Tag Archives: Construction

Ratos company SSEA signs contract with the Swedish Police Authority and Hemsö to build a new police building in Borlänge

Ratos

2022-11-23

The construction company SSEA, which is part of SSEA Group, has signed an agreement to build a new police building in Borlänge. The agreement is a collaboration contract and includes project development and production.

The police building will be built at the Gymnasium 2 property in Borlänge. The finished premises will comprise 20,000 square metres, and the building will be customised according to the Swedish Police Authority’s need and requirements. The project is divided into two phases and is being carried out in a partnership between SSEA, Hemsö and the Swedish Police Authority. Project development and preparations for production will be completed in Phase 1, while Phase 2 will focus on contract completion.

“The construction companies in the Ratos family are building a sustainable society. This includes being a world leader when it comes to building in wood – and being trusted to build society’s most important properties. As the owner, we’re pleased with this development and would like to congratulate SSEA on an impressive collaboration contract with the Swedish Police Authority and Hemsö,” says Christian Johansson Gebauer, Chairman of the Board of SSEA Group and President Business Area Construction & Services, Ratos.

“We’re proud of the trust placed in us to work with organisations like the Swedish Police Authority and Hemsö. Our partnering model is attractive when procuring this kind of project. Building Borlänge’s new police building is an important step for SSEA’s development in the region,” says Christian Wieland, CEO of SSEA and SSEA Group.

About SSEA
SSEA is part of the Ratos-owned construction group SSEA Group. SSEA has solid expertise in carrying out large and technically complex collaboration/partnering projects. The company is also a world-leading general contractor within wood buildings. SSEA carries out construction projects for customers in the private and public sectors across Sweden. The head office is in Stockholm, with regional offices in Malmö and Luleå.

About SSEA Group
SSEA Group is a Swedish construction group, with operations throughout the country. The Group’s operations focus on collaboration/partnering projects in which the customer’s most important priorities are high on the agenda. The Group has two subsidiaries: Vestia and SSEA. SSEA Group has approximately 200 employees, 60 projects in ten cities and a Satisfied Customer Index (SCI) of 96%.

For more information and media, please contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a business group consisting of 16 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2021, the companies have approximately SEK 28 billion in net sales. 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.

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Balance Point Announces its Investment in CraneTech Inc.

Balance Point Capital
Westport, CT, October 31, 2022 – Balance Point Capital Advisors, LLC (“Balance Point”), in conjunction with its affiliated fund, Balance Point Capital Partners IV, L.P., is pleased to announce its investment in CraneTech Inc. (“CraneTech” or the “Company”), a portfolio company of Steel River LLC (“Steel River”). Balance Point delivered a comprehensive financing solution that provides meaningful capital to support the future growth of the business.
Founded in 2004 and headquartered in Stockton, CA, CraneTech is a leading provider of overhead crane inspection, maintenance, and manufacturing services across the U.S. CraneTech serves a variety of customers and end markets, including the manufacturing, aerospace & defense, automotive and metals industries, among others. The Company was acquired in 2021 by Steel River, which is a permanent holding company created to build the next generation of industrial services businesses across the lower middle market. Steel River has completed six tuck-in acquisitions at CraneTech since its initial investment.
“We are pleased to partner with CraneTech and Steel River on this transaction,” said Seth Alvord, Managing Partner at Balance Point. “We believe there is significant white space for growth in this business and we are excited to support the Company and team going forward.”
Austin King, CraneTech CFO and Co-Founder of Steel River, said “We are thrilled to have Balance Point as a partner. Their deep understanding of our business, long-term alignment, and capital flexibility will provide the support necessary to execute on our growth objectives.” Eric Factor, CraneTech CEO and Steel River Co-Founder, added, “Balance Point provided a creative and unique solution that matched our needs and boosts our ability to pursue our growth initiatives while creating the best workplace in the industry for crane technicians and providing best-in-class, mission-critical services for our customers.”
About Balance Point
Balance Point is an alternative investment manager focused on the lower middle market. With approximately $1.7 billion in assets under management, Balance Point invests debt and equity capital in select lower middle market companies across a variety of investment vehicles. Balance Point takes a long-term, partnership approach to investing and is committed to building lasting relationships with its partners, management teams and intermediaries.
Balance Point is a registered investment advisor. Further information is available at www.balancepointcapital.com.

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Gladstone Investment Corporation Acquires Dema Plumbing

Gladstone

DENVER, CO / ACCESSWIRE / July 6, 2022 / Headquartered in Denver, CO, Dema Plumbing is the largest plumbing and mechanical systems installation and services provider to single-family residential homebuilders in Colorado’s Front Range (including Denver, Boulder, Colorado Springs, and Fort Collins). By combining high-quality workmanship, advanced plumbing knowledge, and the region’s largest labor force of licensed plumbing professionals, Dema Plumbing provides unmatched service to national homebuilders throughout the Front Range region.

Simultaneous to this acquisition, Dema Plumbing will merge with Mai Mechanical, LLC (“Mai”), an existing portfolio company of Gladstone Investment. Based in Denver, CO, Mai is a leading provider of plumbing and mechanical services focused on multi-family residential construction in the Denver area. “We are very excited to partner with John and his team at Dema, and to continue our relationship with Mai through the formation of a larger platform better positioned to continue expanding in Colorado’s Front Range,” said Travis Steele, Director of Gladstone Investment.

“We believe that these businesses are a natural strategic fit, combining the largest plumbing and mechanical contractors serving the single-family and multi-family residential markets in the Front Range, respectively. We are very excited to partner with this talented team and look forward to helping the company as it enters its next phase of growth,” said Peter Roushdy, Managing Director of Gladstone Investment.

Gladstone Investment is a publicly traded business development company that seeks to make equity and secured debt investments in lower middle market businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information on the transaction can be found at www.gladstoneinvestment.com.

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstonecompanies.com.

Forward-looking Statements:

The statements in this press release regarding the longer-term prospects of Gladstone Investment, Dema Plumbing, Mai and their management teams, and the ability of Gladstone Investment, Dema Plumbing, and Mai to grow and expand are “forward-looking statements.” These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on Gladstone Investment’s current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in Gladstone Investment’s filings with the Securities and Exchange Commission. Gladstone Investment undertakes no obligation to update or revise these forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

For further information: Gladstone Investment Corporation, 703-287-5893

SOURCE: Gladstone Investment Corporation

View source version on accesswire.com:
https://www.accesswire.com/707322/Gladstone-Investment-Corporation-Acquires-Dema-Plumbing

Released July 6, 2022

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Gladstone Investment Corporation Exits Its Investment in Bassett Creek Services

Gladstone

MCLEAN, VA / ACCESSWIRE / June 27, 2022 / Gladstone Investment Corporation (Nasdaq:GAIN) (“Gladstone Investment”) announced today the sale of its portfolio company Bassett Creek Services, Inc. (“Bassett Creek”) to Watterson, a portfolio company of Highview Capital. As a result of this transaction, Gladstone Investment received repayment of its debt investment at par and realized a meaningful capital gain on its equity investment. Gladstone Investment formed Bassett Creek in partnership with Bassett Creek Capital, Inc. (“BCC”) in 2018.

Bassett Creek, headquartered in Chicago, IL, is a provider of restoration and renovation services across the country.

“Gladstone Investment has enjoyed a strong partnership with BCC and Bassett Creek’s management team over the last several years. We are proud to have supported the business through a period of rapid growth, both organically and through acquisition,” said Peter Roushdy, Managing Director of Gladstone Investment. “The entire Bassett Creek management team has achieved outstanding results in growing the business and we wish them continued success.”

“With the sale of Bassett Creek and from inception in 2005, Gladstone Investment has exited over 20 of its management supported buy-outs, generating significant net realized gains on these investments,” said David Dullum, President of Gladstone Investment. “Our strategy as a buyout fund, realizing gains on equity, while also generating strong current income during the investment period from debt investments alongside our equity investments, provides meaningful value to shareholders through stock appreciation and dividend growth.”

Gladstone Investment Corporation is a publicly traded business development company that seeks to make secured debt and equity investments in lower middle market private businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information can be found at www.gladstoneinvestment.com.

For Investor Relations inquiries related to any of the monthly distribution-paying Gladstone family of funds, please visit www.gladstonecompanies.com.

Forward-looking Statements:

The statements in this press release regarding the longer-term prospects of Gladstone Investment and Bassett Creek and its management team, and the ability of Gladstone Investment and Bassett Creek to be successful in the future are “forward-looking statements.” These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on Gladstone Investment’s current beliefs that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in Gladstone Investment’s filings with the Securities and Exchange Commission. Gladstone Investment undertakes no obligation to update or revise these forward looking statements whether as a result of new information, future events or otherwise, except as required by law.

For further information: Gladstone Investment Corporation, 703-287-5810

SOURCE: Gladstone Investment Corporation

View source version on accesswire.com:
https://www.accesswire.com/706543/Gladstone-Investment-Corporation-Exits-Its-Investment-in-Bassett-Creek-Services

Released June 27, 2022

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Ratos company HENT signs major contract to build 70,000 square metres of office premises in Stavanger

Ratos

The construction company HENT has been appointed as general contractor for the Valhall project, where 70,000 square metres of modern, flexible and energy-efficient office premises will be completed in the middle of 2025 in Jåttåvågen, Stavanger. The land is owned by Hinna Park Utvikling (HPU), and the buildings will be, among other things, home to the new headquarters of Aker BP and Aker Solutions in Stavanger.

The project, which is worth NOK 2 billion, will be carried out with HENT as general contractors after a collaboration phase within HENT’s “Project agreement model”.

Ratos strongly believes in partnering and collaboration in construction contracts. Partnering leads to more satisfied customers, lower total costs for customers and significantly fewer miscommunications.

“As the company’s owner, we are proud that HENT will be involved in building another landmark in an important region in Norway. We will do our utmost to live up to the trust invested in us,” says Christian Johansson Gebauer, Chairman of the Board of HENT and President, Business Area Construction & Services, Ratos.

“We are very pleased that after a good and constructive phase of collaboration, we can realize the project as general contractors. The building will, in line with the best sustainability standards, be certified to BREEAM Excellent and WELL GOLD and thus become an office building adapted to current and future sustainability requirements. Rogaland is a region that HENT will continue to invest in moving forward,” says Jan Jahren, CEO of HENT.

For further information and media contact:
Josefine Uppling, VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a business group consisting of 14 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2021, the companies have approximately SEK 25 billion in net sales. 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.

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Håndverkskompaniet and Adelis partner to create a leading rehabilitation services group in Norway

Adelis Equity

Tue, May 24, 2022 08:00 CET Report this content

Adelis and Håndverkskompaniet partner to create a leading building rehabilitation group in Norway. The group will focus on the growing segments for rehabilitation and renovation, and aims to consolidate the market and double revenue by 2025, through acquisitions and organic growth.

The Norwegian market for building rehabilitation, renovation and related services amounts to some NOK 200 billion per year and has seen stable historical growth. The market is expected to continue to grow, due to significant rehabilitation needs in both the public and commercial sector. At the same time, the industry is adapting to more ambitious sustainability targets, which include a shift from new build to rehabilitation, but also more innovative production processes, energy-efficient solutions, and circular models for re-usage of material and products.

“Adelis has followed the rehabilitation services market over many years and consolidated this industry in other Nordic markets. We see continuously increasing requirements in terms of quality and sustainability. Environmental emissions for the transformation of existing buildings and the reuse of materials are far more sustainable than replacing existing buildings with new ones. There is room for a larger professional group in this market, and we see Håndverkskompaniet as a strong platform to create such a group in Norway,” says Lene Stern from Adelis.

“We believe in a decentralized model where entrepreneurs can continue to operate under their own brand and nurture their own culture, while taking part in a larger group and collaborate and realize synergies. Our ambition is to strengthen the Norwegian group with another two to four companies during the first year”, says Jørgen Møinichen from Adelis.

Håndverkskompaniet is a Norwegian company specialized on building renovation and rehabilitation services in the Oslo area. The company was first established in 1994 and is a specialist on complex renovation projects related to offices, commercial buildings, sports facilities and other public specialist buildings.

“We believe Håndverkskompaniet has significant growth potential and know that Adelis has extensive experience in developing business services companies. The owners and the management team are excited to partner with Adelis to create the leading building rehabilitation services group in Norway,” says Håndverkskompaniet’s CEO Sivert Varvin.

Petter Eiken will be the new Chairman of Håndverkskompaniet and the future renovation services group, “Building restoration and renovation services will only be more important going forward and is a key enabler to a more sustainable society. I look forward to working together with Håndverkskompaniet and Adelis to develop a leading rehabilitation group in Norway”.

The transaction is subject to customary regulatory approvals. The parties have chosen not to disclose the purchase price.
For further information:

Future chairman of the group: Petter Eiken, petter.eiken@pelican.as, +47 982 10 000

Adelis Equity Partners: Lene Stern, lene.stern@adelisequity.com, +46 70 281 34 24
About Håndverkskompaniet

Håndverkskompaniet is a Norwegian construction company focused on building renovation and restoration services in the Oslo area. The company was established in 1994 by two founders that are still active in the company. Headquartered in Oslo, Norway. For further information, please visit www.handverkskompaniet.no.
About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 32 platform investments and more than 150 add-on acquisitions. Adelis today manages approximately €2 billion in capital. For more information, please visit www.adelisequity.com.

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IK Partners to acquire MÜPRO from Perusa

IK Partners

IK Partners (“IK”) is pleased to announce that the IK IX Fund has signed an agreement to acquire MÜPRO Group GmbH (“MÜPRO” or “the Company”), a leading solutions provider and supplier for applications in pipe fixing technology. IK is acquiring a majority stake from Perusa Partners Fund II L.P. (“Perusa”), advised by Perusa GmbH, alongside management who will be reinvesting. Financial terms of the transaction are not disclosed.

Founded in 1964, MÜPRO is a German-based speciality manufacturer and distributor of pipe fixing technology for technical building equipment, sanitary, heating, ventilation and air conditioning applications (“SHVAC”). MÜPRO has a comprehensive and modular product portfolio complying with requirements including, noise reduction, fire protection and corrosion resistance. MÜPRO is active in a growing market driven by the need for investment and the upgrading of SHVAC installations to increase energy efficiency and improve building-related decarbonisation.

The Company is headquartered in Wiesbaden, Germany, with over 460 employees serving over 12,000 customers ranging from small local installers to large installers who manage complex construction projects. MÜPRO has a strong presence in its key markets, namely Germany, Benelux and France while also growing its presence in other European markets as well as India and the Middle East. With the support of Perusa since 2018, MÜPRO has enjoyed stable long-term growth, strengthened its position and gained market share.

Through the partnership with IK, MÜPRO aims to grow its footprint in existing markets, continue its journey of digitisation, expand into adjacent geographies and drive market consolidation. The Company will continue to be led by the CEO, Dr Wolfgang Gödel and his team.

Dr Wolfgang Gödel, CEO at MÜPRO, said: “We strongly believe that partnering with IK will provide us with the resources and tools needed to continue our growth trajectory. We look forward to expanding our international reach and continuing our digitisation journey. Since inception, the Company has gone from strength to strength and we thank the team at Perusa for all their support.”

Anders Petersson, Managing Partner at IK and Advisor to the IK IX Fund, said: “We have been impressed with MÜPRO’s development and ability to adapt to customer needs and grow to establish a leading position in its core markets. This has been based on its strong product and service offering and innovation capabilities. Building on this solid foundation and success across its entire portfolio, we are looking forward to working together with Wolfgang and his team to continue the journey and extending their success by expanding into new territories.”

Dr Christian Hollenberg, Managing Director at Perusa’s Advisor in Germany, said: “We’re delighted with the progress MÜPRO has made during Perusa’s ownership. Since 2018, we have seen the company flourish in existing markets and expand into adjacent territories. We wish the team, along with IK, all the very best for the future.”

Completion of the transaction is subject to legal and regulatory approvals.

For further questions, please contact:
IK Partners
Vidya Verlkumar
Phone: +44 (0) 7787 558 193
vidya.verlkumar@ikpartners.com

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Ratos company Aibel receives extension of Equinor frame agreement

Ratos

Equinor has decided to exercise a contract option for maintenance and modifications services on the Norwegian Continental Shelf (NCS). Aibel estimates that the value of the extension is approx. NOK 5.5 billion. Aibel will work on continuous improvements, digitalization of processes, and contribute to a sustainable development of the NCS.

Aibel’s frame agreements with Equinor for maintenance and modifications comprise work on ten offshore installations and five onshore facilities, and the agreements constitute a major part of Aibel’s activities. The current agreements expire at the end of February 2023, and the new extension prolongs the agreement until February 2026.

“As owners, we are proud of Aibel and thankful to Equinor for the award. It means securing jobs and it is a message of strength for Aibel’s future operations,” says Christian Johansson Gebauer, member of the board of Aibel and President Business Area Construction & Services at Ratos.

Going forward, Aibel and Equinor will continue to work on several common objectives within HSE, efficiency improvements, new technologies and implementation of digital tools. In addition, there will be a strong focus on low-carbon deliveries and ensuring safe, smart and cost-effective deliveries.

“The frame agreement is very important for Aibel. Maintenance and modifications contract provides significant activity, not at least in North of Norway, and we are very pleased to have continued our long-term relationship with Equinor. The agreement offers interesting tasks and good predictability for the approximately 1,000 employees who regularly work on M&M services from our offices, yard and on off- and onshore installations,” says Aibel President and CEO, Mads Andersen.

About Aibel
Aibel is a full-range supplier of innovative and sustainable solutions. The company builds and maintains critical infrastructure for energy companies and is one of the largest suppliers on the Norwegian continental shelf. Aibel holds a leading position within electrification of offshore oil and gas installations and onshore processing plants and is a significant supplier to the European offshore wind industry. More than 4,300 skilled employees work close to the customers at the company’s offices in Norway, Thailand and Singapore. In addition, Aibel owns two modern yards in Haugesund, Norway, and in Laem Chabang, Thailand, with significant prefabrication and construction capacity.

For further information:
Christian Johansson Gebauer, Board member in Aibel and President Business Area Construction & Services, Ratos, +46 8 700 17 00
Mads Andersen, President and CEO, Aibel, +47 982 96 501
Josefine Uppling,VP Communication, Ratos, +46 76 114 54 21

About Ratos
Ratos is a business group consisting of 13 companies divided into three business areas: Construction & Services, Consumer and Industry. In total 2020, the companies have approximately SEK 36 billion in sales. Our business concept is to develop companies headquartered in the Nordics that are or can become market leaders. We enable independent companies to excel by being part of something larger. People, leadership, culture and values are key focus areas for Ratos. Everything we do is based on Ratos’s core values: Simplicity, Speed in Execution and It’s All About People.

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AURELIUS Equity Opportunities subsidiary BMC Benelux acquires De Rycke Bouwmaterialen

Aurelius Capital
  • Strong start to the year also in the area of add-on acquisitions: Add-on-acquisitions to Building Partners Group, EIG and BMC with combined revenues of over EUR 80 million and strong EBITDA contribution
  • Strategic add-on acquisition De Rycke with significant synergy potential to BMC
  • Continuing exciting market environment with great opportunities for the AURELIUS business model expected

Munich, 14 February 2022 – AURELIUS Equity Opportunities SE & Co. KGaA (ISIN DE000A0JK2A8) announces the third add-on acquisition in year 2022. The group subsidiary BMC Benelux signed an agreement to acquire the building materials division of De Rycke, based in Beveren near Antwerp (Belgium). Together with the add-on acquisitions of Building Partners Group and EIG that have been announced since the start of the year, this increases AURELIUS consolidated revenues by over EUR 80m. The equity investment for all three add-on acquisitions is in the single-digit million euro range. The three companies make a mid-single-digit EBITDA contribution to the consolidated result, which will increase significantly through synergies with the existing portfolio companies.

The AURELIUS subsidiary BMC Benelux, a leading Belgian building materials merchant in the B2B sector, has agreed to acquire the building materials business of De Rycke. De Rycke Bouwmaterialen offers its customers a diverse product range and comprehensive services and consulting from new build projects to renovation. The Beveren location will be significantly strengthened by the integration into the BMC Benelux business and network. Through this acquisition, BMC Benelux will gain a presence in the Ghent – Antwerp – Brussels region. For De Rycke and BMC, this creates significant synergy and market potential to the existing business.

“With these three acquisitions, we have made a very good start to the new year in terms of acquisitions and have been able to strategically strengthen three of our group companies through add-ons,” Matthias Täubl, CEO of AURELIUS Equity Opportunities, is pleased to report. “The market environment remains exciting, we continue to see great opportunities for our business model in the turbulence caused by the ongoing coronavirus pandemic. We expect the market for group spin-offs to remain dynamic and this will create interesting opportunities for us to make acquisitions in all three segments we address – co-investments, platform investments and also in the area of strategic add-on acquisitions to strengthen our existing group companies.”

BMC Benelux is one of the top five players in a large market that remains highly fragmented. Under the two brand names YouBuild and Mpro, BMC Benelux primarily targets small and medium-sized professional customers in the construction industry. The retail chain has a dense branch network throughout Belgium, a wide product range and excellent services, such as delivery, cutting and rental of specialty tools. BMC Benelux has been part of AURELIUS since October 2019.

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Audax Private Equity Announces Creation of New Home Services Platform, Renovo Home Partners

Audax Group
Renovo Home Partners

JAN 31, 2022

Audax Private Equity (“Audax”) today announced the creation of Renovo Home Partners (“Renovo” or the “Company”), a newly established platform providing home repair and remodel products and services.

Based in Dallas, Texas, Renovo Home Partners is a direct-to-consumer (“DTC”) provider of repair and remodel services focused on high-volume quick-turn bath, window, siding, roofing, and other remodeling services. The Company was formed through the combination of three regional remodeling businesses: Dreamstyle, Remodel USA, and Alure Home Improvements. Through its growing network of brands, Renovo’s platform provides a full range of products, installation services, and premier customer service experience to homeowners throughout the United States. Today, Renovo operates primarily in the west coast and mountain west, mid-Atlantic, and northeast regions, with a vision to expand nationwide. Built on a culture of performance and continuous improvement, the Renovo platform provides access to peer experience and insight as well as the necessary infrastructure, processes, and tech-enabled resources to help partners thrive.

“We believe the DTC home improvement market is well suited for Audax’ Buy & Build strategy, and we plan to work to scale rapidly,” said Jay Mitchell, Managing Director at Audax Private Equity. “We see an exciting opportunity to invest in and support the brands, with the goal of helping to accelerate Renovo’s growth trajectory, broaden its existing product portfolio, and expand into new geographic areas through greenfields and complete targeted acquisitions. We’re thrilled to partner with CEO John Dupuy and the entire team as this newly formed entity takes shape.”

“Given the long-term success of the three brands, we saw significant potential in combining the businesses under one umbrella to create a larger, more diversified company and ultimately working to become one of the nation’s leading DTC home repair and remodel services company,” said John Dupuy, Chief Executive Officer of Renovo Home Partners. “In seeking to find a partner to help us bring our vision to life, Audax’ track record of helping companies scale and capitalize on their growth strategies was a perfect fit for our needs at this stage in the Company’s lifecycle. We believe this investment will help to achieve our goals and provide significant benefits and opportunities to all of Renovo’s stakeholders, most notably our customers and employees. We’re proud to be a part of the Audax family and look forward to a successful and lengthy partnership.”

Ropes & Gray LLP and Fredrikson & Byron P.A. served as legal counsel to Audax.

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