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Bain Capital to Acquire Somacis

BainCapital

Partnership with Chequers and Management Team to Accelerate Growth Agenda across Aerospace & Defence, MedTech and Industrial Technology Applications

LONDON, MILAN – August 7th, 2024 – Bain Capital, a leading global private investment firm, today announced it has agreed to acquire a controlling stake in Somacis, an Italian-headquartered manufacturer of high-mix / low-volume, high-specification and mission-critical printed circuit boards (PCBs) from Chequers Capital, who will reinvest into the Company alongside the management team, led by CEO Giovanni Tridenti. Other terms of the deal were not disclosed.

Somacis’ high-technology PCB solutions, built on strong engineering know-how and developed with client proximity, serve various high-performance end-markets such as Aerospace & Defence, MedTech, and Datacentres / AI, among several others. The business operates across the full value chain, offering R&D prototyping, ramp-up, and end-to-end production. Somacis was founded in 1972 and has expanded in recent years through organic investments and selected, on-strategy acquisitions. It maintains a global footprint composed of five state-of-the-art facilities in Europe, North America and Asia.

Ivano Sessa, a Partner and Co-Head of European Industrials at Bain Capital said: “Given its strength in the market, Somacis is well positioned to benefit from sustainable long-term re-shoring tailwinds which increase the demand for PCBs manufactured in the US and EU. We are pleased to back one of the leaders in its field.”  Giacomo Massetti, a Managing Director at Bain Capital, added: “We look forward to working alongside Giovanni Tridenti, the management team and Chequers to accelerate growth organically and through M&A, drawing on our knowledge of global industrials value chains, and leveraging our internationalization playbook (grounded on our experience with companies such as Fedrigoni and Ahlstrom), as well as our relevant end-market sector expertise (through companies like ITP Aero)”.

Giovanni Tridenti, CEO of Somacis said: “I would like to thank Chequers for their valuable partnership and outstanding work over the past years and am pleased that they will remain invested alongside our fully committed management team as we are joined by Bain Capital. We are excited for Bain Capital to bring its expertise in international development and operational capabilities to further enhance our global reach and help us fulfil our long-term ambitions, which are underpinned by a mix of organic and inorganic strategic growth initiatives, and on the strengthening of the value-add proposition to our customers.”

Philippe Guérin, Chequers Capital’s Managing Partner commented: “Over the past years, we have worked alongside the Somacis management team to strengthen the Company’s operations and positioning and to make strategic acquisitions. We are very pleased to reinvest alongside Bain Capital and such an excellent management team with the goal to become the number one global player in our segment.”

The transaction is subject to approval by regulatory authorities.

Morgan Stanley and Bank of America acted as financial advisors to Bain Capital. Jefferies acted as exclusive financial advisor to Chequers and Somacis, with a team led by Jefferies’ Head of Italy Investment Banking Mauro Premazzi.

About Somacis
Headquartered in Italy, Somacis is one of the leading high-mix, low-volume focused PCB manufacturers, with more than 1,700 employees and production plants in Europe, North America and Asia. For more than fifty years Somacis has been a dynamic company producing high-tech and innovative PCB solutions.
Somacis supplies HDI, rigid, rigid-flex and flex PCBs for mission critical and value-added production requirements for the Aerospace, Defence, and Medical Technology industries. It also supplies high-specification applications in high-mix, low-volume PCBs for other high-growth applications including Datacentres/AI, Advanced Driver Assistance Systems (ADAS), Semiconductor Testing, and other industrial technology applications.

About Bain Capital Private Equity
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 280 investment professionals creates value for its portfolio companies leveraging its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital Private Equity has 23 offices on four continents. Since its inception, the firm has made primary or add-on investments in more than 1,150 companies. In addition to private equity, Bain Capital invests across multiple asset classes, including credit, public equity, venture capital and real estate, managing approximately $185 billion in total assets and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

About Chequers Capital
Chequers Capital is a pan-European investment company with 25 investment professionals focusing on investments in the Benelux, France, the DACH region, and Italy. Founded in 1972, Chequers is one of Europe’s oldest private equity houses with over €3bn of assets under management and investments in more than 350 companies, today investing from fund XVIII. The focus is on companies operating in a B2B environment with strong underlying potential, where it can work with founders and management teams to create robust, well-positioned companies with excellent long-term prospects.

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KKR to acquire majority position in FGS Global to support long-term growth; FGS to become standalone communications and public affairs consultancy

KKR

NEW YORK & LONDON–(BUSINESS WIRE)– KKR today announced the acquisition of WPP’s full equity position in FGS Global (“FGS” or the “Company”), the preeminent global communications and public affairs consultancy. The proposed transaction is supported by FGS management, builds on KKR’s initial minority investment in July 2023, and values FGS at US $1.7 billion. The investment underscores KKR’s deep conviction in FGS’s vision and strategy to be the leading global communications advisor helping clients navigate the increasingly complex stakeholder economy. As a result of the transaction, the equity interest of FGS’s over 500 employee shareholders will be approximately 26% of the company.

Since KKR’s initial minority investment in July 2023, FGS has benefitted from KKR’s access to global resources, network and expertise in building best-in-class global enterprises. Both KKR and FGS are focused on enhancing the Company’s growth and extending its leading position as a global advisor to Boards and C-suites in business-critical situations. FGS will continue to be a partner-led firm, managed by the existing leadership team. KKR is committed to supporting FGS’s ambitious growth plans while ensuring FGS continues to uphold the highest standards of independence, client confidentiality and trust.

Philipp Freise, Partner and Co-Head of European Private Equity at KKR, stated: “Our investment in FGS reflects our strong commitment to strategic partnerships, where we provide long-term capital and global resources to entrepreneurial teams and world-class businesses. We strongly believe in FGS’s strategy and leadership and have been pleased with our partnership since our minority investment in July 2023. In today’s increasingly complex stakeholder ecosystems, the value of FGS’s insight, advice and execution is increasingly essential for organizations to navigate uncertainty and achieve their goals. We look forward to continuing our collaboration and helping FGS realize their vision as a global category leader.”

Alex Geiser, Global CEO of FGS, said: “Our enhanced strategic partnership with KKR is a clear signal of their confidence in our ability to scale and enhance our position as the preeminent consultancy helping leaders successfully navigate the stakeholder economy. With KKR’s reinforced support, we’re poised to accelerate our growth, attract and empower new talent, and further our commitment to value creation that benefits all our stakeholders, especially our clients and employees. Together, we are ideally positioned to lead growth and innovation of the industry as FGS moves into its next phase as a standalone firm.”

Roland Rudd, Global Co-Chair of FGS added: “I would like to thank WPP for their longstanding partnership. I am particularly grateful to WPP Chair Roberto Quarta and WPP CEO Mark Read for their support as we have grown FGS Global into what it is today. I am delighted that KKR is now backing FGS to become the undisputed global leader in our sector.”

KKR is making the investment in FGS primarily through its European Fund VI, an $8 billion fund that invests in the growth of leading businesses by providing access to KKR’s extensive network and business building resources. Recent investments from the European Fund VI include OHB, nexeye, Superstruct and Accountor. One of the core strategies of KKR’s European Private Equity team is investing alongside founders, entrepreneurs and corporates to provide flexible capital for strategic partnership transactions. The FGS investment follows a similar thematic pursued through KKR’s 2021 investment in ERM, the world’s largest global pure play sustainability consultancy.

The transaction is expected to close by the end of the year, subject to regulatory approvals and other customary closing conditions.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com. For additional information about the Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

About FGS

FGS Global is the preeminent global communications and public affairs consultancy, with approximately 1,400 professionals around the world, advising clients in navigating complex stakeholder situations and reputational challenges. FGS was formed from the combination of Finsbury, The Glover Park Group, Hering Schuppener and Sard Verbinnen & Co to offer board-level and C-suite counsel in all aspects of strategic communications — including corporate reputation, crisis management, and public affairs and is also the leading force in financial communications worldwide.

FGS offers seamless and integrated support with offices in the following locations: Abu Dhabi, Amsterdam, Beijing, Berlin, Boston, Brussels, Calgary, Chicago, Dubai, Dublin, Düsseldorf, Frankfurt, Hong Kong, Houston, Kingston, London, Los Angeles, Munich, Paris, Riyadh, San Francisco, Shanghai, Singapore, Tokyo, Toronto, Washington, D.C., South Florida, Vancouver and Zurich. The firm is headquartered in New York.

FGS is consistently ranked a Band 1 PR firm for Crisis & Risk Management and for Litigation Support by Chambers and Partners. For the second year, FGS was ranked #1 Global M&A PR firm by Deal Count and Value in 2023 by Mergermarket.

KKR
Julia Leeger/ Miles Radcliffe-Trenner
media@kkr.com

FGS Global
Dorothy Burwell / Jennifer Loven / Dirk von Manikowsky
mediaglobal@fgsglobal.com

WPP
Chris Wade / Richard Oldworth
press@wpp.com

Source: KKR

 

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EQT to acquire a majority stake in Acronis, a leading cybersecurity and data protection platform for Managed Service Providers and corporate IT departments

eqt

The partnership between Acronis and EQT, the global investment organization, builds upon a shared growth vision, commitment to accelerating the expansion of its platform, and continued focus on customer service

 

Acronis (the “Company”) and EQT are pleased to announce that the EQT X fund (“EQT”) will acquire a majority stake in the Company. The founders, management, and existing investors – including funds and accounts managed by CVC, Springcoast and BlackRock Private Equity Partners – will remain as significant minority shareholders. Acronis is valued in the transaction above the last growth funding round which was completed in 2022.

Founded in 2003, Acronis is a leading IT solutions vendor for Managed Service Providers, offering a natively integrated, highly efficient cybersecurity and data protection platform. In a market where data and workloads are growing and businesses increasingly recognize the importance of cybersecurity, Acronis enables customers to outsource IT capabilities while ensuring high standards of data security, integrity and reliability. Through its Managed Service Providers channel, Acronis is well positioned to continue scaling its network rapidly. With 15 offices around the globe and more than 1,700 employees, Acronis’ network spans over 150 countries enabling over 20,000 Service Providers to protect over 750,000 businesses.

Johannes Reichel, Partner and Co-Head of Technology within EQT’s Private Equity advisory team, said: “Acronis is a strongly positioned cybersecurity and data protection software platform with a clear value proposition to Managed Service Providers. EQT has followed the company’s journey for many years and continues to be impressed by its performance and innovative strength. We are very excited to partner with Acronis, the management team and existing investors on its next phase of growth.”

Ezequiel Steiner, CEO of Acronis, stated: “We are thrilled to have EQT as a major shareholder to support our strategic expansion and share our vision for growth. We would like to thank our existing investors for their support to date and are pleased that many will remain invested as we move forward. But most of all, I’d like to thank the Acronis team for their work in getting us to this stage.”

Commenting on Acronis’ product suite, Phil Goodwin, research vice president of IDC, said: “Data protection is foundational to cybersecurity, and the two are increasingly tightly integrated. Acronis’ architecture of integrated data protection, cybersecurity, and remote management in a single, customizable platform enables MSPs and corporate IT departments to establish robust cyber preparedness for their business with simplicity and reliability.”

The completion of this transaction is pending customary regulatory approvals and is anticipated to take place in Q1-Q2 2025. EQT was advised by Milbank (Legal) and Bär & Karrer (Legal).

With this transaction, EQT X is expected to be 40 – 45 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication).

Contact
EQT international enquiries: Finn McLaughlan, EQT, finn.mclaughlan@eqtpartners.com
EQT DACH enquiries: Isabel Henninger, Kekst CNC, isabel.henninger@kekstcnc.com
Acronis enquiries: Katya Turtseva, Acronis, et@acronis.com

About

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

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

About Acronis
Acronis is a global cyber protection company that provides natively integrated cybersecurity, data protection, and endpoint management for managed service providers (MSPs), small and medium businesses (SMBs), and enterprise IT departments. Acronis solutions are highly efficient and designed to identify, prevent, detect, respond, remediate, and recover from modern cyberthreats with minimal downtime, ensuring data integrity and business continuity. Acronis offers the most comprehensive security solution on the market for MSPs with its unique ability to meet the needs of diverse and distributed IT environments.

A Swiss company founded in Singapore in 2003, Acronis has 15 offices worldwide and employees in 50+ countries. Acronis Cyber Protect is available in 26 languages in 150 countries and is used by over 20,000 service providers to protect over 750,000 businesses. Learn more at www.acronis.com.

 

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Platinum Equity Acquires ASP Global

Platinum

LOS ANGELES (August 6, 2024) – Platinum Equity announced today the acquisition of ASP Global, a leading strategic partner to the healthcare industry that develops, sources and distributes consumable medical products for healthcare providers and distributors.

Financial terms were not disclosed.

Based in Atlanta, ASP leverages its global sourcing network to provide high-quality products that are customized to meet the specific needs of health systems, labs, GPOs and distributors. The company’s capabilities give customers control over the design and functionality of their products, helping them meet patient experience goals in a cost-effective manner.

“By providing direct sourcing solutions featuring customized, quality products, ASP has created an attractive value proposition. Based on our assessment, ASP’s business model has resonated with customers and has significant room for growth.”

Louis Samson, Co-President, Platinum Equity

ASP’s portfolio spans a diverse range of consumable product categories, including: lab supplies, blood collection, wound and injury protection, critical care, staff apparel and rehab mobility.

“Healthcare providers are intensely focused on managing costs and increasing control of their supply chains,” said Platinum Equity Co-President Louis Samson. “By providing direct sourcing solutions featuring customized, quality products, ASP has created an attractive value proposition. Based on our assessment, ASP’s business model has resonated with customers and has significant room for growth.”

Platinum Equity Managing Director Jason Price praised the company’s leadership as key to its success.

“ASP has an experienced management team that has articulated a compelling vision for the future,” said Price. “We have a shared belief in what ASP can become and are excited to get to work.”

ASP Global President and CEO Doug Shaver will continue to lead the company going forward.

“We are proud of the business ASP has built and have ambitious long-term plans to continue growing,” said Shaver. “Platinum’s expanded access to capital, M&A resources and operational expertise can help us achieve our goals and create new opportunities for ASP to serve the evolving needs of our customers.”

“ASP has a lot of runway to continue expanding organically and we expect to be active in pursuit of additional M&A opportunities, too,” added Price.

Platinum Equity currently owns healthcare products distributor NDC, which serves a different part of the medical supplies market. ASP and NDC will operate as separate, standalone companies in Platinum Equity’s portfolio.

Solomon Partners served as financial advisor to Platinum Equity on the ASP acquisition. Latham and Watkins served as legal counsel to Platinum Equity on the transaction.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 50 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 28 years Platinum Equity has completed more than 450 acquisitions.

About ASP Global

With headquarters in the Greater Atlanta Area, ASP Global partners with health systems, labs and healthcare providers to directly develop and source medical-surgical products and patient-preference items. ASP Global provides customized, comprehensive, clinically-sound supply programs that are designed to optimize their customers’ supply chains through streamlined processes, extensive global buying power, and a proven team of clinical, procurement, operations, logistics and regulatory experts.

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OMERS Infrastructure and DWS to acquire Italy’s Grandi Stazioni Retail

Omers Infrastructure

Grandi Stazioni Retail

August 6, 2024 – OMERS Infrastructure and an Infrastructure Investment fund managed and advised by DWS Group today announced that they have signed an agreement to acquire 100% of Grandi Stazioni Retail from Antin Infrastructure Partners, ICAMAP and Borletti Group.

Grandi Stazioni Retail manages the entirety of commercial and advertising spaces in 14 of Italy’s major railway stations and hubs for the high-speed rail network, which collectively receive over 800 million visits a year. The stations include over 800 commercial units, totaling around 190,000 Sqm of leasable space, and over 1,800 media assets.

The investment becomes OMERS first-ever in Italy, its 19th in Europe, and 14th transportation asset globally. DWS has a strong track record in rail transportation, including its investments in Akiem, Streem and Corelink, as well as in Italian infrastructure via its investments in Gruppo SAVE, Rimorchiatori Mediterranei and Ergéa.

Michael Hill, Executive Vice President and Global Head of Infrastructure, OMERS said: “We are delighted to be partnering with DWS to acquire Grandi Stazioni Retail. The acquisition is highly consistent with the OMERS Infrastructure strategy and will be an excellent complement to our world-class portfolio of infrastructure investments.”

Alastair Hall, Head of Europe, OMERS Infrastructure, said: “We’re delighted to acquire Grandi Stazioni Retail, which marks our entry into Italy and further expands OMERS presence in Europe. The investment presents us with an exciting opportunity to grow our exposure to the resilient and dynamic European rail sector. We are hugely impressed by Grandi Stazioni Retail’s management team, their commercial strategy and successful track-record of growth.”

Hamish Mackenzie, Global Head of Infrastructure at DWS, said: “This acquisition is a testament to our commitment to investing in high-quality infrastructure assets. Grandi Stazioni Retail offers a unique platform that aligns with our long-term vision for growth and providing essential services to the passengers and communities served by our portfolio companies, as well as a strong alignment with the key sustainability trend of reduction of transportation emissions, a theme supported by local and European policies. We are particularly impressed by the Grandi Stazioni Retail’s strategic direction and operational excellence of the management team, led by Alberto Baldan. We are excited to partner with OMERS and leverage our expertise and resources to further enhance the value of this asset and ensure it continues to serve as a vibrant travel hub for connectivity.”

The transaction is expected to be completed by the end of the year, subject to certain customary closing conditions and regulatory approvals.

 

Media contacts

OMERS James Thompson

Director of Communications

E: JaThompson@OMERS.com

T: +44(0)7443 264 154

 

DWS

Nick Bone

E: nick.bone@dws.com

T: +44 (0) 20 754 72603

About OMERS Infrastructure

OMERS Infrastructure manages infrastructure investments globally on behalf of OMERS, the defined benefit pension plan for municipal employees in the Province of Ontario, Canada, and third-party investors through its Strategic Partnership Program. OMERS Infrastructure manages approximately C$36 billion, including capital invested on behalf of OMERS and third parties, in approximately 30 investments located in North America, Western Europe, India and Australia, and across sectors including energy, digital and transportation. OMERS Infrastructure has employees in Toronto, New York, London, Amsterdam, Singapore and Sydney.

About DWS Group

DWS Group (DWS) with EUR 933bn of assets under management (as of 30 June 2024) aspires to be one of the world’s leading asset managers. Building on more than 60 years of experience, it has a reputation for excellence in Germany, Europe, the Americas and Asia. DWS is recognized by clients globally as a trusted source for integrated investment solutions, stability and innovation across a full spectrum of investment disciplines.

We offer individuals and institutions access to our strong investment capabilities across all major liquid and illiquid asset classes as well as solutions aligned to growth trends. Our diverse expertise in Active, Passive and Alternatives asset management – as well as our deep environmental, social and governance focus – complement each other when creating targeted solutions for our clients. Our expertise and on-the-ground knowledge of our economists, research analysts and investment professionals are brought together in one consistent global CIO View, giving strategic guidance to our investment approach.

DWS wants to innovate and shape the future of investing. We understand that, both as a corporate as well as a trusted advisor to our clients, we have a crucial role in helping to navigate the transition to a more sustainable future. With approximately 4,600 employees in offices all over the world, we are local while being one global team. We are committed to acting on behalf of our clients and investing with their best interests at heart so that they can reach their financial goals, no matter what the future holds. With our entrepreneurial, collaborative spirit, we work every day to deliver outstanding investment results, in both good and challenging times to build the best foundation for our clients’ financial future.

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Apollo and Vale Enter Into Joint Venture Partnership Related to the Vale Oman Distribution Center

Apollo logo

NEW YORK, Aug. 06, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced a definitive agreement under which Apollo-managed affiliates, funds and other long-term investors will invest $600 million to acquire a 50% interest in a joint venture entity related to the Vale Oman Distribution Center (“VODC”) from Vale S.A. (“Vale” or the “Company”).

VODC operates a maritime terminal in Sohar, Oman, with a large deep-water jetty and an integrated iron ore blending and distribution center with a nominal capacity of 40 Mtpy. Vale will continue to own 100% of Vale Oman Pelletizing Company.

Apollo Partner Jamshid Ehsani said, “We are pleased to provide a bespoke, cost-effective capital solution to an affiliate of one of Latin America’s leading companies, building on the strong momentum of our corporate solutions business. VODC operates at the heart of one of the world’s busiest trade routes and the transaction is another example of Apollo’s ability to finance critical supply chain infrastructure. This investment also further demonstrates our ability to provide our clients with differentiated access to high grade securities.”

The transaction is expected to close in the second half of 2024 and is subject to customary regulatory approvals.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2024, Apollo had approximately $696 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Noah Gunn

Global Head of Investor Relations

Apollo Global Management, Inc.

(212) 822-0540

IR@apollo.com

Joanna Rose

Global Head of Corporate Communications

Apollo Global Management, Inc.

(212) 822-0491

communications@apollo.com

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Bridgepoint agrees sale of investment in Vitamin Well

Bridgepoint
  • Since Bridgepoint partnered with Vitamin Well in 2016, the business has grown revenue twelvefold through international expansion and new product development.
  • The Bridgepoint funds will retain a significant minority stake in the business with a compelling opportunity for substantial value creation in the years ahead.
  • Bridgepoint welcomes Cinven as new lead investor with a mutual vision to continue to support Vitamin Well’s growth aspirations through further international expansion and continued product development.

 

Bridgepoint, one of the leading private asset growth investors, is pleased to announce that the Bridgepoint funds have agreed the exit of their investment in Vitamin Well, the high-growth functional food and beverage business, welcoming Cinven, the international private equity firm, as new lead investor. Through the transaction, Cinven will become the largest shareholder in the company, while Bridgepoint will retain a significant minority shareholding.

Established in 2008 and headquartered in Stockholm, Vitamin Well is a fast-growing functional food and beverage business, offering premium products for health-conscious and active consumers. Today, the company has c. 500 employees, with a broad product portfolio across several brands, including core brands Vitamin Well (vitamin and mineral-enriched drinks), NOCCO (performance energy drinks) and Barebells (protein bars and shakes), which are sold internationally across more than 40 markets.

Since Bridgepoint partnered with the Vitamin Well founders and management in 2016, the company has experienced a period of exceptional growth and development. Bridgepoint has supported the founders and the management team in pursuing international growth, gaining traction in several international markets, including the DACH region, the UK, Spain and the US.

The investment in Vitamin Well was initially made in 2016 by a fund managed by Bridgepoint Development Capital (“BDC III”), Bridgepoint’s lower middle-market strategy. It has been co-owned with Bridgepoint Europe (“BE VI”), Bridgepoint’s middle-market strategy, since 2021 following additional investment. Both funds will retain a significant minority stake in the business going forward.

Christopher Bley and Johan Dahlfors, Partners and Co-Heads of the Nordics at Bridgepoint, said:

“We are proud to have been part of the remarkable growth and transformation that Vitamin Well has achieved, with revenue increasing twelvefold during our partnership, and the company expanding from 50 employees in 2016 to 500 employees today. The Vitamin Well management team and the broader organisation are exceptionally strong and highly motivated, and we have strong conviction in the company’s ability to sustain its growth momentum. We look forward to continuing to work with Vitamin Well and welcome Cinven as a new partner to help support the continued global expansion.”

Jonas Pettersson, CEO and Co-Founder at Vitamin Well, said:

“With Bridgepoint as a partner, we have strengthened our presence in our core market, the Nordic region, and expanded our international presence. We look forward to continuing our journey with both Bridgepoint and Cinven as we further expand our presence globally. With their continued support, we are confident in our ability to innovate, grow and develop, bringing our premium products to even more health-conscious consumers around the world.”

Pontus Pettersson, Partner and Head of the Nordic regional team at Cinven, commented:

“We are delighted to partner with co-founder Jonas Pettersson, the management team and Bridgepoint to support Vitamin Well in its next stage of growth. This is an exciting time for the business – while it has achieved a huge amount in its first 15 years, we think its journey has just begun. Cinven has significant experience investing in both the Consumer sector and the Nordic region, including backing leading businesses to expand internationally, and we believe that we can use this knowledge to support the management team to effectively deliver and achieve their ambitious targets.”

The transaction is subject to customary conditions and regulatory approvals. It is expected to complete in the second half of 2024.

Bridgepoint was advised by Jefferies (M&A), Vinge (Legal), McKinsey (Commercial), PwC (Financial and Tax).

Bridgepoint is one of the world’s leading quoted private asset growth investors, specialising in private equity, infrastructure and private credit.

With over €67bn of assets under management and a strong local presence in Europe, North America and Asia, we combine global scale with local market insight and sector expertise, consistently delivering strong returns through cycles.

Bridgepoint Advisers Limited, a subsidiary of Bridgepoint Group plc, is authorised and regulated by the Financial Conduct Authority.

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CBPE completes sale of Perspective

CBPE

CBPE is pleased to announce that it has completed on the sale of Perspective to Charlesbank, a US middle-market private equity firm, generating a return of 5.4x MoC for Fund IX.

CBPE is pleased to announce that it has completed on the sale of Perspective Financial Group Limited (“Perspective”) to US middle-market private equity firm Charlesbank Capital Partners LLC (“Charlesbank”).

During CBPE’s investment the business has grown significantly from £2.6bn to £8.0bn of assets under management through a focused buy-and-build investment strategy, supported by strong organic growth. Perspective has completed or exchanged on 54 acquisitions since CBPE invested. These have been fully integrated into the group, ensuring consistently high standards of advice whilst enabling all acquisitions to benefit from the significant investments that have been made in central support functions and technology.

The transaction completed on 8 May 2024 following regulatory approval from the FCA. The sale to Charlesbank represents a money multiple of 5.4x CBPE’s original investment in Perspective.

This exit marks the sixth realisation for CBPE’s 2016 vintage Fund IX with a weighted average return across these six exits of 5.1x MoC.

 

We have been delighted to partner with a strong management team at Perspective. The business has developed and grown significantly in its first round of institutional investment, whilst sticking to founding principles, which is exactly the type of journey CBPE looks to support. We take immense pride in what we have achieved together and wish the team the best of luck in the exciting next stage with Charlesbank.

Richard Thompson, Partner
CBPE

 

CBPE’s investment in Perspective was led by Richard Thompson and Harry Hewlett with support from Rachel Milton.

CBPE were advised by: Houlihan Lokey (Corporate Finance), Mayer Brown (Legal), Deloitte (financial, operational and tax diligence), LEK (commercial diligence), Thistle Initiatives (regulatory diligence) and Crosslake (IT).

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greytHR Secures its Largest Investment in Series F Funding from Apax Digital Funds

Apax

greytHR, a full-suite HRMS provider, announced that it has secured a strategic investment from Apax Digital Fund II (“the Apax Digital Funds”), advised by Apax, a leading global private equity advisory firm. The company will use the funds to leverage the significant growth opportunities in the cloud-based HR software market.

greytHR offers 40+ tools for automating HR, payroll, leave & attendance, and performance management, along with an employee self-service portal and mobile app. Serving over 23,000 customers in 25+ countries, it is a comprehensive HR ecosystem featuring HR professionals, experts, and chartered accountants. greytHR’s customer-centric services include a community, training academy, compliance website, resources, webinars, and an award-winning podcast series.

The investment will enable greytHR to further enhance its product portfolio, including adding more strategic HR modules focused on recruitment and talent management, as well as support the company in accelerating growth and expanding into new customer segments, cementing its position as a market leader.

“We’re excited to welcome Apax as part of our growth journey, marking a significant milestone for greytHR. We’re also deeply grateful to MegaDelta and Blume for their support and belief in our vision from the early days of greytHR. As outgoing board members and partners, the spirit of collaboration with Bala, Tarun, Ruchir, Kapel and Karthik is highly appreciated and will be truly missed. In the next chapter of our journey, we look forward to scaling new heights with the backing of Apax and our continuing shareholders Info Edge and GMO. Moreover, we wouldn’t be where we are today without the support of our customers, resellers, affiliates, and the entire greytHR community.” said Girish Rowjee, Co-founder & CEO of greytHR.

“This funding accelerates our plans to enhance customer experience and our R&D efforts by upskilling our employees and expanding our business. In fact, we have already started adding and building out AI-enabled modules and other value-added services to help our customers optimize their investment in greytHR.” added Sayeed Anjum, Co-founder & CTO of greytHR.

Mark Beith, Partner and Shashwat Shukla, Vice President at Apax Digital commented: “Small and mid-sized companies are pillars of the economy but have been underserved by legacy payroll and HCM solutions. greytHR enables businesses to save time and money by moving from complex and error-prone manual work to an automated and accurate next-gen solution with a mobile-first interface that delights employees. Drawing on our experience in the sector from previous Apax Fund investments, such as Paycor and Zellis, and having tracked the company for over two years, we are thrilled to partner with Girish, Sayeed and their team to take greytHR to new peaks.”

Anurag Sud, Managing Director at Apax, added: “greytHR represents the third investment by the Apax Funds, after Azentio and IBS Software, in the Indian software sector. The investment in greytHR is a classic example of the high-quality technology businesses the Apax Funds look to back in India.”

“At my previous firm, MegaDelta Capital, we took an unconventional view in backing greytHR, betting on Girish and Sayeed’s bold vision to disrupt India’s vast and underserved mid-sized companies with cloud-native HR solutions. Under their exceptional leadership, the company has executed with remarkable efficiency, becoming India’s undisputed market leader. As a long-standing board member, I am grateful for the privilege of being their partner on this journey. Now as greytHR embarks on its next exciting phase with Apax, I wish the team continued success and a spectacular journey ahead, filled with stellar achievements.” stated Tarun Sharma, outgoing Board member.

Bala Deshpande, Managing Director at MegaDelta added: “MegaDelta identified the potential of Indian SaaS at the right time and partnered with greytHR among others. The entrepreneurs Girish and Sayeed have a unique blend of great tech skills and a deep understanding of the Indian market which proved to be a winning edge for investors. We at MegaDelta used our experience of scaling disruptive companies to the fullest in greytHR. Overall, a wonderful journey and investment.”

Karthik Reddy, Co-founder and Managing Partner at Blume Ventures added, “We are very happy for Girish, Sayeed and the entire greytHR team. Finding a deep believer and strategic partner in a world class firm like Apax is a testament to the solid foundation of the business, that’s primed for substantial growth. As their first investor, we enjoyed the gritty build out over a decade of partnership, and would’ve loved to partner for many more years if not for fund life limits. We are grateful for being partners in their journey and the handsome returns for Blume investors.”

As part of the transaction, Mark Beith and Shashwat Shukla will join greytHR’s board of directors. The transaction is expected to close in Q3 2024 subject to customary closing conditions.

Ambit acted as the exclusive financial advisor to greytHR.

Global media contact

Katarina Sallerfors

t: +44 20 7872 6300

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TP Tuned and Vortex form strategic partnership to drive next phase of growth

Vortex

msterdam, 5 august 2024 – TP Tuned, a boutique specializing in transfer pricing automation based in Amsterdam, has entered into a partnership with the investment firm Vortex Capital Partners. Vortex will support TP Tuned’s ambition to become the leading provider of transfer pricing documentation services and software. Vortex will assist in expanding the company’s offerings across global markets.

 

TP Tuned was established in 2015 to address the need of large multinationals for a more efficient approach to transfer pricing, with a particular focus on automating transfer pricing documentation. Transfer pricing regulations aim to ensure that multinationals report a fair amount of profits in the countries where they operate. To evidence that profits are allocated fairly, multinationals are required to prepare complex annual documentation, involving significant time and costs.

 

TP Tuned enables the automated preparation of complete, consistent, and locally compliant transfer pricing documentation. The company with its 20 team members serves many multinationals around the globe, including companies such as TomTom, Stahl, Avnet, Ravago and Stanley Black & Decker. Together with Vortex, which will become a majority shareholder alongside management, the company plans to invest significantly in expanding its business internationally—both organically and potentially through new acquisitions. Additionally, TP Tuned aims to continue enhancing its proprietary software with additional functionalities.

 

Lennart van den Kommer, CEO of TP Tuned, is enthusiastic about the partnership: “TP Tuned has a proven offering and a loyal customer base. Together with Vortex, we can serve more clients in additional countries and expand our software offering. Vortex brings extensive experience and expertise that will support our growth. I am excited to collaborate with the Vortex team and look forward to this next phase of growth.”

 

Evert Jan de Groot, Managing Partner at Vortex, is excited about the collaboration: “The proprietary software, combined with TP Tuned’s deep knowledge of transfer pricing, makes the company both relevant and appealing. Over the years, TP Tuned has proven to be a valuable partner for its international clients. We are eager to collaborate with the TP Tuned team to support their continued growth in the coming years. Our strategy is to leverage this partnership to drive innovation and broaden our international presence, ensuring that TP Tuned remains at the forefront of the industry.”

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