Tag Archives: Financial services

Apollo to Acquire Dutch Equipment Leasing Specialist Beequip from NIBC

Apollo logo

NEW YORK, Sept. 05, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that balance sheet and other investor capital managed under its Aligned Alternatives platform have agreed to acquire Netherlands-based equipment leasing specialist Beequip from NIBC.

Founded in 2015, Beequip has grown to become a leading independent equipment financing company in the Netherlands, serving small and medium enterprises (SMEs) across Europe and internationally, with a current portfolio of €1.4 billion and €700 million of annual run-rate originations. Beequip offers financing and leasing solutions for new and used heavy equipment spanning transport, cranes, containers, maritime and more.

Beequip will further the build-out of Apollo’s European equipment finance platform, established in 2018 with UK-based Haydock Finance. The acquisition is consistent with Apollo’s origination platform strategy focused on high-quality, secured credit generation, diversified across corporate and consumer categories, including asset-backed finance.

“Beequip has established itself as a leader in the equipment finance space in its home market, with a strong team and robust underwriting to serve a growing base of SMEs in the Netherlands and beyond,” said Kevin Crowe,” Partner in Apollo’s Financial Institutions Group.

“We are pleased to welcome the Beequip team to Apollo’s origination ecosystem and to support the business as it continues to scale, meeting vital demand from SMEs to facilitate their business plans and fuel economic growth,” added Apollo’s Mikhail Rychev.

Beequip co-founders Giel Claes and Peter Loef said, “We are extremely proud of our team and the success we have achieved. Leveraging our expertise in equipment, our focus on used machinery, and our ‘iron above numbers’ philosophy, we have consistently increased market share. With the help of our self-developed fintech systems, we have provided entrepreneurs with user-friendly and tailored financing solutions for heavy equipment. We look forward to working in partnership with Apollo in this exciting next chapter, with a solid foundation for growth domestically and internationally alongside a steadfast commitment to risk management.

The transaction is subject to customary closing conditions and expected to be completed before the end of 2024.

Through the first half of 2024, Apollo reported record debt origination volumes of $92 billion in aggregate across the firm and its affiliate platforms, and for the 12-month period ending June 30, 2024, Apollo reported $146 billion of debt origination. Origination is integral to Apollo’s strategy seeking excess spreads in private investment grade credit to serve its retirement services businesses and other ratings-sensitive liabilities.

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 June 30, 2024, Apollo had approximately $696 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 / EuropeanMedia@apollo.com

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Aztec Group welcomes Warburg Pincus as strategic partner

Warburg Pincus logo

3 September 2024 – Aztec Group (“Aztec” or the “Group”), a leading international fund and corporate services provider, has today announced it has welcomed Warburg Pincus, a leading global growth investor, as a strategic partner, which will see Warburg Pincus become a minority shareholder and key client of the Group.

This agreement, which is subject to the relevant regulatory approvals, will support Aztec’s long-term ambitions and the expansion of its client services as it moves beyond its strong position in Europe to become a global player in the high-growth U.S. market and beyond.

With over $83bn in assets under management (AUM), Warburg Pincus intends to actively use Aztec as the preferred partner for certain fund administration services on an ongoing basis across its global footprint. The investment is a significant endorsement of Aztec’s current strategy and future prospects.

Having Warburg Pincus on board supports and accelerates Aztec’s build out of capacity and capability in the U.S. in particular, ensuring the Group is even better placed to serve its clients. As the largest Private Capital market in the world, U.S. Private Fund AUM is forecast to grow from $6.6 trillion in 2022 to $12.2 trillion in 2028, driven by a 10.8% CAGR which is the fastest of any region*. This partnership will ensure Aztec is in a stronger position to capitalise on these opportunities in the U.S. and more widely.

Founded in Jersey in 2001, Aztec Group delivers award-winning fund and corporate services to the alternative assets industry. Aztec has established itself as a leading player in Europe, while also expanding into new markets and broadening its offering, with an ambition to become the premium provider of private market asset services globally. The Group now employs over 2,100 people, managing over €600 billion in assets under administration and 450 funds for a wide range of clients, from large institutions and mid-market firms to multi-national corporates.

Warburg Pincus is an experienced growth investor and trusted partner to outstanding founder-owned businesses, with a strong history of continuing to build the legacy of these businesses. Within the Financial Services industry, it has invested more than $24 billion across more than 58 companies. Within Fund Administration specifically, Warburg Pincus has significant experience evaluating investment opportunities in the sector as well as significant in-house fund accounting and portfolio analysis expertise developed over decades as a leading global private equity firm.

Aztec will continue to be led by its experienced management team, headed by Chief Executive Officer Kathryn Purves, as the Group further develops into international markets and extends its client base. Founder and Chair, Edward Moore, will remain the Group’s majority shareholder.

