Category Archives: News

Transaction Update: Bregal Unternehmerkapital supports SHD AG growth

Bregal unternehmerkapital

Andernach-based software specialist SHD AG has partnered with Bregal Unternehmerkapital as a new strategic investor. SHD is a leading developer and vendor of enterprise resource planning (ERP) and graphical planning software for furniture and kitchen retailers. Together with Bregal as new majority owner, the company now plans to further strengthen its market position and expand its European presence. The previous owners (funds advised by Elvaston Capital, and the SHD management team) will continue to retain a stake in the company.

Corporate website SHD AG With this investment, Bregal Unternehmerkapital continues to expand its involvement in the software industry. With SHD, Bregal has once more added an enterprise to its portfolio, whose innovation, technological capabilities and services place it at the forefront of market developments. Founded in 1983, SHD is the market leader for ERP systems for furniture retailers, supporting this industry its transition to the digital future. The company’s products greatly facilitate and accelerate key processes for its customers – in addition to ERP applications, the product portfolio includes intelligent controlling of warehouse logistics in furniture retailing as well as graphical planning and visualisation software for kitchens, bathrooms and interior design. Finally, the SHD product portfolio offers financial and human-resources management software for a wide range of industries.

Bregal Unternehmerkapital aims to support SHD AG with capital, know-how and Bregal’s network of experts as it continues on its path of organic, sustainable development. Suitable acquisitions will also be considered in order to achieve additional scaling and synergy effects, and thus further strengthen SHD’s market position. With the European market currently offering promising conditions, Bregal is looking forward to a fruitful working relationship in this promising field.

Press contact:

IRA WÜLFING KOMMUNIKATION
Dr. Reinhard Saller
Phone: +49 89 2000 30-30
bregal@wuelfing-kommunikation.de

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Ionisos acquires Stermed, a specialist in low-temperature sterilization, with the support of Ardian

Ardian

Dagneux (Rhône-Alpes Auvergne), September 14, 2017 – Ionisos, the leader in cold sterilisation in France and Spain, today announces the acquisition of Stermed, the French sterilisation solutions specialist, with the support of its shareholder Ardian, the independent private investment company.

Based in Civrieux d’Azergues, to the north of Lyon, Stermed specialises in low-temperature sterilisation using ethylene oxide. This highly technical and technological procedure, which requires a number of certifications, has strong growth potential, particularly driven by the medical sector. The company offers subcontracting solutions for the treatment (decontamination and sterilisation) of medical devices (surgical instruments, implants, forceps, specula, etc.) and industrial devices (laboratory equipment). The Stermed site covers 3,200 sq. m. and is equipped with four treatment units, preconditioning chambers, desorption chambers and a microbiological analysis laboratory.

Ardian has accompanied Ionisos in its development since July 2016, most notably through its external growth.

“Only a small number of companies in France currently have expertise in low-temperature sterilisation using ethylene oxide. The acquisition of Stermed reinforces our position in this promising market segment by expanding our geographic reach towards the south of France, the north being already covered by our Gien site,” says Michel Gominet, President of Ionisos.

“We are very familiar with Stermed and its teams, whose know-how is recognised. This merger reinforces our technological and industrial platform. Our geographical proximity to Stermed is also a major advantage,” adds Christoph Herkens, Managing Director of Ionisos.

“We are pleased to be joining the Ionisos group, which will enable us to continue building on our growth together, while benefiting from the Ionisos group’s expertise,” explains Matthieu Reinhardt, head of the Civrieux site.

“Ionisos is pursuing its development plan. This operation fits in perfectly with our targeted acquisition strategy. The company is establishing itself as the main player in consolidation of its market in France and Europe,” concludes François Jerphagnon, Head of the Ardian Expansion team.

ABOUT IONISOS

Ionisos is a French company founded in 1993, which manages seven plants in France, Spain and Germany. Ionisos is a specialist in ionising cold sterilisation using ionisation and ethylene oxide for the medical sector, pharmaceutical products, cosmetics and food packaging. The company is also active in crosslinking of various products used in industry, particularly automotive.

www.ionisos.fr

ABOUT ARDIAN

Ardian, founded in 1996 and led by Dominique Senequier, is an independent private investment company with assets of US$65bn managed or advised in Europe, North America and Asia. The company, which is majority-owned by its employees, keeps entrepreneurship at its heart and delivers investment performance to its global investors while fuelling growth in economies across the world. Ardian’s investment process embodies three values: excellence, loyalty and entrepreneurship.

Ardian maintains a truly global network, with more than 470 employees working through twelve offices in Paris, London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey, Luxembourg. The company offers its 610 investors a diversified choice of funds covering the full range of asset classes, including Ardian Funds of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid Cap Buyout Europe & North America, Ardian Expansion, Ardian Growth and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.

www.ardian.com

ABOUT STERMED

A specialist for over 20 years in low-temperature sterilisation using ethylene oxide, Stermed offers subcontracting solutions in decontamination and sterilisation adapted to health products and more specifically medical devices. Stermed is based in Civrieux d’Azergues, just outside Lyon, and has four sterilizing chambers of various sizes (4, 10, 16 and 18 pallets).

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Almi Invest invests in SweGan

Almi Invest

Almi Invest invests 1.5 million in Linköping company SweGaN. The company has developed a patented process to produce semiconductor materials, which can be very important in areas such as telecom, which can produce significantly more energy-efficient base stations. The issue of 6 million is also participating private investors.

Almi Invest invests SEK 1.5 million in Linköping company SweGaN. The company has developed a patented process to produce semiconductor materials, which can be very important in areas such as telecom, where it can produce significantly more energy-efficient base stations. In the issue of a total of 6 million is also participating private investors. The money will go to increase Swegans production.

SweGaN sells a material, known as epiwafers coated with gallium nitride, which customers use to develop their own components. The company has developed a unique process for providing superior performance, higher efficiency and lower energy consumption than current methods. This is of great interest in telecom and space industry, where the need for increased bandwidth and lower power consumption is large. Devices based on SweGaNs technologies can reduce energy consumption in a base station with 20 – 30 percent, while the capacity increases 10 to 100 times.

– SweGaNs technology with its superior performance is unique, says Pär Carlshamre, Investment Manager at Almi Invest. It provides a disruptivt materials that can create components that no one has thought about before.

SweGaNs technology can be used in telecommunications, defense and aerospace industries. The company has already paying customers from research and development labs of component manufacturers and universities. SweGaNs strategy is now developing its offering from simply selling their material to even design their own new components.

– This investment enables us to take the next step and purchase your own reactor, which is needed to produce our material, says SweGaNs founder and CEO Olof Kordina. That way we can scale up our business and meet a real need in the market.

 

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Nordic Capital has sold its remaining shares in Tokmanni, the largest general discount retail chain in Finland

Nordic Capital has sold its remaining shares in Tokmanni, the largest general discount retail chain in Finland

September 13 2017
Nordic Capital has sold its remaining shares in Tokmanni, the largest general discount retail chain in Finland ImageNordic Capital Fund VII (“Nordic Capital”) has sold all of its remaining shares in Tokmanni Group Corporation (“Tokmanni”). Under Nordic Capital’s ownership, Tokmanni has grown substantially, reinforcing its leadership position in the attractive Finnish general discount retail market.

The remaining shareholding of 15.21 percent was sold on September 12, 2017, and the book-building generated large investor interest with the book multiple times oversubscribed.

“Tokmanni has accelerated its development under Nordic Capital’s ownership. The Company now has a strong track record of growth and profitability, and is flourishing despite a challenging Finnish economy and retail market. Tokmanni has continued the rollout of new stores, invested heavily in its capabilities and procurement whilst maintaining attractive market pricing. Tokmanni is now a strong, profitable, publicly listed company with a robust foundation for future growth,” says Robert Furuhjelm, Partner, NC Advisory Oy, advisor to the Nordic Capital Funds.

During Nordic Capital’s ownership, Tokmanni’s revenues increased from EUR 650 mn (2011) to EUR 776 mn (2016). In the same period, the number of employees grew from 2,900 to 3,200 and Tokmanni opened 18 new stores.

“Since the acquisition in 2012, it has been inspiring to observe the strong customer appeal of the stores, driven by the outstanding execution of the team and manifested by the Company’s faster-than-market growth. The investment in Tokmanni illustrates how Nordic Capital, through its extensive retail experience, selective investment focus, and attention to operational improvements, effectively supports the development of market leaders, even in less than favourable market conditions. We would like to thank the management team and all employees of Tokmanni for all their hard work and collaboration”, continues Robert Furuhjelm.

After tracking the business for several years, Nordic Capital acquired Tokmanni in 2012 under exclusivity. The transaction was enabled by Nordic Capital’s local Finnish presence, knowledge and experience from previous Consumer & Retail investments. A well-prepared rigorous value creation plan was put in place including operational improvements and investment in direct sourcing supported by a Shanghai office which opened in June 2013. There was also significant investment in the store concept and strengthening of the Tokmanni brand, including repositioning from a mixed brand business to a segment-leading retail asset that could support a successful public listing and strong post IPO performance.

In April 2016, Tokmanni was successfully listed on Nasdaq Helsinki at an equity value of approximately EUR 394 million. The successful listing and strong subsequent share price performance reflect the strength of Tokmanni’s business and the significant improvements implemented under Nordic Capital’s ownership.

The Tokmanni shareholding divestment follows a period where Nordic Capital Funds have maintained a high level of transaction activity with twelve successful exits and seven new platform investments since the beginning of 2016. Nordic Capital Funds have a strong record of preparing companies for the public markets.  In addition to Tokmanni, the Funds have listed six portfolio businesses since June 2015. These include ConvaTec Group on the London Stock Exchange, the UK’s biggest IPO of 2016 and the largest European healthcare IPO in more than 20 years. In addition, Nordic Capital Funds have successfully listed air treatment specialist Munters, provider of traffic safety products and services Saferoad, pan European healthcare provider Capio, mixed discount retailer Europris and consumer financing business Resurs, all of which were floated on the Nordic stock markets.

Press contact:

Katarina Janerud, Communications Manager,
NC Advisory AB, advisor to the Nordic Capital Funds
tel: +46 8 440 50 69
e-mail: katarina.janerud@nordiccapital.com

 

About Nordic Capital

Nordic Capital is a leading private equity investor in the Nordic region 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 proven track record. Core sectors are Healthcare, Technology & Payments, Financial Services, Industrial Goods & Services and Consumer & Retail, and key regions are the Nordics, Northern Europe, and globally for Healthcare. Since inception in 1989, Nordic Capital has invested EUR 11 billion through eight funds. The Nordic Capital Funds are based in Jersey and are advised by six advisory companies, which are based in Sweden, Denmark, Finland, Norway, Germany and the UK. For further information about Nordic Capital please see www.nordiccapital.com

 

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FSN Capital III divests Vindora to AcadeMedia

Fsn Capital

FSN Capital III has entered into an agreement to divest Vindora to AcadeMedia, Northern Europe´s largest education company.

Vindora is a leading education provider, primarily active in the upper secondary segment, with a market leading position in apprentice based vocational education. Vindora has for almost two decades contributed to society by addressing one of the main challenges, youth unemployment. Vindora’s unique education model, based on a close collaboration with thousands of small and medium sized companies across Sweden, has proven to be highly effective in enabling the students to build relevant work experience and thereby enhance their job placement rate.

Marcus Egelstig, Principal at FSN Capital AB, acting as adviser to the FSN Capital Funds, says:
”We are proud of Vindora’s development during FSN Capital’s close to eight-year ownership period. Under the leadership of CEO Jarl Uggla, Vindora has continuously developed its successful education model and invested heavily in structure and processes to build a solid platform for the long run. To join forces with the industry leader, AcadeMedia, means that Vindora has optimal conditions for continued positive development”.

Please press here to read the AcadeMedia press release.

FSN Capital III was advised by Wigge & Partners, KPMG and ABG Sundal Collier.

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EQT Infrastructure goes East

eqt

With a strong track record of advising on acquisitions and exits in core markets such as Europe and the US, EQT Partners’ Infrastructure investment advisory team is now making its first move into Southeast Asia. The initiative comes as a natural strategic step for EQT as an investment advisor, continuing to explore growth and expansion opportunities across the globe and investment strategies.

A key part of the initiative is the teaming up with Temasek, a Singapore–headquartered investment company. Temasek is one of the most respected and well-recognized institutions in the region, and offers unique opportunities for EQT Infrastructure in terms of market knowledge and local networks. Together, EQT Infrastructure and Temasek will investigate investment opportunities in Southeast Asia, India, Korea, Japan, Australia and New Zealand. The ambition is to identify interesting companies with existing assets within communication, transportation, energy, environmental and social infrastructure with a potential to grow, develop and transform.

“We are now looking to Asia, a region which presents compelling future opportunities for a firm like EQT also in the infrastructure space. The relationship with Temasek will open networks in the pursuit of finding relevant infrastructure assets with strong development potentials. We believe that EQT’s industrial approach and strategy of operational improvements will be compelling features also for Asian infrastructure assets,” comments Lennart Blecher, Head of EQT Real Assets and Deputy Managing Partner at EQT.

Since mid-2017, Director Fabian Gröne has relocated to EQT Partner’s Singapore office from Munich to oversee a gradual expansion of EQT Infrastructure’s investment advisory activities in Asia and work closely with Temasek. Most recently, Fabian worked in the Equity team in Munich and has vast experience from advising on landmark investments within the Equity funds, such as Sivantos, Bureau van Dijk and Apleona.

About Temasek
Incorporated in 1974, Temasek is an investment company headquartered in Singapore. Supported by 10 offices internationally, Temasek owns a SGD 275 billion (USD 197 billion, EUR 184 billion) portfolio as at 31 March 2017, mainly in Singapore and the rest of Asia. Temasek’s portfolio of mainly equities covers a broad spectrum of industries: financial services; telecommunications, media and technology; transportation and industrials; consumer and real estate; life sciences and agribusiness; as well as energy and resources. Its investment activities are guided by four investment themes and the long term trends they represent:

  • Transforming Economies;
  • Growing Middle Income Populations;
  • Deepening Comparative Advantages; and
  • Emerging Champions.

Temasek has delivered a compounded annualized total shareholder return since its inception of 15% in Singapore dollar terms, or 17% in USD terms. Temasek has offices in New York, San Francisco, São Paulo and Mexico City in the Americas; London in Europe; Beijing and Shanghai in China; Mumbai in India; and Hanoi in Vietnam.

For more information about Temasek, please visit www.temasek.com.sg
For the latest Temasek Review, please visit www.temasekreview.com.sg

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EQT Credit provides financing to support Lion Capital’s investment in sports nutrition brand Grenade

eqt

EQT Credit announced today that it has provided an innovative and tailored financing solution to support Lion Capital’s investment in Grenade Holdings Limited (“Grenade” or the “Company”), a leading active nutrition brand based in the UK.

Grenade is a fast-growing international active nutrition company and lifestyle brand based in Solihull, UK. The Company was founded in 2010 by husband-and-wife team Alan and Juliet Barratt, following which it has grown at exceptional speed. Grenade’s success has made it one of the UK’s fastest growing companies. The Sunday Times has included Grenade in its Fast Track Top 100 for the past three years running and in February 2017, it was listed at number 40 in The Sunday Times’s SME Export Tracker.

In March 2017, Lion Capital, a consumer-focused private equity firm known for its experience investing in leading international brands, acquired a majority stake in Grenade. The transaction valued the business at GBP 72 million, with Grenade’s founders Alan and Juliet Barratt remaining meaningful shareholders and key managers of the business.

Andrew Konopelski, Partner and Head of EQT Partners’ Credit team, Investment Advisor to EQT Credit, commented: “Grenade has achieved phenomenal growth since its founding in 2010, driven by its strong brand and unique product offering. We are delighted to support Lion Capital, Alan and Juliet Barratt and management as they embark on the next phase of Grenade’s expansion.”

Alan Barratt, Co-founder and CEO of Grenade, also commented “It is an absolute honour to be partnering with EQT in addition to the recent Lion acquisition, considering Grenade is still such a young brand. The next few years promise to be extremely exciting as we develop our global lifestyle brand, and the experience and networks that EQT can bring will add significant value I’m sure.”

Terms of the transaction were not disclosed.

Contacts:
Andrew Konopelski, Partner and Head of EQT Partners’ Credit team, +44 20 7430 5525
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

About EQT
EQT is a leading alternative investments firm with approximately EUR 37 billion in raised capital across 24 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

The EQT Credit platform, which spans the full risk-reward spectrum investing with three strategies: senior debt, direct lending and credit opportunities, has invested over EUR 3.6 billion in more than 136 companies since inception in 2008.

For more information: www.eqtpartners.com/Investment-Strategies/Credit

About Lion Capital
Lion Capital is a consumer-focused investor passionate about driving growth through strong brands. With offices in Los Angeles and London, the firm’s principals have led the investment of EUR 6 billion in more than 30 businesses and more than 100 consumer brands across North America and Europe. Lion’s focus on market-leading consumer-facing companies has led to investments in such well-known brands as Kettle Foods, Jimmy Choo, ghd and AllSaints.

For more information: www.lioncapital.com

About Grenade
Grenade is an innovative British company which has grown rapidly since its launch in 2010. Now selling Grenade products in over 100 countries, the brand has a huge following, spanning professional athletes, fitness enthusiasts and health-conscious consumers worldwide. Grenade exhibits at the largest fitness exhibitions in the world and has a number of industry-leading products in major convenience stores and supermarkets. Supported by its ‘Team Grenade’ athletes Grenade is renowned for its highly distinctive branding and marketing strategies.

For more information: www.grenade.com

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Atlas For Men refinances its debt one year after its spin-off

Activa Capital

Paris, 12 September 2017 – Atlas for Men, the men’s outdoor clothing brand that became independent from Groupe De Agostini a year ago, following a spin-off organized by Activa Capital and the Management team, has refinanced its existing debt alongside an extended pool of banks, allowing the full reimbursement of the mezzanine debt and partial reimbursement of the shareholder funds.

Founded in 1999 within the Groupe De Agostini, Atlas for Men is a specialized men’s outdoor brand for clothing and accessories, sold online and by catalogue. The brand is present in 10 European countries and generates close to €160m in sales from 6 million clients.

In August 2016, Altas for Men organized a spin-off from De Agostini led by Activa Capital alongside the Management team, accompanied by Initiative & Finance and Indigo Capital.

During the past twelve months the company has become totally independent and successfully completed all the projects linked to the spin-off, as well as successfully implementing many of its growth initiatives. Atlas for Men continues its strong development strategy in Germany with a growth exceeding 20% per annum, while accelerating its e-commerce deployment via its commercial website (www.atlasformen.fr) and its marketplace. The year 2016 also marked Atlas for Men’s entry into the Czech Republic, which became the tenth country served by the Group.

Based on solid results and strong growth momentum, the company refinanced the mezzanine debt initially provided by Indigo Capital and partially reimbursed the shareholder funds.

The new financing is provided by the banking pool set up in 2016 (arranger: CIC Nord Ouest, participants: BNP Paribas and Crédit Agricole Seine-Normandie), joined by Caisse d’Epargne Normandie.

For Marc Delamarre, President of Atlas for Men:

This refinancing reflects Atlas for Men’s strong growth momentum driven by the team’s commitment and the relevance of our positioning as a specialist brand. The renewed commitment of our banking partners allows us to consider more development projects, both digitally and internationally.

For Pierre Chabaud, Partner at Activa Capital:

This operation carried out with Atlas for Men’s banks one year after the spin-off, reflects the operational know-how of the management team and the company’s dynamism in its market. Atlas for Men is now in an even better position to implement its growth ambitions.

About Atlas for Men

Atlas for Men is specialized in men’s outdoor clothing and accessories distance selling. Since its creation in 1999, the company has witnessed a steady growth and achieved a turnover of more than €150m in 2016 in 10 European countries. Currently a leader in the distance selling market, Atlas for Men is also a major internet player with 9 e-commerce websites.

Learn more about Atlas for Men atlasofrmen.fr.

 

About Activa Capital

Activa Capital is a leading French mid-market private equity firm. Activa Capital manages over €500m of private equity funds on behalf of a wide range of institutional investors. Activa Capital partners with ambitious mid-sized French companies, valued at €20m to €200m, seeking to accelerate their growth and their international footprint. Learn more about Activa Capital at activacapital.com.

 

 

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ATESTEO acquires straesser, a leading vehicle testing service provider

3I

3i Group plc (“3i”) today announces that ATESTEO, an international drivetrain testing specialist in which 3i invested in 2013, has acquired a majority stake in straesser, a leading player in road testing and vehicle test driving services. The acquisition expands ATESTEO’s offering in the field of road trials, opening up significant growth potential.

Ulf von Haacke, Partner & Head of Industrial at 3i, commented:

“3i is pleased to support ATESTEO in this second add-on this year, following the acquisition of a drivetrain testing site in Munich in January. Both straesser and ATESTEO already have leading market positions and are growing strongly in their respective markets. They are highly complementary and together will be well positioned to lead the way in testing the quality of increasingly electrified and autonomous automotive technology.”

Wolfgang Schmitz, Chairman of the Management Board of ATESTEO, added: “We continue to develop our portfolio of services for the benefit of our customers. By acquiring a majority stake in straesser, we are expanding our offering into an important growth market and extending our range of services to pre-series and series production tests, vehicle endurance runs, vehicle testing, and workshop activities for test vehicles. Together, we are a one-stop shop offering a comprehensive testing portfolio for the industry and we look forward to working with our new colleagues at straesser both in Germany and across Europe”. straesser is headquartered in Kernen, near Stuttgart in Germany, and has over 280 employees. Its customer base comprises a wide range of well-known automotive manufacturers, suppliers and development and engineering service providers. Testing is carried out on proving and testing grounds as well as on public roads around the world. Straesser will continue to operate under its own name, but within the ATESTEO Group. Rolf Strässer will remain Managing Partner.

About ATESTEO

ATESTEO GmbH, headquartered in Alsdorf, is the worldwide leading independent service provider for drivetrain testing with its 460 employees and over 130 drivetrain testing test benches in Germany and China. Its customers include virtually all automotive and transmission manufacturers. The company offers quality assurance through efficient endurance tests and functional tests of manual and automatic transmissions, differentials, as well as hybrid and electric powertrains.

About 3i Group

3i is an investment company with two complementary businesses, Private Equity and Infrastructure, specialising in core investment markets in Northern Europe and North America. 3i’s Private Equity team provides investment solutions for growing companies, backing entrepreneurs and management teams of mid-market companies with an EV typically between €100m – €500m. We back international growth plans, providing access to our network and expertise to accelerate the growth of companies across the consumer, industrials and business and technology services industries.

For further information, please visit:

www.3i.com

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Almi Invest sells holdings in Green Switching to Korys

Almi Invest

Almi Invest makes an exit and sell its holdings in the Gothenburg-based cleantech company Green Change to the Belgian investment company Korys.

Green Replacement develops software that enables unified system of monitoring, analysis and optimization of large-scale renewable energy plants. The company has two software-based services, Breeze and Bright, which streamlines the operation of wind and solar power plants. With a single system for large-scale operation of renewable energy saves time and money, while electricity production increases.

Almi Invest, which invested in the company in 2009, now sells its stake to Belgian Korys.

– We have been active owner of Green Change since its inception eight years ago, said Robert Hellman, investment manager at Almi Invest. Meanwhile, the company has evolved to become an established international player with rapid growth. It feels good to hand over the baton to a competent investor Korys.

Green Change has nearly 20 percent market share in Sweden, 15 percent in Benelux and Finland, as well as over 10 percent in the United Kingdom, Uruguay and South Africa. The company is also growing in Germany, which is Europe’s largest market for wind power. The next step is to continue to grow in its core markets with strong presence in North America.

Green Byte has 35 employees and its head office in Gothenburg.

– This is the latest in a series of positive exits for us, says Almi Invest’s CEO Mikael Karlsson. It is very funny to note that our portfolio now reached the level of maturity that our companies are attractive to both Swedish and international investors.

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