Category Archives: News

Apollo to Announce Fourth Quarter and Full Year 2023 Financial Results on February 8, 2024

Apollo logo

NEW YORK, Jan. 04, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) plans to release financial results for the fourth quarter and full year 2023 on Thursday, February 8, 2024, before the opening of trading on the New York Stock Exchange. Management will review Apollo’s financial results at 8:30 am ET via public webcast available on Apollo’s Investor Relations website at ir.apollo.com. A replay will be available one hour after the event.

Apollo distributes its earnings releases via its website and email lists. Those interested in receiving firm updates by email can sign up for them here.

About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2023, Apollo had approximately $631 billion of assets under management. To learn more, please visit www.apollo.com.

Contacts

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
(212) 822-0540
IR@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
(212) 822-0491
Communications@apollo.com


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Source: Apollo Global Management, Inc.

Released January 4, 2024

Categories: News

Vow Green Metals AS: Long-term supply agreement for biocarbon signed with Elkem

Reiten

Vow Green Metals, a leading producer of biocarbon and other carbon-neutral products, today signed a supply agreement for the annual delivery of 15,000 tons of biocarbon to Elkem, one of the world’s leading providers of advanced silicon-based materials.

The agreement comes into force when the first large-scale biocarbon volumes are delivered and the ongoing qualification process to ensure an optimized and competitive product is successfully completed. The supply agreement has a duration of five years with an option for a further five-year extension of the contract.

The volumes will be delivered from Vow Green Metals’ large-scale 20,000 tons production plant under development at Hønefoss, set to become one of Europe’s largest, with an abatement potential of 100,000 tons of fossil CO2 p.a. In line with Vow Green Metals’ commercial strategy, the company retains the remaining available volumes, exceeding 5,000 tons, to further mature and develop collaborations with other industrial offtakers to meet the increasing demand for biocarbon.

“Today we celebrate a major milestone in our efforts to build a new green industry as we are demonstrating that biocarbon is a commercially mature product. This supply agreement with Elkem paves the way for biocarbon production for the metallurgical industry to play an important role in the green transition, said Chief Executive Officer of Vow Green Metals, Cecilie Jonassen.

“Elkem aims to be part of the solution to combat climate change – and to be one of the winners in the green transition. Our mission is to provide advanced silicon-based materials shaping a better and more sustainable future, and we have a climate roadmap which aims to reduce emissions towards net zero while growing our business. Replacing fossil carbon sources with biocarbon in our smelting operations is a key potential for reducing our fossil CO2 emissions, and this supply agreement with Vow Green Metals is part of our efforts to develop competitive sourcing of biocarbon. Our aim is to increase our share of biocarbon to 50 percent by 2030 globally,” said Elkem’s Senior Vice President for Silicon Products, Inge Grubben-Strømnes.

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Renovus Capital Partners Announces Investment In Behavioral Framework

Renovus

PHILADELPHIA, PA – January 3, 2024 – Renovus Capital Partners today announced an investment in Behavioral Framework, a leading provider of applied behavior analysis (ABA) therapy for children diagnosed with autism spectrum disorder (ASD).

Behavioral Framework was founded in 2017 in Rockville, Maryland by Angela West, with the mission of helping children diagnosed with autism and their families understand, improve, and lead functional, productive lives. Behavioral Framework’s best-in-class clinical model leverages the scientific principles of ABA, a family-focused mindset, and an organization-wide commitment to excellence to unlock each child’s potential. Pathways, a division of Behavioral Framework, provides autism diagnostic services. Behavioral Framework’s dedicated team serves children and families across Maryland, Virginia, and Washington DC.

“We’re thrilled to welcome Renovus to Behavioral Framework and usher in the next chapter of our growth as we continue to build a world-class autism services organization focused squarely on the needs of our clients and their families,” said Kyle West, Behavioral Framework CEO. “There is a critical need nationwide for autism diagnostics and ABA therapy. Operating from our shared values and vision, the Renovus team will help us accelerate our growth and provide life-changing diagnostics and therapy to as many children and families as possible.”

“Kyle and Angela have established a strong leadership position in the growing ABA space with a unique focus on compassion for the people they serve and achieving measurable results on their behalf,” said Jesse Serventi, Founding Partner at Renovus. “We are proud to support a passionate team as we seek to advance the important impact Behavioral Framework is making in the lives of children and families affected by autism, while growing to reach new communities.”

“Our success in helping our clients achieve meaningful outcomes is built around holding ourselves to the absolute highest standards, individualized care, and a family focus,” said Angela West, Behavioral Framework Chief Clinical Officer. “Our decades of experience have taught us that strong leadership combined with research-based programming and compassionate care are fundamental keys to better outcomes for patients on their path to independence. Renovus shares this commitment and we look forward to their support in the coming years.”

A team led by senior banker Erika Haanpaa of Cain Brothers, a division of KeyBanc Capital Markets, served as exclusive financial advisor to Behavioral Framework.

About Behavioral Framework

Behavioral Framework is a leading provider of autism diagnostic services and ABA therapy in Maryland, Virginia, and Washington DC. Since 2017, Behavioral Framework has provided clinically exceptional care and measurable client outcomes for thousands of children diagnosed with autism and their families. Our team of dedicated behavioral experts is committed to providing our diverse community with consistent, quality care based on decades of research and best practices. Passion motivates us, progress sustains us, and measurable results help our clients reach their lifelong potential. To learn more, please visit: https://www.behavioralframework.com/.

Categories: News

Golden Gate Capital partners with founder and Ceo Gil Grattan on recapitalization of Virginia Green

Golden Gate Capital

SAN FRANCISCO & RICHMOND, Va.–(BUSINESS WIRE)–Golden Gate Capital, a San Francisco-based private equity firm, in partnership with Founder and CEO Gil Grattan, today announced the recapitalization of Virginia Green (“the Company”), the leading provider of lawn care in Virginia. Mr. Grattan will continue to lead the Company as CEO and will remain a significant shareholder. Terms of the transaction were not disclosed.

Founded in 2004, Virginia Green is a premier operator of residential lawn treatment services with a growing footprint of ten locations and 70,000 customers across key local markets. The Company offers personalized residential and commercial lawn treatment services through a flexible subscription-based model, underscored by its recognizable brand name in Virginia. Golden Gate Capital’s strategic investment will build on Virginia Green’s long track record of growth and support the Company’s expansion into existing and new adjacent geographies using its proven, scalable playbook built around an exceptional customer experience.

“Our rapid growth is a testament to the comprehensive lawn care offering and tremendous team we have built that provide superior results and unmatched customer satisfaction,” said Mr. Grattan. “I am pleased to be collaborating with Golden Gate Capital and believe their expertise in scaling industry-leading platforms makes them the perfect partner to accelerate the growth of our business in Virginia and beyond.”

Mike Montgomery, Managing Director at Golden Gate Capital, said, “Virginia Green is one of the largest and fastest growing lawn care companies in the country, and an established leader in the lawn treatment sector. The Company’s strong track record of consistent growth is truly remarkable, and the extraordinary customer satisfaction they deliver provides an ideal platform for future expansion. We are thrilled to support the Company as it continues to extend its reach.”

Neale Attenborough, Managing Director at Golden Gate Capital, added, “We are proud to partner with Gil and the talented Virginia Green team, and have deep respect for the company and culture Gil has built. We look forward to building upon Virginia Green’s already attractive customer acquisition and retention model as we expand the franchise into new geographies.”

Harris Williams served as financial advisor and Williams Mullen served as legal advisor to Virginia Green. TD Cowen served as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Ropes & Gray LLP served as legal advisors to Golden Gate Capital.

