Archives

HgCapital Trust adds to NAV per share from sale of Zitcom at 3.3x cost

HgCapital - link to website (opens in a new window)

HgCapital, the Manager of HgCapital Trust plc (the “Company”), has announced that it has sold Zitcom, a leading Danish hosting and cloud solutions provider operating in the SME segment, to Intelligent, a Belgian headquartered provider of hosting services. The terms of this transaction were not disclosed.

The sale of Zitcom delivers a c. 3.3x investment multiple and a c. 145% gross IRR over the investment period.

The Company, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all HgCapital’s investments. The Company will realise cash proceeds of approximately £8.8 million on completion of the transaction.  This represents an uplift of £4.4 million (101%) or 12 pence per share over the carrying value of £4.4 million in the Net Asset Value (“NAV”) of the Trust at 31 May 2017 which was based on the Directors’ valuation as at 31 December 2016.

Based on the 31 May 2017 reported NAV (including all announced transactions and the revaluation of the carried interest provision), the pro-forma NAV of the Company is expected to increase to £621.2 million or 1,664.4 pence per share. The Trust’s liquid resources available for future deployment are estimated to be £146 million (24% of the pro-forma 31 May 2017 NAV).

The investments within the Company’s portfolio were last valued at 31 December 2016. The Company’s 2017 interim results, including the re-valuation of the portfolio as at 30 June 2017 will be announced on 11 September 2017. 

 

HgCapital’s Mercury Fund sells Zitcom Group to Intelligent
 

  • Exit has delivered a c. 3.3x investment multiple and c. 145% gross IRR after 18 months of ownership
  • Second exit from HgCapital’s specialist lower mid-market Mercury TMT fund, which has delivered aggregate realised returns of c. 2.8x and c. 70% gross IRR
  • The £380m Fund made its first investment in 2012; and has returned c. 40% of invested capital back to clients

 14 June 2017, London: HgCapital is pleased to announce that it has sold Zitcom Group, a leading Danish SME-focused hosting and cloud solutions provider, to Intelligent, a Belgian headquartered provider of hosting solutions. The terms of this transaction were not disclosed.

HgCapital partnered with the management of Zitcom Group in December 2015, representing the 7th investment for Mercury, HgCapital’s specialist lower mid-market TMT fund. This exit marks the second full realisation for the Mercury fund, following the sale of Relay announced in August 2016 and four prior successful recapitalisations across the portfolio.

Through organic growth and acquisitions, Zitcom Group has created a leading Danish SME focused hosting and cloud solutions provider with activities in both the mass and managed hosting space, including domains website hosting, email for smaller customers and managed servers and applications for larger customers. The group has demonstrated over ten years of consistent revenue growth and provides cloud services to over 100,000 business and private customers in Denmark, operating under the brands Zitcom, Wannafind, UnoEuro, Curanet, ScanNet and Cloud.dk.

The business displays many of the characteristics that HgCapital looks for including: an attractive growth sector; a loyal customer case; a strong management team; and platform potential for M&A.

During HgCapital’s 18-month ownership period, HgCapital has supported Zitcom Group’s acquisition and integration of four companies which has helped double the customer base and revenue while close to tripling profits of the Group.

Following this sale, the Mercury 1 Fund will have returned nearly 40% of invested cost, including proceeds from the prior exit of Relay Software (announced in July 2016 for 2.1x cost / 39% gross IRR) and a combination of other portfolio company refinancings. The Fund has delivered overall realised returns of c. 2.8x cost and a c. 70% gross IRR.

Stefan Rosenlund, CEO of Zitcom Group, said: “HgCapital has been a fantastic partner for Zitcom Group and has helped us mature – both as a business and as individuals. HgCapital has been a huge asset in developing Zitcom Group into a strong and market leading hosting group ready for new challenges and new ownership. I thank HgCapital for the trust and time that they have invested in us and look forward to continue Zitcom Group’s growth journey in the Danish SME hosting market.”

Nick Jordan, Director at HgCapital, said: “It has been a pleasure to partner with the Zitcom Group management team and employees over the last 18 months and play a role in building a leader in the Danish SME hosting segment. They have transformed their sector in Denmark. We wish them continued success in this exciting new phase of their story”

HgCapital were advised by Harris Williams, Linklaters and Accura.

