Category Archives: News

Barclays and Blackstone Credit & Insurance Agree to Sale of Credit Card Receivables

Blackstone

LONDON and NEW YORK (Feb. 27, 2024) — Barclays PLC (“Barclays”) and Blackstone Credit & Insurance (“Blackstone”) today announced that Barclays Bank Delaware (“BBDE”) has entered into an agreement with insurance accounts managed by Blackstone’s Asset Based Finance group, to sell approximately US$1.1 billion of currently outstanding credit card receivables (the “Transaction”) in relation to a defined set of Barclays-branded credit card accounts in the United States of America (the “Accounts”). This is the first in a series of activities Barclays plans to conduct to reduce its risk-weighted assets (RWAs) and create additional lending capacity for BBDE.

As part of the Transaction, BBDE will enter into a long-term strategic forward flow sale and servicing arrangement with Blackstone related to the Accounts. Blackstone’s investment will be made entirely on behalf of the firm’s insurance clients.

The Transaction remains subject to certain conditions and is expected to fund in Q1 2024.

Under the terms of the Transaction, BBDE will retain legal title in respect of the Accounts and BBDE will continue to service the Accounts for a fee. Barclays Bank PLC will invest into the Transaction alongside Blackstone’s insurance accounts.

The Transaction is expected to release approximately GBP£1.0 billion of RWAs on a post internal ratings-based (IRB) approach basis at the Barclays Group consolidated level(1). BBDE intends to use the proceeds of the sale to fund its lending activities.

Barclays Bank PLC, acting through its Investment Bank, served as exclusive structuring advisor to Blackstone in the transaction, to which it also served as risk retainer and liquidity facility provider.

Anna Cross, Group Finance Director at Barclays, said: “During our Investor Update, we said that we would leverage strategic partnerships to execute risk transfer agreements to reduce capital requirements. I am delighted to announce this first agreement in our US cards book.”

“We’re pleased to partner with an industry leader like Blackstone on this transaction that will help fund lending activities and support the long-term growth ambitions for our US Consumer Bank,” said Denny Nealon, CEO of Barclays US Consumer Bank and BBDE. “BBDE will continue to service the accounts, providing cardmembers with the high-level of service they have come to expect.”

Robert Horn, Global Head of Infrastructure & Asset Based Credit at Blackstone, said: “This collaboration demonstrates how we are supporting leading financial institutions with large-scale, long-term, efficient capital solutions in the asset based finance markets. Barclays has a premiere franchise in structured products and consumer banking and we look forward to working with them in the coming years to grow the partnership.”

(1) Subject to notification to and possible review by the Prudential Regulation Authority; the term “Barclays Group” refers to Barclays PLC together with its subsidiaries.

About Barclays
Our vision is to be the UK-centred leader in global finance. We are a diversified bank with comprehensive UK consumer, corporate and wealth and private banking franchises, a leading investment bank and a strong, specialist US consumer bank. Through these five divisions, we are working together for a better financial future for our customers, clients and communities. For further information about Barclays, please visit our website home.barclays.

About Blackstone
Blackstone is the world’s largest alternative asset manager. We seek to deliver compelling returns for institutional and individual investors by strengthening the companies in which we invest. Our more than $1 trillion in assets under management include global investment strategies focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, secondaries and hedge funds. Further information is available at www.blackstone.com. Follow @blackstone on LinkedIn, X (Twitter), and Instagram.

Forward-looking statements
This announcement contains certain forward-looking statements within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended, with respect to the Barclays Group. Barclays cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. Forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘may’, ‘will’, ‘seek’, ‘continue’, ‘aim’, ‘anticipate’, ‘target’, ‘projected’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, ‘achieve’ or other words of similar meaning. Forward-looking statements are based on the current beliefs and expectations of Barclays’ directors, officers and employees and are subject to significant risks and uncertainties. Actual outcomes may differ materially from those expressed in the forward-looking statements. In setting its targets and outlook for the period 2024-2026, Barclays has made certain assumptions about the macro-economic environment, including, without limitation, inflation, interest and unemployment rates, the different markets and competitive conditions in which Barclays operates, and its ability to grow certain businesses and achieve costs savings and other structural actions. Additional risks and factors which may impact the Barclays Group’s future financial condition and performance are identified in Barclays PLC’s filings with the US Securities Exchange Commission (“SEC”) (including, without limitation, Barclays PLC’s Annual Report on Form 20-F for the financial year ended 31 December 2023 which is available on the SEC’s website at www.sec.gov). Subject to Barclays’ obligations under the applicable laws and regulations of any relevant jurisdiction (including, without limitation, the UK and the US), in relation to disclosure and ongoing information, Barclays undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

For further information, please contact:

Barclays
Marina Shchukina, Investor Relations
+44 (0)7385 14 2673
Jon Tracey, Media Relations (U.K.)
+44 (0)7552 21 4868
Matthew Fields, Media Relations (U.S.)
+1 302 255 7807
Matthew.Fields@barclays.com

Blackstone
Kate Holderness
+1 917 318 6818

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Atlas energy solutions Inc. to acquire HI-Crush Inc., creating a leading proppant logistics provider

Clearlake

Austin, TX – February 27, 2024 – Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the “Company”) today announced that it has entered into a definitive agreement with Hi Crush Inc. (“Hi-Crush”) to acquire all of Hi-Crush’s Permian Basin proppant production assets and North American logistics operations in a transaction valued at $450 million (1).

 

The transaction consideration includes $150 million in up-front cash, $175 million in shares of common stock of AESI and $125 million in deferred cash payments in the form of a Seller’s Note. Both the up-front cash consideration and the principal amount of the Seller’s Note are subject to revision for customary post- closing adjustments.