ABOUT VIRGINIA GREEN

Virginia Green opened for business in 2004 and has grown rapidly employing over 300 associates, including an in-house agronomy team and dedicated customer service representatives focused on delivering 100% client satisfaction. We provide comprehensive commercial and residential lawn care services throughout Virginia including Central Virginia, Northern Virginia, Northside Hampton Roads, the Shenandoah Valley and the New River Valley. Virginia Green is a leader in the lawn care industry by providing the highest quality services, utilizing the best products and associates to deliver fantastic customer lawns and landscapes. Virginia Green prides itself on having an industry leading retention rate at greater than 87%. Virginia Green was ranked #1 in “Best Lawn Service/Landscaping” in a Richmond Times-Dispatch poll four times in the last five years.

ABOUT GOLDEN GATE CAPITAL

Golden Gate Capital is a San Francisco-based private equity firm with over $19 billion in cumulative committed capital. With a long-term investment philosophy, the principals of Golden Gate Capital have a long history of investing across a wide range of industries and transaction types, including going-privates, corporate divestitures, and recapitalizations, as well as debt and public equity investments. For more information, visit www.goldengatecap.com.

Contacts

For Golden Gate Capital
FGS Global

Chloe Clifford / Bridget Nagle
GoldenGate@FGSGlobal.com

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Level Access Agrees to Acquire UserWay

JMI Equity

UserWay’s AI-powered accessibility technologies to enhance Level Access’s suite of leading digital accessibility solutions

ARLINGTON, Va.–(BUSINESS WIRE)–Level Access, a leading provider of digital accessibility solutions, and UserWay (TASE: UWAY), a pioneer in accessibility AI technologies, today announced the signing of a definitive agreement for Level Access to acquire UserWay. Together, Level Access and UserWay will create advanced digital accessibility solutions to help more organizations to start, and accelerate, sustainable digital accessibility programs.

UserWay’s AI-powered software automates the identification and optimization of code to improve digital accessibility for websites, apps, and digital documents. Millions of websites globally trust UserWay’s technology to help improve usability for people with disabilities. The addition of UserWay’s complementary technology and team will enhance Level Access’s full-service digital accessibility solutions, including its market-leading digital accessibility platform, and extend the reach of its deep subject matter expertise to organizations of all sizes.

“Allon and the UserWay team have developed incredible automated remediation technologies that enable organizations to move faster in their digital accessibility programs,” said Tim Springer, CEO and Founder of Level Access. “This combination, with our full-service digital accessibility platform, will enable us to bring powerful new tools to our customers and positions us with a robust solution set for organizations of any size and maturity.”

“We’ve long admired the Level Access team and their integration of technology, service, and subject matter expertise,” said Allon Mason, CEO and Founder of UserWay. “This transaction delivers compelling value to our shareholders and provides our team with a great opportunity to bring our technology to a broader market. We are unified by a shared mission to make the world more accessible, and we believe this partnership will increase and accelerate what we are able to accomplish.”

As part of Level Access, UserWay will continue to operate under its existing name and brand. Allon Mason will continue to lead UserWay as CEO and will become President of Level Access. The transaction is expected to close in early 2024, subject to approval by UserWay’s shareholders and receipt of customary regulatory approvals. Additional information for UserWay shareholders can be found on the Tel Aviv Stock Exchange (TASE)’s ‘MAYA’ Website.

Level Access’s existing investors JMI Equity and funds managed by KKR continue to support the growth of the company.

Nfluence Partners acted as financial advisor and Sullivan & Worcester as legal counsel to UserWay. Latham & Watkins LLP and Herzog, Fox & Neeman served as legal counsel to Level Access.

About Level Access

Level Access has an unparalleled history in helping customers achieve and maintain compliance with the full scope of accessible technology regulations and standards including the ADA, WCAG, CVAA, AODA, EU directives on digital accessibility, and Section 508. Delivered through a comprehensive suite of software, expert services, and training, the company’s solution ensures customers’ websites, desktop and mobile applications, embedded software, gaming software, digital products, and electronic documents are accessible to everyone. To learn more, visit levelaccess.com.

About UserWay

UserWay is a full-service provider of digital accessibility software solutions. UserWay is trusted by millions of websites globally to increase usability for people with disabilities. The company’s Al-powered technologies help websites, apps, and digital documents more readily achieve compliance with accessibility regulations, such as the ADA, Section 508, AODA and EAA, and internationally recognized standards such as WCAG 2.2, and EN 301 549. Learn more at UserWay.org.

Contacts

Level Access
Nicole McTheny
Senior Director, Content and Communications
nicole.mctheny@levelaccess.com
(602) 339-1569

UserWay
Sophia Tupolev-Luz
VP Communications
sophia@userway.org
UserWay.org

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Ardian and Solarpack successfully complete strategic transaction to enhance their renewable energy portfolios in Chile and Peru

Ardian

Ardian now owns 100% of three solar PV plants in northern Chile, totaling 26.5 MW, and one solar PV plant in southern Peru, boasting 22.2 MW.

Ardian, a world-leading private investment house, closed a transaction with Solarpack, a Spain-based renewable energy company, to optimize Ardian’s portfolio of solar plants in Chile and Peru.
The positive outcome of this transaction reflects the commitment of both parties to maximize the potential of their respective renewable energy assets.
In a joint decision after a fruitful partnership, Ardian and Solarpack have chosen to dissolve their joint venture, allowing each partner to retain 100% ownership of their respective portfolios of solar plants. This streamlined approach aligns with Ardian’s strategic vision to enhance operational efficiency and seamlessly integrate the solar PV plants into Ardian’s global renewable portfolio. The transaction allows Ardian to integrate the retained solar PV plants into Ardian’s global renewable portfolio for increased efficiency and enhanced operating performance.
As a result of the transaction, Ardian now owns 100% of a portfolio of three plants located in northern Chile, totaling 26.5 MW, and 100% of Tacna, a 22.2 MW solar PV plant in southern Peru. On the other hand, Solarpack now owns 100% of Panamericana, a 21.2 MW solar PV plant in southern Peru, and 100% of Moquegua, a 19.4 MW solar PV plant in southern Peru.
Furthermore, Ardian terminated existing Asset Management agreements with Solarpack for its retained assets, paving the way for AGR-AM, the renewable asset manager dedicated exclusively to Ardian’s portfolio in Spain and Latin America, to assume direct management responsibilities. This strategic shift aims to align asset management with Ardian’s core objectives and leverage AGR-AM’s extensive experience in optimizing renewable assets across Spain, Portugal, and Latin America.
This new, simpler structure allows Ardian to obtain full control of the plants, manage them more directly, and fully integrate them with the rest of the Ardian Clean Energy Evergreen Fund (ACEEF) portfolio, including the hydroelectric plants recently acquired in Peru. This move demonstrates Ardian’s commitment to bolstering its renewable energy assets and enhancing operational efficiency within its ACEEF portfolio.

“The reconfiguration of our solar assets in Chile and Peru is very strategic for us and underscores our commitment to optimizing our renewable energy portfolio. This transaction enables Ardian to gain full ownership of excellent solar plants, empowering us to manage and integrate them seamlessly within the ACEEF portfolio. We believe this move will not only enhance operational efficiency but also align with our broader vision of promoting sustainability and clean energy.” ● BENJAMIN KENNEDY ● MANAGING DIRECTOR RENEWABLES INFRASTRUCTURE, ARDIAN

“It’s been an honour to support Ardian on this transaction. With this project in which the AGR-AM team has worked closely with the Ardian team in a very complex deal, a new period of challenging growth is opened for both in Latam. From this moment, AGR-AM will have the opportunity to replicate the outstanding management quality standards already developed for Ardian’s assets, integrating different technologies into the generation matrix (photovoltaic and hydro) as a fundamental pillar of Ardian’s future expansion in the region.” ● SANTIAGO VARELA ● AGR-AM

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $160bn of assets on behalf of more than 1,560 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

ABOUT AGR-AM

AGR-AM leads the asset management strategy of Ardian’s Renewable Portfolio (Wind, Solar PV and Hydro) in Iberia and Latin America. Our team has more than 15 years of experience in the renewable sector, ensuring a deep understanding of the industry and energy markets. AGR-AM supports Ardian in new M&A opportunities, especially related to new clean technologies, the energy transition and sustainable and circular economy.

PRESS CONTACT

ARDIAN

LLYC

faspillaga@llycglobal.com

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Hg closes sale of MeinAuto Group divisions to the Renault Group

HG Capital

  • Hg confirms sale of ‘MeinAuto’ and ‘Mobility Concept’ divisions to Mobilize Lease & Co, a subsidiary of Mobilize Financial Services, part of the Renault Group. 

  • Following the sale Hg remains invested in Athletic Sport Sponsoring, a leading flat-rate car subscription provider in Germany. 

  • Chaichana Sinthuaree named as CEO for Athletic Sport Sponsoring, having joined at the start of 2024, to lead the new standalone business. 

Cologne, Germany. 2 January 2024. Hg, a leading investor in European and transatlantic software and services businesses, today confirms it has closed the sale of the ‘MeinAuto’ and ‘Mobility Concept’ divisions of MeinAuto Group, to Mobilize Lease & Co, a subsidiary of Mobilize Financial Services, which is part of the Renault Group.

MeinAuto Group was formed as a leading online retailer for new cars in Germany, transforming traditional vehicle retailing from an offline service to an integrated digital delivery model. The business was established in 2018 following Hg’s initial investment in MeinAuto.de, a leading B2C online platform for car purchases.

Following the sale of the Mobility Concept and MeinAuto.de businesses, which represent €1 billion in fleet assets, a fleet of 50,000 vehicles and 250 employees, Hg will remain invested in Athletic Sport Sponsoring, a leading flat-rate car subscription provider in Germany and previous division of MeinAuto Group, which will be built out as a standalone business.

Athletic Sport Sponsoring will be led by new CEO, Chaichana Sinthuaree, who joins the business from Eckes-Granini where he was CMO, prior to which he was CEO of Ogilvy, the global advertising business. Chaichana will lead the team, with support from Hg, to drive value creation levers in branding, sales and technology, further building on the business’ consistent fleet growth, which has almost doubled during Hg’s ownership.

Rudolf Rizzoli, CEO of MeinAuto Group, said: “We would like to thank Hg for the five years together. Without this partnership it would not have been possible to build up MeinAuto as a leading online platform for digital new car sales in Germany. With trust in our entrepreneurship and our understanding of the sector, Hg always supported us to make this exciting development possible.”

Justin Von Simson, Managing Partner at Hg, said: “It has been a great journey and partnership with Rudolf, Marc and the whole MeinAuto team. Together we created a new B2C online auto leasing offering through combining Mobility Concept’s leasing capabilities and MeinAuto.de’s online car sales platform. Mobilize as part of the Renault Group will be a great home to continue this journey in Europe with one of the leading car OEMs. We look forward to working with Chaichana as part of the new Athletic Sport Sponsoring team, as we look to build this division into a thriving business in its own right.”   

The terms of the transaction have not been disclosed. For more information about the sale, please find an announcement by Mobilize Lease&Co earlier this year: https://www.mobilize-fs.com/en/news/mobilize-leaseco-subsidiary-mobilize-financial-services-announces-acquisition-german-company  

For further information please contact: 

Hg
Tom Eckersley
E-Mail: tom.eckersley@hgcapital.com 

About Hg 

Hg supports the building of sector-leading enterprises that supply businesses with critical software applications or workflow services, delivering a more automated workplace for their customers. 

This industry is characterised by digitization trends that are in early stages of adoption and are set to transform the workplace for professionals over decades to come. Hg’s support combines deep end-market knowledge with world class operational resources, together providing compelling support to entrepreneurial leaders looking to scale their business – businesses that are well invested, enduring and serve their customers well. 

With a vast European network and strong presence across North America, Hg’s 400 employees and $65bn in funds under management support a portfolio of more than 50 businesses, worth over $135 billion aggregate enterprise value, with over 100,000 employees, consistently growing revenues at more than 20% annually. Additional information is available at www.hgcapital.com.  

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KKR Completes Acquisition Of Remaining 37% Of Global Atlantic

KKR

NEW YORK & HAMILTON, Bermuda–(BUSINESS WIRE)– KKR & Co. Inc. (NYSE: KKR) and The Global Atlantic Financial Group LLC (together with its subsidiaries, “Global Atlantic”) today announced the closing of the previously-announced transaction in which KKR is acquiring the remaining 37% of Global Atlantic, increasing KKR’s ownership to 100%.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240102056918/en/

KKR acquired a majority of Global Atlantic in 2021, and since that time, KKR has served as Global Atlantic’s asset manager, offering access to its global investment and origination capabilities for the benefit of Global Atlantic’s policyholders.

“Since day one, Global Atlantic has been a great fit for KKR, both from a business and cultural standpoint. With this new ownership structure in place, we look forward to even closer collaboration with Global Atlantic so that we can realize more of the synergies that we have uncovered in the first three years of our strategic partnership,” said Joseph Bae and Scott Nuttall, Co-Chief Executive Officers of KKR.

“KKR and Global Atlantic are a powerful combination. Our shared culture and commitment to excellence continues to enhance our ability to think – and invest – longer-term and deliver compelling solutions for our clients and policyholders. We are thrilled for what lies ahead as a wholly-owned subsidiary of KKR,” said Allan Levine, Co-Founder, Chairman & Chief Executive Officer of Global Atlantic.

Global Atlantic will continue to be led by its management team and operate under the Global Atlantic brand.

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.

About Global Atlantic

Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company’s performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a wholly-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR’s investment capabilities, scale and access to capital markets to enhance the value it offers clients.

Forward-Looking Statements

This press release contains certain forward-looking statements. Forward-looking statements relate to expectations, estimates, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including but not limited to the statements with respect to: the transaction to acquire all outstanding shares of Global Atlantic; and operation of Global Atlantic following the closing of the transaction; expansion and growth opportunities and other synergies resulting from the transaction. The forward-looking statements are based on KKR’s beliefs, assumptions and expectations, taking into account all information currently available to it. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to KKR or are within its control. If a change occurs, KKR’s business, financial condition, liquidity and results of operations, including but not limited to dividends, reported earnings, and capital structure may vary materially from those expressed in the forward-looking statements. The following factors, among others, could cause actual results to vary from the forward-looking statements: failure to realize the anticipated benefits within the expected timeframes from the planned transaction with Global Atlantic; unforeseen liabilities or integration and other costs of the Global Atlantic transaction and timing related thereto; changes in Global Atlantic’s business; distraction of management or other diversion of resources within each company caused by the transaction; retention of key Global Atlantic employees; Global Atlantic’s ability to maintain business relationships following the transaction; the volatility of the capital markets; failure to realize the benefits of or changes in KKR’s or Global Atlantic’s business strategies; availability, terms and deployment of capital; availability of qualified personnel and expense of recruiting and retaining such personnel; changes in the asset management or insurance industry, interest rates, credit spreads, currency exchange rates or the general economy; underperformance of KKR’s or Global Atlantic’s investments and decreased ability to raise funds; changes in Global Atlantic policyholders’ behavior; any disruption in servicing Global Atlantic’s insurance policies; the use of estimates and risk management in Global Atlantic’s business; and the degree and nature of KKR’s and Global Atlantic’s competition. All forward-looking statements speak only as of the date hereof. KKR does not undertake any obligation to update any forward-looking statements to reflect circumstances or events that occur after the date on which such statements were made except as required by law. In addition, KKR’s business strategy is focused on the long term and financial results are subject to significant volatility.

Additional information about factors affecting KKR is available in KKR & Co. Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the SEC on February 27, 2023, quarterly reports on Form 10-Q for subsequent quarters and other filings with the SEC, which are available at www.sec.gov.

Past performance is not indicative or a guarantee of future performance.

Media:
Liidia Liuksila
(212) 750-8300
media@kkr.com

Source: KKR & Co. Inc.

 

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Egeria announces the sale of Wentus to Trioworld

Egeria

Egeria Group (“Egeria”) has reached a definitive agreement to sell Wentus GmbH (“Wentus”), a leading player in solutions for high performance food-, consumer- and hygiene packaging to global packaging firm Trioworld Group (“Trioworld”). Wentus was part of the Clondalkin Group.

Headquartered in Hoexter, Wentus is a European manufacturer of plastic films for flexible packaging applications with a focus on food. The company is a top-tier supplier of high-tech skin film solutions serving a global blue-chip customer base.

Christof Renz, CEO of Wentus: “We are very pleased to have found a partner in Trioworld that is a perfect fit for us and whose product portfolio is ideally complemented by Wentus. We are looking forward to working with a professional and ambitious team whose management culture suits us well. I would also like to use the opportunity to thank Egeria for the intensive and trusting cooperation as well as the great support over the past years.”

Nicolas de Nerée, Partner at Egeria: “Over the past years, Wentus developed into an innovative film manufacturer focused on sustainability in the food segment. Trioworld is the ideal partner to further strengthen Wentus’ international market position and lever its strong product expertise in Skin film.”

Andreas Malmberg, CEO of the Trioworld Group: “We are very pleased and excited to welcome Wentus into the Trioworld Group. The acquisition will give us the opportunity to grow an even stronger position in the market of advanced food-, consumer- and hygiene packaging, in Europe and in North America. Wentus has a proven track record of supplying the market with premium products and superior support, to maximize value for customers.”

The transaction is subject to customary regulatory requirements and approvals. The Trioworld Group will, after the transaction is completed, own 100% of the shares.

About Egeria
Egeria is an independent pan-European investment company founded in 1997, which focuses on medium-sized companies. Egeria invests in healthy companies with an enterprise value between EUR 50 million and EUR 350 million. Egeria believes in building great businesses together with entrepreneurial management teams (Boldly Building Together). Egeria Private Equity Funds hold investments in 16 companies, Egeria Evergreen has investments in 7 companies. Egeria’s portfolio companies have a combined turnover of c. EUR 2.5 billion and employ close to 13,000 people. In 2018, Egeria has launched EgeriaDO, a corporate giving program sponsoring projects in the fields of the arts, culture, and social objectives.

About Wentus
Wentus GmbH, the specialist for high-tech skin films and an extensive and innovative product portfolio based in Hoexter, has been developing and producing sustainable and easily recyclable packaging solutions since 1965. Around 230 employees, a flat hierarchy and a complete in-house production chain enable the rapid development of customized solutions for various requirements. With its own sales structure, strong sales partners, and representatives in the DACH region, Benelux and south-west Europe, Wentus supports customers locally and thus guarantees the highest level of customer orientation and the best service.

About the Trioworld Group
Trioworld was founded in 1965 and since 2018 under the ownership of Altor Fund IV. Altor is one of the leading Nordic Private Equity firms, focused on building world class companies. Driven by continuous development of innovative and sustainable plastic film products, Trioworld is one of the leaders in the segment, with a turnover of 900 million EUR and approximately 1.700 employees. The group´s head office is in Smålandsstenar, Sweden, with production and recycling sites in Sweden, Denmark, the Netherlands, France, the United Kingdom, and Canada. Products and solutions are sold around the world.

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Leonard Green & Partners to Acquire TenCate Grass from Crestview Partners

LGP Logo

TenCate Firmly Established as the Leading Global Artificial Grass Solution Provider for Sports and Outdoor Living

Investment Marks LGP’s Entry into the Rapidly Growing Market for Sports and Outdoor Living Surfaces with an Estimated Market Size of More than $12bn Annually

NIJVERDAL, Netherlands and DAYTON, Tenn., Dec. 22, 2023 /PRNewswire/ — TenCate Grass Holding B.V. (“TenCate”, or the “Company”) today announced that a definitive agreement has been reached whereby affiliates of Leonard Green & Partners, LP (“LGP”) will acquire a majority stake in the Company by purchasing all of the shares of TenCate currently owned by Crestview Partners (“Crestview”) and select other shareholders. The current senior management team of TenCate will remain invested alongside LGP and will continue to lead the Company.

Michael Vogel, Chief Executive Officer of TenCate, said: “We were extremely fortunate to have had Crestview as our partner over the past two years. Crestview was instrumental in supporting our growth ambitions, enabling us to reach global revenues of $1.5 billion and earnings in excess of $200 million. While it is bittersweet to end our very successful partnership with Crestview, we are thrilled to be moving forward with LGP. The team at LGP is clearly aligned with our current strategic thinking. We expect to benefit greatly from their vast experience in investing in market leading companies and brands.”

Joe Fields, CEO of TenCate Grass Americas added: “In addition to being strategically aligned, our corporate values mirror those of LGP and we believe that we could not have found a better partner from a cultural alignment standpoint.”

Jonathan Seiffer, Senior Partner of LGP, added: “TenCate is precisely the type of company in which we like to invest. We value companies that win with people, a differentiated culture, and multiple levers for growth. We strongly believe that TenCate’s best years are ahead. We are thrilled to partner with their broad group of employee owners and to help deliver the next phase of outstanding growth.”

Brian Cassidy, Chairman of TenCate and President of Crestview, stated: “TenCate’s remarkable performance is a direct result of management excellence and their ability to drive continuous operational improvements while simultaneously executing multiple strategic acquisitions. We extend our sincerest gratitude to the entire TenCate team for our strong partnership and wish them all the best as they embark on their next stage of growth in partnership with LGP.”

The transaction is expected to close in February 2024. Terms of the transaction were not disclosed.

Advisors

BofA Securities was Lead Financial Advisor and Baird was Financial Advisor to TenCate. Lincoln International LLC acted as Financial Advisor to LGP. Latham & Watkins LLP and Loyens & Loeff acted as legal advisors to LGP. Paul, Weiss, Rifkind, Wharton & Garrison, LLP acted as legal advisor to TenCate and Crestview.

About TenCate

TenCate is a leading, vertically integrated manufacturer, distributor and installer of artificial turf and other surfaces for Sports, including those for football, soccer, baseball, softball, field hockey and a variety of smaller Sports as well as for the rapidly growing Outdoor Living segment. Headquartered in the Netherlands with its main manufacturing facilities in the Netherlands, the United States, and the United Arab Emirates, the Company serves customers in more than forty countries. For more information, please visit www.tencategrass.com.

About LGP

LGP is a leading private equity investment firm founded in 1989 and based in Los Angeles with over $70 billion of assets under management. The firm partners with experienced management teams and founders to invest in market-leading companies. Since inception, LGP has invested in over 120 companies in the form of traditional buyouts, going-private transactions, recapitalizations, growth equity, and selective public equity and debt positions. The firm primarily focuses on companies providing services, including consumer, healthcare, and business services, as well as retail, distribution and industrials. For more information, please visit www.leonardgreen.com.

About Crestview

Founded in 2004, Crestview is a private equity firm focused on the middle market. The firm is based in New York and manages funds with approximately $10 billion of aggregate capital commitments. The firm is led by a group of partners who have complementary experience and distinguished backgrounds in private equity, finance, operations and management. Crestview has senior investment professionals focused on sourcing and managing investments in each of the specialty areas of the firm: media, industrials and financial services. For more information, please visit www.crestview.com.

 

Contacts:

For TenCate:
Astrid Busschers
a.busschers@tencategrass.com

For Leonard Green:
communications@leonardgreen.com

For Crestview:

Jeffrey Taufield / Daniel Yunger
Kekst CNC
212-521-4800
jeffrey.taufield@kekstcnc.com / daniel.yunger@kekstcnc.com

 

SOURCE TenCate Grass Holdings; Crestview Partners; Leonard Green & Partners

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