Tag Archives: Logistics

Xeneta Raises $80 Million led by Apax Digital

Apax

Investment to Fuel Expansion of Xeneta’s Breakthrough Container Shipping & Air Cargo Market Analytics Platform

Xeneta, the leading ocean and air freight rate benchmarking and market analytics platform, today announced an $80 million investment at a $265 million valuation led by funds advised by Apax Digital, the growth equity arm of Apax, a leading global private equity advisory firm, with participation from NY-based Lugard Road Capital. With this investment, Xeneta will accelerate investments in platform development and continue scaling its global commercial teams. This will support expansion into new markets as companies seek to develop resilient supply chains to counter global trade volatility.

A global pandemic, geo-political uncertainty, and climate-related events have led to an unpredictable market where supply and demand continue to shift, leaving supply chain, logistics, and transportation professionals scrambling for visibility. As organizations undergo efforts to navigate instabilities in the market, access to readily available and actionable freight rate data has emerged as a strategic priority. In this new context, ocean shipping and air cargo transportation costs have been elevated to company board-level discussions. Additionally, in an increasingly data-driven world, procurement, finance, and other corporate functions cannot operate effectively without data that is fit for purpose.

Xeneta stands in stark contrast to other shipping rate and index solutions by providing organizations with the world’s largest, neutral and most accurate data source of real-time, on-demand ocean container and air freight rate market intelligence, whether for long-term contracts or spot trades. The Xeneta platform delivers the one-two punch that modern companies look for in digitizing their overall freight procurement or selling operations by providing access to an unrivaled amount of rate data (with 10 million rates added a month), as well as incorporating advanced analytics and visualization. The all-in-one platform delivers further value by providing data and insights on capacity, reliability, blank sailings, detention and demurrage, dynamic load factor, emissions data, and more.

Xeneta’s novel crowdsourced approach levels the playing field for ocean and air freight buyers and sellers offering benchmarking, tendering, budgeting, planning, and reporting capabilities. Amidst global supply chain and logistics challenges, Xeneta’s intelligence ensures that companies’ cargoes get to where it needs to be, when it needs to be there, all at the right price.

“While global trade tries to get back on its feet after a couple of years of uncertainty, it’s clear that the overall logistics industry requires a re-think of how freight is bought and sold. This new funding will help us accelerate development of our platform and add even more datasets to enrich our expert industry analyses to further drive transparency in the market,” said Xeneta CEO and Co-founder Patrik Berglund. “We are proud to have a renowned global fund like Apax Digital and its expert operational team to work alongside us as we enter our next stage of growth.”

Mark Beith, Partner at Apax Digital, who joins the company’s Board of Directors, said: “Buyers and sellers of freight have been flying blind in a complex and opaque market. Xeneta’s world-leading dataset and cutting-edge platform provide unique access to granular real-time information and insight, enabling data-driven freight sales and purchases. This delivers compelling value for their blue-chip customer base – not just in sales or procurement, but also in budgeting and reporting, and increasingly in ESG monitoring. We’re thrilled to partner with Patrik and the Xeneta team and help deliver their vision.”

Xeneta’s customer portfolio includes amongst others: Electrolux, Unilever, Nestle, Zebra Technologies, Thyssenkrupp, Volvo, General Mills, Procter & Gamble, and John Deere.

About Xeneta

Xeneta is the leading ocean and air freight rate benchmarking and market analytics platform transforming the shipping and logistics industry. Xeneta’s powerful reporting and analytics platform provides liner-shipping and air cargo stakeholders the data they need to understand current and historical market behavior, reporting live on market average and low/high movements for both short- and long-term contracts. Xeneta’s data comprises more than 300 million contracted container and air freight rates and covers more than 160,000 global trade routes. Xeneta is a privately held company with headquarters in Oslo, Norway, with regional offices in New Jersey, USA, Hamburg, Germany, and Copenhagen, Denmark. To learn more, please visit www.xeneta.com.

About Apax and Apax Digital

The Apax Digital Funds specialize in growth equity and growth buyout investments in high-growth enterprise software, consumer internet, and technology-enabled services companies worldwide. The Apax Digital team leverages Apax’s deep tech investing expertise, global platform, and specialized operating experts, to enable technology companies and their management teams to accelerate the achievement of their full potential. For further information, please visit www.apaxdigital.com.

Apax Partners LLP (“Apax”) is a leading global private equity advisory firm. For 50 years, Apax has worked to inspire growth and ideas that transform businesses. The firm has raised and advised funds with aggregate commitments of more than $60 billion. The Apax Funds invest in companies across four global sectors of Tech, Services, Healthcare, and Internet/Consumer. These funds provide long-term equity financing to build and strengthen world-class companies. For more information see: www.apax.com.

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DIF Capital Partners to acquire Rail First, Australia’s leading rail freight leasing company

DIF Capital Partners (“DIF”), through its DIF Core-plus Infrastructure Fund III (“CIF III”), and Amber Infrastructure Group are pleased to announce they have signed an agreement to jointly acquire Rail First (the “Company”), the leading Australian rail freight leasing company, on a 50-50 basis, from Anchorage Capital Partners.

Rail First offers leasing solutions for rolling stock such as locomotives, as well as intermodal and hopper wagons. The Company’s leasing offering is supported by a growing locomotive and wagon maintenance operation. Rail First has a blue-chip customer base, reflecting a meaningful proportion of Australia’s haulage task, with a well-diversified underling product mix. Typical leases are for 3-5 years, aligning with the underlying haulage contracts. The strength of the Company’s resilient business model was demonstrated during COVID-19, when major intermodal volumes remained steady. Rail First has strong barriers to entry and is expected to benefit from several long-term tailwinds, including the Inland Rail project between Melbourne and Brisbane once operational. Rail First will drive the transition towards lower emission intensity transport offerings, with a proven ESG track record and several long-term initiatives in place.

