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Rhapsody and Corepoint Merge to Advance Interoperability in Healthcare

HG Capital

Combined Entity Brings Complementary Resources and Expertise to Support Critical Interoperability Initiatives Including FHIR®, Cloud Transformation and National Data Exchange Networks

 

BOSTON, Massachusetts – July 10, 2019 – Rhapsody, a global leader in healthcare data interoperability, today announced that the company will merge with Corepoint Health, the supplier of the Best in KLAS® healthcare integration platform. The transaction will bring together two companies at the forefront of interoperability and create a dynamic combination of technology, talent, services, and trusted customer relationships to address the most complex healthcare interoperability challenges.

Both companies will continue to support and advance their respective solutions, while the combined entity will also devote its expanded resources to addressing the growing need for interoperability among regional, national and international healthcare providers and vendors.

“Corepoint’s platform offers incredibly fast, turn-key operations for provider organizations, HIEs and OEM partners, all with industry leading customer satisfaction. Complementing this with Rhapsody’s fully customizable and multi-platform capabilities creates great synergies for our current and future customers,” said Erkan Akyuz, President and CEO, Rhapsody. “Both entities share great technical depth and breadth and both have maintained long-standing customer relationships, which together yields a broader foundation on which to build the future of interoperability in healthcare. Together, we can better support our customers to fulfill all of their changing and future needs.”

Available on premises and as a cloud-based service, the Rhapsody and Corepoint interoperability platforms offer comprehensive routing and transformation functionality for every operating environment, offering highly differentiated features, applications and end customer focuses. The two platforms also support commonly used messaging standards and protocols such as FHIR®, HL7® V2, CCD/C-CDA and DICOM. These integration engines are among the most secure technology platforms in the healthcare industry, with customer bases that include the entire healthcare ecosystem and across the globe, including provider organizations, technology vendors, HIEs and public health systems.

“We are entering a new era in healthcare where the emphasis will be on expanding ecosystems and establishing new data trading partner relationships to optimize clinical and operational workflows. These initiatives will be powered by interoperability and data management: healthcare organizations that can excel in these areas will have a significant competitive advantage,” said Sean Cassidy, CEO of Corepoint Health. “The combination of Rhapsody and Corepoint enables our customers to continue to get tremendous value out of the products and services they love, while having the confidence that their interoperability partner is heavily invested in helping them confront the challenges they will face in the future.”

“We move decisively when perfect opportunities present themselves,” said Philippe Houssiau, Operating Partner at Hg. “The opportunity to bring Corepoint and Rhapsody together was incredibly compelling. Our investments in these two phenomenal companies demonstrate how excited we are about the future of interoperability. Rhapsody is off to an amazing start as an independent company: joining forces with Corepoint will enable the combined team to accelerate the delivery of FHIR-based services, cloud-based integration solutions and support for regional and national interoperability frameworks.”

Learn more here.

About Corepoint 

Corepoint Health delivers a powerful yet simplified approach to internal and external health data integration and exchange for hospitals, radiology centers, laboratories, and clinics. Our software solutions help health care providers and vendors achieve their interoperability goals. For the 10thconsecutive year, Corepoint Integration Engine has earned the #1 ranking in the Best in KLAS Awards: Software & Services report. To learn more about Corepoint Health, visit https://corepointhealth.com

About Hg

Hg is a specialist private equity investor, committed to building businesses that change the way we all do business, through deep sector specialization and dedicated operational support. We are a leading European investor in software and services businesses, with increasing global presence, having built a team of 170 people over 25 years. Hg partners with the businesses and management teams we invest in, sharing best-practice ‘playbooks’ and leveraging Hg’s executive and portfolio network as a powerful tool for knowledge sharing across comparable businesses. Based in London, Munich and New York, Hg has funds under management of around $13 billion serving some of the world’s leading institutional and private investors. For further details, please see www.hgcapital.com

Media Contacts:

Rhapsody
Andrea Weiss
+1 508.269.7742		 Corepoint Health
Jeff Zinger
+1 214.618.7031		 Hg
Tom Eckersley
+44 207 089 7967

