Photobox Acquires Greetz to Create European Leader in Online Greetings Cards and Personal Gifting

Photobox Group, Europe’s leading personalisation business, has snapped up Dutch online cards and giftingretailer Greetz. The acquisition makes Photobox Group the European market leader in online greetings cards and personal gifting through the Greetz and Moonpig brands.

Founded in 2001 as an online greetings cards retailer – in which it is the undisputed market leader with over 7.5 million cards sold in the Netherlands in 2017 – Greetz has now established itself as Holland’s number one brand in personal gifting, with strong positions in categories like online flowers, chocolate, beverages and balloons. In 2017 the company sold almost 1 million gifts. Growing at 25% year on year, the business is on course to double its 2015 revenues in 2018.

Greetz now joins Photobox Group’s family of brands which include Moonpig – the UK leader in online cards, gifts & flowers – as well as Photobox (Europe-wide leader in photo-personalised gifts), Hofmann (Spanish leader in photo-personalised gifts) and PosterXXL (a leading player in the German photo-personalised market).

“We’re delighted to welcome Greetz to our family of gifting and personalisation businesses”, said Jody Ford, CEO Photobox Group. “Much like Moonpig in the UK, Greetz is a loved, household brand, offering customers a highly emotive, personal and convenient way to share special moments and occasions together, and a vibrant, dynamic alternative to generic, off the shelf cards, gifts and flowers. The UK and Netherlands are the two main greetings card markets in Europe and we now have leadership positions in both”, said Ford.

Joining Photobox Group gives us access to a Europe-wide pool of talent, expertise and creativity as we build the next stage of Greetz story”, said Niek Veendrick, CEO Greetz. “Our vision is to be the number one destination for personal gifting and greeting, enabling consumers to surprise and support people close to them. This is a 100% match with the Photobox ambitions and in Moonpig they have a very similar business that we can grow with.”

Photobox Group’s brands and products enable over 10 million customers across 15 countries to share memories, celebrate great moments and inject personal expression into their everyday lives every year. The Group generated revenues of £325m in the fiscal year ending 30 April 2017 and is owned by Exponent Private Equity and Electra Private Equity.

London, 20 August 2018: Volpi Capital (“Volpi”), a specialist European lower mid-market private equity firm, today announces the fourth deal from its first fund – Volpi Capital Fund I – with the management buyout of CycloMedia, a leading global B2B geospatial data and information business headquartered in the Netherlands.

CycloMedia provides intelligent geospatial data and information services by virtualising large cities for B2B governmental and commercial use cases, such as tax assessment, remote infrastructure monitoring, asset inspection for insurance underwriters and visual support for control rooms. Founded in the Netherlands in 1980, CycloMedia operates across Europe and the US with the majority of customers buying a repeat service.

CycloMedia is a highly innovative business that through its Research & Development team has developed proprietary technology providing advanced camera and processing techniques. Its technology is currently used in government, public safety and security markets, as well as in construction, infrastructure management and insurance.

The company, which has over 140 employees, has a track record of strong growth with high margins and had revenues of c.€30m in 2017.

The deal will see Volpi acquiring a majority stake. Working closely with CycloMedia’s management, Volpi plans to add value to the business through continued international expansion, particularly in the US. In addition, Volpi will support management with a buy and build strategy, whilst also enhancing the business’ governance and operations.

Volpi’s average ticket size across its four deals to date has been c.€60m, with the investment in CycloMedia consistent with this.

Commenting on the transaction, Crevan O’Grady from Volpi Capital, said: “CycloMedia matches perfectly with our investment thesis of backing businesses harnessing technologies to improve productivity and efficiency within B2B value chains. I am confident that we can support management in driving transformative growth for CycloMedia through further internationalisation, with a particular focus on the US.”

Frank Pauli, CEO of CycloMedia added: “We have been very impressed by Volpi’s deep industrial knowledge and their ability to truly understand our business and the market opportunity. Having developed a relationship with Volpi over the last year, we are confident that they are the right partner to help us take the business to next level.”

This is Volpi’s first deal since closing its maiden fund – Volpi Capital Fund I – at its €185m hard cap in April 2018.

Volpi was advised by Allen & Overy and PwC.