Categories: News

Tags:

conTeyor International acquires VMT ECOPACK from Rabo Private Equity and Ox.

On June 2 2017, the majority shareholders of VMT ECOPACK, consisting of Rabo Private Equity and OX., reached a binding agreement with Down2Earth/conTeyor International on the sale of 100% of the shares to conTeyor.

About the deal
The acquisition of VMT by conTeyor creates a leading returnable packaging solution provider in both plastics and textiles. conTeyor has acquired VMT ECOPACK in the strategy to expand capabilities, capacity and competences in developing and manufacturing best-in-class returnable packaging solutions. With this important step forward conTeyor has further improved its global reach with consequent vicinity to its customers.

Joining forces of both companies will create a stronger market position with a consolidated turnover of about 70 million EUR and 350 employees.

About conTeyor
conTeyor (Headoffice Merelbeke, Belgium) is a global leader in the innovative market of B2B re-usable textile packaging systems, mostly based on metal foldable structures. conTeyor has two smaller business divisions with thermoformed trays (BestForm, Germany) and warehousing solutions (Storeganizer). ConTeyor has recently invested significantly in further developing the US and Mexican market and in additional production capacity in Europe, Mexico and China.

The Belgian based Private Equity fund Down2Earth is the majority shareholder of conTeyor and supports the further growth with a buy and build strategy.

“The compatible culture of both companies will be further aligned to create more innovative solutions and services to the benefit of all our global customers”, thus Jo Buekens, CEO of conTeyor.

About VMT ECOPACK
VMT is a pan-European supplier of reusable (mainly) plastic packaging with a significant part of customized solutions with a focus on the automotive industry. It has manufacturing facilities in the Netherlands (Elsloo/HQ), the Czech Republic (Kurim), an assembly workshop in Turkey (Yalova) and addtional sales offices in Germany (Munich) and Russia (Moscow).

“We thank Rabo Private Equity & Ox. for being loyal and dedicated shareholders, seeking the best interest for VMT during turbulent times in the past and for helping us to get where we are today: Healthy, confident and ready for an exiting next phase with a solid, fitting, ambitious & strategic new shareholder”; thus Ernst Jan van Klinken, CEO of VMT ECOPACK.

About Ox.
Ox. is an investment firm that focuses on participations with which it can be clocely involved as an investor. This involvement translates into active entrepreneurship as a shareholder with the emphasis on operational, financial and strategic guidance, leading to value creation. A strong market position, growth and/or improvement potential are main investment criteria.

About Rabo Private Equity
Rabo Private Equity is the captive alternative investment arm of Rabobank investing in private equity and venture capital opportunities. Its mission is to pursue investments that are aligned with the “Banking for the Netherlands and Banking for Food” strategy of Rabobank thereby supporting eligible companies that are core to this strategy with equity. In the Netherlands Rabo Private Equity invests directly in operational companies and focuses on young, entrepreneurial companies to mature and growing companies in need of equity to realize their longer-term ambitions with the support of equity and reliable investor partners.

Categories: News

Ratos presents updated strategic agenda

Ratos, in conjunction with its Capital Markets Day being held today, is presenting an updated strategic agenda. Through increased value creation and earnings levels in the portfolio companies, the long-term intention is to lay the foundation for a larger part of cash-flow-generated financing of the future dividends of the Ratos share. The investment interval for new investments has been updated and the central management costs have been reduced through internal efficiency measures. Ratos has chosen six sectors to focus its acquisition and company development efforts on going forward.

Ratos’s CEO Magnus Agervald comments:

“Ratos will continue to operate under the same business concept, but with increased focus on acquisition and company development efforts within six sectors. We regard Ratos as having a unique position in the market, with our flexible investment horizon, strong brand and history, and a transparent and value-driven culture. We also have broad expertise, a large network and extensive experience in operational development,” says Ratos’s CEO Magnus Agervald.

“To gain greater flexibility to make new acquisitions, we are changing our lowest investment interval and lowering the upper interval to create a better spread of risk in the portfolio. We are working closely with our portfolio companies to take measures more quickly, but also to continue investing in and focusing on improvement programmes in the companies that we regard as having continued potential. Through higher levels of earning in our portfolio companies and through ownership of certain companies over a longer time, our long-term ambition is to be able to finance a larger portion of the Ratos share dividends through cash flow from the portfolio companies.”

“In addition to these initiatives, we have been working for some time to improve our internal processes and operations, which has enabled a reduction in our central costs. Ratos has progressed from operational management costs of SEK 261m for 2016 to the current SEK 150m on a prospective annual basis.”

Changed investment criteria
To create greater flexibility to make new acquisitions, the former lowest investment interval of SEK 250m in equity has been removed. The goal for new acquisitions is instead that the company in question must have the potential to reach SEK 0.5 billion in equity in the next five years. The upper investment interval has been lowered from SEK 5 billion in equity to SEK 2 billion in equity to create a better balance and risk spread in the portfolio.

Long-term ownership provides the opportunity to finance the Ratos share dividend
Ratos’s potential for long-term ownership is a strength in many investments, particularly partnerships in which we develop companies in cooperation with the former owners. Owning and developing profitable companies over a long period of time provides the possibility of receiving continuous cash flow from these portfolio companies. In the future, it should be possible to partly finance the dividend of Ratos’s common share using the current cash flow from the portfolio companies. Ratos will thus own certain companies for a longer time and work to reduce the debt level in the companies to enable dividends from these.

Focus on more rapid change
We are increasing our impatience of companies that do not deliver the desired results by taking measures more quickly, and continuing to invest in and focus on improvement programmes in the companies that we regard as having continued favourable potential.

To build internal structural capital and competence more effectively, Ratos has changed its working methods and the investment organisation is now structured in six sectors; Business Services, Construction, Consumer/Retail/Leisure, Healthcare/Lifescience, Industrials and TMT (Technology, Media, Telecom). Ratos has also launched a number of operational focus areas to effectively support the development of the companies. Such examples are Purchasing, Digitalisation and Sustainability.

Ratos’s central costs
In the past year, Ratos’s central organisation has undergone efficiency enhancements, which has led to a smaller organisation and, accordingly, reduced central operational management costs. Ratos’s operational management costs are expected to be approximately SEK 150m on an annual basis in the future (compared with SEK 261m for 2016) excluding transaction and financing costs.

The presentations at today’s capital markets day are available at www.ratos.se

For further information, please contact:
Magnus Agervald, CEO Ratos, +46 8 700 17 00
Helene Gustafsson, Head of IR & Press, +46 8 700 17 98

– See more at: http://www.ratos.se/en/Press/Press-releases/2017/Ratos-AB-Ratos-presents-updated-strategic-agenda/#sthash.NQMxZeV8.dpuf

Categories: News

Tags:

Sortera Group AB acquires BIG BAG Group AB

Sortera Group AB acquires 100% of the shares in BIG BAG Group AB and thereby strengthens its position as one of the leading companies in the industry for collection and recycling of construction waste in Sweden.

“The industry is undergoing a period of significant change and it is now time for BIG BAG to take the next step in its development. I am confident that Sortera Group is the right owner for BIG BAG at this stage and beyond” says BIG BAG Group CEO Pierre Grubbström.

“Through the acquisition of BIG BAG we can provide the construction market with a complete range of waste services in Stockholm. BIG BAG has been an important player in the waste market for a long time and developed a very strong brand. BIG BAG’s offer will continue to develop under Sortera Group’s management. By adding BIG BAG to Sortera’s already strong organization, we look forward to delivering an even better customer experience and thereby strengthen the group’s brands”, comments Sortera Group CEO Conny Ryk.

“Since we acquired Sortera Group a year ago, we have embarked on a growth journey by broadening the business and expanding into new geographic markets. The acquisition of BIG BAG is an important milestone in Sortera’s strategic development. We strongly believe that the combination of the two companies represents a strong strategic fit that will enable us to continuously improve our customer offering and sustainability efforts”, says Johannes Lien, Partner at Summa Equity and Chairman of the Sortera Group.

For more information, please contact:
Conny Ryk, CEO Sort Group AB, +46 70 775 5310

About Sortera Group AB

Sortera Group AB is one of the leading companies in the collection and recycling of construction waste in Sweden. Sortera has operations from Ystad in the south to Gävle in the north. After the acquisition of BIG BAG, the company has approximately 200 employees and a turnover of approximately SEK 600 million pro forma 2017.