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, said “DIF is delighted to invest in Rail First, as it provides unique access to Australia’s attractive rail leasing market. The Company is well positioned to partner and grow with its customers. We look forward working together with the Company’s experienced management team to offer more environmentally friendly leasing solutions to the Australian rail market.”

Mark Kirkpatrick, CEO of Rail First, added: “We are excited to partner with DIF, given their successful track record of rail and infrastructure investments, globally and in Australia. Their prior experience combined with significant capital commitment to fund our continued growth places Rail First in a strong position to grow alongside our customers.”

The transaction is subject to approval by Australia’s Foreign Investment Review Board. The transaction is expected to close by end-October 2022.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure VI is the latest vintage, target core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

DIF Capital Partners has a team of over 190 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Thijs Verburg, t.verburg@dif.eu.

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KKR Launches Highways Infrastructure Trust in India

KKR

Launch marks KKR’s third infrastructure investment trust in India

Strengthens KKR’s ability to pursue opportunities in transportation, renewables, and power

MUMBAI, India–(BUSINESS WIRE)– Global investment firm KKR today announced the launch of Highways Infrastructure Trust (“HIT”), a roads infrastructure investment trust (“InvIT”). HIT is KKR’s third InvIT in India, in addition to Virescent Renewable Energy Trust, India’s first renewable energy InvIT, and India Grid Trust, a leading transmissions InvIT, and marks KKR’s latest development as it scales its infrastructure investment activity in the country. Together, these platforms operate and manage 33 assets valued at over $3.8 billion across 22 states or union territories across India.

HIT’s initial portfolio comprises of six roads assets with a total length of more than 450 kilometers across six states in India. The assets, which include a diversified mix of toll and annuity roads, are located in Gujarat, Madhya Pradesh, Meghalaya, Rajasthan, Tamil Nadu, and Telangana. In addition, HIT is considering a pipeline of acquisition targets, including through its sponsor. The platform possesses significant growth potential and seeks to invest in high-quality assets, including through bolt-on acquisitions.

HIT has been assigned a ‘Provisional AAA/Stable’ rating for its loan facilities from CRISIL, S&P’s India affiliate. The rating reflects the assets’ favorable location and geographical diversity, as well as strong track record of revenue.

HIT’s launch takes place on the back of growing demand to expand India’s road network, the second-largest globally, as passenger traffic and commercial vehicle traffic continue to increase. Today, India’s road network is responsible for 90% of total passenger traffic and the movement of almost 65% of all goods across the country.1

Hardik Shah, Partner at KKR, said, “HIT’s launch is a significant milestone for KKR’s India infrastructure strategy as we deepen our presence in the market. Highways and roads play a critical role in driving India’s economic prosperity and connecting its citizens, and we look forward to enabling further infrastructure creation and expansion as transportation demands continue to grow. With our dedicated platforms across transmissions, roads, and renewables in place, KKR is well-positioned to collaborate with sellers in the private markets and the government through the National Monetisation Pipeline on attractive investment opportunities.”

In Asia Pacific, KKR takes a flexible approach to infrastructure investment and combines local knowledge and capabilities with the Firm’s global industry and operational expertise. Globally, KKR’s infrastructure portfolio spans a broad range of sectors including transportation, renewable energy, power and utilities, water and wastewater, and telecommunications, among others, and manages more than $40 billion in assets.

In India, KKR sees transportation, renewable energy, and electricity transmissions as core to its infrastructure strategy. The launch of HIT additionally strengthens KKR’s longstanding commitment to India. Since setting up its Mumbai office in 2009, KKR has made more than 20 investments in India with more than a dozen active portfolio companies today.

About KKR
KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life, and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

1 India Brand Equity Foundation (August 2022): Roads Industry Report

KKR Media:
Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

Source: KKR & Co. Inc.

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CapMan Infra exits its stake in Norled to CBRE Investment Management

Capman

CapMan Infra exits its stake in Norled to CBRE Investment Management

CapMan Infra and CBRE Investment Management (CBRE IM), which each acquired a 50 per cent stake in leading Norwegian ferry and express boat operator Norled AS in 2019, have now entered into an agreement for CBRE IM to acquire the entire stake managed by CapMan. The exit is the first from the CapMan Nordic Infrastructure I fund. CBRE IM is making the investment on behalf of a fund it sponsors as well as some of its separately managed accounts.

Norled is one of Norway’s four leading marine transportation companies with a fleet of 41 ferries and 30 express boats operating on availability-based contracts. A leader in innovative and environmentally friendly transportation solutions, Norled has invested significantly in new types of vessels and eco-friendly technology, including hybrid and battery-driven vessels and the first hydrogen-electric ferry. Since 2019, Norled has invested c. NOK 2.5bn into renewing its fleet, decreasing CO2 emissions by 30% from 2019 to 2021. Furthermore, the number of low and zero emission vessels in the company’s fleet has grown from 2 to 18*.

Water transportation is an essential part of Norwegian infrastructure, and the Norwegian government has set and is supporting ambitious targets for transport companies to transform the sector from diesel to renewable electric and hydrogen solutions. Norled intends for most of its fleet to be carbon emission-free within the next decade.

