Category Archives: News

AURELIUS portfolio company Minova strengthens presence in Latin America through acquisition of Itabolt

Aurelius Capital

New York/London/Luxembourg, August 5, 2024 – Minova, an AURELIUS Private Equity portfolio company, has acquired Itabolt in Brazil, a family-owned manufacturer of special roof support bolts for underground mining founded in 1970. The acquisition further strengthens Minova’s presence in Latin America and will allow the company to expand its share of emerging global metals markets in Brazil, Peru, Colombia and Chile.

Itabolt offers an almost complete high-quality product portfolio, a large area for expansion on its site, and a strong reputation in the local market. The ability of its engineers to develop bespoke products according to customers’ requirements will complement Minova´s offering and provide a competitive advantage in the regional market.

“The acquisition of Itabolt not only allows us to strengthen our activities in the important Latin American market with a local production footprint, but also significantly enhances our capabilities within the Metals segment. Supported by AURELIUS, we aim to further expand in the region and look forward to welcoming Itabolt into the Minova family”, commented Ryan Kerr, CEO of Minova.

Since being backed by AURELIUS, Minova has grown and expanded, successfully integrating the Spain-based steel ground support manufacturing company Bulteck in 2023. With the support of AURELIUS Operations Advisory, the company continues to focus on the Metals, Non-Metals and Infrastructure segments.

“Minova is on an exciting growth trajectory. Itabolt marks the first add-on acquisition in Latin America, and together with Minova´s existing sales offices in Chile & Mexico this will accelerate the expansion in the region. The recent opening of an AURELIUS office in New York means that expertise located in the Americas is available if needed. Going forward, Minova will continue its efforts to assess further M&A potential”, commented Andrzej Cebrat, Managing Director at AURELIUS European Opportunities IV.

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Equistone invests in loss adjusting and claims solutions group QuestGates

Equistone

Equistone Partners Europe (“Equistone”), one of Europe’s most active mid-market private equity investors, today announces its investment in QuestGates, the UK’s largest independent provider of complex loss adjusting and claims solutions.

QuestGates is headquartered in Birmingham and operates out of 12 offices across the UK and Ireland. Founded in 2003, the company has evolved over the past two decades from a niche loss adjusting provider into a professional services business providing multi-disciplinary loss adjusting, claims handling, surveying, engineering and legal services. QuestGates employs c.500 people and generated revenues of £41 million in the 2023/24 financial year.

QuestGates’ management team, led by CEO Chris Hall, will continue to lead the company and, alongside the wider team of QuestGates employees, remain majority shareholders in the business. Equistone’s significant minority investment in the company will support the continued delivery of QuestGates’ existing growth strategy. This will comprise both organic growth initiatives, such as further diversification into wider specialist claims services and development of the company’s proprietary suite of technology products, as well as continued acquisitive growth, building on the 18 M&A deals completed by QuestGates since 2003.

Equistone has invested over €1bn in 14 financial services businesses across Europe, with extensive experience across asset-light service-provider models. Dominic Geer and Tristan Manuel will join the board of QuestGates, complementing the management team’s expertise within the loss adjusting industry.

Tristan Manuel, Director at Equistone, said: “We are delighted to be partnering with Chris and his team to support the next chapter in QuestGates’ growth. The company has a highly experienced leadership team with strong networks and also boasts a track record of long-term organic growth and successful M&A activity. That combination presents a fantastic opportunity for Equistone to help QuestGates continue to evolve its service offering, grow its client base and consolidate a fragmented market.”

Dominic Geer, Senior Partner at Equistone, said: “Equistone has invested widely across the financial services sector and, in a complex market where subject-matter specialism is a real differentiator, we can offer the benefit of this experience to the companies we back. Insurance is a particularly attractive market currently. The non-cyclical nature of claims volumes, from which loss adjusting revenues are derived, means that businesses like QuestGates are resilient to the kind of economic and geopolitical shocks which currently face every business.”

Chris Hall, Chief Executive Officer of QuestGates, said: “Over the 20 years since incorporation, QuestGates has grown to be a leader in the UK loss adjusting and claims sector. We undertook an extensive review to identify a partner who could provide the capital and support that would allow us to maintain our growth and continue investing in innovation and service quality. With its long-term approach, track record of supporting UK financial services businesses and cultural alignment around our focus on our customers and staff, Equistone is the right fit as the partner to support the next phase of our development.”

