Consortium made of Believe Founder and CEO Denis Ladegaillerie, EQT, and TCV, to acquire a block of 71.92% of Believe’s capital to be followed by a tender offer to acquire 100% of Believe’s capital

admin February 12, 2024

The transaction contemplates the acquisition by the Consortium of shares in Believe, representing in aggregate 71.92% of the share capital and 77.42% of the theoretical voting rights¹ of Believe
Followed by the filing by the Consortium of a mandatory tender offer for the remaining shares of Believe, on the same financial terms, at EUR 15 per share representing a premium of 43.8% over the volume-weighted average share price of the 30 trading days preceding the announcement of the offer
The Board of Believe has favourably and unanimously welcomed the proposed offer pending receipt of the fairness opinion and has set up an ad hoc committee made up of the three independent directors and appointed Ledouble as an independent expert
The filing of the Tender offer with the AMF is expected during the second quarter of 2024

Denis Ladegaillerie, the EQT X fund (“EQT”) and funds advised by TCV (together, “TCV”) are pleased to announce that they have formed a consortium (the “Consortium”) with a view to launching, through a dedicated entity (“BidCo”) a tender offer (the “Offer”) on the shares of Believe (the “Company”) at a price per share of 15 euros, following the acquisition of a block representing 71.92% of the share capital and 77.42% of the theoretical voting rights of the Company.

BidCo would acquire from TCV Luxco BD S.à r.l., XAnge and Ventech, historical shareholders of Believe, the shares they own in Believe’s capital, representing respectively 41.14%, 6.29% and 12.03% of the capital and 42.85%, 3.93%, and 15.05% of the voting rights. In addition, it is contemplated that Denis Ladegaillerie, the founder, would contribute a portion of his Company shares to BidCo (representing 11.17% of the share capital) and sell the remaining portion (representing 1.29% of the share capital) to BidCo, representing in the aggregate 12.46% of the share capital and 15.59% of the voting rights of the Company. The Consortium has also obtained from other shareholders of the Company undertakings to tender their shares in the Offer (representing 3% of the capital of the Company).

These acquisitions would be completed following the receipt of required regulatory approvals, the issuance of a fairness opinion from the independent expert confirming the fairness of the take private offer and the issuance by the Company’s board of directors (the “Board”) of its recommendation with respect to the Offer, following consultation of the Company’s works council.

Following these acquisitions, the Consortium would file a mandatory tender offer, at a price of 15 euros in cash, for the remaining shares of Believe outstanding at the time and, if the legal conditions are met at the end of the offer, will request the implementation of a squeeze-out procedure.

Referring to the last closing share price available, on February 9^th 2024, the offer price of EUR 15 per share represents a premium of approximately:

21.0%, 43.8%, and 52.2% to respectively the closing share price of EUR 12.4, the 30-days VWAP of EUR 10.43, and the 120-days VWAP of EUR 9.86

This transaction values Believe’s entire issued and to be issued share capital under BSA/BSPCE, performance shares and free shares plans at approximately EUR 1,523 millions based on 101,547 millions shares² outstanding on a fully diluted basis.

Completion of the acquisitions of blocks is expected to take place during the second quarter of 2024, and the filing of the subsequent Offer shortly thereafter.

Offer unanimously welcomed by Believe’s Board of Directors

On 11 February 2024, the Board of Directors of Believe unanimously welcomed the proposed transaction, without prejudice to the reasoned opinion to be issued by the Board following the submission of the report of the independent expert.

In the context of the Offer, the Board established an ad hoc committee, comprising of the three independent directors: Orla Noonan (independent director), Anne-France Laclide-Drouin (independent director) and Cécile Frot-Coutaz (independent director representing FSP). The purpose of the ad hoc committee is to monitor and facilitate the work of the independent expert, and to prepare a draft reasoned opinion on the merits of the Offer and its consequences for Believe, its shareholders and its employees.

To this end, upon the recommendation of the ad hoc committee, the Board has appointed Ledouble, represented by Agnès Piniot and Romain Delafont, as an independent expert to draw up a report including a fairness opinion on the financial terms of the Offer.

Denis Ladegaillerie, founder, chairman and CEO of Believe: « Since being a public company, Believe has systematically outperformed its objectives, delivering its IPO plan two years ahead of schedule. However the strength of its operational performance has not been reflected in the share price evolution. Believe has a significant opportunity ahead to consolidate the independent music market and create the first global major independent, at the service of artists at all stages of their career. In achieving this ambition, I am glad to continue benefiting from the active support of TCV who has accompanied Believe since 2014 and to be partnering with Europe-based EQT who has a great track record in supporting high growth companies.”

Nicolas Brugère, Partner, EQT: “Believe’s track record in developing labels and artists worldwide is exceptional. With the music market growth and digitalisation, Believe has significant potential to continue thriving, through organic expansion and strategic acquisitions. We are excited to invest alongside TCV and Denis to back that next phase of development. We are fully aligned with Believe’s core values of fairness, respect and transparency and are committed to support their talented team for future success.”

John Doran, General Partner, TCV: “Believe is strongly positioned as the partner of choice for independent artists and labels globally, as well as for artist and labels that have a digital-first mindset. We at TCV, see Believe’s focus on local content, coupled with its full stack offering addressing all artist segments and focusing on digital artist development over the long term, as highly differentiated, making them a strategic partner for digital streaming platforms globally. We are excited to be partnering with EQT to back Denis and the Believe team, as they continue to scale their business and expand globally.”

Capturing the significant business opportunity created by the transformation of digital artist markets

Headquartered in Paris, France, Believe is a global independent music company. The Company was co-founded by Denis Ladegaillerie in 2005 with a mission to partner with local artists and labels, supporting them in their creative journeys and to grow their audiences at each stage of their career and development. Today, the Company provides more than 1.3 million independent artists with marketing, artist development, production, publishing, branding, live and financing solutions in more than 50 countries around the world across more than 150 digital streaming providers, including Spotify, YouTube, Apple Music, and Amazon. With expertise, respect, fairness and transparency.

The Company is notably benefiting from the rapid growth of paid streaming around the world, particularly in the fastest growing regions, specifically in Asia, Europe and Emerging Markets where it has established leadership market positions.

More importantly, music fans discovering music on digital platforms means a new way of developing artists. Digital audiences means digital artist development: Believe is the only music company that uniquely combines digital, music and technology at global scale to drive artist success and faster than market label development in the digital era.

This is positioning Believe as an ever more attractive platform for the new generation of digital native artists and label entrepreneurs in each local market around the world. Believe’s unique multi-tiered offering allowing the Company to serve artists at all levels makes it a unique platform with a strong and attractive value proposition to all labels and artists that has enabled its artists and labels to grow consistently faster than the market, being the only player of scale focused on digital artists.

By partnering with the Consortium, Believe and its management team are expected to benefit from strong operational and financial support and its experience in backing the new generation of modern, innovative and fast growing global technology-enabled media companies, allowing the Company to be better positioned to capture the significant business opportunity created by the transformation of digital artist markets around the world in recorded music and in publishing with the ambition to build a global independent music company leveraging technology to scale in the digital world.

Disclaimer This press release has been prepared for information purposes only. It does not constitute an offer to purchase or a solicitation to sell Believe shares in any country, including France. There is no certainty that the simplified tender offer mentioned above will be filed or opened. The dissemination, publication or distribution of this press release may be subject to specific regulations or restrictions in certain countries. Accordingly, persons in possession of this press release are required to inform themselves about and to comply with any local restrictions that may apply.

With this transaction, EQT X is expected to be 30-35 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size and subject to customary regulatory approvals.

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT X or TCV will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 130 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.
More info: www.eqtgroup.com
Follow EQT on LinkedIn, X, YouTube and Instagram

About TCV
TCV is a leading investment firm focused on investing in global, category-defining, technology companies. Leveraging its deep industry expertise and strategic resources, TCV’s mission is to provide long-term capital and support to high-quality management teams across their growth journey. Since its founding in 1995, TCV has invested over $18 billion in more than 350 technology companies worldwide and has supported over 150 IPOs and strategic acquisitions, making it one of the most active technology investors. TCV has a global presence in Menlo Park, New York, London and Melbourne. For more information on TCV and its investments, visit www.tcv.com

About Believe
Believe is one of the world’s leading digital music companies. Believe’s mission is to develop independent artists and labels in the digital era by providing them the solutions they need in their creative journeys and to grow their audience at each stage of their career and development. Believe’s passionate team of creative and digital music experts around the world leverages the Group’s global technology platform to support artists and labels. Its 1,919 employees in more than 50 countries aim to partner with artists and music entrepreneurs with expertise, respect, fairness and transparency. Believe offers its various solutions through a portfolio of brands including Believe, TuneCore, Nuclear Blast, Naïve, Groove Attack, AllPoints, Ishtar and Byond. Believe is listed on compartment B of the regulated market of Euronext Paris (Ticker: BLV, ISIN: FR0014003FE9). www.believe.com

Press Contact on behalf of the Consortium

Nicolas Grange – +33 6 29 56 20 19

¹ including double voting rights which will lapse as a result of the transaction and based on total number of share capital as at February 9, 2024 of 97,098,850 representing 155,226,381 voting rights.

² Based on 97.099m shares issued as of 09-Feb-24, 0.374m treasury shares as of 09-Feb-24, 0.572m Performance shares (assuming vesting of all performance shares granted) as of 31-Jan-24, 1.733m free shares as of 31-Jan-24, 1.314m outstanding BSA/BSPCE with a weighted average exercise price of € 3.364 on a per share basis, implying a net dilutive impact of 2.505m shares based on treasury stock method as of 31-Jan-24 and 0.013m new shares to be created following exercise of 2018 BSA and 2019 BSPCE as of 09-Feb-24.

Attachments

Consortium

Categories: News

Tags: Consumer brands

Altor completes the public cash offer to the shareholders of Permascand and acquires over 90% of the shares

admin February 12, 2024

On December 19, 2023, Altor PC AB (Altor), a company controlled by Altor Fund VI (No. 1) AB and Altor Fund VI (No. 2) AB[1], announced a public cash offer to the shareholders of Permascand. On February 5, 2024, Altor announced the completion of the public cash offer, whereby it acquires approximately 95% of the shares in Permascand. Settlement of shares tendered on or before February 2, 2024, is expected to commence around February 12, 2024. Altor will promote a delisting of Permascand’s shares from Nasdaq First North Growth Market.

Ever since Permascand was founded in 1971 they have built their business on technological excellence. Permascand is an independent technology-drive manufacturer of electrochemical solutions based on the Company’s proprietary catalytic coatings for clean tech applications. Permascand has supplied electrodes, electrochemical cells and aftermarket services to a variety of sectors for more than 50 years. Their headquarters are found in Ljungaverk, Sweden, with operations including research and development, technology development and production and with sales organisations in Sweden, Germany and North America.

