Tag Archives: Logistics

Columbus McKinnon to Combine with Kito Crosby Delivering Compelling Value Creation

KKR

Business combination materially improves scale and product scope, advancing Columbus McKinnon’s strategy as the holistic provider of intelligent motion solutions in materials handling

  • Complementary portfolio enhances strategic positioning in attractive verticals and target geographies, delivering an even stronger portfolio of products
  • Transaction valued at approximately $2.7 billion at a ~8x TTM Adjusted EBITDA multiple post-synergies
  • Expected to create ~$70 million in annual net cost synergies, improving Adjusted EBITDA Margins1 to greater than 23% and is expected to more than double revenue and triple Adjusted EBITDA1 on a pro-forma combined basis
  • Significant combined cashflow generation expected to enable de-leveraging to Net Leverage Ratio1 of approximately 3.0x within two years post-closing2
  • The transaction is expected to be funded with $2.6 billion in committed debt financing and an $0.8 billion perpetual convertible preferred equity investment from CD&R


CHARLOTTE, NC, February 10, 2025 – Columbus McKinnon Corporation (Nasdaq: CMCO) (“Columbus McKinnon” or the “Company”), a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, today announced a definitive agreement under which Columbus McKinnon will acquire Kito Crosby Limited (“Kito Crosby”) from funds managed by leading global investment firm KKR in an all-cash transaction valued at $2.7 billion subject to customary post-closing purchase price adjustments. The Company expects the deal to close later this calendar year, subject to regulatory approvals and satisfactory completion of customary closing conditions.

“This is an important next step in further strengthening Columbus McKinnon’s position as a scaled, holistic provider of intelligent motion solutions in materials handling. We’ve long had a great respect for Kito Crosby’s strong portfolio of offerings. The business that the Kito Crosby management team, led by Robert Desel and Yoshio Kito have built is exceptional, and we look forward to welcoming them to the Columbus McKinnon team,” said David Wilson, President and CEO of Columbus McKinnon. “Through this strategic combination, we’re creating a company that is extremely well-positioned to deliver real-world solutions for customers, with favorable tailwinds from megatrends, including reshoring, infrastructure investment, modernization of aging industrial facilities, and rising automation needs due to labor shortages. This combination also unites two highly talented teams with deep technical expertise, customer-centric cultures and a shared vision for operational excellence focused on safety, productivity and uptime on behalf of our customers.”

Kito Crosby is a global leader in lifting solutions with multiple manufacturing assembly plants and nearly 4,000 employees serving over 50 countries. KKR has owned Kito Crosby since 2013 and in that time delivered significant value creation, more than doubling revenue, quadrupling the number of employees while reducing injury rates and expanding into new product categories, end markets and geographies. In 2024, Kito Crosby generated $1.1 billion in revenue through its extensive global channel partner network. Together the combined company will be a leader in material handling solutions with greater scale and a strong presence in attractive verticals and target geographies, delivering exceptional innovation and products to customers.

“We have long respected Columbus McKinnon. Our shared values of safety, quality, and a focus on our employees and customers will create value for all stakeholders,” said Robert Desel, Chief Executive Officer of Kito Crosby. “This deal brings together highly complementary, industry-leading brands, products and competencies with strong recurring sales dynamics. With the benefit of additional scale, and shared best practices and technology, we will be better positioned to meet our customers’ needs than ever before, simultaneously creating new opportunities for growth and development for our team members. We could not be more pleased to see these two great teams coming together.”

“Today’s announcement is a testament to the value we and the Kito Crosby team have created by transforming the business through organic initiatives, expanding global reach and pursuing strategic and accretive acquisitions. Kito Crosby is now better able to serve its customers with safety critical equipment than ever before, and the combination with Columbus McKinnon will further position the combined business to best serve all stakeholders. It has been an honor to closely partner with Robert, Yoshio and the whole Kito Crosby team and we believe the company is well positioned for this new chapter,” said Brandon Brahm, Partner at KKR.

As part of the transaction, Columbus McKinnon has partnered with CD&R, a leading private investment firm with deep experience delivering growth and operational improvement in industrials and manufacturing companies. As a result of CD&R’s investment in Columbus McKinnon it is expected that Mike Lamach, Nate Sleeper and Andrew Campelli will join the Company’s Board of Directors upon closing.

“We are excited to partner with Columbus McKinnon, their strong management team and Board, to support this highly strategic acquisition and the Company’s long-term opportunities,” said Michael Lamach, Operating Advisor to CD&R funds and former Executive Chair and CEO of Trane Technologies. “We look forward to working closely with Columbus McKinnon to realize the full potential of this combination and set the stage for the Company’s next phase of growth.”

“We are excited about this business combination and look forward to welcoming Mike, Nate and Andrew to the Board,” added Jerry Colella, Chair of the Board for Columbus McKinnon. “CD&R will bring deep industry knowledge, a strong results orientation and financial expertise to our already strong Board of Directors.”


Attractive Financial Profile to Drive Growth and Deleveraging

The combined company will have a highly attractive financial profile, with meaningfully enhanced scale, increased margins and exceptional cash flow characteristics that are consistent with best-in-class industrial product manufacturers. On a pro-forma basis, the Company is expected to have annual revenue of $2.1 billion, Adjusted EBITDA1 of $486 million and an Adjusted EBITDA Margin1 of 23%, accelerating the achievement of the Company’s fiscal year 2027 financial targets established at its 2022 Investor Day. The transaction is expected to be accretive to the Company’s Adjusted Earnings Per Share1 in the first year3 after closing and grow over time as synergies are achieved. The Company expects to achieve $70 million in annual net cost synergies by year three.