Completion of the transaction is subject to the customary regulatory approvals. Dominic Geer, Tristan Manuel, Taha Hasan and Steve O’Hare led the transaction on Equistone’s behalf. Equistone was advised by Hines Associates, Deloitte, PwC and DLA Piper.

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Mallinckrodt Reaches Agreement to Sell Therakos Business to CVC

CVC Capital Partners

DUBLIN and LUXEMBOURG – August 5, 2024 – Mallinckrodt plc (“Mallinckrodt” or the “Company”), a global specialty pharmaceutical company, and CVC Capital Partners (“CVC”), one of the world’s leading investment firms, today announced that they have entered into a definitive agreement1 under which CVC Capital Partners Fund IX will acquire the Company’s Therakos business for a purchase price of $925 million, subject to customary adjustments.

Therakos is a fully integrated extracorporeal photopheresis (ECP) delivery system for autologous immunomodulatory therapy. With approvals for use in the U.S., Canada, Europe, Japan, Australia and Latin America, it is the platform-of-choice among healthcare providers and patients to treat a range of immune-related diseases. CVC has deep expertise in healthcare and a global portfolio of life sciences businesses spanning pharma, med-tech and healthcare services. The firm intends to make additional investments in the continued research, development, indication expansion and geographic expansion of Therakos.

Under the terms of the agreement, key employees who work on Therakos will transition with the business and continue supporting the product and its stakeholders.

Quotes

We see significant opportunities ahead to expand Therakos’ indications, enter new geographies and bring this innovative treatment to more patients around the world.

Cathrin Petty and Phil RobinsonCVC’s Healthcare Team

On behalf of CVC’s Healthcare team, Cathrin Petty and Phil Robinson said, “We see significant opportunities ahead to expand Therakos’ indications, enter new geographies and bring this innovative treatment to more patients around the world. We look forward to working closely with the talented Therakos team and adding this best-in-class ECP system with an unparalleled efficacy, safety and tolerability profile to our portfolio of healthcare businesses.”

“Today’s announcement underscores our commitment to executing on our strategic priorities and creating value for our stakeholders,” said Siggi Olafsson, President and Chief Executive Officer of Mallinckrodt.

“This transaction provides the Therakos business with an ideal partner to invest in its continued growth, and we look forward to closely working with CVC to transition Therakos for the benefit of patients, healthcare providers, partners and employees. I thank the Therakos team for their ongoing commitment and dedication to improving the lives of patients.”

Mallinckrodt intends to use net proceeds from the transaction to reduce its net debt by more than 50%. The transaction is expected to close in the fourth quarter of 2024, subject to regulatory approvals and other customary closing conditions.

Advisors
Lazard is serving as Mallinckrodt’s financial advisor, and Wachtell, Lipton, Rosen & Katz is serving as primary legal counsel, with Arthur Cox serving as counsel in Ireland and A&O Shearman serving as counsel in other international geographies.

UBS is serving as CVC’s financial advisor, together with Freshfields Bruckhaus Deringer (legal counsel), PWC (financial) and Candesic (commercial).

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Quantum Capital Group to Acquire Cogentrix from Carlyle for $3 Billion

Carlyle

Cogentrix Platform Consists of 11 Natural Gas-Fired Power Plants, Comprising 5.3 Gigawatts of Efficient and Reliable Capacity Across Key U.S. Markets

 

HOUSTON – August 5, 2024 – Quantum Capital Group and its affiliates (“Quantum”) today announced that it has entered into an agreement to acquire Cogentrix Energy (“Cogentrix” or the “Company”), a premier U.S. independent power producer, from funds managed by Carlyle (NASDAQ: CG) for a total consideration of approximately $3 billion. The Cogentrix platform is comprised of 5.3 gigawatts of efficient and flexible natural gas-fired power plants, located throughout PJM, ERCOT, and ISO-NE, which support the reliability, resiliency, and affordability of the U.S. electricity market.

Headquartered in Charlotte, North Carolina, Cogentrix has a multi-decade track record of successfully acquiring, developing, constructing, operating, and optimizing conventional and renewable power generation assets throughout the U.S. Following transaction close, the Company will continue to be led by current CEO John Ragan and the existing Cogentrix management team.

“We are at a critical juncture in the evolution of the domestic power market. Electricity demand is rapidly increasing thanks to explosive growth in data centers and AI, the reshoring of manufacturing, and the electrification-of-everything,” said Wil VanLoh, Founder and CEO of Quantum. “This growth is occurring at the same time our grid is becoming more unstable with additions of intermittent renewable power and continued retirements of coal-fired generation. Now more than ever, we need reliable and efficient power infrastructure. This is what the Cogentrix assets provide.”

Michael MacDougall, Partner at Quantum, said: “We are thrilled to partner with the Cogentrix team. Having stewarded more than 18 gigawatts of assets over its 40+ year history, the Company is a proven leader in building, managing, and optimizing power generation assets of all technology types. We expect to meaningfully grow the Cogentrix platform, with a focus on gas-fired power generation, renewables, and battery storage. Our goal is to deliver clean, reliable, and affordable power to customers.”

Matt O’Connor, a Partner within Carlyle’s Global Infrastructure team, added: “This is a win-win transaction for everyone involved as Cogentrix begins its next chapter of growth with Quantum. We are proud of the significant transformation Cogentrix has achieved under our ownership. We wish John and his team continued success as they expand their platform and seize numerous opportunities in the rapidly evolving U.S. power sector.”

“We are pleased to have supported Cogentrix’s efforts to establish decarbonization objectives for its fleet of natural gas-fired power generation assets while continuing to support grid reliability, a critical balance required to effectuate the energy transition,” said Pooja Goyal, CIO of Global Infrastructure at Carlyle. “This successful transaction is a testament to the deep sector expertise of our energy and infrastructure platform at Carlyle. We look forward to continuing our investment activities in this rapidly growing area, including partnering with our management teams on growth opportunities and deploying capital in new investments.”

“We are grateful for Carlyle’s partnership, which has provided us with the tools and capabilities to capture a growing opportunity set within the U.S. power market,” said John Ragan, CEO of Cogentrix. “As we look to the future, we are confident Quantum’s deep knowledge of the energy markets, successful track record of business building, and risk management capabilities will drive significant long-term value for our customers, employees, investors, and other stakeholders.”

Guggenheim served as Quantum’s financial advisor while King & Spalding and Vinson & Elkins provided legal advice to Quantum. Lazard served as Carlyle’s financial advisor and Latham & Watkins as legal advisor.

The transaction is subject to customary regulatory approvals and is expected to close between the fourth quarter of 2024 and the first quarter of 2025.

 

About Quantum Capital Group

Founded in 1998, Quantum is a leading provider of private equity, credit, and venture capital to the global energy and energy transition industry, having managed together with its affiliates more than $27 billion in equity commitments since inception. For more information on Quantum, please visit www.quantumcap.com.

 

About Cogentrix

Founded in 1983, Cogentrix is a leading independent power producer with a long track record of successfully acquiring, developing, constructing, operating and improving power generation assets across the United States. Further information is available at www.cogentrix.com.

 

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $435 billion of assets under management as of June 30, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

 

Contacts

Quantum Capital Group

Kate Thompson / Erik Carlson / Madeline Jones

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

 

Carlyle

Brittany Berliner

(212) 813-4839

Brittany.Berliner@carlyle.com

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Waterland Private Equity invests in Alphitan to consolidate its presence in France and across Europe

Waterland

Paris, 2 August 2024 – In order to pursue and accelerate its development, Alphitan announces the signature of a growth partnership with pan-European investment fund Waterland, which becomes a shareholder alongside founders Jean-Louis Yang, Jérôme Siat and the company’s main managers.

Founded in 2007 in Bordeaux, Alphitan is one of Europe’s leading providers of maintenance services for electronic systems and electric motors of industrial and embedded equipment. It operates on behalf of numerous customers in a wide range of sectors, including the agri-food, rail, semiconductor, aerospace and automotive industries.

Since its creation, the Group has successfully achieved growth, and is expected to reach a turnover of €45 million this year. This growth is the result of the combination of an organic development in a market where the major industrial players’ growing ESG concern is encouraging repair over replacement. It also results of external growth operations successfully carried out in France and internationally with the acquisitions of ID Rep (2011) and Antecs (2015).

Waterland will enable the Group to accelerate its development, notably through targeted international acquisitions and investment in cutting-edge innovations, such as predictive maintenance, and thus strengthen Alphitan’s position as a reference in the maintenance of complex electronic systems on a European scale.

“We are delighted to achieve a new milestone alongside Waterland. We are convinced that Waterland is the right partner to accelerate our international development and complete our service offering, while preserving the company’s DNA in technical excellence and innovation,” emphasize Jean-Louis Yang and Jérôme Siat, respectively Chairman and CEO of Alphitan.

“We were impressed by Alphitan’s unique technical know-how, recognized by the most demanding customers in both industry and embedded systems. This strong differentiation makes Alphitan a solid platform capable of successfully carrying out a consolidation project in France and Europe, in a highly fragmented market benefiting from strong tailwinds” declares Louis Huetz, Partner at Waterland.

About Alphitan
Founded in 2007 in Bordeaux, Alphitan is one of Europe’s leading providers of maintenance services for electronic systems and electric motors (in particular servomotors) for industrial equipment and on-board electronic systems for customers operating in a variety of sectors (agri-food, railways, semi-conductors, aeronautics, automotive).

The Group operates in France, Germany and Italy, serving over 4,000 customers and 2,500 industrial sites via 11 operating sites and 350 employees.

The group invests significantly in R&D to keep its technicians and engineers at the cutting edge of the various technologies developed by major OEMs.

For more information: https://www.alphitan.com/

About CAPZA
Created in 2004, CAPZA1 is an established European private investment platform focused on small and mid-cap companies.

With €9 billion of assets2, CAPZA puts its experience and passion for investing at the service of investors in Europe and worldwide with its platform of 6 complementary areas of expertise: Growth Tech, Flex Equity, Flex Equity Mid-Market, Private Debt, Transition3 and Artemid4.

CAPZA offers financing solutions to small and mid-cap companies at every stage of their development. Its unique platform allows CAPZA to support companies over the long term by providing them with custom made financing solutions (majority equity, minority equity, subordinated debt, senior debt, etc.). CAPZA is a generalist but has built up strong expertise in supporting companies in the health, technology and services sectors.

CAPZA Group has more than 110 employees based in Paris, Munich, Madrid, Milan and Amsterdam.

More info: www.capza.co

1 CAPZA (formerly Capzanine) is the commercial name of Atalante SAS
2 of which assets managed by a third party and advised by Artemid SAS, valuations as of 31/03/2024 also including funds raised until June 2024.
3 The funds of the CAPZA Transition range are managed by the asset management company CAPZA, and advised by CAPZA Transition SAS which has financial investment advisor status (CIF in France) and is registered under the Orias under the number 18001601 since 03/23/2018.
4 Artemid SAS is a fully owned subsidiary of CAPZA. It is a financial investment advisor (CIF) registered with ORIAS under number 14003497 since 28 May 2014. Artemid SAS advises the Artemid Senior Loan funds which are managed by CAPZA and France Titrisation (only the first vintage is managed by France Tritisation).

Press Contacts
Camille Billiemaz, waterland@the-arcane.com +33 6 31 58 82 37
Laurence Van Doosselaere, vandoosselaere@waterland.be +32 479 77 57 68

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CTAIMA and e-coordina join forces and secure strategic investment from Hg

HG Capital

arragona and San Sebastian, Spain. 2 August 2024. CTAIMA, a leading provider of software and specialised services for contractor management, health & safety, ESG and compliance, today announces that it has joined forces with e-coordina, a leading provider of contractor management software and services in Spain. As a result of this transaction Hg, a leading investor in European and transatlantic software and services businesses, will become a strategic investor in the combined business.

(This press release is also available in Spanish.)

Headquartered in Tarragona, Spain, CTAIMA was founded in 2003 as a consulting firm providing legal and health & safety advice. Today the business has evolved into an international SaaS platform and provider of contractor management software, with one of the largest global networks of contractors and suppliers, seamlessly connecting over 100,000 contractors and subcontractors, with over 1,000 clients across 17 countries worldwide.

Lorenzo Zavala, co-CEO of CTAIMA, said: “Our mission is to empower professionals to create safer and more responsible organisations, with a commitment to every individual managing these risks. Bringing CTAIMA and e-coordina together will create a contractor compliance champion in Spain and Portugal, with a highly complementary product suite and one of the largest combined networks in the region, connecting 2,000 buyers with over 160,000 suppliers across Iberia.”

Luis de los Santos, co-CEO of CTAIMA, said: “This is a very exciting day for us and an important milestone for both CTAIMA and e-coordina. We are grateful to our teams, customers and partners, who have been key in our trajectory of growth over the last two decades and with whom we’ll continue partnering to help organisations become safer, more responsible and more sustainable. Hg is a world-class software investor and their support and experience will help us to reinforce this mission, enhancing our service offerings and expanding into new regions.”

Founded in 2007 and based in San Sebastian, e-coordina is a leading provider of contractor management software and services in Spain, providing customers with supplier and external worker compliance management & access control, as well as management of occupational risk prevention.

Iñigo Martinez, founder of e-coordina, said: “We’re really excited about joining forces with CTAIMA to create the best platform in Iberia, bringing more innovation to benefit our many thousands of buyers and suppliers, who are fulfilling highly critical services every day.”

CTAIMA has experienced rapid growth in recent years, driven by its commitment to innovation and customer satisfaction. Hg’s investment will further support this growth and expansion into new countries across Europe, enhancing its product offering – including the integration of GenAI – and reinforce CTAIMA’s position as a leading provider of environmental, risk and safety management software.

Christopher Fielding, Partner and Louis Kinsella, Director at Hg, said: “Hg has been investing in legal and compliance software for over two decades. This experience enabled us to identify CTAIMA and e-coordina as high-quality businesses with enormous potential to expand in this sector. We are also delighted to invest in our first Spanish software platform and look forward to working with Lorenzo, Luis and their stellar management team.”

The terms of the transaction have not been disclosed.

For further information, please contact:

CTAIMA and e-coordina:
Mar March
Email: mmarch@ctaima.com

Hg:
Tom Eckersley
Email: tom.eckersley@hgcapital.com

About CTAIMA

CTAIMA is a leading provider of software and specialized services for contractor management, health & safety, ESG, and compliance. CTAIMA orchestrates one of the largest global networks of contractors and suppliers, seamlessly connecting over 100 thousand contractors and subcontractors with over a thousand clients worldwide. https://www.ctaima.com/

About e-coordina

e-coordina is a leading provider of contractor management and health & safety software and tech-enabled services. With offices in San Sebastián, Madrid, Portugal and Colombia, e-coordina manages one of the largest networks of clients and suppliers in Iberia, offering high quality services to help manage mission-critical processes for its customers. https://www.e-coordina.es/

About Hg

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well.

With a vast European network and strong presence across North America, Hg’s 400 employees and around $70 billion in funds under management support a portfolio of around 50 businesses, worth over $150 billion aggregate enterprise value, with around 110,000 employees, consistently growing revenues at more than 20% annually. https://hgcapital.com/

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ZEMA Global Data Corporation Secures Significant Growth Equity Investment from FTV Capital

FTV Capital

Industry veteran Andrea Remyn Stone named as CEO to drive business expansion for leading enterprise data and analytics platform serving the energy and commodities industry

Vancouver, British Columbia – July 9, 2024 – ZEMA Global Data Corporation (formerly ZE PowerGroup), a leading provider of enterprise data management and analytics for the commodity and energy sectors, today announced it has secured a significant growth equity investment from FTV Capital, a sector-focused growth equity investment firm with a successful 25+-year track record of investing in enterprise and financial technology. Formerly known as ZE PowerGroup, the company has been renamed ZEMA Global Data Corporation to reflect its position in the highly dynamic global energy and commodities market.  FTV Capital’s investment will enable ZEMA to expand its global presence and serve a rapidly growing customer base as the energy transition fuels demand for increasingly complex data and analytics.

Alongside FTV Capital’s investment, ZEMA also announced the appointment of Andrea Remyn Stone to the role of chief executive officer, effective immediately. Most recently, Stone was the CEO of the data and analytics division of the London Stock Exchange Group (LSEG), where she accelerated the growth of its data and analytics division (formerly Refinitiv) while reshaping the business portfolio and refocusing large scale data and desktop platforms. Stone led transformations with several global fintech organizations including Bloomberg, S&P Global, Dealogic and ION. In 2022, she was named to the inaugural TabbFORUM 40 Top Innovators in Financial Markets.

Dr. Zak El-Ramly, founder and former CEO of ZEMA, will remain actively involved in the business, assuming the role of chairman of ZEMA and working alongside Stone to continue driving the company’s vision and strong growth trajectory.

“Andrea’s immense expertise and proven track record of growing and scaling innovative data companies make her an excellent fit to chart our next chapter of growth,” said Dr. Zak El-Ramly, founder of ZEMA Global Data Corporation. “With FTV’s investment, we gain not only vital growth capital but also a partner that brings value-added insights and a vast network to help us deliver our award-winning platform to an expanding global customer base across multiple industries.”

