• Markerstudy and Ardonagh’s personal lines broking business Atlanta will merge to create a major new platform transacting over £3 billion annual GWP across multiple insurance products in the competitive UK insurance market
• The enlarged group will combine complementary capabilities across underwriting and distribution to offer an enhanced proposition for the benefit of millions of customers
• The transaction values Atlanta at £1.2 billion

The Ardonagh Group (“Ardonagh”) and Markerstudy Group (“Markerstudy”) have agreed a merger between Markerstudy and Atlanta Group (“Atlanta”), Ardonagh’s personal lines broking business, to create a major new player in the UK insurance market.

The combined business will provide a wide range of insurance products to millions of consumers, including home and motor insurance, and will employ around 7,300 people across the UK. It will transact over £3 billion in annual Gross Written Premium (GWP).

The transaction, which is subject to customary conditions (including regulatory approvals), values Atlanta at £1.2 billion and will be funded by a new investment led by Pollen Street Capital and Bain Capital Special Situations. Ardonagh and its related parties will receive a combination of cash and a substantial minority equity stake in the combined business, in addition to two seats on the board of directors of the combined business.

Key Atlanta executives including Ian Donaldson, Craig Ball and Emma Rawlinson will join the Markerstudy management team as senior executives of the combined group.

With more than 2,100 colleagues across 12 locations, Atlanta manages c.£1 billion of GWP on behalf of 2.6 million customers. It distributes a broad suite of products through household insurance brands including Swinton, van specialist Autonet and motorcycle experts Carole Nash.

Markerstudy offers omni-channel distribution and a broad product proposition to approximately 6 million customers across motor, pet, home and commercial (particularly SME). The company has upwards of 5,200 colleagues, across 19 sites, and reported GWP of £2 billion in 2022.

The combined group will bring together highly complementary capabilities across pricing, underwriting and distribution and as a result will deliver an enhanced proposition for millions of new and existing customers.

Kevin Spencer, Markerstudy Group CEO, said: “As existing business partners, we have worked closely with Atlanta for a long time, and so we know first-hand just how exceptional the business and its people are. There are few deals in the market with the potential to be truly transformational for all parties concerned and a combination with Atlanta has been a long-term ambition of ours.  The strong alignment in our models and shared values and ambitions simply could not be ignored. I’ve never been more excited for the future.”

Ian Donaldson, CEO of Ardonagh Retail, comments: “The coming together of well-known insurance brands and talent from across Atlanta and Markerstudy creates a major new player in the UK insurance industry and is the latest chapter in our phenomenal growth story. With the support and backing of the Ardonagh Group, Atlanta has evolved from the van broker Autonet, into a major multi-product, multi-brand insurance challenger in the UK. This transaction is a huge testament to our people and we look forward to working with Kevin and his team to continue innovating and providing great value to our customers.”

David Ross, CEO of The Ardonagh Group, said: “The Ardonagh strategy has always been to find and empower strong management teams, and to back their ambitions with a clear and relentless focus on equity value creation. This combination with Markerstudy is an important step in the Atlanta journey, and presents compelling opportunities for its customers and people. We are very proud of what the Atlanta team have achieved since joining our Group in 2017 and look forward to continuing to work with Kevin, Ian and our new partners at Pollen Street to create a major new player in the UK insurance market.”

Michael England, partner at Pollen Street, said: “We are thrilled to support this merger. Under Ian’s leadership Atlanta has expanded through organic growth initiatives and targeted M&A into a high quality distribution platform. Similarly Markerstudy has developed rapidly, growing strongly since we invested in 2021. In combining the two businesses we have an exceptional opportunity to support this major new platform.”

Fenchurch Advisory Partners is acting as exclusive financial adviser to The Ardonagh Group on this transaction.
Continuum Advisory Partners is acting as exclusive financial adviser to Markerstudy and Pollen Street Capital on this transaction.
Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as advisers to the founders of Markerstudy on this transaction.

