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Platinum Equity’s 2024 Highlighted by $12.4B Fund VI Close, Ingram IPO, Deal Uptick

Platinum

In spite of a challenging climate for fund raising, Platinum Equity Capital Partners VI (“Fund VI”) closed in 2024 with $12.4 billion in capital commitments, exceeding its target.

The global M&A markets saw some signs of a rebound last year after a slow 2023. Platinum Equity reacted with a combination of discipline and creativity, completing 12 new platform acquisitions and 59 add-ons across multiple sectors. The firm’s credit team also had another active year.

Harvesting value was a top priority with 13 divestitures and several other monetization events.

Arguably the most visible news happened in October when Ingram Micro returned to public markets in an initial public offering. The day served as a reminder of the promise Platinum Equity recognized in Ingram Micro when the firm acquired the technology distributor in 2021.

Platinum Equity Chairman and CEO Tom Gores and the firm continued to make positive impact in the community. Gores’ $3 billion partnership with Henry Ford Health and his alma mater Michigan State University to transform a Detroit neighborhood received critical local approval.

Gores and Platinum Equity continued their support of the Jalen Rose Leadership Academy, helping raise money for the public charter school in Detroit and working as mentors to JRLA scholars. The firm’s portfolio companies awarded scholarships, raised millions of dollars for charities, and donated time to help those in need.

Although indications are pointing toward a continued M&A uptick in 2025, global activity remains below historical norms. Armed with access to capital and teams capable of pursuing transactions of any size anywhere in the world, the firm is confident in its ability to react to whatever this year has in store.

 

“Although we have grown, we’ve stayed true to our fundamentals. And ultimately, that’s what it’s all about, our ability to execute. The world has gone through up and downs, faced challenges, but Platinum Equity always adjusts.”

Tom Gores, Chairman and CEO, Platinum Equity

 “We’ve been in business for nearly 30 years, and we’ve grown, we’ve matured,” Platinum Equity Founder and CEO Tom Gores said. “We’ve gone through multiple economic cycles, a pandemic, other complicated times.

“Although we have grown, we’ve stayed true to our fundamentals. And ultimately, that’s what it’s all about, our ability to execute. The world has gone through up and downs, faced challenges, but Platinum Equity always adjusts.”

Here’s a look back at 2024:

Platinum Equity Fund VI Closes On $12.4 Billion in Capital Commitments

Fund VI, which closed in the first half of 2024, exceeded its $12 billion target and represents the firm’s largest capital raise to date, surpassing Platinum Equity Capital Partners V, which closed on $10 billion in 2020.

The offering generated high demand from a diverse range of institutional investors around the world and overcame stiff industrywide headwinds that sidelined some managers or forced them to downsize. Fund VI closed with nearly 400 limited partners from 37 countries, featuring a mix of new and long-time investors attracted to the firm’s specialized M&A&O® approach.

Platinum Equity-Backed Ingram Micro Begins Trading on NYSE

Executives from Ingram Micro rang the bell at the New York Stock Exchange (NYSE) in October to celebrate the global technology distributor’s return to public markets. Since Platinum Equity acquired the business in 2021, the firm has partnered with Ingram on a comprehensive operational improvement plan, accelerated its digital transformation initiatives, and used buy- and sell-side M&A to sharpen the company’s focus on its core business.

Platinum Equity Sells Minority Stake in Jostens, Recaps Balance Sheet

Platinum Equity sold a minority stake in Jostens to Koch Equity Development LLC in a $640 million recapitalization in November. Founded in 1897 and headquartered in Minneapolis, Jostens is a provider of custom class jewelry, graduation products and yearbooks serving the K-12 and college education markets.

Platinum Equity Closes Multiple Complex Carveouts

Platinum Equity completed the acquisition of a majority interest in Horizon Organic and Wallaby from Danone in April. Horizon Organic’s portfolio of organic dairy products includes milk, creamers and whiteners, yogurt, cheese and butter. Also, Platinum Equity closed its deal with Kohler Co. in May to establish Kohler Energy as a separate independent business and officially rebranded it Rehlko, a provider of resilient energy solutions. Platinum Equity is the majority shareholder in the new company and Kohler Co. remains an investment partner.

Platinum Equity Expands Portfolio of Food and Beverage Investments

In December, Platinum Equity acquired a majority stake in Polli, a producer of pasta sauces and vegetable preserves. In November, Platinum Equity and Butterfly, a private equity firm specializing in the food sector completed the acquisition of Rise Baking Company, a supplier of bakery products. Polli and Rise join Horizon Organic, rum bottler E&A Scheer, wine distributor Fantini Group, sweet biscuits maker Biscuit International and frozen seafood producer Iberconsa as portfolio companies in the food and beverage space.

