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Ontario Teachers’ and Nordic Capital to invest together in Advanz Pharma to drive future growth

Nordic Capital
  • The joint investment will foster future growth and innovation in the near-and long-term
  • During Nordic Capital’s ownership to date, Advanz Pharma has transformed into a leading European specialty pharmaceutical platform

 

Ontario Teachers’ Pension Plan Board (“Ontario Teachers’”), a leading global institutional investor, and Nordic Capital, one of the most active and experienced investors in healthcare globally, have agreed to jointly invest in Advanz Pharma (“Advanz”), a global pharmaceutical company, to support Advanz’s development and further fuel its strong growth potential in the years to come.

Advanz is a global pharmaceutical company with a strategic focus on specialty, hospital and rare diseases pharmaceuticals. It has commercial sales in more than 90 countries globally with a direct presence in key countries in Europe, the US, Canada, and Australia, and a Centre of Excellence for business support in Mumbai, India.

Advanz’s product portfolio and pipeline comprise innovative medicines, specialty generics & biosimilars and originator brands. Advanz addresses a broad range of therapeutic areas, including hepatology, gastroenterology, anti-infectives, critical care, endocrinology, CNS, and, more broadly, rare diseases. Following Nordic Capital’s initial investment in 2021, Advanz scaled its European presence significantly and built a strong pipeline including innovative rare disease medicines and biosimilars.

Jean-Charles Douin, Senior Managing Director and co-Head of EMEA Private Capital at Ontario Teachers’, said: “Advanz aligns well with our strategy of backing proven management teams in businesses with strong growth potential. With speciality pharmaceuticals a key area of focus for us in healthcare, we look forward to working together with Nordic Capital and the Advanz management team to support its existing and future pipeline, and drive innovation and growth across its global platform.”

Rainer Lenhard, Partner, Nordic Capital Advisors added: “We are excited for Nordic Capital to continue its investment in Advanz together with Ontario Teachers’. This joint investment will support Advanz’s continued development in the years to come and allow the company to continue to scale its business model further and build on the market dynamics in its segment.”

Raj Shah, Partner and Head of Healthcare, Nordic Capital Advisors commented: “During Nordic Capital’s ownership, Advanz has been transformed into a leading European specialty pharma platform by building a best-in-class infrastructure and successfully launching pipeline products during the last few years, enabling future growth in innovative medicines, and a strong track-record of executing on M&A opportunities.”

Steffen Wagner, CEO, Advanz Pharma said: “We are excited to continue our growth journey together with Nordic Capital and Ontario Teachers’. To have them jointly backing our growth ambitions validates our strategy, the capabilities of our team, and increases the positive impact we can deliver for patients.”

Nordic Capital initially invested in Advanz Pharma in 2021 and will now invest via Nordic Capital XI, following the exit of its initial investment through Nordic Capital X.

Terms of the transaction were not disclosed, and the investment is subject to regulatory approvals.

Private Capital at Ontario Teachers’ has over C$60bn of assets globally and uses its deep industry expertise and global network to make control or co-control investments in focus sectors. With a dedicated global healthcare team, Ontario Teachers’ has deployed over C$5bn across 16 healthcare investments in its private capital portfolio, focusing on investments in life sciences, pharmaceutical services, medtech, and healthcare service providers.

Nordic Capital has assets under management of €30bn and invests in selected sectors and companies in Northern Europe and North America, offering partnership, deep sector knowledge, capital and experience to drive sustainable growth. It is one of the most active investors in healthcare globally, focusing on investing in in companies within Medtech, Pharma, Care services and Healthtech. To date, Nordic Capital has made 35 healthcare platform investments and has in total deployed €9.3bn of equity capital in the sector.

 

 

Contact Details

Ontario Teachers’
Henrietta Dehn
Email: Henrietta_dehn@otpp.com
Tel: +44 7407 795 960

Kekst CNC
Email: otpp@kcnc.com

Nordic Capital
Katarina Janerud, Communications Manager,
Nordic Capital Advisors
Tel: +46 8 440 50 50
e-mail: katarina.janerud@nordiccapital.com

 

About Ontario Teachers’ 

Ontario Teachers’ Pension Plan Board (Ontario Teachers’) is a global investor with net assets of $249.8 billion as at June 30, 2023. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 336,000 working members and pensioners.