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CVC funds sign agreement for ADIA to acquire 30% of Domestic & General

Company’s appliance care plans protect 23 million appliances for 16 million customers across Europe and Australia

Domestic & General (“D&G”), the leading appliance care specialist, is pleased to announce that certain funds (“CVC Funds”) advised by CVC Capital Partners (“CVC”) have reached an agreement with Luxinva S.A., an entity ultimately wholly-owned by the Abu Dhabi Investment Authority (“ADIA”), for ADIA to acquire a circa 30% stake in D&G. CVC Funds will continue as D&G’s majority shareholder via CVC Fund VII. The acquisition is expected to close by the end of 2019, subject to customary merger control and regulatory clearances.

D&G’s appliance care plans protect individuals and families against the unexpected costs of appliance repairs and replacements. With a presence in 11 countries across Europe and Australia, D&G protects approximately 23 million appliances for approximately 16 million customers. It has a leading position in the UK and is present in 1 in 3 households.

Since CVC Funds’ investment in 2013, D&G has grown annual revenues from £633m to £811m, expanded its operations across Europe, and is currently exploring further international opportunities. D&G has also invested significantly in enhancing its customer service, technology infrastructure and digital capabilities to support continued delivery of its ambitious growth plans.

David Tyler, Chairman of D&G said: “We are delighted to welcome a significant new investor to D&G. ADIA brings a wealth of investment experience from around the globe and has a strong reputation for supporting the growth of high quality companies such as D&G. With ADIA’s investment alongside CVC Funds’ ongoing commitment, we will have a new ownership structure underpinned by two stable and well-resourced global investors. It is a strong platform enabling us to focus on our growth plans in the UK and internationally. All of us at D&G look forward to working with them.”

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Funds advised by CVC Capital Partners lead consortium to acquire significant minority stake in GEMS Education

Consortium will acquire approximately 30% stake in world’s largest provider of private K-12 education by revenue

Funds advised by CVC Capital Partners (“CVC Funds”) have led a consortium (the “CVC Consortium”) which has agreed to acquire a significant minority stake in GEMS Education, the world’s largest provider of private K-12 education by revenue.

Upon completion of the transaction, the CVC Consortium will acquire approximately a 30% stake in the company from the existing shareholders. Concurrently, GEMS Education has launched a refinancing programme (expected to include loans and bonds), details of which will be announced in due course. Both transactions are anticipated to close by the end of July 2019.

The transaction sees the successful exit by a consortium led by Fajr Capital Limited including Tactical Opportunities funds managed by Blackstone (“Blackstone”) and Bahrain Mumtalakat Holding Company B.S.C. (“Mumtalakat”), the sovereign wealth fund of the Kingdom of Bahrain, which acquired a significant minority stake in GEMS Education in 2014. Existing minority investor Khazanah Nasional Berhad, a sovereign wealth fund of Malaysia, which invested in January 2018, will retain its 3% stake in GEMS Education.

Dino Varkey, CEO, GEMS Education, said: “GEMS Education strives to improve every part of the education journey for both students and parents. Aided by our investors, the last five years have seen consistent and continued improvements across GEMS Education schools, most significantly with our excellent inspection outcomes, year on year increases in student examination results, and our safeguarding and inclusion work with students, schools and parents. We repaid our inaugural Sukuk in November 2018 and are excited to re-engage with the international capital markets, including securing our inaugural credit ratings, as we launch our refinancing.

“Investment by the CVC Funds marks the third time we have successfully collaborated with global institutional investors. As we approach our 60th anniversary, we look forward to developing the company further. This is aligned with our vision of expanding the business into new markets and continuing our long history of growth. We would like to thank our exceptional team for their hard work to get us here, especially Riz Ahmed and Jake Barnard and the broader management team.”

Sunny Varkey, Founder, GEMS Education, said: “We are delighted to welcome CVC as our new partners, as we continue our mission of raising the benchmark for quality education and shaping the future of learning for tomorrow. We are also grateful to Fajr Capital, Blackstone, and Mumtalakat for their contributions to the business over the past five years. Sixty years on from opening our first school, I believe more than ever that ‘whatever the question, education is the answer.’ We are excited that CVC shares our passion for this mission, and our belief in our potential to continue to enhance quality education in our growing school portfolio.”

Jan Reinier Voûte, Partner and Co-Head of CVC Strategic Opportunities, said: “We are excited to embark on our partnership with GEMS Education, the world’s leading education provider by revenue. GEMS is a perfect fit for our Strategic Opportunities strategy which is ideally positioned to support value creation in long term partnership investments. We look forward to supporting GEMS to deliver their vision of expanding their footprint.”

This investment is made from CVC’s Strategic Opportunities Platform, which was established in 2014 in response to growing demand from institutional investors to be able to invest for the long term in stable, high-quality businesses. Since the strategy was created, nearly €4 billion of equity capital has been committed to seven investments.

Özgür Önder, Managing Director and a member of CVC’s Eastern Europe & Middle East team, said: “We are very excited about CVC Funds’ first major investment in the GCC region, where we see significant growth opportunities. GEMS Education is a world leader in education and we look forward to working with Sunny Varkey and Dino Varkey and their excellent management team to further enhance and expand their offering.”

Iqbal Khan, CEO of Fajr Capital, Andrea Valeri, Senior Managing Director of Blackstone, and Mahmood H. Alkooheji, CEO of Mumtalakat, jointly issued the following statement: “We invested in GEMS Education as a consortium because we believed in the company’s ability to address the substantial and growing demand for quality education across emerging markets. We are all very pleased with the progress GEMS Education has made since our investment – with the company building 16 new schools, entering into new markets through organic and inorganic expansion, strengthening corporate governance, enhancing its capital structure, and improving overall academic excellence. The sale of our stake in GEMS Education marks the end of a very successful partnership and also highlights the positive role strategic financial investors can play to help realise the potential of high-growth businesses in the Middle East. We wish Sunny, Dino, the Varkey family, CVC, Khazanah, and everyone at GEMS Education all the best as the company continues to advance its mission to put quality education within the reach of every child.”

GEMS Education has grown from a single school started by a family of teachers in 1959 to become the world’s largest provider of private K-12 education by revenue. As at 28 February 2019, GEMS Education owned and operated 49 schools in the United Arab Emirates and Qatar. Since Gamma invested in 2014, GEMS Education has invested more than USD 1.0 billion in enhancing and expanding its offering.

Concurrently with the CVC Consortium’s transaction, GEMS Education will assume ownership of a further 14 private schools in Europe, through the acquisition of Bellevue Education, a leading school group headquartered in the UK.

Furthermore, GEMS Education recently invested in a portfolio of 14 schools in the Kingdom of Saudi Arabia and four schools in Egypt through joint ventures with Hassana, the Saudi Arabia Pension Fund, and EFG Hermes respectively.

The Varkey Group, the founding shareholder of GEMS Education, will continue to independently operate schools under the GEMS Education and other brands in the United States, France, India, Singapore, Malaysia, and Sub-Saharan Africa. The Varkey Family, in combination, will remain as the largest shareholders in GEMS Education once the transaction has completed.

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Rhapsody and Corepoint merge to advance Interoperability in Healthcare

HG Capital

10 July 2019. Rhapsody, a global leader in healthcare data interoperability, today announced that the company will merge with Corepoint Health, the supplier of the Best in KLAS® healthcare integration platform. The transaction will bring together two companies at the forefront of interoperability and create a dynamic combination of technology, talent, services, and trusted customer relationships to address the most complex healthcare interoperability challenges.

Please find the full press release here

“We move decisively when perfect opportunities present themselves,” said Philippe Houssiau, Operating Partner at Hg. “The opportunity to bring Corepoint and Rhapsody together was incredibly compelling. Our investments in these two phenomenal companies demonstrate how excited we are about the future of interoperability. Rhapsody is off to an amazing start as an independent company: joining forces with Corepoint will enable the combined team to accelerate the delivery of FHIR-based services, cloud-based integration solutions and support for regional and national interoperability frameworks.”

Categories: News

Tags:

Rhapsody and Corepoint merge to advance Interoperability in Healthcare

HG Capital

10 July 2019. Rhapsody, a global leader in healthcare data interoperability, today announced that the company will merge with Corepoint Health, the supplier of the Best in KLAS® healthcare integration platform. The transaction will bring together two companies at the forefront of interoperability and create a dynamic combination of technology, talent, services, and trusted customer relationships to address the most complex healthcare interoperability challenges.

Please find the full press release here

“We move decisively when perfect opportunities present themselves,” said Philippe Houssiau, Operating Partner at Hg. “The opportunity to bring Corepoint and Rhapsody together was incredibly compelling. Our investments in these two phenomenal companies demonstrate how excited we are about the future of interoperability. Rhapsody is off to an amazing start as an independent company: joining forces with Corepoint will enable the combined team to accelerate the delivery of FHIR-based services, cloud-based integration solutions and support for regional and national interoperability frameworks.”

Categories: News

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Rhapsody and Corepoint merge to advance Interoperability in Healthcare

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HG Capital

10 July 2019. Rhapsody, a global leader in healthcare data interoperability, today announced that the company will merge with Corepoint Health, the supplier of the Best in KLAS® healthcare integration platform. The transaction will bring together two companies at the forefront of interoperability and create a dynamic combination of technology, talent, services, and trusted customer relationships to address the most complex healthcare interoperability challenges.

Please find the full press release here

“We move decisively when perfect opportunities present themselves,” said Philippe Houssiau, Operating Partner at Hg. “The opportunity to bring Corepoint and Rhapsody together was incredibly compelling. Our investments in these two phenomenal companies demonstrate how excited we are about the future of interoperability. Rhapsody is off to an amazing start as an independent company: joining forces with Corepoint will enable the combined team to accelerate the delivery of FHIR-based services, cloud-based integration solutions and support for regional and national interoperability frameworks.”

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KKR Enters Exclusive Negotiations with GBL for Webhelp Group

KKR

LONDON & PARIS–(BUSINESS WIRE)–Jul. 10, 2019– KKR, a leading global investment firm, announces today it has entered into exclusive negotiations to sell a majority stake in the Webhelp group to Groupe Bruxelles Lambert (“GBL”). GBL will invest alongside Webhelp’s co-founding shareholders, Olivier Duha and Frédéric Jousset, who would retain their role as founding executive directors, and Webhelp’s management team.

Founded in 2000, Webhelp is today one of the world’s leading providers of customer experience and business process outsourcing (BPO). The company develops innovative solutions combining consulting services, technological solutions and omni-channel processing capabilities with 50,000 employees in more than 35 countries. Since KKR’s acquisition in 2015, Webhelp has doubled in size as the result of an organic and external growth strategy that GBL aims to maintain and accelerate, together with the strong collaboration of the co-founders and management.

As a result of this transaction, GBL would acquire a majority stake in Webhelp on the basis of an enterprise value of €2.4 billion. It is expected that the legal documentation will be signed by the beginning of August for completion, after obtaining regulatory authorizations, within the course of Q4 2019.

Johannes Huth, Member and Head of KKR EMEA, and Stanislas de Joussineau, Director at KKR, said: “Our successful collaboration with Olivier and Frederic has turned Webhelp into a true European champion. The support we have provided to Webhelp builds on our track record in helping founder-led businesses realise their growth ambitions, and helping French companies expand internationally. We believe the company is strongly positioned for future growth and we wish Webhelp and GBL every continued success.”

Olivier Duha and Frédéric Jousset, co-founders of Webhelp, said: “We thank KKR for its investment over the past four years and we welcome with confidence GBL in order to write together a new growth and investment phase. The management team has chosen to surround itself with a shareholder renowned for its longstanding support to companies with international ambitions such as Webhelp.”

–

About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic partners that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Webhelp
Webhelp is a global business process outsourcer (BPO), specialising in customer experience and payment services in addition to sales and marketing services across voice, social and digital channels.

From more than 150 sites in 36 countries with an approximately 50,000-strong team, our focus is on engineering performance improvements and delivering a real and lasting transformation in our clients’ operating models to generate financial advantage. We partner with some of the world’s most progressive brands including Sky, Shop Direct, Bouygues, Direct Energie, KPN, Vodafone, La Redoute, Michael Kors and Valentino.

Headquartered in Paris, France, the company has grown its revenues by more than 250% in the last 4 years by investing in its people, the environment they work in and developing its analytical and operating capability to deliver a transformational outsourcing proposition that addresses the challenges of an omni-channel world. More information can be found at www.webhelp.com

Forward-Looking Statements
This press release may contain forward-looking statements, identified by words such as “expect,” “aim,” “estimate,” “will,” “may” and “believe” or similar expressions. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those included in these forward-looking statements, and investors should not place undue reliance on such statements. These forward-looking statements speak only as of the date of this press release, and KKR does not undertake any obligation to update or revise any of the forward-looking statements to reflect future events or circumstances, except as required by law.

Source: KKR

Media Contacts:
International
Alastair Elwen
Finsbury
Phone: +44 (0) 20 7251 3801
Email: alastair.elwen@finsbury.com

France
Olivier Blain
Adding Value Conseils
ob@addingvalueconseils.com
+33 6 72 28 29 20

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Waterlogic’s M&A deals hit double figures in just seven months

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Castik Capital

MAIDENHEAD, UK  – Waterlogic, a leading global designer, manufacturer, distributor and service provider of purified drinking water dispensers, is pleased to announce that it has acquired 12 companies in the last seven months.

Waterlogic’s recent acquisition activity is a reflection of its position as a global leader in the fragmented market for workplace hydration, as well as the natural acquiror for high-quality providers of point-of-use water dispensers. The 12 acquisitions have enabled the company to enter new direct markets in Canada and Belgium as well as increase customer density and build capabilities in already established markets in the US, Australia and Western Europe.

“M&A offers major growth opportunities for Waterlogic as well as benefits for our customers, and we continue to maintain a healthy pipeline of acquisitions to augment organic growth in all our markets”explainsJeremy Ben-David, Group CEO Waterlogic.

In the US and Australia, the acquisitions of AWS South Bend, Leslie Water, My Better Water and Big Wet’s point-of-use business further consolidate Waterlogic’s market-leading presence in the company’s key territories. Whilst the acquisitions of Pure Life and Just Pure in Canada and Pure Services in Belgium establish Waterlogic with a direct presence for the first time in these important markets.

“These latest acquisitions help us achieve our ambition to lead the market with a range of environmentally sustainable solutions that provide more people around the world with access to high-quality drinking water,” continuesJeremy Ben-David.

The expansion of Waterlogic’s customer base and service network significantly strengthens the company’s position as the leading total water solutions provider of point-of-use dispensers, under-counter dispensers and specialty restaurant and hospitality solutions globally.

Waterlogic was acquired in January 2015 by funds managed by Castik Capital, the European private equity investor. These are the most recent acquisitions as part of the company’s buy and build strategy since the acquisition by Castik, and following substantial acquisitions in the US, UK, Australia, Germany, France, Spain, Central and Eastern Europe, and Scandinavia.

Media Contact

Rosanna Turner, Group Marketing Communications Manager
rosanna.turner@waterlogic.com

About Waterlogic

Waterlogic is an innovative designer, manufacturer, distributor and operator of point-of-use (POU) drinking water purification and dispensing systems designed for environments such as offices, factories, hospitals, hotels, schools, restaurants and other workplaces. Founded in 1992, Waterlogic was one of the first companies to introduce POU systems to customers worldwide, and has been in the forefront of the POU market, promoting product design and quality, the application of new technologies and world class sales and service. Waterlogic has its own subsidiaries in many markets and an extensive and expanding independent global distribution network in place, reaching over 60 countries around the world. Waterlogic products are currently distributed in North and South America, Europe, Asia, Australia and South Africa. Waterlogic’s leading markets are the US, Australia and Western Europe, in particular the UK, Scandinavia, Germany and France. More information can be found at www.waterlogic.com

About Castik

Castik Capital S.à r.l (“Castik”) manages investments in private equity. Castik is a European multistrategy investment manager, acquiring significant ownership positions in European private and public companies, where long-term value can be generated through active partnerships with management teams. Founded in 2014, Castik is based in Luxembourg and focuses on identifying and developing investment opportunities across Europe. The advisor to Castik is Castik Capital Partners GmbH, based in Munich. Investments are made by the Luxembourg-based fund, EPIC I SLP, the first fund managed by Castik, which had its final fund close of EUR 1bn in July 2015.

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Litera Microsystems Acquires Workshare

HG Capital

Creating a Leading Supplier of Document Drafting Technology

The combination offers professionals a simplified end-to-end solution which simplifies the document drafting lifecycle.

Litera Microsystems today announces its acquisition of Workshare in a move that underlines the company’s focus on providing a seamless drafting experience for users across best-of-breed technologies. The deal will enable firms which currently use both suppliers to consolidate their relationships, simplify the process of updating software and rely on a single, world-class, support team for the full suite.

…

Earlier this year, Litera Microsystems partnered with Hg, a specialist private equity investor focused on software and service businesses based in London, Munich, and New York. Litera Microsystems was able to leverage Hg’s network and knowledge of the global legal software market to help drive this integration with Workshare, adding further products to the suite, for the benefit of existing and future customers.

Please find the full press release on the Litera Microsystems website.

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EQT Credit completes unitranche financing to support Oakley Capital’s acquisition of Seagull and Videotel

eqt

EQT Credit completes unitranche financing to support Oakley Capital’s acquisition of Seagull and Videotel

EQT Credit, through its Direct Lending investment strategy, is pleased to announce that it is the sole lender of USD 130 million drawn committed senior facilities to support Oakley Capital’s (“Oakley”) investment in Seagull and Videotel (together, “the Company”).

The Company is a leading provider of e-learning solutions to the maritime sector globally, with a geographically diversified portfolio covering key international maritime transport hubs.

Paul Johnson, Partner at EQT Partners and Investment Advisor to EQT Credit, commented: “The combination of Seagull and Videotel creates a leading player in the regulated maritime training market. EQT Credit looks forward to supporting the Company and its management team in its future development, as the Company expands its product offering, invests in new areas of content and looks towards further consolidation in the industry.”

Andrew Cleland-Bogle, Managing Director at EQT Partners and Investment Advisor to EQT Credit, added: “EQT Credit is proud to partner again with Oakley on this transaction. We would like to thank EQT’s Industrial Advisors who provided key support and insight to the EQT Credit deal team throughout the due diligence process and confirmed our views on the Company’s exceptional quality offering.”

Contact
Paul Johnson, Partner at EQT Partners and Investment Advisor to EQT Credit, +44 203 372 9424
Andrew Cleland-Bogle, Managing Director at EQT Partners and Investment Advisor to EQT Credit, +44 208 432 5420
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a leading investment firm with more than EUR 61 billion in raised capital across 29 funds and around EUR 40 billion in assets under management. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 21 billion and approximately 127,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About EQT Credit
EQT Credit invests through three complementary strategies: Senior Debt, Direct Lending, and Special Situations. Since inception, EQT Credit has raised over EUR 7 billion of capital and invested in over 160 companies. EQT Credit’s Direct Lending strategy seeks to provide flexible, long-term debt solutions to support European businesses, across a wide range of sectors. These businesses include privately-owned companies seeking growth capital as well as those that are the subject of private equity-led acquisitions or refinancings.

More info: www.eqtpartners.com/Investment-Strategies/Credit 

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