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EQT Private Capital Asia to acquire PropertyGuru

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Image of PropertyGuru app

The BPEA Private Equity Fund VIII fund has entered into an agreement and plan of merger with PropertyGuru Group Limited (NYSE: PGRU), one of Southeast Asia’s leading PropTech companies.

With this transaction, BPEA Private Equity Fund VIII is expected to be 70-75 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

SINGAPORE & NEW YORK–(BUSINESS WIRE)–PropertyGuru Group Limited (NYSE: PGRU) (“PropertyGuru” or the “Company”), Southeast Asia’s leading1 property technology (“PropTech”) company, today announced that it has entered into an agreement and plan of merger (the “Merger Agreement”) with affiliates of BPEA Private Equity Fund VIII Limited (“EQT Private Capital Asia”), part of EQT AB, a purpose-driven global investment organization, pursuant to which the Company will be acquired by EQT Private Capital Asia in an all-cash transaction (the “Merger”) that values PropertyGuru at an equity value of approximately USD 1.1 billion. PropertyGuru’s Board of Directors, acting upon the recommendation of a special committee (the “Special Committee”) of PropertyGuru’s Board of Directors, has unanimously approved and resolved to recommend approval of the Merger by PropertyGuru’s shareholders. The Special Committee negotiated the terms of the Merger Agreement with assistance of financial and legal advisors.

Under the terms of the Merger Agreement, at the effective time of the Merger, each ordinary share of the Company issued and outstanding immediately prior to the effective time (other than certain excluded shares) will be cancelled and converted automatically into the right to receive an amount in cash equal to USD 6.70 per share, without interest.

The merger consideration represents a 52% premium to PropertyGuru’s closing share price on May 21, 2024, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 75% and 86% premium to the Company’s 30-day and 90-day volume-weighted average share price, respectively, for the period ending May 21, 2024.

Major shareholders, TPG Asia VI SF Pte. Ltd. and TPG Asia VI SPV GP LLC, in its capacity as general partner of TPG Asia VI Digs 1 L.P. (collectively, “TPG”) and Epsilon Asia Holdings II Pte. Ltd., an entity managed by global investment fund KKR (“KKR”), which hold a combined 56% ownership of ordinary shares outstanding, have entered into voting and support agreements with the Company and EQT Private Capital Asia in support of the Merger.

Hari V. Krishnan, CEO & MD, PropertyGuru Group, said, “We are pleased to embark on this new chapter with EQT. This partnership follows years of transformative growth, supported by TPG and KKR, which has established us as Southeast Asia’s leading PropTech platform. As we continue to innovate and deliver value to our consumers, customers, and stakeholders across the region, EQT’s global expertise in building marketplaces and commitment to sustainable growth will further strengthen our vision to power communities to live, work, and thrive in tomorrow’s cities.”

Janice Leow, Partner in the EQT Private Capital Asia advisory team and Head of EQT Private Capital Southeast Asia, said, “PropertyGuru has firmly established itself as the leading property marketplace platform in Southeast Asia, and we are deeply impressed by the strong foundation it has built over the past 17 years as well as with its talented team. We believe our offer provides shareholders with compelling value and certainty, while strategically positioning PropertyGuru to fully harness its long-term growth potential. With EQT’s significant experience in the technology, online classifieds and marketplace sectors, we aim to further strengthen PropertyGuru’s platform, driving enhanced innovation and deeper engagement with its consumers, customers and stakeholders.”

Transaction Details

The transaction is expected to close in Q4 2024 or Q1 2025, subject to customary closing conditions, including approval by PropertyGuru’s shareholders and receipt of regulatory approvals. The transaction is not subject to a financing condition.

Upon completion of the transaction, PropertyGuru’s shares will no longer trade on the New York Stock Exchange, and PropertyGuru will become a private company. PropertyGuru’s headquarters will remain in Singapore.

Advisors

Moelis & Company LLC is serving as financial advisor to the Special Committee and Freshfields Bruckhaus Deringer LLP is serving as legal counsel to the Special Committee. Morgan Stanley Asia (Singapore) Pte. is serving as financial advisor to EQT Private Capital Asia, and Ropes & Gray LLP is acting as legal advisor to EQT Private Capital Asia. J.P. Morgan Securities Asia Private Limited is serving as financial advisor to KKR and TPG, and Latham & Watkins LLP is serving as legal advisor to KKR and TPG.

Additional Information about the Merger

The Company will furnish to the U.S. Securities and Exchange Commission (the “SEC”) a current report on Form 6-K regarding the Merger, which will include the Merger Agreement as an exhibit thereto. All parties desiring details regarding the Merger are urged to review these documents, which will be available at the SEC’s website (http://www.sec.gov).

In connection with the Merger, the Company will prepare and mail or otherwise provide to its shareholders a proxy statement that will include a copy of the Merger Agreement. INVESTORS AND SHAREHOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT AND OTHER MATERIALS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, AS THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE MERGER, AND RELATED MATTERS. Shareholders also will be able to obtain these documents, as well as other filings containing information about the Company, the Merger and related matters, without charge from the SEC’s website (http://www.sec.gov).

This announcement is neither a solicitation of a proxy, an offer to purchase nor a solicitation of an offer to sell any securities and it is not a substitute for any proxy statement or other filings that may be made with the SEC should the Merger proceed.

About PropertyGuru Group

PropertyGuru is Southeast Asia’s leading1 PropTech company, and the preferred destination for over 28 million property seekers2 to connect with over 46,000 agents monthly3 to find their dream home. PropertyGuru empowers property seekers with more than 2.1 million real estate listings4, in-depth insights, and solutions that enable them to make confident property decisions across Singapore, Malaysia, Thailand and Vietnam.

PropertyGuru.com.sg was launched in Singapore in 2007 and since then, PropertyGuru Group has made the property journey a transparent one for property seekers in Southeast Asia. In the last 17 years, PropertyGuru has grown into a high-growth PropTech company with a robust portfolio including leading property marketplaces and award-winning mobile apps across its core markets; mortgage marketplace, PropertyGuru Finance; home services platform, Sendhelper; a host of proprietary enterprise solutions under PropertyGuru For Business including DataSense, ValueNet, Awards, events and publications across Asia.

For more information, please visit: PropertyGuruGroup.com; PropertyGuru Group on LinkedIn.

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

Forward-Looking Statements

Forward-looking statements in this announcement, which are not historical facts, are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements regarding the Merger involving the Company, and affiliates of EQT Private Capital Asia. In some cases, readers can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” or “continue” or the negative of these words or other similar terms or expressions that concern the Company’s expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the ability of the parties to consummate the Merger in a timely manner or at all; the satisfaction (or waiver) of closing conditions to the consummation of the Merger; potential delays in consummating the Merger; the ability of the Company to timely and successfully achieve the anticipated benefits of the Merger; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger; the Company’s ability to implement its business strategy; significant transaction costs associated with the Merger; potential litigation relating to the Merger; the risk that disruptions from the Merger will harm the Company’s business, including current plans and operations; the ability of the Company to retain and hire key personnel; potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Merger; legislative, regulatory and economic developments affecting the Company’s business; changes in domestic and foreign business, market, financial, political and legal conditions; the evolving legal, regulatory and tax regimes under which the Company operates; potential business uncertainty, including changes to existing business relationships, during the pendency of the Merger that could affect the Company’s financial performance; restrictions during the pendency of the Merger that may impact the Company’s ability to pursue certain business opportunities or strategic transactions; unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism or outbreak of war or hostilities; competitive pressures in and any disruption to the industry in which the Company and its subsidiaries operates, as well as the Company’s response to any of the aforementioned factors; and other risks discussed in the Company’s filings with the SEC.

All forward-looking statements attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by the cautionary statements set forth above. Readers are cautioned not to place undue reliance on any forward-looking statements, which are made only as of the date of this announcement. The Company does not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If the Company updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. The inclusion of any statement in this announcement does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

1 Based on SimilarWeb data between October 2023 and March 2024.
2 Based on Google Analytics data between October 2023 and March 2024
3 Based on data between January 2024 and March 2024
4 Based on data between October 2023 and March 2024

Contacts

Media
PropertyGuru Group
Sheena Chopra
sheena@propertyguru.com.sg
mediaenquiry@propertyguru.com.sg

EQT
EQT Press Office: press@eqtpartners.com

About EQT

EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

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Apollo Funds, together with Rettig, complete the acquisition of a 94.53% stake in Purmo Group Plc

Apollo logo

NEW YORK, Aug. 16, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that Apollo-managed funds associated with its Clean Transition Equity strategy, together with strategic minority co-investor Rettig Oy Ab (“Rettig”), have through the special purpose vehicle Project Grand Bidco (UK) Limited completed the previously announced acquisition of a 94.53% equity ownership stake in Purmo Group Plc, a leader in sustainable indoor-climate solutions. Apollo funds and Rettig will look to acquire the remaining outstanding shares through Project Grand Bidco (UK) Limited and delist Purmo Group from the Nasdaq Helsinki Stock Exchange in the near future, resulting in Apollo funds owning 80% and Rettig 20% of Purmo Group.

After delisting, as a privately owned business led by Chief Executive Officer John Peter Leesi and the current management team, Purmo Group will continue to design, manufacture and distribute high quality products and solutions to over 100,000 customers in more than 100 countries.

Apollo Partner Waleed Elgohary said, “We are thrilled to partner with Rettig, John Peter and the talented Purmo team to build on their leadership in sustainable indoor climate solutions. We look forward to supporting the management team to unlock Purmo Group’s growth potential and play an increasingly meaningful role in helping to facilitate the clean energy transition.”

Purmo Group CEO John Peter Leesi said, “The completion of this transaction marks a significant milestone in Purmo Group’s journey, providing additional resources, expertise and a longer investment horizon that’s really required to accelerate our ambitious growth strategy in Europe and beyond. We are excited to leverage the experience and support of the Apollo and Rettig teams in this next chapter of our global sustainability journey.”

Matts Rosenberg, CEO of Rettig, said, “This transaction is aligned with our stated strategic ambition of reducing our ownership in Purmo Group, while also enabling us to continue supporting the company and Apollo funds as a strategic minority shareholder by providing insights and institutional knowledge gathered throughout our more than 50 years of ownership. We firmly believe that this transaction is attractive and beneficial for Purmo Group and all of its stakeholders.”

“This exciting acquisition builds on more than $40 billion of energy transition and sustainability-related investments that Apollo funds have made across our global platform in the last five years. We believe private capital is and will continue to play a key role in facilitating the energy transition and supporting businesses in their decarbonization journeys,” added Apollo’s Olivia Wassenaar, Partner and Head of Sustainability and Infrastructure.”ⁱ

Apollo’s dedicated Clean Transition equity team is part of Apollo’s Sustainable Investing Group. The Clean Transition strategy focuses on opportunities across energy transition, sustainable mobility, industrial decarbonization, and sustainable resource use.

Pursuant to the terms of the transaction previously announced, Purmo Group’s shareholders, other than Rettig, are entitled to receive €11.06 in cash for each C share of Purmo Group (including F shares eligible for conversion into C shares), whereas the price paid to Rettig is €10.53 for each of its C shares. The price paid for each F share ineligible for conversion into C shares is €6.75. Prior to the transaction, Rettig was the majority shareholder in Purmo Group.

Advium Corporate Finance Ltd., Jefferies International Limited, J.P. Morgan Securities plc, Nordea Bank Abp and RBC Europe Limited served as financial advisers, and Sidley Austin LLP, Roschier, Attorneys Ltd., Avance Attorneys Ltd., Latham & Watkins LLP and Norton Rose Fulbright served as legal advisers to Apollo funds and the investor group. Danske Bank served as financial adviser and Castrén & Snellman Attorneys Ltd and Hannes Snellman Attorneys Ltd provided legal advice to Purmo Group.

——
ⁱAs of June 30, 2024. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect to the definition of a climate or transition investment. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) total facility size for Apollo originated debt, warehouse facilities, or fund financings; (ii) purchase price on the settlement date for private non-traded debt; (iii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iv) total capital organized on the settlement date for syndicated debt; and (v) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.

About Purmo Group
Purmo Group is at the centre of the global sustainability journey by offering full solutions and sustainable ways of heating and cooling homes to mitigate global warming. Purmo Group provides complete heating and cooling solutions to residential and non-residential buildings, including underfloor heating and cooling systems, a broad range of radiators, heat pumps, flow control and hydronic distribution systems, as well as smart products. Purmo Group’s mission is to be the global leader in sustainable indoor climate comfort solutions. Purmo Group’s more than 3,000 employees operate in 23 countries, manufacturing and distributing top-quality products and solutions to its over 100,000 customers in more than 100 countries.

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 June 30, 2024, Apollo had approximately $696 billion of assets under management. To learn more, please visit www.apollo.com.

About Rettig
Rettig is a family-owned investment company that creates value for generations. Our investment strategy focuses on both listed and private investments globally, and sets out to generate attractive over-the-cycle returns while maintaining an appropriate risk level in the portfolio. A cornerstone in our investment strategy is the ambition to cooperate with professional and like-minded partners and co-investors. Rettig is controlled by the 9th generation of the von Rettig family.

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 / EuropeanMedia@apollo.com

Katariina Kataja (on behalf of Purmo Group)
Head of Investor Relations
+358 40 527 1427
katariina.kataja@Purmogroup.com

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Blackstone Acquires Majority Stake in Leading Hotel Accounting Software and Services Provider M3

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Blackstone

Growth investment made in partnership with Asian American Hotel Owners Association (AAHOA)

New York, NY and Atlanta, GA – August 15, 2024 – M3, LLC (“M3”), voted the number-one hospitality accounting software in North America, today announced it has signed a definitive agreement for a majority investment from Blackstone Growth and affiliated funds (collectively “Blackstone”). The investment will help to accelerate the company’s growth by enhancing new product expansion and supporting the adoption of M3’s software, which enables hotel operators to run more efficiently and effectively. AAHOA, representing nearly 20,000 hotel owners and 60% of hotels across the United States, will make its first ever strategic investment alongside Blackstone.

Founded in 1998 by hospitality industry veteran John McKibbon to address the accounting needs of his own family’s hotel management company, M3 has grown into a leading hospitality-focused back-office accounting software platform that serves as the system-of-record for financial data for more than a thousand hotel operators and management companies today. It currently offers technological solutions including accounting, labor management and business intelligence to more than 8,000 properties across North America. M3 has ranked as the nation’s number-one hotel accounting software and financial reporting provider by HotelTech Report for the past four years.

John McKibbon, Founder of M3, said: “Blackstone’s background in hospitality made them the natural choice as our first equity partner. Together, we look forward to propelling our innovation and growth to best serve our customers in an era of continued technological advancement.”

Ramzi Ramsey, a Managing Director at Blackstone, said: “M3 has become a leading finance and accounting software platform for countless independent and family owned hotel operators, as well as some of the largest hotel management companies, that have relied on its technology to support the professionalization and scale of their businesses. As M3’s first institutional capital partner, we’re excited to harness Blackstone’s deep expertise and network within the real estate and technology sectors to help enhance its product offering to better serve new and existing companies as M3 continues to grow.”

Allen Read and Casi Johnson, CEO and President of M3, said: “For over 25 years, M3 has been focused on delivering a comprehensive solution while providing world class support to our customers. We remain steadfast in our commitment to serving our customers and are thrilled to partner with Blackstone to continue to scale our vision, team, and culture.”

Kevin Chang, a Principal at Blackstone, said: “M3 has built an enviable market position thanks to its robust technology and customer-centric approach. We are eager to build upon this strong foundation and support M3 in its next phase of growth and expansion in the broader hospitality market.”

Miraj S. Patel, AAHOA Chairman, said: “AAHOA is excited to make its first strategic investment alongside Blackstone, a move that will significantly benefit our members and the entire hospitality industry. This partnership with M3 will bring AAHOA Members access to advanced technology and innovative solutions that can enhance operational efficiency and drive growth. We are committed to empowering our members with the tools and resources needed to succeed in an evolving market, and this collaboration marks a pivotal step toward achieving that goal.”

Terms of the transaction were not disclosed. Carlton Fields, P.A., served as legal counsel to M3 and Houlihan Lokey has provided certain assistance to M3 in connection with the transaction. Evercore served as exclusive financial advisor to Blackstone and Kirkland & Ellis LLP served as legal counsel to Blackstone.

About M3
Built by hoteliers exclusively for hoteliers, M3 is a robust cloud-based financial platform and services company serving over 8,000 properties across North America’s hospitality industry helping drive cost savings, revenue enhancement, and business insight. After over 25 years in business, M3 touts a 95 percent customer retention rate. Used by over 1,000 management groups and owner-operators and hotels of all sizes, the platform works seamlessly with other key systems and tools in the hospitality industry. It offers robust accounting and financial analysis across entire portfolios with optional operations and time management features. M3’s Professional Services team provides on-demand accounting and bookkeeping support for hotels and portfolios of any size by offering a full range of customized accounting solutions that can scale with a hotelier’s needs. Privately held and employee-owned, M3 continues to constantly enhance products and services with regular releases and updates. “M3”, “CoreSelect”, “M3 Concierge”, and “Accounting Core” are all trademarks owned by M3; all other marks are owned by their respective owners.  For more information, visit www.m3as.com.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About AAHOA
AAHOA is the largest hotel owner’s association in the world, with Member-owned properties representing a significant part of the U.S. economy. AAHOA’s 20,000 members own 60% of the hotels in the United States and are responsible for 1.7% of the nation’s GDP. More than 1 million employees work at AAHOA Member-owned hotels, earning $47 billion annually, and member-owned hotels support 4.2 million U.S. jobs across all sectors of the hospitality industry. AAHOA’s mission is to advance and protect the business interests of hotel owners through advocacy, industry leadership, professional development, member benefits, and community engagement.

Contact

Blackstone
Mariel Seidman-Gati
mariel.seidmangati@blackstone.com
(917) 698-1674

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Audax Private Equity Announces Sale of United Urology Group

Audax Group

BOSTON & SAN FRANCISCO–Audax Private Equity (“Audax”), a capital partner for middle market companies, announced today an agreement to sell United Urology Group (“United Urology” or “UUG”) to OneOncology, a national network of leading independent oncology practices. Terms of the deal, expected to be completed by the end of 2024, were not disclosed.

United Urology Group supports approximately 250 physicians and advanced practice providers across Arizona, Colorado, Delaware, Maryland, and Tennessee. UUG offers a comprehensive range of urologic care and ancillary services, including uropathology, radiation therapy, and pharmacy across its footprint comprised of physician-owned practices and ambulatory surgery centers (“ASCs”).

“Our investment thesis — across each of our healthcare investments — is to back companies focused on improving access to care and patient outcomes, while reducing costs for payors and the healthcare system at large,” noted Adam Abramson, a partner at Audax Private Equity. “UUG fits this archetype categorically, and we expect its physician-led culture and patient-first approach to complement OneOncology’s community of oncologists, who share the same commitment to clinical excellence.”

Audax first partnered with UUG in 2016, and has invested in the company’s continued organic and inorganic growth over the last eight years. UUG delivers a strong value proposition to physicians, patients, and payors through its integrated care model and robust ancillary offering, which enables better coordination across disease states and sites of care, while empowering physicians to maintain their independence.

UUG is focused on driving the transition of care from higher cost hospital settings to its connected ASC footprint, which improves the patient experience and quality of care, while reducing the total cost of care. Over the course of Audax’ partnership with UUG, the business has strategically expanded its footprint; invested in the company’s technology and supporting infrastructure; and expanded the breadth of its ancillary services.

“Audax was aligned with our mission and vision to transform urology through continuous innovation and a model that enables access to high-quality value-based care and preserves the autonomy of our partner practices,” noted UUG Chief Executive Officer Ian Wong. “We’re excited to join forces with OneOncology, whose values and culture mirror our own. We anticipate this combination will benefit both our physicians and their patients, while driving meaningful improvement to patient care.”

“We want to thank Ian, the entire leadership team, and the committed physician base of UUG, whose partnership and commitment were integral to our shared success,” added Audax Managing Director Matthew Dewey. “We’re proud of the impact UUG has had in advancing urologic care and look forward to seeing the combined company amplify its impact across an expanding patient base.”

Houlihan Lokey served as financial advisor to UUG and Audax. Ropes & Gray and McGuire Woods provided legal counsel to Audax, while Debevoise & Plimpton LLP and Sheppard Mullin served in the same capacity to the buyers.

The transaction is subject to customary closing conditions and regulatory approvals.

About

ABOUT AUDAX PRIVATE EQUITY:

Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity is a capital partner for middle and lower middle market companies that seeks to facilitate transformational growth through its private equity and strategic capital strategies. With approximately $19 billion of assets under management, over 270 employees, and 100-plus investment professionals, the firm has invested in more than 170 platforms and 1,300 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax helps portfolio companies execute organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

ABOUT UNITED UROLOGY GROUP:

United Urology Group (UUG) is one of the nation’s largest networks of urology affiliate practices whose affiliates include: Arizona Urology Specialists with offices in the greater Phoenix/Scottsdale and Tucson areas; Chesapeake Urology, with offices located throughout Maryland; Tennessee Urology, based in the greater Knoxville area and Eastern Tennessee; and Colorado Urology, located in the greater Denver and Front Range areas. UUG and affiliate practice staff number more than 1,400 employees, including ~250 physicians and advanced practice providers, in four states. UUG’s vision is to lead the transformation of urology through its commitment to accessible, high quality, and value-based care; patient and employee satisfaction; continuous innovation; and community involvement.

ABOUT OneOncology

OneOncology was founded by community oncologists, for community oncologists, with the mission of improving the lives of everyone living with cancer. The company’s goal is to enable community oncology practices to remain independent and to improve patient access to care in their communities, all at a lower cost than in the hospital setting. Backed by TPG and Cencora, OneOncology supports its platform of community oncology practices through group purchasing, operational optimization, practice growth, and clinical innovation. The company’s 1,300 cancer care providers care for approximately 787,000 patients at more than 420 sites of care nationwide. Visit https://www.oneoncology.com for more information.

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FibreMax signs Memorandum of Understanding with UK’s largest port operator

NPM Capital

NPM investment FibreMax, a company specialised in the development and production of extremely strong wound fibre cables, and Associated British Ports (ABP), the largest port operator in the United Kingdom, have signed a Memorandum of Understanding (MoU). This agreement aims to explore development opportunities at ABP’s Port of Swansea in South Wales together with emerging opportunities for the Floating Offshore Wind (FLOW) sector in the Celtic Sea.

FibreMax signs Memorandum of Understanding with UK’s largest port operator

 

FibreMax is renowned for its innovative, patented parallel wound (PWT) technology for synthetic cables. These cables are not only lighter than steel cables but also last five times as long. This technology will allow FibreMax to provide a cutting-edge mooring system solution for floating offshore wind turbines. With the Celtic Sea, located north-east of Ireland, poised to become a major site for green energy generation from floating offshore wind (FLOW) turbines, the region will be a strong driver of demand for the offshore wind supply chain.

 

The collaboration between FibreMax and ABP is expected to create up to 90 full-time jobs via a new bespoke dockside facility. The project will be a major driver of sustainable green energy solutions as well as economic growth for the region as a whole.

 

More information is available at the FibreMax website.

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Vista Equity Partners Names Winners of 7th Annual Global Hackathon

Vista Equity

AUSTIN, Texas, August 15, 2024—Vista Equity Partners (“Vista”), a leading global investment firm focused exclusively on enterprise software, data and technology-enabled businesses, today announced the winners of its 7th Annual Global Hackathon. The portfolio-wide business innovation competition provides an opportunity for developers and engineers to connect with peers and compete to advance enterprise software solutions with generative AI.

This year’s Hackathon was held at The University of the District of Columbia, marking the first time Vista’s annual competition was hosted by a Historically Black College and University (HBCU). The event featured over 130 participants on 27 teams representing dozens of Vista portfolio companies and included participation from undergraduate and graduate students from 12 different HBCUs. These students joined individual portfolio company teams and worked to build innovative enterprise software solutions, providing hands-on experience to strengthen their knowledge and expertise.

“The ability to bring software developers and engineers together to innovate alongside one another is one of the greatest opportunities the Vista ecosystem offers,” said Robert F. Smith, Founder, Chairman and CEO of Vista Equity Partners. “By connecting with each other – people who are in their shoes and have experienced and solved similar challenges – we can help to expand knowledge across all of Vista’s more than 85 portfolio companies.”

Mr. Smith continued, “We were thrilled to once again welcome students from HBCUs to this year’s competition and are grateful to our hosts at the University of the District of Columbia for making it such a success. Integrating these talented students into our portfolio company teams fosters an atmosphere of innovation and creativity while providing them with invaluable hands-on experience and exposure to real-world challenges and solutions – all helping to pave the way for their future success in the tech industry.”

Vista is proud to congratulate the winners of this year’s global competition in the following categories:

Bonterra: Best Overall. Bonterra’s solution used Large Language Models (LLMs) to streamline the grant review process for funders, a major challenge in the grant making space. They used LLMs to score every grant application based on a variety of data – from the nonprofit’s IRS filings to the sentiment of their news mentions – resulting in a more efficient process and faster funding to nonprofits.

PowerSchool: Peer Choice Award. PowerSchool’s team created a generative AI tool that enables educators to develop engaging, immersive and effective instructional materials at scale, customized to each student’s skills, interests and learning needs.

StarRez: Highest Customer Value. The StarRez team engineered an automated image-to-process system for property managers and their residents. The advanced tool helps streamline room setup, inspections, move-in/out procedures and billing, enhancing efficiency and resident satisfaction.

BigTime Software: Best UI / UX. BigTime’s solution offers professional service firms instant insights into risks and opportunities for profitable service delivery by leveraging generative AI to surface critical insights, suggest actions, identify issues early and propose solutions that can be carried out by AI or a staff member.

Poppulo: Most Innovative Use of New Technology. Poppulo’s solution automatically generates communications tailored to employee demographics and preferences. By leveraging engagement data to make smart suggestions, it ensures the right message is delivered at the right time, through the most effective channels.

Avalara: Best Operational Efficiency. Avalara’s workflow tool automates business tasks by using a network of generative LLM agents. Each agent brings business-specific skills to perform research from approved corporate data sources and collaborate with other agents to execute complex workflows through a user-friendly interface.

All entries were reviewed by a panel of Vista value creation and product and technology experts. Submissions were judged based on innovation and originality, feasibility of productization and deployment, potential business impact, completeness of vision and clarity of presentation.

About Vista Equity Partners

Vista is a leading global investment firm with more than $100 billion in assets under management as of March 31, 2024. The firm exclusively invests in enterprise software, data and technology-enabled organizations across private equity, permanent capital, credit and public equity strategies, bringing an approach that prioritizes creating enduring market value for the benefit of its global ecosystem of investors, companies, customers and employees. Vista’s investments are anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions and proven, flexible management techniques that drive sustainable growth. Vista believes the transformative power of technology is the key to an even better future – a healthier planet, a smarter economy, a diverse and inclusive community and a broader path to prosperity. Further information is available at vistaequitypartners.com. Follow Vista on LinkedIn, @Vista Equity Partners, and on X, @Vista_Equity.

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EQT sets target fund size for EQT Private Capital Asia’s BPEA IX at USD 12.5 billion

eqt

 

THIS IS INFORMATION THAT EQT AB (PUBL) IS OBLIGED TO MAKE PUBLIC PURSUANT TO THE EU MARKET ABUSE REGULATION. THE INFORMATION WAS SUBMITTED FOR PUBLICATION, THROUGH THE AGENCY OF THE CONTACT PERSON SET OUT BELOW AT 18:00 CEST ON 14 AUGUST 2024.

EQT has today set the target size for EQT Private Capital Asia’s BPEA Private Equity Fund IX (the “Fund” or “BPEA IX”) at USD 12.5 billion. The actual fund size is dependent on the outcome of the fundraising process and may be higher or lower than the target size; the hard cap of the fund will be set at a later date. BPEA IX’s investment strategy is expected to be materially in line with the predecessor fund, BPEA VIII.

To ensure continuity between two fund generations, EQT’s capital raisings usually follow a cycle with successor funds targeted to be in a position to commence investment activities when the predecessor fund is close to being fully invested. This means that the commitment period of the predecessor fund typically ends when approximately 80 to 90 percent of its total commitments are invested, with remaining commitments being available primarily for add-on acquisitions and strategic capital injections as well as for ongoing expenses.

Management fee for BPEA IX may be charged from the initial closing of the Fund (or a later date designated by EQT in its sole discretion). Management fee on BPEA VIII will thereafter be based on net invested capital at the fee rate applicable post the commitment period.

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of BPEA IX will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

AttachmentsPR_EQT sets BPEA IX target size_14.08.24

 

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 ‌​​246 billion in total assets under management (EUR ‌​​‌133 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 25 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

About EQT Private Capital Asia
EQT Private Capital Asia has been transforming companies through its pan-Asian investment platform for nearly three decades. Following BPEA’s combination with EQT, the Asian private equity teams joined forces and formed EQT Private Capital Asia, a pan-regional team with more than 160 professionals spanning over 20 nationalities across eight offices. It invests from two complementary fund strategies, both of which seek control and co-control equity investments from small to large-cap buyouts with equity checks ranging between USD 50 million to 1 billion.

 

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EQT Private Equity to acquire a majority stake in AMCS, a global leader in performance and sustainability software to resource-intensive industries

eqt

AMCS is a supplier of cloud-based and AI-enabled planning, performance, safety and sustainability focused software for waste management, recycling and other resource-intensive industries

It enables organisations to achieve sustainability goals, streamline processes, and enhance efficiency while addressing the complexities of the circular economy and ensuring workplace safety, community well-being, and regulatory compliance

AMCS’ market is growing quickly as resources are increasingly recycled and as industrial companies digitise and rely on cloud solutions to navigate greater operational complexity and regulatory requirements

EQT Private Equity will invest from EQT X, its flagship private equity fund, and EQT Future, its impact-driven, longer-hold fund, and leverage its capabilities in software and impact value creation to support AMCS

AMCS is a supplier of cloud-based and AI-enabled planning, performance, safety and sustainability focused software for waste management, recycling and other resource-intensive industries

It enables organisations to achieve sustainability goals, streamline processes, and enhance efficiency while addressing the complexities of the circular economy and ensuring workplace safety, community well-being, and regulatory compliance

AMCS’ market is growing quickly as resources are increasingly recycled and as industrial companies digitise and rely on cloud solutions to navigate greater operational complexity and regulatory requirements

EQT Private Equity will invest from EQT X, its flagship private equity fund, and EQT Future, its impact-driven, longer-hold fund, and leverage its capabilities in software and impact value creation to support AMCS

About

About EQT
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 133 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About AMCS
At AMCS we are focused on Performance Sustainability – enabling resource-intensive industries to boost sustainability and profitability. Built on decades of experience, our purpose-built software solutions are designed by people who understand your business, providing practical solutions for the resources, waste, recycling, transportation, manufacturing, and utilities industries.

Headquartered in Ireland, and with offices in Europe, the USA, and Australia, AMCS is a global market leader with over 1,300 mission-driven team members. The combined expertise of our team allows AMCS to deliver innovative solutions and extensive insight, helping customers to drive growth and achieve lasting success. As a trusted global partner, we work with 5000+ customers in more than 80 countries delivering digital solutions that create meaningful and measurable impact by increasing customer satisfaction, enhancing sustainability, and boosting margins.

At AMCS, we’re ready to innovate with you – deploying our experts, processes, and technology to drive your business forward and prepare you for success in a more sustainable, net zero carbon future. Learn more at: www.amcsgroup.com

About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of December 31, 2023, the firm has over $80B in regulatory assets under management. Insight Partners has invested in more than 800 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and the Bay Area. Insight’s mission is to find, fund, and work successfully with visionary executives, providing them with tailored, hands-on software expertise along their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on X @insightpartners.

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Chartis Announces Majority Investment from Blackstone to Advance Mission of Healthcare Transformation

Blackstone

August 14, 2024 (Chicago and New York) — Chartis, a leading healthcare advisory firm, today announced that it has entered into a definitive agreement to receive a majority investment from funds managed by Blackstone (”Blackstone”). This strategic investment will support the firm’s continued growth as a leading advisor to providers, payers, technology innovators, retail companies, and investors who are making positive and transformative change within US healthcare. The investment includes continued equity participation from Audax Private Equity (“Audax”).

Blackstone is investing in Chartis through its core private equity strategy, which partners with high-quality, market-leading businesses for longer periods than traditional private equity. The investment will enable Chartis to further extend its capabilities across its strategic, digital and technology, clinical, and financial transformation offerings for healthcare clients. This funding is also anticipated to help further expand the full Chartis family of companies, currently including HealthScape Advisors, Jarrard, and Greeley.

“Chartis was founded with the mission to help clients fundamentally improve healthcare delivery across the United States. Over the past 23 years, since our inception, great strides have been made. Looking to the future, we are excited to do even more. Blackstone shares our commitment to supporting industry leaders across the healthcare landscape as they strive to make care in the US more accessible, more affordable, more reliable, more equitable, and more human for patients and caregivers,” say co-founders Ken Graboys, CEO of Chartis, and Ethan Arnold, Managing Partner.

“Blackstone’s expertise, scale, and resources align well with Chartis’ transformative vision for the future of the industry,” said Greg Maddrey, President of Chartis. “This investment will provide us with the resources to grow our organic offerings, expand our capabilities, and further enhance our infrastructure. We are excited about the future and confident that this partnership will help us enable our clients to reshape healthcare for the better.”

“The increasing complexity of the healthcare landscape has only amplified the need for trusted partners like Chartis,” said Ram Jagannath, a Senior Managing Director at Blackstone. “Ken, Ethan, Greg, and their team have done a tremendous job building a leading advisory business for their clients by serving as a strategic thought partner that leverages next-generation technology and care models. The company’s powerful mission-driven culture is a testament to its impressive leadership and people. We look forward to bringing the resources of Blackstone’s global platform to bear to support Chartis’ continued growth.”

Since Audax’ 2019 investment, Chartis has acquired and integrated seven add-on acquisitions, expanding the firm into complementary capabilities and new end markets. During this period, Chartis has also established several new centers for research and advancement, which contribute to better understanding and addressing healthcare where it is most vulnerable.

“Our investment in Chartis is emblematic of our Buy & Build strategy, backing a first-class management team, understanding and collaborating around their vision for growth, and bringing capital and resources to bear to help the company execute on its purpose-driven strategy,” said Audax Private Equity Partner and Co-President Young Lee. “We sincerely thank Ken, Ethan, Greg, and the rest of the Chartis team for their continued partnership.”

The transaction is expected to close by the end of 2024, subject to customary closing conditions and regulatory approvals. Terms of the transaction were not disclosed.

Lincoln International and BofA Securities served as financial advisors, and Ropes and Gray and Winston & Strawn LLP served as legal counsel to Chartis and Audax Private Equity. Goldman Sachs & Co. LLC served as financial advisor and Kirkland & Ellis LLP served as legal counsel to Blackstone.
 
About Chartis
The challenges facing US healthcare are longstanding and all too familiar. We are Chartis, and we believe in better. We work with more than 900 clients annually to develop and activate transformative strategies, operating models, and organizational enterprises that make US healthcare more affordable, accessible, safe, and human. With more than 1,000 professionals, we help providers, payers, technology innovators, retail companies, and investors create and embrace solutions that tangibly and materially reshape healthcare for the better. Our family of brands—Chartis, Jarrard, Greeley, and HealthScape Advisors—is 100% focused on healthcare and each has a longstanding commitment to helping transform healthcare in big and small ways. Learn more at www.chartis.com.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

About Audax Private Equity
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity is a capital partner for middle and lower middle market companies that seeks to facilitate transformational growth through its private equity and strategic capital strategies. With approximately $19 billion of assets under management, over 270 employees, and 100-plus investment professionals, the firm has invested in more than 170 platforms and 1,300 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax helps portfolio companies execute organic and inorganic growth initiatives that fuel revenue expansion, optimize operations, and significantly increase equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

Media Contacts

Chartis
Amy Norwalk, Brand Manager
anorwalk@chartis.com

Thomas J. Rozycki, Jr. / John Perilli / Jack McCarthy
Prosek Partners for Chartis
Pro-Chartis@prosek.com

Blackstone
Matt Anderson
matthew.anderson@blackstone.com
(518) 248-7310

Mariel Seidman-Gati
mariel.seidmangati@blackstone.com
(917) 698-1674

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Waterland Private Equity and Lebara Group announce strategic partnership

Waterland

London, 12 August 2024 – Waterland Private Equity is pleased to announce the acquisition of Lebara Group B.V. (“Lebara”), a leading Mobile Virtual Network Operator (“MVNO”) providing high-quality telecommunications services to over four million customers across the UK, Netherlands, Germany, France, and Denmark.

Founded in 2001, Lebara has become one of the most successful MVNOs in Europe, continually expanding its offering and geographic footprint. Today, it is recognized as a leading challenger brand in its European mobile telecommunications markets, providing over four million customers with a great value alternative to the established category players, as well as exceptional customer satisfaction.

The transaction marks a buyout by Waterland Private Equity from the main existing owners Alchemy and Triton Partners. Waterland has been in discussion with the sellers and their advisors since January 2024 exploring strategies for Lebara’s seamless transition and continued growth.

Lebara’s strategic positioning as a value-focused challenger brand in the mobile SIM markets presents significant growth opportunities as consumers across Europe increasingly seek high-quality services at competitive prices. Lebara’s strong track record across its five markets demonstrates its ability to grow and adapt, making it a prime candidate for further expansion in partnership with Waterland.

Waterland has 25 years of experience in partnering with companies across Europe and brings extensive experience in the telecommunications sector through investments over that time. With this acquisition, Waterland aims to support Lebara’s growth ambitions in each of its markets.

“We are thrilled to partner with Lebara and its talented management team. Lebara has built a strong brand and loyal customer base by providing high-quality mobile telecommunications services at competitive prices. We look forward to working closely with the management team to continue on Lebara’s growth journey together, leveraging our expertise in the telecommunications sector.”, says Wendy McMillan, Partner at Waterland Private Equity.

Stephen Shurrock, CEO of Lebara, also shared his thoughts on the new partnership: “We are excited to join forces with Waterland Private Equity. Their extensive experience and successful track record in the telecommunications industry make the Waterland team an ideal partner for us. This partnership will provide us with the resources and strategic support needed to accelerate our growth and enhance our service offerings, ultimately benefiting our customers across all our markets. It has also been our pleasure to work with Alchemy and Triton over the last few years. They have been hugely supportive of the Lebara turnaround, and have invested in the company to achieve significant growth. Lebara now has the latest digital platform, a focus on customer experience and strong team to continue its growth story.”

As with all deals and transactions of this nature, this partnership is subject to necessary regulatory approvals before the acquisition can be completed.

Press Contact:
Ellie Hallam
Phone: +44 7502 409118
E-mail: ellie@wearehollr.com

ABOUT LEBARA
Lebara Group B.V. is a Mobile Virtual Network Operator (MVNO) offering high-quality, cost-effective telecommunications services. Serving over 4 million customers across the UK, Netherlands, Germany, France, and Denmark, and operating brand license agreements in a further 5 markets around the world, Lebara is the smarter choice for value-conscious consumers.

ABOUT ALCHEMY
Alchemy is a leading European corporate special situations investor. The Partners, Thomas Boszko, Ian Cash, Alex Dupée, Alex Leicester, John Rowland, Dominic Slade and Toby Westcott, have worked together for 12 years and lead a team of 25 investment professionals including experienced Senior Advisers and Portfolio Consultants.

Alchemy is focused on the mid-market and is a specialist in acquiring control of businesses through debt and equity. The firm has invested over £3bn since 2006 across more than 80 companies, spanning a broad range of sectors including financial services, hospitality and housebuilding.

For more information, please visit www.lebara.com.

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