With offices in Toronto, London, Hong Kong, Singapore, Mumbai, San Francisco, New York, Dallas, and São Paulo, our more than 400 investment professionals bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.4% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn.


About Nordic Capital

Nordic Capital is a leading sector-specialised private equity investor with a resolute commitment to creating stronger, sustainable businesses through operational improvement and transformative growth. Nordic Capital focuses on selected regions and sectors where it has deep experience and a long history. Focus sectors are Healthcare, Technology & Payments, Financial Services, and Industrial & Business Services. Key regions are Europe and globally for Healthcare and Technology & Payments investments. Since inception in 1989, Nordic Capital has invested EUR 23 billion in 140 investments. The most recent entities are Nordic Capital XI with EUR 9.0 billion in committed capital and Nordic Capital Evolution with EUR 1.2 billion in committed capital, principally provided by international institutional investors such as pension funds. Nordic Capital Advisors have local offices in Sweden, the UK, the US, Germany, Denmark, Finland, Norway, and South Korea. For further information about Nordic Capital, please visit www.nordiccapital.com.

“Nordic Capital” refers to, depending on the context, any, or all, Nordic Capital branded entities, vehicles, structures, and associated entities. The general partners and/or delegated portfolio managers of Nordic Capital’s entities and vehicles are advised by several non-discretionary sub-advisory entities, any or all of which are referred to as “Nordic Capital Advisors”.

 

About Advanz Pharma

Advanz Pharma is a global pharmaceutical company with the purpose to improve patients’ lives by providing and enhancing the specialty, hospital, and rare disease medicines they depend on. Our headquarters are in London, UK. We have commercial sales in more than 90 countries globally and have a direct commercial presence in more than 20 countries, including key countries in Europe, the US, Canada, and Australia, a Centre of Excellence in Mumbai, India, as well as an established global distribution and commercialisation partner network. Advanz’s product portfolio and pipeline comprise innovative medicines, specialty generics & biosimilars, and originator brands. Our products cover a broad range of therapeutic areas, including hepatology, gastroenterology, anti-infectives, critical care, endocrinology, oncology, CNS, and, more broadly, rare disease medicines. Our ambition is to be a partner of choice for the commercialisation of specialty, hospital, and rare disease medicines in Europe, Canada, and Australia. In line with our ambition, we are partnering with biopharma and development companies to bring medicines to patients. We can only achieve this due to our dedicated and highly qualified employees, acting in line with our company values of entrepreneurship, speed, and integrity. For more information, please visit https://www.advanzpharma.com

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Levine Leichtman Capital Partners Acquires USA Water

Levine Leichtman

Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced today that it has acquired USA Water (the “Company”) from Warren Equity Partners in partnership with management. Financial terms of the transaction were not disclosed.

Headquartered in Rosenberg, Texas, USA Water is a leading provider of operations and maintenance (“O&M”) services for water and wastewater systems across the Southeast United States. The Company’s non-discretionary services enable municipalities and utility districts to entrust their water infrastructure maintenance, asset management, and regulatory compliance needs to a professional partner of scale. USA Water’s industry-leading technical expertise and comprehensive service offering play a critical role in ensuring the integrity, safety, and reliability of clean, high-quality water access.

“We are delighted to partner with USA Water, one of the leading O&M providers of water infrastructure services,” said Matthew Rich, Partner at LLCP. “USA Water has built a stellar reputation due to its ‘customer first’ culture and best-in-class service capabilities, which have driven an incredibly loyal client base and a long-term track record of consistent growth. We are excited to work with Jeff and the USA Water team to broaden the Company’s service capabilities and geographic footprint through both organic initiatives and strategic acquisitions.”

USA Water will continue to be led by CEO Jeff Haley and the existing executive team, who will maintain significant equity ownership in the Company alongside LLCP.

“I am thrilled that USA Water is joining forces with LLCP as we embark on our next chapter of growth,” said Mr. Haley. “LLCP has an established track record as an excellent partner to management teams, and we are eager to leverage their deep industry knowledge and operational expertise in order to deliver more value to our customers through our essential services.”

Across its funds, LLCP has invested extensively in the technical and route-based services sectors, including Encore Fire Protection, Technical Safety Services, Trinity Consultants, In-Place Machining, and Select Exterminating.

LLCP was advised by Kirkland & Ellis LLP. USA Water was advised by Harris Williams and Holland & Knight LLP.