Kathryn Purves, Chief Executive Officer, Aztec Group, said: “Welcoming Warburg Pincus highlights the increasing strength of Aztec and the significant potential that lies ahead. We are excited to partner with a global investor in Warburg Pincus, which has a strong track record in supporting businesses like ours to further their growth trajectories.

“In becoming a significant client of Aztec, Warburg Pincus is fully committed to retaining what makes Aztec so special: the strength of our teams and our proud record of providing world-class client service. We look forward to working together to capture the significant opportunities in Private Capital moving forwards.”

Andrew Sibbald, Managing Director and Head of Europe, Warburg Pincus, said: “We are delighted to partner with Aztec as both a shareholder and a client. We have enjoyed a long-standing relationship with Aztec and its excellent management team and have followed the successful growth of the business over many years. This has given us a strong belief in Aztec’s right to win in this attractive sector, founded upon a proven track record of delivery, deep market expertise and an exciting future vision. We look forward to supporting the continued development of Aztec’s existing market-leading position in Europe, while also scaling its offering to exploit attractive growth opportunities globally.”

ENDS

* Source: Preqin Future of Alternatives in 2028 Report

Notes to Editors

Aztec was advised by Evercore (M&A), Latham & Watkins, PriestlySoundy, Carey Olsen (Legal), EY (Tax), PWC (Financial) and Liberty Corporate Finance (Corporate Advisory). Warburg Pincus was advised by Kirkland & Ellis (Legal), Oliver Wyman (Commercial), EY (Financial & Tax), and Alvarez & Marsal (Operations & IT).

About Aztec Group

Established in 2001, Aztec Group is an award-winning independent provider of fund and corporate services, employing more than 2,100 people across The Channel Islands, Luxembourg, Ireland, the US and the UK. Owner-managed, the Group specialises in alternative investments, administering more than €600 billion in assets, 450 funds and 4,500 entities for a range of clients, spanning the major asset classes including private equity, venture capital, private debt, real estate and infrastructure. Please visit www.aztec.group for more information, and follow us on LinkedIn.

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 225 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 $117 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. Follow us on LinkedIn.

Media contacts

Aztec Group

Ross Davidson, Head of Communications

M: +44 7913 020 745

E: ross.davidson@aztecgroup.co.uk

Tom Murray, Teneo

M: +44 7813 166 798

E: aztecgroup@teneo.com

Warburg Pincus

Jenna Ward, Europe Communications Director

M: +44 7570 844 338

E: jenna.ward@warburgpincus.com

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Cinven enters into exclusive negotiations with Ardian to acquire the Finaxy group

Ardian

International private equity firm Cinven is pleased to announce that it has entered into exclusive negotiations to acquire the Finaxy group (‘Finaxy’ or ‘the Company’), a leading French multi-specialist insurance broker, from Ardian, a world-leading private investment house. The management team, led by Founder and CEO Erick Berville, will significantly reinvest alongside Cinven. Financial details of the transaction are confidential.

Established in 2009 and headquartered in Paris, Finaxy is a leading player in the French insurance brokerage market with over 330 employees, having delivered strong organic growth and executed a successful buy-and-build strategy, including more than 30 acquisitions in France. The Company has established a strategic position across its three specialised divisions: “Enterprise” that is focused on the insurance of major Property and Casualty (‘P&C’) and Health and Protection risks for businesses; “Affinities” that specialises in niche insurances; and “Solutions” that manages and develops the group’s major strategic and institutional partnerships.

Since Ardian’s majority acquisition in 2020, Finaxy has invested significantly to accelerate the development of its multi-specialist broker model with the addition of new niche verticals and continued regional expansion. This strategy has strengthened Finaxy’s leadership in the SME / mid-size enterprise segment and has translated into a path of continued strong revenue growth. Finaxy also continued its industry diversification and acquisition strategy through, amongst others, the acquisition of Xplorassur in its Affinities division.

Cinven would be investing out of its Strategic Financials Fund that specialises in the financial services industry and brings substantial experience of investing in and growing insurance brokers. Cinven will look to work closely with the Finaxy management team and contribute significant resources and capital to further accelerate strategic value-enhancing M&A across the fragmented French market, and to drive further growth by attracting new team hires, while upholding Finaxy’s commitment to long-term client-focused delivery.

“We are delighted to partner with Erick Berville, Philippe Guetta, Cyril Chazarain and the rest of the team and we look forward to supporting them in their growth ambitions. The Company has a differentiated position in a resilient and expanding market, and we see a tremendous opportunity to accelerate Finaxy’s current growth momentum.” Juan Monge, Partner, Cinven

“Finaxy is a unique opportunity for Cinven funds to invest in a French multi-specialist broker of scale. Drawing on Cinven’s significant experience in insurance brokerage and Cinven’s strong presence in France and across Europe, we believe Cinven will be the perfect partner to lead Finaxy in its next stage of growth.” Luigi Sbrozzi, Partner and Head of the Strategic Financials Funds, Cinven