The combined significant cashflow generation will enable the Company to de-lever in the near-term and expects to reduce its Net Leverage Ratio1,2 from approximately 4.8x pro forma Adjusted EBITDA1 post transaction closing to approximately 3.0x within two years post-closing. The Company’s enhanced scale, margin profile and free cash flow provides a strong foundation to continue to return cash to shareholders through its dividend, reinvest in long-term organic growth and, over time, pursue additional acquisitions as it continues to execute on its strategy of building the premier intelligent motion solutions provider.


Transaction Details and Financing

The transaction has been unanimously approved by the Board of Directors of Columbus McKinnon. Columbus McKinnon intends to fund the acquisition through a combination of committed debt financing of $3.050 billion from J.P. Morgan including a $500 million revolving credit facility and $0.8 billion of perpetual convertible preferred equity investment from CD&R.  Terms of the CD&R investment include a 7% coupon, payable in cash or payment-in-kind at Columbus McKinnon’s option, and a conversion price of $37.68, resulting in CD&R as-converted ownership of approximately 40% of the Company following completion of the transaction. CD&R has agreed to a customary lock-up on its shares.

The initial debt financing structure provides flexibility for timely execution of the transaction, which we expect to replace with a permanent financing structure. The Company has a strong track record of quickly de-levering its balance sheet following prior acquisitions.


Advisors

For Columbus McKinnon, J.P. Morgan Securities LLC is acting as the financial advisor, and DLA Piper LLP (US) and Hogan Lovells US LLP are acting as legal advisors. ): Evercore and Goldman Sachs & Co. LLC are acting as lead financial advisors and UBS Investment Bank is acting as financial advisor for Kito Crosby and KKR, while Kirkland and Ellis LLP Is acting as legal advisor. Debevoise & Plimpton LLP is acting as legal advisor for CD&R, with Guggenheim Securities LLC acting as its financial advisor.

________________________________________________________________________________________________________________________________________________________

1   Net Leverage Ratio, Adjusted EBITDA, Adjusted EBITDA Margin, and Earnings Per Share are each a non-GAAP financial measure. See the note regarding forward looking non-GAAP financial measure at the end of this release.

2   Net Leverage Ratio is calculated in accordance with the terms and conditions in the Company’s credit agreement and is defined as Net Debt over trailing-twelve month Adjusted EBITDA as defined in the Company’s credit agreement and in accordance with the Company’s previous filings with the Securities and Exchange Commission.

3   Adjusted Earnings Per Share is calculated assuming full run-rate annualized net synergies in the first year.

About Columbus McKinnon

Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that move the world forward and improve lives by efficiently and ergonomically moving, lifting, positioning, and securing materials. Key products include hoists, crane components, precision conveyor systems, rigging tools, light rail workstations, and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how.  Comprehensive information on Columbus McKinnon is available at www.cmco.com.

About Kito Crosby

Kito Crosby is the global leader of the lifting and securement industry it pioneered, and for which it continues to set the quality standard. With global engineering, manufacturing, distribution, and operations, the company provides a broad range of products and solutions for the most demanding applications. Kito Crosby’s people, products, solutions, and service have innovated the lifting and securement industry for more than 250 years. Together we lift and secure the world today, for a safer, stronger, and more productive tomorrow. Our iconic brands include Kito, Crosby, Harrington, Gunnebo Industries, and Peerless.

About CD&R

Founded in 1978, CD&R is a leading private investment firm with a strategy of generating strong investment returns by building more robust and sustainable businesses through the combination of skilled investment experience and deep operating capabilities. In partnership with the management teams of its portfolio companies, CD&R takes a long-term view of value creation and emphasizes positive stewardship and impact. The firm invests in businesses that span a broad range of industries, including industrial, healthcare, consumer, technology and financial services end markets. CD&R is privately owned by its partners and has offices in New York and London. For more information, please visit www.cdr.com and follow the firm’s activities through LinkedIn and @CDRBuilds on X/Twitter.

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.

Analyst Conference Call

Columbus McKinnon will host a combined third quarter fiscal 2025 financial results and Kito Crosby acquisition conference call Monday, February 10, 2025 at 5:00 PM Eastern Time to discuss the transaction.  The conference call and related presentation will be accessible through live webcast on the Company’s investor relations website at investors.cmco.com.  A replay of the webcast will also be archived on the Company’s investor relations website through Monday, February 24, 2025.

Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.  Such forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “illustrative,” “intend,” “likely,” “may,” “opportunity,” “plan,” “possible,” “potential,” “predict,” “project,” “shall,” “should,” “target,” “will,” “would” and, in each case, their negative or other various or comparable terminology. All forward-looking statements are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of Columbus McKinnon and Kito Crosby to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others, (1) the risk that the cost synergies and any revenue synergies from the transaction may not be fully realized or may take longer than anticipated to be realized, (2) disruption to the parties’ businesses as a result of the announcement and pendency of the transaction, (3) the risk that the integration of Kito Crosby’s business and operations into Columbus McKinnon will be materially delayed or will be more costly or difficult than expected, or that Columbus McKinnon is otherwise unable to successfully integrate Kito Crosby’s businesses into its own, including as a result of unexpected factors or events, (4) the ability by each of Columbus McKinnon and Kito Crosby to obtain required governmental approvals of the transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect Columbus McKinnon after the closing of the transaction or adversely affect the expected benefits of the transaction, (5) reputational risk and the reaction of each company’s customers, suppliers, employees or other business partners to the transaction, (6) the failure of the closing conditions in the purchase agreement to be satisfied, or any unexpected delay in closing the transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the purchase agreement, (7) the dilution caused by the issuance of perpetual convertible preferred equity to CD&R, (8) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (9) risks related to management and oversight of the expanded business and operations of Columbus McKinnon following the transaction due to the increased size and complexity of its business, (10) the outcome of any legal or regulatory proceedings that may be currently pending or later instituted against Columbus McKinnon before or after the transaction, or against Kito Crosby, and (11) general competitive, economic, political and market conditions and other factors that may affect future results of Columbus McKinnon and Kito Crosby. Forward-looking statements are not based on historical facts, but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions, and involve known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. It is not possible to predict or identify all such risks. These risks include, but are not limited to, the risk factors that are described under the section titled “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended March 31, 2024 as well as in our other filings with the Securities and Exchange Commission, which are available on its website at www.sec.gov. Given these uncertainties, you should not place undue reliance on these forward-looking statements. Forward-looking statements speak only as of the date they are made. Columbus McKinnon undertakes no duty to update publicly any such forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable law, regulation or other competent legal authority.

