their respective affiliates have acquired or disposed of security holdings since the applicable “as of” date disclosed in the 2023 Proxy Statement, such transactions have been or will be reflected on Statements of Change in Ownership on Form 4 or amendments to beneficial ownership reports on Schedules 13D filed with the SEC.  Since the filing of the 2023 Proxy Statement, (1) Ms. Cohen received a grant of 19,417 restricted stock units (“RSUs”) and Mr. Gottesman, Ms. Leslie and Ms. Siegler each received a grant of 33,273 RSUs, which will each vest in full on the earlier of June 16, 2024 or the date of the next annual meeting of the Company’s stockholders, in each case subject to the applicable director continuing to be a non-employee director through the applicable vesting date, and (2) Mr. Prusch received a grant of 54,855 RSUs, which will vest 1/3 on each of September 7, 2024, September 7, 2025 and September 7, 2026, subject to him continuing to be a non-employee director through the applicable vesting dates.  In the Merger, outstanding equity awards held by each non-employee director will fully vest immediately prior to the consummation of the Merger provided that the non-employee director continues to be a non-employee director through such date, and outstanding equity awards held by Mr. Easterly, Mr. Turner and Mr. Wickers will be treated in accordance with their respective severance and change in control agreements and as described in the 2023 Proxy Statement under the caption “Executive Compensation—Potential Payments Upon Termination or Change in Control.”  Additionally, pursuant to the Business Combination Agreement, dated as of February 10, 2021, by and among Nebula Caravel Acquisition Corp., Fetch Merger Sub, Inc., and A Place for Rover, Inc., an affiliate of Mr. Clammer has been issued restricted shares of the Company’s Class A common stock that will fully vest immediately prior to the consummation of the Merger and Mr. Easterly, Mr. Ganesan, Mr. Gottesman, Mr. Jacobson, Mr. Turner and their respective affiliates will be issued additional shares of the Company’s Class A common stock immediately prior to the consummation of the Merger. Other information regarding the participants in the proxy solicitation and a description of their interests will be contained in the proxy statement for the Company’s special meeting of stockholders and other relevant materials to be filed with the SEC in respect of the Merger when they become available. These documents can be obtained free of charge from the sources indicated above.

Contacts

For Rover

Investors

Walter Ruddy
Walter.Ruddy@Rover.com
(206) 715-2369

Media

Kristin Sandberg
PR@Rover.com
(360) 510-6365

OR

John Christiansen/Danya Al-Qattan
FGS Global
Rover@FGSGlobal.com

For Blackstone

Media

Matt Anderson
Matthew.Anderson@Blackstone.com
(518) 248-7310

Mariel Seidman-Gati
Mariel.SeidmanGati@Blackstone.com
(646) 482-3712

Categories: News

Tags:

KKR To Acquire Remaining 37% Of Global Atlantic For $2.7 Billion In All-Cash Transaction

KKR

Closer Coordination and Alignment Expected to Further Accelerate Growth of Both KKR and Global Atlantic

KKR Announces Other Strategic Initiatives to Benefit Shareholders

KKR and Global Atlantic to Host a Conference Call at 10:00 a.m. EST

NEW YORK & HAMILTON, Bermuda–(BUSINESS WIRE)– KKR & Co. Inc. (NYSE: KKR) and Global Atlantic Financial Group LLC (“Global Atlantic” or “GA”) today announced a definitive agreement under which KKR will acquire the remaining 37% stake of leading insurance company Global Atlantic, increasing KKR’s ownership to 100%.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20231129605147/en/

Joe Bae and Scott Nuttall, Co-Chief Executive Officers of KKR, stated: “The strategic partnership we envisioned three years ago has exceeded our expectations. It has been transformative for both businesses and a great cultural fit that has enabled us to contribute to Global Atlantic’s continued strong performance and success, while also being a key driver of growth for KKR. We expect the new ownership structure will foster even closer collaboration, allowing us to fully leverage our complementary strengths and grow faster together.”

Since 2021, KKR has served as Global Atlantic’s asset manager, offering access to its global investment and origination capabilities for the benefit of GA’s policyholders. Global Atlantic’s assets under management have grown significantly, up from $72 billion in 2020 to $158 billion today. As Global Atlantic has grown, it has benefited from the scale of KKR’s asset management businesses in meeting GA’s investment needs while maintaining a focus on risk management and continuing to deliver market-leading returns. The strategic partnership has proven to be both an important source of capital for Global Atlantic and a driver of international growth, with Global Atlantic leveraging KKR’s global reach to establish new business relationships in Hong Kong, Singapore and Japan.

At the same time, Global Atlantic has been a source of financial success for KKR and a key element of KKR’s growing real estate credit and asset-based financing businesses, both of which manage assets that are particularly well suited for insurance company balance sheets.

“We are taking this step because we have demonstrated, over the last three years, that we are stronger together. Being part of KKR has strengthened our position as a leading insurance company and enhanced our ability to deliver compelling solutions for our clients. Moving from a diverse group of shareholders to a single one with KKR clarifies our objectives and allows us to think―and invest―longer term,” said Allan Levine, Chief Executive Officer of Global Atlantic. “Although we hope to unlock further value by taking this step in our capital structure, neither our client-first approach nor our investment and risk management framework will change, and the day-to-day experience of our clients and colleagues will feel very much the same as it does today.”

After closing, Global Atlantic will continue to be led by its management team and operate under the Global Atlantic brand.

Transaction Details

Under the terms of the agreement, KKR will pay Global Atlantic’s minority shareholders an amount in cash equal to 1.0x Global Atlantic’s book value with certain adjustments. The total cash purchase price is currently estimated to be approximately $2.7 billion. Global Atlantic management is expected to exchange a majority of its Global Atlantic equity interests for KKR equity. KKR will fund the transaction from its balance sheet, which had $23 billion of cash and investments as of September 30, 2023.

The transaction, which is expected to close in the first quarter of 2024, is subject to customary closing conditions.

Simpson Thacher & Bartlett LLP and Debevoise & Plimpton LLP acted as legal advisors to KKR and Global Atlantic, respectively. Barclays provided a fairness opinion for Global Atlantic.

Strategic Initiatives

KKR also announced a series of other Strategic Initiatives that are contingent on the closing of the Global Atlantic transaction. These include:

  • Creating a new business segment, Strategic Holdings. The new segment will principally be comprised of KKR’s Core Private Equity balance sheet holdings. Core Private Equity has scaled into a business with $35 billion of assets under management, including $6.5 billion of assets on KKR’s balance sheet. Given the maturation and strong performance of these companies, KKR expects to begin receiving more recurring cash dividends from this segment of the balance sheet.
  • Modifying its compensation structure to be more success based. KKR will draw a greater share of compensation from carried interest instead of fee related earnings. The adjustment is expected to result in enhanced shareholder value by delivering more of the firm’s recurring revenues to shareholders.
  • Introducing a new reporting framework. KKR will report a new key metric, Total Operating Earnings, which will be comprised of Fee Related Earnings, Strategic Holdings and Insurance Operating Earnings. KKR expects Total Operating Earnings will highlight the growth of its more recurring earnings streams.

KKR expects the Strategic Initiatives, combined with the expanded ownership of Global Atlantic, to be accretive to all of its per share earnings metrics.

Bae and Nuttall added: “We remain focused on performing through cycles for the millions of clients and policyholders counting on us — with a business model that allows us to compound earnings and value for the very long term while retaining our culture. Today’s announcements are in service of that vision — more fully establishing three avenues for long term sustained growth, further increasing our optimism about the path ahead.”

Conference Call Information and Additional Details

KKR is holding a conference call to discuss the Global Atlantic transaction and Strategic Initiatives on November 29 at 10:00 a.m. EST. Allan Levine, Chief Executive Officer of Global Atlantic, will join the call. The conference call may be accessed through the Investor Relations section of KKR’s website at ir.kkr.com or by dialing 1-877-407-0312 (U.S.) or 1-201-389-0899 (non-U.S.); a pass code is not required. Supplemental materials that will be discussed during the call will be available at the same website location.

A replay of the webcast will be available on KKR’s website approximately one hour after completion of the broadcast.

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.

About Global Atlantic

Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company’s performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a majority-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR’s investment capabilities, scale and access to capital markets to enhance the value it offers clients.

Forward-Looking Statements

This press release contains certain forward-looking statements. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but not limited to the statements with respect to: the transaction (including the estimated total cash purchase price) to acquire all outstanding shares of Global Atlantic; operation of Global Atlantic following the closing of the transaction; expansion and growth opportunities and other synergies resulting from the transaction; the availability of cash on hand or liquidity from KKR’s investment portfolio to fund the transaction; and expected timing of closing. The forward-looking statements are based on KKR’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. If a change occurs, KKR’s business, financial condition, liquidity and results of operations, including but not limited to dividends, reported earnings, and capital structure may vary materially from those expressed in the forward-looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: failure to realize the anticipated benefits within the expected timeframes from the planned transaction with Global Atlantic; unforeseen liabilities or integration and other costs of the Global Atlantic transaction and timing related thereto; availability and cost of financing to fund the transaction; changes in Global Atlantic’s business; any delays or difficulties in receiving regulatory approvals; failure to complete the transaction; distraction of management or other diversion of resources within each company caused by the transaction; retention of key Global Atlantic employees; Global Atlantic’s ability to maintain business relationships following the transaction; the volatility of the capital markets; failure to realize the benefits of or changes in KKR’s or Global Atlantic’s business strategies; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management or insurance industry, interest rates, credit spreads, currency exchange rates or the general economy; underperformance of KKR’s or Global Atlantic’s investments and decreased ability to raise funds; changes in Global Atlantic policyholders’ behavior; any disruption in servicing Global Atlantic’s insurance policies; the use of estimates and risk management in Global Atlantic’s business; and the degree and nature of KKR’s and Global Atlantic’s competition. All forward-looking statements speak only as of the date hereof. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. In addition, KKR’s business strategy is focused on the long term and financial results are subject to significant volatility.

Additional information about factors affecting KKR is available in KKR & Co. Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 27, 2023, quarterly reports on Form 10-Q for subsequent quarters and other filings with the SEC, which are available at www.sec.gov.

Past performance is not indicative or a guarantee of future performance. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Investors:

Craig Larson
1-877-610-4910 (U.S.) / 212-230-9410
investor-relations@kkr.com

Media:

Kristi Huller
212-750-8300
media@kkr.com

Source: KKR & Co. Inc.

Categories: News

Tags:

Torqx Capital Partners declares offer for Beter Bed Holding unconditional; 95.14% of Shares now tendered or committed

Torqx Capital

Torqx declares the public offer on Beter Bed Holding unconditional per 29 November 2023; in total 95.14% of the Shares are offered or committed, of which 44.33% of the shares are irrevocably committed by the co-investors.

Settlement of the Offer will take place on Friday 1 December 2023. Payment of the Offer Price for each Tendered and Delivered Share shall be made on the same date. Shares which are not tendered yet can be tendered during the Post-Acceptance Period, commencing on 30 November 2023 and ending on 6 December 2023.

Information about the offer and how you can tender your shares can be found at:  www.beterbedholding.com/public-offer/.

