Category Archives: News

RB Enhances Consumer Health Position with the Completion of its Acquisition of the Mead Johnson Nutrition Company

RB

June 15, 15:00 (BST) Slough, UK–RB(Reckitt Benckiser) is pleased to announce the completion of the acquisition of

the Mead Johnson Nutrition Company (“Mead Johnson”).

 

The transaction takes RB to a global market leadership position in consumer health and hygiene. Mead Johnson brings the addition of two infant & child nutrition Powerbrands Enfa and Nutramigen, and is a natural extension of RB’s existing health portfolio which is trusted around the globe by millions of consumers.

 

Rakesh Kapoor, RB chief executive, said: “The closure of the acquisition marks an inflection point in RB’s evolution to become a leader in consumer health and hygiene . By combining the best of RB’s global scale with MJN’s science -based innovation, RB is well positioned to deliver further value for all stakeholders. We continue to execute on our strategy of providing innovative health solutions for healthier lives and happier homes to millions of people around the world.”

 

Mead Johnson will initially operate as a separate division within RB and be led by Aditya Sehgal, who joins RB’s Executive Committee. Aditya’s previous roles included responsibility for RB’s operations in China & North Asia, RB’s global health care division and RB’s North American business. The Mead Johnson division will continue its mission to nourish the world ’s children for the best start in life. Mead Johnson’s infant and children’s nutrition business will increase RB’s revenues in consumer health by approximately 90%*, as well as increasing its developing market scale by approximately 65%*.

 

RB expects the acquisition to be accretive to adjusted diluted earnings per share in the first full year following completion and double-digit accretive by the third full year following completion . The post-tax return on invested capital is expected to exceed RB’s cost of capital by the fifth full year following completion.

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Successful Issue of Credit Suisse Real Estate Fund International

To the Credit Suisse Homepage

Zurich, June 15, 2017

The capital increase for the Credit Suisse Real Estate Fund International has been successfully completed. The issue has resulted in an inflow of new assets in the maximum amount of CHF239.2mn.

The issue was carried out on a best-effort basis as part of a public subscription offer in Switzerland. Regular, over -the- counter subscription rights trading took place through Credit Suisse (Switzerland) Ltd. from May 29 to June 7, 2017. With a subscription ratio of ten to one (ten subscription rights entitle holders to purchase one new unit), 228897 new units are being issued at a net price of CHF 1,045.00 per unit. This is equivalent to a subscription rate of 100 %. Thus new assets of CHF 239.2 mn are accruing to Credit Suisse Real Estate Fund International (CS REF International, security no. 1968511).

The payment date for the new units is June 16, 2017. The number of units in circulation will now be 2,517,867 with net fund assets of CHF 2,593.8mn. The issuance proceeds will be used to further expand and diversify the high-quality real estate portfolio.

CS REF International is the first Swiss real estate fund to invest directly in real estate all over the world. The fund exclusively targets qualified investors, offers access to an international portfolio, and enables even greater diversification of total assets. The investment focus is on high-quality commercial real estate in attractive locations in Europe, Asia Pacific, and North, Central, and South America. The currencies in the statement of net assets are largely hedged against the Swiss franc.

Further information at www.credit-suisse.com/ch/realestate

Current annual and semi-annual reports at www.credit-suisse.com/ch/realestate/download

Information Thomas Vonaesch, Head of Real Estate Fund Management, Credit Suisse Funds AG,telephone +41 44 334 43 30

Marc-Oliver Tschabold, Fund Manager CS REF International, Credit Suisse Asset Management (Switzerland) Ltd., telephone +41 44 333 11 35

Eva Randegger, Marketing & Communication, Credit Suisse Asset Management (Switzerland) Ltd., telephone +41 44 333 82 04, eva.randegger@credit-suisse.com

 

Credit Suisse AG

Credit Suisse AG is one of the world’s leading financial services providers and is part of the Credit Suisse group of companies (referred to here as ‘Credit Suisse’). As an integrated bank, Credit Suisse offers clients its combined expertise in the areas of private banking,

investment banking and asset management. Credit Suisse provides advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as to retail clients in Switzerland. Credit Suisse is

headquartered in Zurich and operates in over 50 countries worldwide. The

group employs approximately 46,640 people. The registered shares (CSGN) of Credit Suisse’s parent company, Credit Suisse Group AG, are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com.

 

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Reiten & Co sells its shareholding in Data Respons ASA

Reiten

Reiten & Co Capital Partners VII L.P. has sold its 32.7% ownership interest in Data Respons ASA, at NOK 26.5 per share, representing a total transaction sum of approximately NOK 426.3m. The transaction was done through an accelerated bookbuilding process yesterday.

Data Respons has over the years strategically positioned itself at the heart of the on-going digitalization trends and developed into a leading European provider of embedded solutions and high-quality R&D services. Every journey has its end, and Reiten & Co would like to thank Mr Kenneth Ragnvaldsen (CEO) and the highly skilled organization for outstanding contribution to value creation.

“We have been invested in Data Respons since 2009 and it has been very rewarding to work with such a competent and professional team. The company has successfully strengthened its position within R&D services, both through accretive acquisitions and organic growth. It is well positioned in the centre of the digitalization and internet-of-things megatrends, with products and services that the customers value highly,” says Narve Reiten, founding partner of Reiten & Co.

“Through our sale of shares we expect the free-float and liquidity in the stock will increase, and that the company will continue to perform strongly,” Mr. Reiten adds.

Mr. Reiten has served as a board member since 2015, and he will continue as a board member. The brokers required Mr. Reiten to invest NOK 10 million in shares with a six-month lock up. He will therefore continue as a shareholder in Data Respons, through his private investment company.

 

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Adelis Equity Partners Closes €600 million Second Fund

Adelis

Adelis Equity Partners Fund II has held a final close. The Fund will continue its predecessor fund’s focus on investments in the Nordic lower mid market.

Adelis Equity Partners Fund II (Adelis II) was launched in March 2017 and closed on its hard cap of €600 million on June 9, 2017. Investors include leading pension funds, foundations and fund-of-funds from Europe and North America. Adelis’ employees have committed to invest €30 million.

Adelis Equity Partners Fund I closed on SEK 3.7 billion in October of 2013 and has so far invested in twelve companies in Sweden, Denmark and Finland. These portfolio companies have in turn made more than 20 add-on acquisitions.

Adelis II will continue its predecessor fund’s successful strategy of acquiring majority interests in Nordic companies with Enterprise Values between €20 million and €200 million.

“We are grateful for the strong support from our existing investors and very pleased to have broadened our investor base with several blue chip institutions from Europe and North America” says Jan Akesson at Adelis.

Adelis received legal advise from O’Melveny Myers and Vinge in the fundraising process. Park Hill Group served as exclusive placement adviser

For further information:

Jan Akesson, Partner, +46 8 525 200 01

Adalbjörn Stefansson, Head of Investor Relations, +46 8 525 200 04

About Adelis Equity Partners

Adelis is an active investor and partner in creating value at medium sized Nordic companies. Adelis was founded in 2012 with the goal of building the leading middle market investment firm in the Nordics. Adelis’ team members have extensive Private Equity experience, have invested in over 50 companies and have been members of the board in more than 50 middle market companies. For more information please visit www.adelisequity.com .

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HgCapital Trust adds to NAV per share from sale of Zitcom at 3.3x cost

HgCapital - link to website (opens in a new window)

HgCapital, the Manager of HgCapital Trust plc (the “Company”), has announced that it has sold Zitcom, a leading Danish hosting and cloud solutions provider operating in the SME segment, to Intelligent, a Belgian headquartered provider of hosting services. The terms of this transaction were not disclosed.

The sale of Zitcom delivers a c. 3.3x investment multiple and a c. 145% gross IRR over the investment period.

The Company, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all HgCapital’s investments. The Company will realise cash proceeds of approximately £8.8 million on completion of the transaction.  This represents an uplift of £4.4 million (101%) or 12 pence per share over the carrying value of £4.4 million in the Net Asset Value (“NAV”) of the Trust at 31 May 2017 which was based on the Directors’ valuation as at 31 December 2016.

Based on the 31 May 2017 reported NAV (including all announced transactions and the revaluation of the carried interest provision), the pro-forma NAV of the Company is expected to increase to £621.2 million or 1,664.4 pence per share. The Trust’s liquid resources available for future deployment are estimated to be £146 million (24% of the pro-forma 31 May 2017 NAV).

The investments within the Company’s portfolio were last valued at 31 December 2016. The Company’s 2017 interim results, including the re-valuation of the portfolio as at 30 June 2017 will be announced on 11 September 2017. 

 

HgCapital’s Mercury Fund sells Zitcom Group to Intelligent
 

  • Exit has delivered a c. 3.3x investment multiple and c. 145% gross IRR after 18 months of ownership
  • Second exit from HgCapital’s specialist lower mid-market Mercury TMT fund, which has delivered aggregate realised returns of c. 2.8x and c. 70% gross IRR
  • The £380m Fund made its first investment in 2012; and has returned c. 40% of invested capital back to clients

 14 June 2017, London: HgCapital is pleased to announce that it has sold Zitcom Group, a leading Danish SME-focused hosting and cloud solutions provider, to Intelligent, a Belgian headquartered provider of hosting solutions. The terms of this transaction were not disclosed.

HgCapital partnered with the management of Zitcom Group in December 2015, representing the 7th investment for Mercury, HgCapital’s specialist lower mid-market TMT fund. This exit marks the second full realisation for the Mercury fund, following the sale of Relay announced in August 2016 and four prior successful recapitalisations across the portfolio.

Through organic growth and acquisitions, Zitcom Group has created a leading Danish SME focused hosting and cloud solutions provider with activities in both the mass and managed hosting space, including domains website hosting, email for smaller customers and managed servers and applications for larger customers. The group has demonstrated over ten years of consistent revenue growth and provides cloud services to over 100,000 business and private customers in Denmark, operating under the brands Zitcom, Wannafind, UnoEuro, Curanet, ScanNet and Cloud.dk.

The business displays many of the characteristics that HgCapital looks for including: an attractive growth sector; a loyal customer case; a strong management team; and platform potential for M&A.

During HgCapital’s 18-month ownership period, HgCapital has supported Zitcom Group’s acquisition and integration of four companies which has helped double the customer base and revenue while close to tripling profits of the Group.

Following this sale, the Mercury 1 Fund will have returned nearly 40% of invested cost, including proceeds from the prior exit of Relay Software (announced in July 2016 for 2.1x cost / 39% gross IRR) and a combination of other portfolio company refinancings. The Fund has delivered overall realised returns of c. 2.8x cost and a c. 70% gross IRR.

Stefan Rosenlund, CEO of Zitcom Group, said: “HgCapital has been a fantastic partner for Zitcom Group and has helped us mature – both as a business and as individuals. HgCapital has been a huge asset in developing Zitcom Group into a strong and market leading hosting group ready for new challenges and new ownership. I thank HgCapital for the trust and time that they have invested in us and look forward to continue Zitcom Group’s growth journey in the Danish SME hosting market.”

Nick Jordan, Director at HgCapital, said: “It has been a pleasure to partner with the Zitcom Group management team and employees over the last 18 months and play a role in building a leader in the Danish SME hosting segment. They have transformed their sector in Denmark. We wish them continued success in this exciting new phase of their story”

HgCapital were advised by Harris Williams, Linklaters and Accura.

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conTeyor International acquires VMT ECOPACK from Rabo Private Equity and Ox.

On June 2 2017, the majority shareholders of VMT ECOPACK, consisting of Rabo Private Equity and OX., reached a binding agreement with Down2Earth/conTeyor International on the sale of 100% of the shares to conTeyor.

About the deal
The acquisition of VMT by conTeyor creates a leading returnable packaging solution provider in both plastics and textiles. conTeyor has acquired VMT ECOPACK in the strategy to expand capabilities, capacity and competences in developing and manufacturing best-in-class returnable packaging solutions. With this important step forward conTeyor has further improved its global reach with consequent vicinity to its customers.

Joining forces of both companies will create a stronger market position with a consolidated turnover of about 70 million EUR and 350 employees.

About conTeyor
conTeyor (Headoffice Merelbeke, Belgium) is a global leader in the innovative market of B2B re-usable textile packaging systems, mostly based on metal foldable structures. conTeyor has two smaller business divisions with thermoformed trays (BestForm, Germany) and warehousing solutions (Storeganizer). ConTeyor has recently invested significantly in further developing the US and Mexican market and in additional production capacity in Europe, Mexico and China.

The Belgian based Private Equity fund Down2Earth is the majority shareholder of conTeyor and supports the further growth with a buy and build strategy.

“The compatible culture of both companies will be further aligned to create more innovative solutions and services to the benefit of all our global customers”, thus Jo Buekens, CEO of conTeyor.

About VMT ECOPACK
VMT is a pan-European supplier of reusable (mainly) plastic packaging with a significant part of customized solutions with a focus on the automotive industry. It has manufacturing facilities in the Netherlands (Elsloo/HQ), the Czech Republic (Kurim), an assembly workshop in Turkey (Yalova) and addtional sales offices in Germany (Munich) and Russia (Moscow).

“We thank Rabo Private Equity & Ox. for being loyal and dedicated shareholders, seeking the best interest for VMT during turbulent times in the past and for helping us to get where we are today: Healthy, confident and ready for an exiting next phase with a solid, fitting, ambitious & strategic new shareholder”; thus Ernst Jan van Klinken, CEO of VMT ECOPACK.

About Ox.
Ox. is an investment firm that focuses on participations with which it can be clocely involved as an investor. This involvement translates into active entrepreneurship as a shareholder with the emphasis on operational, financial and strategic guidance, leading to value creation. A strong market position, growth and/or improvement potential are main investment criteria.

About Rabo Private Equity
Rabo Private Equity is the captive alternative investment arm of Rabobank investing in private equity and venture capital opportunities. Its mission is to pursue investments that are aligned with the “Banking for the Netherlands and Banking for Food” strategy of Rabobank thereby supporting eligible companies that are core to this strategy with equity. In the Netherlands Rabo Private Equity invests directly in operational companies and focuses on young, entrepreneurial companies to mature and growing companies in need of equity to realize their longer-term ambitions with the support of equity and reliable investor partners.

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Ratos presents updated strategic agenda

Ratos, in conjunction with its Capital Markets Day being held today, is presenting an updated strategic agenda. Through increased value creation and earnings levels in the portfolio companies, the long-term intention is to lay the foundation for a larger part of cash-flow-generated financing of the future dividends of the Ratos share. The investment interval for new investments has been updated and the central management costs have been reduced through internal efficiency measures. Ratos has chosen six sectors to focus its acquisition and company development efforts on going forward.

Ratos’s CEO Magnus Agervald comments:

“Ratos will continue to operate under the same business concept, but with increased focus on acquisition and company development efforts within six sectors. We regard Ratos as having a unique position in the market, with our flexible investment horizon, strong brand and history, and a transparent and value-driven culture. We also have broad expertise, a large network and extensive experience in operational development,” says Ratos’s CEO Magnus Agervald.

“To gain greater flexibility to make new acquisitions, we are changing our lowest investment interval and lowering the upper interval to create a better spread of risk in the portfolio. We are working closely with our portfolio companies to take measures more quickly, but also to continue investing in and focusing on improvement programmes in the companies that we regard as having continued potential. Through higher levels of earning in our portfolio companies and through ownership of certain companies over a longer time, our long-term ambition is to be able to finance a larger portion of the Ratos share dividends through cash flow from the portfolio companies.”

“In addition to these initiatives, we have been working for some time to improve our internal processes and operations, which has enabled a reduction in our central costs. Ratos has progressed from operational management costs of SEK 261m for 2016 to the current SEK 150m on a prospective annual basis.”

Changed investment criteria
To create greater flexibility to make new acquisitions, the former lowest investment interval of SEK 250m in equity has been removed. The goal for new acquisitions is instead that the company in question must have the potential to reach SEK 0.5 billion in equity in the next five years. The upper investment interval has been lowered from SEK 5 billion in equity to SEK 2 billion in equity to create a better balance and risk spread in the portfolio.

Long-term ownership provides the opportunity to finance the Ratos share dividend
Ratos’s potential for long-term ownership is a strength in many investments, particularly partnerships in which we develop companies in cooperation with the former owners. Owning and developing profitable companies over a long period of time provides the possibility of receiving continuous cash flow from these portfolio companies. In the future, it should be possible to partly finance the dividend of Ratos’s common share using the current cash flow from the portfolio companies. Ratos will thus own certain companies for a longer time and work to reduce the debt level in the companies to enable dividends from these.

Focus on more rapid change
We are increasing our impatience of companies that do not deliver the desired results by taking measures more quickly, and continuing to invest in and focus on improvement programmes in the companies that we regard as having continued favourable potential.

To build internal structural capital and competence more effectively, Ratos has changed its working methods and the investment organisation is now structured in six sectors; Business Services, Construction, Consumer/Retail/Leisure, Healthcare/Lifescience, Industrials and TMT (Technology, Media, Telecom). Ratos has also launched a number of operational focus areas to effectively support the development of the companies. Such examples are Purchasing, Digitalisation and Sustainability.

Ratos’s central costs
In the past year, Ratos’s central organisation has undergone efficiency enhancements, which has led to a smaller organisation and, accordingly, reduced central operational management costs. Ratos’s operational management costs are expected to be approximately SEK 150m on an annual basis in the future (compared with SEK 261m for 2016) excluding transaction and financing costs.

The presentations at today’s capital markets day are available at www.ratos.se

For further information, please contact:
Magnus Agervald, CEO Ratos, +46 8 700 17 00
Helene Gustafsson, Head of IR & Press, +46 8 700 17 98

– See more at: http://www.ratos.se/en/Press/Press-releases/2017/Ratos-AB-Ratos-presents-updated-strategic-agenda/#sthash.NQMxZeV8.dpuf

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Sortera Group AB acquires BIG BAG Group AB

Sortera Group AB acquires 100% of the shares in BIG BAG Group AB and thereby strengthens its position as one of the leading companies in the industry for collection and recycling of construction waste in Sweden.

“The industry is undergoing a period of significant change and it is now time for BIG BAG to take the next step in its development. I am confident that Sortera Group is the right owner for BIG BAG at this stage and beyond” says BIG BAG Group CEO Pierre Grubbström.

“Through the acquisition of BIG BAG we can provide the construction market with a complete range of waste services in Stockholm. BIG BAG has been an important player in the waste market for a long time and developed a very strong brand. BIG BAG’s offer will continue to develop under Sortera Group’s management. By adding BIG BAG to Sortera’s already strong organization, we look forward to delivering an even better customer experience and thereby strengthen the group’s brands”, comments Sortera Group CEO Conny Ryk.

“Since we acquired Sortera Group a year ago, we have embarked on a growth journey by broadening the business and expanding into new geographic markets. The acquisition of BIG BAG is an important milestone in Sortera’s strategic development. We strongly believe that the combination of the two companies represents a strong strategic fit that will enable us to continuously improve our customer offering and sustainability efforts”, says Johannes Lien, Partner at Summa Equity and Chairman of the Sortera Group.

For more information, please contact:
Conny Ryk, CEO Sort Group AB, +46 70 775 5310

About Sortera Group AB

Sortera Group AB is one of the leading companies in the collection and recycling of construction waste in Sweden. Sortera has operations from Ystad in the south to Gävle in the north. After the acquisition of BIG BAG, the company has approximately 200 employees and a turnover of approximately SEK 600 million pro forma 2017.

About Summa Equity

Summa Equity was founded in 2016 by partners with a common vision of building a leading specialized private equity company in the Nordic SME market, positioned to capitalize on the investment opportunities created by the thematic mega trends expected to drive long-term growth. The company focuses on sectors linked to four megatrend driven themes: resource scarcity, energy efficiency, changing demographic and tech-enabled business. Summa Equity closed its first fund in February 2017 with investment commitments of SEK 4.5 billion.

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The European Commission has approved the combination of Intrum Justitia and Lindorff

On June 12, 2017 the European Commission approved the combination of Intrum Justitia and Lindorff. The Commission’s decision is conditional upon the divestment of Lindorff’s business in Denmark, Estonia, Finland and Sweden as well as Intrum Justitia’s business in Norway (see press release dated May 18, 2017 for more information).

The combined company will, through its scale and diversification, be ideally positioned to capture the strong market growth in the Credit Management Services  (CMS) industry. By joining forces, both local and global clients will benefit from a strong pan-European platform, enhanced service offering, innovative solutions and best in class compliance.

“I am very pleased that the combination of these two strong companies has now been approved and that we are able to close the transaction as planned. The combined business has the potential to deliver significant value to clients, shareholders and society by creating a very well-positioned and respected player in our industry both in terms of skill and geographic spread,” says Lars Lundquist, Chairman of the Board in Intrum Justitia.

“This is the day that we have been waiting for. These two companies are a great fit and will become a leading force in shaping the future of credit management services. Nordic Capital looks forward to continuing to support the combined business as a listed company and sees strong potential for further value creation,” says Kristoffer Melinder, Managing Partner, NC Advisory AB, advisor to the Nordic Capital Funds.

“I am dedicated to the success of this combination and I am of course thrilled that we now have the necessary approval from the European Commission. Realizing the full potential of the combined company will be a team effort which I am proud to lead once the transaction is closed”, says Mikael Ericson, CEO & President of Intrum Justitia.

On June 9, 2017, the Board of Directors of Intrum Justitia AB announced the decision that Mikael Ericson will be the CEO and President of the combined company once the transaction is completed. The decision was made in agreement with the proposed new Board members nominated by the Nomination Committee on June 7, 2017.  Per E. Larsson, currently Chairman of Lindorff has been nominated as new Chairman of the combined company. Per is the former CEO of OMX, Dubai International Financial Exchange and Borse Dubai, as well as former Chairman of the Board of the Stockholm Stock Exchange and board member of Helsinki Exchanges.

The transaction is expected to close within the next 10 working days. Lindorff will be consolidated into the financial statements of Intrum Justitia from late June  2017.

 

About Lindorff:

Lindorff has been in the business of helping people manage credit for over 100 years. Its headquarters are located in Oslo, Norway, the same city as Eynar Lindorff founded the company back in 1898. Today it has 4,400 people in 12 countries across Europe helping customers back to a life of sustainable spending. Nordic Capital Fund VIII is a majority shareholder in the company which offers services within debt collection and debt purchase as well as payment and invoicing services. In 2016 Lindorff generated EUR 647 million in net revenue (2015 EUR 534 million). For further information, please visit www.lindorff.com

About Intrum Justitia:

Intrum Justitia offers comprehensive services, including purchase of receivables, designed to measurably improve clients’ cash flows and long-term profitability. Founded in 1923, Intrum Justitia has some 4,200 employees in 21 markets. Consolidated revenues amounted to SEK 6.1 billion in 2016. Intrum Justitia AB is listed on Nasdaq Stockholm since 2002. For further information, please visit www.intrum.com

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Arnaud Martin and Ardian sell Clip Industrie to Forterro and Battery Ventures

Ardian

Paris, June 12 2017 –

Arnaud Martin, CEO of Clip Industrie, and Ardian, the independent private investment company, today announce the sale of Clip Industrie, a publisher of Enterprise Resource Planning (ERP) software for industrial SMEs, to Forterro and Battery Ventures.

US-based Forterro is owned by investment fund Battery Ventures, and already owns a number of ERP software editors around the world which cater to the small and mid-markets. Arnaud Martin will remain CEO of the company and will  continue to support its future development. Ardian has supported Clip Industrie throughout its growth and build-up strategy, notably through the acquisition of software publisher Helios in 2013. Since Ardian took a stake in the company in 2013, Clip Industrie has doubled its revenue while maintaining strong profitability, becoming one of the leading operators in its market.

Ardian and Arnaud Martin have also taken the decision to share the value created during their partnership, with each employee receiving an undisclosed bonus payment. This move highlights both parties’ commitment to responsible investment and shared value creation, rewarding employees for their dedication and contribution to the company’s continued strong performance.

Arnaud Martin, CEO of Clip Industrie, said: “This acquisition is a recognition of both our expertise and the quality of our teams. A new journey is beginning for Clip Industrie, following a fruitful partnership with Ardian which has enabled us to speed up our development and, ultimately, to become part of a global group like Forterro.”

Geoffroy de La Grandière, Director, Ardian Growth, added: “I would like to thank Arnaud Martin for the trust he has placed in Ardian over the years. This transaction is another example of our ability to identify European companies with huge potential and turn them into internationally recognised leaders in their respective fields.”

Morad Elhafed, Partner at Battery Ventures, added: “We have known the Ardian team for a long time, and have built up a close relationship with them over the years. This relationship, along with our respective long-standing presence in the software industry, allowed us to work on a direct process with this opportunity creating value for both parties.”

Financial details are not being disclosed.

ABOUT ARDIAN

Founded in 1996 and headed by Dominique Senequier, Ardian is an independent private investment firm that advises and/or manages $62 billion of assets in Europe, North America and Asia. The company, which is majority-owned by its employees, has always placed entrepreneurial spirit at the heart of its approach and offers its international investors investment performance while participating in the growth of companies around the world. Ardian’s investment philosophy is based on three pillars: excellence, loyalty and entrepreneurship. Ardian relies on a solid international network, with more than 450 employees working in twelve offices in Paris,London, Frankfurt, Milan, Madrid, Zurich, New York, San Francisco, Beijing, Singapore, Jersey and Luxembourg. The company offers its 580 investors a diversified selection of funds covering the entire asset class, with Ardian Fund of Funds (primary, early secondary and secondary), Ardian Private Debt, Ardian Buyout (including Ardian Mid CapBuyout Europe & North America, Ardian Expansion, Ardian Growth and Ardian Co-Investment), Ardian Infrastructure, Ardian Real Estate and Ardian Mandates.

www.ardian.com

ABOUT CLIP INDUSTRIE

Clip Industrie is a leading publisher and integrator of computer-aided production management (CAPM) software for industrial SMEs. Its two vertical ERP software packages, Clipper and Helios, meet the needs of industrial small and medium-sized companies in the aeronautics, automotive, medical, rail and watch making sectors, as well as those of the workshops and subsidiaries of large groups such as Michelin, the Air Force or Eiffage and the numerous subcontractors of Dassault and Airbus. Clip Industrie will celebrate its 2000th  customer at the Paris Air Show in June, and will confirm its number 1 position in ERP software for subcontractors in the aeronautics industry.

www.clipindustrie.com

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