 

Acquisition Highlights
  • Combination brings together two of the leading innovators in the Permian proppant space, and two of the largest holders of premium giant open dune sand reserves and resources in the Permian
  • Pro forma production capacity expected to be ~28 million tons, with ~80% of pro forma 2024 production capacity contracted, accelerating free cash flow generation and shareholder returns
  • Adds ~12 mmtpy of production capacity (~5 million tons in Kermit, TX, proximal to Atlas’s existing Kermit facilities and ~7 million tons from OnCore’s distributed mining network) (2)
  • We expect the acquired assets to contribute $110-125 million in Adjusted EBITDA in 2024, which implies on a full run-rate basis, a valuation of approximately 3x 2024 Adjusted EBITDA.
  • Broadens Atlas’s logistics offering through the addition of Pronghorn, a leading multi-basin provider of proppant logistics and wellsite services
  • Estimated to be immediately double-digit accretive to CFPS and EPS (3)
  • Expected to realize more than $20 million in annual synergies by 2026
  • Acquisition maintains low and flexible operating cost structure and a strong margin profile
  • Combines Atlas’s Delaware Basin-leading logistics offering (Dune Express) with Hi-Crush’s Midland Basin-leading logistics offerings (Oncore + Pronghorn) to drive significant operational efficiencies
  • The transaction is expected to close before the end of the first quarter of 2024

 

Bud Brigham, Executive Chairman and CEO of Atlas commented, “This is a great day for Atlas and Hi- Crush, we are thrilled to bring these two great organizations together. Both companies have led the industry’s innovations to drive efficiencies in proppant and logistics in different but complementary ways, a testament to the high quality people involved. Combining the teams, their technologies and best practices, as well as their complementary geographical footprint, should compound constructively to the benefit of our shareholders. It also furthers our goal to lead the industry in transitioning the Permian, already the premier producing region in the country, to becoming the most efficient and livable energy manufacturing center in the world.”

 

John Turner, President and CFO of Atlas commented, “Over the years both Atlas and Hi-Crush have invested significant capital in their proppant and logistics businesses to drive efficiency gains for our customers at the well site – Atlas with its Dune Express, high efficiency trucking operations, and autonomous trucking and Hi-Crush with its OnCore distributed mining network and Pronghorn logistics platform. These investments have supported a consolidating industry that has quickly scaled. We look forward to continuing to invest to drive innovation and efficiencies at the well site.”

 

  1. The Transaction excludes Hi-Crush’s Northern White Sand mining assets, as well as its extensive rail terminal network in the Northeastern United States
  2. Oncore’s distributed mining network of mobile proppant production assets currently includes Oncore #1-7, which are currently producing sand and Oncore #8, which is scheduled to open during the second quarter of 2024.
  3. CFPS = Net income plus depreciation, depletion and amortization divided by shares outstanding ; EPS = Earnings per share

 

Dirk Hallen, CEO of Hi-Crush commented, “I’m so proud of all that our team has accomplished over the past several years. I thank our employees for their relentless effort restoring Hi-Crush to a leadership position in our industry and thank our partners at Clearlake Capital Group and Whitebox Advisors for their support. I echo Bud and John’s excitement in uniting two of the most innovative players in frac sand under Atlas. There is no doubt that this winning combination will be transformative for our industry, employees, customers, and shareholders.”

 

Colin Leonard, Hi-Crush Board Chairman and Partner at Clearlake Capital Group L.P. added, “This transaction represents an important milestone for Hi-Crush after going through a strategic transformation over the past several years in partnership with Dirk and the broader team. The leadership has driven innovation and growth, as well as transformed the operational footprint of the business to address the evolving needs of our customers. Atlas’ investment reflects their conviction in the strategy, and we look forward to all that we will accomplish together.”

 

Pro Forma Estimated 2024 Outlook

The transaction has an effective date of February 29, 2024 and as such, Atlas will begin to include Hi- Crush’s financial results in its financial results from March 1, 2024 onwards. The guidance below reflects this partial-year ownership of the Hi-Crush assets and will be impacted by the timing of the completion of the Dune Express and additional Oncore deployments.

On a combined basis, we’ll have 28 million tons of available production capacity, increasing to about 29 million tons in 2025 with a full year’s contribution and the benefit of these additional Oncore deployments. Given the effective date of February 29, 2024, 26 million tons of this capacity is available to us in fiscal year 2024. As our contracted volumes and Permian activity levels remain strong, and completions efficiencies continue to compound proppant usage, we expect to continue to operate at 85% to 90% utilization going forward. Taking into account Hi-Crush’s contracts, we expect our sand prices for 2024 to average between $26-$28 per ton. Assuming just over three quarters of contribution from Hi-Crush, we expect 2024 Adjusted EBITDA to range between $425 to $475 million. We expect total capex for 2024 to be between $335 and $360 million. This includes between $285 and $305 million in growth capex, consisting of $220 million for the construction of the Dune Express, between $25 and $45 million for Oncore deployments and another $40 million attributed to other capex. We are forecasting maintenance capex for 2024 will range between $50 and $55 million.

 

Financing Details
  • Our ABL facility has been amended to, among other things increase the maximum borrowing availability to $125 million. Atlas intends to draw ~$50 million at closing
  • Our Stonebriar Term Loan has been amended to, among other things install a new $150 million Acquisition Term Loan to be drawn at closing
  • Atlas will use a combination of the above debt facilities to fund the cash component of the up-front purchase price and to add cash to the balance sheet to fund capital expenditures associated with Hi-Crush’s near-term investments in Oncore #8 and #9
  • The number of shares to be issued to the seller at closing will be 9,711,432, as calculated pursuant to a 10-day volume weighted average share price as defined in the Merger Agreement

 

Advisors

Piper Sandler & Co. is serving as lead financial advisor to Atlas. Goldman Sachs is also advising Atlas. Vinson & Elkins LLP is serving as legal advisor in association with the transaction.