Forward Looking Non-GAAP Financial Metrics

This press release presents forward looking statements regarding non-GAAP Net Leverage Ratio, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Earnings Per Share. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures, net income, net income margin, and earnings per share because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort or expense. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with post-closing adjustments. Any variation between the Company’s actual results and preliminary financial data set forth above may be material.  Such non-GAAP financial measures should not be considered superior to, as a substitute for or alternative to, and should be considered in conjunction with, the GAAP financial measures. The non-GAAP financial measures in this press release may differ from similarly titled measures used by other companies.

Contacts

Kristine Moser
VP IR and Treasurer
Columbus McKinnon Corporation
704-322-2488
kristy.moser@cmco.com

 

Download PDF

Categories: News

Tags:

Platinum Equity Sells Livingston to Purolator

Platinum

North American full-service customs brokerage firm divested following multi-year transformation campaign

Platinum Equity to continue pursuing opportunities to expand its portfolio of Canadian investments

LOS ANGELES (February 4, 2025) – Platinum Equity announced today the sale of Livingston International, an international trade services firm specializing in customs brokerage, freight forwarding and trade consulting, to Purolator, Inc., a leading integrated freight, package and logistics solutions provider.

Financial terms of the transaction were not disclosed.

Established in 1945 and headquartered in Toronto, Livingston has served as a trusted advisor to more than 30,000 businesses engaged in cross-border and global trade. The company is Canada’s largest customs broker and fifth-largest entry filer in the United States. Livingston has been a trusted partner supporting Purolator’s customs brokerage needs for many years.

Platinum Equity acquired Livingston in 2019.

“Over the past several years we worked with Livingston to transform the business using the full breadth of our financial and operational resources. We enjoyed tremendous collaboration with an outstanding management team and are proud of the work we have done together. Livingston has evolved into a well-managed, resilient and efficient enterprise ready to take the next step.”

Louis Samson, Co-President, Platinum Equity

 “Over the past several years we worked with Livingston to transform the business using the full breadth of our financial and operational resources,” said Platinum Equity Co-President Louis Samson. “We enjoyed tremendous collaboration with an outstanding management team and are proud of the work we have done together. Livingston has evolved into a well-managed, resilient and efficient enterprise ready to take the next step.”

Samson praised Purolator as a great home for Livingston.

“As a long-time Livingston customer and one of Canada’s most admired companies, we believe Purolator will be an outstanding long-term partner for the business going forward,” added Samson.

During Platinum Equity’s stewardship, Livingston underwent a multi-year transformation program.

“From the beginning we viewed Livingston as a strategic asset and set out to partner with the company’s leadership team to invest in optimizing its core offering, including customs brokerage and trade and consulting services,” said Platinum Equity Managing Director Jason Price. “We made significant enhancements to Livingston’s digital capabilities and invested in talent, technology and infrastructure to help set the company up for long-term success.”

Samson said Platinum Equity continues seeking opportunities to expand its portfolio of Canadian investments.

“We have been investing in Canada for a long time and know the market dynamics and leading sectors very well,” explained Samson, who grew up in Quebec City. “We believe there are a lot of opportunities to create value in partnership with Canadian businesses that can benefit from our approach.”

Platinum Equity recently signed a definitive agreement to acquire Héroux-Devtek, a leading international manufacturer of aerospace and defense products headquartered in Longueuil, Quebec. Platinum Equity’s current portfolio also includes Husky Technologies, a provider of injection molding equipment and services headquartered in Bolton, Ontario.

Morgan Stanley & Co. LLC and RBC Capital Markets LLC served as financial advisors to Livingston and Platinum Equity on the sale to Purolator and Stikeman Elliott LLP and Latham & Watkins LLP served as legal counsel on the transaction.

About Platinum Equity

Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $48 billion of assets under management and a portfolio of approximately 60 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 29 years Platinum Equity has completed more than 450 acquisitions.

 

About Livingston International

Livingston International has served as a trusted trade adviser to businesses around the world for 75 years. It specializes in customs brokerage and trade compliance, and offers international trade consulting, global trade management and freight forwarding. Livingston provides clarity in a world of trade complexity, and reliability in times of volatility, so businesses can grow further, smarter and with confidence. Livingston employs approximately 2,700 associates at 55 key border points, sea ports, airports and other strategic locations across North America, Europe and Asia.

Categories: News

Tags:

EQT Real Estate acquires 12-building logistics assemblage located in key Northern Italian submarkets

eqt

  • Transaction comprises an attractive collection of 12 high-quality, fully let logistics assets totaling 265,000 square meters

  • Portfolio features a weighted average lease term of 4.3 years with significant rental growth potential and value creation opportunities

  • With the close of this transaction, EQT Real Estate will meaningfully increase its exposure to one of the most attractive occupational markets in Europe, owning and operating high-quality warehouses fit for today’s modern logistics users

EQT is pleased to announce that the EQT Exeter Logistics Value Fund IV (“EQT Real Estate”) has entered into an agreement to acquire a best-in-class logistics assemblage strategically located in the key Northern Italian submarkets of Milan and Verona, for approximately EUR 230 million. The assets will be acquired via an Italian REIF structure managed by Kryalos SGR S.p.A.

The assets offer proximate access to core distribution locations via key motorways, including the A1, A4 and A22, reaching major population centers and more than 12 million inhabitants.

The properties hold an average building age of ten years and feature Grade A technical specifications, including eaves heights averaging 11 metres, as well as ample loading and maneuvering features. The assemblage also benefits from a strong, globally diversified tenant base and is well-suited to meet the growing needs of today’s modern logistics users, both in Italy and around the globe.

The transaction strengthens EQT Real Estate’s exposure to the growing Italian logistics market, which continues to experience strong demand among key European submarkets. The acquisition further consolidates EQT Real Estate’s presence in the Greater Milan area, creating a significant opportunity to deploy its differentiated and hyper-local approach to value creation, and benefit from future rental growth potential.

John Toukatly, Partner, Chief Investment Officer, European Logistics at EQT Real Estate, said: “We are thrilled to incorporate this high-quality logistics portfolio into our fund. Strategically located in supply-contrained markets, these assets appeal to a broad array of prominent big box occupiers, and aligns well with EQT Real Estate’s focus on acquiring highly reversionary, modern logistics assets in underserved European markets. By leveraging EQT Real Estate’s operational and asset management expertise, we aim to unlock additional value from these properties in our effort to exceed our investors’ expectations.”

Paolo Bottelli, Founder and CEO at Kryalos SGR, said: “This transaction underscores the strength and liquidity of the Italian logistics real estate market, which continues to attract investors looking to establish or grow their presence in this rapidly expanding sector. We are pleased to work with EQT to support the execution of their investment strategy in Italy. Kryalos will manage the assets involved with the utmost professionalism, seeking to ensure their long-term value creation and leveraging our deep expertise in the logistics market.”

Contact
EQT Press Office, press@eqtpartners.com
Kryalos Press Office, Barabino & Partners, Claudio Cosetti, c.cosetti@barabino.it

About EQT Real Estate
EQT is a purpose-driven global investment organization with EUR 246 billion in total assets under management (EUR 134 billion in fee-generating assets under management), divided into two business segments: Private Capital and Real Assets. EQT supports its global portfolio companies and assets in achieving sustainable growth, operational excellence, and market leadership. Within EQT’s Real Assets segment, EQT Real Estate acquires, develops, leases, and manages logistics and residential properties in the Americas, Europe, and Asia. EQT Real Estate owns and operates over 2,000 properties and 400 million square feet, with over 440 experienced professionals across 50 locations globally.

About Kryalos
With €13.8 billion of AuM and a team of 125 professionals, Kryalos is one of the most active players in the Italian real estate market. The company offers transaction management, real estate and credit fund management, development and advisory services and is a partner of Italian and international leaders. Further information on www.kryalossgr.com

Categories: News

Tags:

KKR to Acquire Dawsongroup to Accelerate Growth and Support Fleet Transition

KKR

January 21, 2025

New ownership will support Dawsongroup’s ambitious growth strategy and fleet transition in collaboration with existing management team

LONDON & MILTON KEYNES–(BUSINESS WIRE)– Dawsongroup (the ”Group”), a leading independent asset leasing business which provides a diverse range of business-critical solutions, and KKR, a leading global investment firm, today announce that KKR has entered into a binding agreement with the shareholders of Dawsongroup to acquire the Group. The acquisition will be made as part of KKR’s Global Climate strategy, dedicated to scaling net-zero solutions and transitioning and decarbonizing higher emitting assets, which closely aligns with Dawsongroup’s long-term sustainability-led ambitions.

Headquartered in Milton Keynes, UK, Dawsongroup has developed a solid platform with first-rate supplier relationships, a diversified customer base and is a supportive employer to over 1,150 employees across 11 countries. Since its inception in 1935, Dawsongroup has grown to be a sector leader in asset leasing, including vehicles and refrigerated boxes, with a broad and integrated business model that involves the customisation of assets to customer specification as well as maintenance and repairs. Dawsongroup has developed a strong position in the UK and a growing presence overseas with its highly attractive Smarter Asset Strategy, enabling businesses to cost-effectively transition to net zero.

As a fast-growing company with a strong track record of year-on-year growth, Dawsongroup has an ambitious, sustainable growth strategy in place to unlock its significant potential. Last year it posted a record performance with Group EBITDA of c.£250m and under new ownership, management will build on this strong platform to expand the markets it serves throughout the entire supply chain.

The Dawson family has controlled the Group for over 90 years, overseeing its significant growth to date. Joining forces with KKR will enable Dawsongroup to deliver on the next stage of its development, benefiting both customers and employees. As a business which effectively utilises EV, solar, Stage 5 generators, and battery storage as part of its unique energy focused service capabilities, Dawsongroup and KKR’s strategic partnership will significantly accelerate the decarbonisation of vehicle and asset leasing solutions. KKR will also work with Dawsongroup to implement an employee ownership programme, providing Dawsongroup employees with the opportunity to directly participate in the Group’s future success.

Stephen Miller, CEO of Dawsongroup commented: “KKR’s support will accelerate the launch of our sustainable growth strategy by continuing to deliver market-leading services for our customers in the UK, maintaining our EBITDA margin profile and providing a real opportunity to expand our unique offering internationally. We are delighted to have the backing of KKR as we enter the next phase of our development and effectively contribute to our customers’ transition to zero emissions.”

Vincent Policard, Partner and Co-Head of European Infrastructure at KKR, said: “As one of the largest independent lessors of vehicles and temperature controlled solutions in the UK, Dawsongroup is a key player in the decarbonisation of mobility. We see a significant opportunity to accelerate the electrification of Dawsongroup’s fleet, in support of the Dawsongroup management team’s focus on sustainable solutions, and aligned with KKR’s commitment to advancing the transition to a low-carbon future. By deploying our global expertise and network, we will help Dawsongroup drive sustainable growth, expand into new geographies, and contribute to the broader shift toward cleaner, more resilient infrastructure.”

Freya Dawson added: “On behalf of the Dawson family, I am extremely proud of Dawsongroup’s achievements to date and we are highly supportive of this strategic partnership with KKR. With the Dawson family’s backing and long-standing support from employees, the Group has evolved into the innovative asset leasing platform it is today. Combining Dawsongroup’s highly experienced management team with the knowledge and experience of the KKR team, we believe the impressive trajectory achieved to date can accelerate even further and we look forward to its future success.”

With over 15 years of experience in infrastructure investing, KKR has deep expertise in renewable energy and climate-related investments and has invested more than $21 billion in this sector from its infrastructure platform alone. To date, KKR has made three investments from its Global Climate strategy, including in Zenobē, a UK-based market leader in transport electrification and battery storage solutions. Meanwhile, KKR has been investing in the UK for over two decades, having deployed over $24 billion in equity across all investment platforms, including over $5 billion in sustainability-related investments over the past three years in investments such as Smart Metering Systems, Citation, ERM, John Laing and Viridor.

The transaction is subject to the receipt of regulatory approvals.

About Dawsongroup

Dawsongroup is a leading independent asset leasing platform with a robust market position, providing a diverse range of business-critical solutions for longstanding blue-chip customers. Its Smarter Asset Strategy helps businesses improve efficiency and flexibility by offering high-quality equipment without the cost of ownership. This approach enables companies to access the latest technology, scale operations, and reduce capital expenditure, allowing them to adapt quickly to market demands and focus on growth.

Dawsongroup is UK-headquartered business founded in Leighton Buzzard in 1935, has developed a solid platform with first-rate supplier relationships, a diversified customer base and is a supportive employer to over 1,150 employees across 11 countries. For additional information about Dawsongroup, please visit the Group’s website at www.Dawsongroup.co.uk

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.

For Dawsongroup:
Richard Mountain / Victoria Hayns, FTI Consulting
dawsongroup@fticonsulting.com
+44 20 3077 0455

For KKR:
Alastair Elwen, FGS Global
KKR-LON@fgsglobal.com
+44 20 7251 3801

Source: KKR & Co. Inc.

 

Download PDF

Categories: News

Tags:

CapMan Real Estate acquires a brownfield logistics development project outside Gothenburg, Sweden

Capman

 

CapMan Real Estate acquires a brownfield logistics development project outside Gothenburg, Sweden

The CapMan Nordic Real Estate III fund (“CMNRE III”) has signed an agreement with Mitsubishi Logisnext Europe AB to acquire a brownfield logistic development project situated in the Gothenburg region which is the highest ranked logistics hub in the Nordics. The plan is to demolish the current outdated industrial buildings and, in their place, construct an EU taxonomy aligned modern logistics facility. This new facility will provide high-quality logistics spaces suitable for multiple tenants, thereby bolstering CapMan Real Estate’s footprint in the Swedish logistics market.

The project is situated in Mölnlycke along highway 40 outside central Gothenburg, a city which houses the largest port in the Nordics and is central to the “Logistic Triangle” connecting the Nordic capitals. As a result, the demand for logistics space in the area is typically very high coupled with low vacancy rates.

The project site holds two outdated buildings which CapMan Real Estate plans to demolish and replace with an EU Taxonomy aligned logistics facility of approx. 43,000 m2. The new facility will allow for up to six different units and is planned to welcome new tenants by summer 2026. The development project targets BREEAM-SE v.6 New construction certification at least on level Excellent as well as energy performance certificate rating B. The construction site will target a minimum 90% waste recycling rate aiming to reuse as much as possible within the new development.

“We’re very happy to acquire this project in such an excellent logistic location outside central Gothenburg, increasing our presence in the Swedish logistics segment. We look forward to developing a sustainable*, top-of-the-art logistic facility and attract tenants who value the unique opportunity to lease space in this location”, comments Marcus Lotzman, Head of Transactions at CapMan Real Estate Sweden.

The acquisition is expected to close during Q1 2025. Mannheimer Swartling acted as legal advisors for CapMan Real Estate in this transaction.

CapMan Real Estate manages approximately €4.4 billion in real estate assets, with a team of over 80 professionals located in Helsinki, Stockholm, Copenhagen, Oslo, London and Jyväskylä. This is the 6th investment in Sweden for CMNRE III, a value-add fund investing mainly in Nordic office, logistics and selected residential assets.

*EU Taxonomy aligned.

For more information, please contact:

Marcus Lotzman, Head of Transactions at CapMan Real Estate Sweden, +46 706 806 081

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation and €6 billion in assets under management. As one of the private equity pioneers in the Nordics we have developed hundreds of companies and assets creating significant value for over three decades. Our objective is to provide attractive returns and innovative solutions to investors by enabling change across our portfolio companies. An example of this is greenhouse gas reduction targets that we have set under the Science Based Targets initiative in line with the 1.5°C scenario and our commitment to net-zero GHG emissions by 2040. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover real estate and infrastructure assets, natural capital and minority and majority investments in portfolio companies. We also provide wealth management solutions. Altogether, CapMan employs around 200 professionals in Helsinki, Jyväskylä, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. www.capman.com

Categories: News

Tags:

Stonepeak Acquires Fleet Companies

Stonepeak

NEW YORK – November 18, 2024 – Stonepeak, a leading alternative investment firm specializing in infrastructure and real assets, today announced that it has acquired Fleet Companies (“Fleet”), a leading regional trailer dealership and leasing company.

Fleet Companies serves a variety of both blue chip customers and other transportation companies with an integrated offering across trailer dealership, leasing, drop yard, and maintenance operations. Headquartered in Memphis, Tennessee with additional operations in Nashville, Tennessee and Dallas, Texas, the company sits at the nexus of several of the fastest growing transportation hubs in the country. Fleet will serve as the seed asset for a multi-faceted national trailer platform that Stonepeak plans to build out through additional acquisitions and greenfield operations across the U.S.

The investment follows Stonepeak’s long-held thesis around and extensive experience in transportation-focused asset leasing businesses, including TRAC Intermodal (marine chassis leasing) and Textainer (container leasing), along with Air Transport Services Group (aircraft leasing), which Stonepeak entered definitive documentation to acquire earlier this month. “We view trailer leasing as an attractive sector and a strong fit for our investment strategy, given its essentiality to the transport supply chain, durable industry growth, and history of delivering solid returns on assets throughout economic cycles,” said James Wyper, Senior Managing Director and Head of Transportation & Logistics at Stonepeak.

“Fleet is a high-quality operator with strong customer relationships,” added Graham Brown, Managing Director at Stonepeak. “We have full confidence in John Wilbur and Erek Starnes, two industry veterans with whom we are partnering to grow this platform, and are optimistic about Fleet’s ability to continue to grow and deliver for its customers.”

John Wilbur, Chief Executive Officer, and Erek Starnes, President and Chief Operating Officer of Fleet, added, “We are excited to partner with Stonepeak and tap into their deep industry expertise, operational support, and broad capital base. We look forward to prioritizing our customers’ experience by expanding our fleet, upgrading our systems and leveraging our highly experienced team. This transaction positions us well to become an industry leader with a hyper focus on customer satisfaction. We look forward to working with the Stonepeak team to take Fleet into a new chapter of growth.”

Terms of the transaction were not disclosed, and the transaction has already closed. Sidley Austin LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to Stonepeak. Jefferies served as financial advisor to Stonepeak. Evans Petree served as legal counsel to Fleet.

About Stonepeak

Stonepeak is a leading alternative investment firm specializing in infrastructure and real assets with approximately $70 billion of assets under management. Through its investment in defensive, hard-asset businesses globally, Stonepeak aims to create value for its investors and portfolio companies, with a focus on downside protection and strong risk-adjusted returns. Stonepeak, as sponsor of private equity and credit investment vehicles, provides capital, operational support, and committed partnership to grow investments in its target sectors, which include digital infrastructure, energy and energy transition, transport and logistics, and real estate. Stonepeak is headquartered in New York with offices in Houston, London, Hong Kong, Seoul, Singapore, Sydney, Tokyo, and Abu Dhabi. For more information, please visit www.stonepeak.com.

About Fleet Companies

Fleet Companies is a leading regional trailer dealership and leasing company headquartered in Memphis, Tennessee with additional operations in Nashville, Tennessee and Dallas, Texas. For more information, please visit www.fleetequip.com.

Contacts
Kate Beers / Maya Brounstein
corporatecomms@stonepeak.com
+1 (646) 540-5225

 

Categories: News

Tags:

Accent Equity-owned TSG acquires AF Shipping, expanding presence in northern Sweden

Accent Equity

  • ThorSvecon Group (TSG) expands into northern Sweden with the acquisition of AF Shipping, based in Umeå
  • This acquisition allows TSG Global Forwarding to strengthen its market position along Sweden’s east coast, offering a comprehensive product portfolio from Oskarshamn in the south to Skellefteå in the north
  • AF Shipping’s founder has re-invested alongside Accent Equity and TSG management

TSG Global Forwarding, part of TSG, has expanded its operations to northern Sweden through the acquisition of AF Shipping, a leading provider of ship and port agency services based in Umeå. Founded in 2002, AF Shipping specializes in ship agency, port agency, and freight forwarding services, with a strong presence in Umeå, Skellefteå, and other key northern Swedish ports.

“The acquisition of AF Shipping is a strategic step in our plan to reinforce our presence in northern Sweden. With AF Shipping now part of TSG, we gain a local foothold in the region’s major ports, enabling us to offer our full range of services, from Oskarshamn to Skellefteå,” said Daniel Berglind, Head of TSG Global Forwarding.

 

Fredrik Lyrenäs, CEO and co-founder of AF Shipping, expressed enthusiasm about joining the TSG Group: “Becoming part of TSG is an exciting milestone for us. We’re now aligned with a company deeply committed to providing locally rooted logistics and transport solutions in a global market. This partnership will allow us to offer our existing clients an enhanced and broader service offering. TSG is the perfect fit for us, as we share a strong entrepreneurial spirit and a customer-first approach.”

 

Looking ahead, Daniel Berglind sees significant opportunities for continued growth: “There’s great potential as we move forward, both through organic growth and strategic acquisitions. This acquisition marks another step in our commitment to expanding our business and delivering enhanced value to our customers.”

For more information, please contact:

Mikael Strand, Associate Partner of Accent Equity, +46 70 542 50 01,
mikael.strand@accentequity.se

Eric Hjalmarsson, CEO ThorSvecon Group, +46 70 331 71 22,
eric.hjalmarsson@tsg.se

Daniel Berglind, Head of TSG Global Forwarding, +46 70 591 41 65,
daniel.berglind@tsg.se

About ThorSvecon Group:
ThorSvecon Group is a logistics company offering door to door sustainable solutions integrating short sea liner services, terminals, warehousing, forwarding and agency services. The group’s short sea liner service is calling ports in Sweden, UK, Netherlands, and Belgium. In the UK, the group operates a port terminal in the port of Hull.
www.tsg.se

About AF Shipping:
AF Shipping was established in 2002 and is based in Umeå. Offered services range from shipping agency and port forwarding to complete logistic solutions including storage handling and land transportations for most type of goods including bulk cargo, general cargo, forest products, and heavy-lift projects. The company is primarily active in the ports of Umeå and Skellefteå.
www.afshipping.se

About Accent Equity:
Accent Equity has since 1994 invested in private Nordic companies where a new partner or owner can serve as a catalyst. Our ambition is to invest in and develop the companies to be Nordic, European or Global leaders through a professional, hands-on and long-term oriented approach that results in superior and sustainable returns.
accentequity.se
Follow Accent Equity on LinkedIn

Categories: News

Tags:

CDPQ increases its stake in Saputo Inc.

Cdpq

CDPQ, a global investment group, today announced an additional investment of approximately $378 million in Saputo Inc. (TSE: SAP), a world leader in the processing, production, marketing and distribution of dairy products.

CDPQ’s stake in the company now totals approximatively 4.5%, following the acquisition of 13.5 million shares at a price of $27.96 per share. CDPQ’s first stake in Saputo dates back to 1997.

Founded in Montréal in 1954, Saputo is now one of the top ten dairy processors in the world. The Québec company produces and distributes a wide range of dairy products in Canada, Australia and Argentina, among other countries. Saputo is also one of the three largest cheese manufacturers in the United States, and the largest manufacturer of branded cheese and dairy spreads in the United Kingdom.

“CDPQ is proud to continue supporting Saputo, a leading Québec company, by increasing its stake in this world leader in dairy processing,” said Kim Thomassin, Executive Vice-President and Head of Québec at CDPQ. “We’ve been a shareholder of the company for nearly 30 years, and this investment aligns with our strategy to foster the emergence of North American and international champions while generating benefits for Québec.”

About CDPQ

At CDPQ, we invest constructively to generate sustainable returns over the long term. As a global investment group managing funds for public pension and insurance plans, CDPQ works alongside its partners to build enterprises that drive performance and progress. We are active in the major financial markets, private equity, infrastructure, real estate and private debt. As at June 30, 2024, CDPQ’s net assets totalled CAD 452 billion. For more information, visit cdpq.com, consult our LinkedIn or Instagram pages, or follow us on X.

CDPQ is a registered trademark owned by Caisse de dépôt et placement du Québec and licensed for use by its subsidiaries.

– 30 –

For more information

Categories: News

Tags:

DKV Mobility continues its long-term growth strategy under family ownership and ends successful partnership with CVC

CVC Capital Partners
  • DKV Mobility, provider of international mobility services and for decades one of the leading companies in the mobility industry, now fully family-owned again
  • After a five-year partnership, the Fischer family repurchases the 20 percent minority stake from CVC
  • CVC, one of the world’s largest private equity firms with expertise in international investments and capital markets, acquired the shares in the fast-growing company in 2019 and, in line with the Fischer family, has since supported the management in further accelerating the growth trajectory
  • During this time the company has significantly increased its product and service offering and strengthened the positive development of business performance
  • DKV Mobility, which now has more than 2,500 employees, will continue to pursue its long-term growth strategy and, with the Fischer family as sole shareholder, implement new ideas and impetus for greater efficiency and sustainability for its customers

The Fischer family, who has been shareholder of the company since 1959, has reached an agreement with CVC to repurchase the 20 percent stake from funds under the management of CVC. CVC funds acquired this stake in the middle of 2019 and since then has worked closely with the Fischer family and the company’s management to further grow the company.

Jan Fischer, Majority Shareholder and Chairman of the Administrative Board of DKV Mobility, says: “We have built on the great potential DKV Mobility always had as a leading European mobility platform and made our company even more dynamic and competitive in recent years. I would like to thank our partner CVC, with whom we have further professionalized and internationalized the company together with the management. We are now looking forward to continuing the successful growth course in family ownership with investments and new ideas.”

DKV Mobility is a leading B2B platform for on-the-road payments and solutions, serving over 374,000 truck and fleet customers in more than 50 countries. Over the past few years, DKV Mobility broadened its product and service offerings and enhanced customer focus and satisfaction. In 2023, the company generated a transaction volume of €17 billion and revenue of €714 million. This was achieved by focusing not only on core business growth but also by exploring new business areas with targeted innovations and digital solutions. This included further international expansion through strategic acquisitions.

Quotes

The DKV Mobility investment is a showcase of how private equity, even from a minority position, can serve as a change agent while preserving the values and unique culture of a family-owned business.

Stefan MoosmannSenior Managing Director at CVC

Stefan Moosmann, Senior Managing Director at CVC, comments: “Since our entry in 2019, we have worked closely with the management and the Fischer family to transform DKV Mobility into an even stronger business and strengthen its market leading position. Today, DKV Mobility is a fast growing, scaled and digitally sophisticated organisation. The DKV Mobility investment is a showcase of how private equity, even from a minority position, can serve as a change agent while preserving the values and unique culture of a family-owned business.”

Both partners have agreed to maintain confidentiality regarding the details of the transaction. UniCredit supported the Fischer family as sole underwriter of the acquisition financing and as M&A adviser.

For three generations, the Fischer family has stood for the long-term success and special social responsibility of the company for its employees and customers. “Our purpose remains unchanged: To drive the transition towards an efficient and sustainable future of mobility,” said Jan Fischer, Chairman of the Administrative Board.

With the departure of CVC, its representatives are leaving the Administrative Board of DKV Mobility. Jan Fischer, Chairman of the Administrative Board: “I thank Mr. Dr. Alexander Dibelius, Mr. Dr. Daniel Pindur, and Mr. Stefan Moosmann for the successful collaboration over the past years.” New to the Administrative Board as independent members with immediate effect are Petra Ehmann and Frauke Heistermann. Petra Ehmann is an internationally experienced expert in innovation and technology. Among other roles, she is Group Chief Innovation and AI Officer at Ringier and a member of the Board of Directors at Bossard. Frauke Heistermann has many years of experience as an entrepreneur, Supervisory Board member and investor in the fields of IT, digitalisation and corporate management. She is currently Managing Partner of AXIT.capital GmbH and a member of the Supervisory/Advisory Boards of, amongst others, MDAX company BEFESA and Vahle.

For more information, visit: www.dkv-mobility.com.

Categories: News

Tags:

Accent Equity-owned Malte Månson has completed the acquisition of Skandinaviska Buss & Truck

Accent Equity

  • Malte Månson expands to northern Sweden through the acquisition of Skandinaviska Buss & Truck AB (SBTAB)
  • The acquisition adds three strategically located workshops to the network, bringing the total to 30 workshops across Sweden following the transaction
  • SBTAB’s founders and key management has re-invested alongside Accent Equity and Malte Månson management

Malte Månson expands its operations to northern Sweden by acquiring Skandinaviska Buss & Truck AB (SBTAB), with workshops in Söderhamn, Sundsvall and Edsbyn. SBTAB is authorized to service Mercedes-Benz trucks and vans, VDL buses, and EVO buses.

The workshops in Söderhamn and Sundsvall are renowned for their excellent service and have received numerous awards and recognition over the years for high quality and availability.

The Söderhamn workshop offers service and repair for Mercedes trucks, vans and passenger cars, as well as multi-brand services for trucks, trailers, buses, and construction machinery.

In Sundsvall, SBTAB offers not only sales and service of Mercedes’ truck programs but also multi-brand truck service, service for heavy-duty transport refrigeration, and specializes in trailer repairs.

“I am very excited about having Morgan Parment and Samuel Andersson and all the employees, who have built the excellent operations of SBTAB, on the Malte Månson team. I am impressed by the high customer satisfaction SBTAB have achieved, owing to their skillful and knowledgeable staff. SBTAB is perfectly aligned with the way Malte Månson operates, and I am certain that this transaction will strengthen our group further”, says Staffan Lindewald, CEO of Malte Månson.

The owners of SBTAB will remain in their current roles and have chosen to reinvest a significant portion of the purchase price in Malte Månson:

“We are very pleased to join Malte Månson and are making a substantial reinvestment as part of the transaction. We look forward to becoming a part of the group and contributing to the continued growth and development of the chain”, says Samuel Andersson, CEO of SBTAB.

 

“We have taken SBTAB to a new level in a short period of time and I am proud of what the team has accomplished. The transaction will further strengthen us and provides an opportunity to accelerate expansion. Shared values with a focus on customer satisfaction and personnel were key when selecting a new growth partner. We are really looking forward to the journey together with the Malte Månson team”, says Morgan Parment, site manager in Sundsvall and co-owner of SBTAB.

Following the transaction, Malte Månson will have 30 workshops across the country with an annual turnover of approximately 800 million SEK.

For additional information, please contact:

Mikael Strand, Chairman Malte Månson, +46 70 542 50 01,
mikael.strand@accentequity.se

Staffan Lindewald, CEO Malte Månsson, +46 70 829 91 21, staffan.lindewald@maltemanson.com

About Malte Månson:
Malte Månson is the largest independent service and repair provider of commercial vehicles in Sweden. The company’s history dates back to 1918 and it currently operates 18 workshops across the country with c. 180 employees. In 2023 the company generated sales of c. SEK 415 million.
www.maltemanson.com

About Skandinaviska Buss & Truck:
Skandinaviska Buss & Truck AB (SBTAB) is authorized for service & repair of Mercedes-Benz trucks and vans, VDL buses, and EVO buses. The company operates three workshops and employs c. 40 people. It is the largest workshop of its kind in Norrland. In 2023 the company generated sales of c. SEK 190 million.
www.sbtab.se

About Accent Equity:
Accent Equity has since 1994 invested in private Nordic companies where a new partner or owner can serve as a catalyst. Our ambition is to invest in and develop the companies to be Nordic, European or Global leaders through a professional, hands-on and long-term oriented approach that results in superior and sustainable returns.
accentequity.se
Follow Accent Equity on LinkedIn

Categories: News

Tags: