Apax Funds to acquire Veriforce from Thoma Bravo

admin August 28, 2024

Funds advised by Apax Partners LLP (“Apax”) today announced that they have reached a definitive agreement to acquire a controlling stake in Veriforce (or the “Company”), a global provider of supply chain risk management solutions (“SCRM”), from Thoma Bravo, a leading software investment firm. The transaction is subject to customary regulatory approvals. Financial terms were not disclosed.

Headquartered in the US, Veriforce is one of the world’s largest providers of integrated supply chain risk management solutions, serving a multitude of end markets, with hubs in the US, Canada and UK. The Company’s solutions focus on verifying the services offered by contractors to hiring clients. This allows organisations to drive safety and compliance throughout all aspects of their supply chains.

Under Thoma Bravo’s ownership, Veriforce achieved rapid growth through strategic investments to expand its contractor network across multiple sectors and geographies. Veriforce now operates in more than 140 countries, helping bring more than five million workers home safely every day. Since 2018, Veriforce’s network has grown from approximately 115 clients and 9,500 contractors to over 1,300 clients and more than 90,000 contractors today. To support this expansion, Veriforce’s workforce has more than tripled to over 530 employees.

Colby Lane, CEO, Veriforce said: “Thoma Bravo has been an incredible partner. Together, we have led Veriforce to exponential growth and market expansion, becoming a truly global player in the SCRM space. We are beyond excited to partner with the Apax team going forward. With their experience in the SCRM ecosystem, Apax will be invaluable partners in advancing our global mission to bring workers home safely. Our team looks forward to continuing to deliver best-in-class solutions for our hiring clients and contractors.”

Frank Ehmer, Partner, Apax, commented: “The SCRM sector is still a relatively new industry and it is highly fragmented. Veriforce has a strong reputation and market position in the US and we see an opportunity to partner with Colby and the Veriforce team to drive further organic growth, while continuing to scale the business internationally and into new verticals.”

Anders Meyerhoff, Partner, Apax, added: “Apax has significant experience in the SCRM sector, particularly given current Apax Fund investments in Alcumus and EcoOnline. It is an industry that has seen significant growth, driven by increasingly complex regulatory pressures and more demanding commercial requirements. We are excited by the industry outlook and are looking forward to supporting the next phase of Veriforce’s growth.”

Hudson Smith, Partner, Thoma Bravo, said: “Thoma Bravo is proud to have helped guide Veriforce’s strategic evolution over the past five years while also keeping the Company laser focused on its mission of getting workers home safely. Five years ago, we started with a business with two products focused primarily on one industry and transformed it to a business with greater than ten products focused on a broad range of industries across the globe. We also supported a multi-year research and development project to build the VeriforceOne technology platform that now provides customers with best-in-class features to manage their supply chains.”

George Jaber, Principal, Thoma Bravo, added: “We’ve worked closely with Colby and the entire Veriforce management team to build Veriforce into a global, world-class platform, across all industries and all geographies. Over the course of our ownership, the Company grew revenue 6x through organic initiatives and strategic M&A. We are excited for Veriforce’s continued success in its next chapter with Apax.”

Apax is being advised by Harris Williams and William Blair is acting as exclusive financial advisor to Veriforce.

Categories: News

Tags: Supply chain

EQT Growth invests EUR 100 million in IntegrityNext, a sustainability software platform dedicated to making supply chains more transparent and compliant

admin March 23, 2023

Munich-based IntegrityNext empowers businesses to meet regulatory ESG requirements, manage ESG risks and improve supply chain sustainability.
The Company operates in a rapidly growing market that will likely benefit from the introduction of several major regulatory frameworks around climate protection and human rights, as ESG compliance and risk assessment becomes a “license to operate” issue
Its cloud-based software platform is used by more than 200 customers, including Siemens Gamesa, Infineon, SwissRe, Kion and Hilti. To date, the company monitors almost 1 million suppliers in more than 190 countries
EQT Growth will support the Company as its first institutional investor, leveraging its experience of investing throughout the tech value-chain, global network of sustainability and technology advisors, and in-house teams of digitization and sustainability experts

The EQT Growth fund (“EQT Growth”) has today announced a EUR 100 million investment in IntegrityNext (“the Company”), a sustainability software platform dedicated to enabling supply chain transparency and regulatory compliance. Co-founders Martin Berr-Sorokin (CEO), Simon Jaehnig (CRO) and Nick Heine (COO), who have grown the business whilst bootstrapped to date, will continue to lead the Company.

Founded in 2016 and headquartered in Munich, Germany, IntegrityNext has grown to serve more than 200 customers and monitoring almost one million suppliers, making it one of the leading environmental, social and governance (“ESG”) Certification software solutions in Europe. Its cloud-based platform enables enterprises – such as Siemens Gamesa, Infineon, SwissRe, Kion and Hilti – to assess risk and monitor a large portion of their supply chain for ESG metrics and compliance, allowing them to meet stakeholder demands and regulatory requirements. IntegrityNext has also partnered and integrated with leading enterprise software tools, including Celonis, Coupa and SAP, allowing it to offer supply chain assessments across numerous major industries.

The penetrated market in Europe for sustainability supply chain software solutions is expected to see strong growth over the next years. According to market estimates, the penetrated market is growing by more than 50 percent annually¹ with an expected market volume of around EUR two billion in the medium term¹,². This development is driven by the introduction of several major regulatory frameworks across Europe. Most notably, these include the German Supply Chain Due Diligence Act (“LkSG”), the EU’s Green Deal and Corporate Sustainability Reporting Directive (“CSRD”). At the same, increasing stakeholder pressure is also expected to drive market expansion, as ESG compliance and risk assessment becomes a “license to operate” issue for companies worldwide.

EQT Growth will partner with IntegrityNext on the next phase of its growth journey as it looks to further cement its leading position within Germany, while expanding its core product to serve upcoming European regulations. EQT Growth will bring its experience of investing throughout the tech value-chain, supported by EQT’s dedicated in-house teams of digital and sustainability experts and network of 600 advisors. Together, EQT Growth and IntegrityNext will further invest in the tech platform to support the acceleration of the product offering, and position it for long-term success.

Martin Berr-Sorokin, CEO and co-founder of IntegrityNext, said: “The critical importance of ESG is not a new concept to modern businesses. However, as a raft of regulatory frameworks – like Germany’s LkSG or the EU’s CSRD – begin to take effect, supply chain transparency and sustainability is evolving from a nice-to-have to a must-have. As more clients entrust us and we embark on our next stage of growth, we’re excited to be partnering with an experienced and hands-on investor with European roots and global scale like EQT Growth.”

Dominik Stein, Partner in the EQT Growth Investment advisory team who will join IntegrityNext’s Advisory Board, said: “IntegrityNext’s technology provides a streamlined and automated way for customers to easily monitor and certify their supply chain for ESG risks. Their cutting-edge product and large footprint in their home market of Germany positions them well to expand across Europe, as they have already built a significant proprietary supplier database. We look forward to working with Martin and the entire IntegrityNext team as they accelerate on their journey to making supply chains more transparent.”

Notes to Editors
¹Source: EQT Growth, Internal Market Sizing
²Source: PWC Market-Report

Contact
Finn McLaughlan, +44 77 1534 1608, finn.mclaughlan@eqtpartners.com
EQT Press Office, press@eqtpartners.com, +46 8 506 55 334
About EQT Growth

EQT Growth supports leading growth-stage technology companies as they take the next step to scale. The strategy seeks to invest around EUR 50 million to EUR 200 million, backing strong management teams of companies supported by secular macro trends primarily within four tech sub-sectors: enterprise, con/prosumer, health, and climate. Based in five countries across Europe, the EQT Growth team has extensive investing and operating experience that allows it to support its portfolio companies however called upon.

EQT Growth is an investment strategy of EQT, a purpose-driven global investment organization with EUR 113 billion in assets under management within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.

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

About IntegrityNext – Boost Supply Chain Sustainability

IntegrityNext is a leading solution for supply chain sustainability management that empowers companies to improve supply chain sustainability and meet regulatory ESG requirements. The cloud-based platform enables companies to quickly and cost-effectively check their supplier base against sustainability-related regulations (e.g. the German Supply Chain Act), standards (e.g. international human and labour rights), and voluntary commitments (e.g. supply chain decarbonization/Net Zero). IntegrityNext helps its clients identify and manage ESG risks along the value chain, reducing reputational and financial risks and improving sustainability performance.

More info: www.integritynext.com

Categories: News

Tags: Software Supply chain

AE Industrial Partners-backed AIM MRO Acquires Tribologix

admin January 17, 2023

Builds expertise in engineered surface coatings used in space and other extreme environments

Miamiville, OH – January 17, 2023 – AIM MRO Holdings, LLC (“AIM MRO” or the “Company”), a leading manufacturer and supply chain manager of highly engineered consumable repair products and materials used primarily in the aerospace aftermarket, announced today that it has acquired Tribologix, a leading provider of engineered surface coatings solutions which reduce friction and wear in extreme environments where conventional lubricants do not work. Terms of the transaction were not disclosed.

This strategic addition marks AIM MRO’s first acquisition since becoming a portfolio company of AE Industrial Partners, LP (“AEI”), a private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets. Ben Ehrens, CEO and President of Tribologix, will be staying on with the Company as a consultant.

Founded in 2004 and headquartered in Golden, Colorado, Tribologix develops and supports dry film lubricants for extreme environments. These are solid materials that provide low frictional resistance between surfaces operating in a vacuum, or the atomic oxygen of low earth orbit (LEO), as well as extreme temperatures from -130°C to 350°C. Tribologix provides its friction and wear-reducing technologies to aerospace, defense and energy customers.

“Tribologix’s high-tech, cutting-edge coatings and extensive testing have made it a trusted name in surface engineering for extreme environment applications, where the elimination of friction and wear is a mission-critical factor for non-serviceable mechanical components. We’re excited to add these products to our suite of state-of-the-art offerings,” said AIM MRO CEO Scott Wandtke. “We look forward to working with Ben and his dedicated team to better serve our new and existing customers.”

“Since inception, Tribologix has made significant investments in new technology to further improve the performance of our coatings. We take exceptional pride in our work and are committed to pushing the limits of materials science,” said Mr. Ehrens. “We are confident that AIM MRO is the right partner to help us grow our business to reach our full potential and keep innovating to meet our customers’ evolving needs.”

Akerman served as legal advisor to AIM MRO. Linden Law Partners served as legal advisor to Tribologix.

About Tribologix

Tribologix was established in 2004 to develop and support engineered surface coatings solutions to reduce friction and wear in extreme environments where conventional lubricants do not work. The Tribologix team represents a successful collaboration of proven scientists and leaders from diverse technical and business backgrounds. Its i-Kote and other dry film lubricants outperform competitors by orders of magnitude, and have been the subject of white papers produced by NASA and others. For more information, please visit www.tribologix.com

About AIM MRO

AIM MRO is a leading manufacturer and supply chain manager of highly engineered consumable repair products and materials used primarily in the aerospace aftermarket. For almost 30 years, the Company has cultivated a reputation as a trusted provider of unique proprietary products and material management services with highly responsive customer service. The Company has differentiated itself by offering a “one-stop shop” for component repair materials and utilizing its engineering group to offer customized component solutions. AIM MRO takes an analytical approach to integrating the multi-site material spend for global component repair operations to deliver significant value. For more information, please visit http://www.aimmro.com.

About AE Industrial Partners

AE Industrial Partners is a private equity firm specializing in aerospace, defense & government services, space, power & utility services, and specialty industrial markets. AE Industrial Partners invests in market-leading companies that can benefit from its deep industry knowledge, operating experience, and relationships throughout its target markets. AE Industrial Partners is a signatory to the United Nations Principles for Responsible Investment and the ILPA Diversity in Action initiative. Learn more at www.aeroequity.com.

# # #

CONTACT:

Lambert

Jennifer Hurson
(845) 507-0571
jhurson@lambert.com

845.507.0571

Beth Wiegard

bwiegard@lambert.com

616.258.5777

Categories: News

Tags: Supply chain

Global supply chain management provider secures Equistone investment

admin February 8, 2021

Equistone Partners Europe Limited (“Equistone”), the European mid-market private equity investor, today announces its investment in global supply chain management provider Ligentia. The financial terms of the investment are undisclosed.

Founded in 1996 by group CEO Nick Jones, Ligentia has a team of 400+ professionals across 25 locations worldwide. The firm manages the international freight and supply chains for some of the world’s leading retailers, consumer brands and healthcare providers.

Ligentia recorded revenues of c. £300m in 2020, representing strong year-on-year growth which is expected to continue.

The investment from Equistone, with its pan-European network of offices, will support Ligentia in delivering its ambitious growth plans through strategic acquisitions. It will also support the enhanced development of Ligentix; Ligentia’s proprietary customer technology platform.

Ligentia will continue to be led by its founder and CEO Nick Jones, who alongside the existing management will also invest in the business.

Nick Jones, Founder and CEO of Ligentia, said:

“Ligentia has always had an exceptional ability to adapt according to customer and market requirements and we work hard to ensure that customers drive our strategy and ways of working. Over the past 12 months we have adapted again, as our customers and colleagues around the world have endured some of the most challenging times. Our significant investment in our technology platform means we have been able to not only maintain our service to customers, but deliver some substantial change in the way we work. That investment has positioned Ligentia at the forefront of change in our sector.”

“Our new partnership with Equistone will allow increased investment in our business at a time where there is a considerable awareness of global supply chains and the risks that organisations face without the right visibility systems and partners.”

“Equistone has an exceptional track record of supporting fast-growth global companies like ours, as well as a deep understanding of the market. We are really excited about this next part of our journey with a valuable partner on board.”

Sebastien Leusch, Investment Director at Equistone Partners Europe, said:

“Ligentia has 25 years of experience in global supply chain management with some of the world’s most admired brands. Thanks to its strong management team, the business is known for its particularly high customer service levels, underpinned by a stand-out technology platform. This unique combination, at a time where the importance of seamless global supply chain management is particularly heightened, makes this investment a particularly exciting one.

We are therefore delighted to have this opportunity to invest and we look forward to working alongside Nick and the wider team on Ligentia’s next phase of growth and product development.”

Sebastien Leusch, Chris Candfield and Steve O’Hare led the investment on behalf of Equistone. Equistone was advised by DC Advisory, Addleshaw Goddard and PwC.

Ligentia was advised by Rothschild, Squire Patton Boggs, KPMG, Roland Berger and Crosslake.

Santander is providing revolving credit facilities to Ligentia as part of the transaction.

Categories: News

Tags: Supply chain

KKR Releases “A New Era for Supply Chains”

admin December 9, 2020

December 9, 2020

New Report Explains Why Supply Mesh is the New Supply Chain

NEW YORK–(BUSINESS WIRE)– KKR today announced the release of a new KKR Viewpoints publication authored by Neil Brown and Frances Lim. In A New Era for Supply Chains, Brown and Lim discuss how business leaders and investors around the world must evaluate and adapt the way they think about supply chains, particularly at a time of immense disruption to existing business models.

“Over the last year, COVID-19 lockdowns, product scarcity, limits on medical equipment and therapeutics, increasingly nationalist economic policies and heightened geopolitical confrontation, have each had significant – and largely negative – effects on conventional supply chains,” said Brown and Lim. “Amidst this complexity, we believe business leaders must extend supply chain thinking beyond margin maximization to address issues of resiliency, sustainability and geopolitical risk. In our view, they must think of supply chains as less of a chain and more a mesh of interlocking inputs.”

In the piece, Brown and Lim outline five key considerations for business leaders and investors considering supply chain design:

Building resiliency is key to securing supply chains post-COVID. Resiliency strategies for businesses vary and include diversification, mirroring production of critical components, stockpiling and distributing logistics nodes.
Supply chains will need to evolve as they continue to face uncertainty from a more volatile geopolitical environment, more inward-looking national politics and increasing supranational risks such as climate change and public health.
Supply chain thinking needs to incorporate a more holistic view – one that sees the traditional supply of goods as being embedded in a ‘mesh’ of interlocking inputs, each with its own risks and value levers.
Focus on a supply chain’s critical nodes of vulnerability. Trying to mitigate risk along every link in the broad mesh of inputs in which supply chains sit will lead to spiraling costs for greatly diminished returns.
This period of supply chain rethinking presents an opportunity to build for a future in which supply chains adapt to the need for environmental sustainability and adoption of automation technologies.

In their report, Brown and Lim explain that while change can always be challenging, the adjustment to global supply chains can also present opportunities for businesses and investors, including: 1) domestic and regional demand over global demand; 2) new infrastructure and logistics; 3) increasing automation; 4) continuation of China’s manufacturing upgrade; 5) new emphasis on diversification; 6) greater demand for ESG solutions; and 7) increased prospects for opportunistic investments.

Links to access this note as well as an archive of KKR’s previous publications follow:

To read the latest Insights: click here.
To download a PDF version: click here.
To download the KKR Insights app for iOS click here, and for Android click here.
For an archive of previous publications please visit www.KKRinsights.com.

About Neil Brown

Neil R. Brown is a Managing Director at the KKR Global Institute and KKR Infrastructure. Mr. Brown works at the intersection of finance and geopolitics to invest in new markets globally, analyze global trends and risk, and build strategy. Mr. Brown also specializes in global infrastructure and energy, and he has been involved with KKR investments on five continents. Mr. Brown is a Senior Fellow at the Atlantic Council of the United States. Previously, Mr. Brown served for more than eight years as Senior Staff Member of the U.S. Senate Foreign Relations Committee, leading legislative efforts and oversight on global energy security and governance, environment, and domestic energy, and he worked on countering weapons of mass destruction. Learn more about Mr. Brownhere.

About Frances Lim

Frances Lim is a Managing Director and Head of Asia Macro on KKR’s Global Macro, Balance Sheet and Risk team. She also leads portfolio management and asset allocation for KKR’s Strategic Partnership effort (KSPI). Prior to her role with KSPI, Ms. Lim was based in Sydney, working alongside investment teams in Asia in her capacity as the Head of Asia Pacific Macro and Asset Allocation. Prior to joining KKR, she was a vice president at Morgan Stanley Investment Management (MSIM) and a member of the Global Macro and Asset Allocation team. Ms. Lim focused on macro trends and top-down global analysis and was a co-portfolio manager of the MSIF Absolute Return Currency Fund. Learn more about Ms. Limhere.

About KKR

KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, credit and real assets, with strategic partners 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.

The views expressed in the report and summarized herein are the personal views of Neil Brown and Frances Lim of KKR and do not necessarily reflect the views of KKR or the strategies and products that KKR offers or invests. Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision. This release is prepared solely for information purposes and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy. This release contains projections or other forward-looking statements, which are based on beliefs, assumptions and expectations that may change as a result of many possible events or factors. If a change occurs, actual results may vary materially from those expressed in the forward-looking statements. All forward-looking statements speak only as of the date such statements are made, and neither KKR nor Mr. Brown nor Ms. Lim assumes any duty to update such statements except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201209005271/en/

Cara Major or Miles Radcliffe-Trenner
212-750-8300
media@kkr.com

Source: KKR

Categories: News

Tags: Supply chain

Edison Partners Leads $8 Million Growth Investment in Suuchi

admin April 25, 2019

Accelerates go-to-market execution, product innovation and network expansion for next-generation supply chain platform for fashion brands and retailers

PRINCETON, NJ—April 25, 2019—Edison Partners, the growth equity investment firm, today announced an $8 million growth investment in Suuchi, the next-generation supply chain platform provider for fashion brands and retailers. The company will use the funds to accelerate go-to-market execution and product innovation, as well as continue to expand its network of designers, materials suppliers and factories throughout the United States.

In the $2 trillion global apparel manufacturing market, the need to shrink the time from concept to consumer is prompting more fashion brands and retailers to seek supply-chain modernization. Suuchi delivers a next-generation approach to apparel supply chains that streamlines the connection of design and sourcing to US-based shop-floor manufacturing and provides complete, real-time transparency throughout the entire process.

“Time is the biggest risk factor for fashion brands and retailers in today’s supply chain, and legacy systems and processes continue to hinder time to market, not to mention growth, profits and consumer experience,” said Kelly Ford, Partner, Edison Partners, who led the investment and joins the company’s board of directors. “Suuchi is changing the game for apparel brands of all sizes, with a network-driven SaaS platform that makes not only speed, but also profitability, possible with ‘made in the USA.’”

Suuchi’s platform is a modern, intuitive SaaS-based application, called Suuchi GRID, powered by a curated network of 200+ freelancers, materials suppliers, and U.S.-based factories with a current available capacity of more than 8M units. Today, more than 200 fashion businesses, from large brands, like Cintas, to mid-tier and emerging brands, like Little Giraffe, are streamlining their supply chain workflows and production on the platform.

“We are reducing fashion supply chain complexity and time to market for brands and retailers by creating a more intelligent bridge between supply and demand; and with our shop-floor subject matter expertise, we are dematerializing the supply chain into a digital, made-local model,” said Suuchi Ramesh, founder and CEO of Suuchi. “With this investment, we are poised to provide a scalable answer to one of the world’s last trillion-dollar problems yet to be solved. In Edison Partners, and Kelly Ford, we have the perfect trifecta of strategic vision alignment, enterprise solutions experience, and a world-class team of operating experts to guide our fast growth.”

Ramesh, an immigrant from India, started the company in 2016 after 10-plus years in successful roles in technology, analytics and sales at two companies that became unicorns in their industries. She was an EY Entrepreneur of the Year for New Jersey in 2018 and named to the ROI-New Jersey Influencers Power List for 2019. Last year, the company was also awarded NJ Grow innovation incentives by the New Jersey Economic Development Authority to further develop its business in the state. The company currently employs 120 people at its North Bergen headquarters and is actively hiring for positions in sales, marketing, software engineering, human resources and finance.

Edison Partners has financed and guided more than 200 private companies throughout the eastern United States, a third of which have been in the enterprise solutions space. Suuchi is the 48th investment in the firm’s home state of New Jersey. In addition to Suuchi, Edison’s active NJ-based investments include Northpass, Scivantage, Trialscope and Zelis Healthcare.

About Suuchi

Suuchi Inc. is a next-generation supply chain platform for fashion brands and retailers. Using its product lifecycle management (PLM) application, Suuchi GRID, and its network of carefully curated freelancers, factories and mills, Suuchi designs and produces millions of units at speedy turnarounds. Suuchi is transforming retail, enabled by mega trends of just-in-time production, shop-floor integration, and supply chains created for consumer demand. For more information, visit https://www.suuchi.com/

About Edison Partners

For more than 30 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm’s investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in financial technology, healthcare IT and enterprise solution sectors, Edison targets high-growth companies with $5 to $25 million in revenue; investments also include buyouts, recapitalizations, spinouts and secondary stock purchases.

Edison’s active portfolio has created aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets throughout the eastern United States.

Categories: News

Tags: Services Supply chain

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Tag Archives: Supply chain

Apax Funds to acquire Veriforce from Thoma Bravo

EQT Growth invests EUR 100 million in IntegrityNext, a sustainability software platform dedicated to making supply chains more transparent and compliant

AE Industrial Partners-backed AIM MRO Acquires Tribologix

Global supply chain management provider secures Equistone investment

KKR Releases “A New Era for Supply Chains”

Edison Partners Leads $8 Million Growth Investment in Suuchi