About Volpi Capital

Volpi Capital is a specialist European lower mid-market private equity firm. Volpi has a thesis-driven approach targeting ambitious businesses using enabling technologies to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive transformative growth through international expansion and consolidation. The firm, which was founded in 2016 by Crevan O’Grady and Marco Sodi, closed its first fund (Volpi Capital Fund I) in April 2018 with commitments of €185 million.

http://www.volpicapital.com

For all media enquiries, please contact:

Instinctif Partners

Nick Woods/Ambrose Fullalove

+44 20 7457 2020

volpi@instinctif.com

About CycloMedia

Founded in 1980 CycloMedia is a leading international provider of data and software solutions virtualising the outside world accurately on-screen. CycloMedia’s customers derive actionable insights from the geo-data platform to power day-to-day decisions remotely and with more accuracy, delivering exceptional ROI. CycloMedia focuses its solutions on tax assessment, asset management, public safety, construction & engineering, utility & transportation and insurance & real estate. CycloMedia employs 140 people and is based in Zaltbommel, the Netherlands, with operations in the US, Germany, and Scandinavia.

http://www.cyclomedia.com

AlpInvest Becomes the First Outside Investor in the Marketing Group Since Its Launch by Mark Penn and Steve Ballmer

WASHINGTON, D.C. – The Stagwell Group and AlpInvest Partners today announced the completion of a $260 million capital raise by Stagwell Media LLC from investment funds managed by AlpInvest Partners, a global private equity investor. Since its founding in 2015, Stagwell Group has completed seventeen investments and is on track for more than $400 million in consolidated net revenue this year. The new investment will support Stagwell’s strategy of building a network of innovative marketing and research companies.

“The marketing landscape is in the midst of a dramatic transformation and we are excited to have AlpInvest support our mission in creating a network of strategists and tacticians that is nimble and digital-centric, building a go-to resource for brands looking to succeed in today’s complex marketplace,” said Mark Penn, Managing Partner of the Stagwell Group. “We created Stagwell as a meaningful alternative to the holding companies, aptly named, since they have long been holding brands back from delivering on their full potential in a digital-first world.”

“Stagwell has demonstrated a superior operating model. Over the past three years, Mark and his team have built a highly attractive portfolio of world class digital-first marketing companies that drive significant results for brands,” said Michael Hacker, Managing Director, AlpInvest Partners.

“We are thrilled to support Stagwell through this secondary transaction at a key a moment in their development, as their portfolio continues to expand rapidly with exciting new capabilities and geographic reach that will allow Stagwell to compete on a global basis,” said Julian Rampelmann, Managing Director, AlpInvest Partners.

Management of the Stagwell Group remains the same. Further details of the transaction were not announced.

Mercury Capital Advisors served as the exclusive financial advisor to the Stagwell Group.

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About The Stagwell Group

The Stagwell Group LLC (the “Stagwell Group”) is a registered investment advisory company formed by Mark Penn. The Stagwell Group manages a private equity fund whose portfolio includes more than a dozen collaborative, digital-first agencies. Stagwell’s portfolio of high growth companies include digital marketing agency Forward 3D Group, media innovator MMI Agency, healthcare and consumer experts SCOUT, research leader Harris Insights & Analytics, performance marketing firm PMX Agency, creative digital leader Code and Theory, strategic communications agency SKDKnickerbocker, entertainment research innovator National Research Group (NRG), public relations firm Finn Partners, communications agency Wye Communications, digital advocacy shop Targeted Victory, creative advertising consultancy Wolfgang, online reputation management firm Reputation Defender and technology innovator Stagwell Technologies. Online at www.stagwellgroup.com.

About AlpInvest Partners
AlpInvest is a leading global private equity investor, with more than $45 billion of assets under management as of June 30, 2018 and more than 150 employees across offices in New York, Amsterdam, Hong Kong, San Francisco and Indianapolis. Since its inception, AlpInvest has invested with over 350 managers and committed $62 billion across over 640 primary commitments to private equity funds, more than 125 secondary transactions and in excess of 230 equity co-investments. AlpInvest offers customized private equity investment solutions to investors through separately managed accounts and commingled funds. AlpInvest operates as a subsidiary of The Carlyle Group (NASDAQ: CG), a global alternative asset manager with $210 billion of assets under management as of June 30, 2018. For more information, please visit www.alpinvest.com.

Media Contact for the Stagwell Group
Beth Lester Sidhu
Phone: +1 (202)423-4414
beth@stagwellgroup.com

Media Contact for AlpInvest Partners
Maaike van der Schoot
Phone: +31 (0) 20 540 7628
maaike.van.der.schoot@alpinvest.com

LANDOVER, Md. & NEW YORK–(BUSINESS WIRE)– KKR, a leading global investment firm, and RBmedia, a leading digital audiobook and related spoken content producer, today announced the signing of a definitive agreement under which KKR will acquire RBmedia from Shamrock Capital. Financial details of the transaction were not disclosed.

