CapMan Buyout press release 6 October 2017 at 11.00 a.m. EEST

CapMan Buyout to divest Oral Hammaslääkärit to Colosseum Dental Group

A group of investors led by CapMan Buyout, including funds managed by CapMan Buyout, are pleased to announce to have reached an agreement to divest Oral Hammaslääkärit Plc (“Oral”) to Colosseum Dental Group (“Colosseum”), a Swiss-based dentistry group. Financial terms of the transaction have not been disclosed.

Oral is the leading Finnish private dentistry chain with 63 clinics and sales close to EUR 100 million. During CapMan’s ownership, Oral’s revenue has increased by 15 per cent annually while EBITDA has increased by a compound annual growth rate of 19 per cent. Funds managed by CapMan acquired Oral in 2014.

Together with Oral, Colosseum is expected to have sales of around EUR 350 million and will operate more than 200 clinics in Finland, Norway, Sweden, the UK, Switzerland, Italy and Denmark, further pursuing its journey to build a leading pan-European dentistry group.

“We are very pleased with the development of Oral and the return of our investment. During our ownership, Oral has significantly expanded and completed several developments projects, especially within the digitalisation of its operations. Today, Oral is one of the most developed private dental care companies in Europe. Oral will in my mind fit very well into Colosseum Dental Group, who will continue to support the company in its future development and further build on the strengths of the business and its ongoing initiatives. It has been an honour to be part of Oral’s development, and I would like to offer my sincere thanks to the company’s management, the dental care professionals and all its employees,” says Jan Mattlin, Partner at CapMan Buyout and responsible for the investment in Oral.

“We are delighted to become part of the Colosseum Dental Group. The company has a long-term mandate to build a strong European dentistry platform. This allows us here in Finland to continue building a great local business with high quality offering for both patients and dentists. We will continue to improve oral health in Finland as we have done for the past 35 years. Oral’s strong brand will prevail in Finland and our employees and dentists will have even more opportunities to develop their know-how in the future through the opening-up of opportunities for international exchange. We see the acquisition as a very positive opportunity for our service development in the years to come”, says Martin Forss, CEO of Oral.

“With Oral we both reach a group of highly competent new colleagues, as well as gain access to forefront know-how around how to run many of our processes in a more advanced manner that we can leverage across other geographies. Our vision of modern, high quality dentistry for the benefit of patients, dentists and employees fits well with what management wants to accomplish. We are certain that the increased scale of the new company will be for the benefit of all stakeholders,” says Tomas Aubell, CEO of Colosseum.

Colosseum will continue to support management with its development of the company and Martin Forss and his team have agreed to continue to run Oral also after the transaction. The transaction is expected to close in November 2017.

For more information, please contact:
Jan Mattlin, Partner, CapMan Buyout
jan.mattlin@capman.com
+358 40 508 6406

Tomas Aubell, Chief Executive Officer, Colosseum Dental Group
tomas.aubell@colosseumdental.com
+41 79 519 55 02

Martin Forss, Chief Executive Officer, Oral Hammaslääkärit Plc
martin.forss@oral.fi
+358 40 779 6266

About CapMan
CapMan is a leading Nordic investment and specialised asset management company. As one of the Nordic private equity pioneers we have actively developed hundreds of companies and real estate and thereby created substantial value in these businesses and assets over more than 25 years. CapMan has today 110 private equity professionals and manages €2.3 billion in assets. We mainly manage the assets of our customers, the investors, but also make direct investments from our own balance sheet in areas without an active fund. Our objective is to provide attractive returns and innovative solutions to investors and value adding services to professional investment partnerships, growth-oriented companies and tenants. Our current investment strategies cover Buyout, Growth Equity, Real Estate, Russia, Credit and Infrastructure. We also have a growing service business that currently includes fundraising advisory, procurement activities and fund management.
www.capman.com
twitter.com/CapManPE

About Colosseum Dental Group
Colosseum Dental Group, a company fully owned by Jacobs Holding AG, has the ambition to become the leading European provider for dentistry services. With the acquisition of Oral, Colosseum now operates more than 200 clinics with 900 dentists across Finland, Norway, Sweden, the UK, Switzerland, Italy and Denmark with run-rate sales of approximately EUR 350 million. The group wants to provide modern, quality dentistry services for the benefit of patients, dentists, employees and shareholders alike, striving for continuous growth and excellence.
www.colosseumdental.com

About Oral Hammaslääkärit Plc
The Finnish Oral Hammaslääkärit Plc is a service company offering oral health care, with more than 1,300 professionals providing services throughout Finland. In 2016, the company’s revenue amounted to EUR 81.4 million. Oral provides dental health services at over 60 dental clinics in various locations in Finland. The dental laboratory Oral Hammaslaboratorio Oy is part of the Group.
www.oral.fi

3i Group plc (“3i”) today announces that Ponroy, a leading manufacturer of natural healthcare and cosmetics products in which 3i invested in January 2017, has acquired ERSA Group (“Aragan”), a designer and distributor of premium pharmaceutical food supplements. This acquisition will strengthen Ponroy’s presence in the pharmacy channel, which represents more than half of the food supplement market in France.

Under the leadership of Philippe Charrier, the combined group will be a leading player in the natural consumer healthcare industry in France with revenues in excess of €200m. Ponroy will benefit from Aragan’s innovative culture and Ponroy’s international presence will enable Aragan to penetrate new markets outside France.

Aragan, which employs approx. 100 staff, sells its food supplements through three brands: ARAGAN, SYNActifs and ERBALAB. The company has grown at 40% p.a. since 2012 into one of the leading players in the pharmacy channel in France, by using its innovation-led approach to develop a number of professional brands based on health and wellbeing. The combined business will become #4 in the pharmacy channel in France, with around €50m of revenues.

Remi Carnimolla, Partner & Managing Director 3i France, and Guillaume Basquin, Director 3i France, commented:

“3i is delighted to support Ponroy’s first acquisition since our investment which confirms Ponroy’s ambitious growth plans in line with the strategy we set out. Aragan is very complementary to Ponroy and we look forward to supporting the combined business to continue its international growth, further strengthen its position in the pharmacy channel in France and continue to take advantage of the rise of natural consumer healthcare which is a mega consumer trend in food and cosmetics.”

Nicolas Brodetsky, currently Aragan CEO since 2011, will lead the pharmacy business unit for the combined group. He said:

“I am delighted by this new partnership between Ponroy and Aragan and the future opportunities for both businesses. This is a key step in our development. New and exciting challenges are ahead of us and I am delighted to join Philippe Charrier and his team to establish a leader in the food supplement market with high potential for international growth. I would like to thank Calcium Capital for the last 4 years of partnership, which have enabled us to strengthen our development model.”

-Ends-

For further information, contact:

3i Group plc
Silvia Santoro
Investor enquiries
Tel: +44 20 7975 3258
Email: silvia.santoro@3i.com

Jointly largest provider of insured healthcare via focus clinics

NPM Capital as an investment company is clearly committed to Healthcare, with current investments in various focus clinics of NL Healthcare, the Arts en Zorg health centres (combining GPs, physiotherapists, pharmacists and psychological healthcare providers) and psychological and psychiatric care providers (Mentaal Beter).

On 26 September 2017, NPM Capital announced jointly with the Malenstein family that their respective interests in NL Healthcare (which include the clinics Oogziekenhuis Zonnestraal, Orthopedium, Medinova, Dermicis and Nedspine) and Bergman Clinics would be merged. Via their focus clinics, they will jointly be the largest provider of medical specialist care in the Netherlands following the merger.

By joining forces, both parties are responding to the need for upscaling and specialisation in the medical specialist healthcare sector. Their aim is to deliver high-quality, patient-focused treatments at competitive prices throughout the Netherlands. The merged chains of clinics will jointly become the country’s largest provider of treatments included in healthcare insurances in the fields of hip, knee, shoulder, foot/ankle, back and eye disorders and plastic surgery. They also provide specialist treatments in the field of skin, gastro-intestinal and pelvic floor disorders (for women). The new group comprises more than forty specialised clinics throughout the Netherlands. Joint revenue amounts to some EUR 220 million, and the organisation will have around 1,500 employees following the merger. The group expects to be able to create new employment opportunities in the years ahead by expanding existing clinics and opening new ones.

Investment and greater focus
The increase in scale will enable medical teams within the merged clinics to focus their attention even more closely on their specialisation. The combination also provides greater scope for investing in technological innovation, digitalisation and training. Planning efficiency for treatments will also be increased due to the nation-wide coverage, leading to better utilisation of the available treatment facilities in the clinics. This offers opportunities to deliver customised high-quality medical care at lower costs.
The merger is taking place against a background in which people in the Netherlands are making increasingly informed choices in all areas of their lives, including the medical field. For both patients and healthcare insurers, the demonstrable quality of treatments, costs and the service they are offered are increasingly important. Focus clinics are able to offer high quality at competitive prices, which they successfully combine with a customer-focused approach in which service and patient experience are among the key factors.

“Specialisation and focus are important principles for improving treatment outcomes and service,” says Bart Malenstein, CEO of Bergman Clinics. “To achieve those aims effectively requires an organisation to have a certain size and the volume of disorders presented to increase significantly. That creates greater potential for giving medical specialists room to specialise even further and for stepping up investments to improve the medical services they deliver”.

Photo: Bart Malenstein

Close cooperation with hospitals
After the merger, the new organisation will continue to seek partnerships with traditional hospitals in order to work jointly on improved indication setting and uniformity for treatments.
The merger will lead to a more mature offering by focus clinics that complements the transition that these traditional hospitals are undertaking to define clear treatment profiles in order to maintain the high quality of their medical care at affordable costs. Malenstein: “For that reason, we expect that they will be open to complementary alliances with specialised healthcare providers such as our clinics. This will enable hospitals to maximise their focus on patients’ disorders, leading to better diagnosis and treatment of patients as well as lower healthcare costs for society in general.”

Frank Arnoldy, CEO of NL Healthcare Clinics, points to another consequence of the merger: “The focus clinics of Bergman Clinics and NL Healthcare Clinics are able to provide high quality at competitive prices. That is important in a sector in which people are increasingly taking control of their own affairs, including insured healthcare. We successfully combine this high price/quality ratio with a customer-focused approach, in which service and patient experience are key factors. Entering into this merger enables us to continually improve the way in which we deliver that combination and means we have even more to offer our patients and staff.”

Photo: Frank Arnoldy

Better diagnoses
The new organisation will devote special attention to innovations that utilise data analysis to ensure that better and more transparent diagnoses are provided. This leads to better and more objective indication setting, contributing to more effective treatments. The upscaling also offers opportunities to treat disorders in a uniform manner, according to clearly described methods and guidelines throughout the Netherlands. “Overall, this creates better outcomes for patients,” concludes Arnoldy.

New management
Following a transition period, the new organisation will be led by a new CEO. The current CEOs of Bergman Clinics and NL Healthcare Clinics will step down when the new CEO is appointed. The CEO of Bergman Clinics, Bart Malenstein, will continue for some time as a director after the transition phase. The Malenstein family, which at present is a major shareholder of Bergman Clinics, will remain a shareholder in the new company after the merger, as will NL Healthcare Clinics shareholder NPM Capital, part of family-owned multinational SHV.

Rutger Ruigrok, managing director of NPM comments: “We know that it takes time to achieve change in the healthcare sector. Our flexible investment horizon and conservative financing of our portfolio companies provides a good match not just for the healthcare sector but also for the Malenstein family’s investment philosophy. These are important foundations for achieving further sustainable growth for our clinics.”

After completion of the transaction, teams from both organisations will work on developing in further detail the merger plans drawn up in outline as part of the negotiations. In doing so, they will also identify potential synergies, particularly at the central support departments.

Required approvals and timeline
The merger will take place subject to approval by the relevant authorities. The works councils of both businesses will also have to consider the requests for advice that will be submitted by the management of the companies concerned. The parties expect to be able to complete the merger before the end of this year.

About Bergman Clinics
Bergman Clinics has been one of the leading independent chains of focus clinics for more than 25 years, with more than 25 locations throughout the Netherlands.

The focus clinics engage in delivering high-quality plannable medical care, centred on the customer and the disorder. Owing to their focus on frequently occurring treatments, a great deal of knowledge and expertise has been built up. Today, Bergman Clinics is one of the most highly experienced institutions in the Netherlands for a range of frequently occurring treatments.

The five categories in which Bergman Clinics offers insured or uninsured care are: Movement care, Eye care, Women’s care, Internal care and Appearance and Skin care.

Bergman Clinics has contracts with all healthcare insurers. The majority of treatments qualify as insured healthcare (70%), which is reimbursed from the basic insurance package. Bergman Clinics receives more than 80,000 customers a year. The average customer rating for Bergman Clinics on zorgkaartnederland.nl is 8.7.

About NL Healthcare Clinics
NL Healthcare Clinics provides high-quality secondary healthcare which it delivers through a focused approach for each specialisation.

The organisation has around 500 employees and 18 clinics throughout the Netherlands with various labels for orthopaedic care (Medinova, Orthopedium and NedSpine), ophthalmology (Ooghospital Zonnestraal) and dermatology (Dermicis). The average customer rating on zorgkaartnederland.nl is 8.8.

Get in touch with the NPM Capital investment team

Compression bandages are used to treat chronic bone diseases such as varicose veins, leg ulcers and edema. Today’s bandages have different pressures depending on who winds, since different people different hard winds. This can delay the processing when the correct pressure is essential for optimal healing.

With PressCises unique patented technology for compression products are guaranteed the right pressure no matter who winds bandage. This provides a safer and more effective treatment, while health care costs will be lower because it takes fewer products and the total treatment time is shorter.

– The market for compression products are great and today’s products have clear limitations for both the patient and for the economy, says Mats Enegren, investment manager at Almi Invest. We see a clear demand for better products and believe that PressCise are well positioned to become a leading supplier.

PressCise is now about to launch its bandages and additional so-called patches under the brand Lundatex. The company is also developing a compression stocking.

– Our focus is to reach the market, says PressCises CEO Andreas Nilsson. With several strong investor capital and expertise in the back will enable us to accelerate our development.

Takeover Offer of Bain Capital and Cinven for STADA successful

• Minimum acceptance threshold reached
• Final results to be published tonight

Frankfurt / Munich, 18 August 2017 – Nidda Healthcare Holding AG, a holding company controlled by funds advised by Bain Capital Private Equity, LP (“Bain Capital”) and by Cinven Partners LLP (“Cinven”), has acquired above 63 percent of all outstanding shares of STADA Arzneimittel AG (“STADA” or the “Company”) during the acceptance period which ended on 16 August 2017. Therefore the minimum acceptance threshold has been reached and all offer conditions have been fulfilled.

Dwight Poler and Michael Siefke, Managing Directors at Bain Capital, said: “We are pleased that the required majority of STADA’s shareholders has decided to accept our very attractive second Takeover Offer. This confirms that the decision to relaunch the offer was in the best interest of the Company and its shareholders. We thank the STADA Management and Supervisory Boards as well as the Advisory Board for their strong level of support, which has been instrumental in reaching this goal.”

Supraj Rajagopalan and Bruno Schick, Partners at Cinven, said: “Following the successful closing of the transaction, we look forward to strengthening further STADA’s existing operations as well as growing the Company’s position as a global pharmaceutical business. Bain Capital and Cinven are committed to adding significant value to STADA including investment in organic growth and expansion through acquisitions. Building on STADA’s highly qualified employees, strong brands and market opportunities, we look forward to initiating the next phase of the Company’s development.”

Pursuant to section 16 of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz), shareholders who have not yet tendered their shares can accept the Offer during the two weeks mandatory additional acceptance period, which starts with the publication of the final results pursuant to section 23 para 1. sentence 1 no. 2 the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz).

The offer document and all other information about the second Takeover Offer are available on the following website: www.niddahealthcare-angebot.de

Standout Capital invests in BCB Medical Oy, the Nordic market leader in gathering and analysing clinical data. The investment will support the continued growth of BCB Medical’s established business in the Finnish market as well as the international launch of the company’s software and clinical data products. Standout Capital and Tesi lead the investment round. Following the investment, Standout Capital becomes BCB Medical’s largest shareholder.

Technology in healthcare is advancing rapidly across all areas. BCB Medical develops quality register software for outcome based healthcare. As of today, more than 9 000 healthcare professionals at 200 clinics in Finland are using BCB Medical’s software on a daily basis. The objective is to establish best practice treatments and implement comparable monitoring in all of Finland’s hospital districts. With the investment, BCB Medical will double its staff in Finland over the next three years. At the same time, the company will expand the coverage of its software and quality registries from current 60 disease groups to 100, and start international expansion.

The digital model created in Finland for comparing treatment quality is well advanced on an international level. BCB Medical has over the years collected a structured clinical database of 1 million treatments with up to 3 000 data points in each of treatment – a highly valuable resource for healthcare professionals as well as medical researchers at universities and pharma companies. BCB Medical has received a lot of interest from outside Finland for quality registries and the clinical data, and is now actively looking to launch internationally.

Following the investment, Standout Capital becomes the largest shareholder in BCB Medical and will together with Tesi own the majority of the shares. Among other co-investors, the Stockholm-based Backstage Invest also participated in the financing round. Pre-investment shareholders will continue as minority shareholders of the company.

“Standout Capital brings expertise in the growth and internationalisation of technology companies and Tesi has huge networks in both Finland and abroad. Thanks to Standout Capital and Tesi’s investment, we will have more resources to serve the Finnish healthcare market and invest in new services and international markets related to analysing and comparing clinical data. Our aim is to spread best practices in outcome based healthcare, which will improve the quality of treatments and achieve a better quality of life for patients,” says BCB Medical’s Managing Director, Petteri Viljanen.

“We are impressed with BCB Medical’s success in working closely with the leading Finnish healthcare providers in developing software that ultimately benefits patients. BCB Medical is a great example of our strategy to partner with outstanding technology companies that are transforming their industries through digitalisation,” says BCB Medical’s new Chairman and Standout Capital’s Partner, Erik Wästlund.

Contacts and further information

Erik Wästlund, Partner, Standout Capital, +46 70 755 79 69, erik.wastlund@standoutcapital.com
Petteri Viljanen, Managing Director, BCB Medical, +358 400 727 366, petteri.viljanen@bcbmedical.com

About BCB Medical – BCB Medical is the Nordic market leader in gathering and analysing clinical data in digital quality registers. The mission is to combine, analyse and illustrate clinical data gathered from various sources and present it in an understandable format so that current and future generations can live healthier lives. BCB medical’s vision is to revolutionise the way clinical data impacts people’s lives. BCB Medical employs 53 people and 2016 turnover was around EUR 4 million. The company’s head office is located in Turku, Finland, with offices in Espoo, Oulu and Tampere. www.bcbmedical.com

About Tesi – Tesi (Finnish Industry Investment Ltd) is a venture capital and private equity company investing in growth companies, both directly and via funds. Operating as an active minority owner, Tesi provides access to business expertise and international networks for implementing the company’s growth strategy. Tesi’s investments under management total close to EUR 1 billion. www.tesi.fi

About Standout Capital – Standout Capital is a Stockholm-based private equity firm investing in growing Nordic tech companies. As an active owner, our mission is to partner with outstanding companies to help them grow and succeed. Standout Capital’s investment strategy is to support the digital transformation in business and society. The founders and investment team build on experience in entrepreneurship, investments and finance. The Standout Capital I fund is SEK 1 billion. www.standoutcapital.com

Standout Capital I AB benefits from the support of the European Union under the Equity Facility for Growth established under Regulation (EU) No 1287/2013 of the European Parliament and the Council establishing a Programme for the Competitiveness of Enterprises and small and medium enterprises (COSME) (2014-2020)

Livingbridge, the mid-market private equity firm, today announces its investment in Symphony Ventures, a global services firm focused on Robotic Process Automation (RPA) and Intelligent Automation.

The £3.5m series A investment will be used to fuel continued rapid expansion to meet demand for Robotic Process Automation services.

Our funding will further accelerate Symphony’s rapid growth – including a doubling of employee numbers – and continue its glo­­­­­bal expansion, increasing delivery capacity and widening product development. Symphony also welcomes two new members to its Board of Directors: Henry Alty of Livingbridge, and Bill Thomas, managing partner of Acresis – a founder advisory firm that supports Symphony on its growth and liquidity goals – joins as Chairman of the Board.

Symphony was founded in 2014 and provides consulting, implementation and managed services to enterprise clients looking to automate operational processes that are manual, repetitive, complex and time consuming through RPA and Intelligent Automation solutions. RPA can yield improvements in speed, accuracy, quality and compliance while delivering significant cost savings. Employees can be freed up to focus on more dynamic, engaging work while customers can experience higher satisfaction levels through improved interactions.

Organizations in all industries are increasingly adopting RPA for front, middle and back office functions ranging from human resources, to finance and accounting, to procurement to logistics. The RPA industry has demonstrated rapid growth in recent years and according to HfS Research, the market is expected to reach £920 million ($1.2 billion) by 2021*. Symphony was ranked the #1 RPA Pure Play Specialist by HfS Research in 2016** and recognized by Gartner as a Cool Vendor in 2015***. Symphony’s client portfolio includes firms in more than 21 countries in financial services, telecommunications, health care, logistics and the public sector.

Symphony’s founders have been at the forefront of work innovation for two decades as former Business Processing Outsourcing (BPO) industry executives and have a combined 70+ years of market experience. The team recognized early on that automation had the potential to unleash significant value for enterprises. Led by Chief Executive Officer David Poole, Chief Strategy Officer Ian Barkin, Chief Client Officer Pascal Baker and Chief Operations Officer David Brain, Symphony has grown in just three short years into an unrivaled 120-person strong team of talented professionals worldwide, known for delivering some of the most complex and impactful RPA solutions.

Livingbridge has experience in working with high-growth technology companies, having invested in firms such as email signature software company Exclaimer, B2B connectivity and internet infrastructure provider M24Seven and field force automation software provider Kirona. The investment in Symphony Ventures uses funds from the Baronsmead Venture Trusts.

CEO David Poole said:

“We are delighted to be working with Livingbridge. We had a choice of partners and selected Livingbridge for its strong track record of helping founders achieve rapid growth, while respecting the company and the culture in place.

“Across the globe, we’re seeing exceptional demand for enterprise-grade RPA, and Livingbridge’s vision of the market proved to be one of the most strategic and insightful about how we can meet client needs and, by doing so, further accelerate Symphony’s growth and expansion.”

Henry Alty of Livingbridge said:

“Symphony Ventures has swiftly developed a strong position in the rapidly growing RPA and Intelligent Automation space, a multi-billion-pound sector we have monitored since its inception. Symphony’s impressive founding leadership team has developed a compelling proposition for its clients, and we are excited to be working with them to further accelerate Symphony’s growth.”

Symphony will use the investment to expand hiring within its core markets in the U.S., U.K. and Poland, and to extend its capabilities into new geographies. The company plans to at least double its current team size over the next 12 months. The company will also continue to invest in product development and broaden its service catalog to bring new, high-demand offerings to market. Symphony plans to introduce an innovation lab that will provide infrastructure to allow feasibility assessments of RPA and other new ecosystem technologies.

Additionally, Symphony will use the funding to address the explosive demand for RPA skills in the market by developing training programs for enterprises to scale RPA teams and train RPA developers side-by-side with the company’s experts. The funding will also support a new service category that will offer lower risk RPA-centric outsourcing solutions that create higher value for clients than traditional BPO.

Symphony works with a leading roster of RPA and Intelligent Automation software providers including Blue Prism, UiPath, NICE Systems, Kryon Systems and Celaton. The company continues to expand its digital ecosystem of tools and capabilities – responding to changing market trends – to be able to offer expanded solutions for clients.

“RPA is extremely complex and requires a unique set of process and technical skills,” said Phil Fersht, HfS Research. “Businesses understand the great benefits the technology can offer, but lack the know-how to effectively select and manage solutions so that they deliver the greatest return based on their specific goals and applications. As a result, demand for skilled expertise from RPA specialists like Symphony Ventures is unprecedented.”

*http://www.horsesforsources.com/RPA-marketsize-HfS_061017

**http://www.horsesforsources.com/RPA_pureplays_121616

***https://www.gartner.com/doc/3028319/cool-vendors-business-process-services