Moelis & Company LLC is serving as exclusive financial advisor to Hi-Crush. Baker Botts LLP is serving as legal advisor in association with the transaction.

 

Conference Call

The Company will host a conference call to discuss the transaction along with financial and operational results on Tuesday, February 27, 2024 at 8:00am Central Time (9:00am Eastern Time). Individuals wishing to participate in the conference call should dial (877) 407-4133. A live webcast will be available at https://ir.atlas.energy/. Please access the webcast or dial in for the call at least 10 minutes ahead of the start time to ensure a proper connection. An archived version of the conference call will be available on the Company’s website shortly after the conclusion of the call.

The Company will also post an updated investor presentation titled “Hi-Crush Acquisition Presentation”, at https://ir.atlas.energy/ in the “Presentations” section under “News & Events” tab on the Company’s Investor Relations webpage prior to the conference call.

About Atlas Energy Solutions

Our company was founded in 2017 by long-time E&P operators and led by Bud Brigham. Our experience as E&P operators, combined with our unique asset base and focus on using technology to deliver novel solutions to our customers’ toughest challenges and mission-critical needs differentiates us as the proppant and logistics provider of choice in the Permian Basin.

Atlas is a leader in the proppant and proppant logistics industry and is currently solely focused on serving customers in the Permian Basin of West Texas and New Mexico, the most active oil and natural gas producing regions in North America. Our Kermit, TX and Monahans, TX facilities are strategically located and specifically designed to maximize reliability of supply and product quality, and our deployment of trucking assets and the Dune Express is expected to drive significant logistics efficiencies.

Our core mission is to maximize value for our stockholders by generating strong cash flow and allocating our capital resources efficiently, including providing a regular and durable return of capital to our investors through industry cycles. Further, we recognize that our long-term profitability is maximized by being good stewards of the environments and communities in which we operate. In our pursuit of this mission, we work to improve the processes involved in the development of hydrocarbons, which we believe will ultimately contribute to providing individuals with access to the energy they need to sustain or improve their quality of life in a clean, safe, and efficient manner. We take great pride in contributing positively to the development of the hydrocarbons that power our lives.

About Hi-Crush

Hi-Crush Inc., together with its subsidiaries, is a fully-integrated provider of proppant and logistics services for hydraulic fracturing operations, offering frac sand production, advanced wellsite storage systems, flexible last mile services, and innovative software for real-time visibility and management across the entire supply chain. Hi-Crush’s strategic suite of solutions provides US oil and gas operators and service companies with the ability to build safety, reliability, and efficiency into every completion. Clearlake Capital Group L.P. and Whitebox Advisors LLC are the controlling shareholders of Hi-Crush Inc.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are predictive or prospective in nature, that depend upon or refer to future events or conditions or that include the words “may,” “assume,” “forecast,” “position,” “strategy,” “potential,” “continue,” “could,” “will,” “plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements about the anticipated financial performance of Atlas following the transaction; the expected synergies and efficiencies to be achieved as a result of the transaction; expected accretion to free cash flow, cash flow per share, Adjusted EBITDA and earnings per share; expected production volumes; expectations regarding the leverage and dividend profile of Atlas following the transaction; expansion and growth of Atlas’s business; Atlas’s plans to finance the transaction; and the receipt of all necessary approvals to close the transaction and the timing associated therewith; our business strategy, our industry, our future operations and profitability, expected capital expenditures and the impact of such expenditures on our performance, statements about our financial position, production, revenues and losses, our capital programs, management changes, current and potential future long-term contracts and our future business and financial performance.

 

Although forward-looking statements reflect our good faith beliefs at the time they are made, we caution you that these forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include but are not limited to: the completion of the transaction on anticipated terms and timing or at all, including obtaining any required governmental or regulatory approval and satisfying other conditions to the completion of the transaction; uncertainties as to whether the transaction, if consummated, will achieve its anticipated benefits and projected synergies within the expected time period or at all; Atlas’s ability to integrate Hi-Crush’s operations in a successful manner and in the expected time period; the occurrence of any event, change, or other circumstance that could give rise to the termination of the transaction; risks that the anticipated tax treatment of the transaction is not obtained; unforeseen or unknown liabilities; unexpected future capital expenditures; potential litigation relating to the transaction; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the effect of the announcement, pendency, or completion of the transaction on the parties’ business relationships and business generally; risks that the transaction disrupts current plans and operations of Atlas or Hi-Crush and their respective management teams and potential difficulties in retaining employees as a result of the transaction; the risks related to Atlas’s financing of the transaction; potential negative effects of this announcement and the pendency or completion of the transaction on the market price of Atlas’s common stock or operating results; commodity price volatility, including volatility stemming from the ongoing armed conflicts between Russia and Ukraine and Israel and Hamas; increasing hostilities and instability in the Middle East; adverse developments affecting the financial services industry; our ability to complete growth projects, including the Dune Express, on time and on budget; the risk that stockholder litigation in connection with our recent corporate reorganization may result in significant costs of defense, indemnification and liability; changes in general economic, business and political conditions, including changes in the financial markets; transaction costs; actions of OPEC+ to set and maintain oil production levels; the level of production of crude oil, natural gas and other hydrocarbons and the resultant market prices of crude oil; inflation; environmental risks; operating risks; regulatory changes; lack of demand; market share growth; the uncertainty inherent in projecting future rates of reserves; production; cash flow; access to capital; the timing of development expenditures; the ability of our customers to meet their obligations to us; our ability to maintain effective internal controls; and other factors discussed or referenced in our filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”), including those discussed under the heading “Risk Factors” in our prospectus, dated September 11, 2023, filed with the SEC pursuant to Rule 424(b) under the Securities Act on September 12, 2023 in connection with our recent corporate reorganization, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

 

Non-GAAP Financial Measures

This press release includes or references certain forward-looking financial measures not prepared in conformity with generally accepted accounting principles (“GAAP”), including free cash flow, cash flow per share, Adjusted EBITDA and earnings per share. Because Atlas provides these measures on a forward- looking basis, it cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP financial measures, such as Gross Profit, Net Income, Operating Income, or any other measure derived in accordance with GAAP. Accordingly, Atlas is unable to present a quantitative reconciliation of such forward-looking, non-GAAP financial measures to the respective most directly comparable forward-looking GAAP financial measures. Atlas believes that these forward-looking, non-GAAP measures may be a useful tool for the investment community in comparing Atlas’s forecasted financial performance to the forecasted financial performance of other companies in the industry.

 

No Offer or Solicitation

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Atlas Investor Contact

Kyle Turlington

5918 W Courtyard Drive, Suite #500

Austin, Texas 78730 United States

T: 512-220-1200

IR@atlas.energy

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3i-backed Evernex acquires Maminfo in Brazil

3I

3i Group plc (“3i”) announces that Evernex, a global leader in third-party maintenance (“TPM”) services for data centre infrastructure, has acquired Maminfo, a leading Brazilian TPM player.

Founded in 2000 and headquartered in Sao Paolo, Maminfo specialises in maintenance for network equipment, serving blue-chip Brazilian telco operators. The company is recognised for its strong technical expertise and extensive geographic coverage, being the only TPM player with a local presence in all Brazilian states, enabling it to provide a superior service. Maminfo also owns and operates its own Network Operations Center (“NOC”), allowing 24/7 remote equipment monitoring and optimisation of equipment maintenance.

With this acquisition, Evernex reinforces its position as the leading TPM player in Brazil and Latin America. Maminfo will strengthen Evernex’s delivery capabilities in the region through its extensive local presence and NOC, complement the existing technical expertise by adding network equipment to the scope of equipment under maintenance and drive cross-selling opportunities by giving access to its wide range of blue-chip customers.

Today’s acquisition, the sixth since 3i’s investment in October 2019, reinforces Evernex’s position as a leading global TPM player, with leadership positions in Europe, MEA & APAC, as well as a growing presence in the US where the company has expanded in recent years, through both organic and acquisitive growth.

Evernex is set to benefit from the strong underlying trends driving the data centre TPM market, notably the surge of data consumption related to AI, the extension of IT hardware lifespans, and the increasing outsourcing of maintenance to specialised lT services players.

Adriano Marcelo, Founder and CEO, Maminfo, said: “Joining forces with Evernex presents an exciting opportunity for Maminfo to contribute to the growth of a global TPM leader. We are confident that our combined strengths will reinforce the position of Evernex in the Latin American market and beyond. I am committed to ensuring the continued success of Maminfo within Evernex.”

Stanislas Pilot, Executive Chairman, Evernex, said: “The addition of Maminfo to the Evernex family, our third acquisition in LATAM and second in Brazil, aligns seamlessly with our commitment to delivering top-notch IT services globally. We are excited to welcome Maminfo’s talented team into the Evernex fold, and we believe this strategic move will significantly enhance our capabilities in network maintenance.”

Rémi Carnimolla, Partner, 3i, said: “Maminfo is a great addition for Evernex. Its expertise in networking equipment is highly complementary and its strong footprint in Brazil will enable Evernex to enhance its offering to customers in the region. Our strategy is to grow Evernex into an integrated global leader and this acquisition is fully supportive of this goal.”

-ENDS-

Download this press release   

For further information, contact:

3i Group plc

Kathryn van der Kroft
Media enquiries

Silvia Santoro
Shareholder enquiries

  

Tel: +44 20 7975 3021
Email: kathryn.vanderkroft@3i.com

Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

Notes to editors:

About 3i Group

3i is a leading international investment manager focused on mid-market Private Equity and Infrastructure. Its core investment markets are northern Europe and North America.

For further information, please visit: www.3i.com

About Evernex

Evernex is a global provider of critical IT equipment maintenance, servicing over 360,000 IT systems in more than 165 countries. It is the preferred maintenance partner for multinational companies and has developed a multi-channel and multi-vendor flexible offering. Evernex incorporates circularity into its core offering by refurbishing and reusing equipment when it services client infrastructure.

For further information, please visit: www.evernex.com

About Maminfo

Founded in 2000 by Adriano Marcelo and headquartered in Sao Paolo, Maminfo is a leading provider of TPM services for IT network equipment in Brazil. With a local presence in all Brazilian states and more than 120 forward stocking locations, Maminfo has the most extensive geographic coverage of any TPM provider in Brazil. Its experience in network equipment and the high degree of technical expertise of its staff have given Maminfo a leading position in the Brazilian telco market.

For further information, please visit: https://maminfo.com.br

 

Regulatory information

This transaction involved a recommendation of 3i Investments plc, advised by 3i France.

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ICT Group strengthens its position in the public and mobility sector with the acquisition of TriOpSys

NPM Capital

ICT Group strengthens its position in the public and mobility sector with the acquisition of TriOpSys

ICT Group B.V. announces that it has acquired 100% of the shares of TriOpSys B.V.

 

Founded in 1998, TriOpSys designs, builds, and manages mission-critical software applications and infrastructures for traffic management, weather satellites, monitoring stations, and command and control centers.

 

The company, based in Utrecht, combines expertise with long-term customer relationships. They are specialists in business-critical IT for organizations where security and continuity are paramount. The customer base of TriOpSys is in line with the core business of ICT Group. Through their continuous investment in staff and an in-house academy, TriOpSys has a highly skilled and loyal workforce and a strong ability to attract new talent. TriOpSys currently has 140 professionals. The management team including the current owners will continue to lead the company under the banner of ICT Group.

 

Karim Henkens, CEO ICT Group: “With the acquisition of TriOpSys, we are enriching our current portfolio and our range of business-critical solutions. TriOpSys strengthens our position in the public and mobility sector, where we are already well represented with our existing brands ICT Infrastructures & water and InTraffic. There is a good cultural fit between the two companies and we look forward to welcoming our new colleagues to ICT Group.”

 

The shareholders of TriOpSys (Rob Timman, At Hijwegen and Hans Schulz) state: “We are pleased to have found ICT Group, because the culture, atmosphere and market segments are a very good match. Just like TriOpSys, ICT Group is an organization where employees are central and where there is a deep interest in technologically advanced solutions. We are delighted that with this collaboration – after our 25th anniversary last year – TriOpSys will be able to continue to expand and grow in the coming years and that we can offer our employees, customers and suppliers continuity for the future.”

 

Financial details will not be disclosed.

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Ardian, with Prelios SGR, closes the sale of Deloitte’s headquarters in Via Vittorio Veneto, in the heart of Rome’s historic centre, to Deka Immobilien, acting via an Italian real estate fund managed by IQ EQ

Ardian

The building, designed in 1928 by architect Carlo Broggi and the former headquarters of IRI and Fintecna, has undergone a major redevelopment creating a state-of-the-art building for the city of Rome which meets the highest international standards, both in terms of technology and ESG characteristics.
• The building is Deloitte’s Rome headquarters, and brings together 2,600 people who used to occupy several offices across the city. Amazon also chose the property in via Veneto for its headquarters.

Ardian, a world-leading private investment house, and Prelios SGR, one of Italy’s leading real estate and asset management companies, today announced the sale of an historic office building located in Via Vittorio Veneto 89 in Rome. The buyer is Deka Immobilien, one of Europe’s leading real estate investment companies active in Europe.

The building at 89 Via Vittorio Veneto is home to Deloitte’s new Rome headquarters, which opened on 16 January 2024. It is a 23,000 square meter building designed in the 1920s by architect Carlo Broggi and reinterpreted by Studio Scandurra after a two-year redevelopment. It also houses Amazon across 2,800 square meters.

The project aims to combine both the functionality expected from a modern building with the classicism of the Roman tradition, following the same ideals that inspire the Studio in all its urban regeneration projects.

Studio Scandurra aimed to create open and permeable spaces, redefining the connection between space and the individual to provide stimulating work environments, and reimagining the building’s connection with the city, which actively interacts with the interior space. The building now creates an opportunity for interaction and sharing in the workplace. This includes the renovation of panoramic terraces, offering unique views of the city, as well as spaces for collaboration and informal work.

The impressive redevelopment plan carried out by Ardian saw the building become one of the few in Rome to obtain three ESG certifications: LEED, BREEAM and WELL. These certifications reflect not only the building’s energy efficiency and environmental sustainability credentials, but also recognized it for promoting the highest standards of health and well-being in workplaces. As a result of the careful and extensive redevelopment works, the building already complies with the ambitious targets set by the Paris Agreement in terms of CO2 emissions, despite its age.

“Deloitte’s decisions to consolidate its Roman offices in Via Veneto demonstrates once again that only quality buildings which meet the highest standards are able to attract both international companies as tenants, and investment from institutional players. The transformation of our cities’ real estate assets into green buildings will be the key to market recovery, both for the office and the living sectors. Ardian has made this philosophy its main strategy in Italy and in the other European countries in which it invests”. Rodolfo Petrosino, Head of Real Estate Southern Europe, Ardian

“We truly are proud of this transaction, which comes at a time of transition in the market, and which demonstrates the great asset management skills of our team. Through this extraordinary project, Ardian’s real estate team has been able to transform a historic property, to create a unique asset in Rome in terms of both sustainability and innovation. The acquisition of this beautiful building by an institutional investor such as Deka is an excellent sign for the market, confirming that high quality buildings in central locations and with the highest ESG characteristics continue to attract liquidity”. Matteo Minardi, Head of Real Estate Italy, Ardian

“We are particularly pleased with this transaction, which gives a signal of strong resilience to the general downturn in the real estate sector, as well as to the Rome and office market. It is a confirmation of how an excellent location, high product quality, full alignment with sustainability principles and a traditional asset class are the right ingredients to attract a major international investor. This transaction further consolidates Prelios SGR’s presence in value added transactions”. Patrick Del Bigio, CEO, Prelios SGR

As part of the transaction, DILS acted as commercial advisor.

Ardian and Prelios SGR were assisted by Apollo & Associati as legal advisor, Fivelex as tax advisor and Perelli Consulting for technical and project management aspects.

Deka’s Italian real estate fund was assisted by Bertacco Recla & Partners as legal advisor, Bureau Plattner as tax advisor, Drees & Sommer as technical advisor and Cushman & Wakefield as commercial advisor.

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $164bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT PRELIOS SGR

Prelios SGR is a company in the Prelios Group and one of Italy’s largest asset managers, with assets under management of approx.€ 8 billion.
It is active in the promotion, creation and management of real estate alternative investment funds (AIFs) and credit funds, advisory and separate account management, for leading Italian and international institutional investors. Prelios SGR is a pioneer in the innovation of investment products, as regards both asset classes and typologies. It set up one of the first externally managed SICAFs and manages the largest UTP fund in Italy and one of the largest in Europe. Prelios SGR has established high standards and control systems for governance, risk management and transparency, while maintaining high operating flexibility. Reflecting its commitment to promoting sustainability, the company is a member of the UN PRI – Principles for Responsible Investment network and of GRESB.

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PRESS CONTACT

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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AURELIUS Finance Company provides GBP 18.5m Refinancing Facility to Trutex Limited

Aurelius Capital

London, February 27, 2024 – AURELIUS Finance Company, the Private Debt segment of AURELIUS, announces the successful provision of a GBP 18.5m refinancing facility to Trutex Limited, one of the UK’s oldest and best-loved schoolwear producers. The financing facility comprises:

  • A GBP 15m revolving asset-based loan, designed to generate the maximum liquidity by leveraging Trutex’s inventory and receivables
  • A GBP 3.5m cashflow loan, structured as a fully revolving, seasonal swing-line RCF

Trutex has a history of over 150-years supplying quality school uniforms to thousands of specialist retailers, distributors and schools throughout the world. It is a strongly performing business with an established market position, producing premium garments that are high-quality, and long-lasting. The facility will maximise working capital headroom over the course of the school year, supporting the business in building its order book ahead of peak trading periods.

Commenting on the deal, Matthew Easter, Group CEO at Trutex Limited, said: “AURELIUS Finance Company took the time to understand our business and its specific requirements right from the outset. By having their senior team involved from our very first meeting, they were able to structure a bespoke facility at pace, and this will now enable us to deliver on our growth plans; both domestically and overseas.”

“We realise that not all businesses have a uniform working capital requirement, and so our completely bespoke structure is designed to flex and deliver the optimum amount of working capital headroom at key points throughout the year. This shows the role which non-traditional lenders, such as AURELIUS Finance Company, can play in making available financing for companies which despite being strong performers, can often lack access to a stable source of working capital all year round” said James Marler, Director and Head of New Business at AURELIUS Finance Company. “And despite this tailored structure, we were able to utilise our institutional funding lines to provide a very competitively priced facility.”

As Andy Ducker, Chairman and majority shareholder, acknowledges, “AURELIUS Finance Company’s ability to provide a mix of ABL and senior cashflow lending was critical to delivering this successful outcome.”

AURELIUS Finance Company was advised by Squire Patton Boggs (Legal) and Hilco (Collateral Diligence). Trutex were further advised by Alvarez & Marsal (Debt Advisory) and Walker Morris (Legal).

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Ratos company Speed Group achieves climate neutrality in 2023 – two years ahead of target

Ratos

Speed Group (Speed) achieved its goal of becoming climate neutral in its own operations in 2023. Through a combination of large-scale initiatives and small changes, the company has made great strides towards reducing its carbon footprint and thus contributing to a more sustainable future.

Speed Group’s target was to become climate neutral by 2025. This target was reached ahead of schedule in 2023. The company has been actively working to reduce its carbon footprint for many years.

A central part of this effort has been the installation of the largest rooftop photovoltaic system in the Nordic region on the roof of its head office and warehouse in Borås. The rooftop facility, with a maximum electricity production capacity of 4GWh, has been a key factor in the company’s success in achieving climate neutrality. However, large-scale projects were not the only factors contributing to the company’s achievement of its target. Smaller changes in everyday operations also played a role. Some examples include weatherproofing cargo doors, switching to digital delivery notices, and reducing the use of shrink wrap.

“Speed Group’s journey towards climate neutrality in its own operations is inspiring. Assuming responsibility for your carbon footprint is an important aspect of developing existing and new customer relationships and business. This is important today and will become even more significant in the future,” says Christian Johansson Gebauer, Chairman of the Board of Speed Group and President, Business Area Construction & Services, Ratos.

“We are incredibly proud to have achieved our climate neutrality target two years ahead of schedule. It’s a challenge for a logistics company like ours, but we’ve focused hard on reducing our environmental impact and driving positive change. We continue to strive to be a leader in sustainability and look forward to continuing to make a difference for our planet and society,” says Jesper Andersson, CEO of Speed Group.

Speed Group’s efforts to reduce its climate impact are continuing. The next step will involve installing additional solar panels at other Speed Group sites and investing in battery storage solutions and charging infrastructure for tomorrow’s freight transport.

About Speed Group
Speed offers sustainable, flexible and innovative solutions to complex logistics and staffing challenges. Speed has its head office in Borås, Sweden, and logistics centres in Borås, Gothenburg, Stenungsund and Stockholm covering a combined total of more than 220,000 square metres. The company has sales of SEK 1 billion and approximately 1,000 employees.

For further information, please contact:
Josefine Uppling, VP Communication & Sustainability, Ratos, +46 76 114 54 21
Jesper Andersson, CEO, Speed Group, +46 708 16 68 37

About Ratos
Ratos is a Swedish business group focusing on technology and infrastructure solutions, consisting of 17 companies divided into three business areas: Construction & Services, Industry and consumer. The companies have approximately SEK 34 billion in net sales (LTM). We have a distinct corporate culture and strategy – everything we do is based on our core values: Simplicity, Speed in execution and It’s All About People. We enable independent subsidiaries to excel by being part of something larger. People, leadership, culture and values are key focus areas.

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Kinnevik agrees to sell its entire shareholding in Tele2 to an investment vehicle jointly controlled by iliad and NJJ

Kinnevik
Kinnevik AB (publ) (“Kinnevik”) today announced that it has agreed to sell its entire shareholding in Tele2 AB (publ) (“Tele2”) to Freya Investissement, an investment vehicle jointly controlled by the European telecommunications group iliad and its Chairman and founder Xavier Niel through NJJ Holding (“iliad/NJJ”) for a total consideration of SEK 13bn. The shareholding in Tele2 will complement iliad/NJJ’s existing European telecommunications operations across France, Italy, Poland, Switzerland, Monaco, Ireland, Cyprus and Malta. The transaction will be completed in three steps with a first close of SEK 2.9bn. The two remaining steps are subject to iliad/NJJ receiving necessary regulatory clearances and in relation to the third step also to iliad/NJJ reclassifying Tele2 Class A shares to Class B shares to the effect that iliad/NJJ following completion of the transaction will hold less than 30 percent of the voting interest in Tele2.

Kinnevik has agreed to sell its entire shareholding in Tele2 consisting of 20.7 million Class A shares and 116.9 million Class B shares to iliad/NJJ. Proceeds amount to a total of SEK 13bn, corresponding to SEK 93.0 per Tele2 Class B share and SEK 101.0 per Tele2 Class A share, an average blended purchase price of SEK 94.2 per Tele2 share that implies a 13 percent premium in relation to the closing price of the Tele2 Class B share on Nasdaq Stockholm as per 23 February 2024.

The transaction will be completed in three steps:

1.    iliad/NJJ will acquire 31.3 million Class B shares in Tele2. After completion of this first step iliad/NJJ holds 4.5 percent of the economic interest and 3.5 percent of the voting interest in Tele2. Proceeds to Kinnevik in this first step amount to SEK 2.9bn.

2.    iliad/NJJ will acquire 14.2 million Class A shares and 85.5 million Class B shares in Tele2 following foreign direct investment clearances in Sweden, Latvia and Lithuania, which are expected to be received during the second quarter of 2024. After this second step, iliad/NJJ will hold 18.8 percent of the economic interest and 28.8 percent of the voting interest in Tele2. Proceeds to Kinnevik in this second step amount to SEK 9.4bn.

3.    iliad/NJJ will acquire Kinnevik’s remaining 6.5 million Tele2 Class A shares after receipt of necessary regulatory clearances, and subject to reclassifying Tele2 Class A shares into Class B shares to the effect that iliad/NJJ following completion of the transaction will hold less than 30 percent of the voting interest in Tele2. Such clearances and reclassification are expected to be received and completed during the third quarter of 2024. After this third step, iliad/NJJ will hold 19.8 percent of the economic interest and less than 30 percent of the voting interest in Tele2. Proceeds to Kinnevik in this third step amount to SEK 0.7bn.

As a result of the transaction, Kinnevik’s cash position will be significantly strengthened, and Kinnevik’s Board of Directors will undertake a capital structure review in consultation with major shareholders.

Georgi Ganev, CEO of Kinnevik, commented: “Through this transaction, Tele2 gains a new lead shareholder in the combination of iliad and NJJ, with a longstanding track record in the European telecoms sector as an early pioneer in France and as a business builder at scale across multiple European markets. Founded by Jan Stenbeck in the early 1980’s, Tele2’s strong value creation has been instrumental in building the Kinnevik of today, fuelling its historic dividend flow to shareholders as well as Kinnevik’s strategic pivot into a leading European growth investor for which we are proud and grateful.”

Georgi Ganev continued: “After completion of this transaction, Kinnevik will hold a very strong net cash position. We will deploy the capital with patience and focus to bring further clarity to our equity story and value creation to our shareholders. We will continue executing on our priority to concentrate our portfolio towards our most promising and resilient companies, and review our capital structure in consultation with major shareholders.”

Thomas Reynaud, Group CEO of iliad and director of Freya Investissement, commented: “The iliad Group and the Tele2 Group have a lot in common. We both believe in the power of innovation and the importance of an entrepreneurial mindset. Our business sector in Europe is highly demanding. So, we have a great deal of respect for what Tele2’s shareholders, management and teams have achieved, and we’re delighted that Kinnevik has chosen Freya as Tele2’s new reference shareholder. We look forward to contributing to the next chapter of Tele2’s growth story.”
This communication contains certain forward-looking statements concerning our intentions, beliefs or current expectations. Such statements are identified by including terms such as “intent”, or similar expressions. Such statements are subject to a number of important risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements. Factors, including risks and uncertainties, that could cause these differences include, but are not limited to: market growth and volatility and regulatory changes and developments. Any forward-looking statements speak only as of the date hereof. Neither Kinnevik nor Tele2 undertake any obligation to update any forward-looking statements.

This information is information that Kinnevik AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation (596/2014). The information was submitted for publication, through the agency of the contact person set out below, at 2024-02-26 07:45 CET.

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

Torun Litzén, Director Investor Relations
Phone +46 (0)70 762 00 50
Email press@kinnevik.com

Kinnevik’s ambition is to be Europe’s leading listed growth investor. We back the best digital companies for a reimagined everyday and to deliver significant returns. We understand complex and fast-changing consumer behaviours, and have a strong and expanding portfolio in healthcare, software, marketplaces and climate tech. As a long-term investor, we strongly believe that investing in sustainable business models and diverse teams will bring the greatest returns for shareholders. We back our companies at every stage of their journey and invest in Europe and the US. Kinnevik was founded in 1936 by the Stenbeck, Klingspor and von Horn families. Kinnevik’s shares are listed on Nasdaq Stockholm’s list for large cap companies under the ticker codes KINV A and KINV B.

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Renta Acquires Rondellen

IK Partners

Renta Group Oy (“Renta Group” or “Renta”) has reached an agreement to acquire Näs Rondellen AB (“Rondellen” or “the Company”). Rondellen is a Swedish general rental company operating in the greater Gothenburg area. The Company also provides traffic safety solutions to its customers. The Company has four depots, more than 45 employees and annual revenues of more than SEK 130 million.

With the acquisition Renta further strengthens its position in the greater Gothenburg area. Rondellen complements Renta’s geographical presence and adds to Renta’s capabilities in the region within infrastructure customers and in traffic safety solutions. The Company has a solid profitability and enjoys a good reputation among its customers. As part of Renta, Rondellen will continue to serve its customers with the same high-quality services as before and further benefit from leveraging Renta’s full product range and from implementing Renta’s digital solutions.

The acquisition is expected to be completed in March 2024.

Kari Aulasmaa, CEO of Renta Group, said: “The acquisition of Rondellen marks a continuation of our strategic agenda to build nationwide rental networks in our core markets. Rondellen is an excellent fit to Renta thanks to its complementary presence around Gothenburg and its capabilities in traffic safety. With the acquisition Renta’s position in the region will be further strengthened. We are very pleased to join forces and look forward to working together with the professionals of Rondellen. “

Samuel Lundberg, CEO of Rondellen, said: “We are excited about becoming a part of Renta, a company that shares our ambition to grow and develop the business further. Joining forces with Renta will extend our product offering to site modules, tunnelling equipment and pumps, enabling us to serve our customers with a broader offering than before. In addition, our customers will benefit from the digital solutions that Renta has developed, such as Renta Easy. I am confident that Renta will provide a good home for our employees, and that we will together be able to accelerate growth in the region.”

Enquiries: ir@renta.com

About Renta Group

Renta Group is a Northern European full-service equipment rental company founded in 2015. The Company has operations in Denmark, Sweden, Norway, Denmark, Poland, and the Baltics, with 175 depots and more than 2,000 employees. Renta is a general rental company with a wide range of construction machines and equipment along with related services. In addition to operating a network of rental depots, Renta is a significant supplier of scaffolding and weather-protection services. For more information, visit www.renta.com

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About Rondellen

Näs Rondellen AB is a Swedish general rental company, founded in 2011. The Company has four depots located in Landvetter, Kinna, Varberg and Partille. For more information, visit https://rondellenmaskin.se/

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KKR To Acquire Broadcom’s End-User Computing Division

KKR

MENLO PARK, Calif.–(BUSINESS WIRE)– KKR today announced the signing of a definitive agreement with Broadcom Inc. (NASDAQ: AVGO) to acquire its End-User Computing Division (the “EUC Division”) in a transaction valued at approximately $4 billion. Upon closing of the transaction, the EUC Division will become a standalone company, with greater access to growth capital and a dedicated strategic focus on empowering customers and partners worldwide with innovative digital workspace solutions.

Originally a division of VMware prior to Broadcom’s acquisition, the EUC Division provides a leading suite of digital workspace solutions that allow organizations to securely deliver and manage applications, desktops and data across any device or platform. Its flagship products include Horizon, a leading desktop and application Virtualization platform, and Workspace ONE, a marquee Unified Endpoint Management (“UEM”) platform for the enterprise, along with common platform services of data, identity and workflows. The EUC Division leverages advanced data and intelligence in order to drive greater scale, speed and effectiveness for today’s modern, digital workspace.

“Workspace ONE and Horizon are best-in-class platforms chosen by many of the world’s leading enterprises to create seamless and secure digital workspaces with interoperability across increasingly complicated technology stacks,” said Bradley Brown, Managing Director at KKR. “We see great potential to grow the EUC Division by empowering this talented team and investing in product innovation, delivering excellence for customers and building strategic partnerships.”

As a standalone company, the EUC Division will continue to be run by its existing management team led by Shankar Iyer. In addition to expanding R&D and pursuing new strategic partnerships, KKR plans to support the EUC Division’s focus on customer relationships through significant investments across go-to-market functions. The standalone business will be positioned to make long-term investments in resourcing for customer success, partner support and an expanded, dedicated sales team.

“We are confident that this pending transaction marks an exciting next chapter for the EUC Division and one that will create enormous opportunities and benefits for our customers, partners and employees,” said Shankar Iyer, Senior Vice President and General Manager, End-User Computing Division, Broadcom. “The KKR team knows our industry well and is the ideal strategic partner to help us become a standalone company with an exclusive focus on delivering powerful tools for the digital workspace.”

“EUC is a leader within large, high growth categories and demand for the business’s marquee offerings continues to grow as the workplace and the needs at the front-line evolve rapidly,” said John Park, Partner at KKR. “We are excited to deploy our experience and toolkit at KKR to back a world-class company in its next chapter as a standalone business, with accelerated investment and a continued focus on product and customer-centricity.”

After becoming a standalone company, the EUC Division will implement KKR’s broad-based employee ownership program, which makes all employees owners in their respective businesses alongside KKR. This strategy is based on the belief that employee engagement and a strong ownership culture are key drivers in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-senior management employees across more than 40 portfolio companies.

KKR is making its investment primarily through its North America Fund XIII. The transaction is expected to close in 2024, subject to customary closing conditions, including regulatory approvals.

Evercore, Deutsche Bank Securities Inc. and Jefferies LLC are acting as financial advisors and Simpson Thacher & Bartlett LLP is acting as legal advisor to KKR. Citi is serving as exclusive financial advisor to Broadcom.

About End-User Computing (EUC) Division

End-User Computing Division is the digital work platform leader, trusted by thousands of organizations worldwide as the former VMware EUC business. The EUC digital work platform unifies, automates, and efficiently scales the digital workspace. The intelligence-driven platform enables IT to deliver a secure and productive experience for all employees, across their devices, efficiently at scale. By empowering employees to do their best work, anywhere, we help workforces everywhere unlock exponential business value.

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’s 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 Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

Media
Miles Radcliffe-Trenner
+1 212-750-8300
Media@kkr.com

Source: KKR

 

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