“We are excited to embark on this journey together with Permascand’s management and employees. We are impressed by the quality of the company’s products as key components into different industrial processes. With hydrogen production as a key end market, the growth opportunity is very tangible, but will require significant expansion in capacity. We will support Permascand on this important transformation.” said Clara Zverina, Principal at Altor.

”We are very glad to welcome Altor, their expertise and green transition ambitions aligns perfectly with our journey ahead. This partnership will make us stronger and bring us closer to our vision of becoming the leading independent global supplier of key components for electrochemical applications to support the green transition.” said Per Lindberg, Chairman of the Board at Permascand.

For more information, please see: www.permascandoffer.com and www.sebgroup.com/prospectuses

[1] Managed by Altor Fund Manager AB.

About Altor

Since inception, the family of Altor funds has raised more than EUR 11 billion in total commitments. The funds have invested in just south of 100 companies. The investments have been made in medium-sized predominantly Nordic and DACH companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Trioworld, OX2, Carnegie, Kaefer, FLSmidth, Rossignol and Toteme.

For more information visit www.altor.com

About Permascand

Permascand is a technology-driven manufacturer of world-leading electrochemical solutions – based on proprietary catalytic coatings – for clean tech applications. With a customer-centric focus, the company has supplied electrodes and aftermarket services for a variety of industries for more than 50 years.

For more information visit www.permascand.com

Press contact

Karin Åström

Head of Communications

karin.astrom@altor.com

+46 707 64 86 59

Categories: News

Tags: Industrie

Ratos AB: Strong cash flow, low leverage and increased profit

admin February 12, 2024

Q4 2023

Adjusted EBITA amounted to SEK 326m (318)
Operating profit amounted to SEK 1,206m (282)
Profit for the period amounted to SEK 980m (45)
Adjusted diluted earnings per share amounted to SEK 0.15 (-0.11)
Diluted earnings per share amounted to SEK 1.45 (-0.11)
Cash flow from operating activities amounted to SEK 882m (21)

Full-year 2023

Adjusted EBITA amounted to SEK 2,244m (1,966)
Operating profit amounted to SEK 3,010m (1,618)
Profit for the period amounted to SEK 2,006m (879)
Adjusted diluted earnings per share amounted to SEK 2.43 (2.08)
Diluted earnings per share amounted to SEK 3.72 (1.68)
Cash flow from operating activities amounted to SEK 4,275m (1,431)
Adjusted leverage excluding finance leases was 1.1x (2.3x)
Leverage excluding finance leases was 0.7x (2.5x)
The Board of Ratos proposes a dividend for full-year 2023 of SEK 1.25 per share (0.84)

Significant events during and after the end of the quarter

The previous impairment of Aibel amounting to SEK 1,656m was reversed during the period and had a positive impact on EBITA
As a result of accounting errors within NVBS Projekt and NVBS Anläggning (two subsidiaries of Expin Group), the acquisition analysis has been adjusted to increase the original recognised goodwill by SEK 308m. Expin Group has also decided to leave the engineering projects market. All in all, this resulted in impairment of goodwill of SEK 524m in the period
Goodwill in Plantasjen was impaired by SEK 250m in conjunction with the annual impairment testing in the fourth quarter
After the end of the quarter, HL Display signed an agreement to acquire pr trading-Flekota A/S, the company’s distribution partner in Denmark

“Adjusted EBITA amounted to SEK 326m for the quarter and SEK 2,244m for the full year, up 2% and 14%, respectively. Sales totalled SEK 7,960m for the quarter and SEK 33,748m for the full year, down 3% and up 13%, respectively. Free cash flow amounted to SEK 3,073m for the full year and leverage ratio was 0.7x (2.5x). As a result of continued strong cash flows and low leverage, we can accelerate the pace of add-on acquisitions.”

Jonas Wiström, President and CEO, Ratos

A presentation of the interim report will be held today at 09.00 CET. The presentation will be held in English and will also be available as a webcast on Ratos website, www.ratos.com.

The presentation can be followed on Youtube via the following link;
https://youtube.com/live/7Hg1raV2EpQ?feature=share

Participants who wish to ask questions live are asked to pre-register, please send an e-mail to helena.jansson@ratos.com in advance for a personal invitation.

Representatives of the media are welcome to contact Josefine Uppling, Vice President Communication, for interview requests.

Stockholm 12 February 2024
Jonas Wiström
President and CEO

For further information, please visit www.ratos.com or contact:
Josefine Uppling, Vice President Communication and Sustainability
+46 76 114 54 21
josefine.uppling@ratos.com

Jonas Ågrup, CFO and IR
+46 8 700 17 00

Jonas Wiström, President and CEO
+46 8 700 17 00

This is information that Ratos AB is obliged to make public pursuant to the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact persons set out above, at 7:00 a.m. CET on 12 February 2024.

About Ratos
Ratos is a business group consisting of 17 companies divided into three business areas: Construction & Services, Consumer and Industry. The companies have approximately SEK 34 billion in net sales (LTM). Our business concept is to own and develop companies that are or can become market leaders. 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 companies to excel by being part of something larger. People, leadership, culture and values are key focus areas.

Categories: News

Tags: Financial news

Auctus completes exit of Profiltubi S.P.A.

admin February 12, 2024

After 4 years of investment, AUCTUS completes the exit of Profiltubi S.p.A.

AUCTUS announces the sale of the entire shares of the Italian Profiltubi Group including O.M.V Ventura to a new strategic partner – the Eusider Group. Profiltubi is a key player in the Italian market for the production and distribution of carbon steel welded tubes, with a consolidated turnover in excess of 100 million euros.

The Profiltubi Group, based in Reggiolo, Italy, has been operating in the steel sector for 50 years and specializes in the production of electro-welded carbon steel tubes, which can be produced in various shapes and sizes. Since its majority investment in 2020, AUCTUS supported the further business development of Profiltubi in partnership with its CEO Giorgio Figerio and some members of the Alfieri family, fostered the transition to a modern management and implemented a targeted M&A strategy that resulted in the add-on acquisition of 100 percent of O.M.V. Ventura in 2021.

Eusider Group is headquartered in Costamasnaga, Italy, and is owned by the second generation of the Anghileri family. Eusider is one of Italy’s leading service centers within the metal processing industry, operating with 900 employees at 10 other subsidiaries and 15 production facilities, producing around 1.3 million tons of steel. The group reported a turnover of EUR 1.2 billion and an EBITDA of 10.6% in 2022.

Giorgio Frigerio, who will continue to be responsible for the Profiltubi Group as CEO, stated, “I am really grateful – also on behalf of all Profiltubi and OMV employees – for this transaction with the Eusider Group, which will enable us to further develop significantly within the welded tube sector. As an experienced manager in the Italian steel industry, I was pleasantly surprised to find in AUCTUS not only a reliable and professional financial investor but also, and probably mostly, a partner with a clear and strong entrepreneurial mindset.”

The vendors were supported by the firm ADVANT Nctm (Michele Motta, Giovanni de’ Capitani di Vimercate, Lucilla Casati, and Vittoria Belcuore) as legal advisor.

On behalf of AUCTUS the transaction was managed and executed by Dr. Nicolas Himmelmann, Marco Bortot and Luca Astarita.

Your personal contacts

About AUCTUS
AUCTUS is the most active investment company for small- and medium-sized companies in Europe with more than 415 investments in the past 23 years. The focus of our investments is on majority holdings in companies with annual sales of between EUR 10 million and EUR 150 million. AUCTUS stands for sustainable organic and also inorganic growth by acquisitions. We achieve this in a trustful partnership together with the management of our companies. We are specialized in building successful medium-sized company groups – We create market leaders. The more than 35 experienced AUCTUS investment experts currently manage around 50 platform investments from various sectors of the economy. The sum of the platform investments with a total of more than 200 individual companies achieves annual sales of € 3 billion. Sales and results have been growing at >10% per year for years. Our successful work is regularly rewarded with prestigious awards and top international rankings.

Categories: News

Tags: Industrie

Nordic Capital acquires Zafin, a leading provider of SaaS Core Modernization and Transformation solutions

admin February 12, 2024

Investment made in partnership with Zafin’s founders and management, with the intention to accelerate the Company’s growth and product / platform roadmap
As a leading technology investor, Nordic Capital will leverage its expertise, experience and resources to further support Zafin’s commitment to simplify bank core modernization and create tangible business results for banks globally

Nordic Capital has signed an agreement to acquire a majority share in Zafin, a leading provider of SaaS core modernization and transformation solutions for financial institutions around the world. The investment is made in close partnership with Zafin’s founders and management, who will reinvest in the company alongside Nordic Capital.

Zafin is recognized as an industry leader for its innovative approach to bank core modernization. Zafin’s core SaaS platform extracts product and pricing from multiple core systems, enabling users to work collaboratively to design and manage relationship pricing, products, and packages, including personalized propositions. The platform allows banks to dynamically respond to changing customer and market needs across their entire bank core system footprint, all while ensuring regulatory compliance, transparency, and operational control. As a result of these benefits, such as faster time to market, increased revenue opportunities, lower operating costs, and reduced operational risks, Zafin is recognized as a preferred partner for banks globally. Zafin is a global organization serving a diverse base of customers including Wells Fargo, US Bank, HSBC, Truist, ING, CIBC, PNC, and ANZ.

Al Karim Somji, CEO, Zafin, said: “This partnership is an absolute game-changer for the Zafin team and our customers. We have been powering the modernization and transformation of banks and future-proofing their banking technology investments for years. With Nordic Capital’s scale, technology expertise, and deep market understanding, this partnership enables us to become a global leader in banking technology solutions.”

Mohit Agnihotri, Partner Nordic Capital Advisors, said: “Nordic Capital has been a keen observer of bank IT modernization efforts and has been highly impressed with Zafin’s innovative approach to helping its customers react to a constantly changing business landscape. The Company’s exceptional track record of success and resoundingly positive customer feedback are a testament to the entire Zafin team and product they have built. We firmly believe that Zafin will emerge as a gold standard in bank IT modernization efforts. Nordic Capital looks forward to partnering with Zafin management on the next phase of the company’s growth, including leveraging our seasoned inhouse operational team, deep expertise and expansive relationships in the sector.”

Nordic Capital has over 30 years of experience accelerating the growth of innovative technology companies. As a leading specialized technology investor globally, Nordic Capital has to date made 29 technology investments with an aggregate enterprise value of close to EUR 24 bn.

The terms of the transaction were not disclosed. Completion of the transaction is expected during Q1 2024 and is subject to customary closing conditions.

Goldman Sachs & Co. LLC served as exclusive financial advisor to Zafin and Fasken Martineau DuMoulin LLP served as legal counsel to Zafin.

Media contacts:

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

Zafin
Uproar PR for Zafin
Matt Greenfield
mgreenfield@uproarpr.com

Bhavna Wadhwa
SVP, Global Marketing, Zafin
Tel: +1 289 962 0491
e-mail: bhavna.wadhwa@zafin.com

About Zafin

Founded in 2002, Zafin offers a SaaS product and pricing platform that simplifies core modernization for top banks worldwide. Its platform enables business users to work collaboratively to design and manage pricing, products, and packages, while technologists streamline core banking systems. With Zafin, banks accelerate time to market for new products and offers while lowering the cost of change and achieving tangible business and risk outcomes. The Zafin platform increases business agility while enabling personalized pricing and dynamic responses to evolving customer and market needs. Zafin is headquartered in Vancouver, Canada, with offices and customers around the globe, including ING, CIBC, HSBC, Wells Fargo, US Bank, Truist, PNC, and ANZ. For further information about Zafin, please visit www.zafin.com.

About Nordic Capital

Nordic Capital is a leading sector-specialist 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”.

Categories: News

Tags: Banking Information technology

Gresham House Ventures exits logistics and warehousing specialist Master Removers Group for 3.4x money multiple

admin February 8, 2024

Gresham House Ventures has exited its stake in logistics, warehousing and removals business Master Removers Group (MRG), via the sale of Bishopsgate, its B2B logistics division, to listed Swedish group Elanders AB (Elanders) and alongside this the sale of its shares in MRG’s domestic removals business to management.

Gresham House Ventures initially invested £7.2mn into MRG via the Mobeus VCTs in 2014. MRG has delivered consistent growth since then, despite various macroeconomic headwinds. The VCTs’ investment has driven both an increase in penetration among Bishopsgate’s existing customers and an expansion of its customer base. The removals business has also grown consistently over this period, expanding geographically through the completion of several astute acquisitions.

The sale of Bishopsgate to Elanders, based on an enterprise value of £47.5mn, has been approved by both the business’s management team and Gresham House Ventures, and will enable Elanders to develop its presence in the UK market while providing long-term continuity for Bishopsgate’s 276 staff. 47 members of staff across both Bishopsgate and MRG’s domestic removals business will also directly benefit from the deal via a generous share ownership scheme that has long rewarded key staff for the continued effective running of the business with regular dividends.

For Gresham House Ventures, the exit delivers a strong return, with an IRR of 26.6% over the nine-year holding period and a money multiple of 3.4x.

The exit continues a busy period of dealmaking for Gresham House Ventures, which recently made a £1.75mn follow-on investment in e-commerce software business Patchworks. This followed a £1.1mn investment into biotech research business Metrion Biosciences, a £1.4mn investment into tailor-made holiday company TravelLocal and a £3mn investment into leading travel technology business Branchspace.

Bob Henry, portfolio director at Gresham House Ventures, said:

“This investment has been a major success story for the Mobeus VCTs and has delivered an outstanding return over a long period. The VCTs’ investment, combined with the strategic vision of the management team and its unerring focus on quality of service, has created long-term shareholder value, which is now being realised. The offer from Elanders is compelling for both Gresham House Ventures and MRG’s management team and will deliver long-term continuity for Bishopsgate’s staff and customers.

Tim Bloch, managing director at Bishopsgate, said:

“Our relationship with Gresham House Ventures has been a major driver of a long period of growth for Master Removers Group and Bishopsgate, and we are grateful for its longstanding support and close guidance over the last nine years. We are aligned in believing that now is the time for Bishopsgate to continue its journey under new ownership and Elanders is ideally positioned to take the business forward over the coming years.”

Discover our portfolio >

Media enquiries

KL Communications
gh@kl-communications.com

Categories: News

Tags: Logistics Venture Capital

Bloomerang Secures Strategic Investment from Leading Private Equity Firm Warburg Pincus to Accelerate Delivery of First Giving Platform

admin February 8, 2024

Private equity firm joins existing investor, JMI Equity, who invested in 2020

INDIANAPOLIS, Feb. 8, 2024 /PRNewswire/ — Bloomerang, the industry’s leading donor, volunteer, and fundraising management software platform for thousands of small and medium-sized nonprofits, today announced that it received an investment from Warburg Pincus, a leading global growth investor. The funding – combined with JMI Equity’s investment in 2020 and the company’s recent acquisition of Qgiv – will drive ongoing growth and success to help Bloomerang deliver the sector’s first fully-integrated giving platform.

Bloomerang’s latest moves and product innovations address many of the common challenges that nonprofits face today–finding new donors, growing existing relationships, and fundraising. By providing intuitive, easy-to-use donor management, volunteer management, and deep fundraising capabilities–in a single place–nonprofits will be able to maximize the full potential of their donor communities and ultimately raise more funding. This strategic investment from Warburg Pincus is focused on continuing company growth, innovations in the nonprofit sector, and ultimately helping nonprofits deliver their mission.

“Warburg Pincus is known for making investments in market leaders,” says Dennis Fois, Bloomerang’s chief executive officer. “Year-over-year, Bloomerang customers raised 25% more on GivingTuesday 2023 than in 2022, whereas the broader sector remained flat. Our goal is to deliver a single giving platform that gives nonprofits the ability to increase donors, donations, volunteers, and support. This investment will help accelerate our mission to build a world inspired by giving.”

“Bloomerang has long been the clear market leader in donor and volunteer management software. The company’s powerful yet easy-to-use platform is highly effective in helping customers improve donor retention and increase supporter engagement,” says Sam Lipsick, managing director at Warburg Pincus. “We’re excited to support Bloomerang and Qgiv coming together, to offer an even better fully-integrated experience for customers across the nonprofit community,” added Andrew Park, managing director at Warburg Pincus.”

This investment comes on the heels of Bloomerang’s recent acquisition of Qgiv, a leading provider of fundraising technology solutions, as well as the earlier acquisition of InitLive, a leading provider of volunteer management software. The company now serves 23,000 nonprofit customers, processes $1 billion in donations for nonprofits, and has plans to continue to hire staff and add new resources to help nonprofits succeed.

“Since partnering with Bloomerang in 2020, we’ve supported the company’s substantial growth–across customers, revenues, and employees–and we know that there is even more room to expand,” said Larry Contrella, general partner at JMI Equity and Bloomerang board member. “With Bloomerang’s commitment to intentional growth, helping nonprofits succeed, fostering a company culture passionate about nonprofits, and delivering product enhancements that raise the bar, we’re confident that the company will further strengthen its leadership position in nonprofit technology.”

Andrew Park, Sam Lipsick, and Peter Kimmey from Warburg Pincus join JMI on the Bloomerang board. Since an initial investment from JMI Equity in 2020, Bloomerang has more than tripled the business in revenue, employees, and nonprofits served.

Learn more about career opportunities at Bloomerang.

About Bloomerang

Indianapolis-based Bloomerang is the complete donor, volunteer, and fundraising management solution that helps thousands of small and medium-sized nonprofits deliver a better giving experience and create stable, thriving organizations. Combining robust, simple-to-use technology with people-powered support and training, Bloomerang empowers nonprofits to work efficiently, improve their supporter relationships, and grow their donor and volunteer bases. With Bloomerang, nonprofit professionals love their work and have another teammate in the cause.

Bloomerang is a trusted and acclaimed partner for growing nonprofits. For more information about Bloomerang and to see why real fundraisers recommend the solution to their peers, visit: https://bloomerang.com.

About JMI Equity
JMI Equity is a growth equity firm focused on investing in leading software companies. For over three decades, JMI has partnered with exceptional founders, entrepreneurs, and management teams at high-growth software companies to provide flexible capital, industry expertise, and operational support to build businesses of enduring value. To date, JMI has invested in over 180 software businesses in North America and Europe and completed over 115 exits. Today, the Firm’s portfolio of industry-leading cloud software companies represents $8 billion in combined revenue, $65 billion in aggregate enterprise value, and over 34,000 jobs. For more information, visit www.jmi.com.

About Warburg Pincus

Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 260 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Since its founding in 1966, Warburg Pincus has invested more than $116 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com.

SOURCE Bloomerang

Categories: News

Bloomerang secures strategic investment from leading private equity firm Warburg Pincus to accelerate delivery of first giving platform

admin February 8, 2024

Private equity firm joins existing investor, JMI Equity, who invested in 2020

INDIANAPOLIS, Feb. 8, 2024 /PRNewswire/ — Bloomerang, the industry’s leading donor, volunteer, and fundraising management software platform for thousands of small and medium-sized nonprofits, today announced that it received an investment from Warburg Pincus, a leading global growth investor. The funding – combined with JMI Equity’s investment in 2020 and the company’s recent acquisition of Qgiv – will drive ongoing growth and success to help Bloomerang deliver the sector’s first fully-integrated giving platform.

Learn more about career opportunities at Bloomerang.

About Bloomerang

About JMI Equity

JMI Equity is a growth equity firm focused on investing in leading software companies. For over three decades, JMI has partnered with exceptional founders, entrepreneurs, and management teams at high-growth software companies to provide flexible capital, industry expertise, and operational support to build businesses of enduring value. To date, JMI has invested in over 180 software businesses in North America and Europe and completed over 115 exits. Today, the Firm’s portfolio of industry-leading cloud software companies represents $8 billion in combined revenue, $65 billion in aggregate enterprise value, and over 34,000 jobs. For more information, visit www.jmi.com.

About Warburg Pincus

Categories: News

Blue Owl Capital to Partner with Lunate to Invest in Private Market Investment Managers

admin February 7, 2024

Partnership will target mid-sized private market managers

NEW YORK and ABU DHABI, UAE, February 7, 2024 — Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL), a leading alternative asset manager, and Lunate, a global alternative investment manager headquartered in Abu Dhabi, managing US$105 billion in assets, announced today a joint venture to provide growth capital to leading mid-sized private capital GPs.

The joint venture will seek to acquire minority stakes in private market investment managers with fee-paying assets under management of less than $10 billion. The joint venture plans to target GPs with a clear sector specialization, differentiated approach, strong leadership and culture, and an established foundation of a durable, stable platform with identifiable key drivers of franchise value.

Lunate invests primarily in private markets through a multi-asset class approach, including private equity, venture capital, private credit, real assets, and public equities and public credit. Lunate, together with Blue Owl’s GP Strategic Capital platform, a market leader in GP minority investing, will create a powerful and differentiated proposition in the mid-market segment for GPs seeking growth capital and strategic partnerships.

“We are excited to partner with Lunate, which is a leading global private markets solutions provider based out of Abu Dhabi,” said Michael Rees from Blue Owl. “They bring valuable investment experience as both an LP and minority GP stake investor. We think the combined effort will be truly differentiated for mid-sized GPs and be complementary to our existing strategy focused on larger managers.”

“Our joint venture with Blue Owl speaks to Lunate’s aim of identifying and investing in a mid-sized GP Stakes Strategy that will enable our clients to participate in the broader dynamics of private markets investing” said Khalifa Al Suwaidi, Managing Partner, Lunate. “Blue Owl are pioneers and leaders in this space, and together, we are well positioned to add strategic value through our multi-asset platform, global networks, and industry expertise.”

Investor Contact:
Ann Dai
Head of Investor Relations
blueowlir@blueowl.com

Media Contact:
Nick Theccanat
Principal, Corporate Communications & Government Affairs
nick.theccanat@blueowl.com

About Lunate

Lunate is a new Abu Dhabi-based, Partner-led, independent global alternative investment manager with more than 150 employees and $105 billion of assets under management. Lunate invests across the entire private markets spectrum including buyouts, growth equity, early and late-stage venture capital, private credit, real assets, and public equities and public credit. Lunate aims to be one of the world’s leading private markets solutions providers through SMAs and multi-asset class funds, seeking to generate best-in-class risk-adjusted returns for its clients.

Media Contact: For any media inquiries, please contact media@lunate.com

Forward Looking Statements
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. Any such forward-looking statements are made pursuant to the safe harbor provisions available under applicable securities laws and speak only as of the date made. Blue Owl assumes no obligation to update or revise any such forward-looking statements except as required by law.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Blue Owl’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements.

Important factors, among others, that may affect actual results or outcomes include the inability to recognize the anticipated benefits of strategic acquisitions; costs related to acquisitions; the inability to maintain the listing of Blue Owl’s shares on the New York Stock Exchange (“NYSE”); Blue Owl’s ability to manage growth; Blue Owl’s ability to execute its business plan and meet its projections; potential litigation involving Blue Owl; changes in applicable laws or regulations; and the possibility that Blue Owl may be adversely affected by other economic, business, geo-political and competitive factors.

Categories: News

Tags: Financial services

CapMan Plc 2023 Financial Statements Bulletin

admin February 7, 2024

CapMan Plc
Stock Exchange Release / Financial Statements Bulletin
7 February 2024 at 8:00 a.m. EET

CapMan Plc 2023 Financial Statements Bulletin

Results and significant events in 2023:

Group turnover was MEUR 59.4 1 January–31 December 2023 (MEUR 67.5 1 January–31 December 2022) and decreased by 12 per cent.
Operating profit was MEUR 4.7 (MEUR 53.1). Comparable operating profit was MEUR 6.7 (MEUR 55.7).
The decrease in operating profit was mainly due to the fair value changes of investments MEUR –6.1 (MEUR +36.5).
Group turnover excluding carried interest, i.e., fee income was MEUR 56.2 (MEUR 57.9).
Comparable fee profit was MEUR 9.7 (MEUR 9.5) and increased by 2 per cent.
Diluted earnings per share were 0.8 cents (24.8 cents). Comparable diluted earnings per share were 1.9 cents (26.4 cents).
In December, CapMan Plc agreed to acquire Dasos Capital Oy.
Board of Directors expects the dividend distribution for 2023 to be 10 cents per share, of which 6 cents per share is proposed to be paid in the spring and 4 cents per share in the autumn following a Board resolution.

This stock exchange release is a summary of CapMan Plc’s Financial Statements Bulletin for the period 1 January–31 December 2023. The complete report is available in pdf-format as an attachment to this release and on the company’s website at https://capman.com/shareholders/result-reports/reports/ together with the result presentation.

CEO’s comment:

“Fee profit continued to grow for the fourth consecutive year, but the result was weak overall due to fair value changes. Our growth strategy has advanced as planned despite a challenging market environment and 2024 will be a year of strong growth for CapMan.

Fee profit continued to grow

The Management Company business and procurement service CaPS developed well taking the market situation into account. Fee base was strengthened following new funds under management and CaPS’s strong growth. Fee profit, which is a key metric of our business, remained on a positive track in 2023 supported by a moderate development in expenses. Fee profit has grown annually over already four consecutive years and I expect this growth to continue.

Carried interest and especially changes in fair value fell below 2022. Consequently, results for 2023 were lower in comparison. CapMan’s own funds developed positively on average due to the strong development of Private Equity and Infra funds. The single most significant factor for the weaker result compared to the previous year was the fair value development of external venture capital funds, which turned negative in 2023 after a strongly positive 2022.

Interest from international investors in new funds creates growth opportunities

Despite a more challenging fundraising market, we succeeded in expanding our customer base even further among international institutional investors. During 2023, we raised nearly MEUR 400 in new assets under management. Over half of the capital came from outside the Nordic countries and about a third from investors who made their first investment in a CapMan fund. This is a testament to the strong value creation of our funds, the ability to realise value for investors, and to make new and attractive investments despite the slow transaction market and uncertain operating environment.

Fundraising was promoted across all investment areas. At the end of 2023, we established a Social Real Estate Fund, with the aim of raising MEUR 500 over the next few years. Nordic Real Estate IV, our flagship real estate fund, is preparing for fundraising. We expect it to hold its first close in 2024 and reach a final close of MEUR 750. CapMan’s second infrastructure fund continues fundraising and is now nearly MEUR 300, exceeding the size of the previous fund by 50 per cent. As for our Private Equity strategies, the Growth team has continued its impressive performance. The third fund received significant commitments in the latter part of 2023, and the fund is expected to hold its first close in early 2024. Due to these and other fundraising projects ongoing this year, assets under management are expected to grow significantly in 2024.

Expansion into natural capital following the acquisition of Dasos Capital

In December, we agreed to acquire Dasos Capital, a sustainable timberland and natural capital investor. Dasos is a leading player in terms of the breadth of its European investment portfolio, the international profile of its investors, and its strong track record. Dasos is perfectly compatible with CapMan’s growth strategy and sustainability focus. CapMan’s assets under management will immediately increase by approximately MEUR 630 at the closing of the transaction. By combining Dasos’s expertise in a growing asset class with CapMan’s experience in scaling products, we create excellent conditions for rapid growth in a new business area.

