Category Archives: News

Acino divests its patch business to Luye Pharma Group Ltd.

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Acino divests its patch business to Luye Pharma Group Ltd.

Today Acino International AG and Acino Pharma AG (together “Acino”) have signed a definitive agreement with Luye Pharma Group Ltd. (“Luye”) to sell Acino’s transdermal patch and implant businesses. The divestment includes Acino’s transdermal manufacturing operations, distribution, and R&D capabilities.

The divestment is in line with Acino’s strategy of shaping the organization for growth in emerging markets and further expanding Acino’s regional commercial presence in its key markets of the Middle East and Africa, the CIS region, and Latin America.

“The divestment will allow us to focus on growth in our key markets, and we believe that Luye’s vision and strategy will further the expansion of Acino’s existing R&D and manufacturing capabilities in Miesbach. An R&D focused company like Luye will be able to leverage the high potential of our transdermal business in the best possible way in the future, including further global expansion”, says Kalle Känd, CEO at Acino. After closing, Acino will retain the marketing rights to certain transdermal patches in its strategic emerging markets.

“As we execute our international strategy, this transaction serves as an important milestone. With its innovative technology platform, focused product portfolio, loyal customer base and experienced leadership, this acquisition will significantly enhance Luye’s international capabilities and accelerate its penetration into broader therapeutic areas and geographies” said Dr. Yehong Zhang, Luye Pharma (International) CEO.

Closing is expected to occur in the second half of 2016. Approximately 200 employees in Miesbach have been informed about the divestment to Luye during a Town Hall meeting.

About Acino

Acino, a Swiss pharmaceutical company headquartered in Zurich, develops, manufactures and internationally markets well-proven and innovative pharmaceuticals in novel drug delivery forms. Acino is a leader in advanced drug delivery technologies with a focus on modified release oral forms, oral dispersible forms, transdermal systems and extended release parenterals, for which it also holds patents.

As a partner of pharmaceutical companies worldwide, Acino supplies finished in-house developed products and/or provides customized one-stop solutions from product development and registration to contract manufacturing, packaging and logistics. Under the brand “Acino Switzerland”, Acino markets Swiss-quality medicines in emerging markets with a focus on the Middle East, Africa, Russia/CIS and Latin America. More information on www.acino-pharma.com

About Luye

Luye Pharma Group Ltd. (the “Company”, together with its subsidiaries collectively the “Group” or “Luye”) focuses on developing, producing, marketing and selling innovative pharmaceutical products in four of the largest and fastest growing therapeutic areas – oncology, cardiovascular, metabolism and the central nervous system(“CNS”) therapeutic area. The Group has 30 product portfolio in the market and 21 product candidates in China and 7 product candidates overseas, among which five candidates have entered into the clinical trial stage in the United States of America (the “U.S.”) under U.S. Food and Drug Administration rules.

The Group has established production facilities and research and development (“R&D”) centers in China as well as offices in US, Malaysia and Singapore with over 3,400 employees, including over 300 R&D personnel. The Group’s products are marketed and sold in a vast majority of provinces, autonomous regions and municipalities in the PRC, as well as a number of foreign countries and regions. The Group’s nationwide sales and distribution network enabled it to sell its products to over 10,000 hospitals in the PRC.

On 9 July 2014, the shares of the Company were listed on the Main Board of the Stock Exchange of Hong Kong Limited. Over the past 22 years, the Group has grown into an international pharmaceutical group with market leading position in its key therapeutic areas. With the corporate value of “Professional Technology Serves Human Health” and the corporate philosophy of “Customer Orientation, Efficiency, and Employee Achievement”, the Group is committed to providing high quality pharmaceutical products and professional services for customers and patients.

Contact

Rory Fitzpatrick

Senior Communications Manager

Phone +41 44 555 22 90

Mobile +41 76 411 7138

rory.fitzpatrick@acino-pharma.com

 

 

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Partners Group secures EUR 6 billion for direct private equity

Partners Group, the global private markets investment manager, has received record commitments for its 2016/17 direct private equity vintage. The 2016/17 vintage consists of the flagship program Partners Group Direct Equity 2016, which was capped at EUR 3 billion, together with EUR 3 billion of additional capital committed to direct private equity.

Investors in the program constitute a mix of new and existing clients, including public and corporate pension plans, sovereign wealth funds, insurance companies, endowment funds and foundations from around the world. Partners Group’s founders, partners, and other employees, together with affiliates of the firm, are making a substantial investment into the program, committing in excess of 5% of Partners Group Direct Equity 2016.

Partners Group Direct Equity 2016 is the successor to Partners Group Direct Investments 2012, which closed in early 2014 and has a net IRR of 23.9%.1 Like the 2012 program, Partners Group Direct Equity 2016 will be deployed globally on behalf of investors in mid-market and select large-cap companies across a broad range of industry sectors, including healthcare, education, business services, information technology, industrials, and consumer. Partners Group’s investment strategy involves identifying transformative growth trends within specific sub-sectors and finding the companies best-placed to profit from these trends with the help of an active value creation strategy.

David Layton, Partner and Head of Private Equity at Partners Group, states: “In a sluggish macroeconomic environment, we are concentrating our efforts on specific market niches that are experiencing above-average growth. Within these pockets of growth, we look for companies with recurring revenue streams and highly visible cash flows, which are not only well-positioned to perform during a variety of economic scenarios but show significant upside potential and a clear path to value creation.”

Among the transformative trends prioritized within Partners Group’s current relative value outlook are the rise of outsourcing in healthcare and information technology, the digitalization of business services and consumer companies, and the emergence of new business models in consumer services and social infrastructure.

At the time of its final close, Partners Group Direct Equity 2016 was already committed to a number of investments in line with these investment views, including US-based Curvature (formerly Systems Maintenance Services and SMS | Curvature), a global provider of IT network and data center lifecycle services; Cerba HealthCare, a leading European operator of clinical pathology laboratories; and Aavas Financiers (formerly Au Housing Finance), a provider of housing loans in India’s affordable housing segment.

Fredrik Henzler, Partner and Co-Head of Industry Value Creation at Partners Group, comments: “We have more than 160 separate value creation initiatives ongoing at our current lead- and joint-lead portfolio companies. Almost 50% of these are top-line focused projects aimed at increasing market share, while the other 50% are either bottom-line focused efficiency drives or risk-reduction strategies. The extensive sector experience of our global Industry Value Creation team enables us to work alongside management teams to implement such projects and ensure their effectiveness.”

This structured approach to value creation has contributed to measurable results for Partners Group’s existing direct private equity portfolio, which has recorded compound annual growth rates of 15% in terms of revenue and 19% in terms of EBITDA since 2014.2

Christoph Rubeli, Partner and Co-CEO, Partners Group, adds: “We would like to thank our direct private equity investors for placing their trust in our firm in a challenging investment environment characterized by high valuations. With more than 700 private markets platform professionals globally and a highly selective investment approach, we believe we have the sourcing capabilities and the investment discipline required to continue to generate solid returns.”

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Allianz, EDF Invest and DIF acquire 6.9 4 % in Autostrade per I’Italia

A consortium made up of Allianz, EDF Invest and DIF have completed the acquisition of a 6.94% stake in Autostrade per I’Italia, the largest Italian toll road network which is majority owned by Atlantia, the listed global operator of motorway and airport infrastructure. This is an increase from the binding agreement to acquire a 5% shareholding announced in April 2017 by use of a call option to acquire additional shares.

The consortium is comprised of long-term infrastructure investors Allianz Capital Partners on behalf of the Allianz Group (60%), EDF Invest (20%) and DIF (20%). Autostrade per I’Italia is the largest toll motorway concession asset in Europe representing more than 50 percent of Italy’s toll motorway network, stretching some 3,000 km stretches across 16 Italian regions comprising 21 toll motorways which cover essential transport links mainly in the Northern part of Italy around the major economic urban areas as well as the two principal north-south routes, the A1 Milan-Naples and the A14 Bologna-Taranto.

Commenting on the closing of this deal, Christian Fingerle, Chief Investment Officer, at Allianz Capital Partners said, “This investment matches our strategy to deliver long-Term benefits to our customers at Allianz. In addition to this, Autostrade per I’Italia has delivered outstanding economic benefits in Italy. We now look forward to working with Atlantia and our consortium partners to facilitate the continued delivery of high-quality service for motorists and commuters.”

Guillaume d’Engremont, Managing Director of EDF Invest said: “EDF Invest is very pleased to complement its portfolio through this investment in ASPI, alongside Tier 1 international investors, and under the continued management of our partner Atlantia.”

Wim Blaasse, Managing Partner of DIF said: “DIF is pleased to invest in this high quality and well diversified road network alongside our consortium partners and to establish this long-term relationship with Atlantia.

Paris, July 26, 2017

 

About Allianz Capital Partners

Allianz Capital Partners is the Allianz Group’s in-house investment manager for alternative equity investments. With offices in Munich, London, New York and Singapore Allianz Capital Partners manages approximately EUR 18 billion of alternative assets. The investment focus is on infrastructure, renewables as well as private equity funds. ACP’s investment strategy is targeted to generate attractive, long-term and stable returns while diversifying the overall investment portfolio for the Allianz Group insurance companies.

About Allianz

The Allianz Group is one of the world’s leading insurers and asset managers with more than 86 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing over 650 billion euros on behalf of its insurance customers while our asset managers Allianz Global Investors and PIMCO manage an additional 1.3 trillion euros of third- party assets.

Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we hold a leading position in the Dow Jones Sustainability Index. In 2016, over 140,000 employees in more than 70 countries achieved total revenue of 122 billion euros and an operating profit of 11 billion euros for the group.

www.allianzcapitalpartners.com

www.allianz.com

 

About EDF Invest

EDF Invest is the unlisted investment arm of EDF’s Dedicated Assets, the asset portfolio which covers its long-term nuclear decommissioning commitments in France. EDF Invest manages a portfolio of over €5bn equity investments through three asset classes: infrastructure, real estate and private equity.

The existing infrastructure portfolio includes stakes in RTE (the French electricity transmission company), Géosel (an oil storage company based in Manosque), Thyssengas (the third largest gas TSO in Germany), Aéroports de la Côte d’Azur (the second largest French airport operator, owned in partnership with Atlantia), TIGF (a gas transport and storage company operating in the South-West of France), Madrileña Red de Gas (the operator of the main gas distribution network in the region of Madrid) and Porterbrook (one of the three main rolling stock owning companies in the UK).

http://www.edfinvest.com/

About DIF

DIF is an independent and specialist fund management company, managing funds of approximately €4.2 billion across seven closed-end investment funds and several co-investment vehicles. DIF’s main funds target PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australasia. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

www.dif.eu

 

 

 

 

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Procuritas Capital Investors IV divests Oral Care

Procuritas

Procuritas Capital Investors IV LP (“PCI IV” or “Procuritas”) has divested Oral Care Holding SWE AB (“Oral Care”) to Accent Equity 2012 (“Accent”)

Headquartered in Stockholm, Sweden, Oral Care is a leading company in the field of mobile dental care, primarily to elderly people living in specialized housing. In addition, Oral Care operates five dental clinics. In total, Oral Care performs over 90,000 treatments annually and has some 260 employees.

Under Procuritas ownership, Oral Care has transformed from an entrepreneurial organization to a professional player within the field of Swedish dental care. The group has expanded geographically and lately also been active in expanding its network of dental clinics.

“We are pleased to welcome Accent as the new majority owner of Oral Care. The company has good momentum, and we believe that Accent will add great value in further expansion. At the same time, I would like to thank Procuritas for the strategic and financial support during their ownership” says Niclas Palmstierna, CEO of Oral Care.

“During the past seven years, management has done a tremendous job in creating a professional and respected company in the Swedish dental market and we wish them all the best for the future. We are particularly proud of Oral Care’s unique mobile concept that gives elderly people access to dental care that would otherwise not be available to them due to illness or immobility. Today, Oral Care represents a solid platform for Accent to continue the growth path”, comments Mattias Feiff, Partner at Procuritas AB, advisor to PCI IV.

For further information, please contact:

Mattias Feiff, Partner, Procuritas AB, tel. +46 8 506 143 00
Björn Lindberg, Partner, Procuritas AB, tel. +46 8 506 143 00
Niclas Palmstierna, CEO, Oral Care, tel. +46 72-250 20 00

About Procuritas

Founded in 1986, Procuritas was the pioneer in introducing the concept of management buyouts in the Nordic region. In 2016, Procuritas raised Procuritas Capital Investors VI with EUR 318 million under management focusing on investments in Nordic mid-sized companies. The current portfolio consists of thirteen Nordic companies – DSI, Sofa Company, SEM, Dantherm, Daldata, Werksta, Fidelix, Pierce (24 MX), Global Scanning, Farma Holding, Sonans, Gram Equipment and Team Olivia.

Procuritas Capital Investors IV is a private equity fund raised in 2008 focusing on investments in mid-sized companies in the Nordic Region. PCI IV is advised by Procuritas AB and Procuritas Partners GmbH.

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IK Investment Partners to enter into negotiations for the acquisition of Bretèche Industrie

IK Investment Partners to enter into negotiations for the acquisition of Bretèche Industrie

IK Investment Partners (“IK”), a leading Pan-European private equity firm, is pleased to announce that the IK VIII Fund (“the Fund”) has entered into exclusive negotiations with Equistone and the management team to acquire a majority stake in Bretèche Industrie Group (“Bretèche” or “the Group”), a global leading manufacturer of industrial equipment for the production of food, pharmaceutical, and cosmetic products. The management team will reinvest alongside the Fund. Financial terms of the transaction are not disclosed and the completion of the transaction is subject to regulatory approvals.

Bretèche consists of six leading companies within their respective markets, designing, engineering manufacturing, and installing equipment for food, cosmetics and pharmaceutical production lines. The Group employs nearly 1,000 people and generated a turnover of approximately 220 million euros in 2016.

“We are very pleased to welcome the Fund, advised by IK Investment Partners, as our new majority shareholder. Together we will continue to pursue our strategy of technological innovation, commercial development, and selective acquisitions,” said Didier Soumet, CEO of Bretèche.

Arnaud Thomas, Partner at Equistone Partners Europe, said: “We are proud of our active support for the teams at Bretèche, both to develop original business lines and to pursue its international external growth strategy, particularly with the acquisition last summer of Shick the field of dosing equipment in the United States.”

“Bretèche possesses all the characteristics we look for in an investment: a leading market position, a proven track record of commercial success, and an experienced management team. We aim to actively support the management team in their strategy of international growth and innovation, while simultaneously pursuing targeted acquisition opportunities,” added Rémi Buttiaux, Partner at IK and advisor to the IK VIII Fund.

Parties involved

IK Investment Partners: Rémi Buttiaux, Dan Soudry, Vincent Elriz, Guillaume Veber, Mirko Jablonsky, Alexander Dokters, Daniel-Vito Günther
Buyer Financial advisor: BNP Paribas (Marc Walbaum, Sylvina Mayer)
Buyer Strategic DD: LEK (Serge Hovsepian, Maxime Julian)
Buyer Financial DD: Ernst & Young (Laurent Majubert, Eric Roussel)
Buyer Legal advisor: Willkie Farr & Gallagher LLP (Eduardo Fernandez, Grégory de Saxcé, Paul Lombard)

Equistone Partners Europe: Guillaume Jacqueau, Arnaurd Thomas, Grégoire Schlumberger
Seller Financial Advisor: Lazard (Nicolas Constant, Jean-Philippe Bescond, François Guichot-Pérère)
Seller Strategic DD: Arthur D. Little (Vincent Bamberger)
Seller Financial DD: Eight Advisory (Stéphane Vanbergue)
Seller Environment advisor: ERM (Julie de Valence)
Seller Legal advisor: Paul Hastings (Olivier Deren, Sébastien Crepy)

For further questions, please contact:

Bretèche
Didier Soumet, CEO
Phone: +33 2 40 73 70 73

IK Investment Partners
Rémi Buttiaux, Partner
Phone: +33 1 44 43 06 60

Mikaela Hedborg, Director Communications & ESG
Phone: +44 77 87 573 566
mikaela.hedborg@ikinvest.com

Equistone
Marie Le Goff Plichon
Kablé Communication
Phone: +33 7 87 96 12 74
marie.legoff@kable-communication.com

About Bretèche
Bretèche is a global leader in the supply of industrial equipment for the production of food, pharmaceutical, and cosmetics. The group consists of leading companies in their respective markets, designing, engineering, manufacturing, and installing equipment for both industrial and traditional production. Through its various subsidiaries, the group employs approximately 1,000 people. For more information, visit www.breteche.com

About IK Investment Partners
IK Investment Partners (“IK”) is a Pan-European private equity firm focused on investments in the Nordics, DACH region, France, and Benelux. Since 1989, IK has raised more than €9 billion of capital and invested in over 100 European companies. IK funds support companies with strong underlying potential, partnering with management teams and investors to create robust, well-positioned businesses with excellent long-term prospects. For more information, visit www.ikinvest.com

About Equistone
Equistone is an independent investment firm wholly-owned and managed by its executives. The company is one of Europe’s leading investors in mid-market buyouts with a strong, consistent track record spanning over 30 years, with more than 350 transactions completed in this period. Equistone has a strong focus on change of ownership deals and aims to invest between €25m and €125m of equity in businesses with enterprise values of between €50m and €300m. The company has a team of 37 investment professionals operating across France, Germany, Switzerland and the UK, investing as a strategic partner alongside management teams. Equistone is currently investing its fifth buyout fund, which held a final closing at its €2bn hardcap in April 2015. Equistone is authorised and regulated by the Financial Conduct Authority. www.equistonepe.com

 

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Partners Group to acquire Civica, a leading UK-based provider of software and services

Partners Group to acquire Civica, a leading UK-based provider of software and services

Partners Group, the global private markets investment manager, has agreed to acquire Civica (“the Company”), a leading UK-based provider of specialist software, digital solutions and outsourcing services, on behalf of its clients. The Company is being acquired from OMERS Private Equity, the private equity arm of OMERS, the pension plan for municipal employees in Ontario, Canada, in a transaction that gives the business an enterprise value of just over GBP 1 billion.

Founded in 2002 and headquartered in London, Civica provides business-critical software and technology-based outsourcing services to both public sector organizations and to commercial organizations in highly regulated sectors. The Company has a highly diversified customer base, including local and central governments, healthcare providers, housing associations, schools, and police and fire services, serving 2,000 major customers in ten countries. Its software and services support functions ranging from financial management and tax & benefits processing to medical records management and are used by over two million professionals every day, streamlining the services provided to 100 million people and businesses. Civica employs approximately 3,700 employees and has established offices in the UK and Ireland, Australia, Singapore, India and North America.

Following the acquisition, Partners Group will work with Civica’s management team, led by Founder and Executive Chairman Simon Downing and CEO Wayne Story, to expand the Company both organically and through select acquisitions, with a particular focus on accelerating Civica’s growth in existing international hubs such as Australia and Singapore.

Simon Downing, Chairman of Civica, states: “We are very happy to join forces with Partners Group, which shares the same purpose and mission as we do at Civica: to put our clients at the center of what we do and to be a highly reliable and value-adding partner for the long term. We are also excited to continue to substantially invest in our leading software platform and to help our clients to prosper in times of change.”

Wayne Story, CEO of Civica, adds: “We are pleased to welcome Partners Group as our new owner and look forward to building further on the strong momentum we have experienced over the last few years. Civica’s solutions are mission-critical to key public organizations and commercial firms in regulated markets, helping our customers to automate processes and raise service standards, while keeping costs under control. Partners Group brings highly relevant experience and relationships to help us build our business further in the UK as well as continuing to expand internationally.”

Bilge Ogut, Managing Director, Private Equity Europe, Partners Group, comments: “We have been impressed by Civica’s track record of long-term growth. We see our investment as an opportunity to back a high-quality market leader in a sector with evolving customer needs and the potential to gain scale through select acquisitions. Local and regional governments everywhere are digitalizing their processes in order to offer more cost-effective and user-friendly services to the public and Civica has the necessary expertise in supporting digitalization and efficiency gains in the public sector. We are excited to work with Civica under Simon and Wayne’s leadership and to continue to grow the business.”

 

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EURAZEO enters into exlusive negotiations to sell its stake in ANF IMMOBILIER to ICADE

Eurazeo has entered into exclusive negotiations with the real estate group Icade to sell its majority stake in ANF Immobilier -50.48% of share capital and 53.73% of voting rights- to be followed by an Icade takeover bid for the remaining capital. The proposed takeover price of €22.15 per share represents a premium of 10.2% on the average price overthe past three months.

In an intrinsically linked process, ANF Immobilier also entered into exclusive negotiations with Primonial REIM, a leading French real estate investment manager, for the sale of ANF Immobilier’s historic housing and commercial portfolio, mainly located in Marseille, and a building in Lyon, for €400 million.

Linking ANF Immobilier with a commercial property investor and a property developer such as Icade will accelerate ANF Immobilier’s presence in dynamic regional cities, as sector consolidation advances.

Eurazeo would realize a disposal gain of €213 million on this sale, an investment multiple of 2.3x and an IRR of13%.

The employee representative bodies and the decision-making bodies concerned will be consulted regarding these transactions.Given the time required for these consultations and decisions, the parties believe the transactions could be finalized in the 4th quarter of 2017. The takeover bid for the remaining ANF capital would be filed subsequent to the sale of the controlling stake.

Eurazeo CEO Patrick Sayer said:

“As a long-term responsible shareholder, Eurazeo is proud to have Accompanied ANF Immobilier’s development for 13 years. With the consolidation of the real estate sector in France and Europe, it’s time to write the next chapter in this company’s history And accelerate its pure player strategy centered on tertiary real estate in regional cities. This development matches perfectly with the investment policy conducted by Icade. With Eurazeo Patrimoine, Eurazeo retains a number of real estate assets through its different companies(Grape Hospitality,CIFA) and will continue to monitor opportunities in this fast-Changing sector.”

About Eurazeo

With a diversified portfolio of approximately €6 billion in assets under management, of which €1 billion is from third parties, Eurazeo is one of the leading listed investment companies in Europe. Its purpose and mission is to identify, accelerate and enhance the transformation potential of the companies in which it invests. The Company covers most private equity segments through its five business divisions – Eurazeo Capital, Eurazeo Croissance, Eurazeo PME, Eurazeo Patrimoine and Eurazeo Brands. Its solid institutional and family shareholder base, robust financial structure free of structural debt, and flexible investment horizon enable Eurazeo to support its companies over the long term.

Eurazeo is notably a shareholder in AccorHotels, ANF Immobilier, As modee, CIFA, CPK, Desigual, Elis, Europcar, Fintrax, Grape Hospitality, Les Petits Chaperons Rouges, Moncler, Neovia, Novacap, Sommet Education, Trader Interactive, and also SMEs such as Péters Surgical and Flash Europe International, as well as start-ups such as Farfetch and Vestiaire Collective.

> Eurazeo is listed on Euronext Paris.

 

 

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Kinnevik invests a further USD 65 million in Betterment

Kinnevik

Kinnevik AB (publ) (“Kinnevik”) today announced an investment of USD 65m into Betterment LLC (“Betterment”), the largest independent automated investing service company in the United States, as the company extends its financing round from last year.

The USD 70m extension to the March 2016 financing round was done by existing investors and led by Kinnevik. The transaction is subject to customary US regulatory approvals, and is expected to be completed by end of August. Post the investment, valuing Betterment at USD 800m, Kinnevik will own 16% of the company’s share capital.

Betterment is the largest independent automated investing service in the United States, managing nearly USD 10bn of assets for more than 270,000 customers. Since Kinnevik’s initial investment in March 2016, Betterment has grown their assets under management by over 135% and launched a series of industry-leading product innovations. In addition to the market’s leading digital investing service, customers now also have access to licensed financial advisors on the phone, advanced tax-efficiency tools and a range of other new features that helps them achieve better returns at low and transparent fees.

Kinnevik’s acting CEO, Joakim Andersson, commented: “The follow-on investment into Betterment forms part of our strategy of growing our ownership share in key private assets, as well as strengthening our financial services vertical. Betterment has continued to impress us with its strong growth, customer-centric focus, cutting-edge technology and talented team. We are excited to provide additional capital to the company to accelerate the roll-out of further products and services to help customers maximise their returns. “

“Kinnevik and Betterment have formed a strong partnership over the last year, and we welcome their increased commitment to our growth story” added Jon Stein, CEO and Founder of Betterment. “We are uniquely positioned to help our customers get better advice and the returns they deserve, and the additional funding will fortify our ability to build personalised financial services around the customer to allow them to optimise their financial life.”

 

For further information, visit www.kinnevik.com or contact:

Torun Litzén, Director Investor Relations
Phone +46 (0)8 562 000 83
Mobile +46 (0)70 762 00 83

 

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CVC Fund III and PAI Europe VI to reinvest in Grupo Cortefiel

CVC Capital Partners (“CVC”) and PAI Partners (“PAI”) today announced that CVC Fund III and PAI Europe VI have agreed to reinvest in Cortefiel, one of the largest specialised clothing retailers in Spain.

Cortefiel operates over 2,000 points of sale in 90 countries with three main brands: Cortefiel, aimed at men and women over 40; Springfield, aimed at 30-40 year old men and women; and, Women’s Secret, Iberia’s largest specialised lingerie chain. In recent months, Grupo Cortefiel has experienced strong growth and positive momentum, driven by the new management team’s corporate strategy and an improving underlying market environment.

The equity provided by the CVC funds and the PAI funds, in addition to new debt financing fully underwritten by Credit Suisse, Société Générale, BNP Paribas and Credit Agricole CIB will allow the repayment of the existing Cortefiel facilities at par.

Jaume Miquel, CEO of Cortefiel, said: “We are delighted that CVC and PAI, our long-term partners, have reconfirmed their support for Cortefiel, demonstrating their commitment to the Company and its employees. We’ve seen very strong growth and solid performance across brands, and now look forward to continuing our successes, taking advantage of the stable capital structure and strong balance sheet which is being put in place as a result of the deal.”

 

 

Media contacts

PAI Partners

Greenbrook Communications: Matthieu Roussellier / Annabel Clay

Tel.: +44 20 7952 2000

DGM: Michel Calzaroni / Olivier Labesse / Hugues Schmitt

Tel.: +33 1 40 70 11 89

 

 

CVC Capital Partners

Carsten Huwendiek, Head of Communications

Tel: +44 20 7420 4240

Grupo Cortefiel

Comunicación Corporativa

Tel: +34 91 387 55 29

 

About PAI Partners

PAI Partners is a leading European private equity firm with offices in Paris, London, Luxembourg, Madrid, Milan, Munich, New York and Stockholm. PAI manages €8.3 billion of dedicated buyout funds. Since 1994, the company has completed 61 transactions in 11 countries, representing €41 billion in transaction value. PAI is characterised by its industrial approach to ownership combined with its sector-based organisation. They provide the companies they own with the financial and strategic support required to pursue their development and enhance strategic value creation. www.paipartners.com

 

 

About CVC Capital Partners

CVC Capital Partners is a leading private equity and investment advisory firm. Founded in 1981, CVC today has a network of 24 offices and approximately 430 employees throughout Europe, Asia and the Americas. To date, CVC has secured commitments of over US$105 billion from some of the world’s leading institutional investors across its private equity and credit strategies, and, in total, CVC currently manages over US$60 billion of assets. CVC Funds have completed over 300 private equity investments in a wide range of industries and countries across the globe. Today, funds managed or advised by CVC are invested in more than 50 companies worldwide, employing c. 285,000 people in numerous countries. Together, these companieshave combined annual sales of approximately US$55 billion. For further information about CVC please visit: www.cvc.com

About Cortefiel

Cortefiel is one of the leading European fashion retailers. Founded in 1880, Cortefiel currently operates c. 2,000 points of sales across 90 count ries. The group is comprised of 5 main brands, Cortefiel, Pedro del Hierro, Springfield, Women’s Secret and Fifity Factory, the outlet avenue of the Group. Cortefiel employs c. 10,000 employees across the world. For further information please visit www.grupocortefiel.com

 

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Nordic Capital divests fast-growing payments company Bambora to global payments leader Ingenico Group

Nordic Capital Logo

Nordic Capital Fund VIII (“Nordic Capital”) has signed an agreement to divest global payment company Bambora to Ingenico Group (publ.) for an Enterprise Value of approximately EUR 1.5 billion. Less than three years after its start-up, Bambora is now an industry innovator with a unique and compelling position in the global payments industry. Ingenico Group is one of the world’s largest payment companies and the acquisition of Bambora strengthens its online positioning and growth profile with its global omni-channel payments solutions. Nordic Capital and the management team in Bambora have managed to realise a strong vision to change the payments landscape, resulting in a fast-growing customer-orientated company based on modern products and technology, within just a few years.

Based on a platform carve-out from one of the large Nordic banks, Nordic Capital together with the strong and experienced management team saw an opportunity to change the payments landscape through a carefully crafted acquisition strategy and significant investment in products, capability and the organisational framework. In 2015, Bambora was launched as a single brand and platform with a strong technological base and a customer-centric offering and culture.

Today, Bambora simplifies payments and helps 110,000 customers to grow in 70 different markets, manages transactions with a value of over EUR 55 billion per year, of which more then 70% are online and mobile. Bambora gained 15,000 new customers during the first six months of 2017, had an annual revenue amounting to EUR 202 million in 2016 and is performing with a very high organic growth. Bambora employs more than 700 people, of which 400 are newly recruited in the last 2.5 years.

Ingenico Group is the global leader in seamless payment with the world’s largest payment acceptance network, and generated revenues of over EUR 2.3 billion in 2016. With Ingenico Group as new owners, Bambora will be able to further leverage its technology platform and strong team within Ingenico Group’s footprint for even faster growth and expansion.

“Bambora is an excellent example of entrepreneurial business innovation, and yet another great Swedish unicorn leveraging strong local tech capabilities to create a global digital leader. Bambora is the result of a strong vision based on deep insight into the market, followed by fast and innovative execution by the management team. I am immensely proud of the team behind Bambora and would like to thank them for their dedication and exceptional work over the last few years”, says Fredrik Näslund, Partner, NC Advisory AB, advisor to the Nordic Capital Funds.

“I’m really happy about this deal, because it will benefit all our customers. I’m also very proud of the company culture we have built together, based on high energy, collaboration and always putting our customers first. Our unique cooperation with Nordic Capital has probably set a new record in moving from a vision to a start-up to a recognised industry innovator. With Ingenico Group as the new owner, we will be able to take the next natural step in our development and together provide even better conditions for our customers to support their growth”, says Johan Tjärnberg, CEO of Bambora.

“Anticipating the future evolutions of commerce, Ingenico Group has, in recent years, been pursuing a strategy of expanding its offering towards integrated payment services. The acquisition of Bambora represents a key milestone in our strategic plan providing a more integrated client offering and omni-channel solutions. It will enhance our customer centric approach and will reinforce our online and in-store positioning through a perfect complementarity. This transaction will be additive to our growth profile and will create value for our shareholders, customers and employees” said Philippe Lazare, Chairman and CEO of Ingenico Group.

The Technology and Payment sector is one of Nordic Capital’s core sectors. Together with its industry-leading tech investment team, Bambora is the second Swedish headquartered global payments company that Nordic Capital has created within the payments industry, the first one being the payment terminal and software company Point, which was exited in 2011. The divestment of Bambora follows a period where Nordic Capital has maintained a high level of transaction activity with ten successful exits and five new platform investments since the beginning of 2016.

The transaction is subject to approval by the relevant competition and regulatory authorities. Closing is expected in the fourth quarter of 2017.

 

Press contact:

Nordic Capital

Elin Ljung, Director of Communication and Sustainability
NC Advisory AB, advisor to the Nordic Capital Funds
M: +46 708 66 10 40, E: elin.ljung@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 visit www.nordiccapital.com

 

About Bambora

Bambora helps businesses grow. With a suite of simple payment products, it’s easy to keep track of daily transactions both online, in-store, or in-app. Founded in 2015, Bambora has been built with assets having significant experience in the payments industry. Now an international presence, with more than 700 employees, customers in 70 markets, and 300 commercial partners, Bambora processes EUR 55 billion per year. For more information, please visit www.bambora.com

 

About Ingenico Group

Ingenico Group (Euronext: FR0000125346 – ING) is the global leader in seamless payment, providing smart, trusted and secure solutions to empower commerce across all channels, in-store, online and mobile. With the world’s largest payment acceptance network, Ingenico Group deliver secure payment solutions with a local, national and international scope. Ingenico Group are the trusted world-class partner for financial institutions and retailers, from small merchants to several of the world’s best known global brands. The solutions enable merchants to simplify payment and deliver their brand promise. Learn more at www.ingenico.com

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