For further information, see also the press release about the offer being declared unconditional:

Link to press release

Categories: News

Tags:

Breakthrough Energy Catalyst announces $75 million equity commitment in Infinium’s eFuels facility

Breakthrough Energy

The first-of-a-kind commercial-scale Power-to-Liquids eFuels facility is expected to be the largest in North America

Breakthrough Energy Catalyst announced its first project equity investment today in the form of a $75 million equity commitment to Infinium’s Project Roadrunner, subject to the satisfaction of certain closing conditions. Project Roadrunner will convert waste carbon dioxide (CO2) and renewable power into sustainable aviation fuel (SAF) and other low-carbon fuels. This first-of-a-kind commercial-scale Power-to-Liquids (PtL) eFuels facility is expected to be the largest PtL eFuels project in North America once operational.

Breakthrough Energy Catalyst funds and invests in first-of-a-kind projects that support the deployment of emerging climate technologies and sustainable aviation fuel is one of Catalyst’s five areas of priority investment. The aviation industry accounts for approximately 2–3% of global greenhouse gas emissions (GHG) annually and faces unique challenges when it comes to reducing emissions. Sustainable aviation fuels offer a critical tool to decarbonize aviation with existing aircraft currently in use around the world. Project Roadrunner will primarily produce Infinium eSAF, a sustainable aviation fuel with the potential to significantly reduce the lifecycle GHG emissions associated with air travel by around 90 percent.

At the core of Catalyst’s work is also uniting companies with stakeholders including investors, offtakers, and governments to enable the funding and build out of first-of-a-kind, commercial-scale projects. With Project Roadrunner, Catalyst and Infinium are bringing together key Catalyst partners in American Airlines and Citi as offtakers to tackle aviation emissions together.

The Catalyst and Infinium announcement includes two groundbreaking agreements with those partners that provide models for effective climate action. First, American and Infinium have agreed to a long-term, firm fuel offtake agreement that will enable further investment in Project Roadrunner. The Catalyst team worked to develop this agreement alongside the American and Infinium teams. Second, American and Citi have separately agreed to transfer the associated emission reductions to Citi to support the scaling of this innovative technology and help reduce a portion of Citi’s Scope 3 emissions from employee travel. These agreements provide one model for how airlines can use offtake agreements to help promising new SAF technologies attract investment dollars.

Mario Fernandez, Head of Breakthrough Energy Catalyst, said, “This project is a landmark achievement for the development of sustainable aviation fuels and the offtake agreement provides a model for the entire aviation industry on how to effect change and support the scale-up of capital-intensive projects.”

Read the full joint press release here.

Categories: News

Tags:

Ardian enters into agreement with Ferrovial to acquire a 15% stake in Heathrow

Ardian

This statement should be read in conjunction with Ferrovial’s statement issued November 28th 2023: https://newsroom.ferrovial.com/en/press_releases/ferrovial-announces-agreement-to-sell-stake-heathrow/

Ardian today announces that it has entered into an agreement to acquire a 15% stake in FGP TopCo (TopCo), the holding company of Heathrow Airport Holdings Ltd, from Ferrovial S.A.

Under the terms of the agreement, infrastructure funds managed and advised by Ardian will acquire 15% while Saudi Arabia’s Public Investment Fund will acquire 10% of TopCo concurrently from Ferrovial through separate vehicles.

The UK is a core market for Ardian, which has a 17-year track record of successful infrastructure investments in the country. This investment in Europe’s leading airport and Britain’s aviation hub builds on Ardian’s expertise in aviation, including previous investments in London Luton Airport and significant stakes in six Italian Airports. Heathrow is a strategic asset for the UK economy and plays a key role enhancing global connectivity. It fits with Ardian’s strategy of investing in significant infrastructure in its core markets.

Ardian actively supports its assets to accelerate their transformation by leveraging data and new technologies to reduce emissions, creating new, more sustainable revenue sources, becoming more independent and resilient to external shocks, and improving their impact on both local and global environments. Through Air Carbon, an in-house pioneering solution that supports airports in their sustainability strategy towards net-zero by monitoring their carbon emissions and running simulations on decarbonization trajectories, Ardian aims to accelerate the decarbonization of the whole sector.