”Since acquiring the company, we have established Norled as a successful stand-alone business by strengthening the management team, organisation and tendering capabilities, while investing significantly into decarbonisation of the fleet. The resilience of the business was further demonstrated during the COVID-19 pandemic, and we are proud to have won a significant new tender backlog, which forms the basis for Norled’s future success and continued investments into the green shift. The company is now well placed to deliver long-term value under CBRE IM’s ownership. It has been an honour to work with Norled’s dedicated employees and management team,” said Ville Poukka, Managing Partner at CapMan Infra.

“We believe Norled continues to be an attractive European transportation infrastructure investment opportunity due to the long-term availability-based contracts, which have contributed to the resilience of these assets, coupled with the support of the Norwegian government’s accelerated shift to green technologies,” commented Dr. Andreas Köttering, Head of Europe Private Infrastructure, CBRE Investment Management. “We have appreciated partnering with CapMan to grow Norled and now look forward to further advancing this pioneering ferry company.”

Norled’s current management team, led by CEO Heidi Wolden, will continue to run the day-to-day operations.

“We are pleased that CBRE IM strengthens and continues the ownership of the company. CBRE IM has proved to be a long-term owner committed to further investments in zero- and low emissions solutions within our industry. Together we will work to ensure that most of our fleet is carbon emission-free within the next decade,” says Heidi Wolden, CEO of Norled.

The transaction is subject to regulatory approvals and is expected to close later this year.

For more information, please contact:

Ville Poukka, Managing Partner, CapMan Infra, +358 50 572 9120, ville.poukka@capman.com

About CapMan

CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over to €4.8 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Read more at www.capman.com.

About CBRE Investment Management

CBRE Investment Management is a leading global real assets investment management firm with $146.9 billion in assets under management as of June 30, 2022, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2021 revenue). CBRE has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

*) Includes Electrical, Hydrogen and Hybrid vessels. Bio-fuel not included. The vessel number and investment estimates are per 2Q2022.

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EQT Private Equity and Mubadala to acquire Envirotainer, the leading global provider of mission-critical biopharma transport services

eqt
  • As part of their broader strategic partnership, EQT Private Equity and Mubadala Investment Company to make a majority investment in Envirotainer, a global provider of mission-critical cold chain transportation solutions for pharmaceuticals
  • Envirotainer enables access to life-saving pharmaceuticals and vaccines via reliable and efficient cold chain solutions, and is the global leader in active temperature control for air transportation of temperature-sensitive pharmaceuticals
  • EQT Private Equity and Mubadala will support Envirotainer in its next phase of growth, by accelerating expansion in core markets and APAC in particular, scaling the newly launched CryoSure offering, investing in new technologies and continuing to roll-out third generation Releye platform

EQT is pleased to announce that the EQT X fund (“EQT Private Equity”), and Mubadala Investment Company (“Mubadala”), have agreed to acquire Envirotainer (the “Company”), the global leader of mission-critical, proprietary temperature-controlled supply chain solutions for the transportation of biopharmaceuticals, from Cinven and Novo Holdings. The enterprise value amounts to around EUR 2.8 billion.

Envirotainer was founded in 1985 in Stockholm, Sweden, where its headquarters, R&D and production are based. Envirotainer designs, manufactures and leases active temperature-controlled containers, used primarily for air freighting biopharma products. With a fleet of circa 6,700 containers globally and approximately 375 employees in 20 countries, the Company is the global leader in active temperature control for air transportation of temperature-sensitive pharmaceuticals. Envirotainer has more than 600 customers worldwide, including many global blue-chip pharma and biotech companies.

Millions of people across the globe depend on the safe delivery of biopharmaceuticals that require temperature control to maintain their integrity and quality. Today, lack of access to medicines is a cause for distress that disproportionately impacts underserved communities, whose situation is likely to be exacerbated by chronic diseases resulting from changing diets and lifestyles, as well as from air and water pollution. Envirotainer expands access to vital pharmaceuticals and vaccines through its patient-safe, reliable and efficient cold chain solutions, which also offer one of the lowest carbon footprint solutions in the industry.

EQT Private Equity and Mubadala will seek to support Envirotainer in its next phase of growth by accelerating expansion in APAC and continuing growth in its other core markets, and will leverage EQT’s local-with-locals approach and Mubadala’s global network to do so. Building on the sector-related expertise of EQT’s network and Mubadala, EQT Private Equity and Mubadala will help scale the newly launched CryoSure offering and continue the successful roll-out of third-generation Releye platform, while investing behind new technology innovations, digitalization and sustainability in its operations.

Ali Farahani, Partner within EQT Private Equity’s Advisory Team, said, “The temperature-controlled distribution of pharma products offers very attractive and thematic exposure to the fast-growing biopharma end-market. Envirotainer is an integral part of the global pharmaceutical infrastructure and the clear global market leader with significant scale advantages, superior operations and industry-leading performance and customer satisfaction. The company has a clear purpose of enabling access to life-saving pharmaceuticals and offers reusable solutions with significantly less CO2 emissions compared to traditional air-freight solutions. We continue to see significant growth potential ahead and are excited to partner with the management team to unlock the full potential together with our partners at Mubadala.”

Camilla Macapili Languille, Head of Life Sciences for Mubadala, said, “Envirotainer plays a mission-critical role in the healthcare ecosystem by ensuring the safe and reliable delivery of drugs from pharma companies to hospitals, clinics, and ultimately, patients. Their extensive international footprint ideally positions Envirotainer to meet the pharma industry’s growing need for global temperature-controlled distribution and as the undisputed market leader, they are continuing to pioneer developments in the sector with forward-thinking R&D innovation. We have strong conviction in the company’s growth trajectory and will work closely with management and our partners at EQT to ensure its long-term success.”

Peter Gisel-Ekdahl, CEO, “We are pleased with the confidence that EQT and Mubadala have shown us by investing in the company and look forward to closely collaborating to further develop the business. This long-term partnership will strengthen Envirotainer and help us deliver on our purpose of enabling access to life-saving pharmaceuticals. At the same time, this investment, from such esteemed investors, confirms the strength of Envirotainer’s business model and the company’s very exciting future.”

EQT and Mubadala were advised by Jefferies International (M&A), McKinsey & Company (commercial), White & Case (legal), and KPMG (financial, tax, operations).

The transaction is subject to customary conditions and approvals and is expected to close in Q3 2022. With the acquisition of Envirotainer, EQT X (target fund size of EUR 20.0 billion and hard cap of EUR 21.5 billion) will be 0-5 percent invested based on its target fund size. EQT X will be activated and start charging management fees upon the closing of its first transaction, currently expected to be the closing of the acquisition of Envirotainer. EQT IX is currently 80-85 percent invested, following recent portfolio company add-on acquisitions, and continues to be in its commitment period but management fees will, following activation of EQT X, be based on net invested capital.

Contact
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334

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 X 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 with EUR 77 billion in assets under management across 36 active funds. EQT funds have portfolio companies in Europe, Asia-Pacific and the Americas with total sales of approximately EUR 29 billion and more than 280,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

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

About Mubadala Investment Company
Mubadala Investment Company is a sovereign investor managing a global portfolio, aimed at generating sustainable financial returns for the Government of Abu Dhabi.

Mubadala’s $284 billion portfolio spans six continents with interests in multiple sectors and asset classes. It leverages its deep sectoral expertise and long-standing partnerships to drive sustainable growth and profit, while supporting the continued diversification and global integration of the economy of the United Arab Emirates.

More info: www.mubadala.com

About Envirotainer
Envirotainer is the undisputed global market leader in secure cold-chain solutions for intercontinental transport of pharmaceuticals. The company develops, manufactures, and offers leasing of innovative

 container solutions and dewars for cryogenic shipping, including validation, support, and service, for pharma products that require a controlled environment. Thanks to a truly global presence with the world’s largest active container fleet, the most extensive network, and more than 35 years of industry expertise, Envirotainer is able to meet the customers’ need for innovative and reliable solutions – available from any location to any destination. The company operates through an open, global network of airlines, forwarders and couriers and the headquarters is located outside of Stockholm, Sweden.

For more information, please visit  www.envirotainer.com

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Cinven and Novo Holdings to sell Envirotainer

Novo Holdings

International private equity firm, Cinven, and co-investor, Novo Holdings, have agreed to the sale of Envirotainer (‘the Company’), a leading global provider of mission-critical, temperature-controlled air cargo services for the pharmaceutical industry, to EQT and Mubadala, for an Enterprise Value of approximately €2.8 billion. As part of the transaction, Envirotainer’s current shareholders will have the opportunity to reinvest in the business as minority shareholders.

Founded in 1985 and headquartered in Stockholm, Sweden, Envirotainer designs, manufactures and leases active temperature-controlled containers, used primarily for air freighting biopharma products. With a fleet of c. 6,700 containers globally, the Company has more than 600 customers worldwide, including many blue-chip global pharma and biotech companies. Envirotainer has approximately 375 employees and an extensive global network of more than 60 service stations.

The Company developed and marketed the first container with an active temperature control system in 1995, enabling it to meet the complex needs of transporting biopharmaceuticals at stable temperatures. Today, Envirotainer supports the transportation of approximately 2 million doses of medicines per day for all major pharmaceutical manufacturers, ensuring medicine is safely delivered to destinations around the globe.

Cinven’s Nordic team identified Envirotainer as an attractive investment opportunity in 2012 and tracked the business closely for six years, working with Cinven’s Business Services, Healthcare and Industrials Sector teams to develop a compelling investment thesis for the Company. The Sixth Cinven Fund together with co-investor Novo Holdings, ultimately acquired Envirotainer in September 2018.

Since acquisition, Cinven and Novo Holdings have worked in close partnership with the Company to drive its strong performance, including through:

  • Significant investment in R&D and innovation to support new product launches, including the next generation Releye platform, which has further enhanced Envirotainer’s market-leading sustainability credentials, and CryoSure, a shipment solution for the cryogenic (-70°C) segment;
  • International expansion, with Envirotainer continuing to expand its geographical reach and entering new markets; notably, Envirotainer has significantly grown its business in China, India and South Korea, key emerging pharmaceuticals markets, through investment into three new service stations, the local sales force and expansion of existing infrastructure;
  • Enhancing Envirotainer’s digital capabilities, introducing live shipment monitoring for customers as well as leveraging data analytics to facilitate predictive maintenance of the large container fleet; and
  • Investments in the organisation, including strengthening the senior management team and Envirotainer’s operational capabilities, as well as supporting the relocation to a new HQ. This has ensured continuous best-in-class delivery of Envirotainer’s mission-critical services, minimising product waste for customers and successfully navigating through the disruption to global supply chains arising from the COVID-19 pandemic.

Commenting on the investment, Pontus Pettersson, Partner at Cinven, said:

“Envirotainer is a great business in a highly attractive market. We are very proud of the success that the Company has achieved during Cinven’s ownership period – it is a great example of Cinven’s strategy to back leading Swedish and European businesses to expand internationally and to invest in new products, digitalisation, and operational excellence to drive growth.

“Envirotainer is in a strong position to continue to take advantage of the market opportunity and we are confident the company will continue to do very well in the future.”

Peter Gisel-Ekdahl, CEO of Envirotainer, added:

“The support of Cinven and Novo Holdings has enabled us to continue to develop best-in-class solutions to support our clients and the healthcare industry, including the recently launched Releye platform and our new CryoSure solution which has enabled us to enter into a new and attractive part of the temperature-controlled transportation market. As a result, Envirotainer has continued to maintain a market-leading position and to serve all top pharmaceutical companies. We are very excited for the company’s next chapter.”

Christian Salling, Senior Partner at Novo Holdings, also commented:

“Envirotainer has been on an impressive journey in recent years and management has done an outstanding job of creating a leading provider of mission-critical services to the pharmaceutical industry. We are very proud to be part of that journey and Envirotainer is a good example of our engaged ownership model, that we exercise together with leading investment partners.”

Completion of the transaction is expected in the second half of 2022 and is subject to customary antitrust approvals.

Advisors on the transaction include: JP Morgan (M&A); Vinge (legal); Clifford Chance (legal)

 

Media contacts

Cinven
Clare Bradshaw Tel. +44 (0)7881 918 967 

Email. Clare.Bradshaw@cinven.com

 
FTI Consulting LLP (Advisers to Cinven)
Edward Bridges Tel. +44 (0)7768 216 607 

Email. Edward.Bridges@fticonsulting.com

 
Ben Fletcher Tel. +44 (0)7508 580 490 

Email. Ben.Fletcher@fticonsulting.com

 
Envirotainer
Sofia Wiwen-Nilsson Tel. +46 (0)730 715019 

 

Email. Sofia.Wiwen-Nilsson@envirotainer.com
 
Novo Holdings
Christian Mostrup Tel. +45 3067 4805
  Email. CIMS@novo.dk

 

 About Cinven

Cinven is a leading international private equity firm focused on building world-class global companies. Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials and Technology, Media and Telecommunications (TMT). Cinven has offices in London, New York, Frankfurt, Paris, Milan, Madrid, Guernsey and Luxembourg.

Cinven has invested over €2 billion of equity in Nordic companies and currently owns fast growing Group.One in Sweden. Historical investments in the Nordic region include Phadia, Ahlsell, Coor Service Management and Visma.

Cinven takes a responsible approach towards its portfolio companies, their employees, suppliers, local communities, the environment and society.

Cinven Capital Management (V) General Partner Limited, Cinven Capital Management (VI) General Partner Limited, Cinven Capital Management (VII) General Partner Limited and Cinven Capital Management (SFF) General Partner Limited are each authorised and regulated by the Guernsey Financial Services Commission, and Cinven Limited, the adviser to the Cinven Funds, is authorised and regulated by the Financial Conduct Authority.

In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Holdings Guernsey Limited, Cinven Partnership LLP, and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by any of the foregoing.

For additional information on Cinven please visit www.cinven.com and www.linkedin.com/company/cinven/.

 

About Novo Holdings

Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation’s assets.Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets. Further information: www.novoholdings.dk

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Cinven and Novo Holdings to sell Envirotainer

Cinven

International private equity firm, Cinven, and co-investor, Novo Holdings, have agreed to the sale of Envirotainer (‘the Company’), a leading global provider of mission-critical, temperature-controlled air cargo services for the pharmaceutical industry, to EQT and Mubadala, for an Enterprise Value of approximately €2.8 billion. As part of the transaction, Envirotainer’s current shareholders will have the opportunity to reinvest in the business as minority shareholders.

Founded in 1985 and headquartered in Stockholm, Sweden, Envirotainer designs, manufactures and leases active temperature-controlled containers, used primarily for air freighting biopharma products. With a fleet of c. 6,700 containers globally, the Company has more than 600 customers worldwide, including many blue-chip global pharma and biotech companies. Envirotainer has approximately 375 employees and an extensive global network of more than 60 service stations.

The Company developed and marketed the first container with an active temperature control system in 1995, enabling it to meet the complex needs of transporting biopharmaceuticals at stable temperatures. Today, Envirotainer supports the transportation of approximately 2 million doses of medicines per day for all major pharmaceutical manufacturers, ensuring medicine is safely delivered to destinations around the globe.

Cinven’s Nordic team identified Envirotainer as an attractive investment opportunity in 2012 and tracked the business closely for six years, working with Cinven’s Business Services, Healthcare and Industrials Sector teams to develop a compelling investment thesis for the Company. The Sixth Cinven Fund together with co-investor Novo Holdings, ultimately acquired Envirotainer in September 2018.

Since acquisition, Cinven and Novo Holdings have worked in close partnership with the Company to drive its strong performance, including through:

  • Significant investment in R&D and innovation to support new product launches, including the next generation Releye platform, which has further enhanced Envirotainer’s market-leading sustainability credentials, and CryoSure, a shipment solution for the cryogenic (-70°C) segment;
  • International expansion, with Envirotainer continuing to expand its geographical reach and entering new markets; notably, Envirotainer has significantly grown its business in China, India and South Korea, key emerging pharmaceuticals markets, through investment into three new service stations, the local sales force and expansion of existing infrastructure;
  • Enhancing Envirotainer’s digital capabilities, introducing live shipment monitoring for customers as well as leveraging data analytics to facilitate predictive maintenance of the large container fleet; and
  • Investments in the organisation, including strengthening the senior management team and Envirotainer’s operational capabilities, as well as supporting the relocation to a new HQ. This has ensured continuous best-in-class delivery of Envirotainer’s mission-critical services, minimising product waste for customers and successfully navigating through the disruption to global supply chains arising from the COVID-19 pandemic.

Commenting on the investment, Pontus Pettersson, Partner at Cinven, said:

“Envirotainer is a great business in a highly attractive market. We are very proud of the success that the Company has achieved during Cinven’s ownership period – it is a great example of Cinven’s strategy to back leading Swedish and European businesses to expand internationally and to invest in new products, digitalisation, and operational excellence to drive growth.

“Envirotainer is in a strong position to continue to take advantage of the market opportunity and we are confident the company will continue to do very well in the future.”

Peter Gisel-Ekdahl, CEO of Envirotainer, added:

“The support of Cinven and Novo Holdings has enabled us to continue to develop best-in-class solutions to support our clients and the healthcare industry, including the recently launched Releye platform and our new CryoSure solution which has enabled us to enter into a new and attractive part of the temperature-controlled transportation market. As a result, Envirotainer has continued to maintain a market-leading position and to serve all top pharmaceutical companies. We are very excited for the company’s next chapter.”

Christian Salling, Senior Partner at Novo Holdings, also commented:

“Envirotainer has been on an impressive journey in recent years and management has done an outstanding job of creating a leading provider of mission-critical services to the pharmaceutical industry. We are very proud to be part of that journey and Envirotainer is a good example of our engaged ownership model, that we exercise together with leading investment partners.”

Completion of the transaction is expected in the second half of 2022 and is subject to customary antitrust approvals.

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Advent International to Acquire a Significant Stake in Imperial Dade, a Leading North American Distributor of Food Service Packaging and Janitorial Supplies, from Bain Capital Private Equity

BainCapital

Boston and Jersey City, NJ – May 2, 2022 – Advent International (“Advent”), today announced it has signed a definitive agreement to acquire a significant stake in Imperial Dade (the “Company”), the leading distributor in North America of foodservice packaging and janitorial supplies, from Bain Capital Private Equity (“Bain Capital”).  Bain Capital, which first invested in Imperial Dade in 2019, and Advent will have joint Board governance.  Imperial Dade will continue under the leadership of Robert and Jason Tillis, Chairman and CEO respectively, who remain significant investors in the business alongside the current management team.  Financial terms of the private transaction were not disclosed.

Advent International to Acquire a Significant Stake in Imperial Dade, a Leading North American Distributor of Food Service Packaging and Janitorial Supplies, from Bain Capital Private Equity

Founded in 1935 and based in Jersey City, NJ, Imperial Dade is a leading independently owned and operated distributor of foodservice packaging, facilities maintenance supplies, floor equipment, and industrial packaging serving North America, Puerto Rico, and the Caribbean.  With approximately 6,400 employees, Imperial Dade provides customized supply chain solutions to customers in the foodservice, grocery, hospitality, cruise lines, healthcare, retail, government, facilities maintenance, and export market segments.  Imperial Dade operates from a network of strategically located distribution centers totaling over 10.2 million square feet of warehouse space across North America  and serves more than 90,000 customers.

“When we invested in Imperial Dade three years ago, we had a shared vision with the Tillis Family that there was an enormous opportunity to build on the strong foundation they had created and to create an industry leader focused on best-in-class customer service.  Under their leadership, Imperial Dade has become the preeminent platform in North America that quality, independent operators are proud to join.  Now we are excited to continue to support Imperial Dade’s growth journey with our new partners at Advent, with whom Bain Capital has successfully collaborated in the past,” said Ken Hanau, a Managing Director and Co-Head of Industrials at Bain Capital Private Equity.

Since 2019, Imperial Dade’s revenue has increased from $2 billion to $5 billion as a result of organic growth and the acquisition of regional distributors expanding their geographic reach and customer service capabilities in North America.  In March 2022, Imperial Dade reached an agreement to acquire Veritiv Canada, Inc. to extend its presence into Canada.

“Customers are at the core of all we do as we work to provide the best possible solutions through the products and services we offer,” said Jason Tillis.  “We appreciate the support and partnership Bain Capital has provided as we have expanded our business and customer mix tremendously, and we look forward to working with Advent as we continue to expand our platform,” said Robert Tillis.

“We are thrilled to partner with Jason and Robert Tillis and the entire Imperial Dade management team, along with Manny Perez de la Mesa, Bain Capital and Audax, to support Imperial Dade’s next chapter of growth.  Imperial Dade has developed a truly differentiated value proposition based on its best-in-class service and industry-leading product portfolio.  We look forward to continuing to serve the Company’s stakeholders, including its thousands of valued customers, its employees, and the communities in which it operates,” said Stephen Hoffmeister, a Managing Director at Advent International.

“I’m proud to partner with Jason and Robert Tillis, as they’ve built a terrific platform providing exceptional value to Imperial Dade customers and suppliers, while providing exceptional opportunities for its employees.  I am very much looking forward to continuing to support the business as it embarks on the next phase of its growth,” said Perez de la Mesa, lead director of Imperial Dade and former CEO of Pool Corporation.

Audax Private Equity, which invested in Imperial Dade in 2016, also continues to be a significant investor in Imperial Dade.

Harris Williams and Goldman Sachs & Co. LLC are serving as financial advisors, PwC is serving as accounting advisor, and Kirkland & Ellis LLP is serving as legal advisor, to Bain Capital and Imperial Dade.  Baird is serving as financial advisor, and Weil, Gotshal & Manges LLP is serving as legal advisor to Advent.

About Imperial Dade
Imperial Dade is the leading independently owned and operated distributor of foodservice packaging, facilities maintenance supplies and equipment in North America.
Learn more at www.imperialdade.com

About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 390 private equity investments across 41 countries, and as of December 31, 2021, had $88 billion in assets under management. Advent has considerable experience in distribution, having previously supported market leaders such as ABC Supply, MORSCO Inc., Distribution International, Rubix and Caldic. With 15 offices in 12 countries, Advent has established a globally integrated team of over 250 investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

About Bain Capital Private Equity
Bain Capital Private Equity has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital Private Equity’s global team of more than 250 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries including healthcare, consumer/retail, financial and business services, industrials, and technology, media and telecommunications. Bain Capital has 22 offices on four continents. The firm has made primary or add-on investments in more than 1,000 companies since its inception. In addition to private equity, Bain Capital invests across asset classes including credit, public equity, venture capital and real estate, managing approximately $160 billion in total and leveraging the firm’s shared platform to capture opportunities in strategic areas of focus.

For more information, visit: www.baincapital.com 

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KKR Announces Tender Offer to Acquire Hitachi Transport System

KKR

TOKYO–(BUSINESS WIRE)– KKR, a leading global investment firm, today announced it intends to make a tender offer for the common shares of Hitachi Transport System Ltd. (“HTS” or the “Company”; TSE stock code 9086) through HTSK Co., Ltd. (the “Offeror”), an entity owned by the investment funds managed by KKR.

Hitachi Transport System is a leader in the third-party logistics business (“3PL”) in Japan. The Company provides supply chain solutions for customers who outsource logistics functions such as logistics system integration, inventory and order control, logistics center operations, factory logistics, and transportation and delivery services. HTS has a strong domestic 3PL business as well as an international business which includes forwarding business and related 3PL business.

Under a newly published medium-term management plan ending March 2025 (“LOGISTEED 2024”), the Company looks to enhance its capabilities through the integration of digital transformation, logistics technology and on-site capabilities in order to strengthen and expand its overseas presence, become a leading 3PL player in Asia, evolve its “Smart Logistics”, and bolster its Environmental, Social, and Governance (ESG) management practices. The Company’s long-term vision (“LOGISTEED 2030”) will focus on advancing collaboration to become a global leader in the 3PL business. This will be achieved through high value-added solutions for optimizing supply chain management, improving customer experience and efficiency through digital transformation, enhancing global value chains, engaging in investment-first projects, as well as strategic merger and acquisitions, and strengthening its position as a platform provider.

In connection with the tender offer, the Offeror has entered into an agreement (the “Agreement”) with Hitachi, Ltd. (“Hitachi”), the lead shareholder of HTS, under the terms of which, following a share consolidation after the tender offer, HTS will acquire Hitachi’s 39.91% holding in a share buyback. Thereafter, Hitachi will reinvest by acquiring 10% of shares with voting rights in HTSK Holdings Co., Ltd. that holds shares of the Offeror (the “Offeror Parent”) and KKR will hold 90% of shares with voting rights in the Offeror Parent.

The proposed tender offer price of JPY8,913 per share and the share buyback price of JPY6,632 per share have been determined based on the negotiations among KKR, HTS, and Hitachi. This transaction will be financed predominantly from KKR’s Asia IV Fund and is designed with a low-leverage capital structure for HTS’s sustainable growth.

The proposed tender offer price represents1:

  • A premium of 166.22% to Hitachi Transport System’s 12-month average closing price to June 16, 2021
  • A premium of 161.53% to Hitachi Transport System’s 6-month average closing price to June 16, 2021

KKR expects to commence the tender offer by late September 2022, subject to regulatory approvals in Japan and other jurisdictions. For details regarding the conditions of the commencement of the tender offer, please refer to the full text of the filing notice issued today titled, “Notice regarding the commencement of the tender offer for Hitachi Transport System Ltd. (TSE stock code 9086).”

Hiro Hirano, Co-Head of Asia Pacific Private Equity at KKR and CEO of KKR Japan, said, “We are pleased to have this opportunity to invest in Hitachi Transport System, a pioneer in the Japanese 3PL market that has provided innovative logistics and supply chain solutions for many years. We look forward to utilizing KKR’s global network and expertise to accelerate Hitachi Transport System’s next phase of growth and help the Company achieve its goal of becoming the leading 3PL company in Asia through technology enablement and inorganic growth in a collaborative manner.”

Japan continues to be a key market for KKR in Asia Pacific and globally. Since entering the Japanese market in 2006, KKR has been an active investor and worked with leading Japanese companies on a number of landmark transactions and transformation developments across a range of asset classes, including private equity, infrastructure, real estate, and growth investment. Past investments have included Yayoi, a leading cloud accounting software provider, Seiyu, a nationwide supermarket chain, Kokusai Electric, a leading semiconductor manufacturer, PHC, a leading manufacturer of medical devices, Koki Holdings, a power tool and life science equipment manufacturer, Marelli, a leading supplier of automotive components, Data X, an integrated data-driven marketing SaaS platform in Japan. In addition, KKR recently invested in Central Tank Terminal, Japan’s largest independent chemical storage tank operator, as an infrastructure investment and Mitsubishi Corp.-UBS Realty Inc. (MC-UBSR), one of the largest real estate asset managers in Japan, as a real estate investment.

Forward-looking Statements

This press release has been prepared for the purpose of informing the public of the tender offer and has not been prepared for the purpose of soliciting an offer to sell, or making an offer to purchase, any securities. If shareholders wish to make an offer to sell their shares in the tender offer, they should first read the tender offer explanation statement for the tender offer and offer their shares or stock options for sale at their own discretion. This press release shall neither be, nor constitute a part of, an offer to sell or purchase, or a solicitation of an offer to sell or purchase, any securities, and neither this press release (or a part thereof) nor its distribution shall be interpreted to be the basis of any agreement in relation to the tender offer, and this press release may not be relied on at the time of entering into any such agreement.

The tender offer will be conducted in accordance with the procedures and information disclosure standards prescribed by Japanese law, which may differ from the procedures and information disclosure standards in the United States. In particular, Section 13(e) and Section 14(d) of the U.S. Securities Exchange Act of 1934, as amended, and the rules prescribed thereunder do not apply to the tender offer, and the tender offer does not conform to those procedures and standards.

Unless otherwise specified, all procedures relating to the tender offer are to be conducted entirely in Japanese. If all or any part of a document relating to the tender offer is prepared in the English language and there is any inconsistency between the English-language documentation and the Japanese-language documentation, the Japanese-language documentation will prevail.

The financial advisors to the Offeror, Hitachi, and HTS as well as the tender offer agent (including their respective affiliates) may engage prior to the commencement of, or during, the tender offer period in the purchase or arrangement to purchase shares of the Company for their own account or for their customers’ accounts to the extent permitted under the Japanese Financial Instruments and Exchange Act, Rule 14e-5(b) of the U.S. Securities Exchange Act of 1934, as amended and other applicable laws and regulations. Such purchases may be made at the market price through market transactions, or at a price determined by negotiation outside of the market. In the event information regarding such purchases is disclosed in Japan, such information will also be disclosed on the English homepage of the financial advisor or tender offer agent conducting such purchases or will otherwise be made publicly available.

About KKR

KKR is a leading global investment firm that offers alternative asset management as well as capital markets and insurance solutions. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world-class people, and supporting growth in its portfolio companies and communities. KKR sponsors investment funds that invest in private equity, credit and real assets and has strategic partners that manage hedge funds. KKR’s insurance subsidiaries offer retirement, life and reinsurance products under the management of Global Atlantic Financial Group. References to KKR’s investments may include the activities of its sponsored funds and insurance subsidiaries. For additional information about KKR & Co. Inc. (NYSE: KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

_____________________________________

1 Figures are based on the closing price of Hitachi Transport System on June 16, 2021, prior to the speculation of the start of the bidding process and are hence not impacted by speculation.

KKR Media

Anita Davis
+852 3602 7335
Anita.Davis@kkr.com

Wei Jun Ong
+65 6922 5813
WeiJun.Ong@kkr.com

Finsbury Glover Hering (for KKR Japan)
Deborah Hayden
+81 70 2492 0463 / deborah.hayden@fgh.com

Source: KKR

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Partners Group invests in LogCap, a last mile logistics platform in Oslo

Partners Group
  • Portfolio comprised of 19 assets with a combined GAV of EUR 442 million
  • High demand for last mile assets and limited supply underpinning strong rental growth
  • Partners Group plans to grow LogCap’s platform to over EUR 1 billion in size

Partners Group, a leading global private markets firm, has agreed to invest in LogCap, a last mile logistics platform in Oslo, on behalf of its clients. The seed portfolio is comprised of 19 assets with a combined GAV of EUR 442 million. Following the transaction, Partners Group will be the largest shareholder in the LogCap portfolio with a 50% stake.

LogCap’s portfolio is strategically located in the Drammen-Langhus-Lillestrøm logistics triangle, which is considered the most attractive area for last mile logistics assets in Oslo. Around two million people can be reached within a one-hour drive of this area, representing 37% of Norway’s population. The portfolio has over 100 tenants from a range of industries, which provides strong diversified cashflows and insight into demand dynamics. It is 96% occupied and the average remaining contract period is 4.9 years with 100% annual inflation adjustment leases. A limited supply of logistics space combined with strong demand due to rising e-commerce sales volumes is underpinning rental growth in Oslo. The conversion of industrial premises to residential and office space in recent years has reduced existing stock whilst natural geographic barriers are restricting new urban developments. Meanwhile, the Norwegian e-commerce market is projected to grow at a 13.8% CAGR between 2022 and 2025.

Partners Group will work with LogCap on a value creation plan and seek to expand the portfolio to over EUR 1 billion in size. LogCap has already identified a strong pipeline of potential add-on targets. In addition, Partners Group will also look to enhance the ESG credentials of underlying assets in line with its commitment to stakeholder impact.

Anne-Jan Jager, Managing Director, Private Real Estate Europe, Partners Group, says: “We have been tracking the logistics sector in Norway for some time through our thematic investing approach and following LogCap’s development since early 2021. We plan to capitalize on strong occupier demand and limited new stock to create a leading last mile logistics platform in the country. This investment in LogCap is a great starting point as it provides instant access to scale, vertical depth, and sourcing capabilities in the capital.”

Anders Brustad-Nilsen, Chief Executive Officer, ORO, adds: “We are very excited to welcome Partners Group as the largest investor in LogCap. The firm’s extensive expertise in the sector will be very valuable as we look to scale our existing logistics platform around the greater Oslo area.”

Partners Group’s Private Real Estate business has USD 18 billion in assets under management globally. The firm deployed USD 4 billion of equity across private real estate in 2021, of which c. 40% was in the logistics sector.

Arctic Securities structured the acquisition of the LogCap platform, with Advokatfirmaet Schjødt as legal advisor.

Kirkland & Ellis, Thommessen, and PwC advised Partners Group. DnB is providing the debt financing for the transaction.

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