Leading European industrial temperature control equipment rental specialist Coolworld to be sold by Gimv to Arcus European Infrastructure Fund 3, the third fund of Arcus Infrastructure Partners

GIMV

16/08/2023 – 07:28 | Portfolio

Building on its strong organic growth, Coolworld Investments B.V. (“Coolworld” or the “Company”), a market-leading specialist in mission-critical temperature control asset rental solutions, will be acquired by Arcus European Infrastructure Fund 3 (“AEIF3”), the third fund of Arcus Infrastructure Partners (“Arcus”). As part of the transaction, Gimv will sell its majority shareholding in the Company.

Arcus has significant value-add investing experience in European infrastructure and, specifically, asset leasing and cold chain businesses. This will help to support Coolworld’s management in further accelerating growth and focusing on long-term, sustainable value creation. The current management team will continue to lead the business through this next phase of growth and reinvest in the Company alongside AEIF3.

Coolworld offers a wide range of temperature control asset rental solutions, including process cooling, climate control, modular cold storage and industrial heating. The Company is a key industrial partner to its customers, providing mission-critical assets to enable and ensure process and product integrity, and support companies in complying with operational and regulatory requirements.

Over three decades of organic growth, the Company has built a market-leading position as a pureplay temperature control rental specialist, reflected in the number of long-term relationships it serves with blue chip customers across the food, pharmaceutical, chemical, logistics and other sectors.

Coolworld’s comprehensive customer offering is enabled by its high-quality range of temperature control assets, including industrial chillers, climate control units, mobile cold rooms, its network of depots in key regions of Northwest Europe, deep in-house expertise and a full-service solutions offering. Coolworld supports its customers across the full spectrum of requirements, from temporary emergency and downtime capacity to long-term leasing solutions.

Coolworld currently operates in six European countries and serves its customers through local depots to ensure high responsiveness and to minimise its carbon footprint. The Company’s focus on sustainability will continue to be a priority in this next growth phase, through significant further investment in the asset fleet, an increasing range of sustainable solutions and partnerships with customers and suppliers to drive decarbonising innovation.

In 2019, Gimv invested in Coolworld through its Sustainable Cities platform alongside the founders and management team. At the time of investment, Coolworld already had a strong position in the Netherlands, Belgium, Germany, France, Austria and Switzerland and served a diversified customer base. With Gimv’s guidance, Coolworld achieved impressive organic growth through key strategic decisions, including further investments in a more sustainable fleet, build-out of the organisation and IT architecture, and further strengthening Coolworld’s local presence across Europe.

Ruud van Mierlo, CEO of Coolworld, noted: “Coolworld has delivered very strong growth over recent years and we have positioned ourselves as one of the leading temperature control asset rental companies in the market. Together with Gimv as our main shareholder, we were able to make substantial investments in our rental fleet and the organisation to keep up with the demands of our customers. With Arcus on board as our new majority shareholder, we will be able to enter the next phase of development in our company. Further growth, further professionalisation and access to more financing to support the growth of our company as a pan-European leader.

Jordan Cott, Partner at Arcus Infrastructure Partners commented: “As part of our broader industrial infrastructure sector strategy, Coolworld stands out as a market-leading pureplay specialist in the temperature control asset leasing space. The Company has a well invested asset fleet, top-tier management team, long-term operating relationships and excellent market reputation, with decades of track record in providing its mission-critical asset rental solutions to growing and resilient end markets in Europe. It is an excellent fit within AEIF3’s infrastructure investment strategy, and a business where we can leverage our significant experience in value-add asset leasing as well as cold chain infrastructure. We look forward to working closely with Coolworld’s excellent management team to deliver the next phase of growth for the Company.”

Rombout Poos, Partner Sustainable Cities at Gimv, added: “Under the leadership of Ruud van Mierlo and his team, Coolworld has experienced very strong growth in recent years as a solutions provider for the numerous climate challenges we all face today. With Arcus as a new shareholder, Coolworld will be able to further expand its position as a pan-European player.

Over the entire holding period Gimv realizes a return in excess of the long-term portfolio return target. No further financial details will be disclosed.

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Carlyle and Quest Global Enter into a Strategic Partnership

Carlyle

Singapore, August 8, 2023 – Global investment firm Carlyle (NASDAQ: CG) and Quest Global, one of the world’s leading engineering services firms, today announced they have reached a definitive partnership agreement whereby Carlyle will be acquiring a significant minority stake in the company. Equity for this transaction will come from funds managed and advised by entities affiliated with Carlyle Asia Partners.

As part of this transaction, current investors Bain Capital and Advent International will exit; Quest Global will repurchase its company shares; and Ajit Prabhu, Chairman and CEO of Quest Global, will acquire an additional stake in the company. The partnership approach taken for this transaction demonstrates Quest Global’s commitment to the long-term success of its business strategy and its employees.

Established over 25 years ago and headquartered in Singapore, Quest Global is a leading global player in engineering, research and development (“ER&D”) services for the design, product development and operations of complex engineering systems. It currently has a multi-disciplinary team of over 17,500 engineers, across 67 delivery centers and offices, in 17 countries globally, that is dedicated to helping solve its clients’ engineering challenges better and faster.

Amit Jain, Managing Director and Head of Carlyle India Advisors, said, “We have known Ajit for two decades and we believe he has demonstrated visionary leadership over these years. Carlyle was the first early-stage private equity investor in Quest Global and we are proud to partner again. We believe the company’s undivided client centricity, drive for engineering excellence, differentiated global delivery model and the entrepreneurial energy of the management team have enabled it to scale successfully across a diverse set of industry verticals. Looking ahead, our view is that Quest Global is well-poised to benefit from the growing focus on product innovation, digital engineering, embedded systems, increased outsourcing and disruptive technology advancements across industries. We look forward to working closely with Quest Global’s management team while leveraging Carlyle’s deep sector expertise and global network to help the company expand its global leadership in the ER&D space.”