RBmedia is the largest independent publisher of audiobooks in the world with a catalogue of more than 35,000 titles spanning all genres – from romance to business to sci-fi – with thousands of works being added each year. RBmedia’s collection spans best-sellers to award winners to emerging works from up-and-coming authors. The company also distributes content to consumers directly through two divisions: Audiobooks.com, a leading audiobooks subscription service, and RBDigital, a state-of-the-art cloud-based digital media platform for libraries and library patrons. RBmedia reaches consumers through distribution agreements with an array of platform partners such as Audible, Google, and Rakuten.

“This is an exciting time for RBmedia as audiobooks are the fastest growing segment in the digital publishing industry today. We are delighted to partner with KKR to build on that momentum and to expand upon the growth we’ve achieved in the space thus far in partnership with Shamrock,” said Tom MacIsaac, President and CEO of RBmedia.

“The proliferation of mobile devices and voice-enabled ecosystems has created an always-on consumer who increasingly seeks out new content to enjoy,” said Richard Sarnoff, Chairman of Media, Entertainment, and Education for KKR. “This trend has made audiobooks the most growthful segment of the publishing industry. RBmedia is very well positioned to capitalize on these dynamics with the industry’s largest independent catalogue of premier audio content that can be flexibly delivered across platforms, worldwide.”

“We are thrilled to partner with Tom MacIsaac and the talented team at RBmedia,” said Ted Oberwager, Director at KKR. “We look forward to continuing the company’s history of innovation and to growing RBmedia for the years to come.”

KKR has a long history of successfully investing in market-leading businesses in the digital media and content sectors. KKR’s recent and related investments include WebMD, UFC, Sonos, BMG Rights Management, Next Issue Media, Fotolia, Emerald Media, and Nielsen, among others.

KKR is making the investment in RBmedia primarily from its KKR Americas XII Fund.

“Shamrock is extremely grateful to the RBmedia team for their partnership, entrepreneurial spirit and ability to lead the business over the past three years,” said Mike LaSalle, Partner at Shamrock. “KKR’s resources and expertise will enable the company to continue to capitalize on the tremendous opportunity this market represents.”

Goldman Sachs & Co. LLC is serving as financial advisor to KKR on the transaction, with Simpson Thacher & Bartlett LLP serving as legal advisor. LionTree is serving as financial advisor to RBmedia on the transaction, with Cooley LLP serving as legal advisor.

About RBmedia

RBmedia is a global leader in spoken audio content and digital media distribution technology that reaches millions of consumers—at home, in the car, and wherever their mobile devices take them. RBmedia produces exclusive titles and delivers the finest digital content—including audiobooks, streaming video, educational courses, entertainment titles, and much more. Headquartered in Landover, Maryland, RBmedia comprises an ever-expanding group of the best brands in spoken audio content and digital media distribution technology. Find out more at www.rbmediaglobal.com.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic manager partnerships that manage hedge funds. KKR aims to generate attractive investment returns for its fund investors by following a patient and disciplined investment approach, employing world-class people, and driving growth and value creation with KKR portfolio companies. KKR invests its own capital alongside the capital it manages for fund investors and provides financing solutions and investment opportunities through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. Inc. (NYSE:KKR), please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.

About Shamrock Capital

Shamrock is a Los Angeles-based investment firm with approximately $1.9 billion of assets under management, investing exclusively in the media, entertainment and communications sectors. Shamrock was originally founded in 1978 as the family investment company of the late Roy E. Disney and has since evolved into an institutional money manager with a leading group of investors including endowment and pension funds. Shamrock partners with strong management teams and takes an active, collaborative approach to creating value in each investment. Shamrock’s current investments include Appetize, Branded Cities, BTI Studios, FanDuel, Giant Creative, Isolation Network, Maple Media, Mobilitie, Omega Wireless, Questex, RBmedia, Screenvision Media, Silvergate Media, Wazee Digital, and Wpromote. For more information, visit: www.shamrockcap.com.

KKR:
Kristi Huller or Cara Major
212-750-8300
media@kkr.com
or
Shamrock Capital:
Mickey Mandelbaum or Jaimee Pavia
212-279-3115
mmandelbaum@prosek.com
jpavia@prosek.com

Source: KKR

Senior Partners in EV Private Equity, Rune Jensen and Per Arne Jensen, who
established the Norwegian Private Equity fund manager Progressus in 2006, sold the Progressus portfolio company Viju to the Dutch-German Private Equity firm Avedon Capital Partners.

Under Progressus active stewardship Viju has grown its revenues from NOK 80 million to more than NOK 800 million through strong organic and acquisitive growth. Number of employees have grown from 25 to 280 and number of offices from 1 small office in Stavanger to 11 across Norway, UK, USA, Singapore and Malaysia.

Avedon Capital Partners acquires VisionsConnected and Viju to create a leading global provider of video conferencing, audiovisual and collaboration solutions

The ambition for the new combined company is to build a leading global visual collaboration company specializing in designing, installing, servicing and supporting physical and virtual meeting environments for global customers with a strategic need for videoconferencing, collaboration and audiovisual solutions.

The combined company today serves corporate and public customers in about 100 countries. It will have its official headquarter in Amsterdam, the Netherlands and will continue to serve customers from multiple office locations throughout EMEA, USA & APAC. A new brand, that reflects the evolution of these two reputable businesses into an integrated global organization, is expected to be launched in early 2018.

Rune Jensen (Progressus Private Equity, majority owner Viju): “Under our ownership, Viju has tenfolded revenues and established offices around the globe. We look forward to following the new company’s continued journey, and believe Avedon is very well positioned to take it to the next level”

About Viju
Viju is a global visual communications specialist, whose aim is to transform the way people communicate and collaborate in the workplace. Their solutions and services include video conferencing, audio visual integration and unified communications and collaboration.

www.vijugroup.com

About VisionsConnected
VisionsConnected is a global visual collaboration specialist on a mission to change the way people collaborate. They create and deliver cloud-based, high quality, secure and user-friendly video conferencing services to customers in over 120 countries.


www.visionsconnected.com

About Avedon Capital Partners
Avedon Capital Partners is an investor passionate about supporting outstanding entrepreneurs and management teams of growth companies to realize their ambitions together. It is located in Amsterdam (NL) and Düsseldorf (GER). Avedon focuses on niches within four sectors: Software & Technology, Business Services, Industry & Engineering, and Consumer & Leisure. Since it was established, the team has invested in over 20 growth capital transactions and has achieved a strong track record of growth

www.avedoncapital.com

About Progressus

Progressus is a private equity company based in Stavanger, Norway,  providing capital and competence to growth companies in the oil and gas and technology sectors. In 2015 Progressus Management joined Energy Ventures to form EV Private Equity.

www.evpe.com

In the issue, totaling over 6 million will also participate including Kichi Invest, the game company Paradox Interactive CEO Fredrik Wester is the majority shareholder, and Bo Mattsson, the serial entrepreneur who founded the company Cint, Mangold Fondkommission, EuroTrader and Nettrader.

Referanza has developed a tool which helps the company to get their satisfied customers to easily recommend their positive experiences and products they like to their friends in social media. The companies will then have the real, personal, credible trial and will thus away from the problems that Trustpilot and recommendation sites have false positive reviews. And while driving it on sale. Verified Customer Rating is magical content and gold worth of business because consumers tend to rely more on their friends’ recommendations than on traditional advertising.

There are a variety of solutions that are reminiscent of the Referanza make such referral marketing solutions that focus on satisfied customers to tell their friends about a product or service in social media, and digital survey solutions (NPS) where customer feedback is collected to find out what customers thought. But no one takes a structured approach to be on the positive customer experiences that people spread in social media. USP of Referanza lies in the self-service tools that they developed Referanzas where customers can see the entire flow, for example, through which social channels to their customers and their friends spread their positive reviews, which customers are most likely to share how great social influence of different customers, the friends that click like, which customers recommend and what they recommend (and thus is a new lead)

Every year several billion customer experiences. Referanzas product will be used in an endless variety of verticals which was making the market very large. It has initially chosen to focus on clients in the entertainment, such as cinema, theater, stand-up and sports.

We see a strong increase in the use of our platform, primarily from companies in the ticketing and entertainment industry, where hundreds of thousands of consumers already passed our mobile Flow, says Joakim Turesson, chief executive and co-founder of Referanza.Vi has a very high response rate and high viral spread is partly because that our tools are very easy to use, and we ask our customers in real time, ie immediately after the customer has the experience and the most full of it.