• Agreement values GardaWorld at C$13.5bn Enterprise Value
• GardaWorld has transformed under BC Partners’ ownership into a global leader in security services
• Maintains BC Partners’ momentum in realisations, generating over €11bn in monetisations to investors over the past 18 months

BC Partners, a leading international investment firm, today announces that it has entered into an agreement to sell the majority of its interest in Garda World Security Corporation (‘GardaWorld’).

The transaction, which values GardaWorld at C$13.5bn, will see Founder, Chairman, President and CEO Stephan Crétier, together with select members of Management, acquire approximately 70% of GardaWorld while funds advised by HPS Investment Partners (“HPS Partners”), leading a group of sophisticated minority investors, will hold the remaining equity interest. BC Partners will also continue to hold a minority interest.

GardaWorld, founded in 1995, has established itself as a global leader in the security industry, spanning subsidiaries including GardaWorld Security, Crisis24, and ECAMSECURE and Sesami. The business, which covers security services, AI-enabled security technologies, integrated risk management and cash automation solutions serves over 132,000 professionals across North America, EMEA and APAC.

BC Partners acquired a majority stake in GardaWorld in 2019 through a bilateral transaction which valued the company at C$5.2bn, leveraging its extensive experience and expertise in both the region and sector to position itself as the partner of choice. The transaction was the largest private buyout in Canadian history at the time. Under BC Partners’ ownership, GardaWorld has delivered strong organic growth supported by extensive M&A activity (over 25 strategic and financially accretive transactions since 2019), increasing profit margins from c.14% to c.17% and doubling profitability to over C$1bn in operating profit. This performance underlines BC Partners’ focus on helping to build high-performing businesses in resilient, defensive growth sectors, unlocking value in the companies it works with.

Paolo Notarnicola, Partner and Co-Head of Services at BC Partners said: “Our partnership with GardaWorld is an excellent example of what we would consider a definitive ‘BC deal’, partnering with an impressive entrepreneur to help transform and grow a high-potential business in a defensive growth sector. Since partnering with GardaWorld in 2019, we have seen the company go from strength to strength, with operating profit more than doubling to over C$1bn. In addition, we have worked with management to create four global champions under one roof, with market leaderships in security services, AI-enabled security technologies, integrated risk management and cash automation solutions. We are pleased with today’s announcement which enables a visionary founder in Stephan to take control of the company, and we remain fully committed to the company’s future success as a minority investor.”

Stephan Crétier, Founder, Chairman, President and CEO of GardaWorld said: “In an increasingly complex world, I have discovered that prominent organizations aspire to partner with a vetted entrepreneurial success story. GardaWorld is more than one entrepreneur. It is a group of truly aligned like-minded leaders committed to doing what is best for clients, employees, and stakeholders. I am humbled by the professionalism and dedication of my international group of colleagues and the unique DNA we have developed. This is what I call a winning team. We have come a long way since our modest beginnings when I started this company with a C$25,000-second mortgage on my home almost 30 years ago. I thank BC Partners for their partnership over the last five years and welcome HPS Partners’ expanded investment and our group of minority investors to GardaWorld as we continue our winning journey. Their success over the last few years has made them a global powerhouse, and we are honoured that they recognize our value as a performance-driven team by investing in our company.”

In the past 18 months, BC Partners has successfully generated over €11bn in proceeds from several monetisations, underlining the high quality of businesses and exit optionality which underpins BC Partners’ portfolio. These include the full exit of Forno d’Asolo Group, IMA Industria Automatiche SpA and Presidio as well as the recent, successful listing of Springer Nature on the Frankfurt Exchange.

Kirkland & Ellis and Osler acted as lead legal counsel to BC Partners, with Simpson Thacher & Bartlett and Langlois Lawyers acting as legal counsel to GardaWorld, Stephan Crétier and the senior management of GardaWorld. Latham & Watkins acted as lead legal counsel to HPS Partners.

The transaction, which is subject to customary closing conditions, is expected to close by Q1 2025.

About BC Partners BC Partners is a leading investment firm with circa €40 billion in assets under management across private equity, private debt, and real estate strategies. Established in 1986, BC Partners has played an active role for over three decades in developing the European buy-out market. Today, BC Partners’ integrated transatlantic investment teams work from offices in Europe and North America and are aligned across our four core sectors: TMT, Healthcare, Services & Industrials, and Food. Since its foundation, BC Partners has completed over 128 private equity investments in companies with a total enterprise value of over €160 billion and is currently investing its eleventh private equity buyout fund. For further information, please visit https://www.bcpartners.com/

About GardaWorld GardaWorld is an entrepreneurial-driven corporation that builds global champions in security services, AI-enabled security technologies, integrated risk management and cash automation solutions, employing more than 132,000 highly skilled and dedicated professionals across the globe. Driven by a relentless entrepreneurial culture and core values of integrity, vigilance, trust and respect, GardaWorld’s global champions offer sophisticated, tailored security and technology solutions through high-touch partnerships and consistently superior service delivery. With a deep understanding that security is critical to the organizational resilience of business operations and the safety of communities, GardaWorld is committed to impeccable governance, professional care and the well-being of everyone. Thanks to a well-earned reputation, GardaWorld businesses are long-standing security partners of choice to some of the most prominent brands, influential individuals, Fortune 500 corporations and governments. For more information, visit gardaworld.com.

About HPS Investment Partners HPS Investment Partners, LLC is a leading global, credit-focused alternative investment firm that seeks to provide creative capital solutions and generate attractive risk-adjusted returns for our clients. We manage various strategies across the capital structure, including privately negotiated senior debt; privately negotiated junior capital solutions in debt, preferred and equity formats; liquid credit including syndicated leveraged loans, collateralized loan obligations and high yield bonds; asset-based finance and real estate. The scale and breadth of our platform offers the flexibility to invest in companies large and small, through standard or customized solutions. At our core, we share common thread of intellectual rigor and discipline that enables us to create value for our clients, who have entrusted us with approximately $114 billion of assets under management as of April 2024. For more information, please visit hpspartners.com.

Acquisition Supports Shermco’s strategic growth and expansion in the Mid-Atlantic and Northeast U.S.

Shermco Industries, Inc. (“Shermco”), one of North America’s largest and fastest growing providers of power system engineering, electrical testing, maintenance, commissioning and repair services, announced today that it has completed the acquisition of KTR Associates (“KTR”), a power system engineering company based in Sinking Spring, PA. Terms of the transaction were not disclosed.

Phil Petrocelli, CEO of Shermco, said, “This strategic partnership will enhance the capabilities and reach of both companies, offering greater value to KTR’s clients and employees alike. Leveraging the support and resources of the wider Shermco organization, the team will continue to offer unmatched service excellence and a rigorous focus on safety, aligning with Shermco’s foundational values.”

Since 2004, KTR has been a leader in providing comprehensive power system consulting services, focusing on high and low voltage power system engineering studies, NFPA 70E requirements (including arc flash studies), and electrical safety programs & training for numerous customers in PA, NJ, NC and surrounding areas.

“We’re thrilled to join forces with the exceptional talent at KTR, as this partnership accelerates Shermco’s geographic expansion and enhances our ability to serve our growing base of blue-chip clients. Together, we’re poised to achieve new levels of innovation and customer success,” commented Mr. Petrocelli.

The KTR team, including principal owner Joseph Deane, will remain with the company following the acquisition.

Mr. Deane added, “I believe this transition will provide the resources and support needed to take our company to new heights. Shermco shares our values and vision for the future, and I am confident that together we will continue to build on the strong foundation we’ve created.”

Shermco is majority-owned by San Francisco-based Gryphon Investors, a leading middle-market private equity firm.

# # #

About Shermco

Headquartered in Irving, TX, Shermco provides electrical testing, maintenance, commissioning and repair services to a wide range of utility, industrial, energy and other end markets. With more than 40 locations, Shermco serves a diversified blue-chip client base across North America. The Company is an active participant in NETA (the InterNational Electrical Testing Association), EASA (Electrical Apparatus Service Association), and AWEA (American Wind Energy Association). For more information, visit www.shermco.com.

About Gryphon Investors
Gryphon Investors is a leading middle-market private equity firm focused on profitably-growing and competitively-advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, and Software sectors. With approximately $9 billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon’s highly-differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon’s three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $350 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon’s targeted investment sectors.

Shermco Contact:

Drew Johns, Vice President, Finance & Corporate Development

Shermco Industries

Drew.Johns@shermco.com

Gryphon Contact:

Caroline Luz

203-570-6462

cluz@lambert.com

or

Jennifer Hurson

845-507-0571

jhurson@lambert.com

stablishes New Platform for Branded Downstream Compressed Air Solutions

Gryphon Investors (“Gryphon”), a leading middle-market private equity firm, announced today that it has acquired RapidAir (or the “Company”), a provider of branded downstream compressed air solutions, from Pfingsten Partners. RapidAir will serve as a platform for future investments in compressed air solutions. This represents the sixth platform deal closed by Gryphon’s Heritage Group, the firm’s small-cap fund strategy. Financial terms of the transaction were not disclosed.

Founded in 2003 and headquartered in Auburndale, WI, RapidAir is a provider of downstream compressed air solutions, including fittings, accessories, aluminum piping, and filtration products. The Company serves customers in the automotive aftermarket, transportation, fleet, distribution, and manufacturing end markets.  CEO Mark LeMire, along with the Company’s management team, will remain with RapidAir and retain an ownership stake.

Jeff Pembroke, Gryphon Operating Partner, said, “We are excited to partner with Mark and the RapidAir team to grow the business and further position the Company as a market leader. RapidAir has built a strong reputation as the go-to-provider of downstream compressed air solutions for a variety of applications given its top-tier products, best-in-class customer service and technical support, comprehensive design capabilities, and superior lead times.”

Tim Bradley, Gryphon Deal Partner, added, “RapidAir has demonstrated consistent growth in an exciting industry with strong tailwinds. We believe there is an opportunity to continue to scale the business by leveraging Gryphon’s operational experience to further enhance the Company’s product portfolio, penetrate new end markets and execute on strategic M&A.”

RapidAir is actively seeking to partner with additional businesses to further expand its product portfolio and enter new geographies and markets.

Gryphon was advised by legal counsel Kirkland & Ellis and financial advisor BMO Capital Markets. Lincoln International served as the exclusive financial advisor to RapidAir, and Katten Muchin Rosenman served as legal counsel.

# # #

About RapidAir

Founded in 2003 and headquartered in Auburndale, WI, RapidAir is a provider of downstream compressed air solutions, including fittings, accessories, aluminum piping, and filtration products. The Company serves customers in the automotive aftermarket, transportation and fleet, distribution center, warehouse, and light-and-medium duty manufacturing end markets.

About Gryphon Investors

Gryphon Investors is a leading middle-market private equity firm focused on profitably growing and competitively advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, and Software sectors. With approximately $9+ billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon’s highly differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon’s three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $350 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon’s targeted investment sectors.

Contact:

Lambert

Caroline Luz

203-570-6462

cluz@lambert.com

or

Jennifer Hurson

845-507-0571

jhurson@lambert.com

Partnership will enable leading manufacturer of high-complexity precision components to continue investing in expanding capabilities and driving growth

SOUTH PARIS, ME — October 14, 2024 — Precinmac LP (“Precinmac” or the “Company”), a leading manufacturer of high-complexity precision components, today announced a definitive agreement to be acquired by funds advised by affiliates of Centerbridge Partners, L.P. (“Centerbridge”), a leading private investment firm. Centerbridge is acquiring Precinmac from an investor group comprising Pine Island Capital Partners, Bain Capital’s Private Credit Group and Compass Partners Capital, who have been the Company’s investment partners since April 2020.

Precinmac is a supplier of complex precision components for mission-critical applications in aerospace, defense, space, semiconductor and other high-requirements end markets. The Company serves these customers through a network of nine facilities across the United States and Canada.

“Precinmac is an impressive platform with unique capabilities, strong customer relationships and an exceptional track record of growth. We are excited to partner with a company and team of this caliber,” said Steve Silver, Global Co-Head of Private Equity and Senior Managing Director at Centerbridge.

“Through Precinmac’s constant focus on operational excellence and service to its customers, the Company has positioned itself to benefit from an array of powerful secular tailwinds across its end markets. We are thrilled to be partnering with CEO Eric Wisnefsky and his team,” added Conor Tochilin, Senior Managing Director at Centerbridge.

“We have enjoyed our partnership with Bain Capital, Pine Island and Compass and are grateful for their support over the past few years. We are excited to begin our next chapter of growth with Centerbridge. Their investment will help us continue to support our customers’ growth, the expansion of our capabilities and investment in our people,” said Eric Wisnefsky, CEO of Precinmac.

“It has been a privilege to partner with Eric and his talented team in supporting the build-out of Precinmac into a fully integrated best-in-class platform,” said Matt Evans, a Partner at Bain Capital.

“With a clearly defined growth strategy and an experienced leadership team in place, we believe the Company is well-positioned to continue its upward trajectory under Centerbridge’s ownership,” added Phil Cooper, Managing Partner at Pine Island. “We greatly appreciate all that management has accomplished,” said Stephen Waters, Managing Partner at Compass.

This transaction, which is subject to customary closing conditions and approvals, is expected to close in the fourth quarter of 2024. Financial terms of the private transaction were not disclosed.

Goldman Sachs & Co. LLC is serving as financial advisor and Weil, Gotshal & Manges LLP is serving as legal counsel to Precinmac. Evercore is serving as financial advisor and Kirkland & Ellis LLP is serving as legal counsel to Centerbridge.

About Precinmac

Precinmac is a leading manufacturer of high-complexity, precision machined components and assemblies for aerospace, defense, space, semiconductor and other high requirements end markets. Precinmac offers a single-source solution for precise, high-quality, and on-time manufacturing to top-tier customers globally, with a dedication to customer service, operational excellence, and continuous improvement. Precinmac serves these customers through a network of nine facilities across the United States and Canada. Learn more at www.precinmac.com.

About Centerbridge Partners

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — Private Equity, Private Credit and Real Estate — in an effort to develop the most attractive opportunities for our investors. The Firm was founded in 2005 and, as of June 30, 2024, has approximately $38 billion in capital under management with offices in New York and London. Centerbridge is dedicated to partnering with world-class management teams across targeted industry sectors and geographies. For more information, please visit www.centerbridge.com | LinkedIn.

About Pine Island Capital Partners, LLC

Pine Island Capital Partners is a U.S. based private equity firm investing in aerospace, defense and energy.

About Bain Capital Credit

Bain Capital Credit (www.baincapitalcredit.com) is a leading global credit specialist with approximately $48 billion in assets under management. Bain Capital Credit invests across the credit spectrum and in credit-related strategies, including leveraged loans, high-yield bonds, structured products, private middle market loans and bespoke capital solutions. Our team of more than 100 investment professionals creates value through rigorous, independent analysis of thousands of corporate issuers around the world. In addition to credit, Bain Capital invests across asset classes including private equity, public equity, venture capital, real estate, life sciences, and insurance, and leverages the firm’s shared platform to capture opportunities in strategic areas of focus.

About Compass Partners Capital

Compass Partners Capital (www.compasspartners.com) is a private investment firm focused on helping companies seize 21st century opportunities. Compass invests in high-priority aerospace, defense, and industrial platforms to create value for investors through active management. The Compass team’s multi-disciplinary backgrounds of deep investment and industry experience complement a core ethos centered on trust and collaboration, passion for excellence, and an enduring belief in humility and adaptability. As patriotic investors, Compass partners with owners, investors, and management teams to drive growth, enhance profitability, and strengthen U.S. national security.

The shareholders of Robin Radar and investment company Parcom have reached an agreement on the acquisition by Parcom of Robin Radar, a leading developer of radar systems specialised in detecting and tracking small flying objects. In partnership with Parcom, Robin Radar’s management aims to continue its current growth trajectory. In the coming years, the company will focus on expanding its presence in existing markets, while targeting growth in new sectors and geographies, particularly North America.

Founded in 2010 as a TNO spin-off, headquartered in The Hague, Netherlands, Robin Radar has established itself as a global leader in radar systems designed to detect and classify birds and drones. The company’s radar solutions serve a range of critical industries, including defence, security, civil and military aviation, and wind farms. It provides innovative solutions to reduce bird strikes as well as drone-related security risks. Robin Radar’s unique technology, particularly its proprietary software, has made it the radar solution of choice for a diverse range of applications.

With this new partnership, Robin Radar is set to expand its presence in key markets. The company will further invest in the development of new radar solutions to meet the changing needs within the sector. In addition to product development, Robin Radar will focus on increasing its sales and services rollout in the rapidly growing defence and civil market segments, including in North America. To facilitate joint growth, Robin Radar and Parcom will drive an ambitious scale-up strategy, expanding the organisation and increasing assembly outsourcing.

Siete Hamminga, CEO of Robin Radar: “We are super excited about the partnership with Parcom. It marks a new chapter in our adventure to rollout, scale up and innovate. With their support, we are well-positioned to accelerate these ambitions and continue delivering high-quality radar solutions that meet the growing needs of our customers.”

Norman Bremer, Partner at Parcom: “Robin Radar’s innovative approach to radar technology has allowed them to make a significant impact across multiple sectors. We are impressed by the experienced management team and open, collaborative team culture, both fundamental to the company’s success. We are thrilled to support the team’s ambitious plans for growth, particularly as the company expands internationally and into new markets.”

Financial details of the transaction will not be disclosed. The transaction is subject to regulatory approvals.

About Robin Radar

Robin Radar is a radar solutions provider, based in The Hague, The Netherlands. The company is a technology leader in radar tracking and classification of small objects. Its mission is to provide actionable information to increase safety.

More information: www.robinradar.com

Paris, 10 October 2024 – Alliance Electronics, a leading electronics design and manufacturing group, announces the acquisition of TXCube, a specialist in the design and industrialization of complete electronic products. This acquisition follows the purchase of EMS Factory, a specialist in rapid electronic prototyping. These two strategic integrations, supported by Waterland Private Equity, will allow Alliance Electronics to strengthen its offering of value-added services and its position as an industrial leader in Europe.

Founded in 2009 by Elisabeth Partouche and Daniel Mawas, TXCube is a French expert in the design and industrialisation of electronic products, expected to reach over €12 million in revenue in 2024. With strong expertise in electronics, mechanics, embedded software, and “Design-to-Cost,” TXCube serves major companies from the CAC40, medium-sized businesses, and startups in France, Europe, and beyond.

Elisabeth Partouche views this partnership as a significant step in TXCube’s development: “With the ‘Made in Europe’ and ‘Made in France’ production capabilities of the Alliance Group, we can provide a broader manufacturing offering to our clients, driving further growth. Several new ‘Made in France’ projects are already in motion.”

Acquired in late July, EMS Factory is a Bordeaux-based company specializing in online rapid prototyping. Founded in 2015 by Pierre-Yves Sempere and Damien Michaud, EMS Factory employs 20 people and is known for its technical expertise and ability to produce complex electronic board and cable prototypes on very short deadlines. EMS Factory supports major industrial groups, medium-sized companies, research centers, and startups with their most complex projects across France and Europe.

Damien Michaud, who will remain at the helm of the company, commented: “I am excited by Alliance’s industrial vision, the growth opportunities it presents, and the potential to offer EMS Factory’s clients greater production capacity.”

These 6th and 7th acquisitions mark another significant step in Alliance Electronics’ development strategy, bringing its revenue close to €150 million. The group aims to reach €300 million by 2026.

Damien Rossignon, President of Alliance Electronics, commented: “These acquisitions mark a key milestone in expanding our subcontracting offering with high-value-added services for our clients. The seamless integration of design, prototyping, industrialization, and mass production allows us to offer a ‘one-stop-shop’ solution. This reduces time-to-market, optimizes production costs, and improves quality. We look forward to leveraging these synergies with the teams at TXCube and EMS Factory.”

Based in Rosheim, Alsace, Alliance Electronics is a major industrial player specializing in design, prototyping, and manufacturing of small and medium series electronic assemblies for international clients. The Group now operates 9 industrial sites across 4 countries: France (where its headquarters are located), Portugal, Belgium, and Tunisia.

The founders of EMS Factory and TXCube are reinvesting alongside Waterland within the Alliance Electronics group, as is Andera Croissance, which has been a shareholder of TXCube since its OBO three years ago.

“With these two new areas of expertise, Alliance Electronics strengthens its value chain and its technological and industrial service offering. EMS Factory enhances the prototyping activity while providing new commercial synergies, and TXCube supports the group’s position as a designer-manufacturer of electronic systems, offering new complete and turnkey solutions.” – Louis Huetz, Partner at Waterland.

About EMS Factory
Founded in 2015 in Martillac, in the Bordeaux region, EMS Factory is a key player in Europe in online electronic prototyping. Specializing in the design and production of small- and medium-series electronic boards, the company offers a complete range of services (prototyping, electronic board assembly, cabling, rework, engineering, product assembly, etc.). Thanks to full digitalization of its processes and a 4.0 factory, EMS Factory meets the most demanding needs with speed, flexibility, and precision.

About TXCube
TXCube is a French company that supports its clients from the prototype phase to industrial series production by leveraging its teams’ technical expertise, supplier networks, and overseeing all phases of industrialization. TXCube has expertise in the design, industrialization, and manufacturing of complete electronic product series, guiding clients from project inception to industrial production. With teams based in France and China, TXCube advises on the most suitable industrial model. The goal is to guarantee a “Time to Market” with a product that meets the requirements at an objective manufacturing cost while ensuring quality control and product compliance.

About Andera Partners
Founded over 20 years ago, Andera Partners is a major player in private equity in France and internationally. Its teams manage €4.3 billion across life sciences (Andera Life Sciences), growth capital and buyouts (Andera MidCap, Andera Expansion/Growth, Andera Co-Invest), sponsorless transactions (Andera Acto), and ecological transition (Andera Infra). Andera Partners’ mission is to support companies and their leaders in achieving strong and sustainable growth. The quality of performance offered to investors is based on a strong partnership between portfolio entrepreneurs and our teams, built on shared values. “The Power of And” represents the DNA of Andera Partners.
Based in Paris, with offices in Antwerp, Milan, and Munich, Andera Partners is 100% owned by its teams, composed of nearly 115 people, including 72 investment professionals. It is organized as a partnership and led by a committee of 13 partners.

Press contacts:
Ellie Hallam – waterland@wearehollr.com | +44 750 20 91 18
Laurence Van Doosselaere – vandoosselaere@waterland.be | +32 473 88 05 21

Polaris Flexible Capital (PFC I) is delighted to announce that it has provided acquisition financing to support Jernbro Industrial Services, a leading provider of industrial maintenance and projects in Sweden, in the acquisition of Veltec, a leading provider of similar services in Denmark and Norway. The investment is PFC’s fifth, raising the fund’s deployment to approximately 50%.

Please see the following press release:

English

For more information, please contact:

Jesper Langmack, Partner and Head of Polaris Flexible Capital
Phone: +45 30 58 46 84
Mail: jla@polarisequity.dk

Kent Brovn Arp, Partner Polaris Flexible Capital
Phone: +45 21 31 73 58
Mail: kba@polarisequity.dk