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Apollo Funds Agree to Sell 28.4% Stake in Vallourec to ArcelorMittal

Apollo logo

NEW YORK, March 12, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed Funds (“Apollo Funds” or the “Funds”) have agreed to sell 65.2 million common equity shares in Vallourec SA (Euronext: VK; “Vallourec”, the “Company”), a value-added manufacturer of premium tubular steel products, for €14.64 per share to ArcelorMittal. The shares sold represent a 28.4% equity interest1 in Vallourec and a total transaction value of approximately €955 million, and upon close will mark the Apollo Funds’ exit of the investment.

“We’re proud of the extremely strong results achieved during our Funds’ ownership as the Company transformed its operations under a top leadership team led by Philippe Guillemot and established itself as a focused world leader in the manufacturing of high performance tubular products. Along with this business transformation have come record levels of profitability, a more sustainable competitive position and an opportunity to capture future growth in the energy transition markets,” said Apollo Partner Gareth Turner. “There is still considerable potential to expand upon what we have achieved but it is now appropriate for Apollo to transition our Funds’ shareholding to an industrial partner that can take the Company forward. We remain confident that Vallourec is well-positioned for long-term growth and we wish Philippe and the entire team continued success.”

Philippe Guillemot, Vallourec Chairman and CEO, said, “Apollo’s operational and capital markets expertise was instrumental to Vallourec’s turnaround, and we thank the Apollo team for their unfailing support and world-class partnership. With Apollo’s Funds’ assistance, we have fundamentally changed the operational and financial structure of Vallourec and we believe we are on the right trajectory to deliver enhanced shareholder value over the coming years.”

After leading the financial restructuring of Vallourec, Apollo Funds became the largest equity investor in Vallourec in 2021. As a strategic capital partner, Apollo played a pivotal role in the design, launch, and implementation of the “New Vallourec” plan in May 2022, which helped to transform the Company’s operational design, footprint and capabilities, and drove EBITDA from €258mm in 2020 prior to Apollo Funds’ investment to €1,196mm in 2023, reflecting the best results in nearly 15 years.

The transaction is expected to close in the second half of the year, subject to satisfaction of customary closing conditions.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2023, Apollo had approximately $651 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com

1 Not taking into account preferred shares already issued but not vested as of today.

 


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Source: Apollo Global Management, Inc.

Released March 12, 2024

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KKR-Mirastar Acquires Prime Logistics Park In Warrington From Mountpark

KKR

Addition of another prime asset to the portfolio

London, 12 March 2024 – KKR and Mirastar, KKR Real Estate’s industrial and logistics platform in Europe, have completed the acquisition of a 737k sq ft best-in-class distribution asset, located in Warrington, North West UK.

The acquisition of Mountpark Warrington Omega II encompasses three logistics assets which benefit from EV charging points, solar panels and electricity battery storage. The buildings were designed to achieve best-in-class specifications, including BREEAM Excellent certification plus EPC A ratings, and employee wellbeing was at the forefront of the design with a strong focus on natural lighting and ventilation. This attracted the property’s tenants, Amazon and Gousto, even before completion of the project in 2021.

The property is strategically located at the gateway to Omega, widely considered as the premier logistics address in the North West, and has access to Omega’s new 35-acre ‘green heart’ woodland park. The site is positioned at the epicentre of the North West’s motorway network with direct access via J8 of the M62.

Ekaterina Avdonina, CEO and Co-Founder at Mirastar, said: “This asset adds to the impressive portfolio of best-in-class assets acquired to date. The North West market has been one of the best performers in the UK over the past few years and we believe it will continue to do so for best-in-class logistics and distribution assets.”

Ian Williamson, Managing Director and Head of KKR Core+ Real Estate in Europe, added: “We are pleased to complete this acquisition, which forms part of our strategy to acquire state-of-the-art assets in Europe’s most strategic distribution locations. We will continue to provide capital solutions to unlock value in an environment where capital availability is disconnected from attractive fundamentals.”

Tom Kilmister, Senior Development Director at Mountpark (UK and Ireland), said: “We are delighted to conclude this transaction with the teams at KKR and Mirastar and would like to wish them all the best in realising their strategy. Mountpark Warrington Omega II has been a successful long-term project for our team.  The calibre and efficiencies of these properties were swiftly recognised by the market with all units successfully let before practical completion. Mountpark looks forward to announcing new development projects over the coming year.”

The park has been acquired through KKR’s European Core+ real estate strategy, which focuses on investing in high quality, substantially stabilised assets with medium-term value growth potential.

KKR and Mirastar were advised by CBRE (commercial); Clifford Chance (legal); Savills (technical); Nova-Ambiente (environmental); Arcadis and CBRE (ESG); and Deloitte (tax and financial).

Mountpark were advised on the disposal by JLL.

— Ends —

About Mirastar

Mirastar is a pan-European logistics developer, investor and asset manager, founded in 2019 by Ekaterina Avdonina, Chief Executive Officer, and Anthony Butler, Chief Investment Officer. The team currently comprises 39 senior real estate professionals and has offices in London, Madrid, Amsterdam, Stockholm and Milan. The team at Mirastar have deployed over €20bn of capital across key European markets and have built and constructed in excess of 3.0m sqm of logistics assets collectively.

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 Mountpark

Mountpark Logistics EU Sarl is a joint venture between Mountpark Finco and Affinius Capital Europe Holdco B.V., the European holding company managed by the Dutch subsidiary of Affinius Capital (formerly known as USAA Real Estate). With more than 10 years’ experience as a logistics development company with locations in the UK and across Europe, Mountpark offers the independence, flexibility and expertise to deliver buildings that are tailored to meet customers’ requirements.

Media Contacts

FGS Global
Alastair Elwen
KKR-Lon@FGSGlobal.com
Tel: +44 (0) 20 7251 3801

 

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DIF Capital Partners sells UK onshore wind farm project to TfL Pension Fund

DIF

DIF Capital Partners is pleased to announce that DIF Infrastructure IV (DIF IV) has signed an agreement to sell a UK onshore wind farm project to the Transport for London Pension Fund. Closing of the transaction is subject to customary conditions and approvals, and is expected to take place in Q2 2024.

The Wadlow wind farm project, located close to Cambridge, has an installed capacity of 26MW and comprises 13 Vestas V90 2MW turbines. The wind farm has been operational since September 2012 and was acquired by DIF IV in 2016.

Andrew Freeman, Partner and Head of Exits at DIF Capital Partners, said: “We are very pleased with the successful exit of this project. Our proactive approach to divestments helps to deliver attractive risk-adjusted returns for our investors, with this sale further demonstrating the strong track record of our investment strategies.”

“The success of this investment since 2016 demonstrates how financing the energy transition can deliver strong returns for our investors as well as drive the transition to net zero. DIF will be continuing to look for investment opportunities in the UK renewables sector in the coming years.”

DIF IV was advised on the transaction by PKF Francis Clark (financial), Osborne Clarke (legal) and Natural Power (technical).

 

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

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

 

Press contact:

DIF Capital Partners: press@dif.eu

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Questel Achieves New Milestone for AI-Elevated Intellectual Property Solutions with Strategic Acquisition of qatent

IK Partners

Questel, a global leader in intellectual property (IP) management and technology services, is proud to announce the acquisition of qatent, a tech company whose use of artificial intelligence (AI) has broken new ground in the IP sector. This acquisition will bring forth a new era of sophisticated, AI-enhanced tools and services that will elevate global IP portfolio management. Questel’s acquisition of qatent represents a key component of its strategy to integrate AI-driven solutions into software and services at a level never before seen in the IP industry. With its extensive generative AI expertise and proven applications, qatent aligns perfectly with Questel’s vision for elevated AI-driven IP solutions.

qatent emerged from the distinguished AI research center INRIA Paris and has since become a cornerstone of innovation in the use of AI for IP management thanks to the leadership of its diverse and international team. Founded by a French IP attorney and a leading German AI researcher, from the Université Paris-Saclay, a European scientific and technological excellence cluster, qatent is not only pioneering the application of AI technologies in patent search and drafting but has already achieved notable success in these areas.

Remarking on the acquisition, Charles Besson, CEO at Questel, said: “The significance of AI in our field necessitates an internalized approach which partnerships simply cannot offer. In addition to immediately impacting patent drafting and searching, AI will directly benefit several of our other products such as Equinox, our highly successful IPMS solution.”

Echoing this sentiment, François Veltz, CEO at qatent, said: “qatent has always positioned the IP practitioners at the heart of its strategy, with the aim of augmenting them through machine capabilities.” “The unparalleled richness and structure of the Questel global patent, trademark and design databases is an incredible learning ground for our algorithms and will quickly give more depth to our calculations,” added Kim Gerdes, CTO at qatent.

Joining the Questel group enables qatent to overcome several previously insurmountable obstacles; in particular, the confidentiality of customer data according to the ISO 27001 standard for information security, cybersecurity, and privacy protection.

Questel’s integration of qatent’s capabilities not only enriches Questel’s AI Labs network across France, Germany, the USA, and Japan but also reaffirms its position as a tech leader in the IP services sector.

About Questel

Questel is a true end-to-end intellectual property solutions provider to more than 20,000 clients and one million users across 30 countries. Around our cutting-edge IPMS Equinox, Questel offers a comprehensive scope of software and services for managing all types of IP assets (Patent, Trademark, Design, Domain Name, Copyright, etc.) including searching, analyzing, and watching, international filing, translation, renewals and recordals. These solutions, when combined with our IP cost management platform, deliver clients an average savings of 30-60% across the entire prosecution budget. For more details about Questel and our innovative solutions, please visit www.questel.ai.

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About qantent

Originating from the world-renowned INRIA Paris Research Center, qatent is a distinguished company committed to advancing intellectual property management through artificial intelligence. Founded by eminent figures in AI research and IP law, qatent is at the cutting edge of developing solutions that significantly improve the efficiency and effectiveness of patent research, drafting, and a wide array of IP services.

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Mdf Commerce Enters Definitive Agreement To Be Acquired By KKR

KKR
  • mdf commerce shareholders to receive C$5.80 in cash per share, representing C$255 million in total equity value and a premium of approximately 58% to the closing price of the common shares on the TSX on March 8, 2024
  • Transaction provides immediate liquidity and certainty of value to mdf commerce shareholders
  • mdf commerce Board of Directors unanimously recommends that shareholders vote in favour of the transaction
  • KKR to support mdf commerce’s ambition to grow into a leading enterprise software platform

MONTREAL, March 11, 2024 (GLOBE NEWSWIRE) — mdf commerce inc. (“mdf commerce” or the “Company”) (TSX:MDF), a SaaS leader in digital commerce technologies, today announced it has entered into an arrangement agreement (the “Arrangement Agreement”) to be acquired by funds managed by KKR, a leading global investment firm, in an all-cash transaction (the “Transaction”). Upon completion of the Transaction, mdf commerce will become a privately held company.

The Company’s platforms and services empower businesses around the world, supporting them in generating billions of dollars in transactions on an annual basis. mdf commerce’s North American eProcurement platform serves over 6,500 government agencies and more than 650,000 suppliers across Canada and the United States and provides a strong foundation to build a leading government software platform.

“After a comprehensive strategic review process, we are pleased to have reached an agreement with KKR that provides immediate liquidity and certainty of value at an attractive premium to our shareholders,” said Pierre Chadi, Chairman of mdf commerce’s board of directors (the “Board”).

“We are excited to strategically partner with KKR to accelerate our expansion and scale our industry-leading platform even further. We look forward to leveraging their relationships, resources, and expertise as we execute on our strategy and explore new projects and opportunities that will improve mdf commerce’s service offering and continue growing market share,” stated Luc Filiatreault, President and Chief Executive Officer, mdf commerce. “KKR has a long history of successfully investing in market-leading software businesses globally. I am confident that KKR is the ideal partner for mdf commerce and can contribute to the Company’s continued success.”

“KKR is closely aligned with management’s vision to accelerate technology innovation across the broader mdf commerce platforms,” said John Park, Partner at KKR. “We look forward to the enormous opportunity ahead for the mdf commerce eProcurement platform as governments increasingly embrace digital solutions. We have been impressed with the business that Luc and team have built in Montreal and are delighted to welcome one of the leading technology companies in Quebec to the KKR family.”

Following the closing of the Transaction, KKR will support mdf commerce in creating an equity ownership program to provide all employees the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-management employees across more than 40 companies.

KKR is making its investment in mdf commerce through its Ascendant Strategy, which invests in middle market businesses in North America as part of KKR’s Americas Private Equity platform.

Transaction Highlights

  • Attractive premium for shareholders: Consideration of C$5.80 per issued and outstanding common share of the Company (the “Common Shares”), payable entirely in cash (the “Consideration”), represents a premium of approximately 58% to the closing price of the Common Shares on the Toronto Stock Exchange (the “TSX”) on March 8, 2024 of C$3.68 per Common Share, a premium of approximately 59% to the 20-day volume-weighted average share price on the TSX for the period ending on March 8, 2024 of C$3.65 per Common Share, and a 30% premium to the 52-week high price on the TSX of C$4.45 per Common Share achieved on December 8, 2023;
  • Certainty of value and immediate liquidity: The shareholders of mdf commerce (the “Shareholders”) will receive a price of C$5.80 per Common Share, payable entirely in cash, which provides certainty of value and immediate liquidity;
  • Unanimous mdf commerce Board recommendation: The Board unanimously recommends that Shareholders vote in favour of the Transaction;
  • Alignment with major shareholders:
    • KKR is closely aligned with mdf commerce’s management in a shared vision for the future of the Company and will leverage the expertise of the existing management team led by Luc Filiatreault, President and Chief Executive Officer, to continue to support mdf commerce’s growth strategy and to build a global leader headquartered in Québec; and
    • Long Path Partners and each of the directors and executive officers of the Company (collectively, the “Supporting Shareholders”), who currently collectively own approximately 12.4% of the outstanding Common Shares, have entered into support and voting agreements pursuant to which they have agreed to vote their Common Shares in favour of the Transaction.
  • Value supported by two fairness opinions: Scotiabank and Desjardins Capital Markets (“Desjardins”) each provided a fairness opinion stating that, as at March 10, 2024, subject to the assumptions, limitations and qualifications set out in their respective opinions, the Consideration to be received by the Shareholders pursuant to the Transaction is fair, from a financial point of view, to the Shareholders.

mdf commerce Board Recommendation

The Transaction is the result of an extensive formal sale process conducted by the Board, pursuant to which several proposals from interested parties were considered. The Board has evaluated the Arrangement Agreement with the Company’s management and legal and financial advisors and has unanimously determined that the Transaction is in the best interests of the Company and is fair to the Shareholders. The Board also unanimously recommends that the Shareholders vote in favour of the Transaction at the special meeting of Shareholders to be called to approve the Transaction (the “Meeting”). The Transaction is expected to close in the second quarter of calendar 2024, subject to the receipt of the required approvals from the Company’s shareholders and certain regulatory approvals, as well as the satisfaction of other customary closing conditions.

The Supporting Shareholders, who currently collectively own approximately 12.4% of the outstanding Common Shares, have entered into support and voting agreements pursuant to which they have agreed to vote their Common Shares in favour of the Transaction, subject to certain conditions.

Fairness Opinions

In connection with their review and consideration of the Transaction, the Board engaged Scotiabank as its financial advisor and Desjardins as its independent financial advisor to provide an independent fairness opinion. Both Scotiabank and Desjardins provided a verbal opinion to the Board that, as at March 10, 2024, subject to the assumptions, limitations and qualifications set out in their respective opinions, the Consideration to be received by the Shareholders pursuant to the Transaction is fair, from a financial point of view, to such Shareholders.

Both fairness opinions will be included in the management information circular to be mailed to the Shareholders in connection with the Meeting and to be filed by the Company under its profile on SEDAR+ at www.sedarplus.ca and to be made available on the Company’s website at www.mdfcommerce.com.

Additional Transaction Details

The Transaction will be implemented by way of statutory plan of arrangement under the Canada Business Corporations Act and is subject to approval by certain regulatory bodies and court approval, after considering the procedural and substantive fairness of the Transaction. The Transaction is not subject to any financing condition and KKR is providing an equity-back stop for all the Consideration payable pursuant to the Transaction.

The Transaction is subject to certain approvals at the Meeting, including the approvals by at least two-thirds of the votes cast by Shareholders voting in person or by proxy.

The Arrangement Agreement contains customary non-solicitation covenants on the part of the Company, subject to customary “fiduciary out” provisions, as well as “right to match” provisions in favor of KKR. A termination fee of approximately C$7.7 million would be payable by the Company to KKR in certain circumstances, including in the context of a superior proposal supported by the Company.

Upon closing of the Transaction, KKR intends to cause the Common Shares to be delisted from the TSX, and to cause the Company to submit an application to cease to be a reporting issuer under applicable Canadian securities laws.

Additional details regarding the terms and conditions of the Transaction, the rationale for the recommendations made by the Board, the fairness opinions, the applicable voting requirements for the Transaction, and how Shareholders can participate in and vote at the Meeting, will be set out in mdf commerce’s management information circular to be prepared and made available to Shareholders in connection with the Meeting on SEDAR+ at www.sedarplus.ca and on the Company’s website at www.mdfcommerce.com. Copies of the Arrangement Agreement, the voting and support agreements, the management information circular and proxy materials in respect of the Meeting will be filed by the Company under its profile on SEDAR+ at www.sedarplus.ca.

Advisors

Scotiabank is acting as exclusive financial advisor to the Company and Desjardins is providing an independent fairness opinion to the Board of Directors. McCarthy Tétrault LLP and Foley & Lardner LLP are acting as legal advisors to the Company. Stikeman Elliott LLP and Dechert LLP are acting as legal advisors to KKR.

About mdf commerce

mdf commerce inc. (TSX:MDF) enables the flow of commerce by providing a broad set of software as a service (SaaS) solutions that optimize and accelerate commercial interactions between buyers and sellers. Our platforms and services empower businesses around the world, allowing them to generate billions of dollars in transactions on an annual basis. Our eprocurement, ecommerce and emarketplaces solutions are supported by a strong and dedicated team of approximately 650 employees based in Canada and in the United States. For more information, please visit us at mdfcommerce.com, follow us on LinkedIn or call at 1-877-677-9088.

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.

Forward-Looking Information

This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws. This information includes, but is not limited to, statements relating to mdf commerce’s business objectives, expected growth, results of operations, performance and financial results. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “expects”, “estimates”, “outlook”, “forecasts”, “projection”, “prospects”, “intends”, “anticipates”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will”, “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Forward-looking information in this press release include, among other things, statements relating to mdf commerce’s business in general, including its growth; statements relating to the Transaction, the ability to complete the transactions contemplated by the Arrangement Agreement and the timing thereof, including the parties’ ability to satisfy the conditions to the consummation of the Transaction, the receipt of the required shareholder approval and court approval and other customary closing conditions, the possibility of any termination of the Arrangement Agreement in accordance with its terms, and the expected benefits to the Company and its Shareholders of the Transaction; the creation by KKR of an equity ownership program.

Risks and uncertainties related to the transactions contemplated by the Arrangement Agreement include, but are not limited to: the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all, due to a failure to obtain or satisfy, in a timely manner or otherwise, required regulatory, shareholder and court approvals and other conditions to the closing of the Transaction or for other reasons; the risk that competing offers or acquisition proposals will be made; the negative impact that the failure to complete the Transaction for any reason could have on the price of the Common Shares or on the business of the Company; KKR’s failure to pay the Consideration at closing of the Transaction; the business of mdf commerce may experience significant disruptions, including loss of clients or employees due to Transaction related uncertainty, industry conditions or other factors; risks relating to employee retention; the risk of regulatory changes that may materially impact the business or the operations of the Company; the risk that legal proceedings may be instituted against mdf commerce; and risks related to the diversion of management’s attention from mdf commerce’s ongoing business operations while the Transaction is pending; and other risks and uncertainties affecting mdf commerce, including those described in the “Risk Factors and Uncertainty” section of the Company’s Annual Information Form for the year ended as at March 31, 2023, as well as in the “Risk Factors and Uncertainties” section of the Company’s Management’s Discussion and Analysis for the third quarter ended December 31, 2023 and elsewhere in the Company’s filings with the Canadian securities regulators, as applicable.

Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents the Company’s expectations as of the date of this press release (or as the date they are otherwise stated to be made) and are subject to change after such date. However, the Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws in Canada. All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

Source:
mdf commerce Inc.
www.mdfcommerce.com

Contact:
For mdf commerce media inquiries:
Brigitte Guay, Director – Corporate Communications
514-702-9658
brigitte.guay@mdfcommerce.com

For KKR media inquiries:
Liidia Liuksila
212-230-9722
media@kkr.com

This press release shall not constitute an offer to purchase or a solicitation of an offer to sell any securities, or a solicitation of a proxy of any securityholder of any person in any jurisdiction. Any offers or solicitations will be made in accordance with the requirements under applicable law. Shareholders are advised to review any documents that may be filed with securities regulatory authorities and any subsequent announcements because they will contain important information regarding the Transaction and the terms and conditions thereof. The circulation of this press release and the Transaction may be subject to a specific regulation or restrictions in some countries. Consequently, persons in possession of this press release must familiarize themselves and comply with any restrictions that may apply to them.

 

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Spineart completes enrollment in the BAGUERA®C IDE trial for two-level cervical disc replacement

GIMV

Spineart SA today announced it has completed enrollment in its U.S. IDE trial studying the BAGUERA®C Cervical Disc Prosthesis in patients with cervical disc disease at two contiguous levels between C3 to C7 compared to a commercially marketed cervical disc implant.

The multi-center, prospective, randomized controlled trial enrolled over 300 patients at 25 sites across the United States. The primary endpoint of the study is the clinical success rate of BAGUERA®C in two contiguous levels from C3 to C7 compared with two-level cervical disc replacement with a commercially available disc replacement implant. The Company announced the completion of enrollment for its one-level IDE trial at the end of February 2024.

Jerome Trividic, CEO of Spineart, said, “The enrollment completion of our two-level BAGUERA®C IDE study marks a significant milestone in Spineart’s ambition to emerge as a global leader in spine arthroplasty. Coupled with the ongoing one-level BAGUERA®C IDE study, Spineart is spearheading the gathering of crucial long-term clinical evidence from nearly 600 artificial disc recipients across the United States. This unprecedented achievement underscores our commitment to advancing the adoption of cutting-edge technologies in spinal surgery. We extend our sincere gratitude to our esteemed investigators and their teams whose dedicated participation has been instrumental in this endeavor. We eagerly anticipate bringing these two studies to fruition.”

Domagoj Coric, neurosurgeon at Carolina Neurosurgery & Spine Associates in Charlotte, NC, and co-lead investigator of the IDE trials, stated, “The outcomes from this study will further build the level I evidence supporting the safety and effectiveness of cervical disc arthroplasty with its head-to-head comparison against another cervical implant with similar design features.”

The BAGUERA®C Cervical Disc prosthesis is evaluated in two separate IDE trials in the U.S. for one- and two-level cervical disc disease. The BAGUERA®C implant has been commercially available in selected European and worldwide markets since 2008. Internationally, early long-term feedback has shown substantial improvement in patient pain scores and functional improvement after treatment.

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Nordic Capital-backed Signicat among Financial Times list of Europe’s 1000 fastest growing companies in 2024 and for the third time

Nordic Capital

Nordic Capital’s portfolio company, Signicat, a leading provider of verified digital identity solutions, primarily focused on the regulated financial services industry, has once again been included on Financial Times’ list of the 1000 fastest-growing companies in Europe. This is the third time the company has been included on the list since 2021.

Since Nordic Capital’s initial investment in 2019, Signicat has emerged as a leading provider and technology front-runner in European verified digital identity solutions. Over the past years, the company has expanded its European footprint through six strategic acquisitions to strengthen its technology, customer base, and market expertise. The company has also committed to innovation and is dedicated to digital identity solutions across the entire digital lifecycle.

Kristoffer Melinder, Managing Partner at Nordic Capital Advisors, comments:

“We are delighted to see Signicat recognised on this prestigious list for the third time. This acknowledgement underscores Signicat’s continuous growth and strong leadership. Furthermore, it demonstrates Nordic Capital’s effective support for mid-market companies within its focus sectors. Congratulations to Signicat for this well-deserved recognition.”

Fredrik Näslund, Partner and Head of Technology & Payments at Nordic Capital Advisors, comments:

“Since Nordic Capital’s initial investment, Signicat has embarked on a journey of growth and innovation. Through strategic acquisitions, the company has expanded its offerings and solidified its position as a leader in the digital identity space. With a comprehensive suite of compliant online authentication, identification verification, and electronic signature solutions, Signicat helps reduce risk and enhance user experience for ~1,300 enterprise clients globally, primarily in the financial services sector. With an unwavering commitment to customer protection and pioneering spirit, Signicat continues to redefine the landscape of digital identity solutions.”

 

Now, in its eighth year, “The FT 1000: Europe’s Fastest Growing Companies” lists the top 1000 companies in Europe that have achieved the highest percentage growth in revenues between 2018 and 2023. This year’s minimum average growth rate required to be included in the ranking was 36.3%. The complete list of the FT 1000 rankings can be found here: FT 1000: the eighth annual ranking of Europe’s fastest-growing companies

 

Press contact: 

Katarina Janerud, Communications Manager
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-post: katarina.janerud@nordiccapital.com

About Nordic Capital

Nordic Capital is a leading private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and selectively, Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 22 billion in over 130 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds.  Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors.”

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EQT Future holds final close; over EUR 25 billion (USD 27 billion) raised across EQT Private Equity in fundraisings concluded during 2024 to-date

eqt
  • The EQT Future fund closes at EUR 3 billion (USD 3.3 billion) in total fund commitments, with total fee-generating commitments to the strategy, which includes co-investments, totaling EUR 3.6 billion (USD 3.9 billion)
  • This brings the combined final closes by the EQT Private Equity platform in 2024 to more than EUR 25 billion (USD 27 billion) in total commitments, following the EUR 22 billion (USD 24 billion) close of EQT X
  • EQT Future is a private equity strategy that invests in two themes: Climate & Nature and Health & Wellbeing. Its innovative approach enables EQT Private Equity to hold companies for longer, leveraging EQT’s proven active ownership approach and a tailored impact management and measurement toolbox to drive attractive downside protected returns

EQT is pleased to share that EQT Future (or the “Fund”) has held its final close. The Fund raised EUR 3 billion (USD 3.3 billion) in total commitments, with total fee-generating commitments for the overall strategy, including co-investments, totaling EUR 3.6bn (USD 3.9 billion)1. The close brings the combined final closes by the EQT Private Equity platform in 2024 to more than EUR 25 billion (USD 27 billion) in total commitments.

An integrated part of EQT Private Equity, EQT Future backs robust and downside-protected business models in two thematic areas: Climate & Nature and Health & Wellbeing. By adding a tailored impact management and measurement toolbox and having a more flexible investment mandate, it aims to innovate on EQT’s proven approach and create long-term value in its portfolio. The Fund is Article 9 accredited and has innovated around ways to align sustainability with financial returns, linking carried interest to sustainability targets.

The Fund received commitments from investors across the Americas, Asia-Pacific, the Middle East, Europe and the Nordics. It has a diversified investor base, including forward-thinking institutional and private wealth clients, notably family offices, with a greater share of commitments coming from the latter segment compared to the EQT Private Equity flagship funds.

Simon Griffiths, Partner and Head of the EQT Future Advisory team, said: “That EQT has been able to introduce a new strategy and receive strong backing for EQT Future’s attractive downside-protected offering shows that investors are keen to see innovation within private markets. We’ve married EQT’s proven private equity approach with new impact thinking to invest in market leaders that can be grown over the longer term and that can potentially transform whole industries. This differentiates EQT Future from many other impact funds, which typically focus on venture and growth-stage opportunities. We have partnered with three businesses where the founders and management share our vision of driving more sustainable products and services, and the portfolio has already shown its resilience.”

Per Franzén, Head of Private Capital Europe & North America at EQT and Chairman of the EQT Private Equity Investment Committees, including EQT Future, said: “EQT Future is a perfect complement to our Equity strategy. Having a longer-hold mandate makes us an ideal partner to long-term owners, such as industrial families and entrepreneurs. It also enables us to acquire crown jewels and develop them to their fullest potential. As an integrated part of our Private Equity strategy, EQT Future makes us a smarter thematic investor. It enables us to select the right opportunities with a focus on sustainable long-term value creation, and makes us a better partner to our clients.”

The Fund is currently circa 40-45 percent invested across three high-quality, downside-protected companies, which all show strong underlying earnings growth and are realizing their impact potential:

  • Global pest-control service provider Anticimex offers a biocide-free digital solution, paving the way for a sustainable pest control industry and contributing to curbing biodiversity loss
  • Bloom Fresh International develops innovative disease-resistant varieties of fruit, reducing the use of fungicides that have a negative impact on soil health, ecosystems and human health, while increasing the agricultural output and shelf life of the fruits
  • Pioneering autoinjector developer SHL Medical enables advanced drug self-administration for greater patient autonomy, thereby reducing the burden on healthcare systems

Management fees for the Fund are charged on invested capital during its full term. This means that management fees will be charged only as and when investments are made by the Fund. Co-investment figures included are invested capital that is fee and carry-paying.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 33

About EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR ‌​​232​‌ billion in total assets under management (EUR ‌​​‌130​‌ billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 20 countries across Europe, Asia and the Americas and has more than 1,800 employees.

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

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CapMan’s Annual Report for 2023 published

Capman

CapMan has published its Annual Report for 2023 on its website at www.capman.com/annual-report/. The report includes the Report of the Board of Directors, the Group Financial Statements, the Auditor’s Report, the Corporate Governance Statement and the Group Sustainability Report.

CapMan also publishes the Annual Report in accordance with European Single Electronic Format (ESEF) reporting requirements with the format of the report being Extensible Hypertext Markup Language (xHTML). In line with the ESEF requirements, the primary statements have been labelled with XBRL tags and notes have been labelled with XBRL block tags. Ernst & Young, Authorised Public Accountants has provided an independent auditor’s reasonable assurance report on the ESEF Financial Statements. The information has been assured in accordance with the international standard on assurance engagements ISAE 3000. The Annual Report is available in pdf and xHTML formats at www.capman.com/annual-report/ and as attachments to this release.

The sustainability report is prepared in accordance with the GRI Standards and includes material sustainability information for CapMan Group. In addition, the report provides information on sustainability commitments and the progress towards sustainability objectives. CapMan publishes a separate overview on sustainability topics related to its real estate, infrastructure assets and portfolio companies as the information becomes available later in the spring.

The Corporate Governance Statement and Remuneration report have also been published as separate pdf files at www.capman.com/shareholders/governance/ and www.capman.com/shareholders/governance/remuneration/ and as attachments to this release.

CAPMAN PLC

Distribution:
Nasdaq Helsinki
Principal media
www.capman.com

For more information, please contact:
Linda Tierala, Director, IR and Sustainability, +358 40 571 7895, linda.tierala@capman.com

Attachments: 
Annual Report 2023
Financial Statements 2023
Corporate Governance Statement 2023
Remuneration report 2023
Sustainability Report 2023
743700498L5THNQWVL66_2023-12-31-en

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and over €5 billion in assets under management. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Our service business includes procurement services. Altogether, CapMan employs approximately 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

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DIF Capital Partners raises EUR 6.8 billion for its latest infrastructure funds

DIF

The successful fund raisings for DIF VII and CIF III represent a 50% increase compared to the prior funds.

DIF Capital Partners (DIF), a leading global infrastructure fund manager, is pleased to announce it has raised EUR 6.8 billion for its latest infrastructure funds with final closes across DIF Infrastructure VII (DIF VII) EUR 4.4 billion, DIF Core-Plus Infrastructure Fund III (CIF III) EUR 1.6 billion, and certain Co-investment vehicles EUR 0.8 billion.

DIF experienced strong investor demand from both existing and new institutional investors across the globe, enabling both DIF VII and CIF III to exceed their target fund sizes of EUR 4.0 billion and EUR 1.5 billion respectively. Total commitments for the predecessor funds (DIF VI and CIF II) equaled EUR 3.0 billion and EUR 1.0 billion.

DIF VII targets infrastructure investments, often concession-based or with long-term offtake agreements offering stable and predictable cash flows as well as attractive risk-adjusted returns. Sectors covered are transportation, (renewable) energy, digital infrastructure as well as utilities.

CIF III targets investment opportunities with strong growth potential. It focuses on a broad range of infrastructure sectors including digital infrastructure (specifically datacenters and fibre), energy transition as well as sustainable transportation.

Both fund strategies target a mix of operational and greenfield investments and predominantly focus on Europe and North America.

The funds received commitments from a diverse institutional investor base of more than 110 investors across Europe, the Americas, Asia, and the Middle East, including public and private pension plans, sovereign wealth funds, insurance companies, financial institutions, foundations, and private wealth investors.

Wim Blaasse, CEO at DIF Capital Partners, said: “We are extremely grateful to our investors for their trust and support, and this successful fundraising reinforces DIF’s leading position in the infrastructure market.

In addition, we are excited by the journey ahead as we team up with CVC, and accelerate the growth of our investment capabilities, our geographic reach, and lever the CVC network”.

Gijs Voskuyl, Deputy CEO at DIF Capital Partners, said: “An ever growing demand for infrastructure capital provides an exciting investment opportunity for us, and with our investment track record and experienced teams on the ground across our network of offices in eleven countries, we are confident we can use this capital to take advantage of attractive investment opportunities.”

To date, both funds have invested or committed to nine investments each, thereby deploying around 50% of total commitments. For DIF VII this includes investments in Saur, a global water solutions provider, Fjord1, a Norwegian electric ferry concessions operator and Green Street Power Partners, a US distributed solar developer/IPP. For CIF III this includes investments in metrofibre, a German urban fibre roll-out platform, Tonaquint, a US datacenter platform and Rail First, an Australian rail leasing business.

 

About DIF Capital Partners

DIF Capital Partners is an infrastructure fund manager with more than EUR 17 billion of assets under management. DIF was founded in 2005 and has a leading position in managing mid-market investments, primarily in Europe and North America.

DIF follows two strategies: its traditional DIF funds invest in infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as concessions. The firm’s CIF funds invest in companies with strong growth potential that are active in infrastructure sectors such as digital infrastructure, energy transition and sustainable transportation.

With a team of over 240 professionals in 11 offices, DIF offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam, Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

In September 2023, CVC, a leading global private markets manager, announced that it would be acquiring a majority stake in DIF Capital Partners. Closing of the transaction is subject to regulatory approvals and is expected in Q2 2024.

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

 

Press contact:

DIF Capital Partners: press@dif.eu

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