“The acquisition of Finaxy is the result of Cinven’s considerable track-record in financial services combined with our strong presence in the French market. We look forward to supporting the Finaxy team in their next phase of development.” David Giroflier, Senior Principal, Cinven

“The Executive Board: Philippe Guetta, Cyril Chazarain and I, together with the Group’s management, would like to thank François Jerphagnon, Alexis Lavaillote and all the Ardian Expansion teams for the 4 years we have spent together and for their unfailing support for the Finaxy group. This close collaboration has enabled us to achieve our growth objectives and keep to our development plan with an excellent atmosphere of cooperation. 15 years after its creation in 2009, the Finaxy group is now one of the top 10 brokers in France, with more than 700 million premiums collected, mainly in insurance for small and medium-sized businesses, and a strengthened position as a multi-specialist broker, particularly following the creation in 2023 of Xplorassur, number 1 in travel insurance and assistance.  We have chosen to continue our adventure with Cinven in order to pursue and significantly accelerate our organic and external growth. Having already established a foothold abroad, we now have a shared desire to focus on a new major area of international development.” Erick Berville, Founder and CEO, Finaxy

“We were proud to work alongside the Finaxy teams. They have developed the group both organically and through a series of strategic acquisitions. The growth potential is still very significant. Management’s focus on digital, ESG and human capital issues has also been a powerful driver of value creation.” Alexis Lavaillote, Managing Director Expansion, Ardian

Centerview Partners acted as financial advisor to Cinven on the transaction.

The transaction is subject to regulatory approvals and other customary closing conditions.

ABOUT CINVEN

Cinven is a leading international private equity firm focused on building world-class global and European companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.
Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.
Cinven Limited is authorised and regulated by the Financial Conduct Authority.
In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing.

cinven.com

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $169bn of assets on behalf of more than 1,600 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.

ardian.com

Media Contacts

CINVEN

Clare Bradshaw

clare.bradshaw@cinven.com+44 (0)7881 918 967

FTI CONSULTING LLP (ADVISERS TO CINVEN)

Edward Bridges

edward.bridges@fticonsulting.com+44 (0)7768 216 607

ARDIAN

HEADLAND

ardian@headlandconsultancy.com

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Miami International Holdings Secures Investment for Strategic Growth from Warburg Pincus

Warburg Pincus logo

Investment, led by Warburg Pincus’ Capital Solutions team, to drive next phase of innovation and expansion

MIAMI AND PRINCETON, N.J. — August 22, 2024 — Miami International Holdings, Inc. (MIH), a technology-driven leader in building and operating regulated financial markets across multiple asset classes, today announced a $100 million investment from Warburg Pincus, a leading global growth investor. Subject to certain conditions, Warburg Pincus may expand its investment in MIH to support additional growth.

The growth investment will accelerate the next phase of MIAX’s global expansion as it executes on its strategy of building a diversified revenue stream across multiple asset classes and geographies. Among other uses, the investment will fund the construction and fit-out of a physical trading floor in Miami, Florida for MIAX Sapphire, MIH’s fourth national securities exchange for trading U.S. multi-listed options. MIAX Sapphire will operate both an electronic exchange and physical trading floor. The electronic exchange successfully launched on August 12, 2024, with the trading floor in Miami scheduled to go live in 2025.

MIAX Sapphire will be the first national securities exchange to establish operations in Miami. The new trading facility will include a next-generation trading floor, ancillary office space for MIAX employees and market participants, conference facilities and broadcast media space.

“We are pleased to welcome Warburg Pincus as a strategic partner and look forward to leveraging its highly respected expertise and deep network of relationships in global financial services. Together with our exchange member firms we believe we have assembled a group of the top financial partners in the world,” said Thomas P. Gallagher, Chairman and CEO of MIH. “The investment will provide MIH with additional funding to expand strategic partnerships in financial futures and proprietary products and will also provide capital to pursue acquisitions in the U.S. and internationally to accelerate our continued growth.”

The investment will also support further growth and expansion of MIH’s agricultural and financial futures businesses on its two U.S. futures exchanges, Minneapolis Grain Exchange (MGEX) and MIAXdx including the development of new matching engine and clearing technology using MIH’s proprietary technology. Additionally, the investment will fund the Company’s expansion plans into international markets including the development and trading of new proprietary and other financial products.

“Tom Gallagher and the leadership team at MIAX have successfully engineered a technology-driven family of exchanges that set a new standard of reliability and excellence in the U.S. options trading industry. Our investment, along with ample dry powder to help support future growth, reflects our confidence in MIAX’s potential,” said Gaurav Seth, Managing Director, Head of Capital Solutions, Americas at Warburg Pincus. “We are thrilled with MIAX’s progress to date and excited about the significant opportunities for MIH.”

“Our investment provides capital at a pivotal moment for MIAX,” said Lee Becker, Managing Director and member of the Capital Solutions team at Warburg Pincus. “With MIAX’s strong, collaborative relationships with leading market participants, this investment supports our conviction in the entire MIAX management team and its strategy to drive continued growth and expansion across multiple asset classes in the exchange space.”