The transaction is subject to complying with ROFO and full tag-along rights which may be exercised by the other FGP Topco shareholders pursuant to the Shareholders’ Agreement and the Articles of Association of the company. In addition, completion of the acquisition under the agreement is subject to satisfaction of applicable regulatory conditions.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $156bn of assets on behalf of more than 1,470 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing our people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
Through its direct infrastructure investment activities, Ardian has significant experience in owning and operating European airports. In the UK, Ardian was a 49% shareholder of London Luton Airport from 2013 until 2018. During Ardian’s period of ownership, a significant redevelopment of the terminal, transport links and infrastructure was successfully completed in close cooperation with Luton Borough Council. In Italy, Ardian is an indirect shareholder of Milan Linate, Milan Malpensa, Naples and Turin airports alongside their regions and municipalities.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

PRESS CONTACTS

ARDIAN

LIZ MORLEY

liz.morley@5654.co.uk+44 (0) 7798683108

BEN THORNTON

ben.thornton@5654.co.uk+44 (0) 7793056329

Categories: News

Waterland sells majority stake in Netrics

Waterland

Zurich – Waterland Private Equity (“Waterland”) is selling its majority stake in Netrics, Switzerland’s leading modern workplace and cloud service provider, to Bregal Unternehmerkapital. The strategic focus on digitizing companies using state-of-the-art technologies will continue under the new ownership structure. The transaction is expected to be completed by the end of the year; financial details will not be disclosed.

Over the past years, Waterland has supported Netrics in its strategic orientation to become the leading partner for the digitalization of companies using cloud and modern workplace technologies. In collaboration with the founders, Waterland initiated the merger of Tineo, nexellent and Netrics as well as the subsequent buy-and-build strategy with the acquisitions of BlueStone Consulting and PageUp. Today, Netrics is a leading player in the Swiss market with over 140 experts and more than 600 customers. The management team will continue to build on this strategy in the new ownership structure and drive it further.

“Waterland was the best possible partner for our strategic realignment,” emphasizes Netrics CEO Pascal Kocher. “Now it’s ‘mission accomplished‘. We are continuing to drive the Group and our strategy forward and want to consistently implement our further development as a leading partner for digital transformation, always at eye-level with our customers.”

Gregor Hengst, Managing Partner at Waterland, says: “Every business is becoming a digital business, and complexity is constantly increasing. This calls for highly professional enablers like Netrics, with whose founders and management team we have developed this shared vision from the beginning. Today, Netrics is ideally positioned to exploit the huge potential in the digital transformation market.” Philippe Moser, Principal at Waterland, emphasizes: “Thanks to the excellent collaboration with the entrepreneurs and the determined implementation of the buy-and-build strategy in the joint partnership, we were able to establish the leading player in the Swiss market.”

About Waterland

Waterland is an independent private equity investment company that supports entrepreneurs in achieving their growth targets. With substantial financial support and industry expertise, Waterland enables its portfolio companies to accelerate growth both organically and through acquisitions. Waterland has offices in the Netherlands (Bussum), Belgium (Antwerp), France (Paris), Germany (Hamburg, Munich), Poland (Warsaw), the UK (London, Manchester), Ireland (Dublin), Denmark (Copenhagen), Norway (Oslo), Spain (Barcelona) and Switzerland (Zurich). It currently manages around fourteen billion euros in equity capital.

Waterland has consistently achieved above-average performance with its investments since it was founded in 1999. The company is ranked fourth globally in the HEC/Dow Jones Private Equity Performance Ranking 2022 and seventh among global private equity firms in the Preqin Consistent Performers in Global Private Equity & Venture Capital Report 2022.

Media contact

Kurt Rossi, Farner Consulting, kurt.rossi@farner.ch

 

About Netrics:

As a partner for digital transformation, Netrics focuses on the topics of cloud and modern workplace. Netrics enables modern, location-independent and secure working through the targeted use of future-oriented technologies and with consideration of the human aspects, thus creating great experiences for employees and customers. The Netrics Group is active throughout German-speaking Switzerland with around 140 experts and a local presence in Bern, Biel/Bienne, Thun and Zurich. Since December 2022, the Netrics Group has also been offering comprehensive consulting services in the areas of collaboration, process digitalization, digital skills development and change management with AliceBlue AG from Basel.