Sunrise Medical Acquisition Highlight of Firm’s European Activity

Platinum Equity’s London team led the acquisition of wheelchair company, Sunrise Medical, which closed in September. The Germany-based company develops, designs, manufactures and distributes assistive mobility products and solutions such as manual and power wheelchairs. Sunrise Medical’s products are sold through a network of homecare medical product dealers or distributors in more than 130 countries. The E&A Scheer and Polli investments were led by the firm’s European Small Cap team.

Platinum Equity Active on Buy- and Sell-Side in Canada

In July, the firm signed a definitive agreement to acquire Héroux-Devtek, a Québec-based international manufacturer of aerospace and defense products and the world’s third largest landing gear manufacturer. The acquisition subsequently closed in February 2025. On the sell-side, Platinum Equity closed out 2024 year with an agreement to divest Toronto-based Livingston International to Purolator in a transaction that closed in February 2025. Platinum Equity said it will continue seeking opportunities to expand its portfolio of Canadian investments.

Platinum Equity Exits Yak Access, Hunterstown Power

Platinum Equity exited its investment in Yak Access in a $1.1 billion sale to strategic buyer United Rentals. Yak Access provides hardwood, softwood and composite mats for surface protection across both construction and maintenance. Platinum Equity also sold the Hunterstown power generation facility and related assets to a strategic buyer in July.

Platinum Equity Makes Foray Into India

In August, Platinum Equity closed its first deal in India with the acquisition of a majority stake in Inventia Healthcare. The Mumbai-based pharmaceuticals company’s main business is generic drugs. Inventia serves a variety of geographies, including the U.S., the U.K., and Latin America. Platinum Equity said it’s increasingly focused on India as the buyout market there continues to evolve, and more opportunities become available that fit the firm’s operations-intensive approach.

Platinum Equity Small Cap Team Makes Multiple Investments

In February, Platinum Equity’s Small Cap team invested in TAK Communications, a national provider of communications and broadband infrastructure services. TAK’s existing shareholder and management remained with the business to partner with Platinum Equity on the transaction. In July, the Small Cap team invested in a majority stake in Motors & Armatures, Inc. (MARS), a distributor of HVAC/R parts, supplies and equipment in the U.S. and Canada.

Platinum Equity Credit Strategy Delivers Lending, Financing, Credit Solutions

In June, Platinum Equity’s credit team provided a first-lien term loan to Westphal Technik, a vertically integrated manufacturer of injection molded plastic components that serves the healthcare and consumer packaged goods end markets. In October, the firm announced a new and upsized second-lien term loan for Railway Equipment Leasing and Maintenance Inc., and in December the credit team led acquisition financing for Branding Iron Holdings in connection with Kingswood Capital Management’s purchase of the company. Branding Iron provides branded and private label protein products.

Tom Gores-Backed New Center Development Receives Detroit OK

The Detroit City Council approved the $3 billion mixed-used development project to transform the New Center neighborhood.  Gores will build housing, greenspace, walkable areas and attract retail partners as part of the project, which is expected to begin in 2025.

Gores, Platinum Equity Continue Support for JRLA Scholars

Tom Gores and Platinum Equity continued their support for the Jalen Rose Leadership Academy, a public charter high school founded by former NBA player and media personality, Jalen Rose. In the summer, the Detroit Golf Club hosted the school’s 14th charity celebrity golf outing, which was sponsored by Gores and Platinum Equity.

Platinum Equity Portfolio Companies Continue Charitable Work

Among many charitable efforts, multiple portfolio companies rushed to help residents in the southeastern U.S. after Hurricanes Milton and Helene devastated communities. Diversey, a Solenis company, awarded 18 scholarships valued at $1,000 each for infection prevention professionals to attend the APIC 2024 Annual Conference and Exposition in June in San Antonio. In April, Club Car hosted its annual Club Car Championship tournament, which raised $450,000 for charities in Savannah, Ga. US LBM Foundation raised more than $2.75 million for a variety of charities from its eighth annual golf outing.

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Thoma Bravo Closes First European Fund at €1.8 Billion, Exceeding its Target

Thomabravo

Firm Sees Significant Opportunity to Back Next Generation of European Software Leaders

LONDON, United Kingdom—Thoma Bravo, a leading global software investment firm, today announced the completion of fundraising for its first European-focused fund, Thoma Bravo Europe Fund (“the Europe Fund”), totaling approximately €1.8 billion in capital commitments.

The Europe Fund seeks to make equity investments in innovative, middle-market software businesses across core European software markets with the goal of supporting founders, entrepreneurs and management teams in scaling their businesses into European industry leaders.

“Our first dedicated pool of capital for European software marks a significant milestone for our firm,” said Orlando Bravo, a Founder and Managing Partner at Thoma Bravo. “We see an enormous opportunity to back Europe’s technology innovators and help them scale, and we are grateful for the long-term support of our investors in realizing this ambition.”

“The closing of our first Europe Fund represents a significant opportunity to deepen our presence in the region,” said Irina Hemmers, a Partner at Thoma Bravo and head of its European office. “Europe is digitizing rapidly, and leading software companies are increasingly looking for dedicated support and investment to accelerate their growth strategies. As a highly specialized investor, we bring decades of operational expertise and best practice that we believe can help turn the top regional software businesses into European champions and global leaders.”

Thoma Bravo has been investing in Europe for fourteen years, having deployed over €14 billion of equity across 16 transactions in the region. Since the opening of its first international office in London in 2023, Thoma Bravo’s European team has made four investments across the Netherlands, Germany and Sweden, including the €400m take-private of EQS Group and growth investments in USU, Hypergene and LOGEX.

About Thoma Bravo

Thoma Bravo is one of the largest software-focused investors in the world, with over US$166 billion in assets under management as of September 30, 2024. Through its private equity, growth equity and credit strategies, the firm invests in growth-oriented, innovative companies operating in the software and technology sectors. Leveraging Thoma Bravo’s deep sector knowledge and strategic and operational expertise, the firm collaborates with its portfolio companies to implement operating best practices and drive growth initiatives. Over the past 20+ years, the firm has acquired or invested in more than 500 companies representing approximately US$265 billion in enterprise value (including control and non-control investments). The firm has offices in Chicago, Dallas, London, Miami, New York and San Francisco. For more information, visit Thoma Bravo’s website at thomabravo.com.

Read the release on PR Newswire here.

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ContextLogic Announces Up to $150 Million Strategic Investment by BC Partners

  • Strategic investment and capital commitment positions the Company to execute on its stated acquisition-led value maximization strategy; ContextLogic to have up to $300 million of investible cash
  • Ted Goldthorpe, Head of BC Partners Credit, expected to be named Chairman of the Board

ContextLogic Inc. (NASDAQ: LOGC), (“ContextLogic” or the “Company”) and BC Partners, an alternative investment manager with c.€40 billion in assets under management, today announced that a fund advised by BC Partners Advisors L.P. will purchase up to $150 million of convertible preferred units (the “Preferred Units”) of ContextLogic Holdings, LLC, a newly-formed Delaware limited liability company (“Holdings”) and a wholly-owned subsidiary of the Company.

The investment and commitment by BC Partners, which is being led by BC Partners’ credit arm, together with cash on hand, provides ContextLogic with access to up to $300mm of cash and $2.7bn of cumulative net operating losses. Together BC Partners and the Company will review, identify, and evaluate strategic opportunities for the benefit of ContextLogic and its stockholders. The partnership follows successful initiatives by management to create a streamlined administrative and financial structure to achieve the Company’s strategic goals of acquiring and/or building one or more operating businesses.

The Preferred Units will have an initial dividend rate of 4.00%, which will increase to 8.00% upon the closing of an acquisition. The preferred units will be convertible into common units on a one-for-one basis. A fund advised by BC Partners will invest $75 million at the initial closing, and Holdings may, at its option, issue an additional $75 million of convertible preferred units to BC Partners following the initial closing date to fund an acquisition. Following completion of the investment, ContextLogic will own 58.4% and a fund advised by BC Partners will own 41.6% of Holdings’ common units on a fully diluted basis, assuming full exercise of Holdings’ option to issue additional convertible preferred units.

Rishi Bajaj, Chief Executive Officer of ContextLogic, commented, “We are excited to work with BC Partners, drawing on their expertise and strategic acumen as we seek to create compelling value for shareholders. BC Partners’ track record of value creation across the platform is impressive, and we believe they are best-in-class partners to help maximize value for shareholders. The BC Partners team brings significant experience building businesses across industries, and their capital raising capabilities, global network and operational capabilities will position the Company to deliver on its value creation plan. We strongly believe this new investment will provide us with the capital and flexibility needed to complete an attractive acquisition that could serve as a platform for future acquisitions and enable ContextLogic to fully utilize its considerable assets.”

Ted Goldthorpe, Partner at BC Partners, Head of BC Partners Credit, and incoming Chairman of ContextLogic, said, “BC Partners is excited to take this first step in realizing the tremendous value embedded in ContextLogic. We look forward to working with Rishi and the ContextLogic team to capitalize on their strong balance sheet, featuring up to $300mm of available cash. We will bring to bear the full resources of BC Partners as ContextLogic evaluates a host of strategic opportunities to deliver value to stockholders.”

Board of Directors

Ted Goldthorpe and Mark Ward are expected to join the Board of ContextLogic, with Mr. Goldthorpe expected to serve as Chairman, upon closing.

Ted Goldthorpe is a Partner at BC Partners, where he leads BC Partners Credit, a platform that he co-founded in 2017. Previously, Ted was President at Apollo Investment Corporation, Chief Investment Officer of Apollo Investment Management, and Senior Portfolio Manager, U.S. Opportunistic Credit. At Apollo, he was also a member of the Senior Management Committee and oversaw its US Opportunistic Credit platform. Prior to this, Ted was a Managing Director of the Special Situations Group at Goldman Sachs and ran the Bank Loan and Distressed Investing Desk.

Mark Ward is a Principal on the Credit team at BC Partners, having first joined the team in 2020. Prior to that Mark worked in the Restructuring Group at Houlihan Lokey.

There is no agreement between ContextLogic and any potential target company, and we can provide no assurance that an acquisition will be completed.

Advisors Rothschild & Co acted as exclusive financial advisor to the Company. Schulte Roth & Zabel LLP acted as legal advisor to the Company and Holdings. BC Partners was advised by Proskauer Rose LLP and Ocean Lane Partners.

About ContextLogic ContextLogic Inc. is a publicly traded company that previously completed the sale of substantially all of its operating assets and liabilities in April 2024. ContextLogic is pursuing strategic alternatives to generate value for its shareholders. For more information about ContextLogic, please visit ir.contextlogicinc.com.

About BC Partners and BC Partners Credit BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

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TDR Capital V acquires CorpAcq

Tdr Capital

London, 24 February 2025 – TDR Capital LLP, a leading UK-based, European private equity firm, has made a majority investment in CorpAcq Holdings Limited (“CorpAcq”), a business acquisition compounder based in Altrincham, UK.

As part of the transaction, Vintage Strategies at Goldman Sachs Alternatives, an investor in CorpAcq since 2021, will re-invest to become a minority shareholder alongside TDR.

Founded in 2006 by Simon Orange, CorpAcq specialises in investments in wellestablished, stable and cash generative SMEs in the UK, with a focus on industrial products and services. Its current portfolio consists of a diversified group of over 40 companies delivering strong organic growth.

CorpAcq’s model allows founders to maintain management control and keep their existing brand. Being a long term, strategic investment partner that offers operational support to the businesses it owns has helped CorpAcq grow adjusted EBITDA by 17% per annum over the last five years, reaching £697m of revenues and £119m of adjusted EBITDA in the financial year ended 2023.

Simon Orange and the existing CorpAcq management team will maintain a significant shareholding and continue to run the business. TDR is confident that CorpAcq’s resilient portfolio, proven origination platform and ambitious growth plans will deliver significant upside potential. Its investment in the business will primarily support future CorpAcq acquisitions.

Simon Orange, Founder and Chairman of CorpAcq, said: “We have found an investment partner in TDR that aligns with CorpAcq’s value creation strategy, shares our long-term view, and is fully supportive of the business as we embark on our next phase of growth.” Tom Mitchell, Managing Partner at TDR Capital, said: “In CorpAcq, we identified a highly successful compounder of UK SMEs that has significant further growth potential. With our investment, CorpAcq can continue to provide its owner-friendly business combination strategy, and we look forward to working with Simon and the rest of the CorpAcq team to realise this.”

Nachiketa Rao, Managing Director in Vintage Strategies at Goldman Sachs Alternatives, said: “We are excited to have partnered with CorpAcq as a Portfolio Finance provider to support the impressive growth of their platform. We look forward to this next chapter alongside TDR and management as an equity co-investor.” Barclays and Paul, Weiss, Rifkind, Wharton & Garrison LLP advised TDR. CorpAcq were advised by UBS Investment Bank and Reed Smith LLP. Vintage Strategies at Goldman Sachs Alternatives was advised by Ropes & Gray. –ENDS–

For further information, please contact: TDR Capital tdr@headlandconsultancy.com

About TDR Capital

TDR Capital LLP is a leading European private equity firm with over €15 billion of assets under management. Founded in 2002, TDR typically acquires majority stakes in strong, market-leading European companies with the potential for robust growth and resilience throughout economic cycles. The firm has managed five European mid-market buyout funds. The team of 61 professionals currently manages assets across four European mid-market buyout funds from its headquarters in London. To date, the firm has made 27 platform investments, and its portfolio companies employ over 270,000 people around the world. TDR takes a long-term approach to investment and, in addition to capital invested, also provides expert resource to help drive sustainable value creation and positive, transformational change within the businesses it owns.

For more information, visit tdrcapital.com.

About Vintage Strategies at Goldman Sachs Alternatives

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $450 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, hedge funds and sustainability. Clients access these solutions through direct strategies, customized partnerships, and openarchitecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors, and individuals. Goldman Sachs has over $2.8 trillion in assets under supervision globally as of December 31, 2023. Established in 1998, Vintage Strategies at Goldman Sachs Alternatives is one of the largest secondaries investors in the world and has invested over $70 billion of capital since inception and has been a pioneer in the industry. The business provides liquidity, capital and partnering solutions to private market investors and managers worldwide across a range of private market strategies. For more information, visit am.gs.com/engb/advisors/solutions/alternatives

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AltamarCAM Partners announces Final Closing of ACP Secondaries 5 at close to €1.6 billion, surpassing initial target

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  • The fund closed above its €1.3 billion target despite a tough fundraising climate, reflecting strong investor confidence.
  • The collaboration between Permira and AltamarCAM Partners has been key to achieving this milestone, with Permira helping to broaden access to a high-quality LP base.

 

Madrid, 18 February 2025 – AltamarCAM Partners, a global asset management firm focused on private markets and AUM of over €20 billion, is pleased to announce the final closing of its fifth flagship secondaries program ACP Secondaries 5, at close to €1.6 billion, exceeding its original target size. The successful fundraise underscores strong investor confidence in AltamarCAM’s expertise and proven track record in the secondaries market.

ACP Secondaries 5, has attracted commitments from a diverse base of institutional investors (including pension funds, insurance companies, endowments, and foundations), family offices, and high-net-worth individuals across 16 countries in Europe, North America and Latin America.  More than 40% of the investors are new to the firm.

Over €1 billion (or about 60%) has already been deployed in 33 secondary transactions, in line with the fund´s objectives of optimal diversification across key metrics (including geographies, sectors, vintages, number and types of transactions, and underlying sponsors and portfolio companies).

The strong demand for the fund reflects the growing recognition of secondaries as a strategic and resilient investment opportunity in today’s evolving market environment.

The collaboration between Permira and AltamarCAM Partners has been key to achieving this milestone, broadening the firm´s access to a LPs world-wide.

Commenting on the final closing, José Luis Molina, Global CEO at AltamarCAM Partners, said: “We are grateful for the continued support of our long-term and new investor base. The successful fundraising of ACP Secondaries 5 reflects the confidence and trust placed by our investors, predicated on the attractiveness of AltamarCAM’s differentiated strategy, consistent performance over two decades, as well as our increasing scale and global reach.  Our team and platform are strongly positioned to capture the opportunities within this growing market.”

Investment strategy and market focus

ACP Secondaries 5 continues AltamarCAM’s established approach of targeting high-quality secondary opportunities globally, leveraging its extensive network and deep market insights to identify solid investments, mainly focused on the mid-market.

AltamarCAM Partners has been active in the secondaries markets for over 20 years. Since 2005, AltamarCAM Partners has invested close to €3 billion in secondaries transactions1 across a variety of strategies.

The firm is focused on generating alpha in the secondaries market, mainly within the GP-led segment, and taking a bottom-up approach to analysing each underlying asset. At the core of AltamarCAM’s investment philosophy is our focus on capital preservation while delivering strong risk-adjusted returns for our clients across cycles. As part of that philosophy, we seek to generate alpha with a reduced risk profile, without relying on additional leverage or financial engineering.

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KKR Raises Over $850 Million for Opportunistic Real Estate Credit Strategy

KKR

NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced the final close of the KKR Opportunistic Real Estate Credit Fund II (“ROX II”), a strategy dedicated to opportunistic investments in senior loans and real estate securities in the U.S. and Western Europe. Closed commitments to the comingled fund and separate accounts pursuing KKR’s Opportunistic Real Estate Credit Strategy total over $850 million.

ROX II is KKR’s flagship private fund investing across the full breadth of KKR Real Estate Credit’s opportunistic capabilities. The strategy has a flexible mandate to pursue attractive risk-adjusted returns across both loans and securities. Loan originations will focus on first mortgages secured by high-quality properties owned by institutional sponsors and located in major markets within the United States and Western Europe. KKR has established a leading franchise over the past decade as a mortgage lender of choice to top sponsors. Securities investments will leverage KKR’s position as the largest third-party purchaser of risk retention CMBS B-Pieces, as well as K-Star, KKR’s dedicated special servicer.1

“We believe it is a great time to invest real estate credit. The asset class offers attractive absolute and relative returns, underpinned by the opportunity to lend on high-quality, well-located assets at conservative leverage levels on re-set property values,” said Matt Salem, Partner and Head of Real Estate Credit at KKR. “We have designed our ROX II strategy with a flexible mandate to participate in what we view as the best risk-adjusted opportunities we see across our platform, with the objective of delivering attractive returns coupled with significant current income and a focus on downside protection.”

“Our extensive borrower relationships, built over the past decade, have enabled us to continue our disciplined deployment into an attractive market,” said Joel Traut, Partner and Head of Originations for Real Estate Credit at KKR. “We believe private capital will play an increasingly important role in the commercial real estate market as loan demand continues to climb, and this positions us very well to deliver attractive risk-adjusted opportunities for our investors.”

KKR’s global real estate business invests thematically in high-quality real estate through a full range of scaled equity and debt strategies. KKR’s more than 140 dedicated real estate investment and asset management professionals across 16 offices apply the capabilities and knowledge of KKR’s global platform to deliver outcomes for clients and investors. Since 2015, KKR’s real estate credit strategy has originated $43.4 billion of loans and invested $14 billion in commercial mortgage-backed securities (CMBS).2

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. For additional information about Global Atlantic Financial Group, please visit Global Atlantic Financial Group’s website at www.globalatlantic.com.

1 Based on the face amount retained on conduit and SASB CMBS deals from January 1, 2017 – September 30, 2024; Source: Commercial Mortgage Alert (accessed October 2024).

2 As of September 2024

Media
Miles Radcliffe-Trenner or Lauren McCranie
(212) 750-8300
media@kkr.com

Source: KKR

 

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Eurazeo participates in GERMITEC’S EUR 29 million series B fundraising

Eurazeo

The Nov Santé Actions Non Cotées Fund, managed by Eurazeo1, dedicated to the development of the healthcare sector in Europe and which was launched at the initiative of France Assureurs and the Caisse des Dépôts, is announcing the finalization of its third Growth Equity investment in Germitec. Nov Santé Actions Non Cotées is acting as lead investor in this €29 million Series B fundraising alongside historic shareholders including Kurma Partners (Eurazeo’s Health Venture subsidiary), Financière Arbevel, Turenne Capital and the founding family.

Germitec: an innovative French MedTech specializing in High-Level Disinfection solutions for ultrasound probes

Germitec, whose headquarters are based in Bordeaux, is a leader in the field of ultrasound probe disinfection. Using patented technology, the company designs automatic UV-C High Level Disinfection solutions for external, long and short endocavitary and transesophageal ultrasound probes as well as ENT endoscopes without working channel which are all notably used in gynecology and IVF treatments, cardiology, urology and ENT. Using cycles ranging from 90 seconds to approximately 3 minutes, these chemical-free and single-button automatic devices considerably reduce the risk of cross-contamination. Moreover, the intuitive workflow interface enables data storage, visualization and downloading to guarantee complete traceability of the disinfection process.

Its environmentally friendly technology provides an alternative to existing offers on the market (automated or manual chemical solutions such as wipes or chemical baths) whilst meeting the demands of health professionals.

The demand in the global disinfection market is booming, driven by growing needs in the prevention of healthcare-associated infections (in 2023, 72,000 people in the USA and 4,000 in France died because of an infection caught in a medical environment) and the growth dynamic in the use of ultrasound as a reference-tool in medical imagery. By offering solutions adapted to the needs of healthcare professionals, Germitec is positioning itself as a major player in a key public health sector.

With a presence in over 40 countries, Germitec already benefits from international recognition and is today aiming to establish itself in new markets such as the United States, where the company recently obtained the FDA De Novo certification2 for its flagship Chronos3 product. To meet its goals, the company is raising €29 million with the support of Nov Santé Actions Non Cotées acting as lead investor alongside existing investors who are again participating in this second round.

A symbol of the Eurazeo group’s healthcare expertise

This co-investment between Nov Santé Actions Non Cotées and Kurma Partners, its Health Venture subsidiary, Eurazeo reaffirms its commitment to build its leadership in the strategic healthcare sector. Following on from PanTera in September 2024, this new joint participation illustrates the complementarity of skills within the Group which aims to support innovation and the emergence of industrial European leaders in the healthcare sector.

Following on from Kinvent in December 2023 and PanTera in September 2024, Germitec is the third Growth Equity investment by Nov Santé Actions Non Cotées.

Vincent Gardès, CEO of Germitec, declared:

“The Nov Santé and Kurma Partners teams’ expertise is a major asset that will support Germitec in our new development phase. With the obtention of the FDA accreditation, we have accomplished a decisive move that provides us with an exceptional perspective in the United States where there is a market opportunity of 60,000 units. We are confident in our capacity to capture this market thanks to the quality and distinction of our products, as well as the commitment and expertise of our teams.”

Arnaud Vincent, Managing Director – Healthcare at Eurazeo, added:

“We are very proud that Germitec and its historic shareholders have chosen Eurazeo as lead investor. We have been convinced by the company’s expertise, its innovative position, as demonstrated by its FDA accreditation, and the quality of its management. We are delighted to participate in this new phase for Germitec: the roll-out of its solution in the United States. By supporting Germitec, we are contributing to the advancement of healthcare solutions that respond to major challenges in public healthcare with the prevention of nosocomial infections and are supporting French healthcare sovereignty with products that are fabricated on home soil.”

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1 As part of the Eurazeo Global Investor company.
2 The FDA’s De Novo classification process creates, when the technology is not matched by any other, a new classification validating marketing and distribution of medical devices in the US.
3 September 5th, 2024, Germitec’s press release: Germitec’s Chronos® Achieves First-Ever FDA De Novo: A Breakthrough in Infection Prevention.

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EQT introduces EQT Nexus Infrastructure

  • With both institutional and individual investors looking to evergreen strategies for diversification and customization, EQT broadens portfolio with the introduction of EQT Nexus Infrastructure

  • EQT Nexus Infrastructure offers exposure to EQT’s infrastructure strategies, direct investments in infrastructure companies in EQT’s portfolio, and the same distinctive infrastructure investment approach EQT’s institutional clients have benefited from for over fifteen years

  • EQT is one of the world’s largest infrastructure investors – ranked no.5 on the Infrastructure Investor 100 list by capital raised in the last five years – with three dedicated strategies: Value-Add, Active Core, and Transition Infrastructure

EQT has today introduced EQT Nexus Infrastructure (or “the Strategy”), its latest evergreen strategy. EQT has been expanding in the evergreen space since the launch of its first evergreen strategy for individual and institutional investors in 2023, with this introduction reflecting investors’ growing desire to customize their private markets portfolios.

EQT Nexus Infrastructure provides individual and institutional investors access to a diversified suite of infrastructure investment strategies. With experienced, local teams and a network of more than 600 industrial advisors, EQT’s EUR 75 billion global infrastructure business deploys capital through its Value-Add Infrastructure, Active Core Infrastructure, and Transition Infrastructure strategies. The platform identifies and develops high-quality infrastructure businesses that provide essential services to society, thematically sourced within the digital, energy and environmental, transport and logistics, and social infrastructure sectors. Its investments range from transition-related scale-up companies to mature, market-leading infrastructure businesses.

“Expanding our portfolio of evergreen strategies is a key focus for our firm. As we go on this journey, two trends are emerging,” said Peter Beske Nielsen, Partner at EQT. “For one, individual investors want the flexibility to customize their portfolios, which EQT Nexus Infrastructure does by enabling access to our infrastructure strategies through a single fully-funded investment and a single layer of fees. We also believe that institutional investors increasingly desire these benefits, as part of thediversification of their portfolios.”

The EQT Nexus Infrastructure Advisory team will be led by Advisory Head of Fund Strategy William Vettorato, who commented: “We are seeing elevated demand for evergreen infrastructure strategies. EQT Nexus Infrastructure enables individuals and institutions alike to play a role in supporting businesses that offer essential services to society, while benefitting from EQT’s demonstrated approach to investing and relentless focus on performance. We’re excited to unlock this opportunity that addresses the typical barriers to entry, such as high minimum investment period and lengthy lock-ups applicable to close-ended funds.”

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

  1. https://www.infrastructureinvestor.com/infrastructure-investor-100/
  2. As of Q4 2024

The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of EQT Nexus Infrastructure will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.

About EQT

EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR ‌​​269 billion in total assets under management (EUR 136 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets.

With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does.

The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 25 countries across Europe, Asia and the Americas and has more than 1,900 employees.

More info: www.eqtgroup.com
Follow EQT on LinkedIn, YouTube and Instagram

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Warburg Pincus Announces Over $1 Billion in Capital Deployed by Inaugural Capital Solutions Fund

Warburg Pincus logo

Fund pursues thesis-based investing opportunities in curated structured transactions

New York, NY – February 6th, 2025 – Warburg Pincus, the pioneer of private equity global growth investing, recently surpassed $1 billion in capital deployed by Warburg Pincus Capital Solutions Founders Fund (“WPCS FF”) in 2024. WPCS FF closed in August 2024 with more than $4 billion in commitments, raising over double the initial target. WPCS FF was anchored by a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), along with other leading global institutional investors.

“Reaching $1 billion in fund deployment is a significant milestone for WPCS FF and highlights the strong opportunities in strategic structured transactions. By leveraging the sector expertise and sourcing network of Warburg Pincus, our team has capitalized on a wide range of opportunities across the firm’s core sectors,” said Jeff Perlman, CEO, Warburg Pincus. “We are proud of WPCS FF’s success, having provided innovative financing solutions to best-in-class companies and management teams across nine investments to-date, and having already realized one sizeable and highly successful exit,” added Dan Zilberman, Global Head of Capital Solutions, Warburg Pincus.

Hamad Shahwan AlDhaheri, Executive Director of the Private Equities Department at ADIA, said, “Warburg Pincus Capital Solutions is well positioned to identify and execute on attractive opportunities, given the team’s deep sector knowledge and extensive sourcing network. Our anchor investment in the Fund was in recognition of the significant opportunity set for offering structured solutions to strong companies with clear growth strategies.”

The milestone follows WPCS FF’s recent investment in an industrial distribution platform, alongside investments that include DriveCentric, Excelitas Technologies, Mashura, MB2 Dental, MIAX, Nord Security, Service Compression, and United Trust Bank[1].

The global Capital Solutions team is comprised of five seasoned Managing Directors, with an average of 20+ years of investing experience, as well as a large, dedicated team of investment professionals and senior advisors. The team collaborates closely with the firm’s 280 investment professionals and 75+ value creation executives across Warburg Pincus’ global industry verticals, critical to sourcing and underwriting differentiated, attractive investments for the fund.

About Warburg Pincus

Warburg Pincus LLC is the pioneer of private equity global growth investing. A private partnership since 1966, the firm has the flexibility and experience to focus on helping investors and management teams achieve enduring success across market cycles. Today, the firm has more than $86 billion in assets under management, and more than 230 companies in their active portfolio, diversified across stages, sectors, and geographies. Warburg Pincus has invested in more than 1,000 companies across its private equity, real estate, and capital solutions strategies.

The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information, please visit www.warburgpincus.com or follow us on LinkedIn.

Contact

Warburg Pincus

Sarah Bloom, Director, Communications

Sarah.bloom@warburgpincus.com

[1] The transaction is subject to customary conditions and approvals.

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Success of friendly public tender offer initiated by Bridgepoint, in association with General Atlantic, management shareholders, for Esker shares

Bridgepoint
  • Boréal Bidco will hold 92.93% of the share capital and at least 92.68% of the voting rights of Esker at the end of the reopened Offer.
  • Settlement-delivery of the reopened Offer on 14 February 2025.
  • Implementation, as announced, of a squeeze-out procedure for the Esker shares.
  • The price per share paid in the context of this squeeze-out will be equal to the Offer price, i.e., €262 per share.

 

Success of the reopened Offer

947,693 shares of Esker were tendered to the public tender offer initiated by Boréal Bidco SAS (“Boréal Bidco” or the “Offeror”) with respect to the Esker shares (the “Offer”), representing 15.57% of the share capital and at least 15.46% of the voting rights of the company, as part of its reopening from 17 January to 30 January 2025.

In total, taking into account the shares tendered to the Offer and the Esker shares assimilated to shares held by the Offeror in accordance with applicable regulations, the holding (effective and assimilated) of Boréal Bidco is of 92.93% of the share capital and at least 92.68% of the voting rights of Esker at the end of the reopened Offer, reflecting the success of the Offer with a post-Offer holding level exceeding the thresholds of 90% of the share capital and voting rights of Esker.

The notice of results (avis de résultat) published by the AMF on 4 February 2025 is available on the AMF website (www.amf-france.org).

The settlement-delivery of the Offer will take place on 14 February 2025.

 

Implementation of a squeeze-out procedure

The conditions required to carry out a squeeze-out being met, the Offeror, in accordance with its intention expressed in the offer document related to the Offer, will soon request the AMF to implement the squeeze-out procedure for the Esker shares it does not hold, which will result in the delisting of the Esker shares from the Euronext Growth Paris market.

The amount of the indemnity paid in the context of the squeeze-out will be equal to the Offer price, i.e., €262 per share, net of all fees.

The trading of the Esker shares has been suspended pending implementation of the squeeze-out.

 

Jean-Michel Bérard, President and Founder of Esker, stated: “We are delighted with the success of this offer, which represents a major milestone in Esker’s history. Alongside Bridgepoint and General Atlantic, we are equipping ourselves to accelerate our development, further innovate, and strengthen our position as a leader in a rapidly expanding market. This partnership, and the delisting of the company, are fully in line with our ambition to better support our clients and to build, together, the future of Esker.”

Emmanuel Olivier, Chief Operating Officer of Esker, stated: “This is a key milestone in Esker’s history and the beginning of a particularly exciting new chapter ahead of us.”

David Nicault, Partner and Head of Technology at Bridgepoint, stated: “We are very pleased with this very high tender rate, which demonstrates the attractiveness of the offer and the relevance of our project. We are thrilled to be able to bring Bridgepoint’s resources and expertise to Esker to support its development plan in the coming years in a rapidly expanding market.”

Vincent-Gaël Baudet, Partner and Head of Bridgepoint Europe in France, stated: “The success of this offer reflects our ability to gain the trust of all stakeholders and to open new development opportunities for Esker and its teams.”

Gabriel Caillaux, Co-President and Head of General Atlantic’s business in EMEA, stated: “We believe Esker possesses a highly differentiated software solution and has the potential to continue expanding its product offering and international footprint. We look forward to partnering with the team as they open this new chapter of growth.”

Information and documentation relating to the Offer are available free of charge on the websites of Esker (www.esker.fr), Bridgepoint (www.bridgepoint.eu/shareholders/Sep-2024-microsite) and the AMF (www.amf-france.org).

Bridgepoint is one of the world’s leading quoted private asset growth investors, specialising in private equity, infrastructure and private credit.

With over €67bn of assets under management and a strong local presence in Europe, North America and Asia, we combine global scale with local market insight and sector expertise, consistently delivering strong returns through cycles.

Bridgepoint Advisers Limited, a subsidiary of Bridgepoint Group plc, is authorised and regulated by the Financial Conduct Authority.

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