Lee Becker will join the board of directors of MIH. Mark Messing, Vice President at Warburg Pincus and member of the Capital Solutions team, will attend board meetings as a visitor.

Piper Sandler & Co. acted as financial advisor to MIH and Broadhaven Capital Partners acted as financial advisor to Warburg Pincus in connection with the transaction.

Davis Polk & Wardwell, LLP served as financing counsel to Warburg Pincus and Cleary Gottlieb Steen & Hamilton LLP served as financing counsel to MIH. Gallagher, Briody & Butler serves as corporate counsel to MIH.

Appleby (Bermuda) Limited served as special financing counsel in Bermuda to Warburg Pincus and BeesMont Law Limited serves as legal counsel in Bermuda to The Bermuda Stock Exchange (BSX), a wholly owned subsidiary of MIH.

About MIAX

MIAX’s parent holding company, Miami International Holdings, Inc., owns Miami International Securities Exchange, LLC (MIAX®), MIAX PEARL, LLC (MIAX Pearl®), MIAX Emerald, LLC (MIAX Emerald®), MIAX Sapphire, LLC (MIAX Sapphire™), Minneapolis Grain Exchange, LLC (MGEX™), Ledger X LLC d/b/a MIAX Derivatives Exchange (MIAXdx™), The Bermuda Stock Exchange (BSX™) and Dorman Trading, LLC (Dorman Trading).

MIAX, MIAX Pearl, MIAX Emerald and MIAX Sapphire are national securities exchanges registered with the Securities and Exchange Commission that are enabled by MIAX’s in-house built, proprietary technology. MIAX offers trading of options on all four exchanges as well as cash equities through MIAX Pearl Equities™. The MIAX trading platform was built to meet the high-performance quoting demands of the U.S. options trading industry and is differentiated by throughput, latency, reliability and wire-order determinism. MIAX also serves as the exclusive exchange venue for cash-settled options on the SPIKES® Volatility Index (Ticker: SPIKE), a measure of the expected 30-day volatility in the SPDR® S&P 500® ETF (SPY).

MGEX is a registered exchange with the Commodity Futures Trading Commission (CFTC) and offers trading in a variety of products including Hard Red Spring Wheat Futures. MGEX is a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO) under the CFTC, providing DCM and DCO services in an array of asset classes.

MIAXdx is a CFTC regulated exchange and clearinghouse and is registered as a DCM, DCO, and Swap Execution Facility (SEF) with the CFTC.

BSX is a fully electronic, vertically integrated international securities market headquartered in Bermuda and organized in 1971. BSX specializes in the listing and trading of capital market instruments such as equities, debt issues, funds, hedge funds, derivative warrants, and insurance linked securities.

Dorman Trading is a full-service Futures Commission Merchant registered with the CFTC.

MIAX’s executive offices and National Operations Center are located in Princeton, N.J., with additional U.S. offices located in Chicago, IL and Miami, FL. MGEX offices are located in Minneapolis, MN. MIAXdx offices are located in Princeton, N.J. BSX offices are located in Hamilton, Bermuda. Dorman Trading offices are located in Chicago, IL.

To learn more about MIAX visit www.miaxglobal.com.

To learn more about MGEX visit www.miaxglobal.com/mgex.

To learn more about MIAXdx visit www.miaxdx.com.

To learn more about BSX visit www.bsx.com.

To learn more about Dorman Trading visit www.dormantrading.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 225 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 $117 billion in over 1,000 companies globally across its private equity, real estate, and capital solutions strategies.

Warburg Pincus’ Capital Solutions team collaborates closely with the firm’s 270+ investment professionals and 40+ value creation executives across Warburg Pincus’ global industry verticals, critical to sourcing and underwriting differentiated, attractive investments. In addition to a long and successful track record of investing in capital solutions like transactions historically, the Warburg Pincus Capital Solutions Founders Fund portfolio consists of investments including, DriveCentric, Excelitas, Nord Security, and Service Compression.

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 visit www.warburgpincus.com. Follow us LinkedIn.

Disclaimer and Cautionary Note Regarding Forward-Looking Statements

The press release shall not constitute an offer to sell or a solicitation of an offer to purchase any securities of Miami International Holdings, Inc. (together with its subsidiaries, the Company), and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such offer; solicitation or sale would be unlawful. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

All third-party trademarks (including logos and icons) referenced by the Company remain the property of their respective owners. Unless specifically identified as such, the Company’s use of third-party trademarks does not indicate any relationship, sponsorship, or endorsement between the owners of these trademarks and the Company. Any references by the Company to third-party trademarks is to identify the corresponding third-party goods and/or services and shall be considered nominative fair use under the trademark law.

Media Contacts:

Andy Nybo, SVP, Chief Communications Officer

(609) 955-2091

anybo@miaxglobal.com

Sarah Bloom, Warburg Pincus

Sarah.bloom@warburgpincus.com

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KKR to acquire majority position in FGS Global to support long-term growth; FGS to become standalone communications and public affairs consultancy

KKR

NEW YORK & LONDON–(BUSINESS WIRE)– KKR today announced the acquisition of WPP’s full equity position in FGS Global (“FGS” or the “Company”), the preeminent global communications and public affairs consultancy. The proposed transaction is supported by FGS management, builds on KKR’s initial minority investment in July 2023, and values FGS at US $1.7 billion. The investment underscores KKR’s deep conviction in FGS’s vision and strategy to be the leading global communications advisor helping clients navigate the increasingly complex stakeholder economy. As a result of the transaction, the equity interest of FGS’s over 500 employee shareholders will be approximately 26% of the company.

Since KKR’s initial minority investment in July 2023, FGS has benefitted from KKR’s access to global resources, network and expertise in building best-in-class global enterprises. Both KKR and FGS are focused on enhancing the Company’s growth and extending its leading position as a global advisor to Boards and C-suites in business-critical situations. FGS will continue to be a partner-led firm, managed by the existing leadership team. KKR is committed to supporting FGS’s ambitious growth plans while ensuring FGS continues to uphold the highest standards of independence, client confidentiality and trust.

Philipp Freise, Partner and Co-Head of European Private Equity at KKR, stated: “Our investment in FGS reflects our strong commitment to strategic partnerships, where we provide long-term capital and global resources to entrepreneurial teams and world-class businesses. We strongly believe in FGS’s strategy and leadership and have been pleased with our partnership since our minority investment in July 2023. In today’s increasingly complex stakeholder ecosystems, the value of FGS’s insight, advice and execution is increasingly essential for organizations to navigate uncertainty and achieve their goals. We look forward to continuing our collaboration and helping FGS realize their vision as a global category leader.”

Alex Geiser, Global CEO of FGS, said: “Our enhanced strategic partnership with KKR is a clear signal of their confidence in our ability to scale and enhance our position as the preeminent consultancy helping leaders successfully navigate the stakeholder economy. With KKR’s reinforced support, we’re poised to accelerate our growth, attract and empower new talent, and further our commitment to value creation that benefits all our stakeholders, especially our clients and employees. Together, we are ideally positioned to lead growth and innovation of the industry as FGS moves into its next phase as a standalone firm.”

Roland Rudd, Global Co-Chair of FGS added: “I would like to thank WPP for their longstanding partnership. I am particularly grateful to WPP Chair Roberto Quarta and WPP CEO Mark Read for their support as we have grown FGS Global into what it is today. I am delighted that KKR is now backing FGS to become the undisputed global leader in our sector.”

KKR is making the investment in FGS primarily through its European Fund VI, an $8 billion fund that invests in the growth of leading businesses by providing access to KKR’s extensive network and business building resources. Recent investments from the European Fund VI include OHB, nexeye, Superstruct and Accountor. One of the core strategies of KKR’s European Private Equity team is investing alongside founders, entrepreneurs and corporates to provide flexible capital for strategic partnership transactions. The FGS investment follows a similar thematic pursued through KKR’s 2021 investment in ERM, the world’s largest global pure play sustainability consultancy.

The transaction is expected to close by the end of the year, subject to regulatory approvals and other customary closing conditions.

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

About FGS

FGS Global is the preeminent global communications and public affairs consultancy, with approximately 1,400 professionals around the world, advising clients in navigating complex stakeholder situations and reputational challenges. FGS was formed from the combination of Finsbury, The Glover Park Group, Hering Schuppener and Sard Verbinnen & Co to offer board-level and C-suite counsel in all aspects of strategic communications — including corporate reputation, crisis management, and public affairs and is also the leading force in financial communications worldwide.

FGS offers seamless and integrated support with offices in the following locations: Abu Dhabi, Amsterdam, Beijing, Berlin, Boston, Brussels, Calgary, Chicago, Dubai, Dublin, Düsseldorf, Frankfurt, Hong Kong, Houston, Kingston, London, Los Angeles, Munich, Paris, Riyadh, San Francisco, Shanghai, Singapore, Tokyo, Toronto, Washington, D.C., South Florida, Vancouver and Zurich. The firm is headquartered in New York.

FGS is consistently ranked a Band 1 PR firm for Crisis & Risk Management and for Litigation Support by Chambers and Partners. For the second year, FGS was ranked #1 Global M&A PR firm by Deal Count and Value in 2023 by Mergermarket.

KKR
Julia Leeger/ Miles Radcliffe-Trenner
media@kkr.com

FGS Global
Dorothy Burwell / Jennifer Loven / Dirk von Manikowsky
mediaglobal@fgsglobal.com

WPP
Chris Wade / Richard Oldworth
press@wpp.com

Source: KKR

 

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CBPE completes sale of Perspective

CBPE

CBPE is pleased to announce that it has completed on the sale of Perspective to Charlesbank, a US middle-market private equity firm, generating a return of 5.4x MoC for Fund IX.

CBPE is pleased to announce that it has completed on the sale of Perspective Financial Group Limited (“Perspective”) to US middle-market private equity firm Charlesbank Capital Partners LLC (“Charlesbank”).

During CBPE’s investment the business has grown significantly from £2.6bn to £8.0bn of assets under management through a focused buy-and-build investment strategy, supported by strong organic growth. Perspective has completed or exchanged on 54 acquisitions since CBPE invested. These have been fully integrated into the group, ensuring consistently high standards of advice whilst enabling all acquisitions to benefit from the significant investments that have been made in central support functions and technology.

The transaction completed on 8 May 2024 following regulatory approval from the FCA. The sale to Charlesbank represents a money multiple of 5.4x CBPE’s original investment in Perspective.

This exit marks the sixth realisation for CBPE’s 2016 vintage Fund IX with a weighted average return across these six exits of 5.1x MoC.

 

We have been delighted to partner with a strong management team at Perspective. The business has developed and grown significantly in its first round of institutional investment, whilst sticking to founding principles, which is exactly the type of journey CBPE looks to support. We take immense pride in what we have achieved together and wish the team the best of luck in the exciting next stage with Charlesbank.

Richard Thompson, Partner
CBPE

 

CBPE’s investment in Perspective was led by Richard Thompson and Harry Hewlett with support from Rachel Milton.

CBPE were advised by: Houlihan Lokey (Corporate Finance), Mayer Brown (Legal), Deloitte (financial, operational and tax diligence), LEK (commercial diligence), Thistle Initiatives (regulatory diligence) and Crosslake (IT).

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TP Tuned and Vortex form strategic partnership to drive next phase of growth

Vortex

msterdam, 5 august 2024 – TP Tuned, a boutique specializing in transfer pricing automation based in Amsterdam, has entered into a partnership with the investment firm Vortex Capital Partners. Vortex will support TP Tuned’s ambition to become the leading provider of transfer pricing documentation services and software. Vortex will assist in expanding the company’s offerings across global markets.

 

TP Tuned was established in 2015 to address the need of large multinationals for a more efficient approach to transfer pricing, with a particular focus on automating transfer pricing documentation. Transfer pricing regulations aim to ensure that multinationals report a fair amount of profits in the countries where they operate. To evidence that profits are allocated fairly, multinationals are required to prepare complex annual documentation, involving significant time and costs.

 

TP Tuned enables the automated preparation of complete, consistent, and locally compliant transfer pricing documentation. The company with its 20 team members serves many multinationals around the globe, including companies such as TomTom, Stahl, Avnet, Ravago and Stanley Black & Decker. Together with Vortex, which will become a majority shareholder alongside management, the company plans to invest significantly in expanding its business internationally—both organically and potentially through new acquisitions. Additionally, TP Tuned aims to continue enhancing its proprietary software with additional functionalities.

 

Lennart van den Kommer, CEO of TP Tuned, is enthusiastic about the partnership: “TP Tuned has a proven offering and a loyal customer base. Together with Vortex, we can serve more clients in additional countries and expand our software offering. Vortex brings extensive experience and expertise that will support our growth. I am excited to collaborate with the Vortex team and look forward to this next phase of growth.”

 

Evert Jan de Groot, Managing Partner at Vortex, is excited about the collaboration: “The proprietary software, combined with TP Tuned’s deep knowledge of transfer pricing, makes the company both relevant and appealing. Over the years, TP Tuned has proven to be a valuable partner for its international clients. We are eager to collaborate with the TP Tuned team to support their continued growth in the coming years. Our strategy is to leverage this partnership to drive innovation and broaden our international presence, ensuring that TP Tuned remains at the forefront of the industry.”

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AXA Venture Partners’ (AVP) leadership team acquires AXA’s stake in AVP, ushering in a new chapter for AVP as an independent private investment company.

AXA

Press release, Paris, August 1st, 2024

Today AXA has announced that it has entered into an exclusive negotiation to sell AXA Investment Managers to BNP Paribas. In this context, AXA has accepted an offer from AVP’s management team to acquire AXA’s 70% interest in AVP through a management buyout. This marks the next chapter for our firm, which was founded in 2016.

In this context, this transaction represents the natural evolution of AVP. AXA has supported AVP since the beginning of its journey in 2016 and AVP will strive to maintain and build its close relationship with AXA going forward.

Following this transaction, AVP will change its name but will maintain its investment expertise and performance-driven culture, ensuring continued outstanding service and performance for its limited partners.

“Today marks an incredible milestone for AVP and its team, and we feel both humbled and excited by this opportunity. The AVP leadership team and I will acquire a majority stake in AVP which will allow us to write an exciting new chapter for the firm. Most importantly, we would like to thank AXA for the continuous support since the inception of AVP in 2016. This incredible support has been instrumental in our development and success, and we will always be grateful for the trust put in us. Of course, we will aim at continuing and developing further these strong relationships going forward. With this management buyout, we will become fully independent. The new structure will ensure continuity for our investors and the entrepreneurs we back, will foster an entrepreneurial spirit among our team, and will continue to put performance at the heart of our operations. Our management team is incredibly excited to continue the journey and accelerate our story with our clients and stakeholders,” stated Francois Robinet, Managing Partner AVP. “At AVP, nothing is more important than the team. In the past 8 years, we have reinforced our leadership team by regularly adding new partners. This is the reason why we now feel strong enough to acquire our company and pursue its next phase of development. I am very grateful to work with such a talented, diverse and complementary team, and I am confident that we are embarking on an exciting and successful journey together.”

The proposed transaction will allow AVP to continue its development as an independent firm specializing in high-growth technology companies. We expect no changes in our various funds and investment strategies. We look forward to continuing to support both our existing and future portfolio companies as well as our funds.

AVP is today a global investment firm managing more than €2 billion of assets across four investment strategies: venture, growth, late stage, and fund of funds, operating in Europe and in the United States. Since its establishment in 2016, AVP has invested in more than 60 technology companies in the venture and growth stages and in more than 60 funds with the Fund of Funds investment strategy. Beyond providing equity capital, AVP also supports companies in expanding internationally and provides portfolio companies with tailored business development opportunities to further accelerate their growth.

The proposed transaction is subject to the necessary regulatory approvals and is expected to be finalized before 31st December 2024.

For more information, visit axavp.com

Contact details
AVP – Sébastien LOUBRY: sebastien@axavp.com / + 33 6 15 31 61 68

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SD Worx signs an agreement for the acquisition of F2A from Ardian

Ardian

Ardian, a world-leading private investment house, and SD Worx, one of the main European HR and payroll solutions providers, have reached an agreement for the sale of F2A, the leading Italian HR and payroll solutions provider controlled by Ardian since February 2016. With this transaction, SD Worx will expand its offering and geographical footprint and accelerate its growth in the European HR and payroll solutions industry. The transaction is subject to customary regulatory approvals.

More than 1,200 experts of F2A support 6,000 customers across two business units: HR & payroll (c. 85% of revenues) and Finance & Accounting (c. 15% of revenues). During Ardian’s investment, F2A accelerated its development strategy by successfully closing more than 20 build-ups, expanding service offering and reaching an important position in Italy.

“We are thrilled to announce the sale of F2A to SD Worx. I congratulate Raul Mattaboni and his team for all the successful development over the last years. Ardian’s Expansion team targets resilient and high-quality businesses with experienced management teams where there is great growth potential. Through our close partnership with entrepreneurs and managers, we have successfully accompanied several mid-sized companies on their journey to becoming market leaders. Italy represents a key geography for us, where we intend to continue investing by selecting the best opportunities.” François Jerphagnon, Member of the Executive Committee, Managing Director of Ardian France & Head of Expansion

“Together with the F2A management team, we have pursued an important growth path, and we think there are still many opportunities to be seized in this space. The strong interest in F2A of an international player like SD Worx is a clear indication of the high strategic value of our asset. We wish F2A and SD Worx every success for the company’s next chapter.” Marco Molteni, Managing Director Expansion, Ardian

“Italy is the fourth largest economy in Europe, with many SMEs and midmarket employers showing strong appetite for payroll outsourcing. The complex Italian payroll landscape requires a combination of local software and expertise. I look forward to working together with Raul Mattaboni who will continue to lead the business.” Kobe Verdonck, CEO of SD Worx

“Becoming part of SD Worx is a significant milestone for F2A, recognizing the exceptional work accomplished by all our colleagues over the years. With the support of Ardian, we have become the leader in the Italian market for professional services to companies of all sizes and sectors. I am personally enthusiastic to embark on this new chapter in F2A’s history. This transition will not only enhance our professional growth but also provide our clients with even better and more diversified services, all while maintaining the human touch that has always defined us.” Raul Mattaboni, CEO of F2A

Following regulatory approvals, SD Worx will acquire 100% of the shares of F2A.

The price of the transaction will not be disclosed.

Participants

  • Ardian

    • Ardian has been advised by Mediobanca (M&A), PedersoliGattai (legal), Gitti (tax), PwC (financial) and Endava (Tech).

  • SD Worx

    • For this transaction, SD Worx has been supported by EY (financial), EY Parthenon (commercial), Linklaters (legal) and WTW (insurance).

ABOUT SD WORX

SD Worx delivers HR solutions across the entire employee lifecycle, from paying employees to attracting, employing, rewarding and developing the talent who make businesses succeed. SD Worx powers performance through four core capabilities: software, outsourcing, consultancy and data-driven insights. SD Worx is the trusted leading European provider of end-to-end HR solutions for all organisations and workers. About 90,000 small and large organisations across Europe place their trust in the company and its +75 years’ worth of experience. SD Worx calculates the salaries of approximately 5.7 million employees and ranks among the top five worldwide.

sdworx.com

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $166bn of assets on behalf of more than 1,650 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 F2A

F2A is the leading provider of tech-enabled services in the HR and F&A sectors in Italy. By placing constant technological research at the core of its services, F2A responds flexibly to the evolving demands of its customers. F2A listens to the needs of corporate top management and offers innovative solutions and high-performance services to support clients’ growth in a market characterized by continuous change. With over 1,200 professionals, F2A serves nearly 6.000 customers, offering support tailored to their specific needs and fostering solid, long-lasting, reliable, and positive relationships.

f2a.it

Press contacts

ARDIAN

Image Building

ardian@imagebuilding.it02 89011300

SD Worx

Lewis PR Belgium Lynn Van de Velde

lynn.vandevelde@teamlewis.com

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Carlyle And KKR Strategic Partnerships Agree To Acquire Approximately $10.1 Billion Prime Student Loan Portfolio From Discover Financial Services

KKR

NEW YORK–(BUSINESS WIRE)– Global investment firms Carlyle (NASDAQ: CG) and KKR (NYSE: KKR) today announced that one or more strategic partnerships comprised of funds and accounts managed by Carlyle and KKR’s respective credit businesses have agreed to purchase an approximately $10.1 billion portfolio of prime student loans from Discover Financial Services (NYSE: DFS).

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240717003713/en/

“This acquisition highlights Carlyle’s proven expertise in private student loans and asset-backed finance, demonstrating our Global Credit business’s ability to provide scaled, tailored solutions to meet our clients’ dynamic needs,” said Akhil Bansal, Head of Credit Strategic Solutions at Carlyle. “As the lending space evolves, we believe private markets are well-positioned to offer financial institutions increased flexibility amidst this transformation.”

“We are pleased to leverage our scale, deep experience in ABF investing and capital markets capabilities to be a capital solutions provider of choice to financial institutions that are focusing on optimizing their balance sheets,” said RJ Madden, a Managing Director at KKR. “This transaction demonstrates the value that scaled private lenders can bring to key areas of the economy as the priorities of traditional lenders continue to evolve.”

“We’re very pleased to consummate this transaction with two outstanding strategic partners in Carlyle and KKR,” said Dan Capozzi, Executive Vice President and President of Consumer Banking at Discover. “This agreement represents an important milestone in our journey to simplify our operations and business mix.”

Carlyle’s investment in the portfolio was led by its Credit Strategic Solutions (“CSS”) team, a group within its Global Credit business focused on asset-backed investments. The highly experienced team seeks to leverage the knowledge, sourcing, structuring, and breadth of the entire Carlyle investment platform to deliver tailored asset-focused financing solutions to businesses, specialty finance companies, banks, asset managers, and other originators and owners of diversified pools of assets.

KKR’s investment in the portfolio comes primarily from its asset-based finance strategy and other credit vehicles and accounts. KKR has made more than 80 ABF investments globally since 2016 through a combination of portfolio acquisitions, platform investments and structured investments. The firm has approximately $54 billion in ABF assets under management and a team of more than 50 professionals directly involved in the ABF effort globally.

The transaction is expected to close by the end of 2024 subject to customary closing conditions.

KKR Capital Markets and TCG Capital Markets structured and arranged the debt for the transaction. Monogram LLC, a portfolio company of Carlyle, will serve as portfolio manager for the student loan portfolio. Firstmark Services, a subsidiary of Nelnet, Inc. will service the loans in the portfolio. Sidley Austin LLP served as legal advisor to KKR and Carlyle. Paul Hastings LLP also served as a legal advisor to Carlyle and Clifford Chance LLP also served as a legal advisor to KKR. Wells Fargo served as exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Discover Financial Services in connection with the transaction.

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $425 billion of assets under management as of March 31, 2024, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 28 offices across four continents. Further information is available at www.carlyle.com. For more, follow Carlyle on X and LinkedIn.

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 Discover Financial

Discover Financial Services (NYSE: DFS) is a digital banking and payment services company with one of the most recognized brands in U.S. financial services. Since its inception in 1986, the company has become one of the largest card issuers in the United States. The company issues the Discover® card, America’s cash rewards pioneer, and offers personal loans, home loans, checking and savings accounts and certificates of deposit through its banking business. It operates the Discover Global Network® comprised of Discover Network, with millions of merchants and cash access locations; PULSE®, one of the nation’s leading ATM/debit networks; and Diners Club International®, a global payments network with acceptance around the world. For more information, visit www.discover.com/company.

Media Contacts:
For Carlyle:
Kristen Ashton
212-813-4763
Kristen.ashton@carlyle.com

For KKR:
Julia Kosygina
212-230-9722
media@kkr.com

For Discover Financial:
Matthew Towson
224-405-5649
matthewtowson@discover.com

Source: KKR

 

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