ENDS

Media contacts:

Markerstudy Group

Charlie North
cnorth@markerstudy.com
07990 436690

Ben Welsh
benwelsh@certuscc.com
07568 382040

Mark Bishop
mark@markbishopconsulting.co.uk
07802 925053

The Ardonagh Group

Justin Griffiths / Siobhan McCluskey
Ardonagh@Powerscourt-Group.com
+44 (0) 20 7250 1446

Elinor Zuke
elinor@zuke.co.uk
+44 (0)7863 350270

Pollen Street 

Chris Sibbald
Chris.Sibbald@fgsglobal.com 
+44 (0)7855955531

Notes to editors

MARKERSTUDY GROUP

Established in 2001, the group supports UK broker partners and protects in excess of six million customers with a comprehensive range of insurance products and services.

Having grown organically and through targeted acquisition, Markerstudy includes the UK’s largest Managing General Agent, Markerstudy Insurance Services Limited (MISL).

We are an inclusive organisation of more than 5,200 employees and are proud to have achieved Gold accreditation from Investors in People for three consecutive periods.

Other sectors within the group are BGL Insurance and Markerstudy Broking – together providing a variety of motor, home, SME and pet insurance products in partnership with several of the best-known brands in UK financial services and retail, and through own brands, including Budget Insurance, Dial Direct, Lancaster Insurance and Purely Pets. Complementary businesses include Auto Windscreens, VisionTrack and Vision Vehicle Solutions.

Markerstudy has invested in market leading digital platforms and cutting edge data science and technology to improve the customer and colleague experience, winning 17 awards in 2022 across the group for excellence in technology, contact centres, apprentices, health and safety, risk management, and internet of things (IoT).

For more information, visit: www.markerstudygroup.com

THE ARDONAGH GROUP

The Ardonagh Group is the UK’s largest independent insurance distribution platform and a top 20 broker globally. Pro forma income is £1,572 million in the 12 months to 30 June 2023, and Adj EBITDA £544 million.

We are collection of best-in-class entrepreneurial and specialist brands with a network of over 200 locations and a combined workforce of 10,000 people. Across our portfolio, we offer a highly diversified range of insurance-related products and services across the full insurance value chain in the UK, Ireland and broader international markets. From complex multinational corporations to individuals purchasing personal insurance policies, our understanding of the communities we serve, together with our scale and breadth, allows us to work with our insurer partners to deliver a broad range of product and risk solutions that meet customer needs.

For more information, visit our website: www.ardonagh.com.

POLLEN STREET

Pollen Street is a purpose led and high performing private capital asset manager. Established in 2013, the firm has built deep capability across the financial and business services sector aligned with mega-trends shaping the future of the industry. Pollen Street manages over £3.4bn AUM across private equity and credit strategies on behalf of investors including leading public and corporate pension funds, insurance companies, sovereign wealth funds, endowments and foundations, asset managers, banks, and family offices from around the world. Pollen Street has a team of over 80 professionals with offices in London and the US.

For more information, visit: www.pollenstreetgroup.com

Bain Capital Special Situations

Bain Capital Special Situations is a global team of investors who have driven value creation for more than 20 years. Bain Capital Special Situations has $18 billion in assets under management and has invested more than $28 billion since our inception in 2002. We provide bespoke capital solutions to meet the diverse needs of companies, entrepreneurs, and asset owners. Across all market cycles, the strategy brings together credit, equity, corporate and real asset expertise to partner where traditional providers cannot. Our dedicated, global team of more than 100 investment and portfolio professionals contribute the local expertise and capabilities that enable these diverse investments. For more information, please visit: https://baincapitalspecialsituations.com/ 

BOSTON – July 19, 2023 – Bain Capital Insurance, the insurance investing business of Bain Capital, today announced the final close of its inaugural private equity fund, Bain Capital Insurance Fund, L.P. at $1.15 billion, above its initial target of $750 million.  The fund includes approximately $1 billion of outside commitments from institutional investors and high-net-worth individuals and families. Bain Capital employees committed the balance of the fund, continuing the firm’s heritage of being the largest investor collectively across its funds.

Bain Capital Insurance Fund is focused on middle market transactions in North America and Europe across the entire insurance value chain and draws on Bain Capital’s core capabilities of finding investment opportunities in highly complex, fragmented markets. The investment strategy is concentrated on three core areas:

• corporate transformations, such as management partnerships, carve-outs, and turnarounds
• launching and building new insurance platforms; and
• inflection or event-driven investments driven by supply/demand imbalances, evolving business models, and shifting industry trends.

“This significant milestone reflects the enthusiasm and trust of our investors, the relationships we’ve built with business leaders and entrepreneurs across the industry, and the significant opportunities we see to drive value across the complex insurance value chain,” said Matt Popoli, Partner and Global Head of Bain Capital Insurance. “We’ve built a scaled team of insurance investing experts, deep researched-backed themes, and the value creation approach to embrace that complexity, all supported by the global and platform advantages of the integrated Bain Capital platform.”

Bain Capital Insurance was formally launched in 2021 as a new business unit dedicated to capturing the significant opportunities available in the $27 trillion global insurance sector.  Popoli leads an experienced group of ~20 specialized professionals – one of the largest dedicated insurance investing teams in the private equity industry.

Bain Capital Insurance has executed several investments that are emblematic of its strategy.  In June, the firm announced an investment in Aptia, a newly formed business created by the purchase of U.S. employee benefits administration and U.K. pension administration businesses of March McLennan (NYSE: MMC).  It also previously launched Summitas Gruppe, an innovative German insurance brokerage platform, in partnership with JDC Group and Canada Life Irish Holding Co, and Enhance Health, a technology-enabled health insurance brokerage and care navigation platform serving the individual and family medical plan market.

###

About Bain Capital Insurance

Bain Capital Insurance is the dedicated insurance investing business of Bain Capital, a leading global private investment firm with over $165 billion under management across 24 offices on four continents.  We seek to collaborate with leading insurance businesses and management teams to unlock value and drive innovation across the insurance industry, specializing in insurance investing strategies that span the entire value chain and growth spectrum – from catalyzing transformational change, creating new platforms, and stepping into capacity-driven dislocations, to partnering with industry participants to meet their long term strategic and investment return targets.  Learn more at www.baincapitalinsurance.com.

TOKYO & NEW YORK – June 7th 2023 – Japan Post Insurance Co., Ltd. (“Japan Post Insurance”), KKR & Co. Inc. (together with its subsidiaries, “KKR”), and Global Atlantic Financial Group (“Global Atlantic”) today announced their entrance into a strategic partnership. Japan Post Insurance will additionally make a material investment in a reinsurance co-investment vehicle sponsored by Global Atlantic.

KKR and Global Atlantic’s collective track records of delivering customized solutions for global life and annuity insurance clients is well-suited to helping advance Japan Post Insurance’s growth strategy. The partnership enables Japan Post Insurance to access KKR and Global Atlantic’s platforms to enhance its growth and diversify its business portfolio into overseas markets.

“We believe this partnership has great potential for Japan Post Insurance to pursue new growth opportunities and diversify revenue sources. It also enhances our reinsurance strategy and asset-liability management capabilities and we will proceed in a gradual and prudent manner as this is the first international partnership for Japan Post Insurance, which currently does not have any overseas offices,” said Tetsuya Senda, Director and President, CEO, Representative Executive Officer of Japan Post Insurance. “We are very excited to expand our business collaboration with KKR, a leading global investment firm, and Global Atlantic, a leading global life and annuity reinsurance firm, as they are both committed to the Japanese market and trusted partners with whom Japan Post Insurance can develop a mutually beneficial relationship.”

Entering into this partnership with Japan Post Insurance advances KKR and Global Atlantic’s commitment to Japan, as well as their global insurance strategies to deliver both asset management and reinsurance solutions to their insurance clients.

Joe Bae and Scott Nuttall, Co-CEOs of KKR, said, “This is a testament to our continued commitment to expanding our insurance presence alongside high-caliber partners like Japan Post Insurance. We are pleased to enter into this partnership with Japan Post Insurance alongside Global Atlantic to pursue opportunities for growth and collaboration.”

“We are excited about the confidence placed into the Global Atlantic platform by Japan Post Insurance, a leading life insurance company in Japan. It is another sign of the enhanced value we bring to our global reinsurance clients,” said Allan Levine, Co-Founder, Chairman & CEO of Global Atlantic. “We continue to see tremendous opportunities to deploy capital, and Japan Post Insurance’s investment in the co-investment vehicle will allow us to further accelerate the growth of our franchise.”

Nishimura & Asahi and Willkie Farr & Gallagher LLP served legal advisers to Japan Post Insurance. BofA Securities acted as a financial adviser to Japan Post Insurance.

Debevoise & Plimpton LLP served as legal adviser to KKR and Global Atlantic. SMBC Nikko Securities Inc. served as a financial adviser to KKR and Global Atlantic.

About Japan Post Insurance

Japan Post Insurance is a life insurance company in Japan that offers a range of life insurance products, with a focus on individual life insurance, such as endowment insurance and whole life insurance. Japan Post Insurance began operations on October 1, 2007 as the life insurance company within the Japan Post Group. This change followed the privatization of Japan Post and the creation of separate companies for its various businesses. As a member of the Japan Post Group, Japan Post Insurance provides its customers with reliable insurance services, serving individual customers through its branch retail service division and Japan Post Co., Ltd.’s nationwide network of post offices and corporate customers through its branch whole sales division.

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.

About Global Atlantic

Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company’s performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR’s investment capabilities, scale and access to capital markets to enhance the value it offers clients. KKR’s parent company is KKR & Co. Inc. (NYSE: KKR). Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries.

Forward-Looking Statements

Certain information contained in this document constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “target,” “intend,” “continue” or “believe,” other variations thereon or comparable terminology. The forward-looking statements speak only as of the date hereof and are based on current beliefs, assumptions and expectations. Due to various risks, uncertainties and contingencies, including but whether the anticipated benefits of the partnership can be achieved, actual events or results or performance may differ materially from what is reflected or contemplated in such forward-looking statements. There is no obligation to update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. Past performance is not a guarantee of future results.

Toronto, Canada, May 25, 2023 – Onex Corporation (“Onex”) (TSX: ONEX) today announced the sale of approximately 8.2 million shares of Class A Common Stock of Ryan Specialty Holdings, Inc. (“Ryan Specialty”) (NYSE: RYAN). Ryan Specialty is a service provider of specialty products and solutions for insurance brokers, agents, and carriers.

Proceeds to Onex from this transaction were approximately $355 million. Onex continues to hold approximately 4.1 million shares of Class A Common Stock of Ryan Specialty.

A registration statement on Form S-3 was filed with the Securities and Exchange Commission (“SEC”) and became effective upon filing. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Onex
Onex is an investor and asset manager that invests capital on behalf of Onex shareholders and clients across the globe. Formed in 1984, we have a long track record of creating value for our clients and shareholders. Onex’ two primary businesses are Private Equity and Credit. In Private Equity, we raise funds from third-party investors, or limited partners, and invest them, along with Onex’ own investing capital, through the funds of our private equity platforms, Onex Partners and ONCAP. Similarly, in Credit, we raise and invest capital across several private credit, public credit and public equity strategies. Our investors include a broad range of global clients, including public and private pension plans, sovereign wealth funds, insurance companies and family offices. In total, Onex has $51.1 billion in assets under management, of which $7.8 billion is Onex’ own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms.
Onex is listed on the Toronto Stock Exchange under the symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

Forward-Looking Statements
This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as “believes”, “expects”, “potential”, “anticipates”, “estimates”, “intends”, “plans” and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forward-looking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

For Further Information:
Onex
Jill Homenuk
Managing Director – Shareholder
Relations and Communications
Tel: +1 416.362.7711
Zev Korman
Vice President, Shareholder
Relations and Communications
Tel: +1 416.362.7711

• Annual growth of >50% since initial investment in 2020 through a combination of 21 bolt-on acquisitions and strong organic performance
• New partnership with TA Associates will see the acceleration of MRHT’s impressive growth story, further establishing its position as one of the leading commercial lines insurance broker in the DACH region
• Sale of stake comes 2.5 years after initial investment at a 4.3x money multiple

AnaCap Financial Partners (“AnaCap”), a market-leading partner for founders and entrepreneurial management teams, across software, technology and services companies operating within the European financial ecosystem, today announces the sale of a minority stake in portfolio company MRH Trowe (“MRHT” or “the Group”), one of the largest owner-managed commercial lines insurance brokers in Germany.

AnaCap and MRHT’s founding managers have signed an agreement to sell a minority stake in the Group to TA Associates. The founding managers will remain the largest shareholder group post transaction and will be backed by both AnaCap and TA Associates moving forward. Closing of the transaction is subject to EU antitrust approval.

This transaction, which marks the fourth exit from AnaCap’s third fund, generates a 4.3x money multiple and follows shortly after the 4x exit of Oona Health to Topdanmark earlier this month.

MRHT is one of the ten largest German industrial insurance brokers, with more than 1,100 employees and €650 million of premium volume, offering comprehensive expertise in practically all insurance lines for industrial and commercial clients, financial institutions as well as high-net-worth individuals. The owner-managed company has a holistic advisory offering, specialised teams of experts and a high degree of digitalisation at the interfaces of clients, brokers and insurers.

The sale comes 2.5 years after AnaCap’s initial investment, during which time MRHT have completed 21 bolt-on acquisitions, complementing existing product propositions, client coverage and geographical footprint. During this time, MRHT has also demonstrated a strong double-digit organic growth rate.

The new growth partnership with TA Associates will further accelerate MRHT’s growth trajectory and cement its position as a leading insurance broker in the DACH region. The Group is now on track to deliver more than €150 million of revenue in 2023.

This transaction follows the recent completion of a debt refinancing for MRHT, led by Macquarie Capital Private Credit and existing lending partner Bain Capital Credit. This extended partnership will further optimise MRHT’s capital structure and provide the funding necessary to deliver on the next chapter of the company’s growth.

Ralph Rockel, Co-Founder and Chief Executive Officer at MRH Trowe, commented:

“Our partnership with AnaCap has already been one of significant support in the development of our business and brand. With the additional expertise of our new growth partner TA Associates and improved capital structure, we will be able to reach a new level of potential, both across DACH and internationally. This is an exciting time for both MRHT customers and employees.”

Tassilo Arnhold, Co-Managing Partner at AnaCap, added:

“To date, it has been an absolute privilege to work in partnership with the founders of MRHT and we are thrilled to continue this exciting journey together going forward. The investment in MRH Trowe is one of our most successful investments and we are now delighted to welcome an experienced investor like TA Associates to this successful partnership. Our core focus remains to back strong entrepreneurs in the financial services sector and the MRH Trowe founder management team with its vision to pursue an integrated buy-and-build model, holistic client servicing approach and strong value-based leadership culture continues to excite us tremendously.”

Arnhold continued:

“This transaction not only gives AnaCap and its investor base a very impressive return of a 4.3x money multiple but it also allows for significant further growth of the business. We see the DACH brokerage landscape continuing to undergo rapid consolidation and look forward to supporting MRHT together with TA Associates in the next phase of growth for the business.”

Chris Parkin, Managing Director and Co-Head of Financial Services at TA Associates, concluded:

“We believe MRH Trowe is uniquely positioned to consolidate its large and highly fragmented market. We have followed the company for many years and are truly impressed by the work that the Founders and broader team have accomplished. The combination of its holistic client approach, organic growth and best-in-class integration enables MRH Trowe to deliver superior client service while also enjoying sustained growth. We are excited to join AnaCap on this journey in support of the management team.”

The fast-growing insurance company Hedvig raises SEK 333 million in an investment round led by Adelis Equity Partners as new controlling shareholder, with Swedish bank SEB and Nicklas Storåkers as co-investors. In conjunction with the transaction, SEB initiates a strategic distribution partnership with Hedvig. The new board of directors will be led by Nicklas Storåkers as chairman and include Michael Wolf as board member.

Only five years from inception, Swedish insurance company Hedvig has set a new standard in terms of customer service and availability, which has led to 10% of the Swedes choosing Hedvig when signing up for a new home insurance. As a result, Hedvig today has 130,000 members and a total GWP volume of SEK 200 million. To further accelerate the journey, Hedvig now raises SEK 333 million in a round led by new controlling shareholder Adelis, with SEB and Nicklas Storåkers as co-investors.

“Following this transaction, Hedvig will leave the startup phase, and with a fully capitalized business plan we will execute on a more focused growth strategy whilst reaching profitability. As part of the strategy, I am very happy to welcome Adelis as a strong and experienced growth partner”, says Lucas Carlsén, CEO and co-founder at Hedvig.

“Hedvig has built a unique position as challenger in the Swedish insurance market, with its market share growing fast and consistently every month. Over the past months, Hedvig has also proven its ability to grow in a cost-efficient manner, thanks to its successful partnership model as main growth driver. With a stronger capital base and an experienced board, we look forward to supporting Hedvig to become a leading insurance company in Sweden”, says Erik Hallert, partner at Adelis.

In conjunction with Adelis becoming the new controlling shareholder, SEB will co-invest and simultaneously initiate a strategic distribution partnership with Hedvig. Nicklas Storåkers, ex CEO of Avanza and Hedvig’s first investor in 2017, will also invest and become chairman of the board.

“I have followed Hedvig for six years, they offer an outstanding customer experience and are growing rapidly, not the least through partnerships. SEB is an example of a partner that will be able to distribute Hedvig’s products along with its core offering. Going forward, I am convinced that future partners to Hedvig will encompass everything from banks to car dealers, who will strengthen their offering with Hedvig insurances as an add-on”, says Nicklas Storåkers, incoming chairman at Hedvig.

The new board of directors will represent significant industry experience and include Michael Wolf (ex CEO of Swedbank), Henrik Rättzén (ex CFO of Trygg-Hansa) and Torgny Johansson (CEO of Futur Pension).

The transaction is subject to customary regulatory approval from the Swedish Financial Supervisory Authority and expected to close in the coming months.

For further information:

Lucas Carlsén, CEO and Co-founder at Hedvig AB

Phone: 072-529 88 65

E-mail: lucas@hedvig.com

Erik Hallert, Adelis Equity Partners

Phone: 070-936 80 41

E-mail: erik.hallert@adelisequity.com

About Hedvig

Hedvig is a Swedish insurance company on a mission to make it effortless to bounce back from loss. Launched in Sweden in 2018, Hedvig now insures 130,000+ people through home, accident, travel, and car insurance. Through stellar service and fast in-app claims handling, Hedvig defines a new type of insurance experience. For more information, please visit www.hedvig.com

About Adelis Equity Partners

Adelis is a growth partner for well-positioned, Nordic companies. Adelis partners with management and/or owners to build businesses in growth segments and with strong market positions. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, making 38 platform investments and more than 180 add-on acquisitions. Adelis today manages approximately €2.5 billion in capital. For more information, please visit www.adelisequity.com