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bistroMD Acquired by Marley Spoon

AUA Private Equity

WEST PALM BEACH, FL. (FEBRUARY 21, 2024) — AUA Private Equity Partners, LLC (“AUA Private Equity”), is pleased to announce that it has taken a minority stake in Marley Spoon Group SE (“Marley Spoon Group” or “MSG”) following Marley Spoon Group’s acquisition of bistroMD, LLC (“bistroMD”), which was previously owned by AUA Private Equity, LLC (“AUA Private Equity”).

bistroMD is the leading doctor-designed ready-to-eat meal plan in the US, and since its founding in 2005 it has developed a national blueprint in the medically tailored weight loss industry. AUA Private Equity acquired bistroMD in March 2021. Since that investment, AUA Private Equity has worked closely with Founder & CEO Edward Cederquist and Dr. Caroline Cederquist to grow the business.

On January 31, 2024, MSG entered into a binding agreement to acquire bistroMD, with bistroMD shareholders receiving shares and warrants of MSG as well as the opportunity to receive additional shares based on the achievement of certain earn-out provisions. The transaction closed on February 9, 2024.

Fabian Siegel, CEO & Founder of Marley Spoon commented about the transaction: “We are impressed by the strong brand and customer-focused organization that founder Ed Cederquist and his team have built over the past 19 years. We are committed to ensuring that bistroMD continues to flourish and grow as part of the Marley Spoon platform, and we welcome Ed and his team to Marley Spoon.”

David Benyaminy, Partner of AUA Private Equity Partners, added: “bistroMD is a unique player in the U.S. meal plan market, and we’ve enjoyed collaborating with Ed and the management team to grow the business. We are excited about bistroMD’s next phase as a part of the Marley Spoon Platform.”

The transaction was led by Partner David Benyaminy and Senior Associate Jordana Cooper.

About AUA Private Equity Partners, LLC
AUA Private Equity Partners is a West Palm Beach, FL based, operationally focused, lower middle-market investment firm providing strategic capital to companies in the consumer products and services sectors with a particular focus on family-owned businesses. AUA Private Equity typically makes equity investments of $40 to $100 million in companies that generate in excess of $10 million in EBITDA. For more information on AUA Private Equity Partners, please visit www.auaequity.com.

About bistroMD
bistroMD is a national, direct to consumer doctor-designed and chef-prepared meal delivery subscription service that provides ready-to-eat, gourmet meals, specifically designed for weight loss and long-term weight management. Founded in 2005 by Edward Cederquist and Dr. Caroline Cederquist, bistroMD operates with the belief of “food as medicine”, providing weight loss meal programs that allow for customization and can accommodate special dietary needs including gluten free, heart healthy, diabetic, and low sodium diets. With over 150 meals to choose from, bistroMD provides a wide selection of options for individuals who are looking to lose weight but do not want to compromise on good quality food. For more information about bistroMD, please visit www.bistromd.com.

CONTACT

Michael Melamed
auaprivateequity@laurelstrategies.com

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Blackstone Charitable Foundation Commitment in Texas Reaches $10 Million for Entrepreneurial Skills and Career Exposure

Blackstone

Blackstone LaunchPad hubs at colleges and universities focus skill-building and internship opportunities for students

February 21, 2024, Houston – Blackstone today announced that the Blackstone Charitable Foundation has reached $10 million in funding in Texas through its signature program, LaunchPad. The program seeks to close the opportunity gap by equipping students with entrepreneurial skills and internship opportunities to help them build lasting careers.

LaunchPad has supported students at 12 schools across Texas, including Texas A&M University, University of Texas at Austin, UT Dallas, UT San Antonio, UT Rio Grande Valley, and UT El Paso. Prairie View A&M University (PVAMU) is the latest campus joining the program. With continued migration of Fortune 500 companies to Texas, initiatives like LaunchPad will continue to help prepare Texas students to compete and thrive in a dynamic job market.

LaunchPad and its partners seek to empower college students to secure sustainable, fulfilling careers and close the employment gap. Programming complements the academic curriculum with workshops, speaker sessions and networking opportunities. All participants gain experience at identifying opportunities, developing solutions, thinking critically and leading teams. In addition to campus-based programs, LaunchPad and its partners offer internship opportunities at Blackstone, the firm’s portfolio companies, partner organizations and select startups – meeting a continuous demand for high-quality talent pipelines.

