Category Archives: News

HgCapital announces sale QUNDIS of to KALORIMETA

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  • Twelfth realisation from HgCapital 6 Fund, delivering a 3.5x investment multiple and 30% IRR
  • HgCapital has returned over £1.2 billion to clients over the last twelve months with seven exits and multiple portfolio refinancings since the Brexit vote
  • Second realisation by HgCapital’s Munich team over the last 6 months, delivering an overall investment multiple of 2.7x / gross IRR of 32%.  This follows the new investments in Raet and STP completed in 2016

26 April 2017: HgCapital is pleased to announce that it has agreed the sale of QUNDIS, a leading provider of sub-metering solutions in Europe, to a German investment group around KALORIMETA (“KALO”), a leading service providers for climate-intelligent solutions in the buildings sector. Furthermore, HgCapital will retain a minority position in the combined group.

HgCapital initially invested in QUNDIS in May 2012. Headquartered in Germany, QUNDIS was created in 2008 from the merger of QVEDIS (previously part of Siemens) and KUNDO SystemTechnik and currently has more than 250 employees. QUNDIS supplies a comprehensive range of sub-metering and communication devices used to measure, collect and transmit accurate consumption data for heat and water usage at the household unit level, serving the SME independent sub-metering supplier and building technology markets across Europe. QUNDIS’ products are sold in over 30 countries, with the largest markets being Germany and Italy.

Key value drivers during HgCapital’s investment period have been the consolidation of Qundis’ production facilities into a single new state-of-the-art site in 2013, and the development of a highly-advanced gateway and software solutions to offer a comprehensive, market-leading remote read-out solution. Through its technological leadership and reputation as quality leader, QUNDIS has been able to develop further into new customer segments and service offerings on a truly European scale. QUNDIS’ growth also continues to benefit from broader market fundamentals such as the mandatory actual consumption-based billing (under the European Energy Directive), which HgCapital identified as a driver when the initial investment was made. Overall, QUNDIS is a great example of tech-enablement transforming a business.

The realisation of QUNDIS represents the twelfth exit from HgCapital 6 (2009), which has now delivered overall realised returns of 2.3x and a 24% gross IRR. The Fund has returned in cash 120% of the original investment made. The sale follows the successful exit of Zenith announced in January earlier this year, which returned 2.9x / 47% gross IRR, and a number of further realisations from HgCapital 6 are anticipated over the coming months.

The sale of QUNDIS’ continues HgCapital’s strong 20-year long track record of investing in hidden champions in the German market, across the Industrials, Services and TMT sectors. The Munich-based HgCapital team have seen significant activity over the past twelve months including the exit from P&I announced in September last year (which returned 2.3x / 37% gross IRR), as well as the new investments in Raet and STP.

Justin von Simson, Managing Partner HgCapital, and Head of HgCapital’s Munich Office, said: “We are very pleased to have achieved an outstanding result for our clients and furthermore to have identified KALORIMETA group as a strong partner for QUNDIS. We are also excited by the opportunity to continue to work with the existing businesses of the group in the future to build a leading company in the field of intelligent buildings and climate control. We would like to thank the management and employees of QUNDIS for their outstanding work and effort to achieve this outcome”.

Dieter Berndt, CEO at QUNDIS commented: “We very much look forward to working within the new partnership, as we see multiple opportunities for further improving and completing our solution offering. It is our strong conviction that the combination will allow both companies to benefit strongly from their respective expertise and enables us to have an even more attractive value proposition for all our customers”.

Jan-Christoph Maiwaldt, CEO at KALORIMETA commented “This acquisition is another milestone in the company’s digital transformation. My colleague Andreas Göppel and I are very pleased that we have successfully completed the acquisition. We´re now able to offer all parts of the value chain around the subject of smart sub metering and smart building individually or as a full service all over Europe.”

HgCapital were advised by Rothschild, Latham and Watkins, Deloitte, and E&Y

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Almi Invest invests in digital marketplace for timber

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Almi Invest invests two million in start-up timber Stock Exchange, which has developed a digital marketplace for buying and selling wood in Sweden. In the issue of a total of 4.5 million is also participating privatinvesteraren Olof Hallrup.

The money will go to the development and marketing of the marketplace.

Wood Stock Exchange wants to make it easier for buyers and sellers of wood to find each other. Today there is no structured way to trade the timber without the seller often turn to established contacts and competitive bidding is not always sales among buyers.

This would change the Timber Exchange and has therefore built a digital marketplace to handle the timber business in a simple and transparent way. On www.virkesborsen.se to forest owners completely free easily and comparing quotes from various forestry companies to ensure the profitability of forestry.

– It is good for the seller, who can get better prices by reaching more potential customers. But it is also good for the buyer, who gets a better overview of what is available and can streamline their work significantly, says Erik Ydrén, Investment Manager at Almi Invest. The forest industry is currently being digitized, so the company is very timely.

This is the first digital marketplace for wood in Sweden. The vision is a more transparent and accessible timber market where all Swedish forest owners can make wise and business decisions in the sale of timber. A digital marketplace also provides timber buyers the opportunity to streamline their work and gain access to the timber.

– Wood Stock Exchange plays an important role in the interface between forest owners who want to do good business and timber buyers faced increasingly tough competition for wood, says Adam Aljaraidah, CEO and co-founder of Wood Stock Exchange. With Almi Invest and Olof Hallrup as investors, we both capital and expertise is of great importance for our development. Now we have all the prerequisites to make the Swedish timber market more transparent and accessible to all players. A more efficient timber market to enable new products from the forest that can replace fossil-based raw materials.

In connection with the investment goes Sven Wird, many years of technical director at Holmen and Board of Sveaskog, in as Chairman of the Timber Exchange

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Permira Funds Complete Acquisition of DiversiTech

Permira
New York, NY, June 02, 2017
–
Permira, the global private equity firm, announced today that a company backed by the Permira funds
has successfully completed the acquisition of DiversiTech, a leading aftermarket manufacturer and supplier of highly-
engineered components for residential and light commercial heating, ventilating, air conditioning and refrigeration.
Permira will draw on its significant global experience in backing value-added manufacturing and distribution
companies to help DiversiTech expand its product offerings and geographical footprint, both organically and
through acquisition opportunities. DiversiTech’s senior management team, led by Jim Prescott, President & CEO, will remain significant ownersof the company.
About DiversiTech
Founded in 1971, DiversiTech® Corporation
is North America’s largest manufacturer of equipment pads and a leading manufacturer and supplier of components and related products for the heating, ventilating, air conditioning, and refrigeration (HVACR) industry. Headquartered in the Atlanta, Ga.,metropolitan area, DiversiTech’s mission for its wholesaler partners is to simplify the way they work. The Company is focused on growth through internal product development, external partnerships and acquisitions.
Manufacturing a suite of products, which includes a wide range of mechanical, electrical, chemical and
structural parts for HVACR systems, DiversiTech brings unparalleled scaling capabilities and supplier
expertise. The Company holds numerous patents and operates an advanced R&D materials group dedicated to bringing more value to its customers. The Company maintains over 1 million square feet of manufacturing and distribution space in key U.S., Canadian and European locations. DiversiTech has enjoyed a continued history of successful growth and has
acquired industry recognized brand names including Wagner® Manufacturing, Specialty Chemical, EcoPad®, The Black Pad® and SuperSeal™.
More information is available at www.diversitech.com
.
About Permira
Permirais a global investment firm that finds and backs successful businesses with growth ambition.
Founded in 1985, the firm advises funds with a total committed capital of approximately €32 billion (US$35
billion). The Permira funds make long-term investments in companies with the ambition of transforming
their performance and driving sustainable growth. In the past 32 years, the Permira funds have made over
200 private equity investments in five key sectors: Consumer, Financial Services, Healthcare, Industri
als and Technology. Current and past industrial investments for the Permira funds include
chemical manufacturer CABB, micro-irrigation specialist Netafim, containment solutions business Bakercorp, and leading fulfillment solutions provider Intelligrated.
Permira employs over 200 people in 14 offices across North America, Europe and Asia.

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EQT VI to sell Færch Plast to Advent International

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  • EQT
  • EQT VI to sell Færch Plast, a leading provider of customized plastic packaging solutions for the food industry, to Advent International
  • Færch Plast uses highly automated state-of-the-art production facilities and technology to provide customers with a uniquely tailored rigid plastic packaging offering
  • During the ownership of EQT VI, Færch Plast has been transformed into a European leader within its target segments through organic growth, cost improvements, product expansions and increased scale from two add-on acquisitions

EQT VI Limited (“EQT VI”) has entered into an agreement to sell Færch Plast (or the “Company”) to Advent International (“Advent”). Færch Plast, headquartered in Holstebro, Denmark, was founded in 1969 and today offers leading plastic packaging solutions across Europe. The Company operates within three segments; Fresh Meat, Food-to-Go and Ready Meals, and today has leading positions within its target segments.

EQT VI acquired Færch Plast in 2014 with the ambition to drive continued organic growth across Europe, increase profitability through product optimization and explore M&A opportunities to gain immediate scale. During the ownership of EQT VI, Færch Plast successfully executed on these targets through:

  • Strong continued organic growth through launches of new and innovative products
  • Significant investments in the production platform, footprint optimization and sales force expansion
  • Completion of two highly value accretive add-on acquisitions, and extracted significant cost and revenue synergies through implementation of best-practice production standards, an increased product offering and cross-selling
  • Doubling the number of employees

As a result of the value creation initiatives driven under EQT VI’s ownership, Færch Plast has approximately doubled both revenue and EBITDA since the acquisition.

“Færch Plast has been fundamentally transformed from a local champion to a pan-European leader in the rigid plastic trays market during the ownership of EQT VI. This has been a tremendous effort, led by CEO Lars Gade Hansen and his entire organization. Through two highly value-accretive add-on acquisitions, Færch Plast has expanded its product offering across Europe and implemented best-practice production standards to realize significant synergies. With the current platform, we believe Færch Plast is ready for its next growth journey and further internationalization, and we are confident that Færch Plast will continue to succeed in the future” says Mads Ditlevsen, Partner at EQT Partners and Investment Advisor to EQT VI.

“During the sales process, we have been looking for a new owner of the same quality and reputation as EQT, who can help us develop our business further and take Færch Plast to the next level. With Advent, we are convinced that we have found the right global partner, and we are excited about the journey in front of us”, says Lars Gade Hansen, CEO of Færch Plast.

The parties have agreed not to disclose financial details of the transaction. The agreement is subject to customary anti-trust clearance and the transaction is expected to close in Q3 2017.

The sellers were advised by Credit Suisse, FIH Partners, Plesner, PwC and COWI.

Contacts
Mads Ditlevsen, Partner at EQT Partners, Investment Advisor to EQT VI, +45 33 12 45 36
EQT Press Office, +46 8 506 55 334, press@eqtpartners.com

About EQT
EQT is a leading alternative investments firm with approximately EUR 36 billion in raised capital across 23 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.

More information: www.eqtpartners.com 

About Færch Plast
Færch Plast was founded in 1969 and is headquartered in Holstebro, Denmark. The Company is a provider of customized plastic packaging trays for the food industry and manufactures more than 5 billion trays annually. Færch Plast offers a full range of rigid plastic trays within Fresh Meat, Food-to-Go and Ready Meals, and today the Company has leading positions within its target segments across Europe. Færch Plast employs more than 1,100 people with local operations in more than 15 countries.

More information: www.faerchplast.com

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Wendel announces the completion of the sale of 3.6 % of Saint – Gobain’s share capital

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Sale of 20 million Saint-Gobain shares, i.e. 3.6 % of Saint-Gobain’s share capital
Continued shift towards unlisted assets
Full confidence in Saint-Gobain’s strategy reiterated by Wendel
Wendel has completed the sale of 20 million Saint-Gobain shares, i.e. 3.6% of the share capital, representing a total
amount of approximately €1 billion. Wendel now owns a stake of approximately 2.5% in Saint
–
Gobain’s share capital and approximately 4.5% of its voting rights. The existing governance agreements will remain in force.
This sale and the 0.3% of the share capital sold on the market since May 19, 2017, at an average price of €50.113 per
share, represented a total cash inflow of €1.085 billion for Wendel which will complement the resources available to
implement its investment strategy for 2017-2020.
The sale of Saint-Gobain shares achieved today will result in an accounting gain of approximately €100 million booked
in Wendel’s 2017 financial statements. This accounting gain is calculated on all the Saint-Goban in shares owned by
Wendel before the sale, in compliance with IFRS accounting rules.
As part of its share buyback program, Saint-Gobain placeda 1 million share order at the Placement price.
Wendel reaffirms its full support to Saint-Gobain’s strategy, as it confirmed during its investor day held on May 17,
2017, its intention to show margin improvement potential, as cost savings will now amount to at least €1.2 billion
over the 2017-2020 period.
Financial discipline will continue to be a key focus area and Portfolio optimization will be a key
value creation driver thanks to the acceleration of acquisitions (€2 billion over the period) and disposals of non-strategic businesses (€1 billion over the period).
Frédéric Lemoine, Chairman of Wendel’s Executive Board,commented:
“This transaction is in line with Wendel’s strategy to pursue its shift towards unlisted assets.
Our 2017-2017 strategic plan and the attendant value creation goals are intended to deliver a double-digit average rate of return for our shareholders, together with increasing dividend year-on-year and share buybacks, while continuing an investment strategy firmly oriented toward diversification, and preserving the strength of our company’s financial structure. I am very pleased that Wendel can be associated with Saint-Gobain’s development, I am fully confident in the promising
strategic prospects that have just been presented to the market by Saint-Gobain.”
BNP Paribas, Citigroup and Goldman Sachs acted as joint bookrunners of this transaction.
Goldman Sachs is sole global coordinator of the transaction.
Wendel has agreed with them to a lock-up commitment not to carry out a similar
transaction in the market for the next 3 months, subject to certain usual exceptions.

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AAC and management acquire Verasol from Committed Capital and founders

AAC Logo

The management of Verasol Holding B.V. ( “Verasol” ) and AAC Capital ( “AAC” ) today announced the acquisition of Verasol from Committed Capital. Verasol is a successful and fast growing manufacturer of residential verandas, garden rooms and carports in the Netherlands and Germany, with the ambition to become the leading European brand in residential outdoor living. With AAC as a new partner, management of Verasol look forward to accelerate its growth by leveraging on AAC’s extensive experience in brand development and roll-out strategies. The management team of Verasol, led by CEO Cor den Hartogh, will invest alongside AAC.

Verasol develops and produces made-to-order aluminium verandas, garden rooms, window frames, glass sliding systems, carports and accessories under the Verasol brand. The company was founded in 2001 with headquarters in Helmond (The Netherlands) and operates a state-of-art production facility and distribution centre in Wachtendonk (Germany). Over the last years, sales grew double digit supported by the consumer trend to spend more time outside and extend the outdoor season, through extending residential outdoor living space with high comfort levels. The company realizes EUR 25 million in sales and employs ca. 110 employees. Verasol’s distinguishes itself by a complete range of high quality products and related service, at attractive prices. Custom-fit finished products are delivered through selected dealers and own stores, primarily in the Netherlands and Germany.

This is the fifth platform acquisition for AAC’s Benelux focused Fund and fits AAC’s strategy to invest in companies with strong international growth potential.

Cor den Hartogh, CEO Verasol, says:

“Together with Committed Capital and the founder Mr. B. Verhoeven we have successfully expanded our product range and set up a new production facility. AAC’s investment is a validation of the course we have embarked on. In AAC we find a like-minded partner, who shares our ambition for strengthening the Verasol brand and accelerating international growth both in own stores and the dealer network. We have the ambition to become the leading brand in residential outdoor living in selected European countries including the Netherlands, Germany, France, Belgium and the UK. ”

Marc Staal, Chairman at AAC, says:

“We are very excited to have the opportunity to invest in Verasol alongside management. Cor den Hartogh and his team have built a solid business with a broad product portfolio of quality products, lean business processes and dual distribution strategy. We look forward to working with them and using our network and expertise to support the company in its next growth phase”

Albert van der Wal, Partner Committed Capital, says:

“During our investment period we have replaced the founder of Verasol by a new management team. Together with this team we implemented the dual distribution strategy, expanded to Germany, Belgium and France and set up the own production facilities in Germany. This all led to a strong growth of the business. We thank the management team of Verasol for the fruitful and pleasant cooperation and wish Verasol all the best with the new shareholder and the continued growth ambitions.”

Notes to Editors

About Verasol Holding B.V.

Verasol was founded by in 2001 and has grown to become a quality brand for outdoor living. Verasol produces 6.500 garden rooms on an annual basis and employs ca. 110 employees. The company sells a wide range of products in the Netherlands, Germany, France and Belgium through its own store network, selected dealers and distributors.

www.verasol.nl

 

About AAC Capital

With offices in Amsterdam and Antwerp, AAC is a leading Benelux mid-market buy-out firm, which has to-date completed 31 management buyouts. It targets opportunities for majority stakes in profitable, cash-generative companies headquartered in the Benelux. AAC’s deal size is typically between €10 and €150 million, and it is currently investing from its third, Benelux focussed fund. AAC is a growth-oriented investor, with such companies in its portfolio as Desotec, Corilus, Lubbers Transport Group and Hobré Instruments.

www.aaccapital.com

 

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Unison Capital acquires DINAMIX

Unison Capital

It is with great pleasure to announce that on June 1, 2017, Unison Capital Partners IV, LPS and Unison Capital Partners IV(F), L.P. (collectively, “Unison”) have acquired DINAMIX Co., Ltd. (“DINAMIX”).

DINAMIX operates 105 izakayas (Japanese-style bar and restaurant) under some 30 brands, mainly in bustling shopping and entertainment districts. Within the izakaya industry, characterized by a shrinking market due to demographic changes and intensifying competition, DINAMIX has achieved robust growth offering great value for money to customers.

In collaboration with the founder of the business, Unison aims to accelerate the growth of the unique multibrand restaurant operator by offering management resources and capital.

Unison Capital, Inc

Contact
Please direct all inquiries concerning this matter to:
Public Relations
Tel: +81-3-3511-3900

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Ferd invests in fast-growing e-commerce company Boozt

boozt_summer17_w

Ferd has taken a new stake in e-commerce. Boozt AB has today completed an initial public offering (IPO) of its shares on Nasdaq Stockholm. Ferd participated in Boozt’s IPO as a cornerstone investor, which means that prior to the IPO process Ferd guaranteed it would subscribe for SEK 200 million. As a result of this investment commitment Ferd now has a 5.8% ownership interest in the company. This is the first time Ferd has participated as a cornerstone investor in an IPO.

Boozt is a leading and fast-growing Nordic e-tailer that sells fashionable clothes online. The company offers its customers a wide range of well-known brands in the mid to premium segment through Boozt.com, an online-based multi-brand store. Well-known brands include Ralph Lauren, Gant, Eton, Ganni etc.

Boozt has a strong position in the online apparel market. The company’s online store has up to five million visits every month and over 860,000 active customers. Boozt.com is aimed at Nordic customers, primarily fashion-conscious women and men aged 25 – 54. Its customers value a convenient shopping experience combined with a high level of customer service, including a consistent user experience across digital platforms, short delivery times and easy returns.

The company’s headquarters is located in Malmö in Sweden, and at the start of 2017 it had 193 employees from 25 countries. The company’s in-house developed IT platform enables the company to manage the customer experience optimally. Handling and distribution is carried out at the automated AutoStore warehouse in Ängelholm with the assistance of 130 AutoStore robots, which enables the company to offer next-day delivery across most of the Nordic region.

Boozt has achieved strong historical growth of approximately 70 % CAGR over the last two years (2014-2016), and generated a positive operating profit in 2016.

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Partners Group invests in Green Tea Restaurant, a leading casual dining restaurant group in China

Partners Group, the global private markets investment manager, has acquired a substantial minority stake in Green Tea Restaurant (“the Company”), a leading Chinese casual dining restaurant chain, on behalf of its clients. The founders continue to hold the remainder of the equity, in order to support the restaurant chain in the next phase of its growth.

Founded in 2008 with the opening of a single restaurant in Hangzhou, Green Tea Restaurant is today one of the best-known casual dining brands in China. The Company has built a chain of 78 wholly-owned restaurants across 19 cities, mainly in shopping malls. Green Tea, the Company’s main brand, serves Chinese fusion cuisine in a traditional dining environment, while Play King, launched in January 2016, serves a more casual Western menu in a youthful, modern setting. The Company employs over 4,500 people and serves around 15 million customers annually.

Partners Group will draw on its long track record of investment in the food and restaurant sectors globally to support the continued rollout of the Green Tea Restaurant brands in China alongside the Company’s management team and its founders. Post-investment value creation initiatives will include projects aimed at enhancing the Company’s marketing strategy and corporate governance framework, as well as optimizing site selection for new restaurants, with help from Partners Group’s Industry Value Creation and Real Estate teams.

Qinsong Wang and Changmei Lu, the Co-Founders of Green Tea Restaurant, state: “Since its inception, Green Tea Restaurant has operated as a family business and we are extremely proud of the rapid growth it has achieved. To keep pace with this growth, we recognize the need to further institutionalize our business and are very pleased to be welcoming Partners Group as a partner into our business. We have been impressed by the firm’s proven track record in the sector and believe our combined experience will allow Green Tea Restaurant to carry out its ambitious expansion plans.”

Following the transaction, Tim Pihl Johannessen, a Managing Director in Partners Group’s Industry Value Creation team, and Sheng Liu, a Senior Vice President in Partners Group’s Private Equity Asia team, will join the Board of Directors at Green Tea Restaurant.

Sheng Liu comments: “Green Tea Restaurant is a well-established brand in a resilient sector supported by a highly experienced team. The Company’s fast roll-out has been supported by secular trends, such as increasing disposable income and urbanization, as well as by the growing number of shopping malls in China and the expansion of the casual dining sector, which is seen as offering value-for-money dining experiences. We look forward to working with the founders and their team to further tap into this attractive growth market.”

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DIF acquires 125 MW solar project in Australia

Sydney, 30 May 2017 – DIF Infrastructure IV is pleased to announce the acquisition of 100% of the 125 MW Clare Solar PV project from Fotowatio Renewable Ventures (FRV), via a 50 – 50 joint venture with Lighthouse Infrastructure.

Developed by FRV, the Clare Solar Farm is located around 35 km south-west of Ayr in Northern Queensland. The 125MW (DC) photovoltaic solar farm is currently under construction and is scheduled to commence operations in late 2017. The project will create up to 200 jobs during construction and when completed will generate enough electricity to power approximately 42,000 Queensland homes, abating nearly 200,000 tonnes of CO2e emissions annually.

Origin Energy, a major Australian energy company, has entered into a long-term contract to purchase 100% of the electricity output and large-scale renewable energy certificates (LGCs) generated by the project.

Project finance has been provided to the project by NAB and SMBC.

RBC Capital Markets and Société Générale were financial advisers to Lighthouse and DIF in relation to the acquisition and King Wood Mallesons acted as legal adviser.

Marko Kremer, DIF’s Head of Australasia added: “This acquisition represents DIF’s third large scale solar PV project in Australia, and we are delighted to further extend our relationship with FRV following the acquisition of the Royalla Solar Farm in 2016”.

DIF Profile

DIF is an independent and specialist fund management company, managing funds of approximately €3.7 billion. DIF invests in infrastructure assets that generate long term stable cash flows, including PPP / PFI / P3, regulated infrastructure assets and renewable energy projects in Europe, North America and Australia. DIF has offices in Amsterdam, Frankfurt, London, Paris, Luxembourg, Madrid, Toronto and Sydney.

For more information, please contact:

Christopher Mansfield, Partner, Head of Renewable Energy
Email: c.mansfield@dif.eu

Allard Ruijs, Partner, Head of Investor Relations & Business Development
Email: a.ruijs@dif.eu

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