 

Netrics is ISO 27001, ISO 27017, ISO 27018, ISO 9001 and ISO 20000 certified. In addition, Netrics services are audited in accordance with the ISAE 3402 Type 2 standard.

Categories: News

Tags:

KKR Acquires Potter Global Technologies

KKR

All Employees to Become Owners in the Company

ST LOUIS, Mo. & NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced that investment funds managed by KKR have acquired Potter Global Technologies (“Potter” or the “Company”), a leading manufacturer of fire and life safety equipment, from Gryphon Investors. KKR plans to support the Company in its continued growth organically and through add-on acquisitions. Financial terms were not disclosed.

Headquartered in St. Louis, Missouri, Potter is a trusted global provider of fire safety and emergency communication equipment used by thousands of customers across diverse end markets including education, multi-family, industrial, and healthcare. Potter’s leading products are used for monitoring fire safety systems, detecting fires and other life-threatening events, and notifying and communicating with building occupants and first responders to ensure safe and efficient evacuations and responses.

“For over 125 years, the Potter brand has stood for safety and reliability in the face of potentially life-threatening risks to the thousands of people and institutions around the world who entrust their fire and life safety to Potter. We have been impressed by the Company’s history of innovation and commitment to provide its customers with high-quality, easy-to-use systems supported by incredible customer service,” said Brandon Brahm, Partner at KKR and Co-Head of KKR’s Ascendant strategy. “We look forward to collaborating with Gerry Connolly, the leadership team, and all of the employees at Potter as we embark on this new era in the Company’s growth and develop new ways to serve our customers and protect lives.”

“Potter’s growth is a testament to the performance of our talented team and to our reputation as a leader in the fire and life safety industry. Our mission to protect people, buildings, and critical infrastructure across the globe underpins everything we do, and we are excited to continue furthering this mission with KKR. We are aligned on Potter’s potential and look forward to continue serving our customers through accelerated new product innovation, superior customer service, and an expanded reach domestically and internationally. Implementing KKR’s equity ownership philosophy, which will make every employee an owner, will be instrumental in achieving our potential and we are looking forward to the exciting growth that all employees together will drive as co-owners in Potter,” said Gerry Connolly, CEO of Potter.

KKR will support Potter in implementing a broad-based employee ownership program to allow all of its employees to have the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-management employees across more than 35 portfolio companies.

Potter is the latest investment for KKR’s Ascendant Strategy, which invests in middle market businesses in North America as part of KKR’s Americas Private Equity platform. Other investments in the Ascendant strategy include Alchemer, 123Dentist, Industrial Physics and a commitment to fund a new executive-led platform designed to acquire and build businesses in the Testing, Inspection, and Certification industry.

Baird and Baker McKenzie served as advisors to KKR.

About Potter:

Potter Global Technologies is the leading independent designer and manufacturer of life safety and emergency communication solutions. Through its various business brands, Potter provides fire suppression, alarm and communications systems, mass notification systems, first responder RF radio communications, and advanced power products. The company motto is “We Save Lives” and their employees appreciate the role they play and value working for a company that is making a difference through protecting people, property and critical infrastructure. Their mission is to make buildings and people safer from fire, natural disasters, and acts of violence. Throughout their longstanding 125-year history of developing industry leading technology, Potter has earned a reputation for best-in-class product quality and customer service. The company is headquartered in St. Louis, Missouri, with sales, engineering, and manufacturing centers in the Americas, Europe, and Asia. Discover more about Potter Global Technologies at www.potterglobaltech.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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

For Potter:
Eric Lauver
ericl@pottersignal.com

For KKR:
Julia Kosygina or Emily Cummings
(212) 750-8300
media@kkr.com

Source: KKR

Categories: News

Tags:

BPEA EQT Mid-Market Growth to acquire a majority stake in HRBrain, a fast-growing HR software provider in Japan

eqt

HRBrain is a fast-growing HR software provider in Japan, helping companies manage and engage with talent more effectively through a diversified suite of cloud products

As Japan continues to face talent shortages and increasing regulatory requirements for disclosure of human capital metrics, the demand for solutions to support talent management and employee engagement is growing rapidly

BPEA EQT Mid-Market Growth will support HRBrain’s continued growth by expanding the customer base and support ongoing development of new modules to further enhance its integrated service offering

EQT is pleased to announce that the BPEA EQT Mid-Market Growth Fund (“BPEA EQT Mid-Market Growth”) has agreed to acquire a majority stake in HRBrain (the “Company”), from existing shareholders. The Company’s founder, Hiroki Hori, will remain as a significant minority shareholder and continue as CEO.

HRBrain was established in 2016 to offer software solutions aimed at simplifying and streamlining companies’ performance evaluation processes. Today, the Company’s HR solutions have grown to include comprehensive talent management, employee experience and organization assessment, labor management, AI ChatBot, 360 Reviews, and more. HRBrain is headquartered in Tokyo and has more than 150 employees.

As Japan continues to face talent shortages and increasing regulatory requirements for disclosure of human capital metrics, the demand for solutions to support talent management and employee engagement has been growing rapidly. With an intuitive UI/UX design, flexible module selections, and strong customer support and consulting services, HRBrain has developed a highly diversified customer base, helping more than 2,500 companies in total engage with talent more effectively. Moreover, the Company has best-in-class customer satisfaction and strong retention, particularly from their core target segment of mid to large sized enterprises, with more than 60 percent in annual recurring revenue growth.

EQT has extensive experience developing strong software businesses on a global scale, with more than 15 software investments globally and over USD 10 billion of equity invested since 2018. BPEA EQT Mid-Market Growth will leverage the firm’s in-house software and digitalization capabilities and global network of industry experts to support HRBrain in its next phase of growth.

Tetsuro Onitsuka, Partner within EQT Japan’s advisory team, commented, “HRBrain is one of the top players in Japan’s Talent Management space, which is backed by strong tailwinds from socially significant issues like a shrinking labor force, a growing shift towards job-based hiring, and a regulatory push to visualize and disclose human capital. We see great potential for further expansion of the company’s impressive product and service offerings, and we look forward to leveraging EQT’s experience in technology and software to support President Hiroki Hori and his employees as we work together to accelerate HRBrain’s organic and inorganic growth.”

Hiroki Hori, CEO of HRBrain, commented, “HRBrain promotes solutions in the HR domain mainly for Japanese companies through SaaS-type software and consulting services. We are pleased to have formed a strong partnership with EQT and work to realize our mission. Together, we will continue to provide unique products that are indispensable to diverse workplaces and solving complex issues in the HR field.”

The transaction is expected to close in Q4 2023.

BPEA EQT was advised by SMBC Nikko, Nishimura & Asahi (legal), and KPMG (financial, tax and ESG). The Company was advised by UBS and Shiomizaka (legal).

Contact
EQT Press Office, press@eqtpartners.com

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 the BPEA EQT Mid-Market Growth fund 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.

About

About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 128 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About HRBrain
HRBrain is a one-stop cloud-based platform consisting of seven services for streamlining HR operations and centrally managing and utilizing HR data – the company’s flagship HRBrain Talent Management service, as well as Organizational Diagnostic Survey, Pulse Survey, Personnel Evaluation, 360-degree Review, Labor Management, and AI ChatBot for internal use. HRBrain will continue to expand its services in ways that can further contribute to ESG management, the development of human capital, and digital transformation (DX) in the HR space.

More info: www.hrbrain.co.j

Categories: News

Tags: