Category Archives: News

CVC DIF agrees the sale of 1GW+ portfolio of renewable energy projects to Potentia Energy

DIF

Fnijulqveaat OO

CVC DIF agrees the sale of 1GW+ portfolio of Australian renewable energy projects to Potentia Energy

  • The portfolio consists of 609MW1 of operational wind and solar projects and 433MW of late stage wind and battery energy storage system (BESS) development projects.
  • Under CVC DIF ownership, three projects were successfully brought into operations, and the portfolio has grown significantly through the addition of new development projects, including BESS.

CVC DIF, the infrastructure strategy of leading global private markets manager CVC, is pleased to announce that DIF Infrastructure IV and DIF Infrastructure V have signed agreements to divest a combined portfolio of renewable energy projects in Australia to Potentia Energy (formerly Enel Green Power Australia).  

The geographically and technologically diverse portfolio includes:

  • Bright Energy Investments (BEI), the largest operational renewable platform in Western Australia with three operating projects and one wind farm which recently reached financial close, with a total capacity of 367MW. Cbus Super, who are a co-shareholder in BEI, have sold their stake alongside CVC DIF.
  • A portfolio of three operational solar farms and two adjacent BESS development projects in Queensland, South Australia, and Australian Capital Territory with a total capacity of 675 MW.

Andrew Freeman, Partner and Head of Divestments at CVC DIF, said: “At CVC DIF, we are focused on uncovering opportunities that enhance financial performance and drive sustainable growth in the businesses we invest in, while at the same time delivering strong returns for our investors and supporting the energy transition.”

CVC DIF were advised on the transaction by Macquarie Capital (financial) and White & Case (legal).

1 All capacity figures refer to AC capacity

About CVC DIF

CVC DIF (formerly DIF Capital Partners) is a leading global mid-market infrastructure equity fund manager.

Founded in 2005 and headquartered in Amsterdam, the Netherlands, CVC DIF has c. €19 billion of infrastructure assets under management in energy transition, transport, utilities and digitalisation.

With over 240 people in 12 offices, CVC DIF offers a unique market approach, combining a global presence with the benefits of strong local networks and sector-focused investment capabilities.

CVC DIF forms the infrastructure strategy of leading global private markets manager CVC. This partnership allows CVC DIF to benefit from CVC’s global platform, with 30 offices across five continents.

Press contacts

CVC DIF

Renate Klöters

press@dif.eu

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AVP Investment Thesis – Basetwo

AXA

AVP is excited to announce our lead investment in Basetwo’s $11.5M Series A round, alongside co-investors Glasswing, Global Brain, Deloitte Ventures, SHIMADZU and Chiyoda. After spending considerable time exploring the potential of software solutions in the manufacturing space, we are thrilled to support Basetwo’s innovative AI co-pilot for manufacturing processes. When we first met the Basetwo team over a year ago, we were impressed by their visionary solution to a clear and pressing market need. Below, we highlight the key reasons behind our enthusiasm for Basetwo:

1. The Manufacturing Market is Massive – and Technology is Outdated

Basetwo is at the forefront of AI-driven manufacturing optimization, entering the market at a time where AI technology is feasible, and companies are eager to adopt. The manufacturing industry is massive, contributing to ~16% of GDP¹, but it remains disproportionately reliant on outdated technology. Despite its size and impact, many manufacturers still rely on legacy tools and desktop simulation software—some dating back to the Windows 95 era. Our calculations estimate Basetwo’s TAM to be approximately $20 billion, primarily focused on chemicals, and around $60 billion when expanded to include other underserved verticals.

At AVP, we seek opportunities in industries primed for disruption, and believe this gap in manufacturing represents a significant opportunity. The industry is grappling with rising costs, labor shortages, nearshoring trends, and increasing competition, all of which are driving demand for greater operational efficiency. We believe Basetwo is uniquely positioned to fill this gap. In verticals such as pharmaceuticals, there is a distinct lack of advanced process optimization solutions, and Basetwo’s technology addresses this need, unlocking substantial value by improving operational efficiency.

2. Basetwo’s Technology is Cutting-Edge

Basetwo has a unique value proposition, providing a low-code, user-friendly platform enabling operators to efficiently perform process optimization with quick setup and time to value. The platform leverages best-in-class physics AI models to accurately simulate complex processes and recommend optimization strategies.

What truly sets Basetwo apart is not just the use of advanced AI, but also modern MLOps tools they have architected – creating a comprehensive, end-to-end solution for process optimization. The combination of technical excellence and usability positions Basetwo to drive significant operation improvements across manufacturing.

3. Basetwo’s Solution Delivers Strong ROI

The ROI potential for process optimization in manufacturing is significant. Even small inefficiencies can compound at scale, leading to millions of dollars in lost productivity. Basetwo’s platform has already demonstrated its value by helping customers identify and eliminate inefficiencies, generating millions in cost savings. As a result, Basetwo has been able to secure early contracts with large Fortune 500 companies—an endorsement of the platform’s effectiveness and real-world value.

4. Basetwo Has an Exceptional Management Team

At AVP, we prioritize investing in companies with strong leadership, and Basetwo’s management team of three brothers exceeds our expectations. CEO Thouheed and COO Thamjeeth previously co-founded an AI-driven water infrastructure company, which was acquired by Innovyze and later by Autodesk; Thouheed then went on to lead Autodesk’s AI initiatives. Head of Engineering Tawfeeq brings experience from highgrowth tech companies like Lyft, Uber, and Databricks. Their combined expertise gives us confidence in management’s ability to scale and grow Basetwo into a market leader.

Since its founding in 2022, Basetwo has made impressive strides with its cutting-edge platform addressing the significant gap in the manufacturing sector. We at AVP are excited to partner with Basetwo to help manufacturers across the globe unlock millions in cost savings and shape the future of process optimization.

1. https://ourworldindata.org/grapher/manufacturing-value-added-to-gdp?tab=table

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XOi Amplifies Field Service Innovation with New Strategic Investment and Acquisition

KKR
The intelligent jobsite technology innovator secures record funding from KKR to expand data gathering and enrichment solutions.

NASHVILLE, Tenn.–(BUSINESS WIRE)–XOi, a leading provider of jobsite-focused technology solutions for the field service ecosystem, today announced the acquisition of Specifx, an on-demand data enrichment and metadata retrieval platform for field service equipment. The acquisition was enabled by an investment from funds managed by leading global investment firm KKR. The funding from KKR marks the most significant milestone yet in XOi’s journey to build out its system of work for the field service ecosystem.

This strategic investment from KKR, along with the acquisition of Specifx, enable XOi to amplify its use and capabilities across the field service industries, furthering its mission of serving stakeholders throughout the ecosystem, including technicians, field service providers, distributors, and OEMs.

“As the challenges of maintaining and manufacturing field service equipment grew more complex, we pushed ourselves to evolve our product alongside the demands of the industry,” said Aaron Salow, founder and CEO of XOi. “KKR’s strategic partnership will help us meet and exceed every stakeholder’s expectations of sustainability, profitability, and transparency.”

“We believe XOi’s comprehensive software stands apart in the field service space not only because it allows technicians to view and adjust multiple workflows in one efficient platform, but also for its ability to normalize and enrich field service asset-specific data,” said Jake Heller, Partner and Head of KKR’s Technology Growth team in the Americas. “The addition of Specifx further enhances XOi’s database offering. We look forward to working with the entire XOi team as they continue to innovate for their customers across the field service ecosystem.”

Prior to this acquisition Specifx helped expand XOi’s groundbreaking Insights product, which provides unique asset origination, performance, and diagnostics information. Now, the combined resources and capabilities of the two companies empower XOi to deliver a unified framework of proprietary and operational data to fuel faster and more meaningful innovation to the mechanical, electrical, and plumbing industries.

“Today marks a defining moment in our growth and we are thrilled to join forces with XOi,” said Ryan Martineau, founder and CEO of Specifx. “XOi’s extremely impressive platform, coupled with a shared mission and common customer base, allows us to accelerate our vision of next generation, asset-centric solutions that simplify the day-to-day operations for our customers.”

“We are humbled by the role we have been able to play in changing this industry and the skilled trades for the better, and we are excited to drive the mission forward for years to come,” said Aaron Salow, founder and CEO of XOi. “Our vision has never been clearer, and our passion for the trades has never been stronger.”

KKR is funding this investment primarily from its Next Generation Technology III Fund.

Bass, Berry & Sims PLC served as legal advisor and Raymond James Financial, Inc. served as financial advisor to XOi. Latham & Watkins LLP served as legal advisor to KKR.

About XOi
XOi, the leading provider of jobsite-focused technology for the field service ecosystem, arms the industry with a digital tool that connects people to mission-critical equipment. XOi technology is the hub in which every part of the job—from the field to the manufacturer—connects. XOi provides AI-powered workflows, asset and team management functions, a comprehensive knowledge base, and immediate revenue-producing insights leveraging data from current and historical projects. Beyond this tool that manages consistency, profitability, and transparency, XOi’s goal is to create future-focused technology that modernizes the field service industry as a whole, and delivers 1 of 1 asset origination, performance, and diagnostics information of mission critical assets. To learn more about XOi, visit xoi.io.

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 Specifx
Specifx, an industry leader in data management for HVAC companies, specializes in on-demand data enrichment and metadata retrieval for HVAC companies. The company’s flagship product, Decoder, gives technicians, HVAC providers and manufacturers access to complete HVAC metadata via a simple nameplate scan, and the tool gives users the flexibility to scan each unit individually, in batches, or via the Decoder API. Specifx’s database covers the most common HVAC equipment made by around 100 major manufacturers over the past 30+ years. Specifx’s mission is to transform the HVAC data acquisition and solutioning experience for owners, occupiers, investors and service providers, reducing the effort to acquire essential information for day-to-day operations while supporting strategic, enterprise-scale investment and decarbonization initiatives. For more information about Specifx, visit specifx.com.

Contacts

Media Contacts:

XOi
Heather Ripley
Ripley PR
(865) 977-1973
hripley@ripleypr.com

KKR
Emily Cummings
media@kkr.com

 

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Conversational AI Leader Paradox Acquires People Analytics Platform Eqtble to Advance AI Vision

Thomas Bravo

Paradox announces the acquisition of Eqtble — a people analytics platform that unifies and simplifies talent, employee and workforce data into an accessible, actionable view.

SCOTTSDALE, Ariz—Paradox, the conversational AI platform helping global employers like Chipotle, 7-Eleven, General Motors, Nestlè, and nearly 1,000 clients automate recruiting and hiring work, announced today the acquisition of people analytics platform Eqtble.

“AI is the future of talent acquisition – and the foundation of useful AI is high quality data, often connected from different sources that helps our clients solve real business challenges,” said Paradox CEO Adam Godson. “We’ve always believed that conversations are the UI of the future, and we see an opportunity to create a data foundation that powers people intelligence in a conversational, frictionless way.”

In 2024 alone, Paradox’s AI assistant and software automated the scheduling of more than 20 million interviews across the globe and powered over 1 billion AI-driven interactions with candidates in 30+ languages, saving recruiting teams millions in costs and countless hours of manual work. Combining Paradox’s depth in conversational AI experiences with Eqtble’s expertise in people data, the vision is for clients to create simple, accessible dashboards through a conversational interface – then take action that actually improves business results.

Founded in 2021, Eqtble’s mission is to power better workforce decisions through analytics – and its product is underpinned by a robust data model and analytics engine that more easily integrates data from all recruiting and HR systems. The company is a graduate of the prestigious Y Combinator startup incubator and was founded by People Analytics practitioners with nearly 30 years of combined experience.

Eqtble is led by CEO Joseph Ifiegbu, who previously held People Analytics roles at Snap and WeWork. Ifiegbu co-founded the business with Ethan Veres and Gabe Horwitz, who formerly served as a Data Scientist at Johnson & Johnson and Director of People Analytics at WeWork. The entire Eqtble team will join Paradox — and the company is already hard at work executing on the product vision, with a plan to release a fully-integrated solution later this year.

“As practitioners, we constantly experienced the pain of accessing workforce insights and thought: ‘Who better to solve this than people who understand the challenges firsthand?,’” said Ifiegbu. “We’re thrilled to help accelerate Paradox’s mission and AI vision, bringing powerful people  insights to the fingertips of talent acquisition and HR leaders — all through the simple, frictionless conversational experiences that make Paradox so special.”

About Paradox
Launched in 2016, Paradox built the first conversational recruiting platform – driven by its AI assistant Olivia – to help recruiting and hiring teams spend more time with people and less time with software. Serving global clients with hiring needs across frontline high-volume hourly and high-skilled professional roles, Paradox’s AI assistant does the work talent teams don’t have time for — streamlining tasks like screening for minimum qualifications, instantly scheduling interviews, answering common candidate questions, and more through simple, frictionless mobile-, chat-, and SMS-driven experiences. The company has been ranked one of the fastest growing companies in HR Tech by the Deloitte Fast 500, and has made the Inc. 5000 list four consecutive years. To learn more about Paradox’s product, visit www.paradox.ai. To explore open opportunities on its team, visit careers.paradox.ai.

Read the release on the Paradox website here.

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Bain Capital Announces Majority Investment in Milacron, a Leading Global Provider of Highly Engineered Plastic Processing Solutions

BainCapital

  • Investment to accelerate Milacron’s growth and strengthen its position as a global leader in highly engineered plastic processing solutions.
  • Milacron’s comprehensive suite of equipment offerings and services enables the production of everyday products used across the construction, automotive, packaging, consumer goods, and medical sectors.
  • Hillenbrand (NYSE: HI), Milacron’s current owner, will continue to remain a significant investor in the business.

BOSTON, Mass. and BATESVILLE, Ind. – February 5, 2025 – Bain Capital, a leading private investment firm, today announced a majority investment in the Milacron Injection Molding and Extrusion business (or the “Company”), a globally renowned provider of highly engineered plastic processing equipment and services. Bain Capital will partner with Milacron’s current owner, Hillenbrand, Inc. (NYSE: HI), who will remain a significant investor in the business to accelerate the Company’s continued growth. Bain Capital entered into a definitive agreement to purchase an ownership stake of approximately 51% of Milacron for $287 million, subject to customary closing adjustments. Hillenbrand will retain an ownership stake of approximately 49%.

Since 1968, Milacron has been a global provider of highly engineered plastic processing solutions including injection molding and extrusion equipment as well as aftermarket parts and services. Milacron has long been recognized as a market leader for its product and service expertise serving a variety of end-markets, including the construction, automotive, packaging, consumer goods, and medical industries. With the largest installed base of equipment in the U.S., Milacron serves as a complete lifecycle partner, leveraging its extensive support network to deliver comprehensive aftermarket parts and services solutions.

“Milacron is an iconic American manufacturing business with a 50-year legacy of driving innovation in plastics,” said Matt Evans, a Partner at Bain Capital Special Situations. “With manufacturers increasingly focused on supply-chain resilience and domestic production, we believe the U.S. is entering a manufacturing renaissance that will create significant opportunities for industry leaders like Milacron. With its advanced engineering capabilities, global reach, and deep customer relationships, Milacron is well-positioned to build on its strong foundation.”

“We are excited to partner with Mac Jones, the President of Milacron, and the entire Milacron team to support the next chapter of growth of one of the world’s premier plastics processing solutions businesses,” added Chris Sun, a Principal at Bain Capital Special Situations. “Milacron combines industry-leading engineering and manufacturing capabilities with innovative technology to enable the production of essential products used daily in the U.S. and around the world. We share a common vision with Milacron’s associates, customers, and other partners to continue building on Milacron’s more than 50-year legacy to create an even stronger future ahead.”

“Following an in-depth portfolio review, we determined that Milacron would be best positioned for the future through this partnership with Bain Capital,” said Kim Ryan, Hillenbrand President & CEO. “Bain Capital has a proven track record of successful corporate partnerships and will provide greater resources to Milacron, which we believe will drive future growth and success for Milacron’s associates and customers, as well as for Hillenbrand’s shareholders.”

Bain Capital’s Special Situations team is making this investment following the successful close of its second vintage of funds, which raised over $9 billion. Bain Capital Special Situations has $22 billion in assets under management and has invested more than $16 billion since its inception in 2018, providing bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners. With a long track record of supporting industrial and manufacturing businesses globally, the team brings deep expertise in driving operational growth and long-term value creation.

The transaction is expected to close at the end of the Company’s fiscal second quarter or beginning of the fiscal third quarter. Deutsche Bank is serving as exclusive financial advisor, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as legal advisor to Bain Capital.

About Bain Capital

Founded in 1984, Bain Capital is one of the world’s leading private investment firms. We are committed to creating lasting impact for our investors, teams, businesses, and the communities in which we live. As a private partnership, we lead with conviction and a culture of collaboration, advantages that enable us to innovate investment approaches, unlock opportunities, and create exceptional outcomes. Our global platform invests across five focus areas: Private Equity, Growth & Venture, Capital Solutions, Credit & Capital Markets, and Real Assets. In these focus areas, we bring deep sector expertise and wide-ranging capabilities. We have 24 offices on four continents, more than 1,850 employees, and approximately $185 billion in assets under management. To learn more, visit www.baincapital.com. Follow @BainCapital on LinkedIn and X (Twitter).

About Hillenbrand

Hillenbrand (NYSE: HI) is a global industrial company that provides highly-engineered, mission-critical processing equipment and solutions to customers in over 100 countries around the world. Its portfolio is composed of leading industrial brands that serve large, attractive end markets, including durable plastics, food, and recycling. The Company pursues excellence, collaboration, and innovation to consistently shape solutions that best serve our associates, customers, communities, and other stakeholders.

Forward Looking Statements

This press release contains forward-looking statements, including statements that are within the meaning of the Private Securities Litigation Reform Act of 1995 that are intended to be covered by the safe harbor provided thereunder, which reflect the current views of Bain Capital and Hillenbrand regarding future events, expectations, plans, and prospects for Milacron following the announced transaction. These statements are based on assumptions and involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to differ materially from those expressed or implied in such statements.

Forward-looking statements include, but are not limited to, statements regarding: the expected benefits of the transaction; Milacron’s future growth, market position, and business strategy; anticipated industry trends, including implications with respect to growing supply chain resilience and domestic manufacturing; and the expected timing of the transaction closing.

Any number of factors, many of which are beyond Hillenbrand and Bain Capital’s control, could cause Hillenbrand and Bain Capital’s performance to differ significantly from what is described in the forward-looking statements. These factors include, but are not limited to: the ability to recognize the benefits of any acquisition or divestiture, including the Milacron injection molding and extrusion business sale (the “Proposed Transaction”), including potential synergies and cost savings or the failure of Hillenbrand and Bain Capital or any acquired company, or the Proposed Transaction, to achieve its plans and objectives generally; any failure by the parties to satisfy any conditions to the Proposed Transaction; the possibility that the Proposed Transaction is ultimately not consummated; potential adverse effects of the announcement or results of the Proposed Transaction on the market price of the Hillenbrand’s common stock; and risks related to diversion of management’s attention from Hillenbrand’s ongoing business operations due to the Proposed Transaction. There can be no assurances that the Proposed Transaction will be consummated.

Readers are urged to consider these risks and uncertainties in evaluating forward-looking statements and are cautioned not to place undue reliance on the forward-looking statements. For a more in-depth discussion of certain factors that could cause actual results to differ from those contained in forward-looking statements, see the discussions in Hillenbrand’s filings with the U.S. Securities and Exchange Commission.

The forward-looking information in this release speaks only as of the date on which it is made. Hillenbrand and Bain Capital undertake no obligation to publicly update or revise any forward-looking statement, whether written or oral, made to reflect new information, future developments or otherwise.

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Gilde Healthcare company NIZO participates in national consortium investing in precision fermentation scale-up facility

GIlde Healthcare
February 4, 2025

The Netherlands is strengthening its position as a global leader in cellular agriculture with the launch of two independent, open-access scale-up facilities. These facilities, developed in a collaboration between NIZO Food Research, Cultivate at Scale (CaS), Cellular Agriculture Netherlands Foundation (CAN), Biotechnology Fermentation Factory Ede (BFF), Mosa Meat, the Ministry of Agriculture, Fisheries, Food Security and Nature (LVVN) and the Dutch government’s National Growth Fund (NGF), mark a significant milestone in the development of sustainable food production.

Cellular agriculture offers a promising path towards a more resilient and diverse food system. By producing meat, dairy and other animal products directly from cells, this technology can significantly reduce the environmental impact associated with industrialised food production, while also enhancing food security and health. To support the growth of this upcoming industry, these new advanced facilities will provide companies working in cell culture and precision fermentation with the essential infrastructure to scale up their R&D and production processes. By removing the need for companies to invest in costly, pilot-scale production infrastructure, they will drive innovation and accelerate the commercialization of cellular agriculture ingredients and products.

BFF-NIZO: Unlocking the Power of Precision Fermentation
The scale-up facility focused on precision fermentation Biotechnology Fermentation Factory Ede is set up in partnership with NIZO and is welcoming new customers. The facility offers direct connection to the existing NIZO food grade DSP pilot plant and food application research. The collaboration is built on NIZO’s strong experience and extensive analytical, regulatory, and commercialization services, and enables fast product and process development, product optimization, and seamless scaling. In addition to the financial support of the Dutch government, NIZO boosts the scaling success of precision fermentation through a five-million-euro co-financing commitment and Oost NL as fund manager of Perspectieffonds Gelderland B.V. will make a loan available to BFF.

Nikolaas Vles, CEO NIZO – “We are incredibly excited about the establishment of this new scale-up facility at the NIZO site. Our combined food-grade upstream and downstream pilot facilities, state-of- the-art laboratories and scaling infrastructure, offer unparalleled opportunities to accelerate the protein transition and realize our ambitions for better food and health.”

About NIZO Food Research
NIZO is a globally leading, private, and independent contract research organization specializing in food and health innovation for over 75 years. Operating the largest open access food-grade pilot plant in Europe, NIZO leverages the integrated power of science and technology to help customers in transforming food and nutrition more successfully, sustainably and faster; ultimately leading to better food and health.

About Gilde Healthcare
Gilde Healthcare is a specialized healthcare investor managing over €2.6 billion across two fund strategies: Venture&Growth and Private Equity. The Venture&Growth fund of Gilde Healthcare invests in fast growing companies active in digital health, medtech and therapeutics, based in Europe and North America. The Private Equity fund of Gilde Healthcare participates in profitable lower mid-market healthcare companies based in North-Western Europe. For more information, visit the company’s website at www.gildehealthcare.com.

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IK Partners to invest in HSL Compliance

IK Partners

London, United Kingdom – IK Partners (“IK”) is pleased to announce that the IK Small Cap III (“IK SC III”) Fund has signed an agreement to invest in HSL Compliance (“HSL” or “the Company”), a leading provider of environmental compliance services in the UK, alongside the management team who are re-investing as part of the transaction. This follows HSL’s successful six-year partnership with LDC, the private equity investor which is part of Lloyds Banking Group. LDC is also reinvesting in HSL for a minority stake alongside IK as the majority owner to support the continued growth of the business. Financial terms of the transaction are not disclosed and completion is subject to customary regulatory approvals.

Headquartered in Herefordshire and founded in 1976, HSL is a leading UK environmental testing, inspection, certification and compliance (“TICC”) company which provides a range of services across water hygiene, water treatment and other compliance activities. The Company boasts extensive national coverage with 19 offices across the UK and Ireland and employs approximately 650 people who serve a diversified base of more than 370 customers across a variety of private and public sectors, including Food and Beverage, Manufacturing, Facilities Management, Healthcare and Education.

Since LDC’s investment in 2019, HSL has quadrupled pro-forma revenues to £77 million and doubled headcount to 650 employees, establishing itself as a high-quality business capable of meeting the needs of nationally or regionally complex estates seeking a full-service provider for water hygiene and treatment services, alongside fire and air compliance services. With LDC’s support and follow-on funding, HSL has delivered a successful M&A programme and completed 11 bolt-on acquisitions, significantly increasing the breadth of its UK coverage and client base.

In partnership with IK, HSL will aim to lead the market in delivering solutions that keep its clients’ people protected, their businesses compliant and their environments safe. Through its extensive experience of investing in TICC platforms, IK will work closely with the HSL management team to accelerate growth both organically and through further consolidation of its target markets.

Gavin Hartley, CEO of HSL, said: “HSL has grown tremendously since inception and with the recent add-on acquisitions, I believe we have built an extremely solid foundation for the future. With the support of LDC, we have established HSL as a market-leading TICC service provider in the UK. The new partnership with IK will allow us to continue executing a targeted buy-and-build strategy and explore new opportunities to broaden our service offering. I’d like to take this opportunity to thank the LDC team for their unwavering support over the last few years and look forward to working with them alongside the team at IK.”

Tom Salmon, Partner at IK and Advisor to the IK SC III Fund, added: “We have been closely following the progress made by HSL in recent years and have been impressed by its unwavering commitment to quality and service delivery. We are looking forward to working with Gavin and his experienced team in their efforts to drive continued growth, by utilising our experience and expertise in executing successful buy-and-build strategies, while also supporting growth across a range of operational initiatives.”

Jonathan Bell, Managing Partner at LDC, added: “This has been a truly transformational period for HSL following the carve-out from global testing, inspection and certification group Kiwa in 2019. Since then, Gavin and the team have delivered on an ambitious growth strategy, underpinned by investment in its proposition and a series of successful strategic acquisitions. We’re excited to support HSL alongside IK as it continues to capitalise on high demand for its market-leading services in an attractive sector.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Director of Communications and Marketing
Phone: +44 7787 558 193
vidya.verlkumar@ikpartners.com

LDC
Jamie Williamson
Citypress on behalf of LDC
Phone: +44 7908 536 423
Jamie.Williamson@citypress.co.uk

About IK Partners

IK Partners (“IK”) is a European private equity firm focused on investments in the Benelux, DACH, France, Nordics and the UK. Since 1989, IK has raised more than €17 billion of capital and invested in over 195 European companies. IK supports companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit ikpartners.com

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About LDC

LDC is a private equity investor and part of Lloyds Banking Group. It is authorised and regulated by the Financial Conduct Authority. We have partnered with more than 675 management teams since 1981 and have a portfolio of more than 90 businesses across the UK. We have made investments across all major sectors of the UK economy and are actively supporting businesses in industries including Business Services, Consumer, Healthcare, ICT, Industrials, Media and Technology. Our teams are based in every part of the UK. For more information, visit ldc.co.uk

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Success of friendly public tender offer initiated by Bridgepoint, in association with General Atlantic, management shareholders, for Esker shares

Bridgepoint
  • Boréal Bidco will hold 92.93% of the share capital and at least 92.68% of the voting rights of Esker at the end of the reopened Offer.
  • Settlement-delivery of the reopened Offer on 14 February 2025.
  • Implementation, as announced, of a squeeze-out procedure for the Esker shares.
  • The price per share paid in the context of this squeeze-out will be equal to the Offer price, i.e., €262 per share.

 

Success of the reopened Offer

947,693 shares of Esker were tendered to the public tender offer initiated by Boréal Bidco SAS (“Boréal Bidco” or the “Offeror”) with respect to the Esker shares (the “Offer”), representing 15.57% of the share capital and at least 15.46% of the voting rights of the company, as part of its reopening from 17 January to 30 January 2025.

In total, taking into account the shares tendered to the Offer and the Esker shares assimilated to shares held by the Offeror in accordance with applicable regulations, the holding (effective and assimilated) of Boréal Bidco is of 92.93% of the share capital and at least 92.68% of the voting rights of Esker at the end of the reopened Offer, reflecting the success of the Offer with a post-Offer holding level exceeding the thresholds of 90% of the share capital and voting rights of Esker.

The notice of results (avis de résultat) published by the AMF on 4 February 2025 is available on the AMF website (www.amf-france.org).

The settlement-delivery of the Offer will take place on 14 February 2025.

 

Implementation of a squeeze-out procedure

The conditions required to carry out a squeeze-out being met, the Offeror, in accordance with its intention expressed in the offer document related to the Offer, will soon request the AMF to implement the squeeze-out procedure for the Esker shares it does not hold, which will result in the delisting of the Esker shares from the Euronext Growth Paris market.

The amount of the indemnity paid in the context of the squeeze-out will be equal to the Offer price, i.e., €262 per share, net of all fees.

The trading of the Esker shares has been suspended pending implementation of the squeeze-out.

 

Jean-Michel Bérard, President and Founder of Esker, stated: “We are delighted with the success of this offer, which represents a major milestone in Esker’s history. Alongside Bridgepoint and General Atlantic, we are equipping ourselves to accelerate our development, further innovate, and strengthen our position as a leader in a rapidly expanding market. This partnership, and the delisting of the company, are fully in line with our ambition to better support our clients and to build, together, the future of Esker.”

Emmanuel Olivier, Chief Operating Officer of Esker, stated: “This is a key milestone in Esker’s history and the beginning of a particularly exciting new chapter ahead of us.”

David Nicault, Partner and Head of Technology at Bridgepoint, stated: “We are very pleased with this very high tender rate, which demonstrates the attractiveness of the offer and the relevance of our project. We are thrilled to be able to bring Bridgepoint’s resources and expertise to Esker to support its development plan in the coming years in a rapidly expanding market.”

Vincent-Gaël Baudet, Partner and Head of Bridgepoint Europe in France, stated: “The success of this offer reflects our ability to gain the trust of all stakeholders and to open new development opportunities for Esker and its teams.”

Gabriel Caillaux, Co-President and Head of General Atlantic’s business in EMEA, stated: “We believe Esker possesses a highly differentiated software solution and has the potential to continue expanding its product offering and international footprint. We look forward to partnering with the team as they open this new chapter of growth.”

Information and documentation relating to the Offer are available free of charge on the websites of Esker (www.esker.fr), Bridgepoint (www.bridgepoint.eu/shareholders/Sep-2024-microsite) and the AMF (www.amf-france.org).

Bridgepoint is one of the world’s leading quoted private asset growth investors, specialising in private equity, infrastructure and private credit.

With over €67bn of assets under management and a strong local presence in Europe, North America and Asia, we combine global scale with local market insight and sector expertise, consistently delivering strong returns through cycles.

Bridgepoint Advisers Limited, a subsidiary of Bridgepoint Group plc, is authorised and regulated by the Financial Conduct Authority.

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]init[ AG expands its healthcare business with the acquisition of HBSN Group

Rivean
  • Acquisition of HBSN Group enables further expansion of ]init[ AG’s customer base within the healthcare market
  • Strategic combination creates a market leader in digitalization for the public and healthcare sector in Germany

Berlin – With the acquisition of the HBSN Group, a specialist in digital transformation within the healthcare sector, ]init[ AG – a portfolio company of Rivean Capital and EMERAM Capital Partners – expands its comprehensive end-to-end digitalization portfolio beyond the public sector into healthcare. The acquisition establishes a leading digital specialist with over 1,500 employees across 18 locations. Both parties have agreed to keep the purchase price confidential.

“Germany faces significant challenges in both administrative digitalization and the transformation of the healthcare sector. Complex digitalization programs require effective and innovative end-to-end expertise, that are developed, implemented, and operated in a holistic and tailored manner. The combination of ]init[ and HBSN creates a unique service offering for comprehensive digital solutions,” said Harald Felling, Chief Executive Officer of ]init[ AG. “Our clients from both sectors will benefit from our combined strengths as well as additional competencies in key innovation fields, such as AI, IT security, data-sovereign cloud platforms, and IT service management. I look forward to the joint efforts in driving the digitalization, modernization, and advancement of public administration and healthcare in Germany.”

With the acquisition of HBSN Group, ]init[ AG expands its healthcare client base by approximately 380 active institutions. These include MD-IT, covering IT operations and support services for all medical services, AOK Saxony-Anhalt, which has a framework agreement for online services; and the Ministry of Social Affairs, Health, and Integration of Baden-Württemberg, which is developing a unified public health application landscape for all state health departments.

“Large-scale healthcare tenders increasingly require end-to-end capabilities. Together with ]init[‘s expertise, we can successfully meet this growing demand,” says Tobias Niemann, Founder of HBSN Group. “As part of ]init[, the competences and network of HBSN expands manifold. I look forward to the collaboration and the diverse synergies that will benefit both parties and our clients.” In light of the structural changes in the healthcare market, the founders and management team of HBSN have taken this strategic step to enhance their market position.

“The acquisition of the HBSN Group is a strategically significant step that strengthens ]init[’s position as one of a leading providers of digitalization services in regulated markets,” says Matthias Wilcken, Senior Partner and Member of the Executive Committee at Rivean Capital. “With the support of Rivean Capital and EMERAM Capital Partners, who bring strategic know-how and capital, we are enabling ]init[ to further accelerate growth and achieve substantial progress in key markets such as the healthcare sector. This strategic combination lays the foundation for even greater capabilities to successfully meet the increasing demands for digital transformation in Germany.”

“The structural change in the healthcare system is well underway. One of the key challenges is the consistent and sustainable digitalization of this sector. With the acquisition of the HBSN Group, ]init[ is expanding its presence in regulated markets and further driving digital transformation in this area,” says Dr. Ruprecht Puchstein, Principal at EMERAM Capital Partners. “It is a central part of ]init[‘s strategy to transfer the existing expertise in the public sector to other regulated industries – a process that has been significantly accelerated by this acquisition.”

About ]init[ AG für digitale Kommunikation
]init[ AG für digitale Kommunikation is a leading expert for digitalization for the public sector and regulated markets. Founded in 1995, the company employs approximately 1,400 people across its locations in Berlin, Hamburg, Cologne, Leipzig, Munich, and Mainz. Additional subsidiaries of ]init[ AG include Swiss-based Ironforge Consulting AG, with offices in Bern and Zurich, as well as ]init[.DCP – Digital Communication Portugal, Unipessoal Lda in Porto. For more information, visit www.init.de.

About HBSN Group
Over the past 18 years, HBSN Group has developed into a successful consulting and technology partner in the healthcare market. The group includes HBSN GmbH with its subsidiaries HBSN Certifications GmbH in Germany, and xitee k.s. as well as xitee Beteiligungs s.r.o. in the Czech Republic. The companies support university hospitals and clinics, private and statutory health insurers, medical services, public health authorities, and IT system providers in software development, IT operations, and transformation projects. With 150 employees, the HBSN Group maintains a solid network of partners at its locations in Bad Hersfeld, Braunschweig, Brno, Hamburg, Hornburg, Frankfurt am Main, Leipzig, Lüneburg, Munich, and Prague. For more information, visit www.hbsn-gruppe.de.

About Rivean Capital
Rivean Capital is a leading European private equity investor in mid-market transactions with operations in the Benelux, DACH region, and Italy. With offices in Frankfurt am Main, Amsterdam, Brussels, Zug and Milan, funds advised by Rivean Capital manage more than €5bn in assets. Since its inception in 1982, Rivean has supported more than 250 companies in realizing their growth ambitions and has a strong track record of supporting and scaling successful businesses with cross-border growth agendas, including footprint expansions and operational excellence trajectories. For more information, visit www.riveancapital.com.

About EMERAM
EMERAM is one of the leading investment managers for investments in mid-sized companies in the German-speaking region. The funds advised by EMERAM provide more than 800 million euros in capital for the development of growth companies. The investment strategy focuses on the sectors Digital Transformation, Health and Well-Being, as well as Energy Transition. EMERAM acts as a long-term business development partner for its portfolio companies and promotes sustainable growth (both organic and inorganic). In addition, the implementation of comprehensive ESG concepts is a key focus. For more information, visit www.emeram.com.

Contacts

Rivean Capital
Maikel Wieland (Head of Investor Relations & Co-Investments)
m.wieland@riveancapital.com
+41 43 268 20 30

]init[ AG für digitale Kommunikation
Sascha Lansmann (Corporate Communications)
sascha.lansmann@init.de
+49 30 97006 759

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Platinum Equity Sells Livingston to Purolator

Platinum

North American full-service customs brokerage firm divested following multi-year transformation campaign

Platinum Equity to continue pursuing opportunities to expand its portfolio of Canadian investments

LOS ANGELES (February 4, 2025) – Platinum Equity announced today the sale of Livingston International, an international trade services firm specializing in customs brokerage, freight forwarding and trade consulting, to Purolator, Inc., a leading integrated freight, package and logistics solutions provider.

Financial terms of the transaction were not disclosed.

Established in 1945 and headquartered in Toronto, Livingston has served as a trusted advisor to more than 30,000 businesses engaged in cross-border and global trade. The company is Canada’s largest customs broker and fifth-largest entry filer in the United States. Livingston has been a trusted partner supporting Purolator’s customs brokerage needs for many years.

Platinum Equity acquired Livingston in 2019.

“Over the past several years we worked with Livingston to transform the business using the full breadth of our financial and operational resources. We enjoyed tremendous collaboration with an outstanding management team and are proud of the work we have done together. Livingston has evolved into a well-managed, resilient and efficient enterprise ready to take the next step.”

Louis Samson, Co-President, Platinum Equity

 “Over the past several years we worked with Livingston to transform the business using the full breadth of our financial and operational resources,” said Platinum Equity Co-President Louis Samson. “We enjoyed tremendous collaboration with an outstanding management team and are proud of the work we have done together. Livingston has evolved into a well-managed, resilient and efficient enterprise ready to take the next step.”

Samson praised Purolator as a great home for Livingston.

“As a long-time Livingston customer and one of Canada’s most admired companies, we believe Purolator will be an outstanding long-term partner for the business going forward,” added Samson.

During Platinum Equity’s stewardship, Livingston underwent a multi-year transformation program.

“From the beginning we viewed Livingston as a strategic asset and set out to partner with the company’s leadership team to invest in optimizing its core offering, including customs brokerage and trade and consulting services,” said Platinum Equity Managing Director Jason Price. “We made significant enhancements to Livingston’s digital capabilities and invested in talent, technology and infrastructure to help set the company up for long-term success.”

Samson said Platinum Equity continues seeking opportunities to expand its portfolio of Canadian investments.

“We have been investing in Canada for a long time and know the market dynamics and leading sectors very well,” explained Samson, who grew up in Quebec City. “We believe there are a lot of opportunities to create value in partnership with Canadian businesses that can benefit from our approach.”

Platinum Equity recently signed a definitive agreement to acquire Héroux-Devtek, a leading international manufacturer of aerospace and defense products headquartered in Longueuil, Quebec. Platinum Equity’s current portfolio also includes Husky Technologies, a provider of injection molding equipment and services headquartered in Bolton, Ontario.

Morgan Stanley & Co. LLC and RBC Capital Markets LLC served as financial advisors to Livingston and Platinum Equity on the sale to Purolator and Stikeman Elliott LLP and Latham & Watkins LLP served as legal counsel on the transaction.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 29 years Platinum Equity has completed more than 450 acquisitions.

 

About Livingston International

Livingston International has served as a trusted trade adviser to businesses around the world for 75 years. It specializes in customs brokerage and trade compliance, and offers international trade consulting, global trade management and freight forwarding. Livingston provides clarity in a world of trade complexity, and reliability in times of volatility, so businesses can grow further, smarter and with confidence. Livingston employs approximately 2,700 associates at 55 key border points, sea ports, airports and other strategic locations across North America, Europe and Asia.

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