Technical Safety Services (“TSS” or the “Company”), a portfolio company of Levine Leichtman Capital Partners (“LLCP”), announced that it has acquired Controlled Environment Management, LLC (“CEM”). Based in Gilbert, Arizona, CEM is a provider of controlled environment testing, validation, certification, and calibration services required in high-performance, regulated pharmaceutical, biotechnology, and healthcare settings.

TSS is a leading provider of testing, inspection, certification, and calibration (“TICC”) services to customers in the pharmaceutical, biotechnology, healthcare, and other life sciences end markets. TSS provides on-site technical services mandated to occur at regular intervals to ensure all clients remain in compliance with regulatory standards. The Company’s services are performed across the lifecycle of a customer facility and ensure the compliant operation of controlled environments such as clean rooms, bio-safety cabinets, medical gas systems, high-purity water systems, laboratory equipment, and more. TSS was founded in 1970 and is headquartered in La Jolla, California.

Marc Boreham, President and CEO of TSS, commented, “We are delighted to welcome CEM to the TSS platform. The CEM team brings significant expertise and dedication to high-quality service, which will further enhance TSS’s support for our valued clients across key strategic capabilities and geographies.”

Matthew Rich, Partner at LLCP, stated, “We are pleased to demonstrate our continued support for the TSS team in this acquisition, which further expands the Company’s geographic presence within the Southwest. We look forward to the continued execution of TSS’s growth and value creation plan through additional strategic M&A and associated growth initiatives.”

The acquisition of CEM is TSS’s seventh since being acquired by LLCP in 2022.

TSS is a portfolio company of Levine Leichtman Capital Partners VI, L.P.

• Metalstudio Group specialises in metal components for the high-end luxury goods market
• Biggest independent supplier on the market – Metalstudio generated 2022 revenues of more than 80 million euros with “Made in Italy” products

Frankfurt/Main, 20 September 2023. MTWH, a group of Italian manufacturers of metal and plastic accessories for the luxury goods industry and a portfolio company of Deutsche Beteiligungs AG (“DBAG”), acquires Metalstudio Group, a supplier of metal goods serving the high-end luxury market segment based in Scandicci near Florence, Italy. Metalstudio’s founder Egidio Salvini will become a shareholder of MTWH, and the company’s chairman. The parties have agreed not to disclose details of the sale.

Metalstudio Group employs more than 300 specialist staff. True to its motto “Made in Italy”, the company is a supplier to some of the most prestigious Italian and French luxury fashion brands. The product range comprises accessories for leather goods and shoes, made from brass, steel and zamak alloys. The company distinguishes itself through highly efficient processes together with extensive production capacity. Its profile is complemented by high levels of craftsmanship, as befits the expression of “Luxury Made in Italy”. Metalstudio Group generated revenues in excess of 80 million euros in 2022. With this acquisition, MTWH strengthens its strategic position as an Italian centre of excellence for luxury market accessories, doubling its revenues to approximately 165 million euros.

DBAG Fund VIII, advised by Deutsche Beteiligungs AG, acquired a majority stake in MTWH in June 2022; DBAG co-invested in that transaction, using its own financial resources. Founded in 2016, MTWH Group has since enjoyed a positive performance through strategic add-on acquisitions and a successful repositioning. The company employs 250 people at its sites near Bergamo and Florence; a Paris office was recently opened to deepen relations with French luxury goods brands.  The Group serves an end market that has grown globally by an average of six per cent per annum over the past 25 years.

“MTWH is active in a market defined by structural growth. The company will further strengthen its market position with this most recent acquisition, which will trigger an increase in highly qualified employees and expand customer access. The acquisition of Metalstudio will help MTWH in its ambition to create a centre of excellence for the luxury goods industry,” said Tom Alzin, Spokesman of the Board of Management of Deutsche Beteiligungs AG.

Cesare Luzzana, Managing Director of MTWH, stated: “MTWH acquires additional expertise with Metalstudio Group that will allow us to strengthen and expand our market presence and our range of services.”

“Customer service, progress and sustainability have been the three guiding principles accompanying our 50-year journey. The collaboration with MTWH, which shares and continues to pursue these key principles, will allow us to further improve our positioning and our customer relationships,” emphasised Egidio Salvini, founder of Metalstudio Group.

Beverwijk and Katwijk, September 14, 2023 – Dutch ventilation specialist Steboma has acquired industry peer Vink Group from investor FIELDS Group. Through this acquisition, the Steboma Group strengthens its position in the designing, engineering, production and installation of ventilation systems within the non-residential market and the group’s annual revenues now amount to approximately €90 million. Vink Group will continue to operate as an independent organization within the broader Steboma Group, with its management team remaining unchanged.

Vink Group specializes in the designing, engineering, production and installation of ventilation systems in the non-residential segment of the ventilation market. The company serves its clients as a “full installer” through its subsidiary “Induct“, as a subcontractor for general installation companies through its subsidiary “Vink Systemen” and as supplier and knowledge partner to a wide range of installation companies through its subsidiary “VSL Air”. Vink’s ventilation solutions are widely used and the company is well known for its leading ventilation solutions for the pharmaceutical, high-tech, agro-tech and food market. Vink serves various large clients in these sectors, including Johnson & Johnson, Bristol Meyers Squibb, and VU Medical Center.

“The Steboma Group has a clear ambition to become the leading ventilation specialist in the Netherlands, with activities in the new-build residential market, the non-residential market, renovation projects and the maintenance of ventilation systems. The acquisition of Vink Group aligns well with this ambition, given their deep-rooted knowledge and expertise in delivering ventilation solutions within the non-residential market. With Vink, the Steboma Group is even better equipped to provide our clients with ventilation solutions that contribute to a clean working or living environment and that contribute to solving their sustainability challenges,” says Marco Koster of Steboma. “With this acquisition, our organization also expands significantly and our workforce now amounts to approximately 240 employees. We look forward to the future collaboration with Vink’s management team and we are excited to welcome their talented employees into the broader Steboma Group.”

Dick Kremers, CEO of Vink Group, states, “We are delighted that Vink will join the Steboma Group. Over the past years, in partnership with investor Fields Group, we managed to redefine Vink’s strategy and have made significant progress with the company. Vink is now well equipped for the future, making this a logical moment for a change of ownership. Vink and Steboma align well in activities and culture, and we can benefit from each other’s extensive expertise, broad customer network and strong reputation. We are furthermore convinced that, with the support of the Steboma Group, Vink can make significant investments and scale further in the coming years.”

Fabianne Onderwater, Investment Director at FIELDS Group, adds, “Vink has undergone a remarkable development in recent years, thanks to a clear strategy and substantial investments in the business and organization. The clear strategy and substantial investments have resulted in strong growth and a unique position in attractive end markets, led by a robust and future-proof team. The combination with Steboma is a logical next step for Vink, and we wish Steboma/Vink all the best for the future.”

The acquisition of Vink is part of Steboma Group’s buy-and-build strategy that was launched last year when pan-European private equity firm Waterland became a shareholder and strategic partner for the future of the Steboma Group in October 2022. To realize its ambition to build a leading ventilation specialist, Steboma actively seeks for partnerships with other specialists in air technology, both in the residential and non-residential segment.

About Steboma

Steboma is a ventilation specialist focusing on the large-scale residential segment in the Netherlands. The company has become one of the leading ventilation specialists and is the preferred partnering for a wide range of well-known construction firms. Steboma employs approximately 100 people and also has a sizeable, flexible workforce. The company has facilities in Beverwijk, Schagen and IJsselstein. For more information, please visit www.steboma.nl.

About Vink Group

The companies within the Vink Group design, supply, install, and maintain air technical infrastructure in businesses across various sectors, including utility, life science, (tech) industry, food, and agro-tech. Vink Group’s solutions are installed at various locations in the Netherlands and abroad. The company employs approximately 155 permanent staff members and 125 temporary workers, with its headquarters in Katwijk. For more information, please visit www.vinkgroep.com.

About FIELDS Group

FIELDS Group is an entrepreneurial, hands-on investor focused on developing businesses with potential. FIELDS invests in companies headquartered in the Benelux and DACH regions and achieves fundamental transformations with its team. For more information, please visit www.fields.nl.

ASSA ABLOY has acquired Lawrence Hardware and Gallery Specialty, leading providers of commercial hinges, locksets, exit devices and door hardware accessories in Canada.

“I am very pleased to welcome Lawrence and Gallery into the ASSA ABLOY Group. This acquisition delivers on our strategy to strengthen our position in mature markets through adding complementary products and solutions to our core business,” says Nico Delvaux, President and CEO of ASSA ABLOY.

“Lawrence and Gallery are well-known, respected brands in Canada and I’m excited for them to become part of ASSA ABLOY,” says Lucas Boselli, Executive Vice President of ASSA ABLOY and Head of the Americas Division. “This acquisition supports our growth ambitions and commitment to the Canadian market by further strengthening our core business and expanding our product portfolio.”

Lawrence Hardware was founded in 1876 and Gallery Specialty in 1989, together employing some 50 employees. The main office and factory are located in Toronto, Canada.

Sales for 2022 amounted to about MCAD 25 (approx. MSEK 200) with a good EBIT margin. The acquisition will be accretive to EPS from the start.

For more information, please contact:

Nico Delvaux, President and CEO, tel. no: +46 8 506 485 82
Erik Pieder, CFO and Executive Vice President, tel. no: +46 8 506 485 72
Björn Tibell, Head of Investor Relations, tel. no: +46 70 275 67 68, e-mail: bjorn.tibell@assaabloy.com

About ASSA ABLOY

The ASSA ABLOY Group is the global leader in access solutions. The Group operates worldwide with 52,000 employees and sales of SEK 121 billion. The Group has leading positions in areas such as efficient door openings, trusted identities and entrance automation. ASSA ABLOY’s innovations enable safe, secure and convenient access to physical and digital places. Every day, we help billions of people experience a more open world.

Stockholm, September 7, 2023 – In the largest private placement in Europe this year, H2 Green Steel has raised about €1.5 billion in equity from an investor group led by Altor, GIC, Hy24 and Just Climate. The round will finance the world’s first large-scale green steel plant and Europe’s first giga-scale electrolyzer.

The private placement is co-led by new investor Hy24, together with existing investors Altor, GIC and Just Climate. The transaction also includes new investors Andra AP – fonden and Temasek as well as a group of existing investors that continue to support H2 Green Steel with additional equity funding, including AMF, Cristina Stenbeck, Hitachi Energy, IMAS Foundation, Kinnevik, Schaeffler, Vargas and Wallenberg Investments holding company FAM.

The proceeds will finance the construction and development of H2 Green Steel’s flagship large-scale green steel plant in Boden, Sweden. Groundworks have been ongoing on the site in Boden since summer 2022, and through this transaction H2 Green Steel takes another big leap towards start of operations end of 2025.

The plant will deliver steel with up to 95 percent less CO₂ emissions compared to steel produced with traditional blast furnace technology. This is made possible by replacing coal in the production process with hydrogen, produced on-site with Europe’s largest electrolyzer, using electricity from renewable sources. Next-generation technology and digitalization, along with an unmatched approach to both circularity and recycling, will make the steel plant the first of its kind.

“The caliber of investors that are backing us is impressive. Some of the most professional institutions, investors and industrial companies globally are part of this round and we are proud that they all share our commitment to sustainability as their true north. €1.5 billion is the largest private placement in Europe this year and the appetite to invest in us proves both our solid business case and the market demand for green steel”, says Henrik Henriksson, CEO of H2 Green Steel.

“This marks the start of industrial scale decarbonization of basic materials production. The sector will require substantial investments over the coming decades to enable our customers to produce green end products and, thereby meet their climate targets. We hope this financing will contribute towards accelerating the much needed, broad participation of capital markets in the transformation of hard-to-abate industries”, says Otto Gernandt, CFO of H2 Green Steel.

Since launch in 2021, H2 Green Steel has raised more than €1.8 billion of equity in three financing rounds. The company closed its series A equity round of €86 million in May 2021 and announced the close of its series B1 round of €260 million in October 2022. On the debt side, H2 Green Steel announced in 2022 the structure for its debt financing of over €3.5 billion and renewed commitment letters in July 2023.

Morgan Stanley & Co. International plc acted as sole financial advisor to H2 Green Steel in the private placement.

Comments from investors:

“We are impressed by the achievements to date by H2 Green Steel and excited to take the role as one of the lead investors. We will significantly increase our engagement in H2 Green Steel in this next important phase when the company is set to build the world’s first large-scale green steel plant. Over Altor’s 20 years, partnering in large industrial transformations has been at our core. H2 Green Steel also fits perfectly next to Altor’s increasingly broad base of investments in the green transition space. We look forward to extending the partnership with management and support on the path to launch operations at the end of 2025”, says Klas Johansson, co-managing Partner at Altor.

“Since our first round of investment, H2 Green Steel has made significant progress in building the world’s first green steel plant. We will continue to support management as they work towards this first-of-its-kind project in the hard to abate industry. As a long-term investor, we are committed to providing capital to develop solutions that help decarbonize the real economy”, says Choo Yong Cheen, Chief Investment Officer of Private Equity at GIC.

”H2 Green Steel Boden is the most advanced large-scale, green industrial project in the world. It is a trailblazer in decarbonization of hard-to-abate industrial sectors like steel. The investment by Hy24’s clean hydrogen infrastructure fund will support the H2 Green Steel’s ambition to materially reshape steel markets, providing a green alternative to its off-takers and partners. This is part of Hy24’s commitment to help industry get to net zero”, says Pierre-Etienne Franc, CEO of Hy24.

“When we established Just Climate it was to invest into the hard-to-abate areas of industry that produce some of the highest levels of carbon emissions. Decarbonizing steel production is a critical piece of this industrial decarbonization process, and we are pleased to be part of the lead investor group that has today announced its support for the business”, says Shaun Kingsbury CBE, Chief Investment Officer of Just Climate.