The EQT VIII fund (“EQT” or “EQT VIII”) has entered into an agreement to acquire Dellner Couplers (”Dellner” or “the Company”), a global leader in train connection systems for passenger rail.

Founded 1941 in Sweden, Dellner has grown from being a small couplers producer to a global niche market leader in safety-critical components for passenger rail rolling stock. Today, Dellner offers full train connection systems including couplers, gangways, hatches, dampers, and crash management systems, complemented by after-sales services and support. The Company is headquartered in Vika (Falun), Sweden, employs approximately 950 people globally, and generated sales of approximately SEK 1.9 billion in 2018.

EQT will support Dellner and the management team with further investments in R&D and innovation initiatives and accelerate global growth by contributing EQT’s strong industrial expertise and network of Industrial Advisors. The growth of Dellner will be supported by an industrial Board of Directors with significant Industrial Tech expertise.

The investment is in line with EQT’s thematic approach of investing with the trend in businesses with positive societal impact, advancing the progress of one or more of the United Nations Sustainable Development Goals (“SDG”). Dellner contributes to society by developing products that promote and enable safe and sustainable public rail transportation and EQT will support the Company to stay in the forefront of sustainability.

David Pagels, CEO of Dellner, said: “We are very excited to have EQT as our new owners and look forward to working together on the next chapter in Dellner’s history. EQT’s industrial heritage and investment approach is a perfect fit for Dellner’s next development phase. We are looking forward to growing our business through innovations in our product and service offerings, while continuing to deliver safe, high quality products and excellent after-sales support to meet the evolving demands of our valuable customers.”

Carl Johan Renström, Partner at EQT Partners and Investment Advisor to EQT VIII, said: “The passenger rail market is resilient and growing, and Dellner is uniquely positioned with significant potential. EQT is deeply impressed with what the Dellner management team has achieved and looks forward to supporting the team to further develop the Company.”

Therése Lennehag, Head of Sustainability at EQT Partners, added: “Rail is the most energy efficient solution for passenger and freight transport and is an important part of a future low to zero-emission mobility system. From a social perspective, rail offers not only the safest mean of transportation, it is also affordable and accessible for everyone. A natural part of the solution to achieve SDG 11 Sustainable Cities and Communities.” 

The transaction is expected to close subject to customary approvals in June 2019. The parties have agreed not to disclose the transaction value.

About Dellner:

Dellner is a Swedish company with more than 75 years of experience in the rail industry. The company serves all of the world’s leading train builders and operators by providing safe, durable, reliable and innovative products and services. Dellner offers full Train Connection Systems including couplers, gangways, hatches, dampers, and crash management systems, complemented by superior after sales service and technical support. Dellner’s headquarters are located in Sweden with a global network of subsidiaries, branches and agents in 16 countries all over the world.

Source: EQT press release

The post EQT Acquires Dellner Couplers, a Global Leader in Train Connection Systems for Passenger Rail appeared first on Closing Circle.

Simudyne, a simulation technology company, has closed a $6 million Series A fundraise, led by Barclays alongside a distinguished set of institutions.

The new funding round includes Graphene Ventures, an early investor in Snap and Lyft, and Gauss Ventures, whose team were early investors in Revolut and Tandem, bringing total capital raised since Simudyne was formed to $10 million.

With a 600% year on year increase in revenue in 2018 following the addition of new global banking clients, Simudyne has grown to 30 staff members including six PhDs with expertise across fields such as market simulation, fraud detection and risk management.

The new funds will help Simudyne continue to invest in world-class talent and accelerate its engagement with the financial services sector. It will also continue to expand the application of its enterprise-ready software beyond bank stress testing, financial risk and contagion management. New applications include market execution as well as anti-money laundering.

Traditional modelling approaches no longer capture the complexity of our dynamic world. Using agent-based simulation, the most accurate and advanced way to build prescriptive analytics on the complex adaptive environment we live in, Simudyne’s technology helps clients to quickly and easily simulate millions of scenarios. They can then test drive their decisions, fail fast without consequences and gain the foresight they need to drive growth.

“Simudyne technology is proven to help banks solve challenges such as understanding market contagion, stress testing and simulating market execution”, said Justin Lyon, CEO of Simudyne. “We will build on our current growth trajectory by driving client acquisition within financial services while entering attractive new sectors later this year. Simulation will be a multi-billion-dollar market within the next five years and we will be best positioned to capitalise on that opportunity.”

“Partnering with high-growth fintech companies like Simudyne is core to our technology strategy,” said Andy Challis, Managing Director, Principal Investments, Barclays. “As its adoption becomes more widespread, Simudyne’s platform will ultimately help cultivate a stronger, more efficient tech-enabled financial services sector.”

About Simudyne: 

Simudyne is a simulation technology company that offers organisations a new way to more effectively harness the power of agent-based modelling, AI and machine learning to test drive their decisions and drive growth. Simudyne’s enterprise ready software is currently used by large financial institutions to quickly and efficiently simulate an unlimited number of future scenarios and measure their impact in a safe, virtual environment.
Source: Simudyne press release

The post Simudyne Closes $6 Million Funding Round appeared first on Closing Circle.

Scottish Equity Partners (SEP) has sold its portfolio of onshore wind farms to Pensions Infrastructure Platform (PiP) for an enterprise value of £50 million.

Comprising 64 turbines in locations across the UK and Ireland the SEP portfolio contains all five of the wind farm investments made by the Environmental Capital Fund (ECF), a specialist infrastructure fund managed by SEP. The portfolio ranges from single-turbine sites across the Orkney and Shetland Islands to utility-scale turbines in Curraghderrig, Ireland and the Port of Tilbury in London.

Commenting on the transaction, Peter Bachmann, a Director in SEP’s technology infrastructure team said: “We are pleased to conclude this sale to PiP. Over the last four years, we have added significant value to the portfolio through active management and a hands-on approach. We believe this is the appropriate time for our fund to exit and we wish PiP success in the future.”

The wind farm disposal by SEP follows the recent high-profile sale of another of the firm’s energy infrastructure investments, Indigo Pipelines. Indigo, the third largest independent gas transportation network in the UK with approximately 180,000 gas connections, was purchased by independent infrastructure asset manager Arjun Infrastructure Partners in February.
SEP was advised on the transaction by solicitors, Pinsent Mason. PiP was advised on the transaction by Eversheds Sutherland (legal), IDCM (debt), Mazars (financial), Everoze (technical), JLT (insurance) and DWPF (modelling).

Source: SEP press release

The post SEP Sells Wind Farm Portfolio to Pensions Infrastructure Platform appeared first on Closing Circle.

Meridia Private Equity has invested a minority position in Kipenzi’s share capital, the leading, integrated pet care specialist in Spain and Portugal with a growing network of over 125 specialized pet stores, 75 veterinary clinics and 8 veterinary hospitals, and revenues in excess of €140 million. Alongside Javier Osa and Álvaro Gutiérrez, Co-Founders of Kipenzi, and the company’s current majority owner, TA Associates, Meridia Private Equity aims to continue accelerating Kipenzi’s growth via a capital injection in order to finance expansion levers across all business lines.

Javier Osa and Álvaro Gutiérrez, Co-Founders of Kipenzi, stated: “We are delighted to welcome Meridia Private Equity into Kipenzi’s shareholding alongside with TA and are convinced that they are a great partner to help us continue to materialize the company’s full growth potential in the coming years. Going forward, we aim to continue exceeding our development targets, which will be surely underpinned by the extensive experience in the retail and healthcare sectors and the strong focus on sustainable growth that Meridia Private Equity’s team brings”

David Torralba, Partner of Private Equity at Meridia Capital, commented: “Kipenzi’s integrated and diversified business model, impressive growth track record and outstanding management team make for an extremely compelling investment opportunity. We look forward to playing an active role helping Kipenzi fulfil its ambitious growth plans and consolidate its market leading position in Iberia.”

Meridia Capital’s Chairman, Javier Faus, said: “Meridia Private Equity’s investment in Kipenzi’s fits perfectly into our portfolio given our focus on prominent Spanish companies within the well-being and lifestyle space. We are confident that the Kipenzi – Meridia partnership will help the company and its extraordinary management team to continue delivering excellent growth and achieving its business goals”

Patrick Sader, TA’s Managing Director, and member of the Kipenzi board, added: “We are very happy to welcome Meridia into the capital of Kipenzi. Their deep knowledge of the Spanish market will further support the expansion of Kipenzi and will be a great addition to our strong partnership with Javi and Alvaro. We look forward to continue to grow Kipenzi in its various lines of business to consolidate its leadership in the Iberian market.”

About Kipenzi: 

Kipenzi is the leading, integrated pet care specialist in Spain and Portugal which operates a growing network of over 125 specialized pet stores, 75 veterinary clinics and 8 veterinary hospitals. Founded in 2007, Kipenzi is the market leader within its segment and currently employs over 1,300 people. As of fiscal year ended in March 2019, Kipenzi posted revenues in excess of €140 million.

Source: Meridia press release

The post Meridia Private Equity I Invests in Kipenzi appeared first on Closing Circle.

Alsid, the pioneering Active Directory protection solution provider announces a Series A funding record of €13 million ($15 million) in investment led by Idinvest Partners, the leading European capital-investment company. This capital will be used to continue and accelerate the international success they have already achieved in France and Hong Kong.

Alsid was founded in 2016 by Emmanuel Gras and Luc Delsalle, both experts at the ANSSI (NCSC – France’s National Cyber Security Center). The company rapidly developed its own revolutionary approach to Active Directory security, a vital infrastructure for the security and business continuity of enterprises. Thanks to their proven platform, Alsid achieved more than 500% growth in 2018, doubled its client portfolio, and has earned the trust and loyalty of a large number of prestigious key accounts such as Lagardère, Groupe Accor, Orange, Saint-Gobain, Sanofi, Sodexo Unibail-Roadmco, VINCI Energies, and HKBN in Hong Kong.

Active Directory is the cornerstone of major modern business IT infrastructures. This software is used by 95% of all businesses with more than 1000 employees, and is relied upon to organise user access rights to applications and network and data sharing activities. As a result, Active Directory has become a priority target for cybercriminals. Once they gain control of it, they can grant themselves access to all their victims’ assets.

In the light of this, securing Active Directory has become a universal requirement and now represents a global market worth tens of billions of euros. Alsid has naturally become a leader in this market thanks to their significant technological advances and their proven large-scale solution deployment capabilities. This capital investment program comes therefore as an integral part of the continuation of their ambitions and will ensure commercial coverage of leading global markets. Beginning in 2019, Alsid will be expanding its business to include the United Kingdom, Singapore, the whole of the Middle East, Germany, Northern Europe, and Benelux, and will be actively preparing its entry into the US and Japanese markets, planned for 2020.

“We are very proud of the trust that the market (our clients, share-holders, and peers) have placed in our solution and our capacity to expand our success globally”, explains Emmanuel Gras, Alsid’s CEO. “This record-breaking investment program will allow us to realise our ambitious expansion plans, further increase our technological advances and therefore maintain our three-digit growth figure over the long term.’’

“Alsid team successfully identified a data security flaw which is huge, critical, and unresolved. The quick adoption of their product by a blue-chip portfolio of clients is evidence of that. We are very excited to join this exceptional team in its new phase of international development”, commented Jonathan Userovici, Investment Manager for Idinvest Partners.

“Since our seed investment, we have been greatly impressed by Alsid’s ability to make their product an Active Directory security reference, as can be seen in the size of the client portfolio it has been able to put together in such a short period of time. We are very happy to welcome Idinvest as part of this new phase.” – Alexandre Mordacq, Partner 360 Capital.

“We are very proud to have collaborated with the co-founders of Alsid since their beginnings and to continue to work with them on this new decisive phase. Their development over the last 2 years has been exceptional. Alsid has become a leading company when it comes to AD security; they have managed to dominate their American and Israeli competition. Their management have vision and commitment, which are two essential qualities for a credible international reputation.” – Mathieu Viallard, Managing Director, Axeleo Capital.

About Alsid:

Originally founded by two experts who had worked previously for the government, Alsid now protects more than 3 million Active Directory users across the globe with complete transparency, leaving no impact on their normal activities. Alsid’s solution detects the appearance or exploitation of vulnerabilities in real-time and then proposes contextualised resolution plans. This entirely transparent solution can be deployed either locally or via the Cloud; it functions without the need for an agent or any particular access privileges and allows Active Directory users to ensure the resistance of their infrastructure against cyber-risks without the need for any specific knowledge of security techniques.

Source: Alsid press release 

The post Alsid Raises a Record Sum of €13M in Investments to Finance their Global Market Expansion Plans appeared first on Closing Circle.

Calvin Capital (Calvin) has agreed to acquire Lowri Beck, one of the leading providers of meter installation and data collection services to the UK energy market for an undisclosed sum.

The acquisition, which is subject to certain conditions, will see Lowri Beck join Calvin to create an end-to-end market offering comprising the installation, servicing, managing and funding of domestic metering assets.  This agreement also provides a platform for the future funding, deployment and management of a wider range of digital energy assets, including battery storage and EV charging infrastructure.

Lowri Beck currently installs and exchanges over 300,000 domestic meters annually, collects data from another 5 million meters and is heavily involved in the nationwide smart meter roll-out. It will continue to operate as an independent brand serving both large and small energy suppliers.

Calvin is a leading Meter Asset Provider (MAP) for energy suppliers in the roll-out of smart meters and in the development of a digital energy infrastructure. Calvin owns over 7.3 million installed meter assets.

Commenting on the acquisition, Bert Pijls, Calvin’s Chief Executive Officer, said: “This is a very positive development for two complementary businesses and for the wider energy market. Bringing together Calvin with Lowri Beck will enable us to create a ‘one-stop-shop’ offering that will be available to all energy suppliers and new market entrants through a broader array of services, ranging from full Metering-as-a-Service to bespoke installation, servicing or funding solutions. In addition, Lowri Beck’s expertise will help Calvin to accelerate the development of a sustainable digital energy infrastructure beyond smart meters.” 

Jon Parr, Managing Director of Lowri Beck, said: “We are excited to be joining Calvin. Having built our business on delivering service excellence and innovation, with Calvin’s support we look forward to leveraging the resources of the new combined business to build greater smart meter ownership and installation capacity. This agreement also provides a broad platform for developing new services in energy infrastructure growth areas, such as battery storage and EV charging.”

Lowri Beck was formed by its founder Bob Vernon over 20 years ago and today has a workforce of approximately 2,000 people across Britain, with offices in Wigan and Dunstable, plus a dedicated training centre in Ashton-in-Makerfield.

About Lowri Beck : 

Lowri Beck is a independent provider of metering systems, data capture, data management and field management service, offering innovative solutions to the utility industry and businesses throughout Great Britain (GB).

Established in 1996, Lowri Beck provides tailored service delivery for all types of metering service including the Smart Metering Systems in support of the gas, electricity and water market.

​
Source: Calvin Capital 

The post Calvin Capital to Acquire Lowri Beck appeared first on Closing Circle.

H.I.G. WhiteHorse, a credit affiliate of H.I.G. Capital, a leading global private equity and alternative assets investment firm with over €26 billion of equity capital under management has announced that it has provided a growth capital solution to Risparmio Casa, a leading Italian drugstore chain based in Pomezia, Italy.

With this transaction, H.I.G. will support the Battistelli family in continuing to strengthen the company’s leading position in the Italian drugstore industry and achieve its growth plans.

Guido Lorenzi, Principal at H.I.G. WhiteHorse, commented: “This transaction demonstrates H.I.G. WhiteHorse’s willingness to invest in and support leading Italian companies in cooperation with entrepreneurial families. H.I.G. is delighted to partner with Risparmio Casa and the Battistelli family, committing its resources, experience and network to support the next stage of growth of the company”.

Fabio Battistelli, co-founder of Risparmio Casa, commented: “We have built Risparmio Casa into one of the most established players in the Italian retail drugstore market and are looking forward to further consolidating our leadership position and strengthening our company”.

Stefano Battistelli, co-founder of Risparmio Casa, commented: “We welcome H.I.G. WhiteHorse into Risparmio Casa, which will be instrumental in supporting the next phase of our growth, building upon our existing strengths and value proposition”.

About Risparmio Casa: 

Established over 30 years ago by the Battistelli family, the company has exhibited strong growth and industry-leading performance with 2018 revenues in excess of 350 million Euros. Risparmio Casa operates over 100 locations with an average area of more than 2,500 sqm, resulting in a dominant presence in Northern and Central Italy and Sardinia. Its leadership is grounded on a commercial strategy of every-day affordable prices and a unique and broad product assortment, offering its customer base a wide range of personal care, household and non-food products.

Source : H.I.G. Capital

The post H.I.G. WhiteHorse Provides Growth Capital to Risparmio Casa appeared first on Closing Circle.

Foresight Group LLP (“Foresight”) has made a £5 million investment into Steamforged Games (“Steamforged” or the “Company”), a developer and retailer of tabletop games.

Steamforged was founded in 2014 by Rich Loxam and Mat Hart, both games enthusiasts who dedicated their free time to create ‘Guild Ball’, a sports-based miniature game which went on to achieve critical acclaim. Since then, the team has developed a portfolio of games based on both original and licensed IP.

Their early success led to winning licences to develop games for several renowned video games titles and in doing so, the Company has succeeded in carving out a distinct niche in a market estimated to be worth c. £2.3 billion. Their first licensed game based on the hit video game Dark Souls™ sold more than 100,000 units globally and more recently the team has developed and released a tabletop game based on world-wide sensation Resident Evil™ 2. Steamforged has become firmly established as the preferred tabletop games partner for the likes of Bandai Namco, Capcom and Sony.

The investment from Foresight will support new product development, which is the Company’s principal growth driver and a key strength. In the pipeline for the next 24 months are eight additional games that are currently in production or development. The investment will also support the development of the Company’s retail channels and help accelerate international growth.

In addition to the funds, Foresight has facilitated the appointment of Ian Livingstone CBE, one of the founding fathers of the UK games industry and Co-founder of Games Workshop, as a Non-executive Director. Ian will use his extensive industry experience to support the Company’s growth strategy over the coming years.

Commenting on the investment, Rich Loxam, CEO of Steamforged said: “Steamforged has grown beyond all of our expectations over the last five years and Foresight’s investment gives us the scope to drive the business forward in the years to come. We look forward to working with Foresight and utilising the investment to continue development and extend the reach of our games.” The deal was led by Investment Managers Ben Dawson and Matt Pomroy from Foresight.

Ben Dawson, who will join the Board, commented: “Steamforged has achieved a lot in a short space of time and on limited resources. The team has an excellent track record in creating, developing and launching games, and with a strong product pipeline, combined with our investment, we see very exciting times ahead.” Cowgill’s corporate finance and tax team advised the management on the investment from Foresight. PRESS RELEASE

Advisers on this deal included:

Legal advisers: Shakespeare Martineau

Financial due diligence: Grant Thornton

Commercial due diligence: RPL

Management due diligence: Catalysis Advisory

Corporate finance: Cowgills

Tax: Cowgills

Legal adviser to management: Mincoffs

About Steamforged Games: 

Steamforged was founded in 2014 by Rich Loxam and Mat Hart, both games enthusiasts who dedicated their free time to create ‘Guild Ball’, a sports-based miniature game which went on to achieve critical acclaim. Since then, the team has developed a portfolio of games based on both original and licensed IP.

Source: Foresight press release

The post Foresight Invests £5 million into Manchester-Based Games Developer Steamforged Games appeared first on Closing Circle.

The post Inflexion Completes Buyout of Creative Car Park appeared first on Closing Circle.

Congenica, the global clinical decision support platform provider, has announced it has raised a further £13.25 ($17.1) million in additional equity investment, led by Parkwalk Advisors. The round attracted new strategic investors, including Digital China Health Technologies Corporation Limited (DCHealth), alongside follow-on funding from existing investors. The total amount raised across its B round financings is now £23.3 ($30.1) million.

Congenica was recently awarded a multi-year contract to be the exclusive provider of Diagnostic Decision Support Services for the world leading NHS Genomic Medicine Service, allowing clinicians to use its Sapientia™ platform and expert support services to interrogate the human genome to identify disease-causing variants. The company is now looking to accelerate growth, with commercial scale-up to support further penetration into international markets, to expand on the initial focus of the US and China.

In addition, the new capital will drive the development of an enhanced product platform that harnesses the power of statistics and machine learning technology to augment the ability of users to make diagnostic decisions. In parallel, new versions of the company’s Sapientia^TM platform will incorporate extensive automation and broaden the clinical and commercial focus to support cancer treatment decisions, pharmacogenomics and health management.

Dr David Atkins, CEO of Congenica, said: “With the formalisation of our partnership with the NHS, we are now focused on accelerating the introduction of important new features to our platform. These funds will allow us to automate Sapientia^TM, to support wider usage and reduce costs to healthcare providers, helping more clinicians provide accurate, rapid and cost-effective diagnoses to patients and their families.”

“In addition, we can now begin to penetrate international markets. The deepening of our relationship with DCHealth gives us greater insight into the needs of the China market, with the recent development of an on-premise version of our platform the most notable example.”

Mr David Shi, CEO of DCHealth, commented: “As the provision of routine clinical genomics services continues to increase in China and other global markets, the challenge of analysis and interpretation of genomic data into meaningful, clinically-actionable results is coming into force. Our investment reflects Congenica’s proven abilities and track record and underlines our confidence that its platform and services will contribute to the new era of genomic medicine internationally.”

Dr Andy Richards, Chairman of Congenica, said: “Congenica is at the exciting scale-up stage of its commercial development, at the forefront of the fast-moving genomics market. Its recent successes demonstrate that, with the right investment and leadership, world-leading technology companies can be built from UK science. With this additional investment, Congenica is poised to become the leading clinical genomics service provider; and will benefit patients globally.”
About Congenica : 

Congenica is a UK company founded on pioneering research from the Wellcome Trust Sanger Institute, NHS clinicians and regional genetic testing laboratories. They have translated this research into the gold standard clinical genomic analytics platform, Sapientia®, providing integration of human DNA sequences with deep clinical phenotyping, enabling clinicians to provide actionable interpretation of genetic disease for patients.

Source: Congenica press release

The post Congenica Raises Additional £13.25M ($17.1M) to Reach Total of £23.3M ($30.1M) for Series B Funding Round appeared first on Closing Circle.

Key highlights:

• The Fund reached its hard cap in less than four months and was oversubscribed; follows successful fundraise for the Sixth Cinven Fund, which reached its hard cap of €7 billion in four months in 2016;
• Significant support from longstanding investors, with a very high re-up rate;
• Diversified investor base comprised of more than 180 investors representing more than 30 countries globally;
• Reflects Cinven’s strong fund performance, with c. €11 billion of realised value in the last three years; and
• Consistent investment strategy focused on European buyouts and selective North American investments.

Throughout its c. 30 year track record, Cinven has focused on building world class companies using its European focus and sector expertise. Cinven targets companies in which it can drive strategic growth and operational improvement, both in Europe and globally. Its functional specialists – the global Portfolio and Capital Markets teams – work closely with Cinven’s Sector and Regional teams to implement Cinven’s value creation strategies, resulting in revenue and profit growth both organically and through buy and build.

Alexandra Hess, a Partner of Cinven and Head of Investor Relations, said: “It is a significant milestone for Cinven to have successfully concluded another fundraise in record time. It is testament to our longstanding investment performance through economic cycles, the strength of the Cinven team and the longstanding relationship Cinven has with its investors.

“Importantly, the continued partnership with existing investors, coupled with the support of select new investors, demonstrates their confidence in the Fund’s investment strategy and expertise in our defined sectors. The Cinven team views its relationship with the investors in our Fund as a partnership, and we are grateful for their support in enabling us to complete the fundraise in less than four months.”

Stuart McAlpine, Managing Partner of Cinven, added: “We have raised a Fund that is right-sized for the market opportunity, and, through Cinven’s Sector and Regional teams, we continue to identify attractive investment opportunities that we can target to define angles and strategies to step-change growth.

“Cinven has a first class track record in internationalising businesses and executing successful buy and build strategies; as well as in creating market leaders in domestic markets and working in close partnership with management teams. We continue to invest in our team of more than 170 people; this ensures that we continue to have the platform to deliver strong and sustainable growth to investors in our Fund and their beneficiaries, both today and in the future.” 

Cinven has one of the longest standing successful European buyout track records. The Fifth Cinven Fund, a 2012 vintage fund, has generated a net Distributed:Paid-In (‘DPI’) multiple of c. 1.4x and is one of the strongest funds of its peer group.  Of the 17 investments in the Fifth Cinven Fund, nine have been fully exited at an aggregate money multiple of c. 3.2x.  Its latest fund, the Sixth Cinven Fund, has committed to 15 companies headquartered in 11 different countries to date. The unrealised portfolio of the Sixth Cinven Fund generated double-digit EBITDA growth last year. In addition, over the two most recent Funds, Cinven has completed more than 200 add-on acquisitions through its portfolio companies, reflecting Cinven’s strong buy and build capabilities.

Since January 2017, Cinven has completed seven successful exits, including the sales of CeramTec, a global manufacturer of high performance ceramics (3.2x); Medpace, a global contract research organisation (3.5x); and Ufinet Group, a leading independent fibre network operator (6.0x).

To date, Cinven has raised Funds totalling c. €37 billion and has invested in c. 135 companies across Europe and in North America. It became independent from the British Coal pension scheme in 1995 and raised its first independent Fund in 1996.

Source: Cinven press release

The post Cinven Raises €10 Billion for the Seventh Cinven Fund appeared first on Closing Circle.

Finnish private equity company Sentica becomes the majority owner of Picnic company group as the operative management and picnic’s founder Mikael Swanljung with his family continue as significant owners. “Our ambition is to develop Finland’s most passionate café company and expand to the whole country“, states picnic’s CEOPetteri Laurikainen.

Picnic and La Torrefazione cafés and procurement company Europicnic gain extra power into development and growth as funds managed by Sentica and the operative management join as owners. The founder of Picnic companies Mikael Swanljung and his family remain as a significant minority owner. The born entity will consist of 49 cafés and a procurement company. In 2018, the companies’ sales exceeded 30 million euros. Last year Picnic sold one million baked potatoes and 1.1 million filled baguettes.

New cafés in new regions

During the coming few years, the target is to open several new Picnic and La Torrefazione cafés all around Finland. The chain’s growth is supported by own procurement company Europicnic, which plays a major role in the responsible procurement of high-quality ingredients. Picnic’s potatoes come from Kristiinankaupunki area and the outdoor eggs come from Somero and Laitila in Finland. All meat used in the chain is domestic and the spinach crêpes launching in May are handmade in Juva.

Picnic’s founder Mikael Swanljung says that the deal enables to continue the development and growth of the family business. ”We want to be a part of Picnic’s success story also in the future and therefore it is important for us to continue as a significant owner in the company. We have been the pioneers of the café scene in Finland and now our aim is to further strengthen our position. For Europicnic, the transaction marks an opportunity to expand its product offering and serve own cafés as well as other customers even better.”

Jens Hampf founded La Torrefazione in 2009 together with Janina Hallberg. ”Passion towards coffee has been guiding us from the beginning. This transaction allows us to develop La Torrefazione further and to serve our customers in multiple locations in the future”, state Jens Hampf and Janina Hallberg.

Petteri Laurikainen appointed as CEO

Petteri Laurikainen, the current CEO of Picnic Finland has been appointed as CEO of the whole group. ”I am delighted with Sentica joining aboard. We will receive strong knowledge of restaurant and chain operations management. I believe in the private equity owner’s way to develop companies in a responsible and rapid manner”, says Laurikainen. Eating outside of home is in strong growth and interest towards the origin of food is driving the purchase decision making in increasing amounts. ”We want to earn the trust of Finnish people in everything we do and make sustainable choices”, says Laurikainen.

Sentica is the previous owner of Kotipizza and has positive experiences from growing a restaurant chain. ”We are very excited about being a part of the development of Picnic, La Torrefazione and Europicnic”, comments Sentica’s partner Johan Wentzel. ”This is a wonderful opportunity to take part in the daily life of Finnish people in a tasty, interesting and healthy way. The development of Kotipizza taught us the strengths of a wide chain, own procurement and a well-known brand in building an excellent customer experience”, says Wentzel. ”We believe that this Group has all the prerequisites to succeed and increase foothold in the continuously changing market.”

The completion of the transaction is subject to the approval by competition authority

About Picnic: 

Picnic is a beloved Finnish café chain. Cafés are located besides Helsinki metropolitan area in Rovaniemi, Tornio and Oulu for example. All in all, there are 42 Picnics and the number increases yearly. Picnic offers breakfast, lunch, salty snacks as well as bakery products, not forgetting coffee. Its product classics, baked potatoes, baguettes, soups and salads are favorites among Finns.

About Picnic family : 

Picnic family company was founded by Mikael Swanljung in 1991. www.picnic.fi La Torrefazione is a café founded by Jens Hampf and Janina Hallberg, where the attitude towards coffee is passionate and where Finland’s most passionate baristas are trained.

About La Torrefazione: 

La Torrefazione was born in 2009 on Aleksanterinkatu and in 2016 Picnic companies joined the development. Nowadays La Torrefazione consists of seven cafés in the Helsinki metropolitan area and Oulu. Jens and Janina will continue in the company in management positions and as owners like the rest of the management team. www.latorre.fi Europicnic was born in 1993 to the need to offer fresh and on-site baked croissants and baguettes in Picnic cafés. Since then Europicnic has grown into a notable procurement and logistics company, which serves nearly 500 customers around Finland. Still today a large amount of Picnic’s products is sourced through Europicnic. www.europicnic.fi

Source: Sentica’s press release

The post Sentica Becomes the Majority Owner of Picnic, la Torrefazione and Procurement Company Europicnic appeared first on Closing Circle.

Apax Partners, the Paris-based private equity firm, has entered into a binding agreement to sell INSEEC U., a leading European private higher education group.

Since its investment in December 2013, Apax Partners has helped INSEEC U. grow from a collection of reputable schools into a unique, structured and coherent education platform offering multi-disciplinary academic programmes and increased employability to over 25,000 students in France and abroad.

Over the last five years, Apax Partners has worked hand-in-hand with management to:

• Broaden the course base and expand the range of programmes offered;
• Create centres of excellence around French specialities, including luxury goods, wine & spirits, digital marketing and sports management courses;
• Reposition and define an international expansion plan for each of the 16 schools and reinforce their national and international accreditation level;
• Centralise and expand faculty members’ research and publishing activities;
• Actively pursue new school acquisitions, completing the most attractive ones, such as CREA Genève and the five French schools of Laureate Education Group in 2016;
• Expand its offering into engineering and on-line programmes;
• Foster a strong sense of corporate social responsibility (CSR), to which students and prospects are nowadays particularly sensitive;
• Rationalise real estate and invest in state-of-the-art, multi-school campuses;
• Open campuses in San Francisco, Shanghai and Geneva to offer students increased international exposure;
• Create an umbrella brand, INSEEC U.;
• Implement world-class governance; and
• Initiate a digital transformation plan.

Under Apax Partners’ ownership, INSEEC U. has emerged as a leading education group with French-roots providing accredited higher education and increased employability to thousands of new students every year.

INSEEC U. is now a unique platform offering a solid base upon which to further develop programmes internationally and through a larger set of academic disciplines.

Bertrand Pivin, Partner at Apax Partners, commented: “Higher education has profoundly evolved in recent years. Student expectations have increased dramatically and French schools must now compete against an ever-increasing set of international offerings. We are proud to have worked hand-in-hand with management to create a French-rooted higher education platform capable of attracting 25,000 students every year and providing them with the skills and academic knowledge which will allow them to meet their future employers’ expectations.”

Catherine Lespine, CEO of INSEEC U., added: “Being at the helm of INSEEC U. for more than 16 years, I know how continuous innovation and evolution are essential drivers for success. My colleagues and I share the same vision for the new INSEEC U. Higher education and research should be multi-disciplinary and deeply rooted in society: new students, new teaching methods, new fields, new training and new research. We also share common values: innovation, high academic standards, team spirit, audacious thinking, creativity, international development, digital and CSR. Major strategic decisions have been made over the last five years, and I am particularly grateful to Apax Partners for having supported our choices and ambition. With this solid foundation in place, the INSEEC U. community enters a new and exciting chapter which should be a fantastic one!”

About Inseec U.: 

INSEEC U. (United, Unique and Universal) is the new name of INSEEC. By bringing together “Grandes Ecoles” and a broad range of specialized programs (Management, Engineering, Communication, Digital, Political Sciences…). By combining remote and face-to-face trainings (thanks to 9 campuses in Europe, USA and China; and to the use of digital technologies).Gathered around the values of freedom, social responsibility and quality, INSEEC U. schools work together in synergy with a constant objective of openness, consistency and employability.INSEEC U. supports social transformations by training both students and employees throughout their professional life.

Source: Apax Partners

The post Apax Partners to Sell INSEEC U., a Leading European Private Higher Education Group appeared first on Closing Circle.

– Confo Therapeutics, an emerging drug discovery company, has announced the completion of a €30 million ($33.4 million) Series A financing. The investment was led by BioGeneration Ventures (BGV) and co-led by Wellington Partners, with the addition of new investors Fund+ and Perceptive Advisors. Existing investors Capricorn Health-Tech Fund, Qbic, Participatie Maatschappij Vlaanderen NV (PMV), MINTS (University of Michigan), V-Bio Ventures and VIB also took part in the current financing round.

The funds will be used to accelerate the Company’s ConfoBodyTM-enabled drug discovery activities and to develop its pipeline of GPCR modulating compounds to produce drug candidates for clinical trials. Confo Therapeutics’ proprietary ConfoBodiesTM are single domain antibodies uniquely derived to be selective and stabilize G-protein coupled receptors (GPCRs) in specific conformations, and as a result are valuable tools for drug discovery.

Edward van Wezel, Managing Partner at BGV, commented: “We are impressed by the power of the ConfoBodyTM platform for the discovery of compounds targeting difficult-to-drug GPCRs, the very promising pipeline and the stellar team that has been put in place. The size of the current round and the quality of the investors, existing and new, underline the potential of Confo Therapeutics.”

Johan Cardoen, Managing Director of VIB added: “We are pleased with the tremendous progress made by Confo Therapeutics since its inception. The team has implemented the application of ConfoBodyTM-enabled drug discovery on an industrial scale, has secured strategic partnerships with Lundbeck and Roche, and is building a compelling portfolio of GPCR agonists.” Cedric Ververken, CEO of Confo Therapeutics, commented: “We appreciate the strong and continued support from our existing investors, who have enabled the Company to progress to this point. We are proud to welcome BGV, Wellington Partners, Fund+ and Perceptive Advisors as new investors, completing a high-quality international syndicate. We look forward to boosting the company’s drug discovery engine and advancing our portfolio of GPCR-modulating compounds.”

About Confo Therapeutics:

Confo Therapeutics is a VUB-VIB spin-off co-founded in 2015 by VIB and Capricorn Venture Partners with the support of MINTS, PMV, QBIC and V-Bio Ventures. The Company is building a portfolio of first-in-class programs based on its proprietary Confo® technology which derives highly specialised camelid single domain antibodies or “ConfoBodiesTM” which stabilize G-protein coupled receptors (GPCRs) in a conformation of interest for drug discovery. GPCRs are attractive drug targets in the treatment of many different conditions, playing an essential part in numerous life processes and influencing diseases. In addition to developing its own pipeline, Confo Therapeutics is entering into revenue-generating drug discovery partnerships with select pharma companies, on GPCR targets which do not compete with its internal projects. The Company has ongoing collaborations with Lundbeck and Roche.

Source: Confo Therapeutics press release

The post Confo Therapeutics Raises €30 Million in Series A Financing appeared first on Closing Circle.

Promethera Biosciences SA, a global innovator in cell-based medicines and liver diseases, has announced the closing of a €39.7 million (JPY4.94 billion) Series D financing. The round was co-led by new Japanese investors ITOCHU Corporation, who contributed €10 million to this financing in January, and Shinsei Capital Partners. MEDIPAL HOLDINGS CORPORATION (Japan), Mirae Asset Capital (Korea), the family office Six Snow (Luxembourg), Korea Investment Partners (Korea), Ci:z Investment LLP (Japan) are joining the round as well as Belgian private investors. Promethera’s existing investor, Mitsui & Co. Global Investment, Inc. (MGI) also participated in the financing. Proceeds from the financing will accelerate the company’s ongoing HepaStem clinical program in ACLF and the launch of the company’s first clinical trial in NASH. In addition, the funding will be used for its manufacturing scale-up, preclinical programs and overall operations of the company and the group.

“The financial support of our new and existing investors, with their expertise in cell therapies and wide Asian and global networks, will greatly help us as we efficiently advance the world’s first cell-based treatment for ACLF and NASH through clinical trials,” said John Tchelingerian, PhD, President and CEO of Promethera. “Our clinical trial in late stage NASH will soon be initiated first in Europe and is expected to expand to the US and Asia. We are excited to see how our HepaStem drug candidate can make a difference in the lives of patients with severe liver diseases. Overall, we are looking at a transformational period for our company and the financing puts us in a great position to execute our plans.”

“Promethera has taken great steps to increase and bolster our relations and operations in Asia, and specifically in Japan and Korea, so we can benefit from the openness to stem-cell therapeutics in this area of the world,” said Mutsuki Takano, Group CFO and General Manager of Promethera’s Japan branch. “This territorial move has already started showing results, with our shareholder base growing significantly in Asia not least through this financing round.”

HepaStem consists of liver stem cells that are obtained from ethically donated healthy human livers and expanded under cGMP conditions in production. The product candidate is currently being evaluated in a phase 2a clinical trial in the indication ACLF with first safety and efficacy results being presented recently at The International Liver Congress 2019 (EASL) as part of a late-breaking oral presentation. In addition to its cell-based approaches, HepaStem and H2Stem, Promethera is advancing a portfolio of complementary biologics approaches including the anti-TNF-R1 antibody Atrosimab.

About Promethera Biosciences: 

Promethera® Biosciences is a biopharmaceutical company, spin-off of the Université Catholique de Louvain, that develops innovative treatments based on allogeneic adult stem cell technology. Promethera® Biosciences’ mission is to discover, develop and commercialize cell therapy products to treat liver diseases in an innovative way using allogenic progenitor cells from healthy human livers. Promethera® Biosciences develops two products based on a newly discovered and patented progenitor cell type: the human Adult Liver-Derived Mesenchymal Progenitor Cell (hALDMSC)

Source: Promethera Biosciences’ press release

The post Promethera Biosciences Completes €39.7 Million ($44.4 Million) Series D Financing appeared first on Closing Circle.

Oakley Capital (“Oakley”) has announced that it has partnered with the management teams of SG MidCo AS (“Seagull”), and Videotel Marine Asia Limited and Super Dragon Limited (collectively “Videotel”), to acquire majority stakes in the businesses from their current shareholders, Herkules Private Equity Fund IV, and KVH Industries, respectively.

Over the past 40 years, Videotel and Seagull have established themselves as the best-in-class providers of e-learning to the maritime sector globally. Every year they each provide over 10,000 ships and installations with comprehensive and up-to-date compliance, risk and safety training that ensures adherence to International Maritime Organisation requirements. In 2018, the two companies collectively generated $50 million of revenue.

The digital transformation taking place in the shipping industry, as well as the increasingly complex regulatory framework, offers a significant opportunity for e-Learning providers. The management teams of Seagull and Videotel believe that this opportunity can be grasped most effectively by working together as a combined group. With both parties able to collaborate and share knowledge and resources, the two businesses will be able to provide their respective customers with a greater level of product and services.

Apart from an enhanced investment plan, there will be no immediate operational changes in either company except that Oscar Johansen, Chairman and Founder of Seagull, will take up the role of President of the combined group. Roger Ringstad and Raal Harris will continue to lead Seagull and Videotel, respectively.

This transaction continues Oakley’s successful track record of investing in the maritime and education sectors. Oakley previously invested in Headland Media, a provider of media and entertainment services to the offshore and shipping sectors, while its current investments include North Sails, the largest sail maker in the world; Inspired, one of the leading global premium schools groups; Career Partner Group, the fast-growing private university in Germany; Schülerhilfe, Europe’s largest after-school tutoring business; and AMOS, one of the leading international business schools in France.

Peter Dubens, Managing Partner of Oakley Capital commented: “We are delighted to be partnering with the management teams of Seagull and Videotel, two companies we have admired for many years. Both teams are exactly the type of highly-ambitious professionals we continually seek to back. We look forward to supporting them in their plans to invest in new content and technology solutions based on the wealth of internal expertise which can now be shared across the group.” 

About Videotel: 

Videotel is a multi-media producer of high-quality maritime safety training software and materials serving the maritime community today. As well as our award winning videos, programmes and courses on board over 12,000 vessels, we have the largest portfolio of maritime computer based training (CBT) materials in the world. With over 950 titles and over 100 million training hours accomplished to date, Videotel is assisting in promoting the learning of hundreds of seafarers across the globe.

About Seagull:

Seagull AS is a provider of computer based training systems for seafarers.

Source: Oakley Capital press release

The post Oakley Capital Acquires Leading Maritime e-learning Businesses Videotel and Seagull appeared first on Closing Circle.

A consortium, comprising Andera Partners, via its fund WINCH Capital 4, and Omnes, via its fund Omnes Croissance 4, is taking a majority shareholding in the group SPHEREA, alongside management and its existing financial shareholders (ACE Management via Aerofund III and IRDI-SORIDEC Gestion, via SCR fund IRDI). Since its exit and its capitalistic independence from the Airbus group, SPHEREA, created in 1965, continues its growth trajectory with the ambition of becoming first European, and then world leader in technological test solutions that enable the availability and security of critical systems for civil or military clients.

SPHEREA generated around €130 million in turnover in 2018, half of which came from exports (50 countries), and employs over 600 staff in France, Germany, the UK., the US and in Asia. The aim of this deal is to allow SPHEREA to take a new step in its development based in particular on the following strategic areas:

Broadening its technological offer: in particular, developing predictive maintenance solutions, anticipating diagnostics, decision support, portable soil testing, on-board maintenance, and simulation;
Strengthening its positioning in new markets (energy and rail), drawing on its previous expertise in aeronautics; Accelerating its international development (particularly in Asia and the US) and intensifying its policy of strategic acquisitions in France and Europe.

Christian Dabasse, CEO and Chairman of SPHEREA: “Our raison d’être is to ensure the reliability and security of our customers’ critical systems, we intervene where human life is at stake. Research and innovation are essential axes in a changing world in paradigm shift. Our new financial partners will enable us to expand our offering through increased R&D that responds to these challenges, as well as an ambitious external growth policy, both in France and abroad, on related trades or on new technologies in line with our mission. I especially thank Thierry Letailleur who, in 2014, as CEO of ACE Management and CEO of IRDI, was kind enough to support me in the creation of SPHEREA, and today allows us to enter a new phase of development.”

Antoine Le Bourgeois and Pierre-Yves Poirier, Partners at Andera Partners: “Management convinced us of the solidity of the Group’s historic businesses and the potential for new technological developments in the years to come. In addition, SPHEREA Group is fully committed to the investment strategy of our WINCH Capital 4 fund, which aims to support the change in scale of leading players in their market.”

Stéphane Roussilhe, Partner at Omnes: “We are delighted to support the management team in developing SPHEREA’s core business but also by helping external growth in France and internationally. This investment thesis perfectly reflects the strategy of our Omnes Croissance 4 fund.”

Thierry Letailleur, CEO, and Delphine Dinard, Partner, at ACE Management: “We are delighted to participate in this deal led by Andera and Omnes which allows us to continue supporting the group SPHEREA, which began 5 years ago. We are very proud of the journey made by Christian Dabasse and all his teams. This transaction also illustrates the ability of ACE Management to support strategic industrial companies across all phases of their development, such as the reinvestments recently made within the groups Duqueine, Nexteam, Rafaut and Socomore.”

Marc Bres-Pintat, Investment Director at IRDI-SORIDEC Gestion: “After backing Christian Dabasse and his teams during the successful spin-off from the Airbus group, IRDI-SORIDEC Gestion wanted to join this new capital-intensive operation aimed at providing SPHEREA with the means to pursue its growth strategy.”

About SPHEREA: 

SPHEREA offers modular technology solutions for the entire lifecycle of electronic systems. A recognized market integrator, which has developed a wide range of products dedicated to electronic tests, such as the ATEC Series automatic test benches used in maintaining most Airbus and Boeing aircraft, the group relies on the synergy of its professional expertise in the fields of electronics, microwave, optronics, and power electronics. Since its exit in 2014 from the Airbus group, SPHEREA has diversified into energy and rail sectors. The Group’s development dynamic is supported by an excess of 600 loyal customers worldwide, major players in aerospace and defence (Airbus, Dassault, Honeywell, Lufthansa Technik, DGA, Nahema, Thales, Comac), energy (EDF, Schneider Electric, RTE), or railways (SNCF, Alstom).

Source: Omnes Capital press release

The post SPHEREA continues its growth trajectory with a consortium comprising Andera Partners and Omnes appeared first on Closing Circle.

Leading mid-market private equity firm LDC has invested significantly alongside senior managers in MSQ Partners, one of the UK’s fastest growing marketing communications groups, in a deal that values the business at around £37.5m.  It will enable the group to accelerate the roll-out of its successful multi-disciplinary model beyond London and support the continued growth of its individual agencies.

The deal marks an exit for NVM Private Equity, which first backed the business in July 2014. MSQ Partners is a multi-disciplinary group of digital, creative, branding and PR agencies that specialise in marketing communications for consumer and B2B brands and the public sector. The group, which includes Holmes & Marchant (branding & design), Smarts Communicate (PR and content), Stack (customer activation and engagement), Stein IAS (B2B marketing), The Gate (creative and media) and twentysix (digital), employs more than 600 people across 15 offices in the UK, Asia and USA.

Under the leadership of co-founder and CEO Peter Reid, MSQ Partners has grown rapidly and today supports an international client base of more than 300 businesses, which include blue-chip and household names such as PSA Group, Diageo and Unilever. With LDC’s support, Peter and his existing management team will build on the momentum they have created by further investing in talent and services to expand and develop the group’s capabilities.  This will be organically and potentially through acquisition, to drive further international growth and help the group to consolidate its market-leading position in delivering effective multi-channel campaigns.    A key focus will be the roll-out of its multi-disciplinary model under the MSQ brand – which now accounts for over 75% of its revenue in London – across its international offices.

Peter Reid, CEO of MSQ Partners, said: “Our team has worked incredibly hard over the past four years within their agencies and collectively to strengthen the range and depth of our individual capabilities and to refine our offer to clients.  We maintain a laser-like focus on quality and creativity and it is only with our employees’ and clients’ on-going support, and that of the team at NVM, that we have been able to deliver double digit annual growth over the period.” 

“Our new partnership with LDC will enable us to embark on the next phase of our growth journey, giving us the resources to further invest in our individual agency’s capabilities and accelerate the roll-out of our multi-disciplinary model internationally, whilst retaining the employee-ownership ethos that has been key to our success. The team at LDC understands our vision, and with their financial firepower and strategic support they are the perfect partner to help us reach our long-term growth objectives.”

The investment was led by LDC’s John Clarke and Jonathan Bell – both of whom will join the board as Non-Executive Directors.

John Clarke, Investment Director at LDC in Manchester, added: “Peter and the team at MSQ have built a truly formidable business that is able to provide full-service, marketing communications services on an international scale. The business retains its independence, agility and a culture that continues to attract some of the best talent in the market. It is this combination that continues to drive MSQ’s growth and we’re looking forward to partnering with the team as we support them with our expertise and significant investment on the next phase of their journey.”

David Rolfe, Partner at NVM, said: “It has been a pleasure working with the MSQ management team and the individual agencies over the last 5 years. The group has developed significantly during this time and is perfectly placed to embark on the next phase of their growth journey. I wish Pete and the team all the best.”

The deal marks the second investment from LDC’s Manchester team in under two weeks and follows its £20million investment in Shield Group International.

LDC has a track record of supporting businesses to grow through acquisitions. In 2018, the firm helped its portfolio management teams acquire 25 complementary businesses both in the UK and overseas which had a total value of £125million. In Manchester LDC-backed Fishawack, a specialist communications provider to pharmaceutical companies, acquired US-based Carling Group to expand overseas and provide Fishawack with greater access to the North American market.

LDC was advised by Manchester-based advisers including Deloitte, Gateley and KPMG.

MSQ was advised by GP Bullhound, Browne Jacobson and Grant Thornton.

Debt facilities were provided by HSBC.

About MSQ Partners: 

MSQ Partners Ltd provides advertising, public relations, brand strategy, direct and digital marketing, and research services.

Source: LDC press release

The post LDC Backs MSQ Partners with Investment to Accelerate Growth in £37.5m Deal appeared first on Closing Circle.

Carlyle Cardinal Ireland (CCI), the private equity fund established by The Carlyle Group (NASDAQ: CG) and Cardinal Capital Group, has agreed to make an investment in The City Bin Co., an award winning waste management company.  The investment, terms of which are not being disclosed, is expected to be completed in the coming months.

Gene Browne will remain as CEO of the company and the existing management team, including Niall Killilea, Managing Director and Louise Niemann, Chief Financial Officer, will continue to lead the company.  Ian Daly, Director, Cardinal Capital Group, Esmond Greene, Director, The Carlyle Group, and Jonathan Cosgrave, Managing Director, The Carlyle Group will join the board of directors of The City Bin Co. upon completion of the investment.

Gene Browne, CEO, The City Bin Co., said: “The City Bin Co. has grown consistently in a very competitive market through our customer focused business model.  This approach has served us very well and truly differentiated the company.  We’re delighted to partner with a fund of the pedigree, experience and resources of CCI as we prepare for our next stage of growth. Our focus will remain on setting the standard for customer service across the waste management industry and delivering exceptional value for money to our business and household clients”.

Esmond Greene, Director, The Carlyle Group, said: “The City Bin Co. investment is CCI’s eleventh in the Irish market and we are delighted to partner with a business which has an unrivalled reputation for customer service, strong brand recognition and an experienced management team that has overseen a doubling in size of the business over the past 5 years. The fragmented waste management services market provides a significant opportunity to service growing household and business demand for professional waste management services through continued investment and via acquisitions, and we look forward to supporting the company’s continued expansion and to growing the 80,000+ customer base.”

Ian Daly, Director, Cardinal Capital Group, said: “Managing waste is a critical part of any household or commercial customer’s budget and The City Bin Co.’s service and technology proposition enables it to employ the most effective and sustainable methods in processing more than 100,000 tonnes of black, green and brown waste every year.  The Irish waste market is continually evolving and CCI’s focus is always to grow the companies it invests in.  We and management have a collective ambition to double the size of the business over the next 5 – 6 years through a combination of organic and acquisitive growth.”

CCI has been an active growth investor in Ireland since 2014. The City Bin Co. is the fund’s eleventh investment and CCI continues to explore other investment opportunities across the Irish market. Current CCI investments include The AA Ireland, Sports Surgery Clinic, Carroll Cuisine, Learning Pool and McCauley Pharmacy Group.  CCI previously invested in Lily O’Brien’s and General Secure Logistics Services (GSLS).  During April 2019, CCI announced the sale of Payzone to a joint venture company established by AIB plc and First Data Corporation.

CCI’s investment in The City Bin Co. is subject to approval from the Competition and Consumer Protection Commission (CCPC).

About The City Bin Co. : 

The City Bin Co. was co-founded by Gene Browne in 1997 to bring a customer-centric approach to the waste management industry.  Today the company is a leading provider of waste management services in both Dublin and Galway City, serving in excess of 80,000 household and commercial customers.  Unlike traditional waste operators, The City Bin Co. solely focuses on source segregated waste collection from residential households and commercial businesses.  The company’s core strategic focus is customer service and The City Bin Co.’s investment in people and its reputation for service excellence are renowned.  The relentless pursuit of customer service excellence has delivered industry-leading customer retention rates and exceptional customer satisfaction as measured by Net Promoter Score (NPS).  Approximately 150 people are employed by the company across its operations.

Source: The Carlyle Group press release

The post Carlyle Cardinal Ireland Invests in The City Bin Co. appeared first on Closing Circle.

Hg, a specialist private equity investor focused on software and service businesses, announces that it has invested in TransIP Group (“TransIP”), a leading hosting and Virtual Private Server (‘VPS’) provider based in the Netherlands. The terms of the transaction are not disclosed.

TransIP will join forces with Combell Group (“Combell”), a European leader in mass hosting services for SMEs. Together the two companies create team.blue, a leading digital enabler for companies and entrepreneurs across Europe.  team.blue will deliver high innovation and quality services to a combined 1.2 million companies, bringing together some of the most experienced people in the industry with the aim to be a true tech partner for customers.

TransIP offers managed and unmanaged internet services. The credo of TransIP Group is to ‘Make Advanced Simple’, which it does for more than 400,000 customers so that they can excel in their digital capabilities.

Hg invested in Combell at the end of 2018. Established in 1999, Combell is a leading mass hosting player in Belgium, Denmark, the Netherlands, Sweden and Switzerland. Combell has over 800,000 SME customers and is a one-stop partner for web hosting, domains, e-commerce and application solutions.

Jonas Dhaenens, founder of Combell, will become Group CEO of team.blue. Ali Niknam, founder of TransIP, remains a major investor and will join the board of directors.

Hg’s investment in TransIP will come from the Genesis 8 Fund and represents Hg’s ninth investment in the tech services sector, following the recent investments in Zitcom (a Danish SME-focused hosting and cloud solutions provider), Register Group (a provider of online hosting services to SMEs, previous known as Dada) and IT Relation (a Danish supplier of managed IT services to SMEs).

Nick Jordan and Joris Van Gool at Hg, commented: “Hg is excited to be part of building a European champion in digital services for SMEs and entrepreneurs. Both TransIP and Combell are high quality businesses that we have admired for a long time and we’re delighted to support the formation of team.blue, creating an entrepreneurially led group, providing high-quality and innovative services to its combined customer base, with plans to further expand its activities across Europe.”

About team.blue: 

Combell Group and TransIP Group created team.blue, a new powerhouse in European tech. Our brands offer digital tools such as hosting, email and applications to over 1.2 million customers across Europe, with a base of over 600 employees working in expert teams.

Source: Hg press release

The post Hg Invests in TransIP to Join Forces with Combell appeared first on Closing Circle.