About Summa Equity

Summa Equity was founded in 2016 by partners with a common vision of building a leading specialized private equity company in the Nordic SME market, positioned to capitalize on the investment opportunities created by the thematic mega trends expected to drive long-term growth. The company focuses on sectors linked to four megatrend driven themes: resource scarcity, energy efficiency, changing demographic and tech-enabled business. Summa Equity closed its first fund in February 2017 with investment commitments of SEK 4.5 billion.

Categories: News

The European Commission has approved the combination of Intrum Justitia and Lindorff

On June 12, 2017 the European Commission approved the combination of Intrum Justitia and Lindorff. The Commission’s decision is conditional upon the divestment of Lindorff’s business in Denmark, Estonia, Finland and Sweden as well as Intrum Justitia’s business in Norway (see press release dated May 18, 2017 for more information).

The combined company will, through its scale and diversification, be ideally positioned to capture the strong market growth in the Credit Management Services  (CMS) industry. By joining forces, both local and global clients will benefit from a strong pan-European platform, enhanced service offering, innovative solutions and best in class compliance.

“I am very pleased that the combination of these two strong companies has now been approved and that we are able to close the transaction as planned. The combined business has the potential to deliver significant value to clients, shareholders and society by creating a very well-positioned and respected player in our industry both in terms of skill and geographic spread,” says Lars Lundquist, Chairman of the Board in Intrum Justitia.

“This is the day that we have been waiting for. These two companies are a great fit and will become a leading force in shaping the future of credit management services. Nordic Capital looks forward to continuing to support the combined business as a listed company and sees strong potential for further value creation,” says Kristoffer Melinder, Managing Partner, NC Advisory AB, advisor to the Nordic Capital Funds.

“I am dedicated to the success of this combination and I am of course thrilled that we now have the necessary approval from the European Commission. Realizing the full potential of the combined company will be a team effort which I am proud to lead once the transaction is closed”, says Mikael Ericson, CEO & President of Intrum Justitia.

On June 9, 2017, the Board of Directors of Intrum Justitia AB announced the decision that Mikael Ericson will be the CEO and President of the combined company once the transaction is completed. The decision was made in agreement with the proposed new Board members nominated by the Nomination Committee on June 7, 2017.  Per E. Larsson, currently Chairman of Lindorff has been nominated as new Chairman of the combined company. Per is the former CEO of OMX, Dubai International Financial Exchange and Borse Dubai, as well as former Chairman of the Board of the Stockholm Stock Exchange and board member of Helsinki Exchanges.

The transaction is expected to close within the next 10 working days. Lindorff will be consolidated into the financial statements of Intrum Justitia from late June  2017.

 

About Lindorff:

Lindorff has been in the business of helping people manage credit for over 100 years. Its headquarters are located in Oslo, Norway, the same city as Eynar Lindorff founded the company back in 1898. Today it has 4,400 people in 12 countries across Europe helping customers back to a life of sustainable spending. Nordic Capital Fund VIII is a majority shareholder in the company which offers services within debt collection and debt purchase as well as payment and invoicing services. In 2016 Lindorff generated EUR 647 million in net revenue (2015 EUR 534 million). For further information, please visit www.lindorff.com

About Intrum Justitia:

Intrum Justitia offers comprehensive services, including purchase of receivables, designed to measurably improve clients’ cash flows and long-term profitability. Founded in 1923, Intrum Justitia has some 4,200 employees in 21 markets. Consolidated revenues amounted to SEK 6.1 billion in 2016. Intrum Justitia AB is listed on Nasdaq Stockholm since 2002. For further information, please visit www.intrum.com

Categories: News

Tags:

Arnaud Martin and Ardian sell Clip Industrie to Forterro and Battery Ventures

Ardian

Paris, June 12 2017 –

Arnaud Martin, CEO of Clip Industrie, and Ardian, the independent private investment company, today announce the sale of Clip Industrie, a publisher of Enterprise Resource Planning (ERP) software for industrial SMEs, to Forterro and Battery Ventures.

US-based Forterro is owned by investment fund Battery Ventures, and already owns a number of ERP software editors around the world which cater to the small and mid-markets. Arnaud Martin will remain CEO of the company and will  continue to support its future development. Ardian has supported Clip Industrie throughout its growth and build-up strategy, notably through the acquisition of software publisher Helios in 2013. Since Ardian took a stake in the company in 2013, Clip Industrie has doubled its revenue while maintaining strong profitability, becoming one of the leading operators in its market.

Ardian and Arnaud Martin have also taken the decision to share the value created during their partnership, with each employee receiving an undisclosed bonus payment. This move highlights both parties’ commitment to responsible investment and shared value creation, rewarding employees for their dedication and contribution to the company’s continued strong performance.

Arnaud Martin, CEO of Clip Industrie, said: “This acquisition is a recognition of both our expertise and the quality of our teams. A new journey is beginning for Clip Industrie, following a fruitful partnership with Ardian which has enabled us to speed up our development and, ultimately, to become part of a global group like Forterro.”

Geoffroy de La Grandière, Director, Ardian Growth, added: “I would like to thank Arnaud Martin for the trust he has placed in Ardian over the years. This transaction is another example of our ability to identify European companies with huge potential and turn them into internationally recognised leaders in their respective fields.”

Morad Elhafed, Partner at Battery Ventures, added: “We have known the Ardian team for a long time, and have built up a close relationship with them over the years. This relationship, along with our respective long-standing presence in the software industry, allowed us to work on a direct process with this opportunity creating value for both parties.”

Financial details are not being disclosed.

ABOUT ARDIAN

Founded in 1996 and headed by Dominique Senequier, Ardian is an independent private investment firm that advises and/or manages $62 billion of assets in Europe, North America and Asia. The company, which is majority-owned by its employees, has always placed entrepreneurial spirit at the heart of its approach and offers its international investors investment performance while participating in the growth of companies around the world. Ardian’s investment philosophy is based on three pillars: excellence, loyalty and entrepreneurship. Ardian relies on a solid international network, with more than 450 employees working in twelve offices in Paris,London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey and Luxembourg. The company offers its 580 investors a diversified selection of funds covering the entire asset class, with Ardian Fund of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid CapBuyout Europe & North America, Ardian Expansion, Ardian Growth and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.

www.ardian.com

ABOUT CLIP INDUSTRIE

Clip Industrie is a leading publisher and integrator of computer-aided production management (CAPM) software for industrial SMEs. Its two vertical ERP software packages, Clipper and Helios, meet the needs of industrial small and medium-sized companies in the aeronautics, automotive, medical, rail and watch making sectors, as well as those of the workshops and subsidiaries of large groups such as Michelin, the Air Force or Eiffage and the numerous subcontractors of Dassault and Airbus. Clip Industrie will celebrate its 2000th  customer at the Paris Air Show in June, and will confirm its number 1 position in ERP software for subcontractors in the aeronautics industry.

www.clipindustrie.com

Categories: News

Tags:

Eurazeo welcomes the Decaux family as a shareholder with 15.4% of its capital.

Eurazeo is pleased to announce that the entire 15.4% stake in Eurazeo, previously held by Crédit Agricole SA, has been acquired by the Decaux family through its investment vehicle, JCDecaux Holding.

This transaction underlines the attractiveness of Eurazeo, one of Europe’s leading listed investment companies, at a time when the company has accelerated its strategic development through a number of significant initiatives, notably in international markets. Eurazeo has thus demonstrated, through its performance in recent years, its capacity to create value over the long-term through its specific business model, the quality of its teams and the companies in which it is a shareholder. The investment by the new shareholder confirms the relevance of Eurazeo’s strategy and the potential for appreciation of its portfolio.

The investment is based on a spirit of long-term shareholder commitment and embodies respect for the values of independence and sustainable value creation.

This transaction, which also includes a governance agreement, consolidates Eurazeo’s independence which has long been founded on a stable core of entrepreneurial and family shareholders.

Michel David-Weill, Chairman of Eurazeo’s Supervisory Board, said: “We are very pleased to welcome the Decaux family as a new core shareholder, with whom we share the same strategic vision, the same entrepreneurial DNA and the same Commitment to Eurazeo’s independent model.

We are grateful to Crédit Agricole for its support over the last 20 years.”

Patrick Sayer, CEO of Eurazeo, added: “With the support of a shareholder of the quality of the Decaux family, Eurazeo will continue to ramp up its unique strategy, helping to grow and transform its companies and creating value for its shareholders.” Jean-Charles Decaux, Chairman of JCDecaux Holding, said:

“We are especially pleased to be able to accompany Eurazeo in the long term and to participate in the acceleration of its development.

This significant investment bears witness to our conviction that Eurazeo has the potential to grow, thanks to the quality of its strategy and its management.”

Governance agreement In light of the long-term nature of JC Decaux Holding’s investment, the transaction will include a governance agreement between JCDecaux Holding and Eurazeo, to take effect upon the acquisition of Crédit Agricole SA’s stake, in order to consolidate Eurazeo’s independence which has long been founded on a stable core of entrepreneurial and family shareholders. This governance agreement, which will last 10 years, provides for the nomination of two JCDecaux Holding representatives to the Eurazeo Supervisory Board. These representatives will also be proposed as members of the Compensation Committee and the Audit Committee. In addition, one of them will be proposed as Vice-Chairman of the Finance Committee.

JCDecaux Holding will respect a 23% cap on its holding in Eurazeo subject to certain termination events and exceptions.

In addition, any possible sale of the Eurazeo stock held by JCDecaux Holding will be covered, except in certain cases, by a three-year lock-up. Finally, after those three years, any subsequent sale will be governed by apriority negotiating rights mechanism and a right of first refusal for Eurazeo. The main requirements of the agreement will be the subject of a notification to the AMF, which will publish a summary in line with the applicable regulations.

About Eurazeo

With a diversified portfolio of approximately €6 billion euros in diversified assets and €1 billion in assets under management, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The Company covers most private equity segments through its five business divisions- Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands.

Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term. Eurazeo is a shareholder in AccorHotels, ANF Immobilier, Asmodee, CIFA, Desigual, Elis, Europcar, Fintrax, Grape Hospitality, Les Petits Chaperons Rouges, Moncler, Neovia, Novacap, Sommet Education, and also SMEs such as Péters Surgical, and Flash Europe International, as well as start-ups such as Farfetch and Vestiaire Collective.

Eurazeo is listed on Euronext Paris.

 

 

Categories: News

Tags:

EQT Mid Market Europe invests in Open Systems AG

Logo
  • EQT Mid Market Europe acquires a majority stake in Open Systems AG, one of the largest pure-play managed security services providers in Europe
  • Intention is to support continued global growth through development of new technical capabilities and services, enhanced go-to-market approach and pushing expansion in the European and US markets
  • The existing executive team, led by Martin Bosshardt as CEO, will remain with Open Systems and continue to lead its growth. The current shareholders remain invested in the company

The EQT Mid Market Europe Fund (“EQT Mid Market Europe”) acquires a majority stake in Open Systems AG (“Open Systems” or “the Company”) from its current private owners. They will remain shareholders and continue to contribute to the continuity and future success of Open Systems in different roles within the company. Open Systems’ current executive team, with Martin Bosshardt as CEO, will continue to lead the company. Management will continue to build on a long track record of growth, based on a highly skilled team of currently 150 employees delivering technical and operational excellence that results in high service quality and high customer satisfaction.

Open Systems was founded in 1990 by Florian Gutzwiller in Basel, Switzerland. Since then, Open Systems has achieved consistent sustainable growth and transitioned from a security integrator into one of the largest pure-play Managed Security Services Provider (MSSP) in Europe. The Company offers security enabled networks by fully integrating SD-WAN, Network Security, Web and Application Security as well as Incident Handling and Response. Headquartered in Zurich, Switzerland, Open Systems currently operates in more than 180 countries, with operations centers in Zurich and Sydney, Australia, and an office in New York, USA.

EQT Mid Market Europe is excited to support the continued development and growth of Open Systems, both in Europe and the US, through its extensive knowledge and global network in the IT services industry. The strategy is to implement expertise as well as additional investment in Open Systems’ technology and service portfolio, in the expansion into new geographies, in its salesforce and in targeted marketing spending. In addition, it is intended to pursue M&A via complementary service providers or products.

“It is impressive how the selling shareholders and the Open System employees have built one of the largest pure-play managed security service providers in Europe. Testimonial of this growth is the outstanding customer satisfaction and the unique corporate culture of the Company. This provides an excellent base for the next growth step and I am convinced that EQT is the right partner to support Open Systems in unlocking its full potential in the future”, says Florian Funk, Partner at EQT Partners, Investment Advisor to EQT Mid Market Europe.

“Open Systems is an excellent opportunity to invest at the tipping point of the managed security service market which benefits from strong secular growth drivers and increased customer awareness”, adds Jens Zuber, Director at EQT Partners, Investment Advisor to EQT Mid Market Europe.

Florian Gutzwiller, founder of Open Systems and member of the Board of Directors, says: “We are very excited to join forces. EQT brings the experience and network of its Industrial Advisors, as well as the necessary financial resources to the table to grow our company’s capabilities and global market reach. The chemistry among the team is a perfect fit and I am certain, that I’m passing my company into very capable hands.”

Martin Bosshardt, CEO Open Systems says:”I am delighted to continue my work as CEO with the current team. I’m convinced that together we can guarantee the necessary stability, continuity and growth in the support of our existing customers. I am also very much looking forward to benefitting from EQT’s extensive knowledge, network and global presence. This partnership will give us the necessary resources and expertise to strengthen our position as the leading provider of Security as a Service and stay up front with regard to technology, automation and processes − to the benefit of our employees in Switzerland as well as our clients all over the world.”

Contacts

Florian Funk, Partner at EQT Partners, Investment Advisor to EQT Mid Market Europe, +1 917 281 0865

EQT Press Office, +46 8 506 55 334

Martin Bosshardt, CEO Open Systems, +41 58 100 15 15

Open Systems Press Office, +41 79 744 03 14

About EQT

EQT is a leading alternative investments firm with approximately EUR 36 billion in raised capital across 23 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About Open Systems

As one of the leading Managed Security Services Provider in Europe, Open Systems secures and monitors IT networks and business-critical applications for global enterprises, NGOs and institutions. Founded in 1990, the company offers security enabled networks by fully integrating SD-WAN, Network Security, Web and Application Security as well as Incident Handling and Response. Headquartered in Zurich, Switzerland, Open Systems currently operates in more than 180 countries, with operations centers in Zurich and Sydney, Australia, and an office in New York, USA.

More info: www.open.ch

Categories: News

Tags:

Ardian Sells Majority Stake in IRCA Group to the Carlyle Group

Paris, 9th June 2017–

Ardian, the independent private investment company, today announces the signing of an agreement to sell its majority stake in IRCA Group to The Carlyle Group. IRCA Group is a leading Italian and European B2B manufacturer and seller of semi-finished products for the pastry, bakery and ice cream markets. With more 300 employees and three production plants near Varese, Lombardy, IRCA has a turnover of 250 million euros.

Ardian, IRCA Group’s majority stakeholder since 2015, has supported the company’s growth and strengthened its leading market position, both at a national and international level.

Nicolò Saidelli, Managing Director and Head of Ardian in Italy, said: “After a number of significant positive developments in recent years, we are pleased that IRCA, with a strong market position in the food sector, can now continue on its growth path with a new partner.”

Yann Chareton, Managing Director at Ardian in Italy , added: “We are very pleased to have supported the Nobili family and IRCA over the past two years, supporting its development and investments to further strengthen the Group’s expansion. We thank them for all their work and commitment, which has allowed us to strengthen the Group’s positioning and create further opportunities for the future.”

Roberto Nobili, IRCA Group CEO, declared: “I am proud to say that these two years together with Ardian have been rich in successes and satisfaction for IRCA. I thank Nicolò and his team for what the y did together”. The closing of the transaction is subject to the authorization by the Antitrust Authority.

ABOUT IRCA

Founded in 1919 by Nobili family, IRCA is a leadingItalian and European B2B manufacturer of semi-finished products for the pastry, bakery and horeca market thanks to a portfolio products composed by more a large variety of SKUs offered to industrial clients, internal bakeries of hypermarkets and pastry and bakery shops. In 2014, IRCA entered into the ice-cream ingredient mark et through the brand Joy Gelato.

The Group operates with three state of the art production sites located close to Varese (Lombardy) with about 306 employees recording a turnover of more than €250 million.

ABOUT ARDIAN

Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with assets of US$62bn managed or advised in Europe, North America and Asia. The company, which is majority-owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship. Ardian maintains a truly global network, with more than 450

employees working through twelve offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey, Luxembourg. The company offers its 580 investors a diversified choice of funds covering the full range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid Cap Buyout Europe & North America,

Ardian Expansion, Ardian Growth and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.

www.ardian.com

Categories: News

Tags:

EQT Mid Market to sell its stake in swiss smile to Jacobs Holding AG

Logo

  • EQT Mid Market to sell its stake in swiss smile, a leading quality dental chain in Switzerland, to Jacobs Holding AG
  • During EQT Mid Market’s investment period, swiss smile has developed its corporate platform, made several add-on acquisitions and strongly increased revenues as well as strengthened the management team

The EQT Mid Market fund (“EQT Mid Market”) has entered into an agreement to sell its stake in swiss smile (or the “Company”) to Jacobs Holding AG (“JAG”).

swiss smile is headquartered in Zurich and was founded in 2002 by the dentists and entrepreneurs Dr. Haleh Abivardi and Dr. Golnar Abivardi. The Company operates eleven clinics in Switzerland, provides a full range of dental care and services, and differentiates itself through a strong brand, high medical standards, convenient opening hours, a modern infrastructure and an outstanding patient experience. In addition, swiss smile has its own cosmetic products range in a joint venture which are distributed internationally.

EQT Mid Market invested in swiss smile in August 2013. The plan was to build and develop its corporate platform, expand the market position and accelerate growth. swiss smile has undergone a significant transformation together with EQT Mid Market through several key initiatives:

–       Development of the organizational structure to prepare for further growth

–       Acquisition of four dental practices to strengthen the footprint in Switzerland and manifest the already strong position in Zurich

–       Opening of two new greenfield practices in Winterthur and Berne

–       Strengthening the management team

–       Substantial investments in marketing and corporate branding

The growth initiatives have resulted in strong financial performance, with swiss smile nearly doubling revenues in the period from 2012 to 2016.

“Since EQT invested in swiss smile, the market position in Switzerland has been strengthened further through acquisitions and greenfield openings while at the same time accelerating financial growth. The Company has evolved into a strong platform in its service offering to both patients and dentists. swiss smile is well prepared to continue to drive consolidation of the Swiss dental market. The management team has done an impressive job and we look forward to seeing swiss smile develop as part of JAG who have recently invested in the dental sector also in the Nordics and UK,” says Vesa Koskinen, Partner at EQT Partners and Investment Advisor to EQT Mid Market.

The parties have agreed not to disclose the financial details of the transaction which is expected to close by the end of June 2017.

Contacts
Vesa Koskinen, Partner at EQT Partners, Investment Advisor to EQT Mid Market, +358 9 69624737
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading alternative investments firm with approximately EUR 36 billion in raised capital across 23 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More information: www.eqtpartners.com

About swiss smile

swiss smile is a leading quality dental chain in Switzerland. Founded in 2002 by the dentists and entrepreneurs Dr. Haleh Abivardi and Dr. Golnar Abivardi, swiss smile today operates eleven clinics in Switzerland. swiss smile provides a full range of dental care and services and differentiates itself through a strong brand, high medical standards, convenient opening hours, a modern infrastructure and an outstanding patient experience. Both in Switzerland and internationally, swiss smile has won several prizes for its innovative concept, exceptional services and excellent quality.

More information: www.swiss-smile.com

About Jacobs Holding AG
Jacobs Holding is a global professional investment firm based in Zurich and founded in 1994 by entrepreneur Klaus J. Jacobs. Its sole economic beneficiary is the Jacobs Foundation, one of the world’s leading charitable foundations dedicated to child and youth development. Jacobs Holding has an established track record of holding its investment for long periods with the aim to successfully compete and become global market leaders in their respective fields. Previous investments include Jacobs Suchard AG and Adecco Group AG, current investments are Barry Callebaut AG, Colosseum Smile and Southern Dental.

More information: www.jacobsag.ch

 

Categories: News

Tags: