Tag Archives: Services

EQT invests in China Shine, a fast-growing facility management service provider

eqt

  • EQT Mid Market Asia acquires a 40% stake in China Shine, a fast-growing facility management service provider with a focus on the Chinese market
  • The strategy is to support Shine’s continued growth and development of a broader service scope, as well as further geographical expansion, to become a national integrated facility management service platform
  • EQT is partnering with the current management of Shine, which remains as majority shareholders and will continue to drive the growth strategy

The EQT Mid Market Asia III fund (or “EQT Mid Market Asia”) has acquired a 40% stake in China Shine (Cayman) Co. Ltd. (“Shine” or the “Company”) from the current management shareholders. Shine’s management team will, under the joint leadership of Jack Zhou, CEO and Chairman, Sally Wu, COO and Alan Pang, General Manager, continue to lead and drive growth and development of the Company.

Founded in 2016 in Shanghai, Shine offers general cleaning, support, building maintenance, security and integrated facility management services across China. The two-year-old company is on track to achieve annual sales of RMB 200 million (USD 30 million) in 2018. Under the leadership of the current management team, which possesses more than 20 years of industry experience, Shine has demonstrated remarkable growth since inception and is today a fast-growing facility management service provider with a stable customer base.

With a strong management team and support from EQT’s industrial network and previous experience within facility management, Shine is well-positioned to capture the attractive growth opportunities in the under-penetrated and highly fragmented facility management market in China. The strategy includes continued growth, both organically and through add-on acquisitions, and development of a broader service scope as well as further geographical expansion, with the ambition to become a fully-integrated national facility management service platform.

Shine has also announced the strategic alliance with Shanghai East Asia Hong’An Cleaning Service Co. Ltd., a company focusing on Shanghai’s prime commercial and office building vertical.

Jack Zhou, CEO and Chairman of Shine, says: “We are excited to work together with EQT and further develop Shine into an integrated facility management service platform. With its industrial and operational growth-focused approach, EQT is the ideal partner for Shine”.

Martin Mok, Partner, Head of EQT Mid Market Asia and Investment Advisor to EQT Mid Market Asia III, concludes: “We are impressed by the management’s vision, vast industry experience and entrepreneurial spirit. EQT looks forward to the new partnership and the focus going forward will be on geographical and service scope expansion, while maintaining high service quality and customer satisfaction”.

The parties have agreed not to disclose the transaction value.

Contacts
Martin Mok, Partner, Head of EQT Mid Market Asia and Investment Advisor to EQT Mid Market Asia III. + 852 2971 5877
EQT Press Office +46 8 506 553 34

About EQT
EQT is a leading investment firm with approximately EUR 50 billion in raised capital across 27 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees. EQT works with portfolio companies to achieve sustainable growth, operational excellence and market leadership.

More info: www.eqtpartners.com

About Shine
Shine is a fast-growing facility management service provider with a strong cleaning business in Eastern China and across China. The Company also offers support, building maintenance, security and integrated facility management services. Founded recently in 2016, Shine is on track to achieve annual sales of RMB 200 million (USD 30 million) in 2018.

More info: www.zxchinashine.com

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Priveq – a new growth partner for Frontit

Priveq

Frontit, an expansive company with services in management, project and program management and training, is bringing in Priveq Investment (“Priveq”) as a new growth partner for the future. Since 2007, Frontit has been owned by an individual principal owner, Pierre Bjurhager, and operated by Pierre Bjurhager together with management and staff. Now the company strengthens its position with Priveq as main owner and partner.

Today, Frontit has offices in Stockholm, Sundsvall, Västerås, Örebro, Norrköping and Malmö and about 190 employees. Priveq Investment is a company with 35 years of experience investing in profitable growth companies. Frontit’s operational focus will continue with former CEO Anneli Angeling together with corporate management and employees. Previous owners will remain in the ownership group.

Frontit offers senior consultants within management and IT to the private as well as the public sector and assists companies and organisations in managing operational changes. The company has been appointed one of the best working places in Sweden seven years in a row by “Great Place to Work” and had a turnover of SEK 188.5m in 2017.

Frontit is a value-based company with an open and inclusive corporate culture with the vision to “develop individuals and businesses to achieve their full potential”. For Frontit, it was important to find a partner who understands and respects the culture and recognizes the potential going forward. Priveq shares Frontit’s values and invests in companies of the same size with a strong management.

“We are impressed by how Frontit, with their service offering, has created a unique position on the market. We are looking forward to working together in the future and actively support Frontit in their development”, says Henrik Westfeldt, Partner at Priveq.

“We are very happy about teaming up with Priveq as a new growth partner to Frontit. We are excited about taking the company to the next level and we are convinced that Priveq, with their experience, will contribute to an exciting development for Frontit” says Anneli Angeling, CEO at Frontit.

For more information, please contact:

Henrik Westfeldt, Partner and Investment Manager, Priveq Investment
Tel: +46 (0)70 872 16 66
henrik.westfeldt@priveq.se

Anneli Angeling, CEO Frontit
Tel: +46 (0)70 221 12 58
anneli.angeling@frontit.se

About Frontit
Frontit assists companies and organisations to succeed with change management by providing effective consultancy services within business activities and IT. Frontit is passionate about creating extraordinary results by helping individuals and organisations reaching their full potential. The company has about 190 employees in Stockholm, Sundsvall, Västerås. Örebro, Norrköping and Malmö and has been awarded one of Sweden’s best places to work seven years in a row.
More information is available at www.frontit.se.

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KKR to Acquire Ramky Enviro Engineers

KKR

Investment Supports Continued Growth of Leading Indian Environmental Services Business

MUMBAI, India–(BUSINESS WIRE)– Global investment firm KKR and Ramky Enviro Engineers Limited (“REEL” or the “Company”), a leading provider of environmental services and solutions in India and overseas, today announced the signing of a definitive agreement under which KKR will acquire a 60% stake in the Company for approximately US$530 million via a combination of primary and secondary investments valuing the Company at an enterprise value of US$925 million.

REEL’s suite of comprehensive offerings includes the management, collection, transport and processing of hazardous, municipal, biomedical and e-waste, as well as the recycling of paper, plastic and chemicals. The Company also focuses on renewable energy generation – with a strong focus on waste-to-energy processes – and offers consulting and integrated environmental services. REEL has a presence in over 60 locations across 20 Indian states, as well as in certain Southeast Asian, Middle Eastern and African markets.

KKR’s investment in REEL marks one of the largest buyouts in India, in addition to being the first private equity buyout in the country’s highly attractive environmental services sector. The deal comes as Prime Minister Narendra Modi’sadministration enhances its focus on environmental management through the Swachh Bharat (Clean India) Mission, an initiative to reduce pollution and improve critical sanitation infrastructure to boost living standards in cities, towns and rural villages nationwide.

M. Goutham Reddy, Managing Director & CEO of the Company, said, “REEL was founded by Mr. A. Ayodhya Rami Reddywith a vision that sustainable development is the key to success and with an objective of serving society through environmental management. With KKR as our new partner, we look forward to advancing our mission of responsibly addressing the environmental issues that emerging economies including India are facing today. Today marks the beginning of the next stage of REEL’s evolution towards serving society.”

Sanjay Nayar, Member & CEO of KKR India, said, “We are excited to partner with REEL, the only comprehensive environmental management company offering end-to-end environmental and waste management services across India. REEL’s work uniquely supports the Swachh Bharat Mission, and our team is pleased to invest in the growth of a company that provides critical services and infrastructure to reduce pollution and address the needs of India’s expanding urban population.”

“We look forward to leveraging our resources to enhance REEL’s operational best practices and add value by focusing on engineering innovation, attracting managerial talent and boosting efficiency, in addition to building on REEL’s rigorous focus on environmental, health and safety initiatives. We will work alongside REEL’s experienced management team to enhance the Company’s mission of becoming a world-class leader in environmental management at a time when implementing sustainable solutions is more important than ever,” added Rupen Jhaveri, Managing Director at KKR.

REEL has established itself as a leading and trusted provider of environmental services due to its focus on sustainability and commitment to continuous improvement. As part of this commitment, REEL uses a number of systems to monitor its procedures to ensure adherence to best environmental management standards. The Company frequently samples and analyses its business’ impact on the air, soil and water of the areas where it operates, and it manages community outreach and engagement programs. To date, REEL has been recognized for its safety and environmental efforts in numerous municipalities in India.

Barclays and EY are acting as REEL and KKR’s M&A advisors, respectively. Link Legal serves as REEL’s legal counsel, and PwC and Transaction Square act as REEL’s tax advisor. Cyril Amarchand Mangaldas and Simpson Thacher & Bartlett serve as KKR’s legal counsel, with Deloitte India acting as accounting and tax advisor. Environmental Resources Management serves as environmental management advisor to the deal.

KKR makes the investment from its Asian Fund III.

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 Ramky Enviro Engineers

Ramky Enviro Engineers Limited (“REEL”) is a leading provider of comprehensive environmental management services. Through the provision of its technical and operational expertise, REEL offers cost-effective, custom solutions to a variety of complex environmental needs across areas including Integrated Waste Management, Wastewater and Water Treatment and Remediation, among others. REEL today operates waste treatment facilities in more than 60 locations across India, Singapore, the Middle East, and Africa. The Company handles 3.5 million tons of municipal waste, 1 million tons of industrial waste, and caters to 20,000 healthcare establishments. REEL’s facilities are ISO 9001-, ISO 14001-, ISO 17025- and OHSAS 18001-certified to ensure excellence in environmental and waste management. For more information, visit: http://ramkyenviroengineers.com.

Media
For KKR:
KKR Asia
Anita Davis, +852 3602 7335
Anita.Davis@KKR.com
or
KKR Americas
Kristi Huller / Cara Major, +1 212-750-8300
Media@KKR.com
or
For KKR India:
Edelman
Siddharth Panicker, +91-9820-857-522
Siddharth.Panicker@Edelman.com

Source: KKR

 

 

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Blackstone Signs Agreement to Invest in TaskUs

Blackstone

New York, August 9, 2018 – Private Equity funds managed by Blackstone (NYSE: BX) have entered into a definitive agreement to invest in TaskUs, a leading customer service and business process outsourcing services provider for high-growth technology companies. The investment, before funding, values TaskUs at more than $500 million.

Founded in 2008 by Bryce Maddock and Jaspar Weir, TaskUs is one of the fastest-growing companies in its industry globally. Their business process solutions, which leverage the latest technology, including AI, advanced Learning Management Systems and big data, help companies quickly scale. TaskUs will continue to be led by Mr. Maddock, Mr. Weir, and the existing management team, who have been instrumental in driving the company’s growth.

Amit Dixit, Senior Managing Director at Blackstone, said: “The growth in ride sharing, social media, online food delivery, e-commerce and autonomous driving is creating an enormous need for enabling business services. TaskUs has established a leadership position in this domain with its base of marquee customers, unique culture, and relentless focus on customer delivery. We are excited to partner with Bryce, Jaspar and the existing management team to build the world’s leading company in this area. With access to capital from Blackstone, as well our two decades of experience with BPO companies, we are confident that our investment in TaskUs can significantly accelerate the company’s growth trajectory.”

Bryce Maddock, TaskUs co-founder and CEO, commented: “We chose to partner with Blackstone because they have a track record at building category-defining businesses. Our goal is to build TaskUs into the world’s number one provider of tech-enabled business services.  This partnership will help us dramatically increase our investment in consulting, technology and innovation to support our customers’ efforts to streamline and refine their customer experience. We will also use this investment to scale globally with new investments in Europe, India and Latin America and continued expansion in the countries where we operate today – the United States, the Philippines, Mexico and Taiwan. I want to thank our investors, Navegar Partners, who are selling their stake in this transaction, for an incredible three-year partnership.”

Jaspar Weir, TaskUs co-founder and President, added: “TaskUs has always emphasized the importance of employee experience as a key business differentiator, an initiative Blackstone fully supports. We’re excited that they will continue to support our investments in creating a world-class culture which drives innovation and enables us to deliver the next generation of customer experience solutions to our clients. This investment is truly a testament to the dedication of our amazing team.”

The transaction is expected to close in the fourth quarter of 2018, subject to regulatory approvals and customary closing conditions.

About TaskUs
TaskUs provides next generation customer experience that powers the world’s most disruptive companies through the partnership of amazing people and innovative technology. TaskUs provides ridiculously good strategy and business process outsourcing utilizing revolutionary technology and the best talent to deliver transformational, digital scale. To find out more visit www.TaskUs.com.

About Blackstone
Blackstone is one of the world’s leading investment firms. Blackstone seeks to create positive economic impact and long-term value for our investors, the companies it invests in, and the communities in which it works. Blackstone’s asset management businesses, with approximately US$440 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.

Media Contact
Blackstone
Matthew Anderson
+1-212-390-2472
Matthew.Anderson@Blackstone.com

TaskUs
Libby Loskota
+1-424-333-1980
libby@taskus.com

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KKR and Urban Exposure partner to provide development lending in the UK

KKR

London, 27 July 2018 – KKR, a leading global investment firm, and Urban Exposure, a leading UK residential development finance provider, today announce that they have launched a Joint Venture (“JV”) to focus on financing mainstream housing throughout the UK, with an initial size of £165m.

The JV will leverage Urban Exposure’s expertise in originating, executing and managing development loans in the residential market, focusing on the significant opportunity in mainstream housing throughout the UK. The JV will draw on this deep local market knowledge, which, combined with KKR’s significant financial and operational expertise, will help drive continued growth and scale of the loan portfolio and build its position as a leading development finance provider.

The JV will take advantage of the attractive fundamentals of development finance, whilst meeting a clear need for housing development in the context of increasing mainstream housing supply in the UK.

Varun Khanna, Director at KKR Credit, said: “KKR is excited to partner with Urban Exposure, working closely with management to find opportunities to create value in an evolving UK residential property market. The strength of our platform, outstanding management team and favorable market fundamentals will enable us to support SME developers in building affordable housing for the benefit of the UK.”

Sundeep Lakhtaria, Partner at Urban Exposure said: “We are thrilled to be working with KKR, a best-in-class private equity firm on this joint venture. Urban Exposure has considerable experience in managing third party funds through a long history of joint ventures and syndicated transactions. We aim to leverage this strength in the asset management business through strategic and collaborative relationships such as this joint venture with KKR.”

Commenting, Randeesh Sandhu, Chief Executive of Urban Exposure said: “We are pleased to have closed this joint venture, which is a continuation of our strategy to grow our third-party asset management business whilst also continuing to deploy our balance sheet lending funds. The scale of the venture means we can offer further significant support to SME developers as they seek funding for mainstream housing projects across the UK. We believe the venture will demonstrate our ability to deliver shareholder value by combining our experience with KKR’s significant financial and operational expertise.”

KKR’s investment is being made through its Credit funds, which currently have assets under management of $60.7bn as of 30 June 2018.

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 Urban Exposure
Urban Exposure plc is a specialist residential development finance and asset management company that has been formed to provide finance for UK real estate development loans. The Company focuses on two main revenue streams: interest and fees generated on principal lending from its own balance sheet; and asset management income generated from managing and servicing real estate development loans financed by third parties. For additional information please visit Urban Exposures website: www.urbanexposureuk.com/ and on twitter @UrbanExposureuk, Linkedin: www.linkedin.com/company/urban-exposure/ and Facebook: www.facebook.com/UrbanExposureUK/

Media Contacts
KKR
Alastair Elwen/Shiv Talwar
Finsbury
Phone: +44(0)20 7251 3801
Email: alastair.elwen@finsbury.com

Urban Exposure
Barnaby Fry/Charlie Barker/Sophia Samaras
MHP Communications
Phone: +44 (0) 20 3128 8100
Email: urbanexposure@mhpc.com

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Fair Damage Control acquires Repair Concepts Group

Ufenau

Dear Investors, Pfaeffikon, June 2018

Partners and Friends of Ufenau Capital Partners,

we are pleased to announce that Fair Damage Control Holding (“FDC”) has acquired Repair Concepts.
Repair Concepts with its service centre in Rheinbach (Rhineland-Palatinate) is a strongly growing service provider for claim handling and repair services for insurance companies. The company provides its services nationwide with a focus on repair-assistance-services, on-site assessments, expert reports, document check as well as regulation for claims related to damages of properties. Repair Concepts handles around 60’000 claims per year with more than 100 employees and serves more than 120 renowned insurance companies in Germany.

After acquiring E.Via and FTS Preischel in 2016, Repair Concepts represents the third acquisition of FDC. Due to the recent acquisitions, the Group could further strengthen its market leading position in Germany. In total, FDC budgets sales of more than EUR 35 million in 2018 and employs now 250 people.
Peter Becker, Managing Director of Repair Concepts: “We are pleased to have found with FDC a partner with the profound understanding of the insurance market who supports the objectives and strategy of Repair Concepts. We see the partnership with FDC as foundation for a sustainable and long-term development of our organization.”
Hubertus Marx, CEO of FDC, adds: “I am pleased that we have succeeded in further expanding the market position of FDC in Germany with the acquisition of the well-established and renowned Repair Concepts Group. The acquisition allows us to offer to our customers an even wider range of services.”
Sincerely, your Ufenau Team

About Ufenau Capital Partners
Ufenau Capital Partners is a privately owned Swiss Investor Group headquartered at the Lake Zurich which advises private investors, family offices and institutional investors with their investments in private equity. Ufenau Capital Partners is focused on investments in service companies in German-speaking Europe and invests in the Education & Lifestyle, Business Services, Health Care and Financial Services sectors. Through a renowned Group of experienced Industry Partners (Owners, CEOs, CFOs), Ufenau Capital Partners pursues an active value-adding investment approach on eye-level with entrepreneurs and managers.
Fair Damage Control acquires Repair Concepts Group
Ufenau Capital

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H.I.G. Capital Announces the Sale of KidsFoundation

LONDON – July 19, 2018 – H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with more than €21 billion of equity capital under management, announced today that one of its affiliates has entered a definitive agreement to sell the KidsFoundation Group (“KidsFoundation”), the Dutch market leader in childcare services, to Onex Corporation (“Onex”)(TSX:ONEX). Terms were not disclosed.

Headquartered in Almere, the Netherlands, KidsFoundation provides high-quality childcare to nearly 30,000 children between the ages of six weeks and 12 years. H.I.G. created KidsFoundation in 2014 through the acquisition of assets from the estate of Estro Group. During H.I.G.’s ownership, the company has developed strongly with significant capital invested by H.I.G. to create a high-quality childcare offering. H.I.G. worked with KidsFoundation management to optimise the footprint of the company by exiting loss-making locations, introduce new IT systems to drive operational improvement and develop an internal M&A capability. H.I.G. supported the company with capital to undertake a number of bolt-on acquisitions in the past year and to pursue a wider pipeline of inorganic growth opportunities. The business is now the largest provider of childcare in the Netherlands receiving strong advocacy ratings from staff and parents.

Carl Harring, Managing Director at H.I.G. Capital, commented on the transaction: “The Dutch childcare market has returned to growth in recent years and is set to develop in a stable manner going forward. We have enjoyed working with the KidsFoundation team to build a market-leading business well positioned to take advantage of growth opportunities in the Netherlands and further afield. The business has a best-in-class product with management and staff working hard to deliver the highest quality of care. KidsFoundation has delivered an outstanding return for H.I.G. and its investors; we look forward to observing the future development of the company.”

Jeanine Lemmens, Group CEO, KidsFoundation, stated: “We would like to thank H.I.G. for their financial and strategic support in the development of the KidsFoundation Group into the market-leading childcare provider in the Netherlands. It is a true example of what can be achieved when passion and know-how are bundled in the right way. We are excited to partner with Onex as we focus on further national and international expansion.”

About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with over €21 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City, Rio de Janeiro and São Paulo, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:

  1. H.I.G.’s equity funds invest in management buyouts, recapitalisations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
  2. H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
  3. H.I.G.’s real assets funds invest in value-added properties, which can benefit from improved asset management practices.

Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of €28 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.

About KidsFoundation
KidsFoundation was founded in 2014 and is the largest childcare organisation in the Netherlands. KidsFoundation offers high quality childcare and out-of-school care at 281 locations throughout the country. Our 3750 employees take care of nearly 30,000 children on a daily basis. KidsFoundation is the parent company of Smallsteps, Zus and Zo, Kits, the Speelbrug and SKS Alles Kids. KidsFoundation aims to offer parents the best and most appreciated childcare in the Netherlands.

* Based on total capital commitments managed by H.I.G. Capital and affiliates.

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Onex to Acquire KidsFoundation

Onex

Toronto, July 19, 2018 – Onex Corporation (“Onex”) (TSX: ONEX) today announced it has agreed to acquire KidsFoundation Holdings B.V. (“KidsFoundation”) in partnership with the existing management team. KidsFoundation is the largest childcare provider in the Netherlands. The transaction is expected to close later this year, subject to customary conditions and regulatory approvals. The terms of the transaction are not being disclosed.
KidsFoundation is one of the highest-rated childcare providers in the country. It offers nursery care for children between six weeks and four years old as well as before and after school care services for children between four and 12 years old. The company provides childcare for more than 30,000 children across 281 centres with approximately 3,750 employees.
“KidsFoundation is committed to a high standard of care and quality for the families it serves, and that is a commitment we want to continue and build on,” said Nigel Wright, a Managing Director with Onex. “We are pleased to be partnering with the KidsFoundation management team and look forward to supporting their growth for years to come.”
“Onex’ strong investment track record and history of supporting the teams it invests alongside makes it an ideal partner for us,” said Jeanine Lemmens, Chief Executive Officer of KidsFoundation. “Our first priority is to provide high-quality care of our children in safe facilities with the best staff. Onex is aligned with the strategic direction of our firm and we are excited to work together in our next phase of growth.”
The investment will be made by Onex Partners, Onex’ private equity platform focused on larger investment opportunities.

About Onex
Onex is one of the oldest and most successful private equity firms. Through its Onex Partners and ONCAP private equity funds, Onex acquires and builds high-quality businesses in partnership with talented management teams. At Onex Credit, Onex manages and invests in leveraged loans, collateralized loan obligations and other credit securities. Onex has more than $32 billion of assets under management, including $6.7 billion of Onex proprietary capital, in private equity and credit securities. With offices in Toronto, New York, New Jersey and London, Onex and the team are collectively the largest investors across Onex’ platforms.
Onex’ businesses have assets of $49 billion, generate annual revenues of $31 billion and employ approximately 207,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit its website at www.onex.com. Onex’ security filings can also be accessed at www.sedar.com.

This news release may contain forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

For further information:
Emilie Blouin
Director, Investor Relations
Tel: 416.362.7711

 

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Cetera Financial Group Selects Genstar Capital as Strategic Partner

Genstar Embraces Cetera’s Commitment to the Advice-Centric ExperienceTM and Focus on Financial Well-Being Through an Enriched Client Engagement

Company to Continue Operating Under Current Brand, Culture and Leadership, with Significant Capital for Investments in Future Growth

LOS ANGELES, July 17, 2018 – Cetera Financial Group® (“Cetera”), a leading network of nearly 8,000 financial advisors, today announced that it has partnered with Genstar Capital (“Genstar”), to accelerate the company’s growth and success under its current brand, culture and leadership team.  Genstar is a leading private equity firm focused on investments in targeted segments of the financial services, software, industrial technology, and healthcare industries.  The transaction reflects a shared commitment to Cetera’s Advice-Centric Experience™ model and provides access to significant capital for future investments in technology, customer experience, operations, data and growth platforms for the financial advisors and financial institutions served by Cetera.

Robert “RJ” Moore, CEO of Cetera, said, “The successful conclusion of our capital structure review process represents the next milestone in our company’s strategic transformation that began in 2016.  This outcome affirms our vision for the future of the financial advice profession and creates a powerful partnership to help make this vision a reality for the financial advisors and financial institutions we support.  Working alongside Genstar, our entire organization will continue to serve our advisor community by advancing our Advice-Centric Experience, which envisions a profession driven by high-caliber, planning-based advice for clients.” Mr. Moore went on to say, “This is a unique time in our profession, when the need and desire for financial advice is at its greatest. We believe there continues to be significant opportunities for Cetera to be a compelling leader in the delivery of that advice.”

Going forward, Cetera will continue to operate under a multi-affiliation structure, through two core channels – Traditional and Specialty – that collectively serve the full spectrum of independent advisor businesses and financial institutions.

Under this new partnership, Genstar has entered into a definitive agreement with Aretec Group, Inc., the holding company for Cetera, in a transaction expected to close in the late third quarter of this year.  Under the agreement, the specific terms of which were not disclosed, Genstar will assume majority equity control of Cetera, with Cetera’s leadership team maintaining a meaningful ownership position.

Tony Salewski, Managing Director of Genstar, said, “We’re excited to work closely with the team at Cetera to build on the company’s longstanding leadership in the financial advice space, and to support the growth and success of its nearly 8,000 financial advisors across the country.  From its scale and breadth of solutions, to its leadership team and vision for the future of advice, Cetera is well-positioned to capitalize on long-term secular tailwinds in wealth management. We have deep sector expertise and we see enormous opportunities to promote the long-term success of Cetera, its advisors and institutions to address the rising importance of professional financial advice to help individuals reach their financial goals.”

Genstar’s current and previous financial services investments include Mercer Advisors, AssetMark, Ascensus, Apex Fund Services, Acrisure, ISS, and Strategic Insight.  For this investment Genstar has assembled a strong Board of Directors to help guide the company’s strategic direction. In addition to RJ Moore, CEO of Cetera, Genstar representatives will include Tony Salewski and Sid Ramakrishnan as well as Ben Brigeman, former Executive Vice President for Charles Schwab & Co. who led the company’s Individual Investor (Retail) business; and Hal Strong, formerly Vice Chairman of Russell Investments.

Mr. Moore concluded, “The future of Cetera, its independent financial advisors and financial institutions, and indeed, the broader wealth management profession, has never been brighter.  We thank our advisors, institutions and our employees for their strong support and confidence throughout this process, and we’re excited to continue this journey together.”

The transaction is subject to customary regulatory and other approvals.  Goldman Sachs & Co. LLC served as Cetera’s financial advisors in this transaction, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel for the company.

UBS Investment Bank and Deutsche Bank Securities Inc. served as financial advisors to Genstar, and Willkie Farr & Gallagher LLP served as legal counsel for Genstar.

About Genstar Capital

Genstar Capital (www.gencap.com) is a leading private equity firm that has been actively investing in high quality companies for 30 years.  Based in San Francisco, Genstar works in partnership with its management teams and its network of strategic advisors to transform its portfolio companies into industry-leading businesses. Genstar has approximately $10 billion in assets under management and targets investments focused on targeted segments of the financial services, industrial technology, healthcare and software industries.

About Cetera Financial Group®

Cetera Financial Group (“Cetera”) is a leading network of independent firms empowering the delivery of professional financial advice to individuals, families and company retirement plans across the country through trusted financial advisors and financial institutions. Cetera is the second-largest independent financial advisor network in the nation by number of advisors, as well as a leading service provider to the investment programs of banks and credit unions.

Through its multiple distinct firms, Cetera offers independent and financial institutions-based advisors the benefits of a large, established broker-dealer and registered investment adviser, while serving advisors and institutions in a way that is customized to their needs and aspirations. Advisor support resources offered through Cetera include award-winning wealth management and advisory platforms, comprehensive broker-dealer and registered investment adviser services, practice management support and innovative technology. For more information, visit cetera.com.

“Cetera Financial Group” refers to the network of independent retail firms encompassing, among others, Cetera Advisors, Cetera Advisor Networks, Cetera Investment Services (marketed as Cetera Financial Institutions), Cetera Financial Specialists, First Allied Securities and Summit Brokerage Services. All firms are members FINRA / SIPC.

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MEDIA INQUIRIES:

Cetera
Joseph Kuo or Chris Clemens
Haven Tower Group
424 652 6520 ext 101 or 102
kuo@haventower.com
cclemens@haventower.com

Genstar Capital
Contact: Chris Tofalli
Chris Tofalli Public Relations
914-834-4334
chris@tofallipr.com

 

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TA Associates Announces Minority Investment in Prudent Corporate Advisory Services

TA associates

BOSTON, MUMBAI and AHMEDABAD – TA Associates, a leading global growth private equity firm, today announced that it has completed a minority investment in Prudent Corporate Advisory Services (“Prudent”), an independent distributor of mutual fund and other wealth products in India. Financial terms of the transaction were not disclosed.

Founded in 2001, Prudent provides personal and corporate investment planning services through the distribution of mutual funds, bonds, broking and insurance products. The company operates through its network of over 10,000 Independent Financial Advisors (“IFAs”) and has in excess of 18,000 Cr of assets under management (“AUM”). Prudent provides its IFA partners with training and development services, technology platforms to grow and manage their client-base, back-office services, and sales and marketing support. The company is headquartered in Ahmedabad, Gujarat and operates a total of 70 branches across 19 states in India.

“With its IFA-centric business model, multiple service offerings and robust technology platforms, we believe Prudent represents a unique and exciting investment opportunity,” said Aditya Sharma, Senior Vice President, TA Associates Advisory Private Limited, who will join the Prudent Board of Directors. “We look forward to collaborating with the entire Prudent team to help take the company to the next level.”

“TA’s investment is a critical milestone for Prudent as we embark on our next phase of growth and seek to deepen our presence across multiple states and untapped markets,” said Sanjay Shah, Founder and Managing Director of Prudent Corporate Advisory Services. “As an active and respected investor within the financial services vertical, TA has developed a quality reputation of forming trust-based relationships with founders and management teams that lend themselves to positive results. It is evident that TA shares our vision to incorporate additional value creation for our customers and IFA partners, and we are thrilled to have them as part of the Prudent family.”

The Indian asset management industry’s AUM has grown at a compounded annual growth rate (CAGR) of 18% over the last 10 years. As of the end of March 2018, the industry had a total AUM of approximately $338 billion. Furthermore, according to AMFI, the industry’s AUM is expected to grow at a 23% CAGR for the next 5 years and reach $936 billion by 2023.

“Due to growing investor awareness and increasing mutual fund penetration, we anticipate that the Indian asset management space will experience significant long-term growth,” said Dhiraj Poddar, Country Head of India at TA Associates Advisory Private Limited, who also will join the Prudent Board of Directors. “Because of this trend, we have spent a fair amount of time and resources tracking the Indian asset management, distribution and allied services space. We believe that Prudent is well-positioned to capitalize in this large and developing marketplace and can provide notable benefits to India’s growing wealth management sector.”

“Since Prudent’s founding, we have strived to provide the highest quality end-to-end services and training programs for our network of IFAs to ensure that we are positioning them for success,” said Shirish Patel, Chief Executive Officer of Prudent Corporate Advisory Services. “With TA’s investment, we will look to scale the business to meet the evolving needs and goals of our dedicated client base. We welcome TA as an investor in Prudent and are eager to begin working with their talented team of investment and operating professionals.”

DSK Legal provided legal counsel to TA Associates. Shardul Amarchand Mangaldas & Co. provided legal counsel to Prudent.

About Prudent Corporate Advisory Services
Prudent Corporate Advisory Services provides personal and corporate investment planning services through the distribution of mutual funds, bonds and third-party products. In addition to having a large pool of its own clients, Prudent also manages geographically diverse business operations through an exclusive platform for Independent Financial Advisors (IFAs). Prudent provides the advisors with the latest training and consultation, technology, operations, back-office and support for sales and marketing. Prudent distributes its products to approximately 560,000 retail investors through its network of over 10,000 IFAs. The company is headquartered in Ahmedabad, Gujarat and operates a total of 70 branches across 19 states in India. More information about Prudent can be found at www.prudentcorporate.com.

About TA Associates
Now in its 50th year, TA Associates is one of the largest and most experienced global growth private equity firms. Focused on five target industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in nearly 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in growth companies. TA has raised $24 billion in capital since its founding in 1968 and is committing to new investments at the pace of $1.5 to $2 billion per year. The firm’s more than 80 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

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