“At Quest Global, we believe engineering has the unique opportunity to solve the problems of today that stand in the way of tomorrow – to create a brighter future. It was a great value-added partnership with Carlyle the first time around, and I look forward to working with Carlyle again, to propel us in the journey ahead. Together, I am confident we will deliver on our mutual commitment to provide cutting edge engineering solutions to our clients around the world, while preserving our entrepreneurial culture,” said Ajit Prabhu, Chairman and CEO of Quest Global.

“We are thankful for the partnership of Bain and Advent for their instrumental role in advancing the company’s purpose and growth trajectory. Their strategic insights and unwavering support have been invaluable,” added Mr. Prabhu.

The transaction remains subject to satisfaction of certain conditions precedent to closing, including customary regulatory approvals.

Barclays, J.P. Morgan, BNP Paribas and Latham & Watkins served as advisors to Quest Global on the transaction; and Deutsche Bank, Clifford Chance, KPMG and Trilegal served as advisors to Carlyle. Barclays, BNP Paribas, Citibank, Deutsche Bank, HSBC, ING, J.P. Morgan, Nomura, Standard Chartered Bank, Allen & Overy and Linklaters helped arrange financing for the transaction.

Carlyle’s buyout funds, including Carlyle Asia Partners, have well-established experience investing in the technology and business services sector, and have invested over US$35 billion of equity in over 280 deals globally as of June 30, 2023, with approximately US$5.6 billion of this in Asia.

 

***

About Quest Global

Founded in 1997, Quest Global is one of the world’s leading engineering research and development (ER&D) services companies. Quest Global believes engineering has the unique opportunity to solve the problems of today that stand in the way of tomorrow. For more than 25 years, the Company has strived to be the most trusted partner for the world’s hardest engineering problems. As a global organization headquartered in Singapore, team at Quest Global live and work in 17 countries, with 67 global delivery centers and offices, driven by 17,500+ extraordinary employees who make the impossible possible every day. Quest Global delivers world-class end-to-end engineering solutions by leveraging deep industry knowledge and digital expertise. By bringing together technologies and industries, alongside the contributions of diverse individuals and their areas of expertise, Quest Global is able to solve problems better, faster. This multi-dimensional approach enables the team to solve the most critical and large-scale challenges across the aerospace & defense, automotive, energy, hi-tech, healthcare & medical devices, rail, and semiconductor industries.

 

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 $385 billion of assets under management as of June 30, 2023, 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 five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

 

Media Contacts

Quest Global

Anubhuti Agarwal

Tel: +91 990 331 6945

Email: Anubhuti.Agarwal@quest-global.com

Quest Global LinkedIn: https://www.linkedin.com/company/quest-global/mycompany/

 

Carlyle

Lonna Leong

Tel: +852 9023 1157

E-mail: lonna.leong@carlyle.com

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EQT Private Equity to sell Schülke, a sustainability leader in infection prevention and treatment for the healthcare industry

eqt

EQT Private Equity to sell Schülke to the ATHOS Consortium, having acquired the Company in a carve-out from Air Liquide in July 2020. The Company has delivered double digit annual revenue growth and almost doubled EBITDA in its core healthcare business over this time

Under EQT Private Equity’s ownership, Schülke has been repositioned to focus entirely on the healthcare and life science market, while expanding into new geographies and sales channels through five add-on acquisitions

The Company has also established itself as a sustainability leader, for example by launching a pioneering green hospital-grade product line, transitioning to almost 100% green electricity, and signing up to the Science Based Targets initiative

EQT is pleased to announce that the EQT VIII fund (“EQT Private Equity”) has agreed to sell Schülke (the “Company”), a leading provider of infection prevention and treatment solutions for the healthcare industry, to a consortium led by ATHOS, a Munich-based single family office, along with other co-investors such as Bitburger Holding (the “ATHOS Consortium”).

Schülke is a key partner to the healthcare industry with an almost 135-year heritage of developing holistic and mission-critical infection prevention and treatment solutions. It supplies hospitals and other healthcare institutions with high quality disinfectants and antisepsis products. It also sells to the pharmacy and direct patient care channels, as well as the global life science industry. Schülke is headquartered in Norderstedt, Germany, employs approximately 1,200 people, and generates sales in more than 80 countries with market leading positions in Central and Eastern Europe, Australia and Brazil.

EQT Private Equity acquired Schülke in July 2020 with a vision to focus the business portfolio, accelerate growth in core markets, invest in sustainability and innovation, and expand its geographical footprint. Together with the Schülke management team, EQT Private Equity has delivered on this vision. Schülke repositioned to focus entirely on the healthcare and life science market, which included the sale of the Personal Care business and the discontinuation of other non-healthcare related operations. It also expanded its geographical footprint to Northern and Southern Europe and established a direct patient care channel through acquisitions, while investing in innovation including next generation products. As a result, during EQT Private Equity’s ownership Schülke has delivered double digit annual revenue growth and almost doubled EBITDA in its core healthcare business.

Central to EQT Private Equity and Schülke’s partnership has been the delivery of a customer centric sustainability strategy. Through a strategic approach to sustainability, the Company established a pioneering green hospital-grade product line, transitioned to almost 100% green electricity, and signed up to the Science Based Targets initiative, with the target to reduce greenhouse gas emissions by up to 40% by 2030. Through this transformation, Schülke has positioned itself as a key partner to its healthcare and life sciences clients in their efforts to make the industry more sustainable.

Matthias Wittkowski, Partner within EQT Private Equity’s Advisory Team, said: “We were excited about Schülke’s purpose and mission critical role in the healthcare industry when we acquired the business, and are even more so today. In close partnership with the management team, we have transformed Schülke from a corporate subsidiary to a high-performing, stand-alone healthcare company. We are proud to have supported the Company in becoming a sustainability leader that today fully lives up to its mission of “protecting lives worldwide”. This again showcases EQT Private Equity’s ability to carve out high-potential companies, drive transformation and position them for long-term success. We believe that the ATHOS Consortium is a fantastic partner for Schülke as it takes the next step on its journey.”

Stefan Kukacka, CEO of Schülke, said: “It has been a pleasure working with EQT Private Equity over the past years. Together we have strategically re-positioned the business, driven organic growth, and pursued an active M&A agenda with five add-on acquisitions. Perhaps most importantly, we delivered on a sustainability transformation strategy to ensure that we live up to our mission and are set up for sustainable growth. We are grateful for the partnership and are now looking forward to building on this momentum under the ownership of the ATHOS Consortium.”

The transaction is subject to customary regulatory approvals. It is expected to close in Q4 2023.

EQT Private Equity was advised by Bank of America, Freshfields Bruckhaus Deringer, Deloitte and Bain & Company.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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KKR Acquires Majority Stake in Leading Pallet Pooling Platform LEAP India

MUMBAI, India–(BUSINESS WIRE)– KKR, a leading global investment firm, and LEAP India (‘LEAP’ or the ‘Company’), a leading pallet pooling platform in India, today announced the signing of definitive agreements under which funds managed by KKR will acquire a majority stake in the Company.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230801401222/en/

Founded in 2013 by Sunu Mathew, LEAP is a leading pallet pooling platform in India, providing a wide range of innovative and high-quality supply chain solutions, including equipment pooling, returnable packaging, inventory management and movement, transportation, and repair and maintenance, to a diversified and large customer base across e-commerce, consumer durables, beverages, fast-moving consumer goods and automotive. Today, the Company operates a network of 21 warehouses and more than 3,500 customer locations, and manages more than 6 million total assets, including pallets and containers, across India for its customers.

The investment builds on strong macroeconomic tailwinds in India that include a focus on modernizing, automating, and optimizing efficiencies in supply chains and logistics services. In addition, sustainable logistics is expected to play a critical role in driving India’s rapid economic growth over the next 25 years.1 As Indian corporations increasingly look to focus on core operations and sustainably streamline logistics arrangements, there is significant opportunity for platforms such as LEAP to provide high-quality and efficient supply chain solutions.

Ami Momaya, Director, Infrastructure at KKR, said, “We are pleased to invest in LEAP, a standout leader in India’s pallet pooling industry that will play an important role in driving the country’s continued modernization and growth. LEAP is supporting this shift by providing the critical assets needed for the manufacturing, storage, and movement of goods in supply chains and in so doing also helps companies to be better equipped to improve the environmental impact of their operations. The Company has grown rapidly since its founding under the leadership of a talented management team, and we look forward to collaborating closely and leveraging our deep infrastructure experience, operational expertise and global networks to help LEAP achieve its next stage of transformation.”

Sunu Mathew, Founder and Managing Director at LEAP India, said, “From Day One, LEAP’s mission has been to provide quality supply chain solutions to support our clients’ needs and contribute to India’s modernization. We are proud of our growth and grateful for the support received from our strategic partners and investors, including our first investor Mayfield, that have helped us to scale to where we are today. Going forward, we look to tap into KKR’s global expertise to accelerate our growth and deliver impactful solutions to our clients.”

KKR is making this investment as part of its Asia infrastructure strategy. The acquisition of LEAP marks KKR’s latest infrastructure investment in India. Past transactions in the sector by KKR have included Serentica Renewables, a decarbonization platform that seeks to provide complex clean energy solutions for energy-intensive, hard-to-abate industries; Hero Future Energies, a leading independent power producer and the renewable energy arm of the Hero Group; Highways Infrastructure Trust, a roads infrastructure investment trust (InvIT); Virescent Infrastructure, a renewable energy platform in India; and IndiGrid, a leading infrastructure InvIT. The transaction is expected to be completed by Q3 2023, subject to customary pre-closing and closing conditions. Additional details of the transaction are not disclosed.

Deloitte Touche Tohmatsu and Transaction Square acted as LEAP’s advisors and Anagram Partners acted as legal advisor to LEAP. EY and KPMG acted as KKR’s advisors and AZB & Partners and Simpson Thacher & Bartlett acted as legal advisors to KKR.

About LEAP India

LEAP, or Leading Enterprise in Asset Pooling, is a premier provider of sustainable supply chain solutions in India. Specializing in the design, manufacture, and management of wooden pallets, reusable packaging, and containers, LEAP primarily operates in the asset pooling space, offering cutting-edge supply chain solutions to businesses throughout India.

Established in 2013, LEAP’s mission is to provide cost-effective and sustainable solutions that help businesses reduce waste and lower costs while minimizing the environmental impact of their operations. Through its commitment to innovation, integrity, teamwork, customer service, and excellence, LEAP has earned a reputation as a reliable partner for businesses seeking to optimize their supply chain operations.

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 and on Twitter @KKR_Co.

1 EY: Envisioning the future of Indian logistics@2047, April 2023: https://www.ey.com/en_in/consulting/transforming-the-future-of-indian-logistics-sector

Media

For LEAP India:
Priti Vinchhi
+91 8657504746
priti.vinchhi@leapindia.net

For KKR:
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

Source: KKR

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Carlyle Provides $200 Million Term Loan to iRobot

Carlyle

NEW YORK, NY – Global investment firm, Carlyle (NASDAQ: CG), today announced it has closed a $200 million senior secured term loan to iRobot Corp. (NASDAQ: IRBT) (“iRobot”), a leader in consumer robotics.

iRobot is a global consumer robot company that designs and builds thoughtful robots and intelligent home innovations that make life better. iRobot introduced the first Roomba robot vacuum in 2002. Today, iRobot is a global enterprise that has sold millions of robots worldwide. iRobot’s product portfolio features technologies and advanced concepts in cleaning, mapping and navigation. Working from this portfolio, iRobot engineers are building robots and smart home devices to help consumers make their homes easier to maintain and healthier places to live.

“iRobot is a demonstrated leader in the consumer robotics space with an innovative approach to bringing valuable products and technology into consumer’s homes,” said Jesse Hou, a member of the Carlyle Credit Opportunities Fund. “We are pleased to partner with a leading management team and support an iconic global consumer brand.”

“Securing financing to increase our credit facility is a critical component in our mission to continue developing helpful products that make customers’ lives easier,” said Colin Angle, chairman and CEO at iRobot. “We are thankful for Carlyle’s support, which will enable us to fulfill our goals during a time where iRobot faces a dynamic market environment.”

Carlyle Global Credit manages $150 billion in assets as of March 31, 2023. It is an active provider of private credit solutions across the capital structure, including senior secured loans, unitranche loans and junior debt.

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 $381 billion of assets under management as of March 31, 2023, 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 five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.

Media and Investor Relations

Kristen Greco
Carlyle
Corporate Communications
(212) 813-4763
Kristen.greco@carlyle.com

Charlie Vaida
iRobot
Corporate Communications
(781) 430-3182
cvaida@irobot.com

OR

Karian Wong
Investor Relations
iRobot
(781) 430-3003
investorrelations@irobot.com

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Chase Corporation Enters Definitive Agreement to be Acquired by KKR for $1.3 Billion

KKR

WESTWOOD, Mass. & NEW YORK–(BUSINESS WIRE)–Chase Corporation (“Chase” or the “Company”) (NYSE American: CCF), a leading global manufacturer of protective materials for high-reliability applications across diverse market sectors, today announced that it has entered into a definitive agreement to be acquired by an affiliate of investment funds managed by KKR, a leading global investment firm (as applicable, “KKR”). The all-cash transaction is valued at approximately $1.3 billion, including the assumption of debt.


“We look forward to supporting Chase on its next phase of growth through developing exciting new products, executing upon strategic acquisitions, and serving customers in growing end-markets, including critical applications in electronics, fiber optics and electric grid infrastructure.”


Under the terms of the agreement, KKR will acquire all outstanding shares of Chase common stock for $127.50 per share in cash, delivering substantial value to shareholders. The transaction value implies a valuation of approximately 13 times trailing-twelve-months EBITDA.

“At Chase, we have always been deeply committed to continuously improving our operating performance while providing an outstanding customer experience. In KKR, Chase has found the right strategic partner with strong cultural alignment combined with the experience and resources to help support our mission and drive future growth,” said Adam P. Chase, President and Chief Executive Officer of Chase Corporation.

“Over its nearly 80-year history, Chase has established itself as a leader in highly-engineered protective materials and built a portfolio of trusted brands, while delivering outstanding customer service,” said Josh Weisenbeck, a KKR Partner who leads KKR’s Industrials investment team. “We look forward to supporting Chase on its next phase of growth through developing exciting new products, executing upon strategic acquisitions, and serving customers in growing end-markets, including critical applications in electronics, fiber optics and electric grid infrastructure.”

KKR is making its investment in Chase through its North America Fund XIII. The investment builds on KKR’s deep experience investing in industrial businesses with technical, materials science capabilities, including Minnesota Rubber and Plastics, Charter Next Generation and Hyperion Materials & Technologies.

Following the close of the transaction, KKR will support Chase in creating an equity ownership program to provide all employees the opportunity to participate in the benefits of ownership of the Company. This strategy is based on the belief that employee engagement is a key driver in building stronger companies. Since 2011, KKR portfolio companies have awarded billions of dollars of total equity value to over 60,000 non-management employees across more than 30 companies.

Transaction Approvals and Timing

The Board of Directors of Chase Corporation (the “Board”) has unanimously approved the transaction and recommends that shareholders vote in favor of the transaction. The transaction is expected to close in the fourth quarter of 2023, subject to the receipt of approval from the Company’s shareholders and certain required regulatory approvals, as well as the satisfaction of other customary closing conditions. The all-cash transaction is not subject to financing conditions.

Peter Chase, Adam Chase, Mary Chase and the Edward L. Chase Trust, collectively holding approximately 26% of the outstanding shares of Chase Corporation common stock, have entered into a support agreement pursuant to which they have agreed, among other things, to vote their shares in favor of the transaction.

Once the transaction is complete, Chase will be a privately held company wholly owned by an affiliate of KKR’s investment funds and will no longer have its common stock listed on any public market.

Important Information For Investors And Shareholders

This communication does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities or a solicitation of any vote or approval. This communication relates to a proposed transaction between Chase and KKR. In connection with this proposed transaction, Chase may file one or more proxy statements or other documents with the Securities and Exchange Commission (the “SEC”). This communication is not a substitute for any proxy statement or other document Chase may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS OF CHASE ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Any definitive proxy statement(s) (if and when available) will be mailed to shareholders of Chase as applicable. Investors and security holders will be able to obtain free copies of these documents (if and when available) and other documents filed with the SEC by Chase through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Chase will be available free of charge on Chase’s internet website at https://chasecorp.com/investor-relations/ or by contacting Chase’s primary investor relation’s contact by email at investorrelations@chasecorp.com or by phone at 781-332-0700.

Participants in Solicitation

Chase, KKR, their respective directors and certain of their respective executive officers may be considered participants in the solicitation of proxies in connection with the proposed transaction. Information about the directors and executive officers of Chase is set forth in its Annual Report on Form 10-K for the fiscal year ended August 31, 2022, which was filed with the SEC on November 10, 2022, its proxy statement for its 2023 annual meeting of shareholders, which was filed with the SEC on December 22, 2022, certain of its Quarterly Reports on Form 10-Q and certain of its Current Reports filed on Form 8-K.

These documents can be obtained free of charge from the sources indicated above. Additional information regarding the participants in the proxy solicitations and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC when they become available.

Forward Looking Statements

This communication contains “forward-looking statements” within the Private Securities Litigation Reform Act of 1995. Any statements contained in this communication that are not statements of historical fact, including statements about Chase’s ability to consummate the proposed transaction and the expected benefits of the proposed transaction, may be deemed to be forward-looking statements. All such forward-looking statements are intended to provide management’s current expectations for the future of the Company based on current expectations and assumptions relating to the Company’s business, the economy and other future conditions. Forward-looking statements generally can be identified through the use of words such as “believes,” “anticipates,” “may,” “should,” “will,” “plans,” “projects,” “expects,” “expectations,” “estimates,” “forecasts,” “predicts,” “targets,” “prospects,” “strategy,” “signs,” and other words of similar meaning in connection with the discussion of future performance, plans, actions or events. Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and changes in circumstances that are difficult to predict. Such risks and uncertainties include, among others: (i) the failure to obtain the required vote of Chase’s shareholders, (ii) the timing to consummate the proposed transaction, (iii) the risk that a condition of closing of the proposed transaction may not be satisfied or that the closing of the proposed transaction might otherwise not occur, (iv) the risk that a regulatory approval that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated, (v) the diversion of management time on transaction-related issues, (vi) risks related to disruption of management time from ongoing business operations due to the proposed transaction, (vii) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of the common stock of Chase, (viii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Chase to retain customers and retain and hire key personnel and maintain relationships with its suppliers and customers, (ix) the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the Merger Agreement, including in circumstances requiring the Company to pay a termination fee, (x) unexpected costs, charges or expenses resulting from the Merger, (xi) potential litigation relating to the Merger that could be instituted against the parties to the Merger Agreement or their respective directors, managers or officers, including the effects of any outcomes related thereto, worldwide economic or political changes that affect the markets that the Company’s businesses serve which could have an effect on demand for the Company’s products and impact the Company’s profitability, (xii) challenges encountered by the Company in the execution of restructuring programs, (xiii) disruptions in the global credit and financial markets, including diminished liquidity and credit availability, changes in international trade agreements, including tariffs and trade restrictions, cyber-security vulnerabilities, foreign currency volatility, swings in consumer confidence and spending, raw material pricing and supply issues, retention of key employees, increases in fuel prices, and outcomes of legal proceedings, claims and investigations. Accordingly, actual results may differ materially from those contemplated by these forward-looking statements. Investors, therefore, are cautioned against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in Chase’s filings with the SEC, including the risks and uncertainties identified in Part I, Item 1A – Risk Factors of Chase’s Annual Report on Form 10-K for the year ended August 31, 2022 and in the Company’s other filings with the SEC.

These forward-looking statements speak only as of the date of this communication, and Chase does not assume any obligation to update or revise any forward-looking statement made in this communication or that may from time to time be made by or on behalf of the Company.

Advisors

Perella Weinberg Partners LP and Davis Polk & Wardwell LLP are serving as advisors to Chase. KKR is advised by Goldman Sachs and Kirkland & Ellis LLP.

About Chase Corporation

Chase Corporation, a global specialty chemicals company that was founded in 1946, is a leading manufacturer of protective materials for high-reliability applications throughout the world. More information can be found on our website https://chasecorp.com/

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 and on Twitter @KKR_Co.

Contacts

For Chase Corporation
Investor & Media Contact:
Jackie Marcus or Ashley Gruenberg
Alpha IR Group
Phone: (617) 466-9257
E-mail: CCF@alpha-ir.com

Shareholder & Investor Relations Department:
Phone: (781) 332-0700
E-mail: investorrelations@chasecorp.com

For KKR
Liidia Liuksila or Miles Radcliffe-Trenner
(212) 750-8300
media@kkr.com

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Convent Capital successfully sells CROWD to Tikehau

Convent Capital

Tikehau Capital signs agreement to acquire a majority stake in CROWD to support its growth

Amsterdam, Paris, Frankfurt, 20 July 2023 – Tikehau Capital, the global alternative asset management group, announced today that it has signed an agreement to acquire a majority stake in CReators of the Outside WorlD (“CROWD”, or “the Company”), a pan European leading provider of cycling infrastructure and sustainable street furniture, based in the Netherlands, with a strong presence in the DACH Region, from Convent Capital, an investment company based in Amsterdam.

Founded in 2014, CROWD provides premium cycling infrastructure and street furniture products, with a focus on circularity and digital city solutions. Through solid organic growth, coupled with several strategic acquisitions, CROWD has experienced strong growth to become a leading pan-European player in the industry, boasting superior market shares across DACH, Benelux, UK and Nordics. In 2022, the Company generated over €120m in revenue and grew to nearly 500 employees.

Tikehau Capital’s majority investment in CROWD will mark a key milestone in the execution of the Company’s growth strategy. Through this partnership, Tikehau Capital will provide CROWD with operational and strategic support to consolidate its market-leading position, leverage its global network to help accelerate its international development and expand its product portfolio with tech-enabled products, among others. CROWD’s management team will be reinvesting significantly alongside Tikehau Capital.

Tikehau Capital’s investment will be made via its private equity decarbonisation strategy* and represents it’s twelfth investment to date. Launched in 2018, in partnership with TotalEnergies, the first vintage of this €1.4 billion strategy is one of the largest private equity vehicles singularly committed to supporting small and medium-sized companies that are driving the decarbonisation of the economy.

CROWD is a sustainability-driven company that prioritises circularity throughout its value chain, adhering to the principles of “maintain, re-use, re-furbish, and re-cycle”. CROWD promotes low-carbon mobility, delivering high-quality, sustainable and safe products to cyclists everywhere. CROWD’s commitment drives the shift towards greener spaces and a healthier lifestyle and is fully in line with the investment philosophy of Tikehau Capital’s Private Equity decarbonisation strategy. CROWD was founded by Convent Capital back in 2014 with a vision to create a pan-European company supporting the transition to low carbon-mobility and promoting the circular economy in its industry. Convent Capital has been actively involved in building the company into a leading player it is today. The acquisition of CROWD by Tikehau Capital marks Convent Capital’s third exit from its first investment fund launched in 2011, demonstrating its active support in enabling its investments to capitalise on the opportunities presented by the circular economy.

“CROWD has outperformed the European market and is well positioned to continue its growth trajectory, thanks to its innovative product offering, which supports the shift towards greener spaces and growth of low-carbon mobility. We look forward to working with CROWD’s management team in its next chapter of development and expansion, and we are confident in our ability to leverage Tikehau Capital’s global network and expertise to support the Company in its strategic objectives. This cross-border deal showcases the strength of our multilocal setup as our private equity teams from Germany, France, and Benelux collaborate in their endeavour to achieve this significant operation,” said Emmanuel Laillier, Head of Private Equity at Tikehau Capital.

James Steward, CEO of CROWD, confirms that, “Tikehau Capital’s investment marks a truly defining moment for us all at CROWD! With the combined resource, network and support from the private equity decarbonisation strategy, we will be able to accelerate our efforts across all areas ensuring the continued facilitation of the micro mobility shift within the built environment and public domain. Additionally, it will allow us to continue to furnish the outside world, encouraging public socialisation, interaction and movement. CROWD’s entire management are fully committed and excited to start this next chapter with Tikehau Capital. With a clear focus on expanding into new territories, making internal investments, and improving within manufacturing, insourcing and operational excellence, we aim to enhance intercompany trading and expand our group platform in marketing, finance and ICT. In our view, this newly formed partnership will actively assist in the decarbonisation of the public realm. Lastly, we would like take this opportunity to thank Convent Capital, our previous investor, for the faith, trust and support they have showed over the last years in developing CROWD into the pan-European leader it is today!”

“Looking back on CROWD’s exciting and successful journey, building the company from a regional player to the European market leader it is today, we are proud of what we have achieved together with everyone involved. We would like to thank all employees and CROWD’s management in particular for their contribution and effort in realising its success, and for the joy we have had working with them over the years. We believe a bright future lies ahead for CROWD, and although it is with some sadness that we part, we are confident Tikehau Capital is the right partner to guide the company through the next chapter of its successful journey,” added Dirk Hoorn, Founding Partner of Convent Capital.

About Tikehau Capital
Tikehau Capital is a global alternative asset management group with €39.7 billion of assets under management (at 31 March 2023). Tikehau Capital has developed a wide range of expertise across four asset classes (private debt, real assets, private equity and capital markets strategies) as well as multiasset and special opportunities  strategies. Tikehau Capital is a founder led team with a differentiated business model, a strong balance sheet, proprietary global deal flow and a track record of backing high quality companies and executives. Deeply rooted in the real economy, Tikehau Capital provides bespoke and innovative alternative financing solutions to companies it invests in and seeks to create long-term value for its investors, while generating positive impacts on society. Leveraging its strong equity base (€3.1 billion of shareholders’ equity at 31 December 2022), the firm invests its own capital alongside its investor-clients within each of its strategies. Controlled by its managers alongside leading institutional partners, Tikehau Capital is guided by a strong entrepreneurial spirit and DNA, shared by its 742 employees (at 31 December 2022) across its 15 offices in Europe, the Middle East, Asia and North America. Tikehau Capital is listed in compartment A of the regulated Euronext Paris market (ISIN code: FR0013230612; Ticker: TKO.FP). For more information, please visit: www.tikehaucapital.com.

About CROWD
CReators of the Outside WorlD is an innovative group of established companies that designs and furnishes the public space and built environment. CROWD’s key focus areas are within cycling infrastructure, public shelters and street furniture. CROWD aims to make a conscious contribution to the living environment of society by developing products which enable modal transport, socialisation, and interaction, along with sustainable and circularity design principles. Whilst CROWD was founded in 2014, via its buy & build strategy, executed in the main the last 4 years, it consists currently of 6 companies, namely Lumiguide, VelopA, ZIEGLER, IJslander, HITSA (including LAMPAS) and Bailey
Street Furniture Group (including Cyclepods). Group turnover is more than €120 mio, with a total of 10 main office locations throughout 8 countries and 5 production locations (as of 30 June 2023). Therefore, CROWD is proud to be Europe’s largest street furniture and cycling infrastructure group.
For more information, please visit: www.crowdoutside.com

About Convent Capital
Founded in 2011, Convent Capital is an independent investment company based in the Amsterdam, the Netherlands. From the start, Convent Capital has had a strong focus on sustainability and a dedication to the transition from the current linear economy to a circular economy. Its long-term strategy creates sustainable, high returns for its stakeholders combined with positive societal impact. Convent Capital currently manages two funds. Its first evergreen fund focuses on Dutch SMEs with a strong track record and strategic and operational capabilities. With its recently launched Agri Food Growth Fund, Convent allocates growth capital to innovative and sustainable companies in the agricultural and food industries, and aims to generate a positive impact through every investment. For more information, please visit: www.conventcapital.nl

Press contacts:
Tikehau Capital: Valérie Sueur – +33 1 40 06 39 30
UK – Prosek Partners: Matthieu Roussellier – +44 (0) 7843 279 966
USA – Prosek Partners: Trevor Gibbons – +1 646 818 9238
press@tikehaucapital.com

Shareholder and investor contacts:
Louis Igonet – +33 1 40 06 11 11
Théodora Xu – +33 1 40 06 18 56
shareholders@tikehaucapital.com

Parties have reached agreement on the mains terms and conditions for the transaction subject to customary conditions such as works council advice and regulatory filings.

Disclaimer:
*The strategy mentioned in this press release is reserved for professional investors, is no longer open to marketing nor subscription and is managed by Tikehau Investment Management SAS, a portfolio management company approved by the AMF since 19/01/ 2007 under the number GP-07000006. Non-contractual document intended exclusively for journalists and media professionals. The information is provided for the sole purpose of enabling them to have an overview of the transactions, whatever the
use they make of it, which is exclusively a matter of their editorial independence, for which Tikehau Capital declines all responsibility. This document does not constitute an offer to sell securities or investment advisory services. This document contains only general information and is not intended to represent general or specific investment advice. Past performance is not a reliable indicator of future results and targets are not guaranteed. Certain statements and forecasted data are based on current forecasts, prevailing market and economic conditions, estimates, projections and opinions of Tikehau Capital and/or its affiliates. Owing to various risks and uncertainties actual results may differ materially from those reflected or expected in such forward-looking statements or in any of the case studies or forecasts. Tikehau Capital accepts no liability, direct or indirect, arising from the information contained in this document. Tikehau Capital shall not be liable for any decision taken on the basis of any information contained in this document. All references to Tikehau Capital’s advisory activities in the US or with respect to US persons relate to Tikehau Capital North America.

 

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Egeria enters into a new partnership with Sonic Equipment

Egeria

19 July, 2023 – Egeria is pleased to announce that it has signed an agreement to acquire Sonic Equipment (“Sonic” or “the Company”), a global specialist in professional hand tools, filled toolboxes and premium storage solutions.

Egeria is acquiring a majority stake from Torqx Capital Partners (“Torqx”) alongside management who will be reinvesting. Financial terms of the transaction are not disclosed.

Sonic is a global specialist in professional hand tools, filled toolboxes and premium storage solutions, founded in 2004 by Remko Papenburg and Niels Veldt. In 2019, the founders partnered with Torqx to accelerate growth through international expansion. Over the past four years Sonic has doubled in size, entered multiple new countries and has set up an effective marketing strategy with a differentiated customer approach. Today it has established a leading brand position in more than 65 countries worldwide, with local teams, warehouses and showrooms in the Netherlands (HQ), Germany, Austria, France, Taiwan, Italy and the USA.

Under the current management team, consisting of founder and CEO Remko Papenburg, CFO Freddy Peeters and CCO Gerben de Jong, Sonic has a track record of strong international growth by delivering efficiency, style and support to professionals worldwide. Sonic empowers them to excel in their daily jobs and achieve great success and satisfaction. Going forward, management will continue to drive the success and growth of Sonic in partnership with Egeria.

REMKO PAPENBURG, FOUNDER AND CEO AT SONIC EQUIPMENT:
“We look forward to the next chapter which will see us working closely together with the team of Egeria to continue full throttle. With their support, we aim to realize our ambitious growth plans through organic initiatives and M&A. I would also like to use the opportunity to thank Torqx. We are grateful for the support that Torqx has provided us with over the past years.”

SANDER VAN KEKEN, PARTNER AT EGERIA:
“We are impressed by Sonic’s entrepreneurship, growth track record and unique value proposition in the tools market. We strongly believe in the further international growth potential of the Sonic brand and product offering in the years to come and very much look forward to collaborate with Remko and the team to develop Sonic further.”

DAVID VAN HASSELT, PARTNER AT TORQX CAPITAL PARTNERS:
“Over the last years, Sonic has shown an impressive, international growth trajectory with its differentiating brand, customer oriented proposition, and high quality products. It has been an honor to support management in the value creation for Sonic and develop the Company into the strong player it is today. We would like to thank management and the entire Sonic team for the very pleasant, entrepreneurial and successful partnership. We still see endless opportunities for Sonic and are looking forward to following Sonic’s successes closely with their new partner Egeria.”

For this transaction, Lincoln International acted as corporate finance advisor to the sellers, Houthoff acted as legal advisor, Deloitte provided the financial and tax vendor due diligence and Roland Berger assisted in vendor commercial due diligence. Egeria was advised by Boston Consulting Group on their commercial due diligence, EY performed the financial & tax due diligence, Allen&Overy acted as legal advisor and DC Advisory as financial advisor.

ABOUT
Egeria
Established in 1997, Egeria is an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region. Egeria invests in healthy businesses and believes in building businesses jointly with entrepreneurial management teams (Boldly Building Together). Egeria Private Equity Funds has interests in 15 companies in the Netherlands and Germany, while Egeria Evergreen has investments in 7 companies. Egeria’s portfolio companies generate combined revenues of more than EUR 2 billion and employ more than 12,000 people.

Sonic
Sonic is a leading global specialist in the development, marketing and distribution of professional hand tools and storage solution systems. Founded in 2004 by Remko Papenburg and Niels Veldt, Sonic today extends across the global market, having achieved strong and consistent growth since its inception. With an innovative and complete product range of 6,000+ high-quality tools & storage systems, Sonic improves the efficiency, image, ergonomics and productivity of thousands of professionals in over 65 countries across the globe. Sonic is known for its exceptional value proposition, unique branding and highly customer-oriented approach. The Company has office facilities and warehouses in the Netherlands, Germany, Austria, France, Taiwan, Italy and the USA. Sonic employs c.80 FTE. For more information please visit www.sonic-equipment.com.

Torqx
Torqx invests in medium-sized companies with significant value creation potential. Situations include growth-, buyand-build-, performance improvement-, turnaround- and transformational investments across a range of industries including manufacturing, distribution and services. Torqx acquires majority positions based on a partnership with co-shareholders and management teams, offering the companies smart capital, network, expertise and talent to support implementation of their plans and achieve their full potential. The Torqx team consists of 15 highly experienced and skilled investment professionals who look beyond spreadsheets and understand what it takes to build businesses and increase momentum. Torqx currently manages over € 380 million in committed capital and is backed by reputable international institutional investors and the Torqx team itself. For more information please visit www.torqxcapital.com.

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Torqx Capital Partners announces the sale of Sonic Equipment to Egeria

Torqx Capital

Torqx Capital Partners (“Torqx”) is pleased to announce that it has signed an agreement to sell its majority stake in Sonic Equipment (“Sonic” or “the Company”), to EGERIA, an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region.

Sonic is a global specialist in professional hand tools, filled toolboxes and premium storage solutions, founded in 2004 by Remko Papenburg and Niels Veldt. In 2019, the founders partnered with Torqx to accelerate growth through international expansion. Over the past four years Sonic has doubled in size, entered multiple new countries and has set up an effective marketing strategy with a differentiated customer approach. Today it has established a leading brand position in more than 65 countries worldwide, with local teams, warehouses and showrooms in the Netherlands (HQ), Germany, Austria, France, Taiwan, Italy and the USA.

Under the current management team, consisting of founder and CEO Remko Papenburg, CFO Freddy Peeters and CCO Gerben de Jong, Sonic has a track record of strong international growth by delivering efficiency, style and support to professionals worldwide. Sonic empowers them to excel in their daily jobs and achieve great success and satisfaction. Going forward, management will continue to drive the success and growth of Sonic in partnership with Egeria.

Remko Papenburg, Founder and CEO at Sonic Equipment: “We look forward to the next chapter which will see us working closely together with the team of Egeria to continue full throttle. With their support, we aim to realize our ambitious growth plans through organic initiatives and M&A. I would also like to use the opportunity to thank Torqx. We are grateful for the support that Torqx has provided us with over the past years.”

David van Hasselt, Partner at Torqx Capital Partners: “Over the last years, Sonic has shown an impressive, international growth trajectory with its differentiating brand, customer oriented proposition, and high quality products. It has been an honor to support management in the value creation for Sonic and develop the Company into the strong player it is today. We would like to thank management and the entire Sonic team for the very pleasant, entrepreneurial and successful partnership. We still see endless opportunities for Sonic and are looking forward to following Sonic’s successes closely with their new partner Egeria.”

Sander van Keken, Partner at Egeria: “We are impressed by Sonic’s entrepreneurship, growth track record and unique value proposition in the tools market. We strongly believe in the further international growth potential of the Sonic brand and product offering in the years to come and very much look forward to collaborate with Remko and the team to develop Sonic further.”

For this transaction, Lincoln International acted as corporate finance advisor to the sellers, Houthoff acted as legal advisor, Deloitte provided the financial and tax vendor due diligence and Roland Berger assisted in vendor commercial due diligence. Egeria was advised by Boston Consulting Group on their commercial due diligence, EY on financial & tax due diligence, Allen&Overy acted as legal advisor and DC Advisory as financial advisor.

About Sonic
Sonic is a leading global specialist in the development, marketing and distribution of professional hand tools and storage solution systems. Founded in 2004 by Remko Papenburg and Niels Veldt, Sonic today extends across the global market, having achieved strong and consistent growth since its inception. With an innovative and complete product range of 6,000+ high-quality tools & storage systems, Sonic improves the efficiency, image, ergonomics and productivity of thousands of professionals in over 65 countries across the globe. Sonic is known for its exceptional value proposition, unique branding and highly customer-oriented approach. The Company has office facilities and warehouses in the Netherlands, Germany, Austria, France, Taiwan, Italy and the USA. Sonic employs c. 80 FTE. For more information please visit www.sonic-equipment.com.

About Egeria
Established in 1997, Egeria is an independent Dutch investment company focused on mid-sized companies in the Netherlands and DACH region. Egeria invests in healthy businesses and believes in building businesses jointly with entrepreneurial management teams (Boldly Building Together). Egeria Private Equity Funds has interests in 15 companies in the Netherlands and Germany, while Egeria Evergreen has investments in 7 companies. Egeria’s portfolio companies generate combined revenues of more than EUR 2 billion and employ more than 12,000 people. For more information, visit www.egeriagroup.com

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Successful realization of investment in R+S Group

Deutsche_Beteiligungs_AG
  • Implementation of value enhancement strategy and first sale of an investment exclusively with funds from own balance sheet
  • Positive value contribution for DBAG in line with forecast for current financial year
  • Reinvestment of part of the proceeds in acquiring company NOKERA in order to participate in attractive and sustainable growth prospects in the market for serial construction in the long term

Frankfurt/Main, 17 July 2023. Deutsche Beteiligungs AG (DBAG) has successfully concluded its investment in R+S Group (R+S), a leading group of companies in the fields of sustainable supply technology, digital and energy-efficient solutions for sustainable building systems, trade and future-proof skilled labour. The shares in the company will be sold to NOKERA AG (NOKERA), a producer of buildings in serial and sustainable construction. DBAG had acquired the majority of the shares in R+S in March 2021, thus structuring its second Long-Term Investment, i.e. exclusively with funds from its own balance sheet. In total, DBAG has invested around 18 million euros in R+S. The proceeds from the disposal will be partially reinvested in a minority stake in NOKERA to participate in the attractive growth of the market for serial construction and serial energy-efficient refurbishment of buildings. Corresponding agreements were signed today. The closing of the transaction is still subject to the approval of the antitrust authorities.

Positive value contribution for DBAG in line with the forecast for the current financial year
The proceeds from the disposal exceed the fair value of DBAG’s Investment in DBAG’s latest half-yearly financial report (reporting date 31 March 2023). The disposal will therefore lead to an increase in net income from investment activity of approximately 14 million euros in the current third quarter of the financial year 2022/2023. This value contribution is included in the forecast for the net asset value as at 30 September 2023 and the net income for the 2022/2023 financial year, which was specified today.

Value enhancement through strengthening of equity and acceleration of successful reorganisation
The successful strategic development of R+S in the past two years was characterised by completing the already well-advanced reorganisation of the company in order to enable a basis for further profitable revenue growth. The market environment supports this positively: the trend towards smart buildings and energy-efficient buildings ensures continued growth and expands the market especially for electrical building equipment, which R+S focuses on.

Reinvestment of part of the proceeds for further participation in attractive growth prospects
DBAG is reinvesting part of the sales proceeds in NOKERA, thereby participating in the attractive growth prospects of the market for cost-efficient, sustainable and serially produced real estate. NOKERA’s highly automated serial production offers significant cost and time advantages over conventional residential construction in an ESG-friendly environment.

“The expansion of our investment strategy to invest exclusively with funds from our own balance sheet has opened up additional investment opportunities for us,” said Jannick Hunecke, member of DBAG’s Board of Management, at the signing ceremony. “We are very pleased that with our reinvestment we can participate in the attractive growth prospects of the market for cost-efficient and sustainable residential real estate and thus also invest in sustainable construction, which is driven by the ESG trend,” Hunecke continued.

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