Stonepeak to Acquire Forgital Group from Carlyle

Stonepeak

NEW YORK & VELO D’ASTICO – December 16, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has entered into a definitive agreement to acquire Forgital Group (“Forgital” or the “Company”), a leading manufacturer of advanced forged and machine-finished components for aerospace and industrial end markets, from global investment firm Carlyle (NASDAQ: CG).

Forgital, founded in 1873, specializes in forged and laminated metallic rolled rings, with technologically advanced manufacturing capabilities across a broad portfolio of materials, including titanium, nickel-based alloys, aluminum, and steel. The Company serves a diverse range of end markets, including aerospace, defense, space, power generation, and oil & gas, and offers vertical integration across the entire forged components value chain, from process engineering to assembly, final machining, and testing. Forgital has a global workforce with an operational footprint across Europe and North America spanning nine facilities in Italy, France, and the United States.

Conor Sutherland, Managing Director at Stonepeak, said: “Forgital is an integral link in the global aerospace supply chain, and a trusted partner to leading aerospace manufacturers and industrial customers. We have high conviction in long-term aerospace end market demand and believe Forgital is positioned to benefit from these tailwinds. We admire Forgital’s strong business model, manufacturing excellence and distinguished reputation among its customers for quality and reliability. We are thrilled to make this investment and partner with Forgital’s dedicated management team and talented workforce to support Forgital’s continued success.”

Meddah Hadjar, CEO of Forgital, said: “I would like to thank the Carlyle team for their invaluable support, expertise and guidance over the last few years, which have been a significant period of change and development for Forgital. Stonepeak represents an ideal partner for the next stage of Forgital’s growth, bringing deep experience, global relationships, and operational expertise within sectors and businesses that are mission-critical to the supply chain. We are excited to leverage these resources to support our customers, and to partner with Conor and the rest of the Stonepeak team as we continue to develop Forgital’s manufacturing excellence and global capabilities.”

Marco De Benedetti, Chairman of Italy at Carlyle, said: “We are pleased to have supported Forgital through such a transformative period for the business. As a result of the investment, partnership, and the team’s sector expertise, we believe Forgital is well-placed to capitalise from long-term growth in its key end markets of aerospace & defence and industrial applications, and I have no doubt the business will continue to build upon its strong position today as a European leader in specialised forged products.”

The transaction is expected to close in the second quarter of 2025 and is subject to the satisfaction of customary regulatory approvals.

Simpson Thacher & Bartlett LLP, Legance – Avvocati Associati, Hogan Lovells International LLP, and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Stonepeak. J.P. Morgan Securities Plc served as financial advisor to Carlyle. Latham & Watkins LLP served as legal counsel to Carlyle.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

About Forgital

Forgital is a leading, vertically integrated Group focused on the manufacturing of seamless rolled rings in rectangular or profiled sections, as well as assembled fan modules, covering the largest range of sizes. Forgital specializes in forging rolled rings, with technologically advanced capabilities across a broad range of materials, including titanium, nickel and cobalt alloys, carbon steel, alloy steel, stainless steel and aluminium. Forgital’s Compact Supply Chain simplifies the production process of its customers through an integrated system of technologies and services which encompasses all the steps of the project: from the pre-processing to the post-processing phase (including finishing, welding and macroetching).

About Carlyle

Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across its business and conducts its operations through three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $447 billion of assets under management as of September 30, 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 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.

Contacts

For Stonepeak
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

For Forgital
Mara Rezzadore
Mara.Rezzadore@forgital.com
+39 0445 731322

For Carlyle
Nicholas Brown
nicholas.brown@carlyle.com
+44 7471 037 002

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SWIF Maven Equity Finance invests £500,000 in Q5D Technologies

Maven

A pioneering leader in robotic additive manufacturing, has secured £500,000 through the British Business Bank’s South West Investment Fund.

Maven has invested £500,000 in Q5D Technologies, a pioneering leader in robotic additive manufacturing, through the British Business Bank’s South West Investment Fund. This funding is part of a larger £2 million investment round, which aims to support Q5D’s mission to revolutionise wire laying processes across multiple sectors, including automotive, aerospace, and consumer electronics.

The investment will enhance Q5D’s capacity to scale its innovative 5-axis platform, which automates the complex process of adding wiring and electronics to 3D surfaces. This technology offers a faster, more efficient, and cost-effective alternative to traditional manual processes.

Q5D’s platform has gained interest from major industry players, including several of the world’s largest wiring harness companies and some of the largest and most innovative car makers, demonstrating Q5D’s impressive business model and the growth potential of its patented technology.

The funding will also support the delivery of initial HaaS (Hardware as a Service) contracts and expand Q5D’s Technology Assessment Centre in Portishead, which has become a hub for testing and refining the company’s solutions alongside clients.

With this investment, Q5D is well-positioned to continue its momentum, bringing advanced automation capabilities to markets seeking to reduce costs, improve product quality, and support the transition to smarter, more sustainable manufacturing.

Team web image

“We are really pleased to be partnering with Maven and the South West Investment Fund, their advice and capital are helping us drive the company’s growth. Q5D is already attracting large number customers and growing the support and business development teams is critical.”

Stephen Bennington, CEO of Q5D Technologies

“We are thrilled to support Q5D Technologies as they scale their operations. Their unique approach to additive manufacturing, combined with impressive early traction with major industry players, positions them well for rapid growth. We look forward to working closely with Stephen and the team as they look to meet the increasing demand from global leaders in the automotive and aerospace sectors.”

Melanie Goward, Partner at Maven

“We’re excited to support Q5D as they scale up their operations, bringing their cutting-edge technology to market. The South West Investment Fund helps support and foster innovation across the South West and we look forward to seeing Q5D deliver its pioneering solutions to manufacturing sectors in the region and beyond.”

Lizzy Upton, Senior Investment Manager at British Business Bank

The purpose of the South West Investment Fund is to drive sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the South West. The Fund is increasing the supply and diversity of early-stage finance for South West smaller businesses, providing funds to firms that might otherwise not receive investment and helping to break down barriers in access to finance.

SWIF – Maven Equity Finance can provide investment of up to £5 million to support ambitious earlier and later stage businesses across the South West of England. The Fund has also backed sustainable packaging innovator, Kelpi, global wireless solutions provider Blu Wireless, and healthcare buy and build operator, Covestus.

If your business, or the business you advise, is looking for an equity investment as a solution to fund future growth, get in touch here >

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Gimv invests in the further growth and internationalization of Lupine Lighting Systems

GIMV

Gimv Consumer acquires a majority stake in Lupine Lighting Systems, a true “Made in Germany” technology and recognized quality brand leader for premium high-performance portable light solutions for (e-)bike, outdoor and tactical applications. Founder and CEO Wolf D. Koch reinvests in the company and becomes a minority shareholder alongside Gimv.

Located in Neumarkt, Bavaria, in Germany, Lupine Lighting Systems (www.lupine.de) develops and produces high-performance portable light solutions for (e-)bikes,  outdoor and tactical applications, distributing through local dealer networks, importers and a growing D2C channel. The company has always been a pioneer in producing lamps of the highest quality, extending the hours during which people can enjoy outdoor activities. All lamps are “Made in Germany” with a high focus on sustainability thanks to their long lifetime, durable materials and good reparability.

Being a recognized frontrunner and innovator in portable lighting, Lupine is the preferred innovation partner of choice of selected top global bike manufacturers such as Canyon and several outdoor sports champions.

Lupine Lighting Systems is at the heart of Sports & Leisure as one of the focus markets within the Home & Family segment targeted by Gimv Consumer.

Gimv acquires a majority stake of Lupine Lighting Systems, with Wolf D. Koch, founder and CEO, reinvesting part of his proceeds to hold a minority stake in the company. Gimv and Mr. Koch will jointly look for a suitable CEO succession to accelerate the commercial development of Lupine. Upon completion of this search, Mr. Koch will continue to play a key role in the continued technological innovation journey of the company.

Ferdinand Becker and Maximilian von den Hoff, Principals in the Gimv Consumer team, declare: “Lupine is a pioneer of its industry and convinces over decades with quality leadership underpinned by its large customer base. We strongly believe in Lupine’s organic growth opportunities and look forward to the future journey together with Wolf and the entire Lupine team.”

Wolf D. Koch, Founder and CEO of Lupine Lighting Systems, states: “With Gimv, we start a new growth phase of Lupine. Together with a new CEO and the entire team, we will bring the unmatched Lupine products to more consumers and more outdoor enthusiasts in more markets.”

No further details of the transaction are disclosed. This communication is subject to successful closing of this transaction.

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IK Partners to acquire DRIESCHER

IK Partners

IK Partners (“IK”) is pleased to announce that the IK X Fund has signed an agreement to acquire Driescher GmbH (Moosburg and Eisleben) (“DRIESCHER” or “the Group”), a leading German manufacturer of high-tech medium and low voltage switches and switchgears. IK is acquiring its stake in DRIESCHER from the family shareholders, who will all be reinvesting. As part of the transaction, the co-founders and co-shareholders of the Czech subsidary, DRIBO, spol. s r.o. (“DRIBO”), will be selling their shares and reinvesting into the Group. Financial terms of the transaction are not disclosed.

Established over 85 years ago, DRIESCHER is a leading provider of critical grid components and a reliable partner to many large municipal utilities, industrial customers and railway operators. The Group offers a comprehensive portfolio of products and services, necessary for the expansion of energy grids and the modernisation of existing infrastructure.

DRIESCHER excels in providing SF6-free, air-insulated components designed to enhance protection and safety, serving as essential infrastructure for managing power flows and voltage conversion within energy grids. With a reputation for innovation and deep engineering expertise, the Group offers tailored solutions to meet a wide range of customer needs.

As a trusted partner to many organisations, DRIESCHER plays an important role in advancing the energy transition by improving grid reliability, expanding capacity, supporting the integration of renewable energy and fostering the shift towards broader electrification. Today, the Group has approximately 500 employees, based across four production sites in Germany and the Czech Republic.

With the support of IK, DRIESCHER aims to strengthen its core business by: engaging both existing and new customers; driving continuous product innovation; expanding operations in Germany and entering into other international markets; as well as enhancing aftersales services. The Group may also consider value-accretive bolt-on acquisitions.

Doris and Christoph Driescher, Family Shareholders of DRIESCHER, commented: “With a history of over 85 years, we take pride in the legacy built by our grandfathers, our fathers and the dedicated employees of DRIESCHER. Together with the management team, we are thrilled to partner with IK as DRIESCHER enters the next stage of its development. IK has convinced us with its expertise, values, cultural alignment and vision for the future of our Group, making this the right step to initiate the succession for DRIESCHER.”

Frank Hegenbart and Thomas Lehner, Managing Directors at DRIESCHER, added: “Our leadership team is very much looking forward to the partnership with IK. We are confident that, with the experience of our employees and the support of IK’s team, we will continue our path of sustainable growth with technologically leading products and excellent service for our steadily growing customer base.”

Dalibor Bartoš and Tamara Ottichová, Managing Directors at DRIBO, commented: “DRIBO and DRIESCHER have a joint history of almost 30 years and this new partnership represents a significant milestone in the Group’s development. We are looking forward to working with the team at IK to accelerate future growth.”

Anders Petersson, Managing Partner at IK Partners and Advisor to the IK X Fund,said: “DRIESCHER has established itself as a leading supplier of critical components of energy grids and is well-positioned for growth, driven by long-term market trends that include the need to modernise aging electrical grid infrastructure, enable the integration of new renewable energy sources and expand capacity to meet the rising demand for electricity. We would like to extend our sincere thanks to the family shareholders of DRIESCHER for choosing IK to be the Group’s new partner. We value the confidence placed in us and are very much looking forward to working with the management team in this next phase of DRIESCHER’s growth.”

For further questions, please contact:

IK Partners
Vidya Verlkumar
Phone: +44 (0)7787 558 193
vidya.verlkumar@ikpartners.com

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Arcline-Backed DwyerOmega Acquires Process Sensing Technologies Ltd.

Arcline

MICHIGAN CITY, Ind., November 21, 2024 – DwyerOmega, a portfolio company of Arcline Investment Management, today announced the acquisition of Process Sensing Technologies Ltd. (“PST” or the “Company”). The acquisition significantly expands DwyerOmega’s sensing and instrumentation product offering and strengthens its position in several key end markets and regions.

 

Founded in 1964 and based in Ely, Cambridgeshire, UK, PST is a leading provider of measurement instrumentation and monitoring solutions for process-critical applications worldwide. With 12 leading brands, PST offers a comprehensive suite of proprietary sensors, instruments, analyzers, and monitoring solutions with sensing capabilities across parameters, including moisture, gas, level and flow. PST’s solutions enable safer conditions for people and processes, maximize energy efficiency, improve product quality, and ensure ongoing compliance with global standards. The combination of PST’s cutting-edge technologies with DwyerOmega’s high-quality sensing and instrumentation portfolio offers customers a broader range of solutions tailored for their unique applications.

 

“We are thrilled to welcome Process Sensing Technologies to the DwyerOmega family,” said Chuck Dubois, CEO of DwyerOmega. “PST has an exceptional portfolio of best-in-class sensors, instruments and gas analyzers, as well as leading software monitoring solutions. By bringing together two great organizations, we will provide customers a premier offering of precision measurement technologies with an enhanced global network of support and service resources. This acquisition advances our vision of being the provider of choice for measurement technologies to customers around the world.”

 

Adam Markin, CEO of PST, commented, “At PST, our employees have cultivated a culture rooted in innovation, continuous improvement, and an unrelenting pursuit of high-quality customer service. The DwyerOmega team shares a clear alignment with these principles, and I firmly believe joining the DwyerOmega family will strengthen our collective efforts going forward.”

 

Barclays served as financial advisor to DwyerOmega in connection with the transaction.

 

About DwyerOmega

DwyerOmega is a leader in the design and manufacture of innovative sensors and instrumentation solutions for the indoor environmental quality (IEQ), building automation, process and environmental markets. DwyerOmega has a global footprint and serves its market through brands including Dwyer Instruments, Omega Engineering, Automated Components Inc. (ACI), Miljoco, Weiss Instruments, Universal Flow Monitors (UFM), Love Controls, Mercoid, WE Anderson, and Proximity. To learn more about DwyerOmega, visit www.dwyer-inst.com and www.omega.com.

 

About Process Sensing Technologies

PST designs, manufactures, and distributes differentiated measurement solutions which analyze and monitor vital process parameters with high precision in mission critical applications. The Company’s portfolio of solutions serves a broad range of end markets including pharmaceutical, bioscience, medical, aerospace, semiconductor, compressed air, building automation, and energy markets. PST has operations across Europe, North America and Asia. To learn more about PST, visit www.processsensing.com.

 

General Inquiries

contact@arcline.com

 

Press Inquiries Only

Arcline-JF@joelefrank.com
1.212.355.4449

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Apollo Funds Acquire Majority Stake in The State Group, A Leading Provider of Multi-Trade Services

Apollo logo

NEW YORK, Nov. 18, 2024 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) today announced that funds associated with its Impact and Clean Transition strategies (the “Apollo Funds”) have acquired a majority stake in The State Group (“TSG” or the “Company”) from Blue Wolf Capital (“Blue Wolf”). Blue Wolf will retain a minority stake in the business, alongside existing management shareholders.

Established in 1961, TSG is a leading provider of electrical, mechanical, robotics and automation services, with a strong presence across industrial end markets. TSG executes complex projects at facilities from newbuild to ongoing maintenance and retrofit with decades-long customer relationships across key markets. A substantial portion of the Company’s work enables customers to optimize, reduce and decarbonize their energy use, helping a wide range of industrial end markets abate future emissions. The Company plays an important role in enabling the energy transition through its expertise in industrial manufacturing plants as well as power and renewable facilities. TSG’s capabilities have clear applicability to a number of fast-growing end markets, including data centers, where the Company supports critical technology infrastructure by providing electrical contracting services and other specialized solutions.

“The opportunity to leverage Apollo’s expertise and resources marks a significant milestone for the next phase of our business’ growth,” said Michael Lampert, CEO of TSG. “The partnership with Apollo positions us well to enhance our capabilities and meet the evolving needs of our customers as they scale and optimize their North American operations.”

“TSG has a proven track record of providing quality and reliable service to its industrial customers, with a key role to play in driving energy efficiency and the energy transition,” said Christine Hommes, Partner at Apollo. “Our organizations have a shared vision for the continued growth of the business, and we are excited to partner with Michael and the broader team as they strengthen and expand their offerings.”

Apollo is a high-growth asset management firm with strategies dedicated to investing in companies that demonstrate strong environmental and social impact. Apollo-managed funds have deployed approximately $40 billioni into energy transition and sustainability-related investments over the past five years, supporting companies and projects across clean energy, sustainable mobility and infrastructure.

Financial terms of the transaction are not disclosed. Moelis & Company served as financial advisor, and Holland & Knight LLP and Davies Ward Phillips & Vineberg LLP served as legal counsel for The State Group. Latham & Watkins LLP and Blake, Cassels & Graydon LLP acted as legal advisors to the Apollo Funds.

i As of June 30, 2024. Deployment commensurate with Apollo’s proprietary Climate and Transition Investment Framework, which provides guidelines and metrics with respect to the definition of a climate or transition investment. Reflects (a) for equity investments: (i) total enterprise value at time of signed commitment for initial equity commitments; (ii) additional capital contributions from Apollo funds and co-invest vehicles for follow-on equity investments; and (iii) contractual commitments of Apollo funds and co-invest vehicles at the time of initial commitment for preferred equity investments; (b) for debt investments: (i) total facility size for Apollo originated debt, warehouse facilities, or fund financings; (ii) purchase price on the settlement date for private non-traded debt; (iii) increases in maximum exposure on a period-over-period basis for publicly-traded debt; (iv) total capital organized on the settlement date for syndicated debt; and (v) contractual commitments of Apollo funds and co-invest vehicles as of the closing date for real estate debt; (c) for SPACs, the total sponsor equity and capital organized as of the respective announcement dates; (d) for platform acquisitions, the purchase price on the signed commitment date; and (e) for platform originations, the gross origination value on the origination date.


About Apollo

Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of September 30, 2024, Apollo had approximately $733 billion of assets under management. To learn more, please visit www.apollo.com.

About The State Group

The State Group is one of North America’s leading multi-trade industrial and specialty services contractor, providing electrical, mechanical, millwrighting, robotics and automation services to diverse industries. Headquartered in Franklin, TN, The State Group has offices across Canada and the United States and has built long-term relationships with Fortune 100 companies, property managers and original equipment suppliers who look to The State Group to complete complex building, manufacturing and engineering projects while staying on schedule and within budget.

Apollo Contacts

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

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

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Ardian partners with Vecos to further support international growth strategy

Ardian

Ardian, a world-leading private investment house, today announced it has signed an agreement to acquire a majority stake in Vecos, a leading global provider of tech-enabled smart locker solutions with a focus on corporate offices, Education and Healthcare facilities. Ardian has acquired the stake from Bencis, which supported the Company’s growth since its investment in 2019. The management team around CEO Bram Kuipers will continue to lead the company and will invest alongside Ardian as part of the transaction.

Vecos started as an electrical engineering development company and has transformed into an end-to-end smart locker solution provider, which was initiated and led by current CEO Bram Kuipers. Vecos’ proprietary self-service, smart locker system is purposefully designed to support people to work more flexibly, in dynamic and hybrid working environments. The solution combines locker hardware (physical locks and terminals) with a proprietary SaaS platform and is accessible through multiple access methods, including access badges and a cloud-based App for employees. Facility managers benefit from remote, automated locker management and are provided with real-time data on locker usage via the online portal, which drive cost efficiencies versus more traditional locker solutions such as mechanical or electronical locks. Vecos’ solution can be seamlessly integrated into its customers’ IT workplace ecosystem allowing a harmonized setup across locations. The company has developed strong blue-chip customer relationships globally with a strong presence in Europe as well as APAC and the US.

The ongoing shift towards hybrid work models across organizations is driving the demand for flexible office solutions with Vecos ideally positioned to capitalize on this trend. The acquisition by Ardian is substantiated by several underlying market dynamics. First, the growing emphasis on flexibility and adaptability in the workplace has made Vecos’ offerings more relevant than ever. Companies are seeking solutions that allow them to adjust their office spaces to meet the evolving needs of their employees. Additionally, Vecos addresses the focus and commitment of organizations towards sustainability in order to meet their environmental goals (e.g. in term of carbon footprint reduction), which perfectly aligns with Ardian’s investment philosophy. Ardian is looking forward to support Vecos’ management team on its envisaged growth trajectory in the coming years.

“This acquisition represents a significant opportunity for both Ardian and Vecos. Our partnership with the management team of Vecos will focus on accelerating international growth within Europe, particularly in France and Germany, as well as in the US. Besides, we see a lot of potential by leveraging AI and digital capabilities to further enhance operational efficiencies.” Florian Haas, Director Expansion, Ardian

“The partnership with Vecos marks the second investment of Ardian Expansion in the Netherlands demonstrating our high commitment to the region. We are delighted having the opportunity to support Vecos’ management team in their next phase of growth.” Dirk Wittneben, Managing Director Expansion, Ardian

“Choosing Ardian as our partner was a strategic decision rooted in shared values and vision. Their expertise in scaling businesses and commitment to sustainable growth will enable us to enhance our offerings and expand our reach in key markets. We are excited about the opportunities that lie ahead as we work together to redefine the future of workspaces.” Bram Kuipers, CEO, Vecos

“We have enjoyed working alongside Bram and his team to make Vecos a global player in smart locker solutions. We are convinced that the management team together with their new partner Ardian will continue on this growth path and will track their journey with continued interest.” Katrien Bosquet, Managing Director, Bencis

List of participants

  • Participants

    • Ardian: Dirk Wittneben, Florian Haas, Max Dolata, Steffen Prochazka, Janine Paustian, Mathieu Lebrun
    • Bencis: Katrien Bosquet, Bo Kroezen
    • M&A: Jefferies (Serge Fielmich, Lars van Leeuwenstijn, Ritika Langer)
    • Legal: Clifford Chance (Jeroen Thijssen, Simon Reitz)
    • Commercial: EY Parthenon (Georg Hochleitner, Dr. Burak Yahsi)
    • Financial: Deloitte (Egon Sachsalber, Nils Nobereit)
    • Tax / Structuring: EY (Anne Mieke Holland)
    • Tech: Artefact (Arnold Struik, Jur Gaarlandt)

 

ABOUT ARDIAN

Ardian is a world-leading private investment house, managing or advising $169bn of assets on behalf of more than 1,680 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.

 

ABOUT VECOS

Vecos’ roots trace back to 1996 while the introduction of the first smart locker solution was initiated by the current CEO Bram Kuipers in 2010. The Company is headquartered in Eindhoven, the Netherlands. Vecos’ proprietary self-service, smart locker system is purposefully designed to support people to work more flexibly, in dynamic and hybrid working environments. Vecos offers an end-to-end smart locker solution that includes locker hardware (physical locks and terminals) and proprietary software. The SaaS-based Vecos Smart Locker system is fully customizable to tailor to each client’s needs and provides powerful management insight, enabling cost efficiencies versus more traditional locker solutions such as mechanical or electronical locks. Due to its strong market reputation, clear customer value proposition and a structured go-to-market focused on the office vertical, Vecos has developed strong blue-chip customer relationships over the past years. Today, the Company operates in over 45 countries and is seen as the leading provider in this space.

Media contacts

ARDIAN

 

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Carlyle acquires Kyoden

Carlyle

Tokyo, Japan, 5 November 2024 – Global investment firm Carlyle (NASDAQ: CG) today announced it has acquired Kyoden Co. (“Kyoden”), a leading Japanese manufacturer of printed circuit boards (“PCBs”).

Founded in 1983 and headquartered in Nagano Prefecture, Kyoden is a leader in the design and manufacture of PCBs and board assembly for electronics devices, with a focus on small-lot and high-variety products delivered in short turnaround times. The business employs c. 2,100 employees, with manufacturing plants in Japan and Thailand and regional sales presence across APAC, enabling the business to manage small-lot, multi product production to larger scale mass production and meet a wide range of its customers’ needs.

The company’s product suite spans a highly diversified set of industrial applications including automated guided vehicles, semiconductor manufacturing equipment, amusement machines, wired and wireless equipment, and automotive devices. The PCB industry faces increasing demand for higher density and miniaturization in circuit boards, multi-layer and build-up PCBs in particular, integrating more functionality into compact and lightweight devices. Kyoden’s highly differentiated offering also focuses on delivering a wide range of small-lot, prototype PCB products within short lead times, and has established a leading share of the domestic prototype PCB market.

Kyoden also has deep experience in EMS (Electronics Manufacturing Services), providing end-to-end solutions from component design and manufacturing, procurement of materials and assembly of units and large-scale devices.

In partnership with Kyoden’s management team, Carlyle will support the company to further accelerate its growth plans through the continued development of its manufacturing capabilities focused on high-multilayer and build-up PCBs and commercial operations. Leveraging its global platform and resources, Carlyle will also support the business’ international expansion.

Kazuhiro Yamada, Co-Head of Carlyle Japan, said: “Kyoden has a high market share in the PCB industry thanks to its differentiated business model and advanced technological capabilities. Customer needs are becoming more diverse every day, and there is a growing need to incorporate more functions into more compact and lightweight devices. In acquiring Kyoden, we will support the business in responding to those evolving customer demands, continue its focus on technology and innovation, and accelerate its international expansion. We look forward to partnering with Kyoden’s management team in its journey to becoming a leading international PCB manufacturer.”

Hiroshi Naganuma, President of Kyoden, said: “We are excited to start the new partnership with Carlyle to sharpen our unique business model and accelerate Kyoden’s further growth in high-multilayer and build-up PCBs, the global PCB market, and EMS business. We believe Carlyle, with its deep knowledge and track record of growing Japanese companies like Kyoden, is the perfect partner to support the business’ accelerated growth trajectory.”

Carlyle’s Japan buyout platform has invested more than JPY 450 billion across approximately 40 private equity investments since 2000.

About Kyoden 

Kyoden Co. was founded in July 1983 as a comprehensive printed circuit board manufacturer. The company operates under the corporate philosophy of “manufacturing as a means, and service as an end.” Kyoden has established a fully integrated support system, offering total solutions from design and development to mass production (EMS). As a Total Solution Provider (“TSP”), Kyoden delivers a wide range of solutions centered around PCB manufacturing.
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 $435 billion of assets under management as of June 30, 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 29 offices across four continents. Further information is available at www.carlyle.com. For more, follow Carlyle on X and LinkedIn.

Media contacts

Andrew Kenny, Global Corporate Communications
+44 7816 176120
andrew.kenny@carlyle.com

 

Brunswick Group:
David Ashton / George Ohyama

+81 80 9713 2020 / +81 80 7340 1015

carlylejp@brunswickgroup.com

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Gridiron Capital Portfolio Company Vertical Supply Group Acquires UK-Based Tacklestore ltd.

Gridiron Capital

Acquisition Will Further VSG’s Leadership in the At-Height Safety and Adjacent Industrial End Markets

NEW CANAAN, CT, November 4, 2024 – Gridiron Capital, LLC (“Gridiron Capital” or “Gridiron”), an investment firm focused on partnering with founders, entrepreneurs, and management teams, is proud to announce that its portfolio Company Vertical Supply Group (“VSG” or the “Company”), a leading supplier and manufacturer of life safety equipment, has acquired Tacklestore ltd. (“Tacklestore”), a UK leader in at-height safety, fall protection, material lifting, and personal protection equipment (PPE). Tacklestore was founded by Mike Hughes in 2004 and currently operates out of its head office in Bristol, with seven depot locations across the UK. Tacklestore sells its leading brands including G-Force, LiftinGear, LoadSurfer, ActionRam, and LifeGear through its depots and websites: safetyliftingear.com, lifegear.com, and safety-lifting.com. Terms of the acquisition were not disclosed.

“We are very excited to add the Tacklestore brands, websites, and depots to the VSG platform and build on the amazing base Mike Hughes created. By adding the Tacklestore brands to our current assortment offered at our Honey Brothers locations, we are expanding the industries we cover to help us achieve our goal of becoming a one-stop shop for all of our customers’ work-at-height needs,” remarked Jeff Morris, CEO of Vertical Supply Group.

Vertical Supply Group (VSG) was established in 1960 as Sherrill Tree, initially serving arborists and tree care professionals. Since that time VSG has expanded its portfolio to include multiple brands and products for those who work at height, becoming a leader in vertical access, life safety, and climbing equipment.

“We had been looking for the right partner to carry on the Tacklestore legacy. We feel that our brands and people are in great hands with VSG and the partnership will open many opportunities for us to reach a global customer base,” added Mike Hughes, founder and Managing Director of Tacklestore.

“VSG’s partnership with Tacklestore’s product portfolio expands VSG into new attractive industrial, entertainment, utility and construction end markets in the UK and will provide a springboard for expansion into new end markets and geographic areas in the future,” commented Tom Burger, Co-Founder and Managing Partner of Gridiron.

“The acquisition of Tacklestore further expands VSG’s addressable market and progresses our growth strategy to significantly expand VSG’s international presence while building out VSG’s owned and controlled brands strategy to create a good, better, best product offering across diversified end markets in the work-at-height and life-safety industries,” said John Warner, Managing Director at Gridiron.

 

About Gridiron Capital

Gridiron Capital is an investment firm focused on partnering with founders, entrepreneurs, and management teams, and creating value by building middle-market companies into industry-leaders in consumer products & services, industrial growth, and business services segments in the United States and Canada. We help transform growing companies by winning together through hard work, partnerships grounded in shared values and a unique culture that comes from hands-on experience building and running businesses. As a team led by former operators and entrepreneurs, we know what it takes to run successful businesses on a day-to-day basis. Additional information is available on the firm’s website: www.gridironcapital.com.

About Vertical Supply Group

Vertical Supply Group (“VSG”) is a vertically integrated business focusing on product development, manufacturing, and equipment supply. Comprised of brands Sterling, Notch, Rope Logic, Yates Gear, and Silky, as well as webstores TreeStuff.com, SherrillTree.com, HoneyBros.com, Universal Field Supplies, UtilityDirect.com, Bishco.com, and RescueDirect.com, VSG delivers the most comprehensive assortment of products for arborists, climbers, rope access and technical rescue technicians, utility lineman, and other work-at-height professionals globally. Learn more at www.verticalsupplygroup.com.

About Tacklestore ltd.

Tacklestore is a specialist supplier of lifting and fall protection products. It is comprised of 13 brands, including G-Force, Liftingear, and LoadSurfer, as well as several websites such as safetyliftingear.com, safety-lifting.com, and life-gear.com. Headquartered in Bristol, UK, Tacklestore offers an extensive range of products and technical expertise across lifting gear, height safety, load restraint, material handling, PPE, workwear, and industrial supplies. Their services also include inspection, repair, testing, and rentals across nine UK locations. Learn more at www.tacklestore.net.

 

Contacts

Gridiron Capital, LLC

Thomas A. Burger Jr.

Co-Founder and Managing Partner

tburger@gridironcapital.com

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Audax Private Equity Exits EIS

Audax Group

BOSTON and SAN FRANCISCO — Audax Private Equity (“Audax”), a growth-oriented capital partner to middle market companies, announced today it has sold portfolio company EIS (or “the Company”), a value-added distributor of process materials and production supplies used in electrical and electronic applications. Terms of the deal are not disclosed.

Audax Private Equity acquired EIS in 2019 through a carveout of Genuine Parts Company’s Electrical Specialties division. Audax’ thesis was to separate the acquired division into three distinct operating businesses, one of which was EIS.

“I think EIS represents a tremendous growth story and a testament to our Buy & Build strategy,” noted Audax Partner Don Bramley. “We recruited a talented management team, built the corporate infrastructure to support stand-alone operations and acquisitive growth, and worked closely with Glenn and other EIS executives to refine the company’s go-to-market strategy. Through these enhancements, we helped position EIS as a value-add partner with the technical expertise and product portfolio to serve its customers across the OEM and aftermarket value chain.”

During Audax’ hold, EIS grew earnings and accelerated growth through the execution of the firm’s Buy & Build strategy. During Audax’ hold, EIS completed six add-on acquisitions, which added capabilities and expanded the Company’s presence in the aftermarket segment.

“Audax was a collaborative partner who brought deep resources to help us enhance our value proposition to OEMs and expand through acquisition into key aftermarket segments,” noted Glenn Pennycook, CEO of EIS. “Today, EIS is distinguished by our value-added capabilities, product breadth, and expansive service offerings. We believe the foundation is in place to capitalize on ongoing trends of electrification and energy grid evolution.”

“We want to thank Glenn and his leadership team, whose commitment and partnership were critical to EIS’s growth and transformation over the past five years,” added Audax Managing Director Tim Porter. “From the outset, this opportunity was enabled by the depth of portfolio support we could dedicate to the carveout transaction. But the efforts of EIS leadership to formulate and execute on a compelling strategic vision ultimately delivered what we consider to be a great outcome for the company, Audax, and our investors.”

William Blair and J.P. Morgan acted as advisors to Audax and EIS, while Kirkland & Ellis LLP served as legal counsel to Audax.

About

About EIS
Founded in 1946 and headquartered in Atlanta, Georgia, EIS provides process materials to MRO and OEM customers across an array of end markets including Power Generation, Transmission and Distribution, Alternative Energy, E Mobility and Industrial Electronics. With 29 distribution and fabrication locations across North America, EIS services more than 10,000 customers engaged in the manufacture and aftermarket servicing of motors, transformers, utility-scale power generators, wind turbines, and solar panels. For more information, visit www.eis-inc.com or visit the company on LinkedIn.

About Audax Private Equity
Headquartered in Boston, with offices in San Francisco, New York, and London, Audax Private Equity manages three strategies: its Flagship and Origins private equity strategies, seeking control buyouts in the core middle and lower middle markets, respectively, and its Strategic Capital strategy that provides customized equity solutions to PE-backed portfolio companies to help drive continued growth. With approximately $19 billion of assets under management as of June 2024, over 270 employees, and 100-plus investment professionals, Audax has invested in more than 170 platforms and 1,300 add-on acquisitions since its founding in 1999. Through our disciplined Buy & Build approach, across six core industry verticals, Audax seeks to help portfolio companies execute organic and inorganic growth initiatives with the aim of fueling revenue expansion, optimizing operations, and significantly increasing equity value. For more information, visit www.audaxprivateequity.com or follow us on LinkedIn.

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