ZEMA is a trusted provider of enterprise data and analytics solutions to large multi-national organizations, enabling them to unlock the full potential of their energy and commodities data. ZEMA’s suite of solutions offers highly configurable data management and curve analytic solutions that eliminate complexity and expense while automating mission critical workflows that drive high-value decisions surrounding physical and financial commodity and energy needs. In its next expansion phase supported by FTV Capital’s investment, ZEMA will broaden its capabilities and customer support worldwide, advance product development and further innovate its analytics and automation solutions.

“ZEMA’s long standing reputation for high quality and integrity has earned industry awards and top rankings, supported by a culture with a passion for data and deep trust in its people,” said Stone. I’m excited to pursue opportunities to deepen our analytics offering and enhance our services to better serve clients and to help the industry realize its potential in this next chapter of growth ahead.”

“As the global energy transition accelerates, there is a growing demand for solutions like ZEMA’s,” said Robert Anderson, partner at FTV Capital. “We have long admired Andrea’s industry leadership and look forward to collaborating with her and the rest of the ZEMA management team as they expand their business to better serve the multi-trillion-dollar energy and commodities trading industry.”

“ZEMA has established itself as a leading provider of enterprise data and analytics solutions that automate workflows and deliver tangible ROI for customers,” said Brent Fierro, principal at FTV Capital. “We’re excited for the opportunity to partner with ZEMA to help the company meaningfully scale, invest in customer-centric initiatives and further solidify its strong offering in the market.”

Alongside existing board members Dr. Zak El-Ramly (chairman), Aiman El-Ramly and Nader El-Ramly, as part of this growth investment, Robert Anderson, partner at FTV Capital, Brent Fierro, principal at FTV Capital, Payam Vadi, vice president at FTV Capital, and Andrea Remyn Stone (CEO), joined ZEMA’s board of directors.

D.A. Davidson served as exclusive strategic and financial advisor to ZEMA Global Data Corporation. Financial terms were not disclosed.

About ZEMA Global Data Corporation

ZEMA Global Data Corporation is a leading provider of data, analytics and curve solutions, empowering organizations to harness the power of data for informed decision-making and strategic growth. With a commitment to innovation and client success, ZEMA delivers unparalleled value to its global clientele.

About FTV Capital

FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 140 portfolio companies,  including BillingPlatform, Derivative Path, EBANX, Kore.ai, ReliaQuest, True Potential and Vagaro, and successfully exited/partially exited companies including CardConnect (acquired by First Data), Centaur (acquired by Waystone Group), Egress (acquired by KnowBe4), Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), Strata Fund Solutions (acquired by Alter Domus), VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York, Connecticut and London. For more information, please visit www.ftvcapital.com and follow the firm on LinkedIn.

Media Contacts:

Prosek Partners on behalf of FTV Capital
Alexa Ottenstein
pro-ftvcapital@prosek.com
646-818-9051

ZEMA Global Data Corporation
Michelle Mollineaux
michelle.mollineaux@ze.com

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Enstall expands into Germany with the acquisition of Schletter

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Rivean

Welcomes Avenue Capital and Robus Capital as new Shareholders 

1 August 2024

Amsterdam, Netherlands and Kirchdorf, Germany – Enstall, the global leader in rooftop solar mounting solutions, announced today the acquisition of Schletter Group (“Schletter”), a Germany-based provider of solar mounting systems. Financial terms of the transaction were not disclosed. Schletter’s current shareholders, Avenue Capital Group and Robus Capital will become minority shareholders in Enstall to support the company’s long-term strategic ambitions, working in close partnership with existing shareholders Blackstone and Rivean Capital.

Founded in 1968 and headquartered in Kirchdorf, Germany, Schletter is a global provider of solar mounting systems, having supplied over 55 GW of solar installations worldwide. The company’s product portfolio caters to roofs, façades, carports, and ground-mounted solar installations, including trackers and fixed-tilt systems.

The transaction represents a major step in executing on Enstall’s growth strategy, following its acquisition by Blackstone and Rivean Capital in 2022. The transaction will strengthen Enstall’s footprint in Germany and Central Europe, and establish Enstall as the one-stop-shop global solar mounting powerhouse, with a product portfolio covering both rooftop and ground-mount segments.

Stijn Vos, CEO of Enstall, said: “On behalf of the Enstall team, I would like to welcome all Schletter employees to the Enstall family. Schletter is the long-standing solar mounting champion of Germany, with a strong reputation for quality and innovation. We are looking forward to combining our expertise to achieve our shared vision of accelerating solar adoption to deliver solar, sooner.”

Florian Roos, CEO of Schletter, added: “Enstall shares our long-term commitment to sustainable solar energy for future generations. Everything we do is guided by our dedication to improving durability, safety, sustainability, and the quality of our solar mounting systems, in support of achieving a transition to green energy. The partnership with Enstall will strengthen the combined innovation capabilities, and enable us to serve our customers with a broader portfolio of products and digital solutions globally.”

Juergen Pinker, Senior Managing Director at Blackstone and Maurits Boomsma, Senior Partner at Rivean Capital, commented: “With this transformational acquisition, Enstall establishes a strong presence in Germany, Europe’s largest solar market, and expands into the attractive ground-mounted solar segment. Following Enstall’s acquisition of Sunfer in 2023, this deal demonstrates the continued strong momentum the company has in executing its growth strategy. We welcome Avenue Capital and Robus Capital as minority investors in Enstall, who have been long-standing supportive owners of Schletter.”

The transaction is expected to close in the second half of 2024 or early 2025, subject to customary closing conditions, including regulatory approvals.

J.P. Morgan is acting as financial advisor to Schletter.

—

About Enstall

Enstall is a leading provider of professional rooftop solar mounting solutions for both residential and commercial PV installations. We sell our solutions across the US, Europe, and Latin America through our distribution partners and to larger EPC, integrator, and installer clients directly. The breadth of our solutions portfolio, including leading brands IronRidge, Ecofasten, PanelClaw, Esdec, BluBase, and Sunfer, makes the installer workflow the fastest, highest quality, and most economical across application types and geographies. For more information, visit https://enstall.com.

About Blackstone Energy Transition Partners

Blackstone Energy Transition Partners is Blackstone’s energy-focused private equity business, a leading energy investor with a successful long-term record, having invested approximately $22 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering cleaner, more reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs and generate lasting value for our investors, employees and all stakeholders.

About Rivean Capital

Rivean Capital is a leading European private equity investor in mid-market transactions with operations in the DACH region, Benelux and Italy. Rivean Capital manages funds in excess of €5bn and has offices in Amsterdam, Brussels, Frankfurt, Zug, and Milan. Since its inception in 1982, Rivean Capital has supported more than 250 companies in realizing their growth ambitions. For more information, visit www.riveancapital.com.

Contacts

Enstall
Vera Vos (Corporate Communications)
vera.vos@enstall.com
+31 653 522 721

Schletter
Marc Wallowy (VP Global Marketing)
investors@schletter-group.com
+49 1761 9191 195

Blackstone
Felix Lettau (Media)
Felix.Lettau@Blackstone.com
+44 (0) 7587 020020

Rivean Capital
Maikel Wieland (Partner – Head of Investor Relations & Co-Investments)
m.wieland@riveancapital.com
+41 43 268 20 30

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INNERGY Receives $44M Growth Investment from Mainsail Partners

Mainsail partners

Partnership to help fuel exciting innovations in business management platform and education solutions for woodworking and other engineer-to-order (ETO) industries

Sauk Rapids, MN – August 1, 2024 – INNERGY, a leading provider of cloud-based ERP solutions for woodworking, cabinetry, stone, metal, and other engineer-to-order (ETO) shops, is excited to announce a $44 million growth investment from Mainsail Partners. This new partnership will help enable INNERGY to accelerate its product roadmap as well as enhance customer education, product innovation, and client success programs. It underscores the significant value that INNERGY has driven in the woodworking industry for nearly a decade and is committed to extending even further in the future.

INNERGY was created by woodworkers for woodworkers and other ETO industries, offering a comprehensive cloud-based business management solution that helps shop owners run their businesses more efficiently and profitably. Customers also benefit from extensive education programs, tools, and training to help them make strategic and agile decisions. INNERGY’s global customer base has processed over five million sheets and placed $42 billion in live bids on the market.

“Say goodbye to separate spreadsheets and home-grown databases for tracking bidding, jobs, and costing. INNERGY is designed to bring all the essential workflow processes for millwork shops into one intuitive user experience that can be accessed from anywhere,” said Marc Sanderson, CEO of INNERGY. “We believe Mainsail’s experience and resources dedicated to helping vertical SaaS businesses like ours will be invaluable as we keep growing and expanding our community of Raving Fans.”

“Marc and the INNERGY team combine decades of hands-on experience running woodworking shops with creative software development and a strong focus on creating Raving Fans among their customers. This is reflected in how their products and education solutions are purpose-built to help shop owners run better businesses,” said Jason Frankel, Partner at Mainsail Partners. “We are thrilled to invest in INNERGY and support their efforts to offer more innovative products and educational resources to their growing customer base.”

As part of this investment, Ed Roshitsh, a seasoned SaaS executive, will join the INNERGY Board of Directors, alongside Jason Frankel and Jackie Friedman, Vice President at Mainsail Partners.

 

About INNERGY:

INNERGY provides comprehensive ERP and engineering solutions for the woodworking industry, combining cutting-edge technology with deep industry expertise to help millwork businesses optimize their operations and drive growth. To learn more, visit www.innergy.com and follow INNERGY on Facebook, LinkedIn and YouTube.

About Mainsail Partners:

Mainsail Partners is a growth equity firm that partners with founders of bootstrapped software companies to help them realize their potential. For more than 20 years, Mainsail has been helping management teams navigate the challenges and opportunities that come with rapidly scaling a software company. The firm includes women and men who are former software company operators who have seen these challenges first-hand. Mainsail offers assistance across various functional areas, including talent, finance, customer success, sales and marketing, product management, and R&D. With offices in Austin and San Francisco, the firm has raised over $2.2 billion in committed capital and invested in more than seventy companies. For more information, visit www.mainsailpartners.com or follow the firm on LinkedIn.

Contact:

Sarita Ray
(415) 820-4361
sarita@mainsailpartners.com

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Ank-Kaiser Sanitätshaus, an investment of a Beyond Capital Partners, acquires Scharpenberg Orthopädie-Technik

Beyond Capital

eyond Capital Partners Fund II, a fund advised by Beyond Capital Partners GmbH, has acquired 100% of the shares in Rostock-based Scharpenberg Orthopädie-Technik GmbH (“Scharpenberg”) via its portfolio company Ank-Kaiser Sanitätshaus GmbH (“Ank-Kaiser”) and is continuing its growth strategy. The closing took place on July 31st, 2024.

Ank-Kaiser is the leading full-range medical supply store chain in Rhineland-Palatine with 13 stores and excellent reputation, being incumbent in many hospitals and ambulatory healthcare centres and having a well-established network. With the acquisition of the highly renowned medical supply store chain Scharpenberg who offers a wide range of medical, rehabilitation, aftercare and healthcare products to its B2B and B2C customers being patients, hospitals and resident doctors and with a network of seven medical supply stores in Mecklenburg-West Pomerania and Brandenburg, Ank-Kaiser creates a supra-regional group with 20 stores, innovative technology and a scalable infrastructure to further expand geographically.

Ralph Scharpenberg, Managing Director of Scharpenberg Orthopädie-Technik GmbH: “We offer comprehensive advice and care in the fields of orthopaedics and rehabilitation technology and Scharpenberg is the first and only endo-exo competence center in Northern Germany thanks to many years of experience and close cooperation with the University Medical Center Rostock. As an innovative partner for Ank-Kaiser, we are very much looking forward to being part of the Ank group.”

“Scharpenberg has established itself over the years as a leading medical supply store group in the region around the headquarter in Rostock. We see strong synergy potential in the areas of orthopaedic technology and rehabilitation fittings in particular,” says Simon Geib, Managing Director of Ank-Kaiser Sanitätshaus GmbH.

Christoph D. Kauter, Managing Partner and founder of Beyond Capital Partners, states: “The medical supply store market in Germany is highly fragmented. With the acquisition of Scharpenberg as an add-on investment, Ank-Kaiser is starting the roll-up strategy with more additional acquisitions to be expected with the target to form one of the leading medical supply store chains in Germany.“

About Scharpenberg Orthopädie-Technik:
The medical supply store Scharpenberg offers comprehensive advice and care in the fields of orthopaedics and rehabilitation technology and is the first and only endo-exo competence center in Northern Germany.

About Beyond Capital Partners:
Beyond Capital Partners is an investment company advising its funds on the acquisition of majority shareholdings in profitable Mittelstand companies in the DACH region with a focus on asset-light business models in the areas of B2B services, IT services, software, healthcare & well-being, lifestyle and entertainment. This operation benefits from support from the European Union under the InvestEU Fund. https://beyondcapital-partners.com/en/home

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