As part of the value creation work of all our funds under management, we are promoting our mission to become the most responsible private assets company in the Nordics. At the end of 2023, we set a net-zero emissions target for 2040, 10 years earlier than the global target. The target covers our own operations as well as all CapMan’s portfolio companies and assets. However, reducing emissions alone is not enough, and we are therefore one of the first in our industry to launch an initiative to promote nature-positive business models across all our investment areas.

I would like to thank CapMan’s investors and shareholders for their trust and all our employees for their good work and commitment to our common goals. We continue to implement our strategy systematically and are well positioned to achieve our growth targets. Consequently, we take determined measures to build a more international, sustainable, and financially stronger private markets frontrunner.”

Sincerely,

Pia Kåll

CEO, CapMan Plc

Key figures

MEUR	1-12/23	1-12/22

Operating profit	4.7	53.1
Items impacting comparability:
Impairment of goodwill		2.6
Reorganisation costs	1.5
Acquisition related expenses	0.6
Items impacting comparability, total	2.0	2.6
Adjusted operating profit	6.7	55.7

Result for the period	3.4	41.0
Items impacting comparability:
Impairment of goodwill		2.6
Reorganisation costs	1.2
Acquisition related expenses	0.6
Items impacting comparability, total	1.7	2.6
Adjusted profit for the period	5.1	43.6

Earnings per share, cents	0.8	25.1
Items impacting comparability, cents	1.1	1.7
Adjusted earnings per share, cents	1.9	26.8

Earnings per share, diluted, cents	0.8	24.8
Items impacting comparability, cents	1.1	1.6
Adjusted earnings per share, diluted, cents	1.9	26.4

Proposal of the Board of Directors regarding distribution of funds

The Board of Directors’ resolution proposal to the Annual General Meeting (AGM) to be held on 27 March 2024 is a combined proposal of a dividend distribution and an authorisation for the Board of Directors to decide on distribution of an additional dividend. The Board of Directors expects the overall dividend distribution to be EUR 0.10 per share for 2023.

The Board of Directors proposes to the AGM that a dividend in the total amount of EUR 0.06 per share would be paid for 2023. The payment date would be 9 April 2024.

The Board of Directors further proposes to the AGM that the Board of Directors be authorised to decide on an additional dividend in the maximum amount of EUR 0.04 per share. The authorisation would be effective until the end of the next Annual General Meeting. The Board of Directors intends to resolve on the additional dividend in its meeting scheduled for 18 September 2024.

CapMan’s distributable funds amounted to MEUR 37.5 on 31 December 2023.

Long-term financial objectives

CapMan’s distribution policy is to pay sustainable distributions that grow over time. CapMan’s objective is to distribute at least 70 per cent of the Group’s profit attributable to equity holders of the company excluding the impact of fair value changes, subject to the distributable funds of the parent company. In addition, CapMan may pay out distributions accrued from investment operations, taking into consideration foreseen cash requirements for future investments.

The combined growth objective for the Management Company and Service businesses is more than 15 per cent p.a. on average. The objective for return on equity is more than 20 per cent p.a. on average. CapMan’s equity ratio target is more than 50 per cent.

CapMan expects to achieve these financial objectives gradually and key figures are expected to show fluctuations on an annual basis considering the nature of the business.

Outlook estimate for 2024

CapMan’s objective is to improve results in the long term, taking into consideration annual fluctuations related to the nature of the business. Carried interest income from funds managed by CapMan and the return on CapMan’s investments have a substantial impact on CapMan’s overall result. In addition to asset-specific development and exits from assets, various factors outside of the portfolio’s and CapMan’s control influence fair value development of CapMan’s overall investments, as well as the magnitude and timing of carried interest. For these reasons, CapMan does not provide numeric estimates for 2024.

CapMan estimates assets under management to grow in 2024. The company estimates fee profit also to grow in 2024. These estimations do not include possible items affecting comparability.

Result webcast today at 9.30 a.m. EET

CapMan’s management will present the result for the review period in a webcast to be held at 9.30 a.m. EEST. Please access the webcast at https://capman.com/shareholders/at-a-glance/events/. The conference and Q&A will be held in English. A replay of the webcast will be available on the company’s website after the event.

Helsinki, 7 February 2024

CAPMAN PLC
Board of Directors

Contact details:
Atte Rissanen, CFO, CapMan Plc, tel. +358 50 040 5732

Distribution:
Nasdaq Helsinki Ltd
Principal media
www.capman.com

Appendix: CapMan Plc 2023 Financial Statements Bulletin

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics, it has built value in unlisted businesses, real estate, and infrastructure for over three decades. With approx. EUR 5 billion in assets under its management, its objective is to provide attractive returns and innovative solutions to investors. An example of this are the greenhouse gas reduction targets that it has set under the Science Based Targets initiative in line with the 1.5°C scenario as well as a commitment to net zero GHG emissions by 2040. It has a broad presence in the unlisted market through its local and specialised teams. Its investment strategies cover minority and majority investments in portfolio companies and real estate, as well as infrastructure assets. It also provides wealth management solutions. Its service business includes procurement services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London, Luxembourg and Jyväskylä. It has been listed on Nasdaq Helsinki since 2001. Learn more at www.capman.com.

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CapMan Plc 2023 Financial Statements Bulletin