The new LaunchPad center at PVAMU was unveiled on February 12 during an official ribbon cutting with Dr. Tomikia LeGrande, President of Prairie View A&M University, Dr. Michael McFrazier, Interim Provost and Senior Vice President for Academic Affairs, Maura Pally, Executive Director of the Blackstone Charitable Foundation, and Prairie View’s LaunchPad leadership.

“What the Blackstone Charitable Foundation is providing to our next generation of community and business leaders is truly remarkable,” said President LeGrande. “With the LaunchPad program at Prairie View A&M University, our talented students can develop an entrepreneurial mindset and access key resources that will improve their career outcomes.”

“Every student should have access to a place to cultivate ideas, develop skills and access job opportunities,” said Maura Pally. “Our goal is for all students who engage with Blackstone LaunchPad to be able to access quality job opportunities, expand their network and develop skills that will set them up for success in any career they pursue. We’re thrilled to have reached this $10 million commitment in Texas – programs like LaunchPad that train and develop all students will help keep Texas talent local and Texas companies strong.”

LaunchPad was formed with a focus on entrepreneurship and helping students become the job creators of tomorrow. Starting in 2021, the program’s new offerings aim to drive career skills and mobility for students. It provides tools for experiential learning where students can gain key skills that employers want to see.

About Blackstone LaunchPad
Blackstone LaunchPad works with colleges across the United States to help students launch successful careers through entrepreneurial skills-building programs and opportunities to intern at organizations in our network, including Blackstone, our portfolio companies and select startups. Since 2010, Blackstone LaunchPad has supported students on more than 75 college and university campuses, including Minority Serving Institutions and community colleges. In 2022, LaunchPad engaged more than 35,000 students.

About Prairie View A&M University
PRAIRIE VIEW A&M UNIVERSITY (PVAMU), founded in 1876, is the second oldest public institution of higher education in the state of Texas and the third largest Historically Black College/University in the nation. Designated as an “institution of the first class” in the Texas Constitution, enrollment exceeds 9,000 students and over 80,000 graduates. PVAMU offers academic programs through its ten colleges and schools, boasting degree options leading to bachelor’s to doctoral-level degrees. A Carnegie-classified high-research (R2) University and a member of The Texas A&M University System, PVAMU is dedicated to fulfilling its land-grant mission of achieving excellence in teaching, research and service. For more information, visit www.pvamu.edu.

Contact
Emilie Stanton
Emilie.Stanton@Blackstone.com
347-331-9196

Categories: News

Announcement of share buyback in the context of a share purchase plan for its personnel

GIMV

The Board of Directors of Gimv has decided, in application of Art. 7:215, §1, al. 3 of the Companies Code, to start a share buyback program of 30,000 shares in the framework of a share purchase plan for Gimv employees.

Gimv will start the buyback program on February 21st, 2024 until the targeted volume has been purchased with a final end date of March 15th, 2024.

The buyback program will be conducted in accordance with applicable regulations. For this purpose, Gimv will mandate an independent broker to execute the program through open market purchases on Euronext Brussels. The purchased shares will be held as treasury shares until they have been transferred to the personnel.

Gimv will inform the market on the progress of the program in line with the applicable regulations.

Today, Gimv holds 1,647 own shares.

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GED executes its third divestment of its fund GED V Spain through the sale of Procubitos Europe

GED

Procubitos Europe is the largest manufacturer and marketer of premium ice for food consumption in Europe, with 4 factories in Spain, 1 in Germany, and another in Italy, as well as numerous distribution platforms throughout the Iberian Peninsula.

The Group emerges as a result of the integration of up to 10 different companies operating in the sector (buy and build strategy) implemented by GED since its first investment back in 2017 in the proyect. During GED’s investment period, the company work in the integration and profetionalization of teams, systems, branding positioning, international development, new producto launching, and many other.

Since GED’s first investment in 2017, the company has experienced substantial value enhancement demonstrated in remarkable growth metrics. Turnover has surged by over seven times. EBITDA has soared from €1 million to €8 million, underscoring robust financial performance and operational efficiency. Moreover, the infusion of GED’s expertise has catalyzed the creation of over 150 jobs, amplifying socio-economic impact.

Equally noteworthy is the expansion of international operations, with foreign business now constituting 45% of total revenue, compared to a 5% prior to GED’s involvement. This global reach spans key markets such as Germany, Italy, France, Belgium, Portugal, and the Nordic countries, signifying a strategic penetration into diverse regions.

 

At the forefront of product innovation and with a steadfast commitment to quality and food safety

Procubitos Europe, via its Ice Menu catalog, presents customers an extensive array of products, formats, and ice manufacturing processes that set it apart from competitors, catering to the demands of discerning consumers.

Utilizing cutting-edge technology, the company produces ice of unparalleled quality and durability. Moreover, it implements rigorous food safety protocols compliant with international ISO and IFS standards.

The sale garnered significant interest from top-tier parties, ultimately seeing Magnum Capital emerge as the preferred bidder and the ideal partner to drive Procubitos Europe’s growth in the forthcoming phase.

 

About GED (www.gedcapital.com)
GED is an independent asset management firm founded in 1996, specializing in the middle-market segment. It currently manages in excess of €1 billion across different Private Equity, Infrastructure, and Venture Capital vehicles. GED boasts a diverse investor base of over 50 domestic and international entities, predominantly comprised of pension funds, fund-of-funds, insurance companies, family offices, and financial institutions.

 

About Procubitos Europe (www.procubitoseurope.com)

Procubitos Europe, founded in Spain in 1989, has been satisfying the needs of the most demanding ice consumers for 30 years, and has grown based on a constant dedication to service and customer attention. With multiple plants distributed throughout Europe, its combined production capacity stands at approximately 800 tons per day.

Categories: News

Nordic Capital-backed Conscia acquires ITGL, bolstering digital transformation offerings and spearheading entry into the UK and Ireland

Nordic Capital

ITGL, a digital transformation provider and Cisco Gold Partner, has been acquired by Conscia, a European provider of mission-critical IT infrastructure within networking, cybersecurity, and cloud.

The move will see ITGL clients benefit from bolstered cybersecurity solutions and enhanced managed service offerings to support their increasingly complex network and cloud infrastructures. For Conscia, the announcement spearheads the company’s entry into the UK and Ireland.

Headquartered in Denmark, Conscia – also a Cisco Gold Partner – employs over 1,020 people across six countries serving more than 1,000 customers. These include five out of the six top Nordic banks and three out of every four hospitals in the Netherlands.

With sites in Portsmouth and Oxford, ITGL’s 70-strong team provides extensive expertise in collaboration, networking and cybersecurity across the UK and Ireland. The company’s strong presence in the public sector – combined with expertise in the finance, law and retail industries – complements Conscia’s focus on supporting clients with complex network, data center, cloud, IoT and mobility needs.

Neil Pemberton, CEO, ITGL says, “The shared culture of technical excellence and commitment to long-term client relationships between both organisations makes this relationship a natural fit.  By tapping into Conscia’s international network and by leveraging its size and market position, we can deliver extra value while continually expanding and developing the business. Conscia has a strong track record for incorporating new companies and we are excited about what this will mean for ITGL as well as new and existing clients.”

Operating as ‘ITGL – part of Conscia’, the ITGL collaboration marks Conscia’s 17th acquisition in seven geographic markets over 10 years.

Erik Bertman, CEO, Conscia, adds, “The UK has a strong and expansive technology ecosystem and is one of the largest markets in Europe. Through ITGL’s forward-thinking technical know-how and industry experience, we will be well-placed to contribute to the region’s continued IT infrastructure growth and digital transformation. This is a significant milestone for Conscia and we’re looking forward to the opportunities that lie ahead for all parties.”

Oliver Tuszik, President EMEA, Cisco adds, “Conscia and ITGL are already success stories in their own right. By uniting their strengths, these two Gold Partners are poised to deliver an unparalleled value proposition to Cisco customers. We eagerly anticipate the synergies and innovations that will emerge from this collaboration, propelling all involved toward even greater achievements.”

 

For further information, please contact:

Daniel Siberg. Group Chief Sales & Marketing Officer,
+46 734082778, dasi@conscia.com

About ITGL

ITGL designs and delivers digital solutions that drive operational efficiency and enhance the lives of individuals, creating better human experiences, a safer and fairer society, and a cleaner environment. ITGL is committed to help its clients achieve their goals and make a positive impact on the world. The company employs 70+ people across sites in Portsmouth and Oxford.

About Conscia

Conscia design, implement, and manage secure, mission-critical IT infrastructure solutions and cybersecurity services. We deliver solutions and 24-7 managed services to customers with complex network, data center, cloud, IoT, and mobility requirements. We offer first-class technical competencies and insight and support our customers’ business-critical technology systems across the entire lifecycle of their technological ecosystem, from design and implementation to operation and optimization. Founded in 2003, Conscia is owned by private equity investor Nordic Capital and is serving numerous large organizations in finance, healthcare, manufacturing, utilities, retail, and the public sector from offices in Denmark, Sweden, Norway, Germany, the Netherlands, and Slovenia. We are a network of knowledge and the very IT backbone of our customer’s success. Our long-term ambition is to be the preferred partner in the realms of network, cloud, and cybersecurity across Europe. Please find more information at: www.conscia.com

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KKR To Sell Majority Stake In Chord Music Partners To Universal Music Group And Dundee Partners Led Investor Consortium

KKR

Joins with Dundee Partners to form long-term strategic partnership for management and acquisition of world-class music IP

UMG to globally administer publishing and distribute recordings for Chord’s existing catalogs, with more than 60,000 music copyrights

KKR to sell its majority stake in Chord to current shareholder Dundee Partners and its investor consortium with a minority stake held by UMG

SANTA MONICA, Calif. and HILVERSUM, The Netherlands, Feb. 20, 2024 /PRNewswire/ — Universal Music Group (UMG), the world-leader in music-based entertainment, and Dundee Partners, the investment office of the Hendel family, today announced that UMG will acquire a 25.8% interest in Chord Music Partners (Chord) for US$240 million (approximately €223 million when translated into € at today’s current EUR/USD rate), in a deal that values Chord at US$1.85 billion.

Chord, which was formed in 2021 by KKR and Dundee Partners, is a pure-play catalog of premier music intellectual property (IP). Chord’s portfolio includes works from many of the world’s most iconic artists and songwriters, including The Weeknd, Ryan Tedder/OneRepublic, David Guetta, Lorde, Kid Cudi, Diplo, Jimmy Jam & Terry Lewis, Ellie Goulding, ZZ Top, John Legend, Twenty One Pilots and many more.

UMG and Dundee Partners will enter into a new long-term strategic partnership to actively manage Chord’s rights through UMG’s global network and to acquire additional catalogs via Chord in the future. Chord’s music publishing rights will be administered through Universal Music Publishing Group (UMPG) and recorded music through UMG’s Virgin Music Group (VMG).

Sir Lucian Grainge, Chairman and CEO of Universal Music Group said, “Finding partners who share our passion for identifying iconic songs and recordings that will stand the test of time and deliver long-term growth is essential, which is why we’re so pleased to be working with Stephen and Sam Hendel and Dundee Partners. With the leadership of Jody Gerson at UMPG, Nat Pastor and JT Myers at Virgin, and the support of our experienced creative executives around the world, no one can do more with music rights than our teams. We look forward to creating maximum commercial and creative value for the songwriters and artists in Chord and building for the future.”

Boyd Muir, Universal Music Group’s Executive Vice President, Chief Financial Officer and President of Operations said: “We’re excited to partner with the Hendel family in Chord for a number of reasons. First, KKR and Dundee have built a very high-quality catalog that will benefit from our first-rate management and global capabilities. Second, this new structure provides us with an efficient vehicle for future catalog acquisitions, without significant capital allocation through a combination of leverage and partner equity capital. And finally, it offers us the perfect partner to approach future growth opportunistically and flexibly, one who is equally bullish on the long-term prospects for music.”

Sam Hendel, Dundee Partners’ Managing Principal and Co-Founder of Chord, said: “We’re thrilled to be partnering with Universal Music Group and embarking on this next exciting chapter for Chord. By combining a best-in-class financial acquisition vehicle with the world’s leading music company, we are creating both a premier platform for music investment as well as a permanent home for premier artist’s legacies and their iconic cultural works. We’d like to thank the team at KKR for their partnership and creating a strong foundation for Chord and its future success.”

“We are grateful to have had the opportunity to collaborate with many leading artists and to create significant value for our investors by building Chord into a differentiated and scaled portfolio. We believe that Dundee and UMG will drive further value creation for artists and that they share our commitment to being respectful stewards of artists’ music,” said Jenny Box, Partner, KKR.

KKR will exit Chord upon completion of the transaction, with the Dundee consortium and UMG owning 74.2% and 25.8% respectively.

As a leader in music-based entertainment, UMG is positioned and resourced to manage and drive growth for Chord’s existing rights catalogs, while UMG and Dundee Partners are both aligned in their long-term vision for the acquisition, management and growth opportunities for significant, timeless music-rights catalogs.

UMG was advised by Goldman Sachs, Kirkland & Ellis LLP and Freshfields. DLA Piper and Axinn, Veltrop & Harkrider LLP served as legal advisors to Dundee. Fifth Third Bank, National Association served as financial advisor and provided committed financing to Dundee and UMG. The Raine Group served as exclusive financial advisor and Manatt, Phelps and Phillips, LLP served as legal advisor to Chord Music Partners. Latham & Watkins LLP. served as legal counsel to KKR.

About Universal Music Group
At Universal Music Group, we exist to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising, and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation, and entrepreneurship, UMG fosters the development of services, platforms, and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information, visit www.universalmusic.com.

About Dundee Partners
Dundee Partners is the investment office of the Hendel family and has a long history of unwavering dedication to the promotion of arts and culture. The family is proud of its decades-long support for theater and notably were lead producers of the Broadway hit “Fela!”. In addition to co-founding Chord Music Partners, Dundee is the majority owner of Knitting Factory Entertainment, Partisan Records, and Kino Lorber. Beyond those endeavors, the family continues to make strategic investments at the intersection of music and technology, shaping industry and cultural evolution.

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.

SOURCE Universal Music Group N.V.

 

 

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Trace Genomics Raises Oversubscribed $10.5 Million Series B, Expanding Reach of Pioneering DNA Soil Intelligence Platform

Rabo Frontier Ventures

The Company also welcomes new Chief Marketing and Chief Revenue Officers to bolster strategic growth.

AMES, Iowa, Feb. 20, 2024 /PRNewswire/ — Trace Genomics (Trace), the industry leader in DNA-based soil intelligence, today announced its successful Series B funding round at $10.5 million led by existing investors S2G Ventures and Ajax Strategies, as well as new investor Rabo Ventures. The round exceeded expectations and demonstrated strong investor confidence in Trace’s trajectory and growth strategy. With this additional funding, Trace plans to expand its commercial growth, making its offerings available to more farmers and agronomists.

Poornima Parameswaran, CEO and Co-founder of Trace, stated, “The Series B funding represents a pivotal milestone for Trace, positioning us to accelerate our reach with cutting-edge soil DNA intelligence solutions, and advancing sustainable agriculture with a focus on farmer profitability. Our commitment to providing customers with innovative technology and comprehensive support with operational excellence aims to improve agricultural business outcomes and boost productivity for farmers and agronomists.”

Trace Genomics, a leader in soil health innovation, has developed a groundbreaking way to understand what’s happening beneath the surface of our farms. By examining the DNA of organisms in soil, farmers can get an individualized and detailed picture of soil health. This approach not only highlights what’s going on with the soil right now but also helps farmers make better decisions for their crops in the future. Trace Genomics helps farmers identify potential diseases before they become a problem, understand the soil’s fertility levels, and offer personalized recommendations to improve crop health and yield. This means farmers can grow more with less, using the optimal biologicals and chemicals, and making farming more sustainable for all.

“We’re excited to partner with Trace as they continue to advance and scale their technology,” said Cristina Rohr, Managing Director at S2G Ventures. “Their innovation provides deep soil insights, fostering sustainable crop production and improved decision-making across the agricultural value chain. Trace Genomics empowers farmers, manufacturers, and agronomists with better risk assessment and demand forecasting, leading to enhanced yield and cost management.”

In 2024-25, Trace is set to broaden its reach, aiming to deliver its pioneering data and insights to an increased number of growers and agronomists, building on both existing and new partnerships. To support this growth, the company is delighted to announce the addition of two key leaders to its team, significantly enhancing its commercial capabilities. Adam Burnhams joins as the Chief Marketing Officer, bringing over 30 years of global agribusiness experience, encompassing sales, marketing, research, and development roles across startups, basic, and post-patent companies. Tim Yandel joins as the Chief Revenue Officer, a seasoned sales professional with 20 years of experience, including 15 years in leadership positions, with expertise in machine learning, AI, computer vision, big data, marketing tech, and climate tech.

This strategic expansion builds upon last year’s successes, which included the launch of its flagship product TraceCOMPLETE, the establishment of key commercial partnerships in the US and Canada, the refinement of its commercial strategy for enhanced market penetration, and compelling success stories from farmers and agronomists about how Trace’s insights have improved their financial outcomes.

“While it’s widely acknowledged that the soil microbiome significantly impacts crop outcomes, soil-biology analysis has historically been underutilized in agronomists’ toolkits due to cost, complexity, and time requirements. However, Trace’s cutting-edge soil intelligence platform has successfully addressed these challenges. As a result, it provides growers with an unprecedented level of insight and truly data-driven recommendations,” said Shishir Sinha, Investment Director at Rabo Ventures. “We are excited by the paradigm shift that Trace brings to agriculture – unlocking the power of biologicals while enabling the adoption of NUE solutions, and making pest management predictive”

About Trace Genomics
Trace Genomics is a pioneer in the use of hi-definition genomics, soil science, and machine learning to activate hidden insights in soil for economic and ecosystem benefits. Where most companies deliver a partial picture, we provide a comprehensive and precise understanding of the soil’s composition—analyzing the soil’s biology, physical properties, and chemistry. Trace Genomics delivers targeted database insights and actions at cost-speed-scale-accuracy for partners who are advancing modern farming solutions. More information can be found at www.tracegenomics.com.

Contacts
Kaylee Tanner
Trace Genomics
kaylee.tanner@tracegenomics.com

SOURCE Trace Genomics

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Adelis Equity Partners, via Adelis Fund II, exits Presto and HVD Group to a Continuation Vehicle led by HarbourVest Partners alongside Adelis Fund III

Adelis Equity

Adelis Equity Partners (“Adelis”) has raised a Continuation Vehicle to invest in Presto AB (“Presto”) and HVD Group (“HVD”, f.k.a. Hantverksdata), two portfolio companies in Adelis Equity Partners Fund II (“Adelis Fund II”). The Continuation Vehicle, which was led by HarbourVest Partners (“HarbourVest”), will invest alongside Adelis Equity Partners Fund III (“Adelis Fund III”) and the Adelis team.

Presto is the leading European player within fire safety and compliance services, having recently entered Germany through the acquisition of Jockel Brandschutztechnik Service GmbH, the German market leader in fire safety. Since being acquired by Adelis Fund II in December 2018, the company has quintupled its revenues to SEK 2.7 billion with healthy profitability.

Erik Hallert at Adelis says “Presto has had an impressive growth journey to date in the Nordics and has furthermore entered the German market through the transformative transaction with Jockel. We are excited about remaining as the majority shareholder in Presto and, together with management, taking part in the company’s continued growth in both existing and new geographic markets.”

HVD recently merged with Next One Technology (“Next”) to form a leading Northern European provider of ERP and project management software for the tradespeople and construction industries. Adelis Fund II acquired HVD in June 2018 and under Adelis’ stewardship, the business has more than tripled in size, increasing its share of recurring revenue from 66% to more than 90%. The merger with Next, in which the EQT X partnership became a co-investor in the group, further expanded the HVD business.

Joel Russ at Adelis says “After being partners with HVD for over five years and watching management and the company successfully develop into a leading, cloud-based software provider to the Nordic market for tradespeople, we continue to believe that the company is well-positioned in an attractive, growth market. We look forward to supporting HVD’s and Next’s continued growth.”

HarbourVest acted as lead investor in the EUR 430 million Continuation Vehicle, augmented by EUR 183 million of capital invested and committed from Adelis Fund III and the Adelis team.

Edward Holdsworth at HarbourVest says “We are pleased to expand our longstanding partnership with Adelis on this transaction and look forward to continuing to support the exciting growth prospects for Presto and HVD.”

Adelis was advised by Akin Gump, White & Case, PwC and Vinge on the transaction.

HarbourVest was advised by Kirkland & Ellis on the transaction.

The transaction is subject to customary regulatory approval and is expected to close in April 2024.

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 39 platform investments and more than 200 add-on acquisitions. Adelis manages approximately €3.0 billion in capital. For more information, please visit www.adelisequity.com.

About HarbourVest Partners

HarbourVest is an independent, global private markets firm with 40 years of experience and more than $117+ billion of assets under management as of September 30, 2023. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,150 employees, including more than 230 investment professionals across Asia, Europe, and the Americas.  Across our private markets platform, our team has committed more than $58 billion to newly-formed funds, completed over $50 billion in secondary purchases, and invested over $37 billion in directly operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities. For more information, please visit www.harbourvest.com.

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