The energy-focused buyout firm agreed to sell its 50 percent ownership stake in the pipeline to a South Korean-based consortium of infrastructure investors, which includes Shinhan Investment Corp., Samtan Co., EIP Investment Co. and KDB KIAMCO.

As part of the deal, Kinder Morgan will remain the pipeline’s operator and continue its ownership in the joint venture.

In 2016, Riverstone formed a joint venture with Kinder Morgan to construct Utopia. The 268-mile pipeline transports methane sourced from the Marcellus and Utica shales to the Sarnia petrochemical market in Ontario, Canada.

The funds for Utopia came out of Riverstone Global Energy and Power Fund VI, which closed on $5.1 billion in 2016, the source said. The fund was initially targeting $8 billion, according to an SEC filing.

Riverstone, based in New York, invests in energy and power businesses. The firm manages nearly $38 billion of capital.

Action Item: Check out Riverstone’s form ADV here.

PRESS RELEASE

TORONTO, Nov. 26, 2019 /CNW/ – Kensington Capital Partners (“Kensington”) is pleased to announce that the Kensington Private Equity Fund has acquired the surgical division of Centric Health Corporation. The surgical business will be wholly owned by a newly formed entity called Clearpoint Health Network Inc. (“Clearpoint”). Clearpoint is the largest network of independent surgical centres in Canada with a presence in Toronto, Mississauga, Winnipeg, Calgary and Vancouver.

“We are focused on delivering high-quality patient care and are looking to build meaningful relationships and partnerships in the health care community,” said Kirk Hamilton, Senior Vice President at Kensington. “This platform investment represents a tremendous opportunity to collaborate with all stakeholders in Canadian health care.”
The Kensington Private Equity Fund offers individual investors a diversified portfolio of private equity investments, including hard-to-access private equity funds and direct investments in private companies. The Kensington Private Equity Fund invests across a breadth of industries, primarily in the U.S. and Canada.

About Kensington
Kensington is a leading independent Canadian investor in alternative assets. Founded in 1996, and with over $1.5 billion invested in private equity, venture capital, and alternative assets. Kensington’s active management approach and relationship-based business has generated top quartile returns for investors. For more information about Kensington, please visit https://www.kcpl.ca.

PRESS RELEASE

São Paulo, Brazil/Toronto, Canada (November 26, 2019): Canada Pension Plan Investment Board (“CPPIB”) has invested R$1,071 million (C$340 million) for a 12.4% stake in Smartfit Escola de Ginástica e Dança S.A. (“Smart Fit”), broadening its investments in Latin America.

Smart Fit is Latin America’s largest fitness chain, serving 2.5 million members across 739 locations in ten countries. Founded in 1996, the company is headquartered in São Paulo, Brazil.

“Smart Fit offers CPPIB the opportunity to increase its exposure to Latin America through a market-leading company within the fast-growing personal fitness space. Backed by a strong management team and with a solid track record of success, Smart Fit is ideally positioned to take advantage of the increased focus on health and fitness in the region,” said Tania Chocolat, Managing Director, Head of Direct Equity Investments Latin America, CPPIB.

CPPIB has been directly investing in Latin America since 2006 and established an office in São Paulo in 2014. The organization now has more than $16.4 billion invested in Latin America.

As a significant, and growing, investor in Latin America, CPPIB has investments in real estate, infrastructure, debt, and public and private equity.

ABOUT CANADA PENSION PLAN INVESTMENT BOARD
Canada Pension Plan Investment Board (CPPIB) is a professional investment management organization that invests the funds not needed by the Canada Pension Plan (CPP) to pay current benefits in the best interests of 20 million contributors and beneficiaries. In order to build diversified portfolios of assets, CPPIB invests in public equities, private equities, real estate, infrastructure and fixed income instruments. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPPIB is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At September 30, 2019, the CPP Fund totalled $409.5 billion. For more information about CPPIB, please visit www.cppib.com or follow us on LinkedIn, Facebook or Twitter.

PRESS RELEASE
City Football Group Announces US$500 Million Strategic Investment by Silver Lake

Deal values world’s leading private owner and operator of football clubs at US$4.8 billion post-investment
– Silver Lake making a primary capital investment to further accelerate growth and fund technology and infrastructure development
MANCHESTER, England and MENLO PARK, California, Nov. 27, 2019 /PRNewswire/ — City Football Group (CFG), the world’s leading private owner and operator of football clubs, today announced that Silver Lake, a global leader in technology investing, has signed a definitive agreement to make a US$500 million equity investment, equivalent to just over 10% of the company’s post-investment value. The deal values City Football Group at US$4.8 billion post-investment.
CFG is the owner of football clubs and related businesses, including Premier League Champions Manchester City FC, New York City FC, Melbourne City FC, Yokohama F. Marinos in Japan, Club Atletico Torque in Uruguay, Girona FC in Spain and Sichuan Jiuniu FC in China. The company has more than 2,000 employees in 12 locations globally, overseeing more than 1,500 players and 2,500 games annually, and delivers a unique global platform to its commercial partners.
The proceeds from the investment will be used by City Football Group to fund international business growth opportunities and develop further CFG technology and infrastructure assets.
No existing CFG shareholders are selling equity as a result of this primary capital investment. Abu Dhabi United Group, the investment vehicle owned by His Highness Sheikh Mansour bin Zayed Al Nahyan, remains the majority CFG shareholder (c.77%). In addition, c.12% of CFG equity remains held by a consortium of Chinese institutional investors led by China’s leading media and entertainment conglomerate CMC Inc.
Pursuant to the agreement, the Board of the City Football Group Holding Company will increase from eight to nine members. Mr. Egon Durban, a Managing Partner and Managing Director of Silver Lake, will represent Silver Lake as the ninth CFG board member.
Commenting on the announcement, Khaldoon Al Mubarak, Chairman of City Football Group said: “Silver Lake is a global leader in technology investing, and we are delighted by both the validation that their investment in CFG represents, and the opportunities for further growth that their partnership brings. We and Silver Lake share the strong belief in the opportunities being presented by the convergence of entertainment, sports and technology and the resulting ability for CFG to generate long-term growth and new revenue streams globally.”
He added: “We welcome the opportunity to work with Egon and the Silver Lake team and its network to facilitate the global growth and deepening of CFG Club fan-bases and the development of our business as a whole.”
Speaking about the partnership, Mr. Durban said: “We are excited to invest in CFG, which is redefining football globally and in doing so has successfully built an impressive global platform of marquee football clubs across five continents. We greatly respect CFG’s stewardship of more than a century of football tradition and the strong global fanbases of its clubs. We are excited to partner with the Board and CFG’s world-class management team to help drive the next phase of CFG’s growth in the fast-growing premium sports and entertainment content market.”
The transaction is subject to customary closing conditions including regulatory approval in some territories.
About City Football Group
Established in May 2013, City Football Group is the world’s leading private owner and operator of football clubs, with total or partial ownership of seven clubs in major cities across the world: Premier League Champions Manchester City in the UK, New York City FC in the US, Melbourne City FC in Australia, Yokohama F. Marinos in Japan, Club Atletico Torque in Uruguay, Girona Futbol Club in Spain and Sichuan Jiuniu FC in China. With twelve offices around the world, CFA also invests in other football related businesses and projects and serves as a global commercial platform for its partners, whilst fulfilling its vision of using football for social good on a local and global scale through its clubs’ charities, foundations and other CSR initiatives.
Prior to the Silver Lake investment CFG was owned by Abu Dhabi United Group (ADUG) (c.87%) and the China Media Capital (CMC) Consortium (c.13%). Until December 2015, City Football Group was wholly owned by ADUG, a private investment and development company belonging to His Highness Sheikh Mansour bin Zayed Al Nahyan.
About Silver Lake
Silver Lake is a global leader in technology investing, with over US$43 billion in combined assets under management and committed capital and a team of approximately 100 investment and value creation professionals located in Silicon Valley, New York, London, and Hong Kong. Silver Lake’s portfolio of investments collectively generates more than $210 billion of revenue annually and employs 370,000 people globally. For more information about Silver Lake and its portfolio, please visit www.silverlake.com.
About CMC Inc.
CMC Inc. is a leading media and entertainment conglomerate founded and led by Mr. Ruigang Li. Based out of Chinese Mainland and Hong Kong, CMC Inc. is known for its prominent strengths in premium content of multiple genres, which include film, drama, variety show, game, financial media, short video, fashion & lifestyle, concert, theatre, live entertainment event, sports, music, and a comprehensive scope of content related businesses such as artist and sports agency, cinema, theme park, and urban recreational complex.

PRESS RELEASE

BENGALURU, Nov. 27, 2019 /PRNewswire/ — Taurus Investment Holdings, LLC (“Taurus”) announced today the sale of an 8.2 million square foot logistics portfolio located in Chicago, Dallas, Atlanta and Memphis markets to Investcorp, a leading global provider and manager of alternative investment products. The portfolio consists of 117 buildings with more than 400 regional, national and international tenants. The firm exited its US Logistics Fund I and three co-investment vehicles totalling $204 million in equity capital. Taurus will remain the co-invested manager of the portfolio in a joint venture with Investcorp.
“Logistics is one of our highest conviction investment themes at present in the US and Europe, and the value created for our investors by this transaction further demonstrates our expertise in assembling a robust last-mile logistics portfolio,” said Peter Merrigan, CEO of Taurus. “I am proud of our acquisitions and local asset management teams for their work in assembling and stabilizing this portfolio.”
The portfolio known as the Taurus Bullseye Portfolio comprises buildings providing ease of access to major transportation arteries; both ground and air, allowing users to effectively service these large densely populated regions. The portfolio features buildings ranging from 4,000 to 5,20,000 rentable square feet of industrial, logistics and flex warehouse space with an average clear height of over 20 feet.
Lathan Allen, Managing Director of US Industrial at Taurus stated, “As consumers demand shorter delivery times, retailers are forced to expand their last-mile distribution footprint to compete. By targeting specific infill locations, we were able to benefit from this e-commerce demand and outperform our growth projections. We continue to see demand outpace supply in many of these submarkets and remain focused on further growing our logistics portfolio.”
Ajay Prasad, the Country Managing Director for Taurus India said, “This transaction reaffirms Taurus’ ability to build value across large portfolios of assets and to work with leading institutional investors to maximize returns for our investors. The logistics asset class has rapidly become one of the most attractive worldwide and India is growing into one of the most exciting markets for the logistics development. Taurus will look to leverage its capabilities in the market over the medium to long term.”
About Taurus Investment Holdings LLC
Established in 1976, Taurus is a global real estate private equity firm with over 40 years of experience as a general partner, investor, and operator. Currently active in the United States, Western Europe, Asia, and South America, the firm makes strategic investments into value-add, core-plus, and development opportunities. Throughout North America and Europe, Taurus is consistently recognized as one of the premier owner-operators of both directly managed and joint venture commercial real estate. To date, Taurus has purchased and sold more than 45 million square feet of residential, office, industrial, retail and other commercial real estate assets throughout the world with a total acquisition value of over $7 billion. www.tiholdings.com.
About Taurus Investment Holdings India
As part of its continuing global expansion, Taurus Investment Holdings entered the Indian market with the flagship Taurus Downtown Trivandrum project. Taurus Downtown Trivandrum, with a projected total investment of Rs 2,000 Crores over its two phases, involves the development of a mixed-use, city centre for Technopark with 6 million square feet of IT SEZ and non- SEZ space. The project will include over 3.5 million square feet of Class A office spaces and supporting facilities such as 1.4 Million square feet of world-class retail, entertainment and dining spaces, a business hotel and serviced residences.
The project is expected to generate about 30,000 direct and 75,000 indirect employment opportunities. It will be LEED Gold certified and its first phase, currently under construction, will be operational in 2021. www.downtowntvm.com
Taurus has recently joined hands with Sage Funds Management Pvt Ltd to raise a $250 million India investment platform with a focus on investing in build-to-core developments in office, retail and co-living. www.tiholdings.in

PRESS RELEASE

CLEVELAND, Nov. 26, 2019 /PRNewswire/ — The Jordan Company (“TJC”) is pleased to announce that it has completed the acquisition of Polymer Solutions Group’s Polymer Additives division (“PSG Polymer Additives”) from Arsenal Capital Partners (“Arsenal”).
Headquartered in Cleveland, OH, PSG Polymer Additives is a leading provider of homogenizing agents, process aids, dispersions, and release agents for the rubber, plastic, and engineered wood industries globally. Through its network of five plants, the company develops proprietary products that meet exacting customer specifications, provide superior performance characteristics, enhance processing efficiency, and optimize supply chains.
Mike Ivany, CEO of PSG Polymer Additives, said, “My team and I are excited to be working with Jordan as we build out our global platform, grow our release agent market position, and continue to expand the market for our advanced technology SureMix® Performance Process Aids for silica rubber compounding. I want to thank the Arsenal team who has been a great partner. They helped us to reach our goals and to set the company on a trajectory that will propel growth over the next five years.”
“We look forward to partnering with Mike and the rest of the PSG Polymer Additives’ team to support the next phase of the company’s development,” said Erik J. Fagan, a Partner of The Jordan Company. “The company’s culture, innovative product development, and long-standing customer relationships make PSG Polymer Additives a strong fit for our investment strategy,” added Ian Arons, a Partner of The Jordan Company.
Roy Seroussi, an Investment Partner of Arsenal, added, “Through five strategic acquisitions in three years, PSG built the Polymer Additives business around high-value solutions in its core end markets. The partnership of TJC and management will enable further expansion in existing applications and into new segments. We want to thank Mike and his team for building PSG Polymer Additives, and we wish the company continued success.”
Polymer Solutions Group’s Functional Materials Division will remain with Arsenal. The Functional Materials Division is headquartered in Calhoun, Georgia.
Lazard Middle Market LLC and William Blair & Co. advised PSG and Arsenal.
About PSG Polymer Additives
PSG Polymer Additives is an innovative manufacturer of proprietary and custom polymer additives, dispersions, and performance chemicals for the rubber, plastic, and engineered wood industries. PSG offers a variety of customer-centric solutions that improve polymer processing, increase surface protection, and enhance product performance. Trusted by the world’s leading companies in over 41 countries, our unparalleled products and application expertise is not matched by any other supplier. For more information, please visit www.polymersolutionsgroup.com.
About TJC
TJC, founded in 1982, is a middle-market private equity firm that has managed funds with original capital commitments in excess of $11 billion since 1987 and a 37-year track record of investing in and contributing to the growth of many businesses across a wide range of industries including Industrials, Transportation & Logistics, Healthcare & Consumer, and Telecom, Technology & Utility. The senior investment team has been investing together for over 20 years and it is supported by the Operations Management Group, which was established in 1988 to initiate and support operational improvements in portfolio companies. Headquartered in New York, TJC also has an office in Chicago. For more information, please visit www.thejordancompany.com.
About Arsenal
Arsenal is a leading private equity firm that specializes in investments in middle‐market specialty industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, completed more than 45 platform investments and achieved more than 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value‐add. For more information, please visit www.arsenalcapital.com.
Contact

PRESS RELEASE

Foreside Announces Agreement to Acquire Fund Distributor Quasar Distributors, LLC

PORTLAND, Maine – November 25, 2019 – Foreside Financial Group, LLC (“Foreside”), a provider of regulatory and compliance service and technology offerings to clients in the global asset and wealth management industry, today announced its intent to acquire U.S. Bancorp’s mutual fund and exchange-traded funds (“ETFs”) distribution business, Quasar Distributors. The transaction is expected to close sometime in the first quarter of 2020. The acquisition will make Foreside one of the largest third-party fund distributors globally.

The acquisition will also expand Foreside’s internal team and client base, with the addition of more than 200 current Quasar clients, 26 employees and a new office location in Milwaukee, WI. With over $1 trillion in assets under distribution, Foreside continues to grow its market share rapidly. The transaction will introduce Foreside’s customizable compliance solutions and outsourcing support to all current Quasar clients, while strongly focusing on expanding Foreside’s broker-dealer capabilities, including dealer clearing services.

“Foreside is excited for the potential this acquisition provides to broaden our wide range of compliance and regulatory service offerings to clients based all over the U.S.,” said Dave Whitaker, President of Foreside. “Our inorganic growth continues to fuel our organic growth, as acquisitions like this one allow us to expand our service offerings and provide better strategic counsel and service to our clients.”

Quasar’s current clients range from small to large asset management firms, focused on mutual funds and ETFs. Quasar has carved out a niche during the past 20 years that has opened it up to growth opportunities outside of U.S. Bancorp.

“With Foreside’s investment and core capabilities in the mutual fund and ETF distribution space, Quasar should thrive while remaining true to its strengths. We have historically had a strong working relationship with Foreside and expect that relationship to continue into the future given the complementary nature of our businesses. We appreciate the hard work and dedication the Quasar team has shown during the years and wish them all the best as they transition to Foreside,” said Joe Neuberger, head of U.S. Bank Global Fund Services. “For us, the deal furthers our efforts to focus on our core competencies and grow strategically to create value for employees, customers, communities and shareholders.”

This is Foreside’s third acquisition in 2019. The firm acquired Compliance Advisory Services, a leading regional compliance firm, in October, and NCS Regulatory Compliance, a comprehensive provider of outsourced compliance and regulatory services, in January.

About Foreside
Foreside delivers comprehensive advice and best-in-class technology solutions to clients in the global asset and wealth management industries. Foreside distributes more than $1 trillion of product through their 20 limited purpose broker-dealers. For 15 years, Foreside’s suite of services and platform-based model have helped automate and simplify compliance and marketing for clients. Foreside works with pooled investment products, investment advisors, broker-dealers, global asset managers and other financial institutions.

By harnessing state-of-the-art technology, Foreside helps firms address and shape today’s regulatory environment, drive operational efficiency and growth, and focus on value-adding work. Foreside is headquartered in Portland, Maine, with numerous regional offices, including New York and Boston. For more information on Foreside’s suite of services, please visit www.foreside.com.

About U.S. Bancorp
U.S. Bancorp, with 74,000 employees and $488 billion in assets as of September 30, 2019, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank a 2019 World’s Most Ethical Company. Visit U.S. Bank at www.usbank.com or follow on social media to stay up to date with company news.

Quasar Distributors LLC, member FINRA, SIPC. Quasar Distributors, LLC is a wholly owned subsidiary of U.S. Bancorp.

PRESS RELEASE

Chicago, IL – November 26, 2019

Pfingsten announces the acquisition of Advanced Lighting Concepts, LLC d.b.a. Environmental Lights (“Environmental Lights” or “Company”) in partnership with the Company’s founders, Greg and Anne Thorson, and management.

Headquartered in San Diego, CA, Environmental Lights is a leading designer and provider of commercial accent LED lighting, specializing in highly engineered systems that create differentiated visual experiences. The Company’s products are sold via direct sales engineers that develop custom lighting solutions for applications in retail, scenic/stage, exhibit, hospitality, audio visual and architectural.

“Environmental Lights delivers innovative products that enhance surroundings and drive strong visibility for pre-eminent brands, productions and events,” said Scott Finegan, Managing Director at Pfingsten. “We are excited to support the growth of Environmental Lights and will invest in people and product development. We also plan to pursue strategic add-on acquisitions that will provide value to the customer base.”

“Pfingsten is an ideal partner for Environmental Lights,” said Greg and Anne Thorson, co-founders of Environmental Lights that retained equity ownership in the Company. “We are very excited for the future of the business.”

“Pfingsten’s experience in the lighting industry, growth-oriented approach and focus on the customer will enable us to continue delivering industry-leading products and solutions with superior technical service,” said Jamison Day, CEO of Environmental Lights, who will continue to lead the business with Jordan Brooks, President.

Pfingsten acquired the Company on November 22, 2019, marking the tenth platform investment for Pfingsten’s $382 million Fund V. Lincoln International LLC and Canaccord Genuity LLC acted as financial advisors for Environmental Lights and Sheppard, Mullin, Richter & Hampton LLP served as legal counsel. Paul Hastings LLP served as legal counsel to Pfingsten.

About Pfingsten
Pfingsten is an operationally focused private equity firm formed in 1989. From its headquarters in Chicago, IL and representative offices in ChangAn, China, New Delhi, India and Chennai, India, the firm builds better businesses through operational improvements, professional management practices, global capabilities and profitable business growth rather than financial engineering. Since completing its first investment in 1991, Pfingsten has raised five investment funds with total commitments of approximately $1.3 billion and has acquired 139 manufacturing, distribution and business services companies. For more information, visit pfingsten.com.

About Environmental Lights
Environmental Lights was founded in 2006 in San Diego, California, and has been listed on the Inc. 5000 as one of the fastest-growing private companies in America seven years in a row. We transform environments with LED lighting technology by engineering our customers’ visions into innovative solutions. We partner with our customers from project inception, through planning, specification and installation of their LED lighting systems to ensure we create solutions that match their exact needs.

PRESS RELEASE

Cinven, the international private equity firm, today announces that it has reached an agreement to become a shareholder of Barentz (the ’Group’), a global specialty ingredients distributor for the food, pharmaceutical, personal care and animal nutrition markets. Financial terms of the transaction are not disclosed.

Headquartered in the Netherlands, Barentz distributes ingredients and additives for products to SMEs and large customers globally. The Group sources branded speciality ingredients from leading manufacturers worldwide. In addition, through its state-of-the-art production facilities in Europe, North America and Asia, Barentz’ ingredient experts provide value-added technical support including pre-mixing, blending, ingredient formulation and ingredient testing.

Established in 1953, Barentz has operations in more than 60 countries with a strong presence in Europe and Asia, and a growing presence in North America and Latin America. Today, the Group employs circa 1,100 people worldwide, sources ingredients from more than 1,000 suppliers and serves over 15,000 customers.

Cinven’s Business Services and Benelux teams identified Barentz as an attractive investment opportunity, given:
· Its strong presence in attractive, structurally growing and resilient markets;
· Its value-added proposition to both a large number of ingredient manufacturers and a highly diversified end-customer base;
· Significant buy and build opportunities in a highly fragmented market. Barentz has a proven track record of executing and integrating acquisitions;
· Strong historic financial performance and cash generation;
· Opportunities to accelerate the growth of the business through investment in the Group’s infrastructure as well as R&D capabilities; and
· Highly experienced management team, led by CEO Hidde van der Wal.

Ben Osnabrug, Partner at Cinven, commented:

“Barentz has a strong presence in a structurally growing market. The Cinven team knows the speciality distribution sector well, with the key trends driving the growth of the food and life sciences ingredients market including a shift towards natural ingredients, increased demand for customised formulations, and a growing share of manufacturers using distributors to drive market access and to improve efficiencies.

“Cinven’s investment in Barentz resulted from a combination of our detailed sub-sector approach within Business Services and our regional network in the Netherlands, and we are delighted to invest in this primary opportunity. In particular, Barentz has an excellent management team whom we can back to pursue both organic and buy and build growth.”

Hidde van der Wal, Chief Executive of Barentz, said: “We are delighted to be working with Cinven on the next phase of our growth. The Cinven team has really impressed us with their understanding of our market and their strong track record of growing businesses internationally.

“In particular, their investment and support for our business strategy will enable us to expand our operations into new geographic markets, including through acquisition, and will ensure we have the right infrastructure to achieve this.”

Completion of the transaction is subject to customary conditions including competition clearances.

1602 Capital Partners acted as M&A advisor for Cinven.

About Cinven
· Cinven is a leading international private equity firm focused on building world-class European and global companies.

· Its funds invest in six key sectors: Business Services, Consumer, Financial Services, Healthcare, Industrials, and Technology, Media and Telecommunications (TMT).

· Cinven has offices in London, Frankfurt, Paris, Milan, Madrid, Guernsey, Luxembourg, Hong Kong and New York.

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

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

· In this press release ‘Cinven’ means, depending on the context, any of or collectively, Cinven Group Limited, Cinven Partners LLP, Cinven (LuxCo1) S.A., and their respective Associates (as defined in the Companies Act 2006) and/or funds managed or advised by the group.

· For more information, please visit www.cinven.com

About Barentz
Barentz is a leading global provider of ingredients for the life sciences markets. Representing world-class suppliers, Barentz offers customers a comprehensive portfolio of speciality ingredients, including unique specialty ingredients and blends from Barentz-owned production companies, all supported by the best technical teams and top-of-the-line application labs. Barentz commitment to quality was recently recognised with an award at CFIA France 2018. Barentz (established in 1953) operates in more than 60 countries and employs more than 1,100 people worldwide. To learn more, visit www.barentz.com.

PRESS RELEASE

NEW YORK, Nov. 25, 2019 /PRNewswire/ — ClinicalMind, LLC (CM), a premier and award-winning medical communications company, announced today that it has recapitalized in order to expand both its strategic and tactical agency business as well as its innovative enGauge® technology, which is a Software as a Service (SaaS) solution. The recapitalization was led by equity financing from Renovus Capital Partners (Renovus), an investment firm based outside of Philadelphia committed to supporting and growing best-in-class education, healthcare services, and technology services companies.

CM, based in New York, NY, is a unique medical communications company composed of industry experts who translate science to reflect its clinical, economic, and societal value across a therapeutic product’s lifecycle. CM’s dedication to scientific strategy, executional excellence, and exceptional technology has driven their support of numerous innovative programs in rapidly changing specialty areas, including gene and cellular therapies, as well as novel therapies for a number of rare diseases.

CM’s integration of science and proprietary technology enhances meaningful and effective communications to healthcare practitioners and other stakeholders in the United States and globally.

In addition, CM has been recognized for its best-in-class technology solutions that drive physician engagement, facilitate internal communication among marketing and medical affairs teams, and enable implementation of program development solutions through a SaaS model. CM’s SaaS product drives workflow processes and virtual advisory boards, monitors program progress, enables contract management, tracks all activities, and produces meaningful data and all required compliance reports. These technology solutions have facilitated a dramatically higher level of engagement with clinicians and produce much-needed data to help guide clients’ efforts to better understand and work more effectively in their therapeutic space.

“The rapid growth of ClinicalMind has been an amazing testament to the hard work and innovative thinking by this team,” said Jeanne Martel, CEO of CM. “We are excited about our new partnership with Renovus, as it will enable us to continue to maintain our growth and expand our services and technology solutions to meet our clients’ needs.”

Jesse Serventi, a Founding Partner of Renovus, added, “After an extensive search, we are excited to partner with an exceptional medical communications company and management team that will successfully continue to address the rapid development of treatments for rare diseases, as well as the development of high-science approaches like gene and cellular therapies that are changing the healthcare landscape.” He continued, “We became excited by the fully integrated technology platform and solutions developed by a team that actually understands the technology needs of their clients. We are excited to help grow this technology to support biotech companies and pharma.”

Excel Partners served as the sell-side advisor to CM. DLA Piper served as legal counsel to Renovus. BrownRudnick served as legal counsel to CM.

About CM
CM is a premier healthcare communications company, known for its broad experience as both a strategic and tactical partner with biotech and pharmaceutical companies, especially those preparing to launch new and first-in-class therapies. CM is at the forefront of the latest treatment innovations, working in lockstep with their clients to educate the healthcare communities on how to prepare their practices, institutions, and patients for these novel therapies. The leadership of CM is composed of veterans in the healthcare communications space who have been working in both the United States and around the globe for more than 2 decades. For more information, visit clinicalmind.com.

About Renovus
Founded in 2010, Renovus is an education-, training-, and human capital–focused private equity firm. Renovus is based outside of Philadelphia and manages over $500 million of committed capital through 2 SBIC funds. To date, the firm has acquired 25 portfolio companies in education and training, technology, and healthcare services industries. Renovus is an active investor in profitable and growing enterprises. The Renovus team, in partnership with management, seeks to create value through operational improvements, strategic growth initiatives, and acquisitions. More information can be found at renovuscapital.com.

As part of the deal, Symphony will be exiting the investment.

Funds for the deal came out of Silver Lake Partners V, which closed on $15 billion in April 2017, the sources said.

First Advantage, based in Atlanta, provides background screening identity services to employers and housing providers globally.

The company generated $125 million Ebitda, the sources said. The deal valued the company at more than $1.5 billion, which translates into 12x to 13x of its Ebitda.

Buyouts previously reported about the company going up for sale.

The acquisition, announced Monday, is not Silver Lake’s first investment in human capital and compliance technology.

In November 2017, Silver Lake invested $300 million in CornerStone OnDemand, a human capital management software. In 2015, the firm acquired Cast & Crew, a software and services provider for the entertainment industry. In 2018, Silver Lake sold the company to EQT.

The firm sees opportunity in companies that provide technology to improve human resources practices, sources familiar with the company told Buyouts.

There is momentum for those opportunities, driven by growing mobility and temporary workforces, greater competition for talent and a need for on-going compliance and analysis for existing employees, they said.

Silver Lake has no immediate plans for follow-on acquisitions, but potential add-on candidates would be background-screening specialists serving end-markets, such as healthcare, oil and gas or transportation, for example, the people said.

With First Advantage, Silver Lake plans to focus on building a better integration of the company’s product with a human capital management tech system, invest in continuous monitoring and compliance of the workforce and help the company expand its footprint further into the gig economy, or temporary contractor-type employment, the people said.

More broadly, the firm also wants to capitalize on trends such as big data and analytics, cloud and mobility, the sources said.

In April,  Buyouts reported that Silver Lake targeted $750 million for its third tech-growth fund. Silver Lake Waterman Fund III will target investments in pre-IPO, later-stage growth companies in technology and tech-enables industries.

Action Item: Check out Silver Lake’s recent form ADV.

Correction: The story was corrected to reflect that Silver Lake invested in CornerStone OnDemand in November, 2017. The previous version incorrectly stated the date as August, 2017.

Clarification: The story was updated to reflect that Silver Lake agreed to buy First Advantage. 

PRESS RELEASE

PromptCare Acquires Florida’s Hollywood Medical Supply
Expands Footprint of Specialty Respiratory and Infusion Services Provider

NEW PROVIDENCE, NJ – November 26, 2019 – The PromptCare Companies (“PromptCare” or the “Company”), a leading regional provider of respiratory therapy and specialty infusion services, announced it has acquired Hollywood Medical Supply (“Hollywood”) from owner and CEO, Robert Lichtenstein. The acquisition will further expand PromptCare’s footprint in the Southeastern United States. Terms of the transaction were not disclosed.

Founded in 1965, Hollywood is a provider of hi-tech respiratory therapy services and related medical supplies focused on the care of medically fragile children in Florida. The Company serves more than 1,200 patients with such equipment as ventilators, apnea monitors, surgical supplies, enteral feeding, and oxygen services.

“We are excited to enter the state of Florida through this strategic combination with Hollywood Medical Supply,” said PromptCare CEO Tom Voorhees. “Bob has built a company with a care-centric approach and pediatric patient orientation that are well-aligned with PromptCare’s mission and strategy.”

“PromptCare’s commitment to providing the highest levels of patient care made them the perfect partner to continue Hollywood’s 50-year legacy of serving medically fragile patients in South Florida,” Mr. Lichtenstein said.

Goodwin Procter served as legal counsel to PromptCare.

About PromptCare
The PromptCare Companies, Inc. is a leading regional provider of specialty respiratory and infusion services. Established in 1985 and headquartered in New Providence, NJ, PromptCare serves pediatric and adult patients across the Mid-Atlantic and Northeastern United States. The Company combines high-tech equipment and infusion drug therapies with a tailored, high-touch service approach to deliver superior patient care, and is a preferred partner of hospitals, physicians, and payors in managing complex medical conditions such as ALS, chronic lung conditions, and a number of nutritional and autoimmune deficiencies. PromptCare currently serves more than 2,900 pediatric and adult ventilation patients and more than 1,300 specialty infusion patients from 28 locations in 16 states.

PRESS RELEASE

ATLANTA and MENLO PARK, Calif., Nov. 25, 2019 /PRNewswire/ — First Advantage, a global technology and information services leader in background check and drug screening solutions, and Silver Lake, a global leader in technology investing, today announced that Silver Lake has signed a definitive agreement to acquire First Advantage from Symphony Technology Group (STG). First Advantage’s senior management team will remain in their current roles and continue to be meaningful equity holders in the company.
“As employers compete for talent, they seek best-in-class technology partners like First Advantage to provide timely and trusted intelligence to support hiring, risk management, and brand protection,” said Joe Osnoss, Managing Director of Silver Lake. “We look forward to working closely with Scott Staples, the management team, and employees of First Advantage to continue the momentum they are demonstrating in many areas, including cutting-edge technology, superior client success practices, and industry-leading geographic coverage.”
First Advantage’s services include background screening (criminal, education, employment), driver compliance, drug testing and fingerprinting. The company’s services and global technology platform, which integrates with leading HR and talent management solutions, provide insights to help clients reduce risk and hire the best talent, while decreasing the time to hire. Its ongoing monitoring solutions and new XtdForce products aimed at contingent workers are in growing demand as employers seek to mitigate risks and reputational costs through the screening process. First Advantage has a global footprint, operating in 27 locations with more than 4,300 employees and completing background checks in more than 200 countries and territories.
“STG has been a great partner over the past eight years, helping us to improve our operating platform, launch new technologies and meaningfully expand our client base,” said Scott Staples, CEO of First Advantage. “Silver Lake brings a unique mix of technology expertise, industry relationships, capital availability, and global reach, which undoubtedly will help us reach the next level of our potential.”
Marc Bala, Managing Director at STG, added, “It has been a privilege to partner with First Advantage. We would like to thank Scott Staples and the company’s outstanding management team for their partnership in transforming First Advantage into the industry leader and laying the foundation for long-term growth. In partnership with Silver Lake, the company is well positioned to continue to deliver innovative solutions to its 35,000 clients around the world.”
J.P. Morgan acted as financial advisor and Paul Hastings LLP served as legal counsel to First Advantage. Stifel acted as financial advisor and Simpson Thacher & Bartlett LLP served as legal counsel to Silver Lake. Financial details were not disclosed. The transaction is subject to customary closing conditions and is expected to be completed in the first quarter of 2020.
ABOUT FIRST ADVANTAGE
First Advantage provides comprehensive background screening, identity and information solutions that give employers and housing providers access to actionable information that results in faster, more accurate people decisions. With an advanced global technology platform and superior customer service delivered by experts who understand local markets, First Advantage helps customers around the world build fully scalable, configurable screening programs that meet their unique needs. Headquartered in Atlanta, Georgia, First Advantage has offices throughout North America, Europe, Asia and the Middle East. For more information about First Advantage please visit www.fadv.com.
ABOUT SILVER LAKE
Silver Lake is the global leader in technology investing, with over $43 billion in combined assets under management and committed capital and a team of approximately 100 investment and operating professionals located in Silicon Valley, New York, London and Hong Kong. Silver Lake’s portfolio of investments collectively generates more than $230 billion of revenue annually and employs 370,000 people globally. For more information about Silver Lake and its portfolio, please visit www.silverlake.com.

PRESS RELEASE

The Carlyle Group and T&D Holdings to Acquire Majority Interest in Fortitude Re from AIG for Approximately $1.8 Billion
• Transaction provides Fortitude Re with new long-term shareholder base and maintains a strong capital position for supporting its reinsurance obligations
• Fortitude Re to maintain focus on providing competitive reinsurance and run-off management solutions to the global insurance industry
• Carlyle to continue its strategic asset management relationships with Fortitude Re
• T&D to support Fortitude Re’s growth by leveraging its industry experience and networks
November 25, 2019 05:00 PM Eastern Standard Time
NEW YORK & TOKYO–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG), The Carlyle Group (NASDAQ: CG) and T&D Holdings (TYO: 8795) announced today that a newly created Carlyle-managed fund, together with T&D, have partnered to acquire from AIG a 76.6 percent ownership interest in Fortitude Group Holdings, whose group companies operate as Fortitude Re, for approximately $1.8 billion. After closing, ownership interests in Fortitude Re will include Carlyle and its fund investors at 71.5 percent (including the 19.9 percent stake previously acquired by Carlyle in November 2018), T&D at 25 percent and AIG at 3.5 percent. AIG will receive a $500 million non-pro-rata distribution, which if not paid by the later of May 13, 2020 or transaction close will result in an additional payment from the new Carlyle-managed fund and T&D based on their Fortitude Re ownership interest.
This transaction furthers AIG’s and Carlyle’s efforts to stand up Fortitude Re as an independent company and position it as a premier provider of retroactive reinsurance and legacy run-off management solutions for long-dated, complex risks to the global insurance industry. The transaction will enhance Carlyle’s ability to support Fortitude Re’s growth plans, provide Fortitude Re access to Carlyle’s wide array of investment strategies and position it for long-term success. T&D brings additional industry and international expertise to develop Fortitude Re’s strategically differentiated capabilities. With the backing of Carlyle, T&D and AIG, Fortitude Re will pursue global opportunities to successfully acquire and manage legacy insurance portfolios.
Brian Duperreault, AIG’s President and Chief Executive Officer, said, “Today’s announcement is another important step in our strategy to efficiently manage our legacy liabilities by further preparing Fortitude Re for independence, while strengthening our balance sheet and maintaining our primary focus on upholding policyholder and regulatory commitments. Carlyle’s expertise in separating and standing up companies has been invaluable to date, and we look forward to working with their team and T&D, with whom we have a longstanding relationship in Japan, as we continue the separation process. I also want to thank the entire Fortitude Re team for all their hard work in building the organization. We look forward to their future success.”
Kewsong Lee, Carlyle’s Co-Chief Executive Officer, said, “This transaction demonstrates Carlyle’s strategy of developing scalable platforms to drive shareholder value. Fortitude Re, led by CEO James Bracken, is strongly positioned as an industry leader in managing run-off insurance liabilities, and Carlyle looks forward to partnering with the management team to help Fortitude Re grow. We are excited about the prospects of further developing our global investment management services for Fortitude Re as we work to deliver attractive returns across a variety of asset classes. We welcome T&D to our partnership with AIG, both of whom are highly experienced players in insurance, and look forward to creating an attractive investment opportunity for our fund investors.”
Hirohisa Uehara, T&D’s Representative Director and President, said, “We are really honored to invest in Fortitude Re, which has developed a sophisticated platform for managing life and P&C insurance liabilities. We have longstanding relationships with both AIG and Carlyle, and we believe Fortitude Re’s closed book business will contribute significant synergies to our domestic life insurance business as well as diversification of our business portfolio. Additionally, we look forward to supporting Fortitude Re’s growth by leveraging our years of experience as a Japanese life insurer.”
The transaction is expected to close in mid-2020, subject to required regulatory approvals and other customary closing conditions.
Willkie Farr & Gallagher LLP served as legal advisor to AIG.
Debevoise & Plimpton LLP served as legal advisor and Oliver Wyman served as strategic financial advisor to The Carlyle Group.
Citi served as financial advisor and Nishimura & Asahi, King & Spalding LLP and Appleby were the legal advisors to T&D.
Sidley Austin LLP served as legal advisor to Fortitude Re.
Additional information about Fortitude Re is available on its website at https://www.fortitude-re.com/.
Additional information about T&D’s minority investment will be available in disclosures T&D will file today with the Tokyo Stock Exchange, which will also be posted on the “News Releases” page of its website: https://www.td-holdings.co.jp/en/news/.
About AIG
American International Group, Inc. (AIG) is a leading global insurance organization. Building on 100 years of experience, today AIG member companies provide a wide range of property casualty insurance, life insurance, retirement solutions, and other financial services to customers in more than 80 countries and jurisdictions. These diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange. Additional information about AIG can be found at www.aig.com. References to additional information about AIG have been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $222 billion of assets under management as of September 30, 2019, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,775 people in 33 offices across six continents.
About T&D Holdings
T&D Holdings, Inc. (T&D) is a publicly listed insurance holdings company of T&D Insurance Group, which is comprised of three core life insurers, Taiyo Life Insurance Company, Daido Life Insurance Company, and T&D Financial Life Insurance Company. Its headquarters are located in Tokyo, Japan. As of September 30, 2019, total assets of T&D were JPY 16,117 billion. Daido Life has had a long-term business partnership with AIG in Japan since 1971. In June 2019, T&D established a wholly owned investment subsidiary, T&D United Capital Co., Ltd. which is the entity that will acquire a 25 percent ownership interest in Fortitude Group Holdings directly, with an aim of accelerating the strategic initiatives of T&D.
AIG Forward-Looking Statements
Certain statements in this press release may include projections, goals, assumptions and statements that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and AIG may make related oral, forward-looking statements on or following the date hereof. These projections, goals, assumptions and statements are not historical facts but instead represent only AIG’s belief regarding future events, many of which, by their nature, are inherently uncertain and outside AIG’s control. These projections, goals, assumptions and statements include statements preceded by, followed by or including words such as “will,” “believe,” “anticipate,” “expect,” “intend,” “plan,” “focused on achieving,” “view,” “target,” “goal,” or “estimate.” It is possible that AIG’s actual results and financial condition will differ, possibly materially, from the results and financial condition indicated in these projections, goals, assumptions and statements.
The proposed transaction is subject to risks and uncertainties and factors that could cause AIG’s actual results to differ, possibly materially, from those in the specific projections, goals, assumptions and statements include, but are not limited to (i) that AIG may be unable to complete the proposed transaction because, among other reasons, conditions to the closing of the proposed transaction may not be satisfied or waived; (ii) uncertainty as to the timing of completion of the proposed transaction; (iii) the inability to complete the proposed transaction due to the failure to obtain regulatory approval for the proposed transaction or the failure to satisfy other conditions to completion of the proposed transaction; (iv) the failure to realize the expected synergies or shareholder value from the transaction or delay in realization thereof; (v) the occurrence of any event, change or other circumstances that could give rise to the termination of the transaction agreements; and (vi) other factors that can be found in AIG’s periodic filings with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.
AIG is not under any obligation (and expressly disclaims any obligation) to update or alter any projections, goals, assumptions or other statements, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.
The Carlyle Group Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, contingencies, our distribution policy, our expected future dividend policy, the anticipated benefits from converting to a corporation and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements including, but not limited to, those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 13, 2019, as such factors may be updated from time to time in our periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.
T&D Holdings Forward-Looking Statements
Statements in this press release that relate to future results and events are forward-looking statements based on T&D’s current expectations. Actual results and events in future periods may differ materially from those expressed or implied by these forward-looking statements because of a number of risks, uncertainties and other factors. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Actual events may differ materially from those indicated by such forward-looking statements. In addition, the forward-looking statements represent T&D’s views as of the date on which such statements were made. Subsequent events and developments could cause T&D’s views to change. Although T&D may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing T&D’s views as of any date subsequent to the date hereof.

PRESS RELEASE

TA Associates Completes Strategic Growth Investment in Gong cha Group

HONG KONG and BOSTON, November 25, 2019 – Gong cha Group (“Gong cha”), a leading global provider of premium tea, and TA Associates, a leading global growth private equity firm, today announced that TA Associates has completed its previously announced strategic growth investment in Gong cha. Financial terms of the transaction were not disclosed.

Founded in 2006 in Kaohsiung in southern Taiwan, Gong cha is one of the most recognized Taiwanese tea brands in the world. Gong cha, which translates to “tribute tea for the emperor,” provides quality tea, products and services, sourcing ingredients from selected suppliers and offering customers freshly brewed tea. The Company’s leading product is its famous Taiwanese-style bubble tea, which is sweet milk tea infused with pearl-shaped tapioca. Utilizing primarily a franchise model, Gong cha reaches consumers through a variety of retail store formats, including urban and suburban stores, as well as take-out shops, mall-based stores and kiosks, often in high traffic areas such as train and metro stations. There are more than 1,100 Gong cha stores in 17 countries, including Taiwan, Korea, Japan, the Philippines, Vietnam, Malaysia, Singapore, Mexico, Australia, Canada, the United Kingdom and the United States.

Partners Group, the global private markets investment manager, has, on behalf of its clients, provided debt and equity to Gong cha to support the transaction through its Private Debt business. In addition, as part of the transaction, Gong cha management and the founders of Gong cha Korea and Japan made substantial investments in the Company alongside TA and Partners Group.

“We are very pleased to invest in Gong cha, a high-growth business that is among the world’s most recognized Taiwanese tea brands,” said Edward Sippel, a Managing Director at TA Associates and Co-head of Asia operations of TA Associates Asia Pacific Ltd. “We are extremely impressed with how successfully the management team has grown Gong cha into the profitable, global business it is today. We will work closely with management in supporting the Company’s franchise partners and look forward to helping grow the Gong cha brand in new and existing markets.”

Gong cha has a track record of successful growth, having grown revenue and EBITDA from 2016 to 2019 at a 43% and 70% CAGR, respectively.

“The global tea market has enjoyed steady growth over the past several years, and tea remains a staple beverage across Asia and increasingly around the world,” said Michael Berk, a Managing Director at TA Associates. “Globally, the tea market is estimated to be larger than that of coffee, with continued expected growth. Given these market dynamics, we believe that Gong cha is well-positioned to further expand its presence and brand throughout the world.”

TA Associates is one of the most experienced global growth private equity firms, having raised $32.5 billion in capital since its founding in 1968. TA is committed to supporting Gong cha’s continued growth as the Company expands its investment in human resources to further the growth and scale of the Company. In connection with the closing, the following appointments were announced:

• Peter Rodwell will join as Executive Chairman of Gong cha. Mr. Rodwell brings more than three decades of retail food and beverage and franchising experience to the Company, having led McDonald’s expansion across Asia-Pacific and the Middle East.
• Eikoh Harada will join as Chairman, President and CEO of Gong cha Japan, and will be joining the global senior leadership team. Mr. Harada brings decades of managerial experience to Gong cha, having previously served as CEO of McDonald’s Japan, as well as Apple Japan.

Gong cha will continue to be led by current CEO Euiyeol Kim, who has overseen the Company’s strong growth over the last five years and has had significant experience in the global consumer retail sector, previously serving as CEO for CJ Foodville, a leading food and food services group. “I am excited to continue on this journey of growth with Gong cha, and look forward to leveraging our proven track record to continue driving expansion globally,” said Mr. Kim.

About Gong cha Group

Founded in 2006, Gong cha is one of the most recognized Taiwanese tea brands in the world. Gong cha, which translates to “tribute tea for the emperor,” provides quality tea, products and services, sourcing ingredients from selected suppliers and offering customers freshly brewed tea. Gong cha’s leading product is its famous Taiwanese-style bubble tea, which is sweet milk tea infused with pearl-shaped tapioca. The Company also offers a variety of seasonal and specialty tea-based drinks. There are more than 1,100 Gong cha stores in 17 countries, including Taiwan, Korea, Japan, the Philippines, Vietnam, Malaysia, Singapore, Mexico, Australia, Canada, the United Kingdom and the United States. For more information, please visit www.gong-cha.com/en.

About TA Associates

TA Associates is one of the most experienced global growth private equity firms. Focused on targeted sectors within five industries – consumer, technology, healthcare, financial services, and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in high quality growth companies. TA has raised $32.5 billion in capital since its founding in 1968 and is committing to new investments at the pace of over $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.

The Chicago PE firm has hired William Blair to help with inbound interest for Paya, as well as evaluate growth options for the company, five sources said. Paya is producing $50 million Ebitda, which is expected to grow to $65 million in 2020, sources said.

Paya held a handful of meetings at Money20/20, one of the people said. GTCR was seeking 20x or $1 billion-plus for Paya, sources said.

Despite the meetings, GTCR is not running a formal process for Paya, sources said. There is “no plan or strategy or anything” regarding a sale, a second person, part of the five, said. Options for Paya include picking a financial partner, going public, selling, or doing more acquisitions as a GTCR platform, the second source said. A GTCR spokeswoman declined comment.

“You don’t hire a bank if you aren’t thinking about selling for real,” a third person, part of the five, said.

GTCR acquired Paya in 2017. The buyout shop paid $260 million cash for the company that was then known as Sage and $20 million in deferred compensation, Buyouts reported at the time. GTCR paid 7x Ebitda for Sage, the third source said. The PE firm committed to invest up to $350 million in company, Buyouts said.

Paya, of Atlanta, provides payment-processing and merchant-acquiring solutions in North America. The company processes over $30 billion in annual payment volume. (Sage Payment changed its name to Paya in January 2018.)

In July 2018, Joe Kaplan, CEO of Paya, died. GTCR picked Jeffrey Hack, former executive vice president and management committee member of First Data, as Paya’s CEO in November 2018. Paya, in June 2019, also tapped Mark Engels as its chief revenue officer and member of its executive leadership team. Engels is the former chief revenue officer of Hyperwallet’s payments platform. Paya has done two acquisitions during GTCR’s tenure. This includes buying First Billing Services in January 2019 and, in November 2018, acquiring Stewardship Technology, according to PitchBook.

GTCR has long been considered a fintech pioneer. The firm was one of the first investors of TransFirst, when the company was known as ACS Merchant Services, back in 2000. TransFirst was then sold to private equity firms in 2007 and 2014 before TSYS acquired it in 2016 for $2.35 billion. Other notable GTCR fintech deals include National Processing Center (which was ultimately sold to Vantiv, that acquired Worldpay for $10 billion in 2017 and was then sold this year to FIS for $35 billion) and Verifone (Francisco Partners bought Verifone for $3.4 billion in 2018).

GTCR is currently investing out of its 12^th flagship, which closed on $5.25 billion in 2017.

William Blair and Paya could not be reached for comment.

News of William Blair’s hiring was previously reported by Mergermarket.

Action Item: See GTCR’s most recent form ADV here.

PRESS RELEASE

NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Private equity firm ClearLight Partners announced today that it has made an investment in Handel’s Homemade Ice Cream, a franchisor of premium ice cream scoop shops, in partnership with Handel’s owner Leonard Fisher. Terms of the transaction were not disclosed.

Headquartered in Youngstown, Ohio, the Handel’s story started in 1945 when Alice Handel began serving ice cream out of her husband’s gas station. Alice’s first batches were made using old fashioned recipes with fresh fruit she picked from her own backyard. Since then, Handel’s has grown to include nearly fifty corporate and franchised locations in California, Indiana, Nevada, Ohio, Pennsylvania, Arizona, Utah, Texas and Oregon. The menu has also expanded and now includes over 100 flavors of homemade ice cream. All ice cream is made in the store, with batches made fresh daily at each location. “We knew Handel’s was special from the moment we were introduced to the business,” commented Andrew Brennan, a Partner at ClearLight. “The welcoming culture of the Company, the incredible focus of the team on simply making great ice cream, the fanaticism of its customer base, and the taste and quality of its ice cream itself were all inspiring to us. This partnership represents a chance to introduce the fabulous Handel’s ice cream experience to more people across the country and to continue to delight children, adults and families with a product that Alice Handel would be proud of.”

“It has been a pleasure working with ClearLight given their strong background in helping franchised concepts and other consumer brands to grow,” said Leonard Fisher, CEO of Handel’s. “I knew early on that we had a shared vision for how to support Handel’s growth while preserving the brand’s core values and continuing to invest in the quality ingredients and process that make Handel’s ice cream the best there is. Together, we are looking to become to many more people what we already are to our customers – America’s favorite scoop shop!”

“We are thrilled to partner with Leonard and bring Handel’s to new communities, we are very excited about our future together,” said Michael Kaye, Managing Partner at ClearLight.

About ClearLight Partners
ClearLight Partners is a private equity firm in Southern California that invests in established, profitable middle-market companies with significant growth potential. Since inception, ClearLight has raised $900 million in capital across three funds from a single limited partner. The team at ClearLight has extensive operating and financial experience and has a history of successfully partnering with owners and management teams to drive growth and create value.

For more information, please visit www.clearlightpartners.com.

PRESS RELEASE

NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Private equity firm ClearLight Partners announced today that it has sold Richardson to Kartesia, an independent and privately-owned European investor in small and middle-market companies, which will merge Richardson with Kartesia’s existing portfolio company, Sales Performance International (SPI).

Headquartered in Philadelphia, Pennsylvania, Richardson is a leading provider of tech-enabled, enterprise sales training solutions to the Global 1000. With over four decades of successful client outcomes, Richardson is known for its role in creating step-change improvements in sales force effectiveness. With a modern and comprehensive suite of content and services, Richardson helps clients better find, win and grow profitable new business.

ClearLight was attracted to Richardson because of the company’s thought and market leadership positions in the sales training sector. Together, ClearLight and the Richardson team helped the business enter new markets, modernize and expand its product offering and delivery methods, and establish Richardson as a global organization able to address the needs of the largest and most sophisticated clients in the world. “Richardson has a superb reputation in the market for its unique connected curriculum of content and solutions, and its ability to drive positive lasting change in selling organizations,” commented Andrew Brennan, a Partner at ClearLight. “It has been a privilege to work with the company’s incredibly talented team as they have successfully grown and improved the business.”

“ClearLight was a great partner with a long-term focus on building enduring enterprise value. Their patient support helped us enter new markets, expand and modernize our sales training content and generate a tangible return on investment for our clients,” said John Elsey, CEO of Richardson. “The company is as strong as it has ever been and is well positioned to continue helping our clients maximize the effectiveness of their sales teams.”

“We are proud to have been a long-term partner with Richardson and its great management team,” said Michael Kaye, Managing Partner at ClearLight.

ClearLight was advised by Capstone Headwaters and Armstrong Teasdale LLP.

About ClearLight Partners
ClearLight Partners is a private equity firm in Southern California that invests in established, profitable middle-market companies with significant growth potential. Since inception, ClearLight has raised $900 million in capital across three funds from a single limited partner. The team at ClearLight has extensive operating and financial experience and has a history of successfully partnering with owners and management teams to drive growth and create value.
For more information, please visit www.clearlightpartners.com.

PRESS RELEASE

New Hamburg, Ontario, November 25, 2019 – Wind Point Partners (“Wind Point”) and Pestell Group (“Pestell”) are pleased to announce the formation of Pestell Nutrition (“PN”) and Targeted PetCare (“TPC”). PN and TPC will now operate as two independent businesses, having previously operated under parent company Pestell Group, a business acquired by Wind Point in June 2018.

PN is a leading distributor of high-value nutritional additives and ingredients for the animal nutrition and pet food industries across Canada and the U.S. Since June 2018, PN has completed the acquisitions of Pro-Ag Products (“Pro-Ag”), Verus Animal Nutrition (“Verus”) and Premier Ag Resources (“PAR”). Pro-Ag is a distributor of feed ingredients, feed additives and animal health products. Verus provides performance animal nutrition products supported by in-house technical expertise. And PAR operates as a value-added distributor of specialty pet food ingredients and feed additives across Canada and the U.S.

TPC is a full-line manufacturer of animal litter and bedding products, and a co-manufacturer of dental pet treats. Since June 2018, TPC has completed the acquisitions of BPV Environmental (“BPV”), Targeted Pet Treats (“TPT”) and VersaPet. BPV is a leading manufacturer of alternative, paper-based animal litter, small animal bedding, and lawn and garden products. TPT is a leading co-manufacturer of dental treats and long-lasting chews for pets. And both Pestell Pet Products (“PET”) and VersaPet are manufacturers of private label and branded cat litter products.

Paul Peterson, Wind Point Managing Director, commented, “Over the past year, the evolution of PN and TPC has been substantial. A central part of our original thesis was to thoughtfully separate Pestell Group into two portfolio companies, and robust M&A activity at both businesses has accelerated that opportunity. We look forward to further growth and success for PN and TPC alongside our CEO partners, Jerry Vergeer and Matt Miller.”

Jerry Vergeer, PN CEO, stated, “We are excited about PN operating as a standalone entity and what it means for our customers. We continue to believe that PN can capitalize on compelling growth opportunities in Nutrition and Health while expanding our geographic footprint across the U.S. and Canada.”

Matt Miller, TPC CEO, noted, “The transformation of TPC since June 2018 has been remarkable. Since joining, we have more than quadrupled pet revenues across organic growth and strategic acquisitions. Our team is proud of the unique value proposition we’ve built which has allowed us to be the preferred partner with so many of our customers.”

Wind Point closed on the original Pestell Group transaction in June 2018, acquiring the business from serial entrepreneur Don Pestell who founded the business in 1972. Upon Wind Point’s original acquisition, Pestell was comprised of two business units, Pestell Minerals & Ingredients (“PMI”) and Pestell Pet Products, with both operating via one location in New Hamburg, Ontario.

BMO Sponsor Finance led the debt financing for the PN transaction. Antares Capital and Maranon Capital led the debt financing for the TPC transaction. Kirkland & Ellis LLP served as legal counsel to Wind Point, and BKD, LLP provided transaction advisory services in connection with the transaction.

About Pestell Nutrition
Pestell Nutrition is a leading distributor of minerals & feed ingredients, feed additives, and specialty pet food ingredients to a diverse customer base of pre mixers, feed mills, pet food companies, and other end users within the animal nutrition and pet food sectors across Canada and the U.S. The Company maintains 16 warehouses throughout North America, supporting distribution capabilities. Additional information about Pestell Nutrition can be found at www.pestellminerals.com.

About Targeted PetCare
Targeted PetCare is a full-line manufacturer of animal litter and bedding products and a co-manufacturer of dental pet treats. TPC is headquartered in Ontario, Canada and operates four manufacturing facilities across the US and Canada. Additional information about TPC’s operating companies can be found at www.pestell.com,www.bpvenvironmental.com, www.targetedpettreats.com, and www.versapet.com.

About Wind Point Partners
Wind Point Partners is a Chicago-based private equity investment firm with approximately $3 billion in assets under management. Wind Point focuses on partnering with top caliber management teams to acquire well-positioned middle market businesses where it can establish a clear path to value creation. The firm targets investments in the consumer products, industrial products, and business services sectors. Wind Point is currently investing out of Wind Point Partners IX, a fund that was initiated in 2019. For more information, pleas

PRESS RELEASE

Saint-Prex, Switzerland & Cambridge, Massachusetts, November 25, 2019 — Ferring Pharmaceuticals and Blackstone Life Sciences today announced the joint investment of over $570 million USD in nadofaragene firadenovec (rAd-IFN/Syn3), an investigational novel gene therapy in late stage development for patients with high-grade, Bacillus Calmette-Guérin (BCG) unresponsive, non-muscle invasive bladder cancer (NMIBC).

FerGene, a new gene therapy company and Ferring subsidiary, has been created to potentially commercialize nadofaragene firadenovec in the US and to advance the global clinical development. FerGene’s goal is to bring this promising therapy to a patient population which has seen little improvement in their standard of care over the past twenty years. Blackstone will invest $400 million USD and Ferring will invest up to $170 million USD in FerGene. Ferring will also potentially launch and commercialize nadofaragene firadenovec outside of the US.

“Bringing a novel gene therapy to the market requires dedicated focus and capabilities, and FerGene, a Ferring company, will have the resources and team needed to help us potentially bring nadofaragene firadenovec to patients,” said Frederik Paulsen, Chairman, Ferring Pharmaceuticals. “Through this new joint financing model between Ferring and Blackstone Life Sciences, we aim to ensure more people with high-grade, BGC unresponsive, non-muscle invasive bladder cancer may benefit from this novel gene therapy if approved.”

Nadofaragene firadenovec, currently in late Phase 3 development, has been granted Breakthrough Therapy designation and had its Biologics License Application (BLA) accepted for filing and granted Priority Review by the FDA.

“This innovative partnership with Ferring illustrates the unique value of Blackstone Life Sciences in bringing transformative therapies to market. Our expertise and experience in hands-on clinical development and early commercialization will help further advance this promising therapy for bladder cancer patients in the US and around the world,” said Nick Galakatos, Ph.D., Head of Blackstone Life Sciences.

“Through FerGene, Blackstone and Ferring’s goal is to successfully commercialize and further develop this adenovirally mediated interferon alfa-2b gene therapy, a potential breakthrough treatment for high-grade, BCG unresponsive, non-muscle invasive bladder cancer patients,” said Paris Panayiotopoulos, Blackstone Life Sciences Managing Director.

Phase 3 clinical trial results will be presented at the Society of Urologic Oncology (SUO) 20th Annual Meeting in Washington, DC on December 5, 2019 by Dr. Colin Dinney, Professor and Chairman of the Department of Urology at the University of Texas MD Anderson Cancer Center (MDACC) and a founder and past president of the Society of Urologic Oncology Clinical Trials Consortium (SUO-CTC). Dr Dinney pioneered the development of nadofaragene firadenovec and co-heads the development program alongside Dr. Nigel Parker6 of FKD Therapies Oy (FKD). Upon the potential FDA approval, FerGene will hold the marketing authorization of nadofaragene firadenovec.

FKD is a specialist gene therapy company based in Finland focused on the development and regulatory filing of nadofaragene firadenovec, which has been studied in the Phase 3 trial in 33 centers across the US, in conjunction with the SUO-CTC.

“We are excited to present the Phase 3 data at the upcoming SUO meeting,” said Dr. Stephen A. Boorjian, the Coordinating Investigator for the trial and the Carl Rosen Professor of Urology at Mayo Clinic in Rochester, Minnesota. “This trial expands the search for effective alternatives to radical cystectomy for those patients with high-grade, BCG unresponsive, non-muscle invasive bladder cancer, and offers the potential to meaningfully improve future patient care.”

About nadofaragene firadenovec
Nadofaragene firadenovec (rAd-IFN/Syn3) is an investigational therapy being developed as a treatment for patients with high-grade, BCG unresponsive, NMIBC. It is an adenovirus vector-based gene therapy containing the gene interferon alfa-2b, administered by catheter into the bladder every three months. The virus enters the cells of the bladder wall, where, it breaks down, releasing the active gene to do its work. The internal gene/DNA machinery of the cells ‘picks up’ the gene and translates its DNA sequence, resulting in the cells secreting high quantities of interferon alfa-2b protein, a naturally occurring protein the body uses to fight cancer. This novel gene therapy approach thereby turns the patient’s own bladder wall cells into multiple interferon microfactories, enhancing the body’s natural defenses against the cancer.

About bladder cancer
Bladder cancer is one of the most frequently occurring cancers, with an estimated 430,000 patients diagnosed worldwide each year, making it the ninth most common cancer worldwide.1,2 In the US, bladder cancer is the sixth most common cancer, with an estimated 699,450 people living with bladder cancer and more than 80,000 new cases diagnosed each year in the US alone. 3 In high-grade NMIBC patients, BCG is the standard treatment, and, although effective, over 60% of these tumors eventually re-occur.2,4 Radical cystectomy (complete removal of the bladder and certain reproductive organs) to prevent the cancer spreading to other organs represents the recommended treatment option in this setting, but may be associated with considerable morbidity.5 As such, the BCG unresponsive population is one of high unmet clinical need, which has been recognized by the FDA Guidance for Industry, February 2018.7

About Blackstone Life Sciences
Blackstone Life Sciences is a private investment platform with capabilities to invest across the life-cycle of companies and products within the key life science sectors. By combining scale investments and hands-on operational leadership, Blackstone Life Sciences helps bring to market promising new medicines that improve patients’ lives.

About Ferring Pharmaceuticals
Ferring Pharmaceuticals is a research-driven, specialty biopharmaceutical group committed to helping people around the world build families and live better lives. Headquartered in Saint-Prex, Switzerland, Ferring is a leader in reproductive medicine and maternal health, and in specialty areas within gastroenterology and urology. Founded in 1950, Ferring now employs approximately 6,500 people worldwide, has its own operating subsidiaries in nearly 60 countries and markets its products in 110 countries.

About FKD Therapies Oy
FKD Therapies Oy is a specialist gene therapy company based in Kuopio, Finland originally conceived by scientific and medical founders, Dr Nigel R Parker and Professor Seppo Yla-Herttuala,6 for the specific purpose of undertaking the development of adenovirus mediated interferon alfa-2b. FKD has led the overall development of nadofaragene firadenovec through manufacturing at FinVector Oy, late stage clinical trials and the current BLA filing. FinVector Oy and FKD Oy are part of the Trizell Group.

About the SUO-CTC
The Society of Urologic Oncology (SUO) developed a clinical trials network in 2008. Created, owned, and operated by its members, the Society of Urological Oncology Clinical Trials Consortium (SUO-CTC) is a clinical research investigator network of over 340 members from more than 180 clinical sites in the US and Canada. This national alliance of leading academic and community-based uro-oncologists is committed to furthering urology research. The SUO-CTC is a registered 501c3 not-for-profit corporation and maintains a cooperative relationship with the Society of Urologic Oncology. SUO-CTC pursues clinical trials, in concert with sponsors, to investigate therapeutic interventions which address urological cancers including, but not restricted to bladder cancer, prostate cancer and renal cancer. Together with industry, the SUO-CTC offers enhanced research options for ultimately delivering better quality of life to our patients.

PRESS RELEASE

20 November 2019 | Toronto

DIF Capital Partners, through its most recent fund DIF Infrastructure V (“DIF V”), is pleased to have closed the acquisition of 100% of BluEarth Renewables LP (“BluEarth”) from Ontario Teachers’ Pension Plan (“OTPP”).

BluEarth is a leading, independent, power producer that develops, builds, owns and operates wind, hydro and solar facilities. Since its inception in 2010, BluEarth has developed and acquired 19 hydro, wind and solar projects across North America, representing 405 MW of gross capacity. In addition it has over 1,000 MW of projects under development. Headquartered in Calgary, Alberta, the company has been recognized as one of Alberta’s Top 75 Employers.

“We are very pleased to close this transaction,” said Paul Huebener, Partner and Head of DIF Americas. “BluEarth is an attractive investment that will provide attractive returns and stable cash flows to our investors. As we’ve been working together over the last several months, we also see strong growth potential ahead for BluEarth – particularly in the U.S. market.”

To support the company’s U.S. growth objectives, BluEarth recently established a commercial U.S. office located in Phoenix, Arizona.

DIF V was advised by Baker McKenzie, BMO Capital Markets, Agentis Capital, and KPMG. Financing is provided by BMO, Desjardins, and National Bank.

About DIF Capital Partners
DIF is an independent infrastructure fund manager, with €6.0 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.

DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams.

DIF has a team of over 135 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

PRESS RELEASE

BOCA RATON, Fla.–(BUSINESS WIRE)–Sun Capital Partners, Inc. (“Sun Capital”), a leading private investment firm focused on investing in market-leading companies, today announced that an affiliate has completed the acquisition of National Tree Company (or “The Company,”) a leading e-commerce wholesaler of seasonal and holiday décor, with a particular focus on the Christmas holiday. Terms of the private transaction were not disclosed.

Founded by Sal Puleo, Sr. in 1990 and headquartered in Cranford, New Jersey, National Tree Company is a family-operated business that has established itself as the clear leader in seasonal and holiday décor. Today the business is led by the original founder’s three sons, Joe, Sal (Jr) and Rich Puleo. The Company offers more than 4,500 SKUs and has strong relationships with many of the most popular online retailers.

“The Puleo family has done a tremendous job with National Tree Company, achieving impressive market share and consistent growth,” said Marc Leder, Co-CEO of Sun Capital. “This is a great opportunity for Sun Capital to work with the Puleo family to invest in the growth of the business. We believe National Tree has the dropship capabilities and customer relationships to expand its product range both organically and through strategic acquisitions.”

National Tree Company is one of the largest domestic wholesalers of artificial Christmas trees. The Company was recently awarded “Best Artificial Christmas Trees of 2019” by Better Homes & Gardens and has won other “Best of” awards from organizations including Wirecutter, House Beautiful, Business Insider, The Today Show, Good Housekeeping, and Bob Vila.

“We were attracted to National Tree Company’s strengths in design, procurement, and dropship fulfillment—a comprehensive capability you don’t often find,” said Matthew Garff, Managing Director at Sun Capital. “National Tree Company’s sourcing and logistics capabilities span the entire products’ value chain, allowing the Company to partner with online retailers and provide customers a wide assortment of product choices quickly and economically.”

About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in business and consumer services, healthcare, industrial and consumer sectors. Since 1995, Sun Capital has invested in more than 375 companies worldwide with revenues of approximately $50 billion across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and an affiliate with offices in London.

PRESS RELEASE

Varicent To Relaunch as Independent Sales Performance Management Company led by Founder Marc Altshuller

Growth Investors Great Hill Partners and Spectrum Equity to Acquire Leading Provider of SaaS-enabled Sales Solutions

TORONTO, November 25, 2019 – Great Hill Partners and Spectrum Equity have signed a definitive agreement to acquire assets of IBM’s sales performance management business and operate it as an independent company. Following close of the transaction, the new company, Varicent Software (“Varicent” or “the Company”), will relaunch and be led by original Varicent founder, Marc Altshuller. Financial terms of the transaction were not disclosed.

Founded in 2005, Varicent pioneered incentive compensation and sales performance software. IBM invested to develop the technology that has been recognized as a leader in Gartner’s Magic Quadrant for Sales Performance Management for six consecutive years.

The Company, to be headquartered in Toronto, intends to provide SaaS-enabled operational and analytical tools through IBM Cloud that automate the creation, calculation, analysis and transparent distribution of sales incentive management compensation plans used by hundreds of mid-market and enterprise companies.

The Company expects that its integrated platform will help solve critical pain points for sales, finance and HR constituents by centralizing previously complex, time-consuming and manual compensation processes to gain analytical insights and align sales behaviors to strategic goals. Varicent’s unique software is designed for the end-user and is configurable to any industry or variable compensation model.

“I’m incredibly excited to work alongside so many great people who have been at Varicent since the early days along with the great talent IBM has added to the business,” said Altshuller, who, following close of the transaction, will become CEO of Varicent. “Collectively, their in-depth knowledge of the business and strong, ongoing customer relationships will help us capitalize on the opportunity for growth in the large, fragmented sales performance marketplace. Combining deep expertise with sector-specific experience and support from our new investment partners, Varicent will be well-positioned as the premier solution provider in the market.”

Altshuller previously led Varicent to become Canada’s fastest growing company in 2010, according to PROFIT 100 Magazine, and a Deloitte Fast 500 fastest growing software company in North America the same year.

“Organizations with large sales operations are increasingly looking for a more streamlined and efficient performance and compensation management process that provides key benchmark learnings through easily-digestible data. Varicent’s innovative solution for legacy manual and complex sales processes combines a user-friendly, integrated platform with best-in-class processing speed and performance,” said Derek Schoettle, Operating Partner at Great Hill, who will join Varicent’s board.

“We’re confident that combining Marc’s proven leadership skills with Varicent’s experienced professionals will build a strong leadership position in this large and addressable marketplace,” added Drew Loucks, Partner at Great Hill Partners.

“Varicent has a cultural history of innovation and service as evidenced by strong customer and employee satisfaction metrics,” said Chris Mitchell, Managing Director at Spectrum Equity. “We are thrilled that Marc is returning to the Company, and we look forward to providing the guidance and strategic resources to drive focused financial support for Varicent’s research and development, operations and go-to-market strategies for long-term sustainable growth.”

The transaction, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2019. Sidley Austin LLP served as legal advisor to Great Hill Partners.

For more information, please visit: https://www.linkedin.com/company/varicent-software/

PRESS RELEASE
NEW YORK–(BUSINESS WIRE)–Nov. 25, 2019–
KKR, a leading global investment firm, today announced the acquisition of four industrial distribution properties totaling approximately 641,400 square feet. The assets are part of KKR’s Alpha Industrial Properties portfolio, a ten million square foot portfolio across eight high-growth markets in the U.S.
The newly acquired properties are located in major Metropolitan Statistical Areas (“MSAs”) including: (1) Atlanta, GA; (2) Inland Empire, CA; and (3) Orlando, Florida. The buildings are all high quality, shallow-bay, last mile distribution properties. The average vintage of the properties is 2006, and in-place occupancy at acquisition is 98%. The properties were acquired from three different sellers.
“We are excited to increase our footprints in these high growth MSAs,” said Roger Morales, KKR Member and Head of Commercial Real Estate Acquisitions in the Americas. “We believe infill, multi-tenant assets in major MSAs like these will experience strong rent growth given the continued strength of industrial supply-demand fundamentals.”
KKR is making the investment through its Real Estate Partners Americas Fund II.
Since launching a dedicated real estate platform in 2011, KKR has invested or committed approximately $9 billion in capital across over 200 real estate transactions in the U.S., Europe and Asia as of September 30, 2019. The global real estate team consists of over 85 dedicated investment professionals, spanning both the equity and credit businesses.
About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191125005205/en/
Source: KKR

PRESS RELEASE

FORT WORTH, Texas–(BUSINESS WIRE)–Nov. 25, 2019–
KKR, a leading global investment firm, today announced it has entered into an agreement to acquire Novaria Group, a leading manufacturer of specialty aerospace hardware, from Rosewood Private Investments and Tailwind Advisors. The transaction, the financial details of which were not disclosed, is being funded through KKR’s Americas XII Fund.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191125005243/en/
Headquartered in Fort Worth, Texas, Novaria Group is a premier independent supplier of complex, highly engineered components and specialty processes for the aerospace and defense industry. Founded in 2011 by CEO Bryan Perkins, Novaria Group aims to improve the aerospace supply chain with an emphasis on better technology, processes and infrastructure. Today, the company serves more than 500 customers.
“Our team has been in search of a differentiated platform in the commercial aerospace sector and are thrilled to have found our partner in Bryan Perkins and his team at Novaria Group,” said Josh Weisenbeck, KKR Member and senior leader on KKR’s Industrials investment team. “We look forward to working together to scale the company and build an aerospace engineered parts supplier that is uniquely focused on excellence in quality and customer service.”
“Since our founding, Novaria Group has always prided itself on being a customer-focused supplier of aerospace parts. Importantly, KKR shares this vision of improving the aerospace supply chain through delivering value to our customers and, through their innovative employee ownership and engagement model, extending the shareholder value we will create through this business strategy to our employees,” said Bryan Perkins, Novaria Group CEO.
Since 2011, KKR’s Industrials team has focused on employee engagement as a key driver in building stronger businesses. The strategy’s cornerstone has been to allow all employees to take part in the benefits of ownership by granting them the opportunity to participate in the equity return alongside KKR. Beyond sharing ownership, KKR also supports employee engagement by investing in training across multiple functional areas and by partnering with the workforce to give back to the community.
“We are extremely excited to support Novaria Group on the next leg of its journey. Similar to what we have done at KKR’s other industrials portfolio companies in the U.S., we plan to implement a broad-based employee ownership and engagement model at Novaria Group to recognize the employees and ultimately position the company to better serve its customers,” said Pete Stavros, KKR Member and Co-Head of Americas Private Equity.
“We’ve enjoyed working with the Novaria management team over the past five years. Since our initial investment in Novaria, we have supported numerous additional acquisitions and substantial organic growth. We are thrilled that Bryan and his team have found a new equity partner to take Novaria to even greater achievement,” said G.T. Barden, Rosewood Private Investments.
This transaction, which is subject to regulatory approvals and other customary closing conditions, is expected to close by 1Q 2020. Fully committed financing has been led by lead arrangers KKR Capital Markets and RBC Capital Markets LLC. KKR was advised in the transaction by Kirkland & Ellis LLP, Deloitte and AeroDynamic Advisory. Novaria Group was advised in the transaction by Lazard, Riveron, and Foley & Lardner LLP.
About Novaria Group
Novaria Group is a cohesive family of precision aerospace & defense component companies, a sum made greater by the value of its parts, that consistently delivers optimum performance and sustainable growth. With deep industry knowledge, demonstrated integrity and an abiding regard for human capital, Novaria Group provides its business units unmatched access to unique innovations and best practices. Investing and strategically operating in defined segments of the precision component sector, Novaria Group deploys its significant leadership experience to improve the operational and business capabilities and capital resources of small to mid-market commercial aerospace manufacturing firms. Since our founding in 2011, we have been building a new kind of precision aerospace & defense components supplier, developing robust business processes and long-standing customer relationships, while making organizational and operational improvements designed to sustain and expand our business.
For more information about Novaria Group, please visit www.novariagroup.com.
About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic 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.
For more information about KKR’s Industrials team and the employee engagement model, please visit the KKR Industrials page on LinkedIn, @KKR_Industrials on Twitter and KKR Industrials on YouTube.

PRESS RELEASE
SAN FRANCISCO, Nov. 25, 2019 /PRNewswire/ — Scribd, the unlimited reading subscription service that offers access to the best ebooks, audiobooks, documents and more, today announced it has closed $58 million in equity financing led by Spectrum Equity. The investment will be used to support growth and product innovation, enhance operations, and further the company’s mission to change the way the world reads.
Over the past two years, Scribd has achieved major milestones including surpassing over one million paying subscribers, introducing localized experiences for international markets, and nearly doubling its employee base. It has expanded its footprint with offices in San Francisco (HQ), New York, Phoenix, Toronto, and Amsterdam. To prepare for future growth and innovation, Scribd bolstered its executive team with the hires of Jared Fliesler (Google, Square, Slide) as Chief Operating Officer in 2018 and Tony Grimmick (HotelTonight, StubHub) as Chief Financial Officer in 2019.
“We’re excited to partner with Spectrum Equity, a firm with deep expertise in high growth subscription businesses, as we prepare for the future,” said Trip Adler, Founder and Chief Executive Officer. “By partnering with the world’s best publishers of all types of content, Scribd has introduced a first-of-its-kind experience for readers, while unlocking a new revenue stream for the publishing community. This funding will enable us to continue to operate sustainably and efficiently while accelerating our growth, product innovations, content acquisition and continued investment in our employees.”
Pete Jensen, Managing Director of Spectrum Equity, said, “As a differentiated content library, including robust user-generated content and ebooks and audiobooks from top tier publishers, Scribd is poised to be the leading online subscription reading service for consumers across the globe. Spectrum has been fortunate to be a part of successfully scaling several digital content businesses, and we look forward to partnering with Trip and the entire management team to help make Scribd a part of readers’ everyday lives.”
Scribd launched in 2007 and introduced the world’s first reading subscription service in 2013. Today more than 100 million unique visitors come to Scribd every month and readers have spent a total of over 190 million hours reading on the platform.
About Scribd
Scribd is the unlimited reading subscription that offers access to the best books, audiobooks, news and magazine articles, documents and more. Scribd is available across iOS and Android devices, as well as web browsers, and hosts more than 100 million readers across the globe every month. For more, visit www.scribd.com and follow @Scribd on Twitter and Instagram.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading software, information services and Internet companies. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, GoodRx, Grubhub, Headspace, The Knot Worldwide, Lynda.com, SurveyMonkey and Verafin. For more information, including a complete list of portfolio investments, visit www.spectrumequity.com.
SOURCE Scribd

PRESS RELEASE

Paris, 22 November 2019 – Platinum Equity, a global investment firm based in Los Angeles, announced that it has entered into exclusive negotiations with Qualium Investissement to acquire Biscuit International, a leading European manufacturer of private label sweet biscuits.

Headquartered in Paris, Biscuit International employs approximately 1,900 people and generated sales in excess of €500m during the last 12 months, of which approximately two-thirds came outside France. The company markets a wide range of products with a European or local presence, including traditional biscuits and a growing portfolio of products for consumers with specific dietary requirements (organic, low-calorie, sugar-free, gluten-free, milk-free and other categories).

“Biscuit International has an exceptional portfolio and a well-deserved reputation for high-quality products,” said Platinum Equity Partner Louis Samson. “We support the company’s plan to continue expanding its offering and its international reach, both organically and through additional add-on investments. We look forward to working with the management team to optimize the platform and maximize operational performance throughout the business.”

Biscuit International was created in 2016 by the merger Groupe Poult and Banketgroep and grew through the acquisitions of A&W Feinbackwaren in Germany, Northumbrian Fine Foods in the UK, Stroopwafel & Co and Aviateur in the Netherlands, and Arluy in Spain.

“We are proud to have supported the development stages that have led Biscuit International to become a leader in the European private label biscuit market,” said Jean Eichenlaub, President of Qualium Investissement. “We are pleased with the progress made with the group and its teams since our initial investment in March 2014 and we are confident about the opportunities ahead with the support of their new shareholder.”

The proposed transaction is subject to works council consultation, regulatory approval and customary closing conditions.

Rothschild & Co is serving as financial advisor to Platinum Equity on the proposed acquisition of Biscuit International. Latham & Watkins is serving as Platinum Equity’s legal advisor on the proposed transaction.

Natixis Partners is serving as financial advisor to Qualium Investissement on the proposed sale of Biscuit International. Cleary Gottlieb Steen & Hamilton is serving as Qualium Investissement’s legal advisor on the proposed transaction.
Jeausserand-Audouard is serving as legal counsel to Biscuit International.

About Platinum Equity:
Founded in 1995 by Tom Gores, Platinum Equity is a global investment firm with more than $19 billion of assets under management and a portfolio of approximately 40 operating companies that serve customers around the world. Platinum Equity specializes in mergers, acquisitions and operations – a trademarked strategy it calls M&A&O® – acquiring and operating companies in a broad range of business markets, including manufacturing, distribution, transportation and logistics, equipment rental, metals services, media and entertainment, technology, telecommunications and other industries. Over the past 25 years Platinum Equity has completed more than 250 acquisitions.

About Qualium Investissement:
Qualium Investissement, a private equity company registered with France’s stock market regulator (Autorité des marchés financiers) and which has the Caisse des Dépôts as its principal sponsor, is a historic player in capital investment in France. Qualium currently has nearly €1 billion of assets under management and has invested in about 60 French companies since its creation in 1998. Qualium’s ambition is to provide the leadership teams of companies it supports with all the expertise and resources needed to achieve their ambitious plans for development – notably through international expansion and external growth.
More information on: www.qualium-investissement.com

PRESS RELEASE

NEW YORK, Nov. 22, 2019 /PRNewswire/ — Harvest Partners, LP (“Harvest”), announced today that funds managed by Harvest have completed the acquisition of Service Express (the “Company”) from Pamlico Capital (“Pamlico”). Service Express, headquartered in Grand Rapids, Michigan, is a leading provider of post-warranty data center equipment maintenance services. The Company’s management team, led by CEO Ron Alvesteffer, will continue to lead Service Express, and remain significant owners of the business. Additional terms of the transaction were not disclosed.
Service Express provides third party, post-warranty data center maintenance services to more than 4,000 customers. Service Express has a strong value proposition as it provides services that maintain and extend the life of mission-critical data center equipment at quicker response times and a lower cost vs. post-warranty support offered by OEMs.

Of the transaction, Ron Alvesteffer said, “After a great partnership and successful run with Pamlico, we are excited to partner with Harvest as we move towards our next phase of growth and expansion. Harvest’s track record of aligning with the strategic growth plans of their management teams and the emphasis they put on people, culture and systems to support that growth really stood out to us. Service Express is poised to build on the momentum created with Pamlico and accelerate that into expanding our office footprint and market penetration as together we create more jobs and opportunities while continuing to provide best in class customer service to our valued customers. The resources and expertise that Harvest brings to our team will be key as we execute on our plan moving forward.”

“Ron and his team have done an incredible job creating a market leader in the data center TPM industry,” said Jay Wilkins, Chief Operating Officer of Harvest. “We look forward to providing additional financial and strategic resources to help them further build their market leadership.”

Stephen Carlson, Partner at Harvest, added, “We have evaluated every scale asset in the TPM space and Service Express is the fastest growing player in the industry.”
Stephen Fessler, Principal at Harvest, added, “Customers value Service Express’ customer-centric philosophy and commitment to service excellence, and we are thrilled to be partners with the Company through its next chapter of growth.”

Rothschild & Co and William Blair served as financial advisors and Alston & Bird LLP served as legal advisor to Pamlico and Service Express. Moelis & Company and Harris Williams acted as financial advisors to Harvest Partners. Harvest Partners’ legal advisor was Kirkland & Ellis LLP. Jay Wilkins, Stephen Carlson, and Stephen Fessler will join Ron Alvesteffer on the Board of Directors of Service Express.

About Service Express
Service Express is a leading third-party maintenance (TPM) provider of hardware support for data center infrastructure focused on mission-critical server, storage, and network equipment. In addition to post-warranty maintenance, Service Express offers hardware system solutions, sales and upgrades, OS support, IT asset recovery and data center relocation services. Founded in 1993, Service Express maintains multivendor data center equipment for mid-to-large organizations worldwide, including hospitals, universities, manufacturing facilities, financial institutions, government agencies and Fortune 500 companies. For more information about Service Express, visit www.serviceexpress.com.

About Harvest Partners
Founded in 1981, Harvest Partners is a leading New York-based private equity investment firm that focuses on investments in middle-market companies in the business services & consumer, healthcare, industrial services and manufacturing & distribution sectors. This strategy leverages Harvest Partners’ 35+ years of experience in financing organic and acquisition-oriented growth companies. For more information, please visit www.harvestpartners.com.

PRESS RELEASE

LOS ANGELES, Nov. 22, 2019 /PRNewswire/ — Levine Leichtman Capital Partners (“LLCP”), a Los Angeles-based private equity firm, announced that it has partnered with management to acquire Milton Industries, Inc. (“Milton” or the “Company”).
Milton is a leading provider of highly-engineered tools and accessories for pneumatic applications across a variety of end markets, including vehicle service, industrial MRO, aerospace and defense, and agriculture. The Company has over 1,600 SKUs with products including couplers, gauges, chucks, blow guns, filters, regulators, and lubricators. Milton was founded in 1943 and is based in Chicago, Illinois.

According to Micah Levin, a Managing Director of LLCP, “We are excited to partner with the management team of Milton which has led the Company’s growth over the past several years and solidified its position as a market leader in pneumatic products. We look forward to collaborating to deliver a successful outcome for all.”
Greg Carlson, CEO of Milton, commented, “My team and I are thrilled to partner with LLCP to enhance Milton’s market-leading position. LLCP’s experience with similar business models will be valuable to our continued development, and I look forward to the next chapter of growth for Milton.”

The investment in Milton will be the sixth from LLCP Lower Middle Market Fund, L.P. LLCP was advised by Honigman LLP. Baird served as financial advisor to Milton.
For more information, visit www.miltonindustries.com.

About Levine Leichtman Capital Partners
Levine Leichtman Capital Partners, LLC is a middle-market private equity firm with a 35-year track record of successfully investing across various targeted sectors, including franchising, professional services, education and engineered products. LLCP utilizes a differentiated Structured Equity investment strategy, combining debt and equity capital investments in portfolio companies. This unique structure provides a less dilutive solution for management teams and entrepreneurs, while delivering growth and income with a significantly lower risk profile.

LLCP’s global team of dedicated investment professionals is led by six partners who have worked together for an average of 22 years. Since inception, LLCP has managed over $10.7 billion of institutional capital across 14 investment funds and has invested in over 80 portfolio companies. LLCP currently manages $6.4 billion of assets – including its most recent flagship fund, Levine Leichtman Capital Partners VI, L.P., which closed in 2018 with $2.5 billion of committed capital – and has offices in Los Angeles, New York, Dallas, Chicago, Charlotte, London, Stockholm and The Hague. For more information, visit www.llcp.com.

PRESS RELEASE

CHICAGO–(BUSINESS WIRE)–NextGen Growth Partners (NGP) announced its investment into Record Connect, Inc. (“Record Connect”). Record Connect (www.recordconnectinc.com) is a leading provider of release of information services for hospitals, clinics, and physician offices across the Midwest, with offices in Illinois and Michigan.

NGP made the investment into Record Connect on November 12, 2019. Concurrent with the acquisition, NGP named Entrepreneur-in-Residence Drew Daum as CEO of Record Connect. “The partnership between NGP and Record Connect is one based on shared core values and vision. Record Connect has developed a strong reputation for its service, and we are committed to advancing its core capabilities with a patient-centric approach. We will be investing heavily in our foundational technology to maintain our high-touch service model even while we grow our platform. Together, we will be a leading provider in this ever-evolving industry,” said Daum.

Record Connect Founder Ty Humpert will remain active in business development in the company and has been appointed to the newly formed Board of Directors.

“Record Connect has always been a company focused on our clients, our technology, and our talented associates. I am honored to be partnering with NGP and I will continue working to support the company’s growth to be the premiere release of information service provider,” said Humpert.

“We are thrilled to partner with Record Connect and about the significant growth opportunities with Drew Daum at the helm,” said NGP Managing Partner Brian O’Connor. “I am excited to see what’s ahead for Drew, Ty and the amazing Record Connect team.”

About NextGen Growth Partners
Headquartered in the West Loop neighborhood of Chicago, NextGen Growth Partners is a private equity firm that partners with the best and brightest entrepreneurial talent to acquire, operate, and grow lower middle market businesses across a variety of industries. The team has a strong track record of creating value through growth and operational improvement in middle market businesses. For more information, please visit www.nextgengp.com.

PRESS RELEASE

BETHESDA, Md.–(BUSINESS WIRE)–Rotunda Capital Partners (“Rotunda”), a lower middle market private equity firm, has acquired a majority interest in St. Paul, Minnesota-based Trinity3 Technology (“Trinity3”), a leading provider of student computing solutions, warranty services, and enterprise products for the K-12 education market.

The management team at Trinity3 will retain a significant equity interest and will continue leading the business with CEO Gary Embretson at the helm. Terms of the transaction were not disclosed. The deal, which closed on November 15, 2019, is Rotunda’s thirteenth platform investment.

“Rotunda is drawn to founder-owned firms, like Trinity3, that we’ve identified as industry leaders, and where we see opportunities to engage with the team, collaborate on a plan, and spur growth,” said John Fruehwirth, partner at Rotunda Capital Partners. “There are strong industry trends surrounding 1:1 student computing. It’s exciting to join Trinity3 in this vibrant space, and their distribution and warranty model are a natural fit with our specialty finance and distribution experience.”
K-12 pedagogy increasingly relies on digital curriculum, and student access to a device (i.e., “one-to-one” computing) – or even access to several types of devices (e.g., laptops, tablets, smartphones) — is rapidly becoming the new normal, with research showing positive impacts on student outcomes. Trinity3 widely distributes technology to the K-12 market and supports customers through warranty options and affordable financing plans, making personalized devices a reality in more classrooms across the country.

Fortified by Rotunda’s investment and grounded by an individualized approach to customer service, Trinity3 looks to enhance and grow its already-robust hardware and software solutions for the K-12 market. The company’s offerings comprise new and recertified computing systems (e.g., Chromebooks), servers, storage, networking products, and related accessories. Products are customized for each client, including industry-leading warranties, white-glove service, green packaging, and on-site parts closets.

“As we were planning our next five-year vision, it was obvious to our team that Rotunda shared similar strategic views for what this company could accomplish,” said Gary Embretson, CEO of Trinity3 Technology. “Through this partnership, our management team, personal customer experience, and unique employee culture won’t change—but we gain the expertise and capital to grow the business in a market that’s ripe with opportunity.”

About Rotunda Capital
Rotunda Capital Partners is a private equity firm that invests equity capital in established and profitable lower middle market companies. The firm uses a rigorous approach to identify market-leading companies with identifiable growth opportunities and capable management teams in targeted sectors, including distribution, logistics, specialty finance, and business services. Rotunda Capital partners with management to build data-driven growth platforms. Since 2009, Rotunda Capital has completed 13 platform investments and realized five exits. The partners of Rotunda Capital actively provide guidance and draw on deep industry and financial relationships to contribute to the successful execution of Rotunda’s companies’ strategic plans. For more, visit www.rotundacapital.com
Trinity3 Technology

Trinity3 Technology, a member of the 2019 “Inc. 5000” list of fastest-growing private companies in America, is wholly immersed in serving the technology needs of the education market. The company offers custom-built solutions—including student computing, warranty services and enterprise products—to suit each customer’s unique needs. Backed by an experienced team of sales, support, and technical professionals, Trinity3 delivers exceptional value for both public and private educational institutions to maximize budgets and technology access for students. What makes Trinity3 Technology unique is not just the products and services offered but the people who stand behind them. Each member of Trinity’s team shares the same motto, “With Trinity3, it’s personal.” For more, visit www.trinity3.com

PRESS RELEASE

BOCA RATON, Fla.– Sun Capital Partners, Inc. (“Sun Capital” or “Sun”), a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that an affiliate has signed a definitive agreement to sell SOS Security LLC (“SOS” or the “Company”), a leading provider of outsourced security services and solutions. Terms of the private transaction were not disclosed.

SOS specializes in providing security and protection services to clients across a wide range of industries such as financial services, retail, technology and communications, real estate and property management, hospitality and entertainment, and government. The Company has offices in approximately 70 cities across the U.S. and has carried out security work in more than 80 countries.

“We recognized the significant potential in SOS as a global security platform, and from day one we applied our operations expertise to help the Company reach its potential,” said Marc Leder, Co-CEO of Sun Capital. “We equipped SOS with the tools they needed to scale efficiently, and the support and resources to execute the plan.”

Under the Sun affiliate’s ownership, SOS successfully completed three strategic add-on acquisitions, expanding operations in the Northeast and on the West Coast.

“I’ve had a great relationship with Sun Capital,” said Edward Silverman, Founder and CEO of SOS. “Their operational knowledge, dedication and understanding of my objectives as a founder made them an ideal partner.”
“SOS is a great example of how Sun Capital partners with founder-owned businesses and provides them with resources that take them to the next level,” added Daniel Florian, Managing Director at Sun Capital. “Eddie and his executive team have been fantastic partners, and SOS is now better positioned than ever for its next phase of growth.”

Sun Capital has strong experience acquiring and building founder-owned businesses such as Horizon Services, Admiral Petroleum Company & Lemmen Oil Company, and Demilec Inc.

About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in business and consumer services, healthcare, industrial and consumer sectors. Since 1995, Sun Capital has invested in more than 375 companies worldwide with revenues of approximately $50 billion across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and an affiliate with offices in London.

“Competition is fierce and it requires us to pick our spots,” said John Maldonado, Advent Managing Partner and head of North American healthcare efforts. “We’re not trying to cover the waterfront.”

The Advent playbook? “Let’s not wait for a banker to bring around an hors d’oeuvre platter; let’s pursue what we like aggressively,” Maldonado said.

The sheer financial and demand pressures that are put on healthcare systems around the world are butting up against budgetary constraints, continuing to lend to interesting opportunities that support the industry’s transformation, added Tom Allen, who as a managing director out of Advent’s London office leads European healthcare efforts.

Allen pointed to Advent’s thematic focus on patients’ growing demand for post-acute care in outpatient settings. Two investments this year aligned with that theme: Its purchase of Dallas home health provider AccentCare, and its acquisition of Bonitas through existing platform Deutsche Fachpflege Gruppe, which provides outpatient intensive care in Germany.

As the firm evaluates interesting hunting grounds, Allen said, “what tends to get us excited is a company-specific strategy. We’re micro over macro.”

Continuing its healthcare deal tear, Advent on Monday agreed to buy a stake in Bharat Serums and Vaccines, an India-based biopharma company specializing in women’s healthcare. Including Bharat, Advent has invested or committed $2.3 billion across the healthcare ecosystem year-to-date, the Boston-headquartered firm said.

The investment was also its eighth in healthcare in 2019, following U.S. deals for AccentCare and Definitive Healthcare, a provider of data, intelligence and analytics on the healthcare provider market.

In Europe, Advent in addition to Bonitas struck new platform investments in dental services company Vitaldent and Industria Chimica Emiliana, an Italian producer of chemicals used to treat gastroenterological conditions. Advent’s Zentiva also agreed to carve out and acquire Alvogen’s Central and Eastern European generics business.

Elsewhere, Advent bought BioDuro, a Chinese contract research and development organization.

Advent’s majority investment in Spectrum Equity’s Definitive is particularly emblematic of the proactive lens through which the firm invests, Maldonado said: “Definitive was a very closely guarded secret. The owners did a good job keeping it under lock and key.”

Advent in early June preempted the sales process for Definitive in a deal valued at around $1.7 billion, sources familiar with the matter told Buyouts at the time. Other parties in the mix submitted indications of interest just days earlier in the range of $1.4 billion, they said.

That may certainly look like an aggressive move from an outsider’s perspective. But, as Maldonado put it, “there’s always a story behind a story.”

Advent’s tech team had previously evaluated a company sharing a similar business model, TA Associates’ DiscoverOrg, which ultimately selected Carlyle to partner with in March 2018.

“[DiscoverOrg] went for a terrific price and multiple, but more importantly, a year after it traded, it continued to thrive,” he said. “That only [intensified] our interest in Definitive. It was one of the things that tipped us off.”

Definitive is also an example of how Advent has found success by reaching across isles, Maldonado said. The firm’s healthcare, technology and financial services teams collaborated on Definitive, while on the pharma and contract manufacturing side, its healthcare team has often partnered with its industrial team, he said.

As a former owner of payment integrity firm Cotiviti, one priority area for future investment remains healthcare payments, Maldonado said, pointing to the opportunity to team up with Advent’s financial services platform.

Maldonado said Advent this year looked at health-fintech companies Zelis Healthcare and RedCard, as well as healthcare Software-as-a-Service provider Waystar, having also previously examined the latter’s predecessor companies.

In Europe, Allen said as North American drug pricing remains under pressure, its leading many large cap pharma companies to restructure and consider streamlining their portfolios. In the year ahead, this ought to be an interesting source of activity and create a pipeline of potential carve-out opportunities, he said.

Advent ought to know, having invested in the generics space since the 1990s.

Regional generic pharma businesses require rapid decision-making and thus can be better positioned as smaller, independent companies, Allen said. By carving out businesses like Zentiva—the European generics company it bought from Sanofi in 2018—you can think about capital allocation in different ways and launch products more quickly, he said: “When you have these businesses inside a large, innovative pharmaceutical business, there’s just a different set of priorities.”

Zentiva has grown rapidly over the last 12 to 18 months, striking four add-ons since Advent’s initial investment.

Most recently, Zentiva in October clinched a deal for Alvogen’s Central and Eastern European business. The carve-out was arguably Advents’s most challenging healthcare deal of the year, the investors said.

While Advent began spending time with Alvogen a year ago, it was is in the midst of trying to complete its $2.2 billion carveout of Zentiva, Allen said: “You’re doing those bilateral deals and trying to do them fast, but also don’t want to compromise any diligence.”

“We’re buying businesses with the idea they’ll double or triple in size,” Maldonado said.

Action Item: Check out Advent’s latest Form ADV: https://bit.ly/346czQf

PRESS RELEASE

Branford Castle Makes

13^th Acquisition for Late 2016 Vintage Fund

New York, November 20, 2019 – Branford Castle Partners, LP, a New York City-based private equity firm, today announced that its portfolio company, Drew Foam Companies, Inc., has acquired Davis Core & Pad from Joel Davis.  This is the 13^th transaction for Branford’s fund, which closed in late 2016.

Based in Cave Spring, GA, Davis Core is an EPS foam shape molder.  The Company’s packaging products are used in a wide variety of end-markets including consumer perishables, IT products and office furniture.  Davis Core was founded by owner/operator Joel Davis over 40 years ago.

“Drew Foam has achieved strong growth since Branford Castle invested in the Company a year and a half ago.  The acquisition of Davis Core further strengthens the Company’s leadership position in the Southeast and allows us to augment our capabilities in the shape molding segment of the EPS market” said Laurence Lederer, Senior Managing Director at Branford Castle.

“I have known Joel Davis and done business with his company for many years.  We are excited to have Davis Core join us.  Davis Core allows us to expand our geographic reach and enhances our product offering,” said Drew Foam CEO, Bill Givens.

Branford Castle was advised by its legal counsel, Akerman LLP.  Terms of the transaction were not disclosed.

About Branford Castle Partners (http://www.branfordcastle.com/)

Branford Castle is a private market investor focusing on lower-middle-market investments, with a more than 30+ year history of helping to grow businesses.  The firm typically makes control investments in companies with less than $15 million of EBITDA and a leadership position in a niche industry.  Branford is particularly keen on the strong relationships it develops with its portfolio company managers.  Branford has particular expertise in consumer products and services, commercial distribution, industrials/specialty manufacturing, business services and logistics.

About Drew Foam

Drew Foam, headquartered in Monticello, AR, is one of the Southeast’s leading custom expanded polystyrene foam (EPS) suppliers selling to the packaging and building products industries.  The Company was founded over 50 years ago and has long-standing relationships among its 700 active customers.  Drew has additional manufacturing facilities in Portland, TN and Anderson, SC and offers a differentiated “Just-In-Time” delivery platform to its customers.

# # #

Castle Harlan operates as an independent sponsor, said John K. Castle, chairman and CEO. The firm is not seeking a new fund right now, but it’s still active, he said.

He pointed to Sunless. In August, Castle Harlan teamed with Branford Castle to buy the maker and marketer of spray tanning equipment. Riverside Co was the seller.

Castle Harlan sold Gold Star Foods in October to Highview Capital. Financial terms weren’t disclosed, but Gold Star sold for 9x Ebitda, Buyouts learned. Gold Star was an investment from Castle’s Fund V, which closed on $800 million in 2010. Fund IV collected $1.16 billion in 2003.

In 2018, Castle Harlan acquired the North American production equipment manufacturing assets of Exterran Corp. “Reports of our demise were greatly exaggerated,” Castle said with a laugh.

Fortune reported in 2015 that Castle Harlan, one of the oldest private equity firms, was winding down. Buyouts said that the New York PE firm had given up trying to raise its sixth fund.

The media reports caused many to believe Castle Harlan would be coming to an end. The reality was different. Castle Harlan lost several employees in 2015 but kept doing deals, Castle said. “We’ve been in business 50 years,” he said.

Castle Harlan has five investments left—Sunless, Shelf Drilling, Caribbean Restaurants LLC, Titan Production Equipment and Tensar Corp—from its fourth and fifth funds. Caribbean is a Fund IV deal while the rest come from the fifth pool, a spokesman said.

Launched in 1987, Castle Harlan can invest anywhere from $30 million equity to $100 million equity. The firm is most active in the consumer, industrial and energy sectors.

His family office, Branford Castle, is now a private equity firm. His sons John S. (president and CEO) and David A. Castle (managing partner) lead Branford Castle. The New York firm, a generalist, invests in companies that have less than $15 million Ebitda.

Branford is fundraising for its second pool. The firm has so far raised $116 million for Branford Castle Fund II, sources said. The fund has a $250 million target on a $350 million hard cap, sources said.

Branford this month sold Surface Preparation Technologies to Dominus Capital. It acquired Pulse Veterinary Technologies in September and, in August, it bought ABC Industries. Drew Foam Cos, a Branford portfolio company, today announced its buy of Davis Core & Pad.

Action Item: Here’s the SEC filing for Branford Castle’s second fund.

PRESS RELEASE

LONDON–(BUSINESS WIRE)–Nov. 21, 2019– KKR, a leading global investment firm, announces today it has agreed to sell LGC, a global leader in the Life Science Tools sector, to a consortium led by Cinven and Astorg. Financial terms of the transaction were not disclosed.
LGC provides a comprehensive range of measurement tools, proficiency testing schemes, supply chain assurance standards and specialty genomics reagents underpinned by leading analytical and measurement science capabilities. Its scientific tools and solutions form an essential part of its customers’ quality assurance procedures and enable organisations to develop and commercialise new scientific products and advance research. The company serves customers across a number of end markets, including human healthcare, agri-food and the environment. LGC’s revenue has risen to over £448m in 2019, with organic revenue growth accelerating to 10% pa since 2016.
Tim Robinson, CEO, LGC said: “Under KKR’s ownership, LGC has further built on its mission to deliver Science for a Safer World. Our company has extended its capabilities in the areas of chemical reference standards, clinical reference materials and controls, management system standards, oligo therapeutics and next-generation sequencing. We have achieved strong organic growth aided by investment in key sites in the UK, US, Germany and China and supplemented by a range of highly complementary acquisitions. We are delighted that Cinven and Astorg have chosen to partner with LGC for the next chapter of our history. Together we will continue to invest in serving our customers and supporting the development of our employees.”
Edouard Pillot, Member and EMEA Head of Industrials at KKR, said: “LGC is a good example of KKR’s successful approach in building great companies. We identified LGC as a strong and resilient business with significant potential for further growth, and worked alongside management to support them in harnessing this potential. Tim and the LGC team have done an outstanding job over the past 4 years building LGC into a global leader. We wish them every success during their next stage of growth.”
Kugan Sathiyanandarajah, Director in the Healthcare Industry Team and Head of Europe for the Healthcare Strategic Growth Fund, said: “In 2016, we saw significant potential to build a leading global life sciences tools platform across Standards and Genomics. Since then, we are delighted to have deployed the full range of KKR’s global platform and healthcare sector expertise to support the company to grow and enter new markets, particularly in the U.S. and Asia, both organically and inorganically.”
LGC has its headquarters near London, and employs over 3,200 employees across 22 countries.
-Ends-
For more information:
About LGC
LGC is a global leader in the Life Science Tools sector, which serves customers across a number of end markets, including human healthcare, agri-food & the environment. LGC provides a comprehensive range of measurement tools, proficiency testing schemes, supply chain assurance standards and specialty genomics reagents underpinned by leading analytical and measurement science capabilities. Its scientific tools and solutions form an essential part of its customers’ quality assurance procedures and enable organisations to develop and commercialise new scientific products and advance research.
LGC’s 3,200+ employees include internationally-recognised scientists who are experts in their field. Headquartered in London, it operates out of 22 countries worldwide and is extensively accredited to quality standards such as GMP, GLP, ISO 13485, ISO 17034, ISO 17043, ISO/IEC 17025 and ISO 9001.
LGC has been home to the UK Government Chemist for more than 100 years and is the UK National Measurement Laboratory and Designated Institute for chemical and bio measurement. LGC has been privately-owned since 1996 and has diversified through internal investment and acquisition to be an international leader in its chosen markets.
For more information, please visit www.lgcgroup.com
About KKR
KKR is a leading global investment firm that manages multiple alternative asset classes, including private equity, energy, infrastructure, real estate and credit, with strategic 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20191121005374/en/

PRESS RELEASE

Gen Cap America Partners with Management to Acquire Griffin Gear

Nashville, Tenn., November 21, 2019 – Gen Cap America, Inc. announced today that it has partnered with management to acquire Griffin Gear, Inc. (“Griffin”). Griffin, based in Roebuck, South Carolina, manufactures quality replacement gearing and provides gearbox rebuilds for a wide variety of industrial applications. Terms of the transaction were not disclosed.

“We are excited to have the opportunity to invest with Griffin’s outstanding management team, led by CEO Randy Stewart,” commented Gen Cap America Managing Director Chris Godwin. “Their culture and expertise have allowed them to be a market leader for decades, and we believe it’s these qualities that will allow them to continue to build on their track record of success.”

Founded in 1967, Griffin specializes in the manufacture of quality replacement gearing and provides gearbox rebuilds for any conceivable industrial application. With the capability to machine and cut gears ranging in size from ½ inch to 20 feet in diameter, Griffin has the largest selection of equipment tooling (including metric) and experience required for highly customized gearing jobs. Additionally, Griffin provides field services including gearbox inspections, routine maintenance, and on-site repair.

“Since Joe Griffin started the business back in 1967, Griffin has been committed to maintaining our reputation for providing the best service and quality to our customers thanks to our experienced and motivated staff. Nothing about that model will change going forward,” said Randy Stewart, CEO of Griffin. He continued, “We selected Gen Cap based on their commitment to maintaining the culture here at Griffin and due to their long-standing track record of partnering with established management teams to drive continued success.”

Barney Byrd, President of Gen Cap stated, “Griffin is an excellent fit with our firm’s long history of partnering with strong management teams.”

About Gen Cap America
Gen Cap America, Inc. is a Nashville-based private equity firm that provides equity for management buyouts, division spinoffs, and recapitalizations of profitable, well-established lower middle market businesses. For more information, visit www.gencapamerica.com.

About Griffin Gear
Griffin Gear specializes in the manufacture of quality replacement gearing and gearbox rebuilds for any conceivable industrial application. With the capability to machine and cut gears ranging in size from ½ inch to 20 feet in diameter, Griffin has the largest selection of equipment tooling (including metric) and experience required for highly customized gearing jobs. Additionally, Griffin provides field services including gearbox inspections, routine maintenance, and on-site repair. Griffin was founded in 1967 and is based in Roebuck, South Carolina. For more information, visit www.griffingear.com.
###

PRESS RELEASE

SurePrep Receives Significant Growth Investment from Bregal Sagemount

Irvine, CA, November 21, 2019 – SurePrep, LLC (“SurePrep”), the leading provider of tax automation software and software-powered services to the professional tax return preparation market, today announced that it has received a significant minority investment from Bregal Sagemount, a growth-focused private capital firm. Financial terms of the investment were not disclosed.

SurePrep’s innovative, patented technology solutions automate critical tax preparation workflow tasks, increasing operational efficiency and strengthening end-customer interactions for its clients. The Company serves clients of all sizes, including 47 of the 100 largest accounting firms in the country, hundreds of small to mid-sized CPA firms, and several wealth management groups. SurePrep will use its first institutional investment to further enhance its customer service and product offerings, including 1040SCAN and TaxCaddy.

“We are very excited to bring in the Sagemount team as a strategic and financial partner,” said David Wyle, Founder and Chief Executive Officer of SurePrep. “We have a tremendously exciting future ahead of us as we strengthen our technology and processes, grow our client base, and expand into new product categories.  The investment will allow us to further accelerate our development roadmap to better serve our clients of all sizes.”

“Sagemount is thrilled to partner with SurePrep, which continues to define the tax preparation automation space it created, and its management team, who have proven to be client-first thought leaders,” said Gene Yoon, Managing Partner at Bregal Sagemount. “SurePrep has a large white space opportunity ahead of it,” added Pavan Tripathi, Principal at Bregal Sagemount. “Its unique solutions drive meaningful value for accounting and wealth management firms, and we look forward to working with the SurePrep team on product and market growth initiatives.”

Vista Point Advisors served as the exclusive financial advisor to SurePrep, while Inflection Point Law provided legal counsel to the company. Goodwin Procter provided legal counsel to Bregal Sagemount.

About SurePrep

Founded in 2002, SurePrep is the leader in 1040 tax automation for CPA firms. SurePrep provides innovative, comprehensive, and productive 1040 tax automation solutions that include scan and populate with an optional OCR verification service, outsourcing and a two-time award-winning mobile solution that eliminates the paper organizer. SurePrep’s solutions are utilized by over 20,000 tax professionals at CPA firms large and small, ranging across the spectrum from Big 4 firms to sole practitioners. SurePrep’s software solutions 1040SCAN, SPbinder and TaxCaddy plus onshore and offshore tax preparation outsource services allow accounting firms to increase productivity and profitability while promoting a completely digital tax workflow. SurePrep provides the most automated solutions available to streamline the entire 1040 process for both the CPA and taxpayer. Call (800) 805-8582, email sales@sureprep.com, or visit www.sureprep.com.

About Bregal Sagemount

Bregal Sagemount is a growth-focused private capital firm with over $3 billion of committed capital. The firm provides flexible capital and strategic assistance to market-leading companies in high-growth sectors across a wide variety of transaction situations. Bregal Sagemount invests $40 million to $200 million per transaction into targeted sectors including software, digital infrastructure, healthcare IT / services, business and consumer services, and financial technology / specialty finance. For more information, please visit www.sagemount.com.

JPMorgan is advising the company on its sale, the people said.

The sale process is in a second round, according to two people. The third source, however, said that the process is even further along with STG already having a buyer and a signed deal.

First Advantage, based in Atlanta, Georgia, provides background screening and identity services to employers and housing providers globally.

The company generated between $100 million and $125 million Ebitda and is likely to trade for low teens multiple, two people said. On the higher end, the sale would value First Advantage for as much as $1.75 billion.

The exit could generate a nice return for STG, which acquired First Advantage for $265 million in an all-cash deal from CoreLogic in December 2010.

Given the size of the company, the buyer is likely to be a strategic or a very large sponsor capable of writing a check of that size, the third source said.

Under STG’s ownership, First Advantage has changed its CEO and made several add-ons acquisitions. Two years ago, CEO Scott Staples replaced Mark Parise, who led First Advantage from 2013 to 2017.

In 2016, the company acquired Verifications, a Minneapolis-based drug testing and background checking company. In 2013, the company also acquired the screening business of LexisNexis Risk Solutions.

STG, headquartered in Palo Alto, California, acquires and builds software, data and analytics businesses.

STG, JPMorgan, and First Advantage did not return Buyouts’ requests for comments.

Action Item: See STG’s latest form ADV here.

PRESS RELEASE

Sudbury, Ontario – Nov 13th, 2019

The Installation Group (TIG) today announced that it has received a majority investment from private equity firm FirePower Equity Inc. Financial terms were not disclosed. As a trusted installation and service partner to Canadian satellite TV and internet subscribers for over 20 years, TIG’s service model was a great fit for a private equity partner.

FirePower Equity, a division of FirePower Capital, is a Toronto-based Private Equity firm focused on the midmarket space.

“We are excited to have access to FirePower Equity’s depth of financial expertise and executive talent to help us to strategically plan and execute through our next growth phase. Having a partner who understands and supports our ambition and culture was also extremely important for us and our employees moving forward.” – Robert Lefebvre, CEO TIG

“TIG has built a compelling value proposition and an outstanding reputation for servicing their Solution Providers and customers alike. We look forward to partnering with and supporting Robert Lefebvre and the broader TIG team to capitalize on the Company’s significant growth opportunities to continue to build the premier satellite TV and internet access installation company and continue to provide best-in-class service for its customers across Canada.” – Anthony Lipschitz, Partner at FirePower Equity

“In a competitive industry that is constantly evolving, TIG has proven its ability to stay ahead of the curve by providing world class training to their Technicians and maintaining an agile approach to the ever changing technology needs of their partners as the market continues to evolve. We are very pleased for Robert and the team at TIG on their new partnership with FirePower which promises to strengthen our relationship even further.” – Kevin Green, Director of Field Operations at Bell Canada

Year over year the company has seen growth amid a constantly changing product landscape. The dedicated team of professionals and longstanding partnerships have helped spur this growth and created lasting, mutually beneficial business relationships, while maintaining a family oriented corporate culture to delight and exceed both customers and employees expectations. Staying true to their core values of treating their customers, employees and partners with fairness, respect and integrity, while meeting and exceeding above-average health and safety standards is something that will continue to be central to the TIG story.

TIG will continue to operate in their location in Sudbury, ON, with Robert Lefebvre as CEO, and Anthony Lipschitz serving as TIG’s Chairman. With the ever-changing competitive landscape and rapidly evolving delivery on home internet access in particular, the new ownership structure will enable the company to continue to address areas in the provinces of Ontario, Manitoba, Saskatchewan and Quebec. TIG will continue to strive to deliver exceptional service, value and expertise that their partners have come to expect, while remaining committed to exceptional team work.

PRESS RELEASE

Vancouver, BC – November 20, 2019 – CAI Capital Partners (“CAI”) is pleased to announce that it has sold its majority interest in CSAT Solutions Holdings, LLC (“CSAT” or the “Company”) to an affiliate of Insight Equity Holdings LLC (“Insight”). Terms of the transaction were not disclosed.

CSAT is a fully integrated electronic and digital device repair partner for global original equipment manufacturers (“OEMs”) helping with in-warranty and out-of-warranty repairs, inventory management, and forward / reverse logistics. CSAT supports numerous OEMs in North America with its unique all-in-one (“AiO”) repair model. Established in 1987, CSAT has been a valuable, long-term partner for its customer base and is well-positioned to realize future growth opportunities.

Allan Weinstein, the former CAI partner that led the initial acquisition in 2013 and oversaw CSAT on behalf of CAI, said, “CSAT’s success over the past six years is a testament to the Company’s unyielding focus on being the leading provider of electronic and digital repair services to global OEMs. CSAT has been a tremendous investment for CAI, and we are grateful to the Company’s management and employees for their dedication and effort during our partnership.”

Dick Van Deventer, CSAT CEO, said, “We would like to thank Allan and the CAI team for their support over the last six years. It has been a wonderful partnership, during which time CSAT has prospered and grown. The CAI team were true partners for us as we further cemented our leading market position.”
CAI acquired its interest in CSAT in January 2013. Throughout its hold period, CAI supported management as they invested in people, technology and infrastructure to further build upon and enhance the Company’s leading market position within the electronic and digital repair industry.

CSAT and CAI were advised by Brown, Gibbons, Lang & Company and Wilkie Farr & Gallagher LLP.

About CSAT Solutions Holdings LLC
Founded in 1987 by Paul McCutcheon, CSAT’s current President, and headquartered in Houston, TX, CSAT is an AiO computer depot repair center, providing in-and out-of-warranty whole-unit and component repairs, as well as inventory management and forward / reverse logistics services, to its blue-chip customer base of OEMs. For additional information, please visit www.csat-solutions.com.

About CAI Capital Partners
CAI Capital Partners is a Vancouver-based private equity firm focused on partnering with and growing founder-owned businesses in the Canadian lower middle market. Over three decades, CAI has invested C$1.5 billion into companies across North America. For additional information, please visit www.caifunds.com.

PRESS RELEASE

NASHVILLE, TN. (November 14, 2019) — Relatient, the leading customer-rated patient engagement vendor, today announced that Brighton Park Capital has acquired a majority stake in the company as well as invested a significant amount of growth capital. The agreement provides for a significant new equity capital investment and positions Relatient for continued leadership and growth in the patient engagement ecosystem.

“We are thrilled to be working with Brighton Park Capital. They believe, like we do, that Relatient is uniquely positioned to continue transforming patient engagement,” said Michele Perry, Chief Executive Officer, Relatient. “With this investment, we will be able to execute faster on our growth strategy and add more resources toward innovating better experiences for our customers and their patients across our platform and in healthcare.”

Through the recapitalization, Brighton Park Capital is acquiring a majority interest in Relatient. Sam Kentor, a Principal at Brighton Park Capital, commented, “We are delighted to partner with the management team at Relatient. Under their stewardship, the company has become a leader in digital outreach and mobile access in the rapidly growing patient engagement space. We are excited to invest in the preeminent industry platform and support Relatient to provide best-in-class services to their customers and partners.”

Eric A. Spiegel, a Senior Advisor to Brighton Park Capital and Former President and CEO of Siemens USA, will join as Chairman of Relatient’s board. The company will use the proceeds from its recapitalization to hire additional employees, fund continued development of its patient engagement platform, and speed customer growth.

“What excites us about Relatient is their relentless focus to enhance the patient experience with innovative technology for healthcare organizations that also drives better outcomes,” said Eric A. Spiegel.

This announcement comes just a week after Relatient’s inclusion in:
The KLAS Patient Engagement Ecosystem 2019 Report (released November 7, 2019). In this report, Relatient is listed with an overall performance score of 93.5 — the highest score of 17 vendors listed in the report.

Deloitte’s 2019 Technology Fast 500 Awards (released November 7, 2019). Relatient is included for the second consecutive year. Making the list at #398 in 2019.

Spurrier Capital Partners served as the exclusive financial advisor to Relatient. Cooley LLP served as legal advisor to Relatient. Kirkland & Ellis LLP served as legal advisor to Brighton Park Capital.

About Relatient
Relatient is an industry recognized and award-winning, SaaS-based patient engagement company that improves patient and provider communications for increased patient satisfaction and improved productivity. Relatient has engaged more than 25 million patients on behalf of U.S. providers, medical practices, hospitals, and health systems and annually delivers 120 million patient messages. Relatient’s platform integrates with more than 85 practice management and electronic health databases to stop the phone tag, eliminate bottlenecks, reduce no-shows, drive appointments, increase online reviews, get patient feedback, and speed patient payments, all while supporting health and care quality initiatives. Visit www.relatient.net, call 866-473-8160, or follow Relatient on Facebook, Twitter, and LinkedIn.

About Brighton Park Capital
Brighton Park Capital is a Greenwich, CT-based investment firm that specializes in software, information services, technology-enabled services, and healthcare. The firm seeks to invest in companies that provide highly innovative solutions and to partner with great management teams and bring purpose built value-add capabilities that match the unique requirements of its companies. For more information about Brighton Park Capital, please visit www.brightonparkcap.com.

PRESS RELEASE

November 19

TORONTO, ON / EPHRATA, WA – Lynx Equity Limited is pleased to announce the acquisition of Ephrata, Washington’s Prime Flooring LLC (“Prime”). Prime is a full-service flooring company providing a wide range of commercial flooring services as well as equipment rental. The Company prides itself on its ability to fulfill all flooring needs from start to finish, primarily using its team of in-house installers. Lynx was immediately attracted to this opportunity given its historical success in the commercial flooring industry. Prime Flooring presents significant opportunities for immediate and long-term synergies with G&W Commercial Interiors, another Washington State-based flooring company owned by Lynx. Furthermore, Prime Flooring’s strong reputation with existing and potential customers, team of in-house installers, and diversified revenue stream make the Company a strong addition to the Lynx portfolio.

“We are extremely excited to have Prime as part of the Lynx family, and to add another great flooring company to our existing flooring portfolio,” commented Eric Persi, Lynx Equity’s Vice President of M&A. “Often regarded as one of the best flooring companies in the State of Washington, Tanner and Shanel have built a strong business over the years, often competing against, but also working with, one of our other flooring companies. We are very eager to get the management teams of both companies together to discuss a collaborative and prosperous future.”

Tanner Halley, Prime Flooring’s co-founder and President, and Shanel Halley, co-founder and CFO, will both remain with the Company post-acquisition.
“Over the past few years, we have looked at ways to provide growth and expansion for our customers as well as our team of employees without having to take on additional financial risks personally,’ commented Tanner and Shanel Halley. “Lynx has provided us with that solution, and we are excited to explore all these opportunities together.”

Lynx’s flooring portfolio currently includes Portland, OR’s Floor Solutions, acquired by Lynx in 2014, G&W Commercial Interiors, acquired in 2017, and Livermore, CA’s Flooring Solutions, acquired in 2018. Lynx continues to pursue a variety of acquisition opportunities in North America and Europe.

About Prime Flooring LLC
Since 2002, Prime Flooring has specialized in commercial flooring installation, demolition, floor preparation, concrete grinding, concrete polishing, shot blasting, moisture mitigation, equipment rentals, and equipment repairs. Known for the quality of its work, dependability, and ability to use its own equipment and experience to complete a wide array of projects, Prime Flooring has grown to become Western Washington State’s premier one-stop-shop for all flooring needs.

For further information on Prime Flooring, LLC. please visit www.primeflooringllc.com

About Lynx Equity Limited
With sales in excess of $500M CAD, Lynx Equity Limited is a Toronto-based diversified private equity firm focused on acquiring small and medium-sized businesses from owners looking to retire. Lynx targets acquisitions of companies with EBITDA between $750k – $2.5M USD and utilizes a buy and hold strategy.

For further information on Lynx Equity, please visit www.lynxequity.com

PRESS RELEASE

Branford Castle Rumbles Along

Announces Sale of Surface Preparation Technologies

New York, November 14 – Branford Castle Partners has sold its portfolio company Surface Preparation Technologies (“SPT”) to Dominus Capital. SPT is the nation’s number one provider of rumble strips and related roadway safety services. SPT has installed hundreds of thousands of miles of rumble strips, in almost every state, helping to keep motorists safely on the road and preventing head-on collisions. Branford acquired SPT in February of 2017. During Branford’s ownership period, SPT significantly expanded its geographic reach and fleet of proprietary equipment. In June of 2018, SPT acquired the rumble strip division of Diamond Surface Inc., which dramatically expanded its scale and ability to service customers on a national basis.

“In less than three years, we have accomplished significant organic growth, coupled with a transformative strategic add-on acquisition, to take the business to the next level. This would not have been possible without our excellent management team partners and world-class independent board members.” said Eric Korsten, a Senior Managing Director for Branford.

David Castle, Managing Partner for Branford, said, “We are delighted with the outcome. We believe SPT has been a highly successful investment for Branford and its limited partners.”

“In partnership with Branford, SPT has grown its operations to become a true national service provider. We are very much looking forward to our next chapter with Dominus Capital, where we will leverage our capabilities and fleet for further growth both organically and through acquisitions in the US and beyond,” said Steve Burke, President & CEO of SPT.

Stifel served as financial advisor to SPT. Terms of the transaction were not disclosed.

PRESS RELEASE

Clayton, Dubilier & Rice to Acquire Market-Leading Medical Aesthetics Technology Company
Carveout Transaction Positions Cynosure for Accelerated Growth Under New Ownership
___________________________________________________________

NEW YORK – November 20, 2019 – Clayton, Dubilier & Rice today announced an agreement under which CD&R-managed funds will acquire Cynosure, LLC, a leader in medical aesthetics systems and technologies, from Hologic, Inc. (NASDAQ:HOLX).
Cynosure develops, manufactures, and markets medical aesthetic treatment systems for dermatologists, plastic surgeons, medical spas, and other healthcare practitioners. The company’s broad portfolio of products spans several major categories, including skin revitalization, body contouring, hair removal, and women’s health. Cynosure sells its products through a combination of direct sales and distributors in over 130 countries and supports its provider partners with a range of technical, clinical, and support services.
Medical aesthetics is a large market expected to experience continued robust growth with strong macro tailwinds and penetration runway driven by the increasing importance of appearance as a result of social media culture, broader awareness of treatment options across demographics, technological enhancements that allow for safe, effective non-invasive procedures, and a larger pool of healthcare professionals and medical spas offering aesthetic medical services.
“Cynosure is a market leader with a comprehensive product portfolio and a track record of more than 25 years of science-driven healthcare innovation,” said CD&R Partner Derek Strum. “In addition to a targeted tuck-in acquisition strategy, we expect to continue to invest behind the company’s strong brand and large global installed base to accelerate growth via expanded sales & marketing efforts and bring new products and technologies to market that both enhance the company’s value proposition to its channel partners and improve clinical outcomes for end consumers.”
“The market for medical aesthetic devices is large and fragmented, with an attractive long-term outlook supported by strong demographic tailwinds, and Cynosure’s business model and channels align well with our extensive experience with similarly positioned consumer-medical device healthcare companies,” said CD&R Partner Sandi Peterson. “We believe this business is a great fit with CD&R’s strategy of helping corporate divisions transition to freestanding enterprises and implementing growth and productivity initiatives to accelerate their performance.”
Upon the closing of the transaction, which is expected around the end of calendar 2019, Ms. Peterson, former Group Worldwide Chairman of Johnson & Johnson, will become Chairman of Cynosure’s Board of Directors.
UBS Investment Bank has committed to provide debt financing as part of the transaction and is acting as financial advisor to CD&R. Barclays and Credit Suisse are also acting as financial advisors and Debevoise & Plimpton LLP is acting as legal advisor to CD&R. Goldman Sachs is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Hologic.

About Cynosure
Cynosure develops, manufactures and markets aesthetic treatment systems that enable plastic surgeons, dermatologists and other medical practitioners to perform non-invasive and minimally invasive procedures to remove hair, treat vascular and benign pigmented lesions, remove multi-colored tattoos, revitalize the skin, reduce fat through laser lipolysis, reduce cellulite, clear nails infected by toe fungus, ablate sweat glands and improve women’s health. Cynosure’s product portfolio is composed of a broad range of energy sources including Alexandrite, diode, Nd: YAG, picosecond, pulse dye, Q-switched lasers, intense pulsed light and RF technology. Cynosure sells its products globally under the Cynosure, Palomar, ConBio and Ellman brand names through a direct sales force in the United States, Canada, France, Morocco, Germany, Spain, the United Kingdom, Australia, China, Japan and Korea, and through international distributors in approximately 130 other countries. For corporate or product information, visit Cynosure’s website at www.cynosure.com.

About Clayton, Dubilier & Rice
Founded in 1978, Clayton, Dubilier & Rice is a private investment firm. Since inception, CD&R has managed the investment of $28 billion in 86 companies, including numerous consumer health and medical device businesses. CD&R has offices in New York and London. For more information, visit www.cdr-inc.com.

PRESS RELEASE

BOSTON & SANTA BARBARA, Calif.–(BUSINESS WIRE)–Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has agreed to acquire Olaplex, a prestige and professional hair care brand. Financial details of the transaction were not disclosed.
Olaplex was founded in 2014 by beauty industry veterans Dean and Darcy Christal, who commercialized a revolutionary, patented technology that protects and repairs hair from damage. Word of “The Power of Olaplex” spread among hair stylists, and the brand quickly became a global sensation, paving the way for a completely new category of hair care called “bond-building.” In just five years, in part because of the overwhelming support from the brand’s loyal stylist and advocate base, the company has emerged as one of the largest independent hair care brands in the world.
Ranked as one of the highest engagement hair care brands on social media platforms, Olaplex is a go-to brand for both stylists and consumers. It offers a combination of products exclusive to salons and products available through both the professional and retail channels.
“Damaged hair is a universal problem. Having grown up in the beauty business, I was inspired to disrupt the hair care industry by developing a technology that protects hair from damage,” said Dean Christal. “With Advent’s shared vision and deep experience in supporting high-growth businesses, we look forward to enhancing our company’s strong customer loyalty globally and across channels and realizing our ambitious growth plan.”
Tricia Glynn, a Managing Director at Advent, said, “Olaplex has differentiated itself by offering superior products backed by patents. It is rare that we see brands of this size growing so rapidly and with such a passionate consumer base. We believe the company has significant runway for growth by increasing its brand awareness globally, broadening its product line of innovative ‘hero’ products, and further developing its ability to speak and sell to consumers directly.”
“I’m proud of the success Olaplex has achieved to date,” said Tiffany Walden, Chief Operating Officer of Olaplex. “We are excited to work with Advent to build on our foundation and continue to provide our customers with the highest quality products.”
Advent has significant investment experience in the retail, consumer and leisure industry globally. In the past 29 years, the firm has invested more than $11 billion in over 75 companies across subsectors such as beauty and personal care, differentiated brands, growth-oriented food and beverage, and fast-casual and quick-service restaurants.
Financo served as exclusive financial advisor to Olaplex on the transaction, and Goldman Sachs & Co. LLC served as exclusive financial advisor to Advent International.
ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of June 30, 2019, had $54 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com; LinkedIn: www.linkedin.com/company/advent-international.
ABOUT OLAPLEX
Olaplex is a revolutionary brand that paved the way for a new category of hair care called “bond-building,” the process of protecting, strengthening and rebuilding broken bonds in the hair during and after hair services. The brand’s products have an active, patented ingredient that works on a molecular level to protect and repair hair from damage. Founded in 2014, Olaplex quickly became a global sensation as word of its remarkable hair repair capabilities spread and the brand earned the trust and devotion of a loyal community of hair stylists. Today, Olaplex is one of the largest independent hair care brands in the world, selling through both the professional and consumer channels. To find out more, please visit our website at www.olaplex.com.

PRESS RELEASE
Marlin portfolio company Medius acquires Wax Digital
LOS ANGELES and LONDON, November 19, 2019 – Marlin Equity Partners (“Marlin”) is pleased to announce that it has acquired Wax Digital (“Wax”), a leading provider of sourcing and procurement solutions. The company’s innovative procurement and spend management software allows organizations to reduce costs, control spend, improve compliance and minimize risk throughout the purchasing lifecycle. Wax will be merged with Medius AB (“Medius”), a Marlin portfolio company, transforming Medius from a market-leading accounts payable-focused solution into a comprehensive product suite with full source-to-pay capabilities, while also significantly expanding the company’s European footprint.
“The decision to join forces with Wax underscores Medius’ commitment to supporting our customers’ eProcurement needs,” said Per Akerberg, CEO of Medius. “We firmly believe Wax strengthens our product capabilities and provides a unique suite of solutions to continue to accelerate our growth globally.”
“Wax is delighted to have found a highly complementary partner in Medius who shares our mission of delivering best-in-class source-to-pay software solutions,” said Paul Ellis, CEO of Wax. “The acquisition combines two market-leading cloud offerings to create a business of scale, and we look forward to working with the Medius team to help drive our next phase of growth.”
“The acquisition of Wax is highly complementary to Medius and allows the respective customers of both companies to benefit from a fully integrated, best-of-breed solution,” said Jan-Olivier Fillols, a managing director at Marlin. “We are thrilled to welcome the Wax team and are committed to fostering the combined company’s shared vision of helping organizations increase efficiencies across the entire source-to-pay value chain.”
About Marlin Equity Partners
Marlin Equity Partners is a global investment firm with over $6.7 billion of capital under management. The firm is focused on providing corporate parents, shareholders and other stakeholders with tailored solutions that meet their business and liquidity needs. Marlin invests in businesses across multiple industries where its capital base, industry relationships and extensive network of operational resources significantly strengthen a company’s outlook and enhance value. Since its inception, Marlin, through its group of funds and related companies, has successfully completed over 150 acquisitions. The firm is headquartered in Los Angeles, California with an additional office in London. For more information, please visit www.marlinequity.com.
About Medius
Medius is a provider of cloud-based accounts payable automation software that allows customers to automate and efficiently manage their invoice management process. The company serves more than 3,000 customers and 200,000+ unique users worldwide. Headquartered in Sweden, Medius employs accounts payable invoice automation experts globally across offices located in Sweden, the United States, Norway, Denmark, Poland, the Netherlands, Malaysia and Australia. For more information, please visit www.mediusflow.com.
For additional information, please contact Peter Spasov at (310) 364-0100 or via e-mail at pspasov@marlinequity.com.

The company received inbound purchase inquiries from financial sponsors and strategics, one of the sources said. The formal process is in final stages, another source, one of four, said.

After receiving inbound interest, PE investors are expecting to fetch between $2.5 billion and $2.9 billion in Lytx’s sale, the first source said. A more realistic check size for the company would hover between $1.5 billion and $2.5 billion, two sources said.

Rothschild & Co is advising Lytx on its sale, the people said.

Lytx, based in San Diego, California, designs, manufactures and sells video telematics equipment and technology used by commercial and public sector fleets. The company aims to increase driver safety and improve operational efficiency through real-time fleet tracking enabled by cloud-connected dash cams and sensors.

Lytx produced $150 million Ebitda and $279 million in revenue, the people said.

The company was founded in 1998 under the name DriveCam. In 2013, it was renamed as Lytx.

In 2016, GTCR acquired the company led by the CEO and chairman Brandon Nixon. Clearlake came in as an equal investor two years later, in 2018, with an acquisition of a 50 percent stake in the company.

As a more recent investor, Clearlake may opt out from selling its part in Lytx, basing its decision on the final bid’s price and return opportunity, two people said.

Other software-enabled companies in the fleet mobility space have also been reaching significant valuations.

In April, KeepTruckin, a VC-backed developer of hardware and software that helps truck drivers manage their vehicles and cargo, raised $149 million in Series D funding. The round valued the business at $1.25 billion, Shoaib Makani, KeepTruckin’s co-founder and CEO, told TechCrunch at the time.

In May, Vista Equity was looking to sell fleet-management software provider Omnitracts, valuing the company at nearly $2 billion, Buyouts reported at the time, citing sources. The process did not result in a sale, sources told Buyouts later.

GTCR and Clearlake declined to comment for the story. Rothschild and Lytx did not return Buyouts’ requests for comments.

Action Item: View GTCR’s latest form ADV here.

PRESS RELEASE
Advisor Group And Ladenburg Thalmann Announce Merger To Create A Wealth Management Industry Leader With Nearly 11,500 Financial Advisors And Over $450 Billion In Client Assets
November 11, 2019

The Companies Will Form Leading Multi-Custodial and Multi-Clearing Network of Firms, Supporting Financial Advisors Through Multiple Distinct Brands and Cultures

Highly Complementary Capabilities and Talent to Drive Enhancements in Technology, Practice Management and Service for Advisors Across Both Companies

Ladenburg Firms Will Not Be Merged with Advisor Group Firms, Reflecting Both Companies’ Shared Commitment to Multi-Brand Network Model

PHOENIX, Nov. 11, 2019 /PRNewswire/ — Advisor Group, one of the nation’s largest networks of independent wealth management firms, and Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTS PrA, LTSL, LTSF, LTSK, LTSH) (“Ladenburg”), a publicly-traded diversified financial services company, today announced that both companies have entered into a definitive merger agreement to join the two companies.

Under the terms of the transaction, Ladenburg has agreed to be acquired by Advisor Group through a cash merger, in which each outstanding share of Ladenburg’s common stock will be converted into a cash payment of $3.50 per share.  The total enterprise value of the transaction is approximately $1.3 billion, taking into account Ladenburg’s common stock, preferred stock and outstanding debt. The definitive merger agreement and the transactions contemplated were unanimously approved by Ladenburg’s Board of Directors.

The transaction, which is subject to customary closing conditions, including the approval of Ladenburg’s shareholders, and receipt of required regulatory clearances and approvals, is expected to close in the first half of 2020.

Following the completion of this transaction, the expanded Advisor Group organization will continue to be led by its current CEO and President, Jamie Price.  When the transaction is completed, Advisor Group’s leadership team will include senior executives from both Advisor Group and Ladenburg.  Ladenburg’s firms will not be merged with Advisor Group’s firms, reflecting both companies’ commitment to a multi-brand network model.

Advisor Group’s network of firms consists of FSC Securities Corporation, Royal Alliance Associates, SagePoint Financial and Woodbury Financial.  Ladenburg’s independent advisory and brokerage firms include Securities America, Triad Advisors, Investacorp, KMS Financial Services and Securities Service Network (SSN).

Additional Ladenburg subsidiaries include Highland Capital Brokerage, a leading insurance solutions brokerage; Premier Trust, a financial advisor-focused trust services company; and Ladenburg Thalmann & Co., a middle market investment bank.  Each of these subsidiaries has played a role in delivering unique, value-add solutions to Ladenburg-affiliated financial advisors.

Ladenburg Thalmann Chairman, President and CEO Richard Lampen said, “This is a transaction that maximizes value for our shareholders, while positioning our financial advisors for continued growth and success.  We have always been impressed with Advisor Group’s platform, offerings and leadership.  Advisor Group’s CEO, Jamie Price, and his management team offer a mature shared services model and a demonstrated ability to innovate and invest in ways that help advisors grow.  We are confident this transaction will help our advisors accelerate the growth of their businesses, while enabling them to benefit from the highly personalized service experience they have always enjoyed, under a very similar multi-custodial, multi-clearing and multi-brand structure.”

Advisor Group President and CEO Jamie Price said, “This acquisition brings together the best of two industry leaders, to the benefit of the financial advisors we collectively serve.  We believe that the investments necessary for competitively differentiated technology, practice management, products and service excellence require a greater level of scale than either of our companies can achieve on a stand-alone basis.  In fact, as our two organizations learned more about each other’s platforms, it became obvious that our strengths rounded out each other’s offerings, and combined, we will have one of the most comprehensive and best-in-class platforms for financial advisors in the industry.  Equally important, Advisor Group and Ladenburg have a shared commitment to the flexibility of third-party clearing, together with maintaining a ‘small firm feel’ delivered through the distinct management teams and cultures of a multi-brand network model.  In today’s fast-consolidating marketplace, where advisors fear becoming just another number in the crowd, the more intimate service culture and sense of community that our multi-brand approach offers is increasingly in demand.”

Milton Berlinski, Co-Founder and Managing Partner of Reverence Capital Partners, a leading financial services-focused private equity firm and majority equity owner of Advisor Group, said,  “Ladenburg Thalmann and Advisor Group are highly complementary businesses, with nationwide footprints, technology capabilities and senior management talent that represent the best of what the wealth management industry has to offer for financial advisors and their clients. By combining these two firms, we have created one of the most robust platforms in the country to support advisors’ growth, with the scale, resources and intellectual capital to position them for success, no matter their business model or client focus.”

Giving Advisors the Best of the Best in Platforms, Tools and Expertise

Following the completion of this transaction, Advisor Group will continue to operate under a multi-brand network model of firms, enabling the delivery of industry-leading tools and expertise through distinct firms with unique brands that each offer a sense of community and personalized service for affiliated financial advisors.

Financial advisors affiliated with Ladenburg’s subsidiary firms are expected to benefit from Advisor Group’s recent investments in cutting-edge enterprise-level service offerings, including eQuipt, the firm’s fully-digital client onboarding system; MyCMO, its personalized advisor marketing platform; MySuccessionPlan.com, its suite of bundled succession planning resources; and its integrated CyberGuard Program for cybersecurity.

For advisors affiliated with Advisor Group, the transaction brings access to Ladenburg Thalmann’s industry-leading practice management capabilities, wealth management resources, advisor-client portal technologies and expanded national scale.

The two companies also feature strong cultural similarities, including a shared commitment to supporting greater diversity across the industry, including advancing career opportunities for women financial advisors and women executives, as evidenced by Advisor Group’s Women Forward initiative and the Ladenburg Institute of Women & Finance.

Multi-Custodial, Multi-Clearing Approach Minimizes Disruption and Maximizes Flexibility; Positions Company for Future Leadership in RIA Segment

Upon the transaction’s completion, Advisor Group will be one of the industry’s leading providers of a multi-custodial, multi-clearing model that drives maximum choice and flexibility for financial advisors.

Because both Advisor Group and Ladenburg use Pershing and National Financial (part of Fidelity Custody & Clearing Solutions) as their largest clearing providers, no repapering of client accounts will be necessary in connection with this transaction and its closing.

As one of the largest multi-custodial and multi-clearing networks of firms in the country, the company will be even better positioned to redefine the RIA segment of the wealth management space.  The combined company will be able to support all financial advisor business models, including the hybrid advisor doing both securities and advisory business, as well as the “investment advisor only” professional who is either utilizing a corporate RIA platform, or has an independent RIA.

Adam Malamed, Executive Vice President and Chief Operating Officer of Ladenburg, said, “The ongoing evolution of our industry validates the importance of Ladenburg and Advisor Group’s respective roles as the leading innovators of the network model of firms approach within our industry.  The appeal of bringing Ladenburg and Advisor Group together is driven in large part by our shared vision for driving a transformative and innovative approach to the wealth management space.  For example, among the many advantages of our multi-custodial, multi-clearing capabilities are the expertise and leadership we can further build in the RIA space. The combination of Ladenburg and Advisor Group creates a unique offering for financial advisors who are primarily fee-based, or fee-only, whether they want to have their own RIA under a turnkey level of back and middle office support, or would prefer to do fee-only work through a corporate RIA, without having to also hold securities licenses on the brokerage side of our industry.”

Financial and Legal Advisors to the Transaction

Jefferies LLC is acting as financial advisor to Ladenburg, with Sullivan & Cromwell LLP serving as Ladenburg’s legal counsel. Eversheds Sutherland, Kirkland & Ellis LLP, and Greenberg Traurig LLP are serving as legal counsel to Advisor Group and Reverence Capital.

Committed financing for this transaction has been provided by Bank of America, UBS Securities, Barclays, Deutsche Bank Securities and Goldman, Sachs & Co.

About Advisor Group
Advisor Group, Inc. is one of the nation’s largest networks of independent financial advisors serving over 7,000 advisors and overseeing $271 billion in client assets. Headquartered in Phoenix, AZ, the firm is mission-driven to support the heroic role that advisors can play in the lives of their clients, offering securities and investment advisory services through its subsidiaries FSC Securities Corp., Royal Alliance Associates Inc., SagePoint Financial, Inc. and Woodbury Financial Services, Inc., as broker/dealers, registered investment advisors and members of FINRA and SIPC. Cultivating a spirit of entrepreneurship and independence, Advisor Group champions the enduring value of financial advisors and is committed to being in their corner every step of the way. For more information visit https://www.advisorgroup.com.

About Ladenburg Thalmann
Ladenburg Thalmann Financial Services Inc. (NYSE American: LTS, LTS PrA, LTSL, LTSF, LTSK, LTSH) is a publicly-traded diversified financial services company based in Miami, Florida. Ladenburg’s subsidiaries include industry-leading independent advisory and brokerage (IAB) firms Securities America, Triad Advisors, Securities Service Network, Investacorp and KMS Financial Services, as well as Premier Trust, Ladenburg Thalmann Asset Management, Highland Capital Brokerage, a leading independent life insurance brokerage company and full-service annuity processing and marketing company, and Ladenburg Thalmann & Co. Inc., an investment bank which has been a member of the New York Stock Exchange for over 135 years. The company is committed to investing in the growth of its subsidiaries while respecting and maintaining their individual business identities, cultures, and leadership. For more information, please visit www.ladenburg.com.

About Reverence Capital Partners
Reverence Capital Partners is a private investment firm focused on thematic investing in leading global, middle-market Financial Services businesses through control and influence oriented investments in 5 sectors: (1) Depositories and Finance Companies, (2) Asset and Wealth Management, (3) Insurance, (4) Capital Markets and (5) Financial Technology/Payments. The firm was founded in 2013, by Milton Berlinski, Peter Aberg and Alex Chulack, after distinguished careers advising and investing in a broad array of financial services businesses. The Partners collectively bring over 90 years of advisory and investing experience across a wide range of financial services sectors. For more information visit www.reverencecapital.com.

Additional Information and Where to Find It

This press release may be deemed to be solicitation material in respect of the proposed merger between Ladenburg Thalmann Financial Services Inc. (“Ladenburg“) and Harvest Merger Sub, Inc. (“Merger Sub“), a wholly owned subsidiary of Advisor Group Holdings, Inc. (“Advisor Group“), and other transactions (collectively, the “Transaction“) contemplated by the Agreement and Plan of Merger, dated as of November 11, 2019 (the “Merger Agreement“), by and among Ladenburg, Advisor Group and Merger Sub. In connection with the Transaction, Ladenburg intends to file relevant materials with the Securities and Exchange Commission (the “SEC“), including a proxy statement on Schedule 14A. INVESTORS AND SHAREHOLDERS OF LADENBURG ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING LADENBURG’S PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and shareholders will be able to obtain copies of the documents, when filed, free of charge at the SEC’s website (http://www.sec.gov). Investors and shareholders may also obtain copies of documents filed by Ladenburg with the SEC by contacting Ladenburg at Investor Relations, Ladenburg Thalmann Financial Services, Inc., 4400 Biscayne Boulevard, 12th Floor, Miami, Florida 33137, by email at CorporateRelations@ladenburg.com, or by visiting Ladenburg’s website (http://ir.stockpr.com/ladenburg).

Participants in Solicitation

Ladenburg and its directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the holders of Ladenburg Common Stock in connection with the proposed Transaction. Information about Ladenburg’s directors and executive officers is available in Ladenburg’s proxy statement for its 2019 Annual Meeting of Shareholders, which was filed with the SEC on April 30, 2019. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials to be filed with the SEC regarding the proposed Transaction when they become available. Investors and shareholders should read the proxy statement carefully when it becomes available before making any investment or voting decisions.

Forward-looking Statements

This press release contains forward-looking statements. You can generally identify forward-looking statements by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond Ladenburg’s and Advisor Group’s control. Statements in this document regarding Ladenburg and Advisor Group that are forward-looking, including, without limitation, projections as to the anticipated benefits of the proposed Transaction and the closing date for the proposed Transaction, are based on management’s estimates, assumptions and projections, and are subject to significant uncertainties and other factors, many of which are beyond the control of Ladenburg and Advisor Group. Important risk factors could cause actual future results and other future events to differ materially from those currently estimated, including, but not limited to: (i) the timing to consummate the proposed Transaction; (ii) the risk that a condition to closing of the proposed Transaction may not be satisfied and the Transaction may not close; (iii) the risk that a regulatory approval that may be required for the proposed Transaction is delayed, is not obtained or is obtained subject to conditions that are not anticipated; (iv) the risk that a sufficient number of shares of Ladenburg Common Stock are not voted in favor of the proposed Transaction; (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement; (vi) the effect of the announcement or pendency of the Transaction on Ladenburg’s business relationships, operating results, and business generally; (vii) risks that the proposed Transaction disrupts current operations of Ladenburg and potential difficulties in Ladenburg employee retention as a result of the Transaction; (viii) risks related to diverting management’s attention from Ladenburg’s ongoing business operations; (ix) the outcome of any legal proceedings that may be instituted against Ladenburg related to the Merger Agreement or the Transaction; and (x) the amount of the costs, fees, expenses and other charges related to the Transaction. The list above is not exhaustive. Because forward looking statements involve risks and uncertainties, the actual results and performance of Ladenburg may materially differ from the results expressed or implied by such statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, Ladenburg also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made herein.

Readers should carefully review the risks and uncertainties disclosed in Ladenburg’s reports with the SEC, including those set forth in Part I, “Item 1A. Risk Factors” in Ladenburg’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and in subsequent Quarterly Reports on Form 10-Q and other reports or documents Ladenburg files with, or furnishes to, the SEC from time to time. Except as specifically noted, information on, or accessible from, any website to which this press release contains a hyperlink is not incorporated by reference into this press release and does not constitute a part of this press release. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do occur, what impact they will have on the results of operations or financial condition of Ladenburg or Advisor Group. All forward-looking statement in this communication are qualified in their entirety by this cautionary statement

*Assets as of September 30, 2019

PRESS RELEASE

MONTRÉAL, Nov. 19, 2019 /CNW Telbec/ – Walter Capital Partners (“Walter Capital”), supported by investors that include the Bourgie-Bovet family, has agreed to acquire a significant stake in Athos Services Commémoratifs (“Athos”), one of Quebec’s largest funeral services companies. This marks the first time Walter Capital has led an investment with external investors.

Founded in 2010, the growth of Athos Services Commémoratifs accelerated in 2012 after acquiring two major industry players: Urgel Bourgie in Montréal and Lépine Cloutier in Québec City. Walter Capital’s expertise and capital contribution will fuel the continued growth of Athos, which seeks to become a provincial leader in the Quebec funeral services industry and expand into new markets.

“Walter Capital is thrilled to receive support from external investors in this transaction, notably from the Bourgie-Bovet family, that returns as an investor to an industry it operated in for nearly a century with the trusted company Urgel Bourgie,” said Éric Phaneuf, Managing Partner and President, Walter Capital Partners. “Strengthened by external investors, Walter Capital will provide expertise and capital to Athos’ solid management team of experienced business leaders, supporting them and their plans for growth.”

“The Bourgie-Bovet family accepted Walter Capital’s invitation to invest in Athos because we can count on an industry leader with a proven investment model to accelerate business growth,” said Sylvie Bovet, board member of Fondation Marc Bourgie and vice-president of Fransylval, the Bourgie-Bovet family office. Ms. Bovet, the descendent of founder Urgel Bourgie, will contribute her business experience as a new member of the Athos board of directors.

Athos is an ideal company to capitalize on two core features of the funeral services industry – stability and assured growth prospects. In this highly fragmented industry, Walter Capital and Athos can work together to scale Athos through acquisitions inside and outside Quebec, and to implement organic growth strategies. With past acquisitions, Athos and its senior management team are now well positioned to continue building the company out from its solid foundation in Quebec.

“With Walter Capital, we are joining forces with a group that shares our values of honesty, integrity and respect,” said Michel Boutin, CEO, Athos Services Commémoratifs. “This was very important in our search for the right partner. Not only do we anticipate strong growth prospects with Walter Capital, but we will be able to move forward while remaining faithful to what we’re known for – personalized, high-quality service that respects the beliefs and customs of the deceased and their families.”

About Walter Capital Partners
Walter Capital Partners is a private equity firm part of Walter Financial, the investment unit of the Walter Group. Its investment model combines capital inflow and operating expertise to support the growth of promising companies on solid and sustainable foundations, by drawing on the entrepreneurial background of the Walter Group and the extensive business leadership experience of its managing partners. Headquartered in Montréal, Walter Capital provides a solid international network. www.waltercapital.ca

About Athos Services Commémoratifs
Athos Services Commémoratifs is one of the largest funeral companies in Quebec, comprising funeral homes and cemeteries in Québec City, Montréal, Laval and the South Shore. The company is a member of the Réseau Signature PRF and the Corporation des thanatologues du Québec (CTQ). www.athos.ca

PRESS RELEASE

On October 31st, 2019, Midwest Hardware Holdings, Inc. dba Banner Solutions (“Banner” or the “Company”), a portfolio company of High Road Capital Partners (“High Road”), was acquired by Tailwind Capital (“Tailwind”). BB&T Capital Markets served as the exclusive financial advisor to Banner.

About the companies
Banner
Headquartered in Kansas City, MO, Banner is the leading wholesale distributor of mechanical door hardware, electronic access controls, and security products primarily for repair and replacement applications in the commercial/industrial, and residential end markets. The Company works closely with manufacturers who rely on Banner to meet R&R demand and with distributors who depend on Banner to provide product availability, “need-it-now” fulfillment, and specialist technical support.

High Road
High Road Capital Partners is a private equity firm focused on the smaller middle market. High Road was formed in 2007 and has raised over $470 million of committed capital since inception. High Road targets niche-leading companies with revenues of $10 million to $100 million and EBITDA of $3 million to $10 million. Post-acquisition, High Road works in partnership with management to take the companies to the next level through a combination of organic growth initiatives and add-on acquisitions.

Tailwind
Tailwind Capital is a middle market private equity firm focused on growth-oriented investments in targeted sectors within healthcare, business services, and industrial services. Tailwind partners with experienced management teams and entrepreneurs to transform businesses through organic growth initiatives, acquisitions, and operational and strategic investments. Since inception, Tailwind has managed $3.6 billion of committed equity capital, and has invested in 43 portfolio companies and over 105 add-on acquisitions.

PRESS RELEASE

Chicago, IL – November 19, 2019 – Kinzie Capital Partners LLC (“Kinzie”), a Chicago based private equity firm, announced that through an affiliated entity it has acquired Colony Display LLC (“Colony”, or the “Company”), headquartered in Elgin, IL. The transaction was completed in partnership with the Company’s founders and management.

Founded in 1983 by Jerry Zich and Kent West, Colony is a leader in highly customized fixtures and displays servicing the home improvement, retail and hospitality industries. The Company is known for its customer-first approach and delivery of unique solutions to customer needs. Colony will continue to be led by Chief Executive Officer, Chuck Zich.

Kent West, Co-Founder and former Chief Executive Officer of Colony, said, “After 37 years, finding the right company to sell to was very important to us. We wanted someone who shared our vision and would allow us, and our management, to invest in Colony’s next phase of growth. Kinzie’s collaborative approach was the perfect fit for us. In addition, Kinzie’s operational experience will be invaluable as we execute our strategic plan, while continuing to provide best in class retail and hospitality environments to our customers.”

Chuck Zich, Chief Executive Officer of Colony, said, “We are excited to partner with Kinzie to continue the strong trajectory of our business. Kinzie provides us with the tools and resources to advance our strategy underpinned by our longstanding commitment to be a trusted partner to our customers.”

Suzanne Yoon, Founder and Managing Partner of Kinzie, added, “We are thrilled to invest alongside Colony’s management as we were immediately impressed by their commitment to service and partnership with their customers. Kinzie will support their continued growth and long-term success by working alongside Colony’s management team to provide increased operational and technological expertise.”

Terms of the transaction were not disclosed.

About Colony Display LLC
Colony Display LLC is a designer, manufacturer and installer of highly customized fixtures, exhibits and displays servicing home improvement, retail and hospitality. Colony offers assembly, installation and project management services to select customers. For more information visit www.colonydisplay.com.

About Kinzie Capital Partners LLC
Kinzie invests in lower middle-market companies in the consumer, manufacturing and services industries with $3MM to $15MM of EBITDA. In alliance with Clarity Partners, LLC, specialists in management and technology consulting, Kinzie has assembled a team of technology, operations and industry experts that work closely with its portfolio companies to execute strategic vision. Whether companies are navigating a generational shift, experiencing a period of high growth or managing a complex business cycle, Kinzie seeks to create sustainable outcomes by leveraging technology and strong operational focus. For more information visit www.kinziecp.com.

PRESS RELEASE

NEW YORK, Nov. 19, 2019 /PRNewswire/ — NexPhase Capital, LP (“NexPhase” or the “Firm”), an operationally-focused, independent private equity firm, today announced its investment in Surgent (the “Company”), a leading provider of end-to-end professional education from pre-licensure to continuing education for accounting, finance and healthcare professionals. Terms of the transaction were not disclosed.

Historically focused on meeting the highly specialized needs of accounting and tax professionals, Surgent offers a comprehensive customer experience through online and live CPE courses, and provides nearly one million CPE credits annually to tens of thousands of licensed accounting professionals. Its award-winning exam preparation courses enable pass rates well in excess of the national average. In addition to winning a 2019 Silver Stevie Award from American Business Awards, Surgent has been recognized as the #1 CPA Review Course of 2019 by Crush the CPA Exam, the Top New Professional Education Product of 2018 by Accounting Today, and the Best CPA Exam Review Program by Top Consumer Reviews. In August 2019, the Company expanded into the healthcare sector with its acquisition of Pharmaceutical Education Consultants, Inc. This evolution has been driven by significant investments in technology and people to build a strong core platform that can be extended into other markets. The Company is currently rebranding to represent its broader focus and expects to unveil a new and refreshed look next month.

By leveraging NexPhase’s wealth of experience scaling vertical and software services companies, this partnership is expected to propel Surgent’s continued expansion. The NexPhase software and services team has invested in Brandt Information Services, Inside Real Estate, Simplified Technology (FAST) and Insurance Technologies, among others. The Firm’s seasoned operating team takes a collaborative approach and will work closely with the Company and Stephen Hoffman, a NexPhase operating executive and former executive of Prometric Thomson Learning, Element K and Blackboard who will serve as Chairman of the Surgent Board of Directors moving forward.

“We are thrilled to be partnering with NexPhase as we further establish our leadership in the professional education industry,” said Evan Kramer, Chief Executive Officer at Surgent. “NexPhase brings significant experience investing in the software and services sector and will be invaluable as we build upon our platform and further enhance our product offerings. We look forward to working closely with Steve and the Firm’s experienced team to execute on the shared vision we have for Surgent.”

“We’re very excited about our newest investment in Surgent,” said Joel Killion, Partner at NexPhase Capital. “It’s a great business, led by an accomplished management team. Surgent’s innovative product offerings, anchored by distinguished subject matter expertise and its technology platform, are powering impressive growth. We see significant opportunity to help further scale the business through investments in sales and marketing initiatives, product innovation and select acquisitions.”

Mr. Hoffman added, “I am pleased to be joining the Surgent Board as the Company continues on its path to build the industry-leading platform serving the certification and continuing education needs of an expanding audience of professionals. I look forward to working with Evan and the team to execute the Company’s strategic plan.”

Piper Jaffray served as financial advisor to Surgent and Dentons US LLP and Eisner LLP served as legal counsel. Lowenstein Sandler provided legal counsel to NexPhase on the transaction.

About NexPhase Capital
NexPhase Capital (“NPC”) is a thematic and operationally-focused private equity firm that invests in lower middle market growth-oriented companies within three distinct sectors: consumer, healthcare, and software & services. The firm partners with companies that have reached a growth inflection point and are seeking a value-added partner to help navigate the company’s “next phase.” The NPC team has extensive industry and operational experience and NPC’s partners have invested together for nearly a decade. The firm has completed over 60 investments including add-ons and targets control equity investments between $25 million and $75 million. For more information, please visit www.NexPhase.com.

About Surgent
Founded in 1985, Surgent (https://www.surgent.com/) provides continuing professional education and exam preparation courses to the accounting, finance and healthcare sectors. Surgent’s services help exam takers become credentialed and satisfy required credit hours and remain informed on the latest trends in their industries thereafter.

PRESS RELEASE

SEATTLE and SAN FRANCISCO, November 19, 2019 – Quantivate, a leading SaaS governance, risk and compliance solution provider, announced today that it has received a strategic growth investment from Luminate Capital Partners, a San Francisco-based private equity firm.

Quantivate’s SaaS platform helps financial institutions mitigate enterprise risk, maintain compliance with regulatory requirements, manage organizational policies and procedures and make informed, risk-based decisions that align with business objectives. Quantivate offers a suite of eight SaaS modules which automate activities across different compliance, risk, and audit functions in a single integrated platform.

Founded in 2005, Quantivate serves a customer base of leading credit unions, banks and financial technology companies, including America’s Credit Union, Territorial Savings Bank, The Golden 1 Credit Union, Randolph-Brooks Federal Credit Union, and Bangor Savings Bank. In 2018, Quantivate was selected by Credit Union National Association (CUNA) as the exclusive compliance technology solution provider to help CUNA’s member credit unions manage compliance requirements.

Andy Vanderhoff, CEO and Founder of Quantivate, said, “We founded Quantivate to help financial institutions automate risk management and compliance functions which historically have been siloed and manual. Our software equips organizations with a single integrated platform to efficiently and effectively manage these complex requirements. We believe that our partnership with Luminate will allow us to expand upon our foundation, accelerate product innovation, scale our team, and ultimately drive further value to our customers.”

“We are excited to partner with the Quantivate team to support their continued growth and success,” said Hollie Haynes, Founder and Managing Partner at Luminate. Dave Ulrich, Principal at Luminate, added, “Compliance and risk management requirements have become increasingly complex and burdensome for financial institutions in recent years. We believe Quantivate is extremely well positioned to continue to address this trend.”

Scott Kingsfield, Operating Partner at Luminate, said, “Quantivate’s leading product suite and loyal customer base have strategically positioned the company to rapidly scale. We look forward to working with the team to capitalize on its strong momentum and expand its market leadership.”
In connection with the investment, Hollie Haynes, Scott Kingsfield, and Dave Ulrich from Luminate will join the Quantivate Board of Directors.

Financial terms of the transaction were not disclosed.

Kirkland & Ellis, LLP served as legal advisors to Luminate Capital. Marks Baughan served as financial advisors and Reed Pruett Walters Larsen PLLC served as legal advisors to Quantivate.

About Quantivate
Quantivate is a market leader in governance, risk and compliance software and services. Since 2005, organizations both large and small have used Quantivate’s integrated platform to reduce risk, boost performance and drive strategic decision-making. The company’s suite of risk and compliance modules equips organizations to build an integrated GRC architecture that can mature and strengthen any enterprise. Visit www.quantivate.com.

About Luminate Capital Partners
Luminate Capital Partners is a private equity firm focused on making investments in enterprise software companies. Luminate partners with management teams to provide flexible capital to drive strategy, growth and operational improvements. For more information, visit www.luminatecapital.com.

PRESS RELEASE

HONG KONG and TEL AVIV, Israel, Nov. 19, 2019 /PRNewswire/ — Baring Private Equity Asia today announced that its affiliated private equity funds (“BPEA”) have agreed to acquire Lumenis, a leading provider of specialty energy-based medical devices across the fields of aesthetics, urology, ophthalmology, ENT and gynecology from XIO. The transaction values Lumenis at an enterprise value of over $1 billion.
Lumenis is a global leader in the field of minimally-invasive clinical solutions for the Aesthetic, Surgical, and Ophthalmology specialties. For over 50 years, Lumenis’ ground-breaking products have redefined medical treatments and have set numerous gold-standards. The company has a presence in over 100 countries and close to 1,500 employees worldwide. The Asia Pacific region is its largest market, together with a strong presence in North America and EMEA.
“BPEA’s investment is a tremendous vote of confidence in Lumenis and in the achievements of our entire global organization. In recent years, we have developed and introduced multiple groundbreaking technological solutions that have redefined our industry and opened entirely new market segments. I would like to thank the entire Lumenis team, I am truly proud of all we have accomplished and honored to lead a company on the cutting edge of healthcare innovation, committed to improving the lives of people across the world. We look forward to partnering with the team at BPEA to continue developing and delivering to the world better technology for better patient care,” said Tzipi Ozer-Armon, CEO of Lumenis.
Yan Jiao, Managing Director at BPEA commented: “Lumenis has built a market-leading position by creating some of the most innovative technologies in the industry. It is a clear leader worldwide, especially in Asia which recently emerged as the largest market for medical and aesthetics treatments. We look forward to working with the CEO and management team to support their global growth aspirations.”
The transaction remains subject to the customary regulatory approval process and is expected to be completed in early 2020.
About Lumenis
Lumenis is a global leader in the field of minimally-invasive clinical solutions for the Aesthetic, Surgical, and Ophthalmology markets, and is a world-renowned expert in developing and commercializing innovative energy-based technologies, including Laser, Intense Pulsed Light (IPL) and Radio-Frequency (RF). For over 50 years, Lumenis’ ground-breaking products have redefined medical treatments and have set numerous technological and clinical gold-standards. Lumenis has successfully created solutions for previously untreatable conditions, as well as designed advanced technologies that have revolutionized existing treatment methods.
About Baring Private Equity Asia
Baring Private Equity Asia (BPEA) is one of the largest and most established private alternative investment firms in Asia, with total committed capital of over USD18 billion. The firm runs a private equity investment program, sponsoring buyouts and providing growth capital to companies for expansion or acquisitions with a particular focus on the Asia Pacific region, as well as investing into companies globally that can benefit from further expansion into the Asia Pacific region. BPEA also manages dedicated funds focused on private real estate and private credit. The firm has a 22 year history and over 160 employees located across offices in Hong Kong, China, India, Japan, Singapore and Australia. BPEA currently has over 30 portfolio companies active across Asia with a total of 158,000 employees and sales of approximately USD31 billion.
For more information, please visit www.bpeasia.com
About XIO
Founded in 2014 and headquartered in London, XIO Group is a global multi-billion-dollar alternative investments firm focused on identifying and investing in market-leading businesses located across North America and Europe helping these companies to capitalize on untapped opportunities in fast-growing markets, particularly in Asia.

Correction: The headline for a prior version of this story incorrectly said “Visa to buy majority of Sonatype.” Vista is buying Sonatype, not Visa. The story has been changed.

PRESS RELEASE

Partnership to Accelerate Global Growth and Innovation for Automating Open Source Governance and Software Supply Chain Hygiene

FULTON, MD – November 18, 2019 – Sonatype, the company that scales DevOps through open source governance and software supply chain automation, today announced it has signed a definitive agreement to receive a majority investment from Vista Equity Partners (“Vista”), a leading investment firm focused on empowering and growing enterprise software, data and technology-enabled companies that are reinventing industries and catalyzing change. The partnership with Vista will allow Sonatype to further fast-track growth and enhance its Nexus product portfolio. Several of Sonatype’s existing investors will retain a stake in the company.

“Vista’s standing as the preeminent investment firm and their commitment to growth and innovation perfectly aligns with our passion for helping businesses build software faster and more securely,” said Wayne Jackson, CEO of Sonatype. “This acquisition is a testament to our outstanding team and clear validation of our vision, strategy, and execution in empowering developers to leverage the power of open source, while optimizing the hygiene of their software supply chain.”

Sonatype has been one of the fastest growing companies in North America, with annual revenue growth close to 250% over the past three years. More than 60 of the Fortune 100 companies depend on Sonatype’s Nexus products and OSS solutions to automate the modern software supply chain including, 8 of the top 10 US and European banks, 8 of the top 10 US credit card companies, 7 of the top 10 US tech companies, and 4 out of 5 U.S. Armed Forces.

Sonatype is the world’s premier provider of open source health and hygiene data, called Nexus Intelligence. This data is aggregated from a vast number of public and private sources utilizing sophisticated machine learning and artificial intelligence. It is then curated with human expertise and infused into a suite of Nexus products to help software engineering teams make better decisions, innovate faster, and rest comfortably knowing that their applications always consist of the highest quality open source components.

“Open source tools are an invaluable resource that enable companies and developers to keep up with the demand to deliver software applications at a rapidly accelerating pace,” said Patrick Severson, Principal at Vista Equity Partners. “Wayne and his team have built an impressive business and an innovative portfolio of products that empower software development teams to continuously innovate responsibly and with the highest quality and most secure open source across every stage of the digital supply chain. We are pleased to partner with Sonatype as they continue to grow their company in the large and rapidly expanding DevOps market.”

Goldman Sachs & Co. LLC acted as the exclusive financial advisor to Sonatype, and King & Spalding LLP and Morrison & Foerster LLP served as the company’s legal advisors. Morgan Stanley & Co. LLC acted as the exclusive financial advisor to Vista, and Kirkland & Ellis LLP served as legal advisor to the firm.

About Sonatype

Sonatype is the leader in software supply chain automation technology with more than 300 employees, over 1,000 enterprise customers, and is trusted by over 10 million software developers.  Sonatype’s Nexus platform enables DevOps teams and developers to automatically integrate security at every stage of the modern development pipeline by combining in-depth component intelligence with real-time remediation guidance.

For more information, please visit Sonatype.com, or connect with us on Facebook, Twitter, or LinkedIn.

About Vista Equity Partners

Vista is a U.S.-based investment firm with offices in Austin, Chicago, New York City, Oakland, and San Francisco and more than $52 billion in cumulative capital commitments. Vista exclusively invests in enterprise software, data, and technology-enabled organizations led by world-class management teams. As a value-added investor with a long-term perspective, Vista contributes professional expertise and multi-level support towards companies to realize their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity.

For more information, please visit www.vistaequitypartners.com.

PRESS RELEASE

Barcelona, Spain – November 18, 2019 – Accelya, a leading global provider of financial, commercial and analytics solutions to the airline and travel industry, today announced that it is being acquired by Vista Equity Partners (“Vista”), a leading investment firm focused on enterprise software, data and technology-enabled businesses. Vista’s investment in Accelya is the first made by the firm’s permanent capital investment fund Vista Equity Partners Perennial (“Perennial”), which is focused on growing industry-leading vertical software companies through long-term investments in product expansion and feature enhancement.

Accelya has been at the forefront of travel and transport for more than 40 years and provides solutions spanning the airline lifecycle encompassing financial, commercial and cargo and logistics processes to over 400 clients across the globe. Accelya’s mission-critical insights, solutions and services allow customers to stay at the leading-edge of industry change and provide scaled industry platforms that process more than 5 billion financial transactions annually.

John Johnston, Chief Executive Officer of Accelya, said, “Our clients count on us to deliver data-driven insights, efficiency and unrivaled value in a highly competitive industry, while also managing risk and compliance and delivering an excellent customer experience. Vista shares with us a long-term view and focus on product innovation that will allow us to accelerate the expansion of our solutions to propel our clients forward in the dynamic travel marketplace. On behalf of the team, I’d also like to thank Warburg Pincus for their valuable contribution and strategic insight over the years.”

Like Vista’s other investment strategies, Perennial invests in mission-critical, enterprise software businesses seeking to sustain market leadership and advance product innovation. The Perennial strategy is differentiated by its permanent capital structure which allows it to pursue longer-term value creation opportunities in partnership with companies and their management teams by providing both capital and expertise to accelerate their success.

“Accelya is at the forefront of innovation and positioned to shape the airline and travel industry for decades to come, making it an exceptional first investment for Vista’s Perennial Fund,” said Robert F. Smith, Founder, Chairman, and CEO of Vista. “We look forward to working with John and the talented management team at Accelya to identify further opportunities for growth as they continue to serve the leading airlines, travel agents, and shippers across the world.”

Warburg Pincus will exit its partnership with Accelya upon its sale to Vista, which is subject to customary closing conditions and regulatory approvals. In jurisdictions where it is required to do so, Vista will take appropriate steps to comply with any mandatory open offer requirements.

Adarsh Sarma and David Reis, Managing Directors of Warburg Pincus, added, “We are proud to have supported Accelya through a transformative period of organic and acquisitive growth, creating a truly world-class business. We want to thank John Johnston and his team for their unrelenting hard work and commitment during our ownership. We are excited for their next chapter with Vista who will continue to advance Accelya’s development and growth, building on its exceptional foundation of operational excellence and market-leading technology.”

Bank of America Merrill Lynch and Evercore served as the financial advisors to Accelya and Warburg Pincus. Kirkland & Ellis served as the legal advisor to Warburg Pincus. For Accelya, Socios Financieros served as the management team’s advisor and Squire Patton Boggs served as the legal advisor. Goldman Sachs and Houlihan Lokey served as the financial advisors to Vista. Simpson Thacher served as the legal advisor to Vista.

About Accelya
Accelya is a leading global provider of technology platforms, software and services to the travel and transport industry. Accelya has been delivering business-critical financial, commercial, cargo and analytics solutions for more than 40 years. With over 200 airline customers, and operations spread across 14 countries, Accelya employ over 2,500 professionals worldwide.

Accelya offers a modular suite of technology solutions for air travel, from offer to settlement, solving critical business problems for airlines, travel agents and industry bodies such as IATA. Accelya’s solutions are organized around customers’ key functions including commercial planning and optimization, sales & distribution management, financial reconciliation & settlement. Paramount to Accelya’s success is the exceptional breadth of understanding of industry data which allows the delivery of insightful and reliable solutions that reduce process friction in a complex inter-dependent industry.

For more information please visit www.accelya.com.

About Vista Equity Partners
Vista is a leading investment firm with offices in Austin, Chicago, New York City, Oakland, and San Francisco and more than $52 billion in cumulative capital commitments. Vista exclusively invests in enterprise software, data, and technology-enabled organizations across private equity, credit, public equity, and permanent capital strategies. As a value-added investor with a long-term perspective, Vista contributes professional expertise and multi-level support towards companies to realize their full potential. Vista’s investment approach is anchored by a sizable long-term capital base, experience in structuring technology-oriented transactions, and proven management techniques that yield flexibility and opportunity.

For more information, please visit www.vistaequitypartners.com.

About Warburg Pincus
Warburg Pincus LLC is a leading global private equity firm focused on growth investing. The firm has more than $62 billion in private equity assets under management. The firm’s active portfolio of more than 190 companies is highly diversified by stage, sector and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value.

Founded in 1966, Warburg Pincus has raised 19 private equity funds, which have invested more than $79 billion in over 880 companies in more than 40 countries. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai and Singapore.
For more information please visit www.warburgpincus.com.

PRESS RELEASE

Huron, OH & Providence, RI – November 18, 2019 – n2y LLC (the “Company”), a leading provider of software, curriculum and tools to the K-12 special education market, announced today a majority investment from Providence Equity Partners (“Providence”), a premier private equity firm that specializes in the media, communications, education and information industries. n2y will continue to be led by Chief Executive Officer Chrissy Wostmann and its current management team. The Riverside Company (“Riverside”), which invested in n2y in 2016, and members of n2y’s management team will retain ownership stakes in the business. Financial terms of the transaction were not disclosed.

Since its founding in 1997, n2y has changed how K-12 special education is taught by providing special education teachers and families with award-winning personalized solutions. The company’s products are designed to improve student outcomes, teacher efficiency, school compliance, and parent communication and collaboration by providing a highly customizable and easy-to-use total special education solution. n2y’s Total Solution connects the entire individualized education program (IEP) team with powerful workflow tools that empower them to plan, teach, assess, report, manage behavior, and reach students wherever they learn—from self-contained classrooms to the resource room, inclusive general education, virtual and home settings. n2y is currently serving approximately 60,000 service providers in all 50 states.

“We believe in the unique potential of every student and that all students, regardless of learning style, should have access to the best tools and services to ensure they reach their full potential,” said Chrissy Wostmann, CEO of n2y. “Providence’s investment will help us further expand our portfolio of products and solutions for the 21st-century classroom, and their deep experience investing in high-growth education software companies will be incredibly valuable as we enter our next phase of growth and continue to change the lives of all the individuals we proudly serve.”

“n2y has built an unparalleled business and reputation in the marketplace for providing educators and families with the tools to ensure all students have access to the same curriculum,” said David Phillips, Managing Director at Providence. “We are excited to have the opportunity to work alongside the n2y team to help grow their business and continue to build on their critical work.”
William Hughes, Managing Director at Providence, added, “n2y has a highly talented management team, and we look forward to working with Chrissy and the team to support the Company’s organic and acquisition growth plans and its commitment to transforming special education.”

About n2y
n2y® is changing the lives of special educators, therapists, speech-language pathologists and their students—seamlessly delivering a complete, differentiated instructional program tailored to help individuals with unique learning needs access the general education curriculum. n2y’s comprehensive, research-based solution frees educators to teach and empowers learning with standards-based academic content, powerful assessment and data collection, an accessible supplemental newspaper, dynamic symbol communication tools, skill-based learning games and a groundbreaking classroom management resource—all supported by best-in-class professional development. With n2y, everyone can learn. For more information on this award-winning solution, visit n2y.com and join them on Facebook and Twitter.

About Providence Equity Partners
Providence is a premier global asset management firm with over $45 billion in aggregate capital commitments. Providence pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 180 companies and has become a leading equity investment firm focused on the media, communications, education and information industries. Providence is headquartered in Providence, RI, and also has offices in New York and London. For more information, please visit https://www.provequity.com.

PRESS RELEASE

NEW YORK and WASHINGTON, November 18, 2019 – The National Football League Players Association (“NFLPA”), the Major League Baseball Players Association (“MLBPA”) and RedBird Capital Partners (“RedBird Capital”) today launched OneTeam Partners, LLC (“OneTeam”), a company to help athletes maximize the value of their name, image and likeness rights. RedBird Capital is making a significant capital investment as well as contributing financial and operational expertise; NFLPA and MLBPA are contributing exclusive group rights, operational expertise and personnel.

As part of the Company’s formation, OneTeam will manage and further commercialize player intellectual property, beginning with established franchises in video games and trading cards. With existing revenue in video games (including Electronic Arts’ Madden NFL and Sony’s MLB The Show) and select trading cards as the foundation, OneTeam will develop other revenue and licensing platforms that leverage the company’s core competencies to generate commercial opportunities for male and female athletes worldwide. These opportunities will initially include group licensing, player marketing and venture capital.

OneTeam will be led by founding CEO Ahmad Nassar, President of NFL Players Inc., and President Brent Stehlik, an Operating Partner at RedBird Capital and formerly Chief Revenue Officer of the Cleveland Browns and San Diego Padres. The Company’s Board of Directors will include representatives from each of the founding partners – NFLPA Executive Director DeMaurice Smith, MLBPA Executive Director Tony Clark, RedBird Capital Founder and Managing Partner Gerry Cardinale and RedBird Capital’s Alec Scheiner, formerly the President of the Cleveland Browns and SVP and General Counsel of the Dallas Cowboys.

“The creation of OneTeam has the potential to advance the interests of athletes in all sports,” said NFLPA Executive Director DeMaurice Smith. “We have grown through innovation in the past decade, whether through the creation of ACE Media, One Team Collective, or REP Worldwide, and OneTeam is the next step in our ability to expand our services to players and partners.”

“Athletes across all sports are interested in connecting more directly and authentically with their fans,” MLBPA Executive Director Tony Clark said. “The OneTeam partnership provides a platform for athletes to provide additional value in new and innovative ways while strengthening the bonds and sense of community between athletes worldwide. We’re pleased to join with Redbird Capital and the NFLPA to launch this exciting new venture.”

Gerry Cardinale continued: “We are honored to partner with the NFLPA, the MLBPA and their players. The commercial opportunity for collective player rights has been steadily growing in recent years, as many players associations have brought ownership of their rights back in-house as they seek new monetization opportunities. With OneTeam, we are capitalizing a new platform company across Leagues with experienced leadership focused on maximizing the value of these rights. Through this independent platform, all the participating associations will be able to accelerate current revenue streams, as well as develop future revenue categories on behalf of their members.”

“I am extremely pleased to have the opportunity to lead OneTeam,” said CEO Ahmad Nassar. “Our mission is to empower world-class athletes to own their individual and collective intellectual property. We see the opportunity for athlete-centric sports properties around the world to leverage and fully monetize their group licensing rights on an independently capitalized basis. To that end, we will build upon REP Worldwide, the brand management and representation business founded by the NFLPA, the Women’s National Basketball Players Association and the U.S. Women’s National Team Players Association. Ultimately, our goal is for OneTeam to work with and support every athlete in every country.”

As part of the Company’s formation, OneTeam will launch a venture fund that includes other Players Associations including the Women’s National Basketball Players Association, U.S. Women’s National Team Players Association and the Major League Soccer Players Association. This fund will invest in sports-related, early stage companies that can benefit players and player performance.

OneTeam will be headquartered in Washington D.C. and New York, with localized operations in every major city in the United States and select cities around the world.

About RedBird Capital Partners
RedBird Capital Partners is a principal investment firm which provides flexible, long-term capital to help entrepreneurs grow their businesses. With offices in New York and Dallas, RedBird seeks investment opportunities in growth-oriented private companies where its capital, investor network and strategic relationships enable business owners to achieve their corporate objectives. Founded by former Goldman Sachs Partner Gerald Cardinale, RedBird has invested and/or led $2.5 billion of equity to support its entrepreneur-led platforms, connecting patient capital with business founders to help them outperform operationally, financially and strategically. For more information, please go to www.redbirdcap.com.

About the National Football League Players Association
The National Football League Players Association (NFLPA) is the union for professional football players in the National Football League. Established in 1956, the NFLPA has a long history of assuring proper recognition and representation of players’ interests. The NFLPA has shown that it will do whatever is necessary to assure that the rights of players are protected—including ceasing to be a union, if necessary, as it did in 1989. In 1993, the NFLPA again was officially recognized as the union representing the players and negotiated a landmark Collective Bargaining Agreement with the NFL. The current CBA will govern the sport through 2020. For more information, please visit www.nflpa.com.

About the Major League Baseball Players Association
The Major League Baseball Players Association (www.MLBPLAYERS.com) is the collective bargaining representative for all professional baseball players of the thirty Major League Baseball teams and serves as the exclusive group licensing agent for commercial and licensing activities involving active Major League baseball players. On behalf of its members, it operates the Players Choice licensing program and the Players Choice Awards, which benefit the needy through the Major League Baseball Players Trust (www.PlayersTrust.org), a charitable foundation established and run entirely by Major League baseball players. Follow: @MLB_Players; @MLBPlayersTrust; @MLBPAClubhouse.

PRESS RELEASE

WASHINGTON, D.C., November 18, 2019 – Arlington Capital Partners (“Arlington Capital”), a Washington, D.C.-based private equity firm, today announced the acquisition of Doncasters Group’s Blaenavon forging business (“Blaenavon” or the “Company”). Going forward, the business will operate independently as part of Forged Solutions Group (“FSG”). Located in South Wales, United Kingdom, the Company is a leading provider of complex, precision forged rings and closed die products primarily for OEM and Tier 1 aerospace & defense engine customers.

Peter Manos, a Managing Partner at Arlington Capital, said “Blaenavon is a very unique asset, and we are excited to support Lee and his management team in accelerating the Company’s growth through investment in new capital and through acquisitions of complementary businesses that expand product offerings, customer lists and geographic reach. The Company is well positioned on fast growing, next generation engine platforms such as LEAP, GTF, and Trent XWB and additionally has a strong portfolio of aftermarket components on sole sourced programs.”

“I look forward to partnering with Arlington Capital Partners to embark on the Company’s next phase of growth by investing in infrastructure, leveraging the firm’s expertise to win new contracts and gain market share, delivering best-in-class on-time-delivery and quality, and evaluating strategic M&A opportunities” said Lee Smith, Managing Director of the Company. “Arlington has had a long, successful track record in building strong market-leading businesses in the aerospace & defense space, and we look forward to being counted among them.”

Erica Son, a Vice President at Arlington Capital, said, “Lee and the Forged Solutions Group team have established credibility as a trusted supplier for mission critical engine parts. For Arlington, this investment represents an opportunity to invest in an attractive part of the aerospace & defense value chain with strong customer relationships, high barriers to entry, and high revenue visibility.”

About Arlington Capital Partners
Arlington Capital Partners is a Washington, DC-based private equity firm that is currently investing out of Arlington Capital Partners V, L.P., a $1.7 billion fund. The firm has managed approximately $4.0 billion of committed capital via five investment funds. Arlington is focused on middle market investment opportunities in growth industries including aerospace & defense, government services and technology, healthcare, and business services and software. The firm’s professionals and network have a unique combination of operating and private equity experience that enable Arlington to be a value-added investor. Arlington invests in companies in partnership with high quality management teams that are motivated to establish and/or advance their company’s position as leading competitors in their field. www.arlingtoncap.com.

PRESS RELEASE

MUMBAI, INDIA, November 18, 2019 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced that it has signed a definitive agreement to acquire a majority interest in Bharat Serums and Vaccines Limited (“Bharat Serums” or “BSV”), a biopharmaceutical leader in women’s healthcare, assisted reproductive treatment, critical care and emergency medicine in India and emerging markets.

With this transaction, OrbiMed PE and Kotak PE, two private equity firms that previously held minority positions in Bharat Serums, will fully exit their investments in the company. The Daftary family, which founded BSV, is retaining a meaningful equity stake in the business and is partnering with Advent on the company’s next stage of growth.

Founded in 1971 in Mumbai, Bharat Serums is one of the fastest-growing biopharmaceutical companies in India. BSV researches, develops, manufactures and markets specialized injectable medicines with a portfolio focused on biotech and biological products. The company has multiple niche products that are leading brands across women’s health, assisted reproductive treatment, critical care and emergency medicine.

Including the BSV acquisition, Advent has invested or committed $2.2 billion in seven companies across the healthcare industry in 2019, further expanding its depth and commitment to the sector globally. The firm has also invested or committed more than $600 million in five Indian businesses this year in sectors such as healthcare, consumer products and financial services.

“Bharat Serums has a differentiated portfolio of biotech and biological offerings in high-growth segments,” said Pankaj Patwari, a Director at Advent International in Mumbai. “We are also excited about the company’s robust R&D pipeline, which offers the potential to capture whitespace both in India and global markets.”

“Drawing on our deep experience in pharmaceuticals and our global platform, we see significant opportunity to further strengthen the company’s leadership position in India, particularly in women’s health, and scale its presence in emerging markets around the world,” said Shweta Jalan, a Managing Director and Head of India at Advent International in Mumbai. “Advent’s high level of investment activity in India this year demonstrates the attractiveness of the market and our commitment to investing here.”

“We are thrilled to partner with Advent and continue BSV’s journey to deliver innovative and specialized products,” said Bharat V. Daftary, a member of the founding family of Bharat Serums. “Our business has demonstrated consistent product innovation and revenue growth, and with this partnership we will seek to further expand our presence in select large emerging markets. We look forward to the resources and expertise Advent will offer BSV.”

“BSV represents an exciting mix of innovative products and technologies, a dedicated team and strong market presence,” said Dr. Gautam V. Daftary, a member of the founding family of Bharat Serums. “The partnership with Advent is another major milestone in BSV’s growth story.”

Advent International has significant experience in the healthcare industry globally. In the past 29 years, the firm has invested or committed $9 billion in 48 companies in the sector, including 19 businesses involved in pharmaceutical R&D, production and distribution. Recent pharmaceutical transactions include Zentiva’s acquisition of Alvogen’s Central and Eastern European generics business (Advent is providing equity capital to help finance the transaction), BioDuro (contract R&D), Industria Chimica Emiliana (pharmaceutical ingredient production), Somar (generic pharmaceuticals), Syneos Health (clinical development and commercialization services) and Zentiva (generic pharmaceuticals).

Advent has been investing in India since 2007. During this time, it has deployed more than$1.5 billion in 11 companies with headquarters or operations in the country. In addition to BSV, new and follow-on investments this year include Aditya Birla Capital, the holding company for the financial services businesses of Aditya Birla Group; DFM Foods, a leading producer of packaged snack foods; and Enamor and Dixcy Textiles, two leading innerwear brands.

Innergize Solutions acted as Strategic Advisor to BSV on the transaction.
The acquisition is expected to close by the end of 2019. Financial terms were not disclosed.

ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of June 30, 2019, had $54 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology.

After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies. For more information, visit www.adventinternational.com; LinkedIn: www.linkedin.com/company/advent-international.

PRESS RELEASE

INDIANAPOLIS, November 18, 2019 – HKW, a middle-market private equity firm focused on growth-oriented companies, today announced the acquisition of John M. Floyd & Associates, Inc. (“JMFA” or the “Company”), a provider of software and consulting solutions designed to optimize overdraft programs for regional/community banks and credit unions. Financial terms of the transaction were not disclosed.

Headquartered in Houston, Texas, JMFA serves more than 350 regional/community bank and credit union customers with its core overdraft privilege program, and also provides vendor contract negotiation services. The Company uses proprietary software and ongoing consulting to confirm compliance and identify areas of improvement with client overdraft programs. JMFA aligns with HKW’s Business Services sector focus, notably within the Tech-Enabled Business Services subsector.

“JMFA’s talented management team has built a profitable, recession-resistant business in a market with increasing demand for its services and meaningful potential for growth,” said Luke Phenicie, Lead Transaction Partner at HKW. “We believe our partnership with JMFA can result in both organic and strategic growth opportunities resulting from operational improvements, increased service offerings, and expanded geographic reach.”

“JMFA has a long track record of successfully assisting community/regional banks and credit unions with their overdraft programs on an ongoing basis. This is important because overdraft programs are difficult for these customers to manage in terms of compliance and processes,” added Chris Eline, a Principal at HKW. “We look forward to helping JMFA continue to develop their software and services offering, as well as push to reach more customers throughout the United States.”

Taft Stettinius & Hollister LLP (“Taft”) served as legal counsel to HKW. Foley & Lardner LLP served as legal counsel to JMFA. GulfStar Group provided transaction advisory to JMFA.

About HKW
HKW is a private equity firm investing in growth-oriented companies with talented management teams in the US and Canada. HKW targets small to mid-size companies in the Business Services and Health & Wellness sectors. Since 1982, HKW has sponsored 61 platform transactions of lower middle-market companies throughout North America, as well as 66 add-on acquisitions. For more information on HKW, please visit hkwinc.com.

PRESS RELEASE

Hanover Partners announces the acquisition of Westside Equipment Company (“Westside”). Headquartered in Madera, California with multiple branch offices across California and company-owned distribution in Chile, the Company designs and manufactures tomato harvesting and pistachio harvesting equipment, as well as related aftermarket parts. Founded in 1986, and located in California’s Central Valley, home of 95% of the U.S.’s domestic processed tomato production, Westside is the market leader in tomato harvesters for processed tomato applications, with multiple model offerings branded under the Commander, Johnson, and STAR names. The Company serves a diverse customer base including the world’s major tomato and pistachio processors and farms located near the Company’s headquarters in California, as well as addressing customers in other parts of the U.S., and across the globe. The Company’s website is www.westsideequipment.com.

Greyrock Capital Group co-invested alongside Hanover Partners and management in the acquisition of Westside. The Westside investment was Hanover’s third new platform investment in the last 15 months, and its second transaction of 2019, including the July exit of Freedom Communication Technologies.

Mr. Dan Rodrick, Co-Founder and CEO of Westside, re-invested alongside Hanover and will continue to lead the Company. Commenting on the closing, Mr. Rodrick stated, “My team and I are excited to partner with Hanover to build upon Westside’s dominant market share in tomato harvesters and expand into other related agricultural machinery equipment applications. We were attracted to Hanover’s decades of experience backing the growth of specialty equipment manufacturers. Their support will enable to us to better serve our existing customers, as well as enhance our new product development efforts both internally and via acquisition.”

Commenting at the transaction’s closing, Aaron Aiken, Partner with Hanover Partners stated, “We were especially impressed with Westside’s long-term and leading brand name, robust organization, product development core-competencies, commanding market share, and exceptionally high recurring revenues for an equipment manufacturer. In addition, we attracted to the overall stability of the processed tomato market, as well as the significant growth of the pistachio market. Hanover is grateful to co-founders John Perez and Dan Rodrick for selecting Hanover to steward the Company’s future. We are excited to partner with Dan as CEO, and the entire Westside team, to enhance the Company’s current operations, continue Westside’s excellent customer service in the Central Valley, and enter adjacent product categories with add-on acquisitions. The Westside recapitalization is highly-consistent with Hanover’s 25-year strategy of investing in niche-market leading equipment manufacturers with significant engineering value-add. In addition, this investment continues our track-record of facilitating smooth ownership and leadership transitions for family-owned and owner-operated companies.”

John Perez, Westside’s co-founder, who will remain a board member of Westside and re-invested alongside Hanover, stated, “The transaction with Hanover Partners culminates a long and successful chapter for Westside, and begins another. I’m pleased to be an ongoing shareholder and board member, and I am confident Westside will continue to thrive in serving the California, as well as international farming communities. With Hanover’s partnership, Westside is well-positioned to invest in internal new product development and acquisitive growth opportunities.”

About Hanover Partners
Founded in 1994, Hanover Partners, Inc. is a private equity firm with offices in Portland, OR and San Francisco, CA. Hanover acquires majority positions in lower middle-market specialty manufacturers, developing proprietary, highly engineered products, industrial equipment, niche branded consumer products, and business-facing software products. Within these sectors, the firm focuses on companies with $2 million to $8 million of operating income. With the addition of Westside, Hanover’s current portfolio of companies consists of six companies located across the United States.
www.hanoverpartners.com

PRESS RELEASE

Reston, VA (November 13, 2019) – The Internet Society and Public Interest Registry (PIR) today announced that they have reached an agreement with Ethos Capital, under which Ethos Capital will acquire PIR and all of its assets from the Internet Society. The transaction is expected to close during the first quarter of next year.

“This is an important and exciting development for both the Internet Society and Public Interest Registry,” said Andrew Sullivan, President and Chief Executive Officer of the Internet Society, the organization that established Public Interest Registry. “This transaction will provide the Internet Society with an endowment of sustainable funding and the resources to advance our mission on a broader scale as we continue our work to make the Internet more open, accessible and secure – for everyone. It also aligns Public Interest Registry with Ethos Capital, a strong strategic partner that understands the intricacies of the domain industry and has the expertise, experience and shared values to further advance the goals of .ORG into the future.”

“Since the inception of Public Interest Registry, our mission has been to enable the .ORG Community to use the Internet more effectively and change the world for the better,” stated Jon Nevett, CEO of Public Interest Registry. “That will not change. We have enjoyed a long and successful relationship with the Internet Society, and are thrilled that we will be able to continue – and expand – our important work with Ethos Capital while sustaining our commitment to the .ORG Community going forward.”

Following the close of the transaction, PIR will continue to meet the highest standards of public transparency,accountability, and social performance in line with its longstanding purpose-driven mission, and will consider seeking B Corporation certification. All of PIR’s domain operations and educational initiatives will continue, and there will be no disruption of service or support to the .ORG Community or other generic top-level domains operated by the organization.

“We are excited to support PIR’s mission and build upon the incredible work it has done to promote success and positive impact for the .ORG Community,” said Erik Brooks, Founder & CEO of Ethos Capital. “As part of our commitment to setting the gold standard of registry operations, we will be establishing a Stewardship Council that will serve to uphold PIR’s core founding values and provide support through a variety of community programs.”

Mr. Brooks added: “Importantly, throughout the transition and beyond, we are committed to ensuring complete continuity of PIR’s operations and enhancing the relationships PIR has established over the years. We look forward to continuing PIR’s longstanding partnerships and vendor affiliations to ensure domain operations run smoothly and without interruption.”

Vint Cerf, former Chairman of the Board of ICANN and founding President of the Internet Society, said: “When the Internet Society won the bid to operate the .ORG registry, it enabled a productive and sustainable future for the organization. Public Interest Registry exercised its stewardship to the benefit of the registrants and the Internet Society’s mission. I am looking forward to supporting Ethos Capital and PIR in any way I can as they continue to expand the utility of the .ORG top-level domain in creative and socially responsible ways.”

PIR was established by the Internet Society in 2002 to manage and operate the .ORG domain. Since then, .ORG has risen to become the largest purpose-driven domain used by millions of organizations and others to achieve their online goals.

Goldman Sachs & Co LLC. is serving as financial advisor to both the Internet Society and PIR. Morgan, Lewis & Bockius LLP and Proskauer Rose LLP are serving as legal advisors to the Internet Society and PIR, respectively. Macquarie Capital is serving as financial advisor and Morrison & Foerster LLP is serving as legal advisor to Ethos Capital.

About Public Interest Registry
Public Interest Registry (PIR) is a nonprofit corporation that operates the .ORG top-level domain—one of the world’s largest generic top-level domains with more than 10 million domain names registered worldwide. As an advocate for collaboration, safety, and security on the Internet, PIR’s mission is to serve as an exemplary registry and to provide a trusted digital identity. PIR strives to educate the global community to use the Internet more safely and effectively while taking a leadership position among Internet stakeholders on policy and other issues relating to the domain naming system. PIR was founded by the Internet Society (https://www.internetsociety.org) in 2002 and is based in Reston, Virginia, USA. Visit Public Interest Registry at https://pir.org.
About .ORG
.ORG is the original purpose-driven “generic” top-level domain (gTLD) with more than 10 million domain names registered worldwide. .ORG is open to everyone, providing a global platform for organizations, associations, clubs, businesses and individuals to bring their ideas to life. For more than 30 years, .ORG has built an enduring legacy of trust, preserving an open and secure Internet where diverse communities can establish a trusted online identity and freely share ideas. Visit www.TheNew.org for more information.
About the Internet Society
Founded by Internet pioneers, the Internet Society (ISOC) is a non-profit organization dedicated to ensuring the open development, evolution and use of the Internet. Working through a global community of chapters and members, the Internet Society collaborates with a broad range of groups to promote technologies that keep the Internet safe and secure, and to advocate for policies and infrastructure that enable universal access. The Internet Society also provides a corporate home for the administrative entity that supports the Internet Engineering Task Force (IETF). For additional information, visit https://www.internetsociety.org/.
About Ethos Capital
Ethos Capital is a specialized investment firm that helps transform and grow established companies in today’s rapidly evolving digital economy. Ethos Capital’s Founder and CEO, Erik Brooks, has deep expertise and relationships across the business, technical, and social communities that protect and promote the Internet’s core founding values. As a mission-driven firm, Ethos Capital is committed to setting the gold standard of ethics and social responsibility for registry operations and supporting a globally connected and resilient Internet. For more information, please visit https://ethoscapital.com/.

PRESS RELEASE

Cerberus Capital Management, L.P. (“Cerberus”), a global leader in alternative investing, today announced that one of its affiliates has acquired an 80% interest in Off Lease Only, LLC (“Off Lease Only” or the “Company”), a leading independent, used-car dealer in the United States. Under the terms of the transaction, Off Lease Only founders Mark and Eileen Fischer will maintain 20% ownership of the Company and will continue to provide strategic direction and support.

With four Florida retail locations and a robust online platform, Off Lease Only is one of the largest independent used car dealers in the United States. The Company offers an expansive selection of quality cars and has sold hundreds of thousands of vehicles worldwide. Rated A+ by the Better Business Bureau and voted National Used Car Dealer of the Year multiple years, Off Lease Only and its 850 team members provide a seamless and transparent car buying and selling process, supported by exceptional customer service.

“Off Lease Only’s tremendous success is a testament to its strong business model and the unmatched value proposition it offers customers,” said Scott Wille, Co-Head of Private Equity and Senior Managing Director at Cerberus. “We look forward to working with Mark, Eileen, and their talented team to expand the Company’s footprint and further strengthen the business through strategic investments and the integration of operations and technology initiatives.”

Mark Fischer, Co-Founder of Off Lease Only, commented, “From our humble beginnings, Off Lease Only has grown into a market-leading business thanks to the hard work and commitment of our outstanding team. Eileen and I are thrilled that Cerberus recognizes our talented employees, superior platform, and best-in-class customer service. Cerberus brings extensive financial, operating, and industry expertise and positions Off Lease Only better than ever for its next phase of growth.”

In conjunction with the transaction, Mr. Leland (“Lee”) Wilson will join Off Lease Only as Chairman and Chief Executive Officer (“CEO”). Mr. Fischer who will stay on as Co-CEO to ensure a smooth transition, after which he will continue to be a member of the Executive Committee of the Board. Mr. Wilson has over 30 years of operational, financial, and managerial experience, including most recently as Executive Chairman of Carrier & Technology Solutions, one of the largest insurance outsourcers based in Florida. Mr. Wilson was formerly Vice Chairman and Chief Financial Officer of Chrysler Financial and, before that, was an Operating Executive for Cerberus Operations and Advisory Company.

Mr. Wilson said, “I am excited to join Off Lease Only and look forward to working with their exceptional team to execute on the many growth opportunities ahead. Through this partnership with Cerberus and the Fischers, we will be able to position Off Lease Only for continued success while maintaining the customer-focused business model that has always been the foundation of the Company.”

About Cerberus
Founded in 1992, Cerberus is a global leader in alternative investing with over $42 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.

About Off Lease Only
Founded in 2004, Off Lease Only, LLC is The Nation’s Used Car Destination and one of the largest volume used-car dealerships in the United States, with four state-of-the-art retail locations in Florida, including in Palm Beach, Miami, Orlando and Fort Lauderdale. Off Lease Only helps shoppers skip the depreciation and save thousands on more than 5,000 low mileage 2016-2020 cars, trucks, SUVs and vans. Off Lease Only has an A+ rating from the Better Business Bureau, is recognized as an Edmunds Five-Star Premier Dealer, and has received recognition multiple times as DealerRater’s “Used Car Dealer of the Year for the Entire United States”. For more information, visit www.offleaseonly.com.

PRESS RELEASE

Munich/Amsterdam/Brussels, 15 November 2019 – Equistone Partners Europe (“Equistone”), one of Europe’s leading mid-market private equity firms, has agreed to acquire Amadys NV (“Amadys” or “the company”), headquartered in Brussels. Amadys is a leading provider of passive network equipment solutions to all utility segments in Belgium and surrounding countries. Equistone acquires the company from the management and the investment fund Vectis Private Equity.

The existing management team, led by CEO Hein Wilderjans, will continue to run the company following the acquisition. The management team will reinvest and will retain a sizable minority share in the company. The transaction is expected to complete in early 2020. The financial terms of the transaction are undisclosed and the acquisition remains subject to clearance from the relevant competition authorities.

Amadys, through its various operating companies, provides passive network equipment solutions to all utility networks, including fixed and mobile telecom networks and water, gas and electricity grids, as well as to general industrial businesses. The company provides a broad range of products and services, ranging from fibre optic cabling and related products, to ducts, closures and covers, often in customised and unique specifications and combinations. Amadys has important distribution relationships with many of the leading OEMs in its field and is considered a highly valued partner to them. In addition, the company has longstanding relationships with its key customers, which comprise the leading utility players in the Belgian and wider Benelux market, as well as many industrial businesses. Amadys provides them with a one-stop-shop solution in its product categories, complemented with deep and specific technical expertise. Amadys employs over 100 people in Belgium and the Netherlands and generated revenues of more than €130 million in 2018.

Following the transaction, Equistone will support the company’s continued organic growth as well as its strategy to further expand as a platform for consolidation and internationalization.

Hubert van Wolfswinkel, Director at Equistone, said: “We are very impressed by Amadys’ strong market position, earned by providing an exceptional level of expertise and service to its customers and OEMs. The company is well-positioned for further growth and to strengthen its presence in Belgium as well as in neighbouring countries. In partnership with Amadys’ excellent management and employees, we look forward to supporting the company’s continued growth trajectory.”

Hein Wilderjans, CEO at Amadys, commented: “We are delighted to have Equistone as a reliable and financially strong new partner. Having them on board will enable us to make the next step in the development of our company and to become an even better partner to our customers and OEM relations.”
Hubert van Wolfswinkel, Marc Arens and Tanja Berg led the transaction on behalf of Equistone. Equistone was advised by Allen & Overy (Legal), PwC (Commercial), Ernst & Young (Financial & Tax), Shearman & Sterling (Legal financing) and Rothschild (Financing).

PRESS RELEASE

NEW KINGSTOWN, Pa., Nov. 14, 2019 /PRNewswire/ — Dominus Capital, L.P. (“Dominus”) and affiliates have completed their investment in Surface Preparation Technologies (“SPT”), the nation’s number one provider of rumble strips and related roadway safety services. SPT has installed hundreds of thousands of miles of rumble strips, in almost every state, helping to keep motorists safely on the road and preventing collisions. The company combines 30+ years of roadway infrastructure expertise and a fleet of proprietary, technologically advanced equipment.

“We are very much looking forward to our next chapter with Dominus Capital, where we will leverage our capabilities and fleet for further growth both organically and through acquisitions in the US and beyond,” said Steve Burke, President & CEO of SPT.

Ashish Rughwani, Founding Partner at Dominus Capital, added “We are looking forward to partnering with Steve and the entire management team at SPT. We are eager to apply our network and knowledge of the roadway services space to assist management in achieving their growth plans. We are excited about the company’s continued strong organic growth profile and ability to pursue add-on acquisitions in adjacent geographies and complementary service offerings.”

Terms of the transaction were not disclosed.

About Surface Preparation Technologies (www.rumblestrips.com)
Surface Preparation Technologies is the nation’s largest provider of rumble strips and related critical roadway safety services. The company provides both general contracting and subcontracting services in every state. SPT’s operations are based out of its corporate headquarters in New Kingstown, Pennsylvania with five additional facilities located throughout the country.

About Dominus Capital (www.dominuscap.com)
Based in New York, Dominus Capital is a leading middle-market private equity investment firm that focuses on management-led buyouts and growth capital investments in companies in the business services, light manufacturing and consumer sectors. Drawing on the experience, knowledge and network of its founders and a team of in-house operating executives, Dominus Capital works hand-in-hand with exceptional management teams to unlock the untapped potential of its portfolio companies. The firm takes a long-term and conservative approach to investing and has a consistent and successful track record of achieving significant growth at its portfolio companies. The Dominus Capital team members have executed over 75 transactions over the past 20+ years.

PRESS RELEASE

Portland, Oregon – November 14, 2019 – Gorge Holdings (“Gorge”), announces the sale of Western Shelter Systems and CrewBoss (“Company”) to Guardian Capital Partners (“Guardian”). The leadership team that successfully doubled revenue in less than seven years will continue to operate and grow the businesses with the additional capital and resources of Guardian.

Headquartered in Eugene, OR, Western Shelter Systems, (https://www.westernshelter.com), designs, manufactures, and distributes a complete line of turnkey shelter and custom mobile solutions for emergency responders, military and commercial customers. CrewBoss, (https://crewbossppe.com), designs and manufactures premier personal protective equipment including wildland firefighting clothing and station wear for the toughest men and women in the fire service.

The Company was acquired by Gorge in partnership with Barry Hendrix and the existing leadership team in 2013 with an eye toward professionalizing and growing an already successful company. Gorge and the team focused on investing in talent, systems, products and markets over the course of their investment. Michael Scala, CEO, was recruited in 2015 to lead the company and has successfully built a team and operation poised for the next level of growth. “We are proud of what we have accomplished, growing and building a company supporting customers who serve others. The team is energized for the next evolution in this exciting story,” stated Michael.
Commenting on the deal, David Altman, Principal with Gorge, stated “We are pleased to have identified and secured a strong partner for the leadership team – Guardian is focused on continuing to expand the Company’s capabilities and reach. This successful outcome is a testament to the leadership team’s dedication to the business.”

Richard Diforio, Principal with Gorge, commented “It has been a pleasure partnering with the Western Shelter Systems and CrewBoss leadership team for the last 7 years. We are grateful for the team’s efforts in transforming the business and proud to have been part of this phase of the Company’s growth. We look forward to their continued success.” DC Advisory, (https://www.dcadvisory.com), served as exclusive financial advisor and Hathaway Larson, (https://www.hathawaylarson.com), provided the legal and transaction services to Gorge and the Company.

About Gorge Holdings (www.gorgeholdings.com)
Gorge has been part of the private equity investment environment in the Pacific Northwest since 2003. They attribute their continued success to years of relationship-building, persistence, a criteria-based evaluation process, operating experience and keen partner and talent selection and building. Gorge focuses on partnering with product-based potential platforms with revenues below $25MM and over $1MM EBITDA, that may not have the current resources to make the next level of growth possible. More information on Gorge Holdings is available at http://www.gorgeholdings.com.

PRESS RELEASE

Chicago, IL – November 12, 2019 – Svoboda Capital Partners LLC (“SC”) is pleased to announce that Triad Technologies (“Triad” or the “Company”) has completed a recapitalization with management and Shorehill Capital, LLC (“Shorehill”), a Chicago-based private equity firm.

Headquartered in Vandalia, Ohio, Triad is a leading value-added distributor of industrial fluid power and automation solutions, supplying products that solve its customers’ technical challenges across hydraulic, pneumatic, electromechanical, and automation technologies. The Company is a regional market leader in the industrial fluid power market with over twenty locations across Ohio, Kentucky, Michigan, and Indiana. Since 1981, Triad has served customers across a variety of end markets – automation and manufacturing, aerospace and defense, construction, automotive, agriculture, etc. – augmenting its product offering with a range of support services and technical expertise.

SC and Triad management partnered on their initial investment in Triad in 2015, concurrent with Triad’s acquisition of Mega Fluidline Products. During SC’s partnership, Triad completed three additional strategic add-on acquisitions and opened multiple new branch locations, significantly increasing the Company’s size and geographic presence.

Doug Wissman, the Wissman family, and the Triad management team remain significant owners of the Company. “SC has been a valuable partner in helping the Triad team build and enhance the business through organic growth and strategic add-on acquisitions. Our partnership has been beneficial and has been an enjoyable experience along the way” Doug Wissman, CEO, said. “As we move forward into the next phase, we are excited to build upon our strong foundation to continue growing the business.”

“On behalf of SC, it has been a pleasure to work with the team at Triad. Under management’s leadership, Triad expanded its geographic presence and strengthened its value proposition, while maintaining an unwavering focus on providing the highest quality products and services for its customers,” said Ryan Kantor, Vice President at Svoboda Capital Partners. “We are proud of our association with Triad and are confident of its continued success with Shorehill.”

Katten Muchin Rosenman LLP acted as Triad’s legal advisor on the transaction. Cowen and Company acted as Triad’s financial advisor on the transaction.

For more information on Triad, please visit www.triadtechnologies.com.
For more information on Shorehill, please visit www.shorehillcapital.com.

About Svoboda Capital Partners LLC
Svoboda Capital Partners LLC is a Chicago-based private equity firm with over $400 million of capital under management. Founded in 1998, SC identifies, invests in, and helps build excellent businesses in its targeted business niches: value-added distribution, business services, and consumer products. SC typically makes investments of $10 to $20 million per company in partnership with management teams. For more information on SC, please visit www.svoco.com.

PRESS RELEASE

SAN FRANCISCO – Encore Consumer Capital (“Encore”), a private equity firm that invests exclusively in leading consumer products companies, is pleased to announce that it has completed an investment in Murry’s, Inc. (“Murry’s”).
Murry’s, based in Greenbelt, MD, is a manufacturer of frozen French toast sticks and bites that are sold into the private label retail and foodservice channels. A family-owned business since 1948, Murry’s is a trusted name in food manufacturing with French toast products distributed nationwide.

“I am excited about the partnership with Encore and the experience they bring to the table,” said Murry’s CEO, Ira Mendelson. “With their support, I am looking forward to our next chapter of growth.”

Kate Wallman, Director at Encore Consumer Capital, said, “We are excited to partner with Ira and the team at Murry’s. Under Ira’s leadership, Murry’s has become a leader in the frozen private label breakfast category and we look forward to supporting the growth of the business going forward.”

About Encore Consumer Capital
Encore Consumer Capital is a San Francisco-based private equity investment firm focused on the consumer products industry. The firm has raised over $600 million in equity capital and invested in over 30 companies in the sector. Encore’s current and prior investments include food and beverage manufacturers and marketers (4505 Meats, Aidells Sausage Company, Ancient Harvest, Brownie Brittle, Full Sail Brewing, Mesa Foods, Navitas Organics, Tender Belly, Thanasi Foods, Van Law Foods, Cece’s Veggie Co.), pet products companies (ThunderWorks, Zuke’s) and personal care/beauty companies (Supergoop!, MyChelle Dermaceuticals, tarte), and food distribution companies (Freshko Produce Services, Pint Size Hawaii, Tourtellot), among others. The firm targets companies with between $10 million and $100 million in annual revenues, where Encore’s strong operating expertise in strategy development, brand marketing and distribution expansion can help drive performance. www.EncoreConsumerCapital.com

PRESS RELEASE

TORONTO, Ontario, SALT LAKE CITY, Utah, NEW BRAUNFELS, Texas, Nov. 14, 2019 (GLOBE NEWSWIRE) — ONCAP announced today it has partnered with the management team of Enertech Holdings LLC (“Enertech”) to acquire the company from Tower Arch Capital LLC (“Tower Arch Capital”).

Enertech is a leading provider of wireless infrastructure services to telecommunications carriers and tower owners throughout the Southern, Central and Pacific Northwest regions of the United States. The company goes to market under three regional brands: (i) Enertech Resources, (ii) EasTex Tower, and (iii) Legacy Telecom, all of which provide network densification, structural modifications, technology upgrades, and repairs and maintenance services. Headquartered in New Braunfels, Texas, Enertech employs more than 470 people across 14 facilities located throughout the United States.

“Enertech is a market leader due to a relentless focus on exceptional customer service, employee safety and technical expertise,” said Edmund Kim, a Managing Director with ONCAP. “We are thrilled to partner with Eric Chase and the Enertech management team to continue to grow the business through acquisitions and organic growth.”

“Right from the onset of this process, the ONCAP team brought speed, incredible know-how and a keen eye for the details. We couldn’t imagine a better fit for both Enertech and the wireless industry,” remarked Eric Chase, Chief Executive Officer of Enertech. “We’ve been truly blessed to work with Dave Parkin, Ryan Stratton and the entire Tower Arch Capital family over the years. Their support and partnership has been a key factor in enabling Enertech to reach this next step in our journey.”

“Enertech has been an excellent partner. Dave Parkin and I have enjoyed working with Eric Chase, Justin Jones, Jim Miller and Jim Tracy, while delivering exceptional returns to our investors,” said Ryan Stratton, a Partner at Tower Arch Capital. “The company is well-positioned for continued success and we believe ONCAP will be a great partner for Enertech.”

The investment was made by ONCAP IV, Onex Corporation’s (TSX: ONEX) $1.1 billion fund. The terms of the transaction are not being disclosed.

About ONCAP
ONCAP is the mid-market private equity platform of Onex. In partnership with operating company management teams, ONCAP invests in and builds value in North American headquartered small and medium-sized businesses that are market leaders and possess meaningful growth potential. For more information on ONCAP, visit www.oncap.com.

Founded in 1984, Onex invests and manages capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex’ platforms include: Onex Partners, private equity funds focused on larger opportunities in North America and Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through collateralized loan obligations, private debt and other credit strategies; and Gluskin Sheff’s actively managed public equity and public credit funds. In total Onex has approximately $38 billion of assets under management, of which approximately $7.0 billion is its own shareholder capital. With offices in Toronto, New York, New Jersey and London, Onex and its experienced management teams are collectively the largest investors across Onex’ platforms. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX. For more information on Onex, visit www.onex.com.

About Enertech
Enertech Holdings’ companies provide turnkey services in the wireless infrastructure services space, including macro towers, small cell, DAS, microwave, structural engineering, utility towers, technology upgrades, civil services, tower modifications, generator services, and project management. The company is headquartered in New Braunfels, Texas. For more information about Enertech, please visit https://enertechholdings.com.

About Tower Arch Capital
Headquartered in Salt Lake City, UT, Tower Arch Capital is a lower-middle market private equity fund. Tower Arch focuses on partnering with and growing high-quality family and entrepreneur-owned companies to deliver long-term value for their management teams and investors. Tower Arch brings operational, consulting, and financial expertise to small companies to give them the tools they need to achieve their full potential. Target investments include control positions in entrepreneur and family-owned businesses with revenue between $20 million and $150 million or EBITDA between $5 million and $25 million. For more information, please visit www.towerarch.com.

PRESS RELEASE

WASHINGTON–(BUSINESS WIRE)–Mariana Tek, a U.S.-based software company serving premium brands in boutique fitness, today announced that it has reached an agreement to be acquired by Advent International (“Advent”), one of the largest and most experienced private equity investors with over $54 billion of assets under management. This investment is supported by Transaction Services Group (“TSG”), Advent’s portfolio company. In combination they will fuel Mariana Tek’s growth strategy alongside its management team and CEO, Stacey Artandi Seldin.

“Advent is thrilled to have invested in Mariana Tek in partnership with TSG. We look forward to working alongside the company’s management team to strengthen its position as a forceful disruptor for enterprise, franchise and multi-location boutique fitness brands,” said Jeff Paduch, Managing Director at Advent. “We will continue to invest heavily in Mariana Tek to accelerate product development, geographic expansion and payments innovation, leveraging Advent’s deep experience and TSG’s global go-to-market infrastructure.”

Mariana Tek, based in Washington, D.C., was founded in 2014 by a team with robust experience in the health and fitness industry. The founders—Stacey Seldin and John Huffsmith—are the architects who built, managed and scaled the technology platform at Flywheel Sports, widely recognized as one of the best technology programs in boutique fitness.

Stacey Artandi Seldin, Co-Founder and CEO of Mariana Tek, said: “When John and I founded Mariana Tek, we knew there was a significant opportunity to provide a new enterprise software solution to boutique fitness brands. The industry has changed dramatically in recent years. Brands and customers are becoming increasingly sophisticated, and with that comes an appetite for innovation. Today, we are proud to offer the only business management platform in fitness specifically tailored to multi-location brands from its inception. Our plan is to continue building industry-leading applications and world-class interfaces that people love. We know that with the support of Advent and TSG we can bring Mariana’s unique combination of great technology and deep domain expertise to the premier brands in boutique fitness.”

Mariana Tek is transforming boutique fitness, an industry hungry for innovation and disruptive technology. As a tech partner, Mariana Tek creates a stress-free, joyful booking experience for both the fitness consumer and leading fitness brands like Barry’s. From Bring-a-Guest features to native Pick-a-Spot scheduling, cross-location reciprocity of credits and memberships, and consolidated reporting, Mariana Tek provides a fast and seamless user experience for all.

Advent International is an excellent partner for Mariana Tek as it has experience investing in health and wellness related sectors including specialty retail through its investment in lululemon, the premier brand in athletic and yoga apparel. Mariana Tek’s partnership with Advent and TSG will provide the strong resources to allow the company to accelerate product development and expand internationally.

ABOUT MARIANA TEK
Mariana Tek is a Washington, DC-based technology company that offers a leading enterprise-class business management platform designed specifically for the boutique fitness industry. The product suite features best-in-class customer experiences; innovative revenue-generating features; and API’s and developer tools that enable clients and partners to realize their creative visions with superior boutique fitness software. For more information, please visit https://marianatek.com.

ABOUT ADVENT INTERNATIONAL
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 350 private equity transactions in 41 countries, and as of June 30, 2019, had $54.3 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 200 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. After 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

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

ABOUT TRANSACTION SERVICES GROUP
TSG is a global provider of integrated software and payments solutions to the health & wellness and childcare sectors. TSG helps gyms, community clubs and childcare centres manage their members and customers, driving improved member retention and revenue performance, whilst simultaneously reducing administrative burden and cost. Over the last three years, TSG has more than doubled its revenue, through both strong organic growth and several strategic acquisitions. Founded in 1994 in Auckland, New Zealand, the company now also operates across Australia and the UK, with emerging customer bases in Japan, Europe, and the US.
For more information, visit: https://transactionservices.global

PRESS RELEASE

SAN FRANCISCO – NOVEMBER 14, 2019 – FFL Partners (“FFL”), a private equity firm focused on growth investments in middle market companies, announced today that it has made an investment in the newly formed Orthodontic Partners, LLC (“OP” or “the Company”), an orthodontic services organization. FFL will be partnering with co-founders Dr. Jamie Reynolds, Dr. Jeff Kozlowski and CEO Chip Hurlburt, who also have significant equity in the business. Additional financial terms of the transaction were not disclosed.

Headquartered in Grand Rapids, Michigan, OP provides orthodontic care, including traditional braces and aligners, to children, teens and adults. The Company currently has offices in Michigan and Connecticut.

“We look forward to working with Chip, Jamie and Jeff, who have earned their excellent reputations for strong leadership, exceptional orthodontic outcomes and best-in-class patient care,” said Aaron Money, Partner at FFL Partners. “We’re very excited for practices across the country to join the OP family.”

“Jamie, Jeff and I are thrilled to partner with FFL as we work to grow operations in our existing markets and expand across the U.S. by partnering with high-quality orthodontic practices and supporting de novo locations with resources for growth,” said Hurlburt. “We see a huge opportunity to help orthodontists grow their practices while relieving them of the growing administrative burdens of billing, compliance, finance and other back-office functions.”

There are over 10,000 practicing orthodontists in the U.S., most of which are independently-owned or managed as small group practices, according to data from the American Dental Association.

“OP’s differentiated, flexible and doctor-centered approach empowers orthodontists by providing them with the more sophisticated business practices used by larger practice groups, while enabling the doctors to maintain true clinical autonomy and a focus on delivering the best quality of care,” said Karen Winterhof, Director at FFL Partners.

FFL has strong experience investing and building multi-unit healthcare businesses, including its investments in EyeCare Partners, a leading organization serving optometrists and ophthalmologists, and WellStreet Urgent Care, a provider of convenient immediate medical treatment for non-emergency illnesses and injuries.

“FFL’s investment in OP reflects its ability to partner closely with management and clinical teams of highly scalable businesses and identify compelling acquisition opportunities that position them for long-term success and enhanced quality of care in local communities. We’re very happy to have FFL’s support as we grow OP, a platform founded by orthodontists for orthodontists” said Dr. Reynolds. Dr. Kozlowski added, “OP offers orthodontists a unique opportunity for professional development and growth, supported by a culture of efficient, high-quality orthodontic care. We look forward to partnering with leading orthodontists across the country who share our vision for benefiting from being part of our group while maintaining the independence both Jamie and I enjoy in our practices.”

###

About FFL Partners
FFL Partners is a San Francisco-based private equity firm with over $4.5 billion under management. For over twenty years, the firm has helped build industry-leading companies, providing capital and advice to exceptional management teams to grow businesses and unlock value. FFL has deep experience in investing and operations and has brought large-company best practices and professional networks to smaller companies. Business growth has provided over 75% of the value created by FFL for its investors. FFL invests in business services, industrials, healthcare services, consumer products and services and financial services. For additional information about FFL, please visit FFL’s website at www.fflpartners.com.

PRESS RELEASE

DENVER (PRWEB) NOVEMBER 13, 2019
QuickBox, a provider of third-party fulfillment and logistics solutions to businesses serving the health, wellness, supplements, cosmetics, personal care, pet care, and other consumer packaged goods industries, announced today a major investment by Pike Street Capital (Pike Street), a private equity firm based in Seattle. QuickBox offers a unique suite of services tailored to the needs of its customers in the consumer packaged goods (CPG) space, including fulfillment, vendor management, and supply-chain integration. The Pike Street investment will build upon this successful value proposition to support the continued growth of the business.

“We’re committed to our clients’ growth and continued success,” said QuickBox CEO Stephen Adelé. “With the additional investment and operational support from Pike Street, we’ll be able to deliver even greater value to them through expanded inventory management services, shortened delivery times, and improved end customer experience. We’re excited to move forward with Pike Street to expand the QuickBox platform.”

QuickBox got its start in 2009 and quickly established itself as a trusted fulfillment partner of direct-to-consumer (DtC) brands, its specialized focus and commitment to operational excellence fueling the rapid growth of the company. Based in Denver, Colorado, QuickBox opened a second distribution center in Atlanta in 2018, and in 2019 was named to the 2019 Inc. 5000, ranking in the top 10% of the 5000 fastest growing privately held companies in the US. Stephen Adelé will continue as CEO of QuickBox.

“QuickBox’s commitment to operational excellence and strong customer focus is impressive. We’re thrilled to be partnering with such a strong team” said Dave Dandel, partner at Pike Street Capital. “There is huge momentum behind the business, and we see tremendous opportunity ahead in the growing e-commerce market.”

About QuickBox
QuickBox is a trusted third-party fulfillment partner of direct-to-consumer (DtC) brands. The company offers its clients fulfillment, vendor management, and supply chain integration services. Its specialized focus and commitment to operational excellence led to rapid growth in the health, beauty, and pet segments. QuickBox has more than 300 employees in its Denver headquarters and Atlanta, Ga., distribution center.

More information is available at quickbox.com.

About Pike Street Capital
Seattle-based Pike Street Capital manages a private equity fund focused on technology enabled B2B businesses in the lower middle market. With a combined 75+ years of investing and operating experience, Pike Street partners with management teams to build and execute a strategy for future growth. More information is available at http://www.pikestreetcapital.com.

PRESS RELEASE

BOCA RATON, Fla. – November 13, 2019 – Sun Capital Partners, Inc. (“Sun Capital” or “Sun”) a leading private investment firm specializing in leveraged buyouts and investments in market-leading companies, today announced that an affiliate has completed the sale of Horizon Group Holdings, LLC (“Horizon,” or “the Company”), a premier residential provider of heating, air conditioning, plumbing, and electrical services. Terms of the private transaction were not disclosed.

Headquartered in Newark, Delaware, Horizon is one of the nation’s largest and most referred home services companies and is a leading seller and installer of energy-efficient heating and cooling systems in the eight states where it does business.
During the Sun Capital affiliate’s ownership period, the Company successfully completed 10 add-on acquisitions expanding its footprint into four new markets: Northern New Jersey, Northern Virginia, Atlanta, and Florida.

“Sun Capital has been an outstanding partner in Horizon’s growth,“ comments Dave Geiger, Horizon founder and CEO. “Their insight and support allowed our family of companies to expand with strength, adding ten brands and over 800 professionals to our team.”

“Sun Capital excels in partnering with founder-operated companies and our past experience enabled a successful collaboration with CEO & Founder Dave Geiger and his team at Horizon to transform the company,” said Marc Leder, Co-CEO of Sun Capital. “Horizon should be incredibly proud of the growth it has achieved as a result of these efforts.”

Sun Capital partnered with management on a number of operational initiatives that bolstered Horizon’s service model, improving customer satisfaction and retention. “We also utilized a buy-and-build strategy, sharing uniform practices across multiple locally-operated businesses, leading to improved sales force efficiency and effectiveness, superior technician service, and a strong company culture,” said Steven Liff, Senior Managing Director at Sun Capital. “Today, Horizon is well positioned to continue its growth.”

Sun Capital has strong experience working with founder-operated businesses, including Admiral Petroleum Company & Lemmen Oil Company, Demilec Inc., Gem Shopping Network, Timothy’s World Coffee, and Windsor Fashions.

About Sun Capital Partners, Inc.
Sun Capital Partners, Inc. is a global private equity firm focused on identifying companies’ untapped potential and leveraging its deep operational and financial resources to transform results. Sun Capital is a trusted partner that is recognized for its investment and operational experience, including particular expertise in business and consumer services, healthcare, industrial and consumer sectors. Since 1995, Sun Capital has invested in more than 375 companies worldwide with revenues of approximately $50 billion across a broad range of industries and transaction structures. Sun Capital has offices in Boca Raton, Los Angeles and New York, and an affiliate with offices in London.

PRESS RELEASE

MONTREAL, Nov. 12, 2019 /CNW Telbec/ – Alston Investments Inc., a new company formed by a group of Canadian investors with significant retail experience (“Alston” or the “Potential Purchaser”), today announced it has offered to acquire via an Asset Purchase Agreement a substantial portion of the assets of home decorating retail chain Bouclair Inc.

The Potential Purchaser will focus on Bouclair’s successful experiential retail concept while continuing to invest heavily in Bouclair’s online presence. Efforts to promote Bouclair internationally will also be expanded.

Shareholders of Alston include the current President & CEO of Bouclair, Peter Goldberg.

“It is no secret that retailers have faced significant challenges in recent years and have had to reinvent themselves in the digital world. Bouclair is no exception,” said Goldberg. “This proposed transaction would allow a new Bouclair to reorganize and focus on the enterprise’s strengths and to expand ecommerce and digital capabilities.”

Under the proposed transaction, the Potential Purchaser would purchase a substantial portion of the assets of Bouclair Inc. This will include maintaining more than 60 Bouclair retail store locations, its head office in Pointe-Claire, QC, and the lion’s share of its national employee base. A number of underperforming and non-strategic stores will close in order to reposition Bouclair’s retail footprint.

A key priority in the next 24 months will be converting as many as two dozen existing Bouclair stores, and finding new sites, for Bouclair’s experiential retail concept, first launched in Brossard, Quebec (Quartier Dix30) in November 2018.

Looking forward, Bouclair plans to convert as many as two dozen existing stores over the next two years while actively searching for new markets and sites for the new concept, while continuing to invest in the company’s e-commerce platform, which has consistently yielded 30% year-over-year growth.
The proposed transaction is expected to be implemented through a court-supervised process. This will also serve to maintain the maximum level of employment going forward and to protect the business relationship with as large a number of suppliers, landlords and other stakeholders as possible.

To that end, Bouclair Inc. and Bouclair International Inc. have filed notices of intention to make a proposal under the Bankruptcy and Insolvency Act, have appointed Deloitte Restructuring Inc. to act as trustee, and intend to appear before the Superior Court of Quebec shortly to seek the relief customarily associated with such proceedings, as well as an order authorizing a liquidation process in respect of the assets in certain stores which will not be conveyed to the Potential Purchaser.

The completion of the sale of assets to Alston will be subject to obtaining approval from the Superior Court. The closing is expected to take place before year’s end.

About Bouclair
Bouclair is a Montreal-based national home decor retail chain proud to help Canadians decorate their homes with the latest styles at affordable prices. Its team of in-house designers is constantly developing collections of the newest furnishings, home accents and furniture, offering them for sale exclusively in their stores or online.

PRESS RELEASE

DURHAM, N.C. (PRWEB) NOVEMBER 13, 2019
Spreedly, the leading provider of software that enables high growth and global businesses to optimize their online and mobile payments operations through a single API connection, announced a $75 million growth investment from Spectrum Equity. The investment will be used to accelerate product development and to support the company’s global expansion plans.

Spreedly enables customers to securely capture and store cardholder data in their Spreedly vault, and then use tokenized payment details from their vault to transact across hundreds of 3rd party payments and e-commerce service connections that Spreedly supports. Historically, high performance global and cross border payment processing was only available to the largest global e-commerce merchants who dedicate significant time and resources to build out their payments operations and to maintain multi-vendor relationships. With Spreedly, businesses of all sizes can rapidly scale and optimize their payments operations through a single, easy to deploy and maintain API connection.

Spreedly’s platform enables payments flexibility and redundancy by allowing customers to route transactions through virtually any combination of payment services without ever touching end-consumer card data. This results in faster time-to-market globally and a reduced compliance burden. Customers also use Spreedly to continuously monitor and optimize their transaction success rates. That results in better customer purchase experiences, increased revenue and lower payments processing and operations costs.

“Businesses that conduct online and mobile commerce know that payments are a critical, strategic priority that they must get right,” said Justin Benson, Spreedly CEO. “Our platform helps customers unlock their online and mobile revenue streams. With this investment from Spectrum Equity, we are positioned to extend our leadership globally, in particular to leverage our momentum in Latin America. We’re excited to bring Spectrum’s experience working with other high growth FinTech and commerce platforms to bear as we execute on our growth plans.”

“Spreedly is uniquely positioned to address the online and mobile payments challenges of fast growing and global businesses,” added Adam Margolin, Managing Director at Spectrum Equity. “With minimal prior funding, Spreedly has grown rapidly and today powers nearly one million transactions daily, 108% more than the year before, on behalf of its customers. We are thrilled to have this opportunity to back Justin and the rest of the Spreedly team and to support their ambitious growth plans.”

Michael Radonich, Vice President at Spectrum Equity added, “Spreedly allows its customers to rapidly onboard and integrate with a broad range of payment services via an API-based platform that is truly distinctive in the market today. This approach has resonated with many of the world’s fastest growing and most dynamic e-commerce businesses, more than doubling Spreedly’s enterprise annual recurring revenue over the past twelve months.”

About Spreedly
We unlock payments for the world’s most innovative businesses. Global enterprises and hyper-growth companies grow their online and mobile revenue faster by relying on our payments infrastructure. Hundreds of customers worldwide secure card data in our PCI compliant vault and use tokenized card data to enable and optimize nearly $14 billion of annual transaction volumes with virtually any payment service globally. All through a single API. Notable customers include Rappi, Cabify, Hopper, Chargebee and SeatGeek. Spreedly is headquartered in downtown Durham, NC.

About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For over 25 years, the firm has partnered with proven entrepreneurs and management teams to build long-term value in market-leading software, information services and Internet companies. Representative investments include Ancestry, Bats Global Markets, Definitive Healthcare, Ethoca, GoodRx, Grubhub, Lynda.com, SurveyMonkey and Verafin. For more information, including a complete list of portfolio investments, visit http://www.spectrumequity.com.

PRESS RELEASE

CLEARWATER, Fla.–(BUSINESS WIRE)–Tech Data (Nasdaq: TECD) today announced it has entered into a definitive agreement to be acquired by an affiliate of funds (the “Apollo Funds”) managed by affiliates of Apollo Global Management, Inc. (NYSE: APO), a leading global alternative investment manager (“Apollo”). Through the agreement, the affiliate of the Apollo Funds will acquire all of the outstanding shares of Tech Data common stock for $130 per share in a transaction with an enterprise value of approximately $5.4 billion.

The purchase price represents a 24.5 percent premium to the unaffected 30-day volume weighted average closing share price of Tech Data’s common stock ended Oct. 15, 2019, the last trading day prior to published market speculation regarding a potential transaction involving the company.

“Over our 45-year history, Tech Data has grown to become one of the largest and most respected technology distributors in the world. This agreement reflects the significant progress we have made in our strategy of delivering higher value and positions us for continued growth and success,” said Rich Hume, chief executive officer, Tech Data. “This investment by funds managed by one of the world’s leading global alternative investment managers will afford us additional resources to accelerate our ability to bring to market the technology products and solutions the world needs to connect, grow and advance. The transaction will enable us to build on our success, making Tech Data a growth platform and enabling us to further differentiate and expand our end-to-end solutions and provide our channel partners with unparalleled reach, efficiency and expertise.”

Charles E. (“Eddie”) Adair, lead independent director of the Tech Data Board of Directors said, “This agreement follows a process of consideration of Apollo’s proposal by the Board that included review and discussion of strategic alternatives with the Board’s financial and legal advisors. The transaction delivers significant cash value to our shareholders and creates exciting opportunities for our colleagues, channel partners and other key constituents.”

“Through this investment, we are committed to expanding Tech Data’s position as a trusted partner to the world’s leading technology vendors while providing best-in-class customer service,” said Matt Nord, Co-lead Partner of Apollo Private Equity. “As a private company with our sponsorship and a strong balance sheet, Tech Data will have significant financial and strategic flexibility to drive growth going forward.”

“We have tremendous respect for Tech Data’s talented management and colleagues around the globe and commend their success in establishing Tech Data as a leader at the center of the IT ecosystem,” said Robert Kalsow-Ramos of Apollo Private Equity. “We are excited to work with the Tech Data team and continuing to invest in the company’s people and end-to-end portfolio.”

The Tech Data Board of Directors has unanimously approved the transaction and recommends that Tech Data shareholders vote in favor of the transaction. The transaction is not subject to a financing condition and is expected to close in the first half of calendar year 2020, subject to the satisfaction of customary closing conditions including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, foreign regulatory approvals and approval by the holders of a majority of the outstanding Tech Data shares. Tech Data expects to hold a Special Meeting of Shareholders to consider and vote on the transaction agreement as soon as feasible after the mailing of the proxy statement to shareholders.

Consistent with the Board’s commitment to maximizing shareholder value, the terms of the agreement provide that Tech Data will be permitted to actively solicit alternative acquisition proposals from third parties during a “go-shop” period from the date of the agreement until Dec. 9, 2019. There is no guarantee that this process will result in a superior proposal.

Following the close of the transaction, Rich Hume will continue to lead Tech Data as chief executive officer, and the company will continue to be headquartered in Clearwater, Florida. Tech Data will become a privately held company, and Tech Data’s common shares will no longer be publicly listed.
Tech Data plans to release its third quarter fiscal year 2020 results before market open on Nov. 26, 2019. In light of the pending transaction announced today, the company will not hold a corresponding conference call.

Bank of America Securities is serving as financial advisor to Tech Data, and Cleary Gottlieb Steen & Hamilton LLP is acting as legal counsel.

Citi is serving as lead financial advisor to Apollo in connection with the transaction. J.P. Morgan and Wells Fargo are also serving as financial advisors to Apollo. Wachtell, Lipton, Rosen & Katz is acting as corporate counsel to Apollo, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as financing counsel to Apollo. Transaction financing is being provided by Citi, J.P. Morgan, Wells Fargo, Barclays and RBC Capital Markets.

About Tech Data
Tech Data connects the world with the power of technology. Our end-to-end portfolio of products, services and solutions, highly specialized skills, and expertise in next-generation technologies enable channel partners to bring to market the products and solutions the world needs to connect, grow and advance. Tech Data is ranked No. 88 on the Fortune 500® and has been named one of Fortune’s World’s Most Admired Companies for 10 straight years. To find out more, visit www.techdata.com or follow us on Twitter, LinkedIn, Facebook and Instagram.

About Apollo
Apollo is a leading global alternative investment manager with offices in New York, Los Angeles, San Diego, Houston, Bethesda, London, Frankfurt, Madrid, Luxembourg, Mumbai, Delhi, Singapore, Hong Kong, Shanghai and Tokyo. Apollo had assets under management of approximately $323 billion as of September 30, 2019 in credit, private equity and real assets funds invested across a core group of nine industries where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.apollo.com.

PRESS RELEASE

SAN FRANCISCO and NEW YORK, November 13, 2019 – GI Partners, a leading private investment firm, today announced that it has completed the sale of Kellermeyer Bergensons Services, LLC (“KBS” or the “Company”) to an affiliate of Cerberus Capital Management, L. P. (“Cerberus”).

Headquartered in Oceanside, California, KBS is a leading provider of technology-enabled, integrated facility management services to customers across North America. With its differentiated technology and comprehensive suite of facility services, the Company delivers high-quality and cost-effective solutions to customers in the industrial, commercial, logistics, retail, and grocery sectors.

GI Partners acquired KBS in 2014 and, during the last five years, the Company has experienced significant growth through both organic and M&A initiatives. Organically, the Company drove record new wins and maintained industry leading customer retention while diversifying its customer base into high growth end markets. Bolstering KBS’ best-in-class delivery model, the Company developed and launched KBSForce, a proprietary and purpose-built labor management and business intelligence tool, to drive industry-leading operational efficiencies and technology enablement.

Additionally, GI Partners supported the establishment of KBS’ successful M&A platform, as the company completed seven strategic acquisitions, accelerating growth into highly attractive end markets while generating meaningful operational synergies.

“We are very pleased with the outcome of our investment in KBS and grateful for the strong partnership with the management team,” said Hoon Cho, Managing Director at GI Partners. “It has been a pleasure partnering with Mark and the team to build an industry-leading facilities management platform. We look forward to following KBS’ continued success during the Company’s next stage of growth and its partnership with Cerberus.”

Mark Minasian, Chief Executive Officer of KBS, commented, “I am very proud of the outstanding performance our team delivered, and we are grateful to GI Partners and Hoon in particular for his unwavering support and strategic engagement during our partnership. We have undergone a dramatic transformation over the past five years, driving large share gains in our traditional end markets while expanding rapidly into new ones. Today’s KBS is a scaled, structurally advantaged, technology enabled North American service platform uniquely positioned to deliver our current and future customers world class service solutions for years to come. As we enter the next chapter of our evolution, we are thrilled to be partnering with Cerberus and are confident that its deep expertise and operational and technological resources will further accelerate the pace and scale of organic and inorganic value creation.”

Robert Warden, Co-Head of Private Equity and Senior Managing Director at Cerberus, added: “We are excited to partner with KBS and build on the foundational initiatives that GI Partners has implemented over the past five years. We look forward to working with Mark and the KBS team to deliver on the significant opportunities ahead.”

About KBS
Kellermeyer Bergensons Services, LLC is a leading North American provider of technology-enabled, integrated facility management services to the industrial, commercial, logistics, retail, and grocery sectors. With more than 64,000 active customer locations in all 50 U.S. states, Canada, and Puerto Rico, KBS sets the industry standard for delivering consistently high quality and cost-effective facility service solutions. For more information on Kellermeyer Bergensons Services, please visit www.kbs-services.com.

About GI Partners
Founded in 2001, GI Partners is a private investment firm based in San Francisco, California. The firm has raised $19 billion in capital from leading institutional investors around the world to invest in private equity, real estate, and data infrastructure strategies. The private equity team invests primarily in companies in the Healthcare, IT Infrastructure, Services, and Software sectors. The real estate team invests across a broad range of platforms and strategies. The data infrastructure team invests primarily in hard asset infrastructure businesses underpinning the digital economy. For more information on GI Partners and its entire portfolio, please visit www.gipartners.com.

About Cerberus
Founded in 1992, Cerberus is a global leader in alternative investing with over $40 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.

PRESS RELEASE

SAN ANTONIO–(BUSINESS WIRE)–Ironwood Midstream Energy Partners today announced the formation of Ironwood Midstream Energy Partners II, LLC (“Ironwood II”). The company is supported by an initial capital commitment of $400 million from EnCap Flatrock Midstream (“EnCap Flatrock”) and management. Ironwood II is an independent energy company focused on the development of midstream infrastructure for oil and gas producers working in shale plays across North America. Ironwood II is pursuing greenfield projects and acquisition opportunities, with a focus on opportunities in Texas.

Ironwood II also announced it has entered into a binding agreement to purchase midstream assets in South Texas currently owned and operated by Twin Eagle Gardendale Pipeline, LLC , a subsidiary of Twin Eagle Holdings N.A., LLC (“Twin Eagle”). The transaction is expected to close in December 2019. Ironwood II will acquire Twin Eagle’s Gardendale and Asherton gathering systems, which together currently include 137 miles of active crude oil gathering pipeline with connections to multiple long-haul pipelines, allowing access to the U.S. Gulf Coast, Three Rivers and Houston markets. Interconnects include Plains All American Pipeline, Harvest Pipeline Company, NuStar Logistics L.P. and the upcoming EPIC Crude Oil Pipeline. The Gardendale and Asherton systems span Dimmit and La Salle counties and are supported by long-term dedications totaling more than 124,000 acres.

At closing, Twin Eagle Executive Vice President and Chief Operating Officer Danny Rea will join Ironwood II as chief commercial officer. Mr. Rea joined Twin Eagle in 2015. His responsibilities at Twin Eagle include both commercial and operational management of the company’s midstream assets. Prior to Twin Eagle, Mr. Rea served as vice president of midstream for Anadarko Petroleum Corporation. Mr. Rea also served as senior vice president and chief operating officer of the general partner of Western Gas Partners, LP.
CEO Perspective

“I’ve known and worked with EnCap Flatrock’s founder Bill Waldrip for three decades,” said Ironwood II Chairman, President and CEO Mike Williams, who also holds the same title at Ironwood Midstream I. “The mutual trust and respect we share is an important foundation for a business partnership. Our values are aligned and so is our approach to creating value in the midstream sector. Ironwood II couldn’t ask for a better sponsor.”

From EnCap Flatrock Midstream
“We are excited to bring the Ironwood team into the EnCap Flatrock Midstream family,” said EnCap Flatrock Managing Partner and Founder Bill Waldrip, a member of the Ironwood II board of directors. “Mike Williams, Justin Johnson, Josh Doramus and Danny Rea have outstanding reputations and track records. We look forward to bringing more than capital by bringing our expertise and contacts to the table.”

Management Team
The members of the Ironwood II leadership team have more than 100 years of collective experience spanning all facets of the midstream value chain. Before forming Ironwood I and Ironwood II, Chief Executive Officer Mike Williams, Chief Financial Officer Justin Johnson and Chief Operating Officer Josh Doramus each built notable energy careers working with blue chip firms including Regency Energy Partners, Texaco, Energy Transfer, Howard Energy Partners, Delhi Gas Pipeline and Aquila.

Legal Advisers: Transaction with EnCap Flatrock Midstream
Gibson, Dunn & Crutcher LLP served as legal adviser to Ironwood II with partner Beau Stark in the lead role from the firm’s Denver office. Shearman & Sterling LLP served as counsel to EnCap Flatrock Midstream with partner Sarah McLean in the lead role from the firm’s Houston office.

Legal Advisers: Transaction with Twin Eagle

Gibson, Dunn & Crutcher LLP served as legal adviser to Ironwood II with partner Beau Stark in the lead role from the firm’s Denver office. Sidley Austin LLP represented Twin Eagle with Associate Atman Shukla in the lead role from the firm’s Houston office.

About Ironwood Midstream Energy Partners II, LLC
Ironwood Midstream Energy Partners II is an independent energy company that provides a full suite of midstream services to oil and gas producers across North America. Headquartered in San Antonio, Ironwood II is led by a team of seasoned industry professionals who together have more than 100 years of experience in the energy industry. Ironwood II is backed by EnCap Flatrock Midstream. For more information please visit www.ironwoodmidstream.com.

About EnCap Flatrock Midstream
EnCap Flatrock Midstream provides value-added growth capital to proven management teams focused on midstream infrastructure opportunities across North America. The firm was formed in 2008 by a partnership between EnCap Investments L.P. and Flatrock Energy Advisors, LLC. Based in San Antonio with offices in Oklahoma City and Houston, the firm manages investment commitments of nearly $9 billion from a broad group of prestigious institutional investors. EnCap Flatrock Midstream is currently making commitments to new management teams from EFM Fund IV, a $3.25 billion fund. For more information please visit www.efmidstream.com.

PRESS RELEASE

ST. LOUIS (November 12, 2019) – Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, announced today that they have partnered with management to acquire T-Base Communications Inc. (T-Base), an Ottawa, Ontario-based provider of accessible communications technology. Baird served as the exclusive financial advisor to T-Base on this transaction. Terms of the transaction were not disclosed.

Founded in 1994, T-Base (www.tbase.com) leverages its proprietary software to ensure enterprise customers and education organizations provide accessible documents for their low-vision and blind (LVB) customers. The Company’s flagship software platforms, ADOCS and FASTtrack, enable accurate, high-quality transformation of complex input documents into multiple alternative formats, such as braille, reflowed large print and accessible PDF.

“This is an exciting new phase for T-Base. Thompson Street has a proven track record in building companies through technology innovation and acquisitions,” said Bruce Moszcelt, co-CEO of T-Base. “We are confident this partnership will not only enhance T-Base’s current North American leadership position but build our company into a global accessibility leader.”

Added Trevor Lwin, co-CEO of T-Base, “On the deal side, Thompson Street proved itself a solutions-focused private equity firm and consistently took a balanced approach throughout the transaction. From a cultural perspective, we knew immediately the Thompson Street team was a great fit for our business.”

Craig Albrecht, Managing Director, TSCP said, “Enterprises are increasingly recognizing the benefits of accessible communications for their low-vision and blind customers. T-Base has become a trusted accessibility partner for market-leading organizations through its investment in technology and focus on security, reliability and scalability.” Mr. Albrecht added, “We are thrilled to partner with the company’s outstanding leadership team to accelerate T-Base’s growth.”

PRESS RELEASE

BOCA RATON, Fla., Nov. 12, 2019 /PRNewswire/ — Private equity firm New Water Capital (NWC) announced today a significant new investment in the Electronics Manufacturing Services (EMS) sector, with the recapitalization of DataED and Bestronics – two Tier III manufacturers focusing on high-mix, low/medium-volume printed circuit board assemblies (PCBAs) and box builds.

Founded in 1980, Salem, New Hampshire-based DataED’s manufacturing capacity includes 75,000 square feet of state-of-the-art facilities in Salem, including a New Product Introduction facility, as well as two manufacturing plants totaling 85,000 square feet located in Shenzhen, China.

Bestronics, founded in 1990, operates a world-class, 145,000-square-foot campus, including high-tech manufacturing and dedicated box build manufacturing facilities, in San Jose, Calif. The company recently was voted one of the Top 10 EMS providers in the Bay Area by Venture Outsource Magazine.
Company principals say the combination will create attractive synergies and strengthen the collective companies’ ability to expand the geographic reach of each business, create end market diversification and provide additional capabilities to each business’ customer base. New Water Capital partner Brian McGee said the two companies’ experience serving different market sectors makes them very complimentary to each other. DataED currently specializes in highly technical, highly engineered, printed circuit board assemblies for the Semiconductor, Security, Medical, Laser and A&D end markets, while Bestronics specializes in producing highly technical, highly engineered, printed circuit board assemblies and box builds for the Power and Infrastructure, Surveying, Telecom, Medical, and Test and Measurement end markets.

“We see tremendous opportunity in providing high quality, localized electronics manufacturing services and capabilities in key North American markets while maintaining the combined company’s global reach,” McGee said. “At New Water, we aim to support and invest in businesses with enduring value propositions. DataED and Bestronics are exemplary of this investment strategy, with highly focused customer service models based on technical excellence, flexibility and outstanding quality. These two companies complement each other by collectively strengthening an already experienced sales teams and allowing us to leverage our combined manufacturing capabilities across North America and Asia.”

“Adding Bestronics’ operations to ours provides our customers with direct access to enhanced box build and system integration capabilities and clean-room assembly expertise, as well as a highly capable Silicon Valley-based process engineering and manufacturing team,” said DataED CEO Vic Giglio.

“Joining with DataED will enable Bestronics to expand its global footprint and take advantage of its supply chain expertise,” said Bestronics CEO Nat Mani. “DataED’s dedicated NPI/Prototype center will provide our combined customers an exciting, much broader set of capabilities.”

Canaccord Genuity Inc. served as an exclusive financial advisor to DataED. Lincoln International LLC served as an exclusive financial advisor to Bestronics.

About New Water Capital L.P.
New Water Capital L.P. is a private equity firm focused on lower-middle market companies, in the consumer, retail and industrial manufacturing and services sectors, with revenues of $30 million to $300 million. New Water Capital’s collaborative transaction and operating model is built specifically to support companies in transition, building on their unique cultures and strengths. For more information, please visit www.newwatercap.com.

About DataED
Headquartered in Salem, NH, DataED is a high-tech, high mix, any-volume contract manufacturing and design firm. DataED supports the Electronic Manufacturing Service (EMS) industry with four global, cost-effective and high value manufacturing facilities, including a state-of-the-art New Product Introduction Center (NPI). With an international presence, DataED can offer its customers low-cost global facilities, ISO-certification and high-speed production capabilities. Serving industries ranging from high-tech to medical and military, it is known for mastering small-lot size builds and mid- to high-volume builds with exceptionally quick turnaround times, responsive customer service and a collaborative problem-solving approach to design and manufacturing. For more information, visit www.dataed.com.

About Bestronics
Located in the heart of Silicon Valley, Bestronics specializes in high mix, low- to medium-volume manufacturing for high technology companies that require exacting quality with the convenience of local sourcing at a competitive cost. Bestronics offers facilities and trained staff supporting electro-mechanical and system assembly, reliability, precision touch-ups, in-circuit and functional tests, rework and failure analysis, complex repair depot services, final test, integration and box builds, a wide variety of sophisticated SMT placement, and clean room assembly and packaging capability. For more information, visit www.bestronicsinc.com.

PRESS RELEASE

Boston, MA – (November 12, 2019) Bunker Hill Capital, a leading Boston-based private equity investor in lower middle market companies, announced it has sold ASPEQ Heating Group LLC (“ASPEQ” or the “Company”), a St. Louis, MO based manufacturer of highly engineered electric‐heating and thermal‐management technologies to San Francisco-based Industrial Growth Partners.

Bunker Hill Capital acquired ASPEQ in June 2015 and was joined in the transaction with equity, senior debt and subordinated debt financing from management, Abacus Finance Group, Madison Capital Funding, BB&T Capital Partners and BMO Mezzanine Fund. In addition to the incumbent management team, Bunker Hill Capital recruited Dave Smith as CEO in 2017, and Jim Killeen as Vice President of Sales in early 2018.

“We were fortunate to recruit an industry veteran of Dave’s caliber from the thermal products sector to lead an already strong management team and ultimately exceed our investment goals,” said Mark DeBlois, a Managing Partner at Bunker Hill Capital. “In addition to Dave’s leadership, we want to recognize the efforts of ASPEQ’s entire senior leadership team for their contributions to the Company’s success, including Jim Killeen, Steve Lincks, Dave Knoebel, Stacey Sappington, and Cindi Ferrell.”

Advisors to Bunker Hill Capital and ASPEQ included Hennepin Partners, as investment banker, and Morgan Lewis & Bockius, as legal counsel.

About ASPEQ Heating Group LLC
Headquartered in St Louis, MO, ASPEQ is a leading provider of custom-configured electric heating and thermal management products to the industrial, commercial, military, marine and transportation markets. The Company serves a highly diversified customer base and provides over 30 distinct product categories including immersion and circulation heaters, duct heaters, tubular elements, unit and comfort heaters, and explosion proof heaters, among others, as well as integrated controls and spare parts. Products are marketed through a multi-channel approach under the longstanding and well-known INDEECO, Heatrex, AccuTherm and Brasch brands.

About Bunker Hill Capital
Bunker Hill Capital is a Boston-based private equity firm that makes investments in lower middle market companies with enterprise values up to $150 million. The principals of Bunker Hill Capital have invested over $570 million in 35 transactions and target opportunities across multiple sectors, including industrial products, business services and consumer products. For more information about Bunker Hill Capital, please visit www.bunkerhillcapital.com.

PRESS RELEASE

Antin Infrastructure Partners, a private equity firm focused on infrastructure investments, announced today that it had signed an agreement to sell Kellas Midstream to BlackRock’s Global Energy & Power Infrastructure Funds (GEPIF III) and GIC, a leading global institutional investor, in a joint venture.
Kellas Midstream owns and operates key gas infrastructure in the UK Central and Southern North Sea. Kellas Midstream comprises: (1) the Central Area Transmission System (‘CATS’): a major gas transportation and processing system which takes gas from the Central North Sea to the CATS reception and processing terminal at Teesside in the North East of England; (2) the Esmond Transportation System (“ETS”): a key subsea pipeline in the Southern North Sea connecting four producing fields to the Bacton gas terminal on the North Sea coast; and (3) the Humber Gathering System (“HGS”): a first-of-its-kind greenfield project to build the infrastructure required for the development of the large Tolmount gas field in the Southern North Sea.

Antin initially acquired a 63% stake in CATS from BG (now Shell) in 2014, later acquiring a 36% stake from BP in 2015. Having fully carved out the business and established a standalone entity, Kellas Midstream grew substantially both via organic growth with connection to new major gas fields such as Stella, Caley & Shaw, Culzean and Vorlich, and by expansion in the UK Southern North Sea with the ETS acquisition and the HGS development. Throughout Antin’s period of ownership, it focused on achieving outstanding operational performance whilst maintaining a clear focus on Health & Safety. Kellas Midstream maintained a perfect safety record with zero Lost Time Incidents for 16 consecutive years. The transaction is expected to close in early 2020.

“We are proud of the significant growth and strategic transformation accomplished during Antin’s ownership over the past five years. We are also grateful for the strong partnership and outstanding performance of Kellas Midstream’s talented management team and dedicated employees. We wish them continued success with their new owners” said Mark Crosbie, Antin’s Managing Partner.

Andy Hessell, Kellas Midstream’s Managing Director, said: “We thank Antin for their significant support over the past five years. GIC and the BlackRock GEPIF team recognise the growth potential of the business we have built and share our strategy to continue to invest, grow and build our portfolio of midstream assets and serve all our customers in the North Sea. We look forward to working with our new partners.”
Mark Florian, Group Head of the Global Energy & Power Infrastructure Funds Team at BlackRock, added: “A growing number of institutional investors are seeking exposure to energy and power investments. Within the sector, energy from gas is viewed as a necessary component of the energy transition as we move towards a lower carbon economy. This investment in Kellas Midstream reflects the focus of GEPIF III on making strong equity investments in mid-market energy and power infrastructure and partnering with outstanding management teams.”

Ang Eng Seng, Chief Investment Officer of Infrastructure at GIC, said: “We are pleased to invest in Kellas, a leading provider of high-quality midstream infrastructure with a strong track record. As a long-term investor, we look forward to partnering with BlackRock and Kellas’ management to support the future growth of the company.”

Bank of America Securities and Citi acted as financial advisers to Antin, and Weil, Gotshal & Manges acted as its legal adviser. RBC Capital Markets and Scotiabank acted as financial advisers to BlackRock Real Assets and GIC, and Herbert Smith Freehills and Xodus acted as their legal and technical advisers respectively.

PRESS RELEASE

Caisse de dépôt et placement du Québec (CDPQ) is announcing its intention to invest an additional US$75 million through a private placement in Azure Power Global Limited (NYSE: AZRE), a leading independent solar power developer in India. Following completion of the transaction, which is subject to the approval of Azure Power’s shareholders and other customary closing conditions and expected to occur in December 2019, CDPQ’s equity interest in Azure Power will increase from 41.4% to 49.4%.

In the spring of 2019, CDPQ announced it had raised the target for its carbon-neutral assets under management to CA$32 billion by 2020. This target is part of CDPQ’s strategy to address climate change and capture opportunities from the transition to a low-carbon economy. CDPQ also aims to reduce its carbon footprint by 25% per dollar invested by 2025.

ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at June 30, 2019, it held CA$326.7 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.

PRESS RELEASE

ITHACA, N.Y. and BETHESDA, Md., Nov. 12, 2019 /PRNewswire/ — Five Points Capital, a leading independent private equity manager, announced it has acquired GrammaTech, Inc., a developer of software-assurance tools and advanced cyber-security solutions for government and commercial clients. Five Points Capital partnered with Pleasant Bay Capital, Crescendo Capital, Capital Southwest Corporation, and new GrammaTech CEO Mike Dager for this acquisition.

Dager will lead GrammaTech as the Chief Executive Officer, coming in as a seasoned executive with 30+ years of experience in the markets that GrammaTech serves. Dager’s previous roles include CEO positions at Enea, Worksoft, and Arxan Technologies as well as Senior Sales Management at Pure Software.

“GrammaTech’s founders, Tim Teitelbaum and Thomas Reps, positioned the company well for continued expansion in the growing application-security market,” says Dager. “We are excited to build on that foundation and to take advantage of the many opportunities available to GrammaTech.”

GrammaTech’s software enables users to quickly scan source code and binaries for vulnerabilities that cause security breaches, system failures, or poor reliability and performance. GrammaTech’s expertise in application-security testing has been built over three decades of cutting-edge research for the national security community and U.S. government agencies.

About Five Points Capital:
Founded in 1997, Five Points Capital is a leading independent private equity manager, exclusively focused on the U.S. lower middle market. Five Points manages direct private equity, credit and small market, sector-focused buyout fund-of-funds strategies focused on supporting the capital needs of private, growth-oriented companies. Five Points makes direct equity investments as the lead investor, or co-investor with other private equity groups, in control transactions of privately-held companies. Five Points also provide unitranche or subordinated debt with equity co-investment in support of financial sponsors and others, as well as in non-sponsored recapitalizations or growth investment opportunities. In addition, Five Points invests in other private equity buyout funds and make co-investments in the small to lower middle market. Five Points is located in Winston-Salem, North Carolina and is an investment advisor registered with the U.S. Securities and Exchange Commission. For more information, visit www.fivepointscapital.com

About GrammaTech:
GrammaTech’s advanced static analysis tools are used by software developers worldwide, spanning a myriad of embedded software industries including avionics, government, medical, military, industrial control, automotive and other applications where reliability and security are paramount. Originally developed within Cornell University, GrammaTech is now a leading research center for software security and a commercial vendor of software-assurance tools and advanced cyber-security solutions. With both static and dynamic analysis tools that analyze source code as well as binary executables, GrammaTech continues to advance the science of superior software analysis, providing technology for developers to produce safer software. For more information, visit www.grammatech.com or follow GrammaTech on LinkedIn.

PRESS RELEASE

SAN FRANCISCO–(BUSINESS WIRE)–Sverica Capital Management (“Sverica”), a private equity investment firm, announced today that it has made a strategic investment in Gryphon Networks Corp. (“Gryphon” or the “Company”), a leading provider of sales performance management and compliance software.

Based in Boston, Massachusetts, Gryphon offers an enterprise-grade computer telephony integration platform that automatically screens, collects, and analyzes phone-based sales activity data from any device to transform activity into accurate, actionable sales insight that drives improved sales performance for many of the country’s top consumer-facing companies. Purpose-built for organizations with large, distributed sales teams, Gryphon’s system enables agents to use the platform from any device, managers to leverage robust analytics tying activity to desired outcomes, and executives to rest assured that sales efforts comply with marketing privacy regulations and internal business rules. Sverica’s investment aims to help Gryphon accelerate development of new sales performance management functionality and expand around its strong team to maintain high satisfaction among Gryphon’s loyal customers while meeting increased demand.

Jeff Fotta, CEO of Gryphon, said “Gryphon has independently developed into a significant player in the sales performance management industry. With Sverica, I am excited to have Jordan Richards and Ryan Harstad as experienced partners who understand and support our vision. We are looking forward to entering a new phase of growth and broadening our award-winning sales intelligence platform. Sverica will provide the essential direction and resources for Gryphon to continuously add strategic value for our customers.”

“Gryphon’s SaaS solutions are well positioned in the fast-growing sales performance management and compliance markets. We have been impressed with the results they have driven for their customers and are looking forward to partnering with management, building on their success and creating a company that has the potential to lead the category,” said Jordan Richards, Managing Partner at Sverica.

Ryan Harstad, Partner at Sverica, added “Gryphon addresses key challenges facing sales executives today, namely capturing sales activity that is not simply self-reported, connecting activity to results, and protecting their brands with compliant communications. We are excited to collaborate with Jeff and the Gryphon team to drive ROI for Gryphon’s growing base of customers.”

About Gryphon Networks
Gryphon Networks is a leading provider of cloud-based systems to optimize the supply chain of revenue growth. The Sales Intelligence System automatically captures, controls, and visualizes sales and marketing activity generated from any device or application to increase revenue, improve management effectiveness, and reduce compliance risk. More than a dozen Fortune 100 clients, including some of the largest banks, brokerage, insurance, and consumer services firms, are among Gryphon’s 300+ clients in North America. For more information, please visit www.gryphonnetworks.com.

About Sverica Capital Management
Sverica Capital Management is a leading growth oriented private equity firm that has raised over $1.1 billion across five funds. The firm acquires, invests in and actively builds companies that are, or could become, leaders in their industries. Since inception, Sverica has followed a “business builder” approach to investing and takes an active supporting role in its portfolio companies. Sverica devotes significant internal time and resources to help its management teams develop and execute growth strategies and proactively looks for levers to pull to accelerate growth by reinvesting back into those companies. Sverica firmly believes in building businesses collaboratively that can endure for the long term by starting with a strong foundation and bringing the right people and playbook to drive reinvestment and ultimately strong returns for our investors. For more information, please visit www.sverica.com.

PRESS RELEASE

HUNTSVILLE, Ala.–(BUSINESS WIRE)–CommentSold, Inc. (“CommentSold” or the “Company”) today announced that affiliates of private equity firm ZMC have invested in the Company. Terms of the transaction were not disclosed.

Founded in 2017 by CEO Brandon Kruse, CommentSold is a leading provider of multi-channel social commerce technology and managed services to boutique online retailers. The Company provides a variety of commerce enablement services including order intake, payment, fulfillment, live selling tools and analytics which are delivered through a proprietary SaaS platform, allowing customers to sell on social platforms and mobile apps. Mr. Kruse will continue as Chief Executive Officer of the Company.

“ZMC’s investment will enable CommentSold to continue to offer best in class services, support, and technology for its growing community of retailers,” said Mr. Kruse. “CommentSold will benefit from ZMC’s active involvement and leadership as we continue to grow our customer base, enhance our technology and expand our product offerings.”

“CommentSold’s commerce platform allows an entirely new generation of retailers to thrive online. Brandon has assembled an outstanding team that delivers meaningful results and service levels to its customers,” said Andrew Vogel, Managing Partner and Co-Chief Investment Officer at ZMC.

“ZMC has been impressed by the Company’s growth and leadership position and is committed to supporting CommentSold’s investments in service and technology. The investment in CommentSold fits ZMC’s thematic focus on outsourced, mission critical technology and services benefiting from the continued shift online of advertising and commerce,” added Mr. Vogel.

Weil, Gotshal & Manges LLP and Evercore acted as legal advisor and financial advisor to CommentSold, respectively. Lowenstein Sandler LLP acted as legal advisor to ZMC.

About ZMC
ZMC is a leading private equity firm comprised of experienced investors and executives that invest and manage a diverse group of media and communications enterprises. Founded in 2001, ZMC’s investment philosophy centers on operational value creation driven by targeted investment themes, deep sector expertise, and strong partnerships with industry and operating executives. ZMC approaches its investments in collaboration with management teams and has a successful track record of actively adding value to portfolio companies. ZMC is currently investing out of ZMC II, L.P. www.zmclp.com

About CommentSold
CommentSold is a social commerce platform that modernizes the way retailers connect to online shoppers, including hosting live sales events and managing day-to-day retail operations with automated invoicing, sales analytics, customer data, and inventory and order management.

PRESS RELEASE

NEW YORK–(BUSINESS WIRE)–Owl Rock Capital Group (“Owl Rock”), a leading alternative asset management firm, announced today that it has sold a passive, non-voting minority stake to Dyal Capital Partners (“Dyal”), a division of Neuberger Berman. Terms of the investment were not disclosed.

Dyal’s investment provides Owl Rock with additional permanent capital to continue providing highly customized direct lending solutions to U.S. middle market companies. Owl Rock plans to use all proceeds from the transaction to invest in Owl Rock products, which are expected to include complementary product launches and strategies in 2020.

There will be no changes in the management, strategy, investment process, or day-to-day operations of Owl Rock or any Owl Rock managed product, including Owl Rock Capital Corporation (NYSE: ORCC), a publicly-traded business development company (BDC) that is externally managed by an affiliate of Owl Rock.

“This is an exciting development in the evolution of Owl Rock,” said Doug Ostrover, Marc Lipschultz and Craig Packer, Owl Rock’s co-founders. “Dyal has an outstanding track record of investing in established asset managers like Owl Rock and will be a terrific strategic partner as we execute on our long-term initiatives. We look forward to putting this capital to work to continue growing our platform and delivering attractive risk-adjusted returns to investors.”

“We are very excited to be partnering with Owl Rock,” said Michael Rees, Head of Dyal Capital. “Owl Rock has become a leading private credit firm with an outstanding reputation for origination and underwriting and the second-largest BDC platform in the world with approximately $14.6 billion in assets under management across its vehicles.”

Kirkland & Ellis served as legal counsel to Owl Rock. Fried Frank served as legal counsel to Dyal.

About Owl Rock
Owl Rock Capital Group, together with its subsidiaries (“Owl Rock”), is a leading alternative asset manager offering direct lending solutions and other forms of capital primarily to U.S. middle market companies across a variety of industries. With approximately $14.6 billion in assets under management, Owl Rock is comprised of a team of seasoned investment professionals with significant and diverse experience from the world’s leading investment firms and financial institutions. Owl Rock’s relationship-oriented approach to investing provides companies with sizeable commitments to facilitate transactions and support their growth needs with certainty, speed and transparency throughout the entire investment process. For more information, please visit us at www.owlrock.com.

About Dyal Capital Partners
Dyal Capital Partners, a division of Neuberger Berman, seeks to acquire minority equity interests in institutional alternative asset management businesses worldwide. Dyal Capital Partners was established in 2011 and currently has 41 minority partnerships. For more information, please visit www.dyalcapital.com.

About Neuberger Berman
Neuberger Berman, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity and hedge funds—on behalf of institutions, advisors and individual investors globally. With offices in 23 countries, Neuberger Berman’s team is more than 2,100 professionals. For five consecutive years, the company has been named first or second in Pensions & Investments Best Places to Work in Money Management survey (among those with 1,000 employees or more). Tenured, stable and long-term in focus, the firm has built a diverse team of individuals united in their commitment to delivering compelling investment results for our clients over the long term. That commitment includes active consideration of environmental, social and governance factors. The firm manages $339 billion in client assets as of September 30, 2019. For more information, please visit our website at www.nb.com.

PRESS RELEASE

SANTA MONICA, CA, November 11, 2019 – SUGARED + BRONZED, the nation’s largest sugaring and sunless tanning destination, announced today it has received a strategic growth investment from Main Post Partners, a San Francisco-based private equity firm with deep experience partnering with high growth consumer companies.

Founded in 2010 by Courtney Claghorn and Sam Offit, SUGARED + BRONZED provides high quality and efficient hair removal and sunless tanning services at an affordable price point in a luxury setting. By focusing exclusively on airbrush tanning and sugaring, a specialized form of hair removal that uses a sugar paste consisting of just sugar, lemon, and water to extract hair, SUGARED + BRONZED ensures clients leave with smooth skin and a flawless tan. The Company, which currently operates 10 locations across Los Angeles, Orange County, New York, and Philadelphia, offers services through an a la carte and membership model, providing ultimate flexibility and value for clients.

“In my early 20’s, I realized that a healthy skincare regimen was directly related to when I felt the most comfortable in my own skin. Much like our client base, I feel my best with tan, smooth skin, but never wanted to spend a fortune on routine beauty services or subject myself to the damaging effects of UV-rays or the risks of waxing. At SUGARED + BRONZED, I love that we’re able to provide our clients with services that are affordable, safe, and most importantly, enhance the ability to cultivate self-confidence,” said Courtney Claghorn, Co-Founder and President.

“We have had the pleasure of getting to know Courtney and Sam over the last several years and have been impressed with the strong foundation they’ve built. SUGARED + BRONZED is a disruptor in the highly fragmented beauty services space and we are excited to support the team as they continue to grow their base of loyal clients in both existing and new geographic markets,” said Josh McDowell, Partner at Main Post Partners.

Main Post’s investment will be used to support new product growth, location expansion and strategic marketing opportunities to further drive awareness of the Company’s specialized services for hair removal and sunless tanning.
“We are thrilled to partner with Main Post. It is incredibly rare to find investors who are dedicated to preserving our company culture and maniacal focus on quality. They immediately understood our vision of investing in our team, training, and products to create unparalleled client experiences in our sector,” Sam Offit, Co-Founder and CEO.

Jeff Mills, Managing Partner at Main Post, said, “Their unique focus on two highly specialized services, supported by consistently strong customer reviews on the quality of the experience have built SUGARED + BRONZED into a differentiated brand within the beauty sector that we are excited to partner with.” Aaron Garcia, a Principal at Main Post Partners, added “Main Post’s experience with companies in the beauty and hospitality sectors, along with scaling high-culture, multi-unit concepts are well aligned to support the business during this next phase of growth. We are excited to help Courtney and Sam achieve their vision of creating a category defining brand.”

Piper Jaffray & Co. served as the exclusive financial advisor to SUGARED + BRONZED, Morrison & Foerster served as the exclusive legal advisor to Main Post Partners, and Offit Kurman served as the exclusive legal advisor to SUGARED + BRONZED.

About SUGARED + BRONZED
SUGARED + BRONZED is a luxury beauty services company that focuses on providing premium experiences in sugaring hair removal and custom airbrush tanning at an affordable price point. SUGARED + BRONZED has revolutionized airbrush tanning with a proprietary solution and revived an ancient Egyptian form of hair removal for the western world. For more information, please visit www.sugaredandbronzed.com or connect with the brand on Instagram and Facebook.

About Main Post Partners
Main Post Partners is a private equity investment firm focused on investing in proven growth companies across the consumer value chain. Main Post Partners invests in both majority and minority positions primarily in first institutional capital situations where founders, entrepreneurs and management teams are looking for an experienced partner to help build their companies to full potential. With a “Partnership, not Ownership” approach, Main Post Partners works closely with a network of successful executives to provide operational and strategic support to its management partners. Main Post Partners was named to Inc.’s list of The 50 Best Private Equity Firms for Entrepreneurs.

PRESS RELEASE

GREENWICH, Conn., Nov. 8, 2019 /PRNewswire/ — Starwood Energy Group Global, LLC (“Starwood”), a leading private investment firm focused on energy infrastructure, announced today that it has signed a definitive agreement to acquire Third Coast Midstream, LLC’s (“Third Coast”) gas gathering infrastructure (the “Gathering Business”) located in and around Lavaca County, TX. The Gathering Business includes over 260 miles of natural gas gathering pipes and associated infrastructure and provides gathering and artificial gas lift services to local upstream clients focused on oil and gas production in the Eagle Ford.

“We are excited to announce our first acquisition in the midstream space. The Lavaca system represents a unique opportunity to own a critical piece of Eagle Ford gathering infrastructure. The business mix of gas gathering and artificial gas lift results in a more stable cash flow profile for the asset and fits well within our overall strategy. The Third Coast team has built a great business and we are looking forward to continuing to provide exceptional service to our customers as we look to expand the system and grow our midstream platform,” said Himanshu Saxena, CEO of Starwood Energy.

“Our Eagle Ford natural gas infrastructure platform has grown significantly since we acquired it in 2014,” stated Matt Rowland, Third Coast President and Chief Executive Officer. “We expect that with Starwood’s established infrastructure experience and financial strength, the system will continue that growth in a safe, efficient manner. This transaction follows Third Coast’s previously announced divestitures as part of Third Coast’s strategic repositioning to focus on its core Gulf of Mexico infrastructure assets.”

Vinson & Elkins LLP served as legal counsel to Starwood.
Gibson, Dunn & Crutcher LLP served as legal counsel to Third Coast.

About Starwood Energy Group Global, LLC
Starwood Energy Group is a private investment firm based in Greenwich, CT that specializes in energy infrastructure investments. Through its general opportunity funds and other affiliated investment vehicles, Starwood Energy Group has raised equity commitments in excess of $3 billion and has executed transactions totaling more than $7 billion in enterprise value. The Starwood Energy Group team brings extensive development, construction, operations, acquisition and financing expertise to its investments, with a focus on the natural gas and renewable power generation, and transmission sectors. Starwood Energy Group is an affiliate of Starwood Capital Group Global, L.P. Additional information about Starwood Energy Group as well as Starwood Capital Group can be found at www.starwoodenergygroup.com.

About Third Coast
Headquartered in Houston, Texas, Third Coast is a full-service midstream company with assets that provide critical midstream infrastructure linking producers of natural gas, crude oil, NGLs, and condensate to end-use markets. Third Coast’s assets are strategically located in some of the most prolific offshore basins in the Deepwater Gulf of Mexico and onshore basins in the Eagle Ford and East Texas. Third Coast currently owns or has an ownership interest in approximately 5,100 miles of interstate and intrastate pipelines, as well as ownership in gas processing plants, fractionation facilities, an offshore semi-submersible floating production system with nameplate processing capacity of 90 MBbl/d of crude oil and 220 MMcf/d of natural gas, and a terminal site with approximately 3.0 MMBbls of storage capacity. For more information, please visit www.3CMidstream.com.

PRESS RELEASE

LOS ANGELES–(BUSINESS WIRE)–Butterfly, a Los Angeles-based private equity firm specializing in the food sector, today announced that it has signed a definitive agreement to acquire a majority stake in Orgain, Inc. (“Orgain” or the “Company”).

Based in Irvine, CA, Orgain is a leading producer of high-quality, great-tasting, organic and clean nutrition products. Orgain was founded in 2009 by physician and cancer survivor Dr. Andrew Abraham, M.D., to provide healthier and more convenient nutrition options to his patients. Today, it serves millions of individuals seeking to lead healthier, more vibrant lives including professional athletes, wellness enthusiasts, cancer patients and everyone in between. The Company launched with the industry’s first organic ready-to-drink nutrition shake in 2009 and since has developed a broad portfolio of category-leading products spanning across protein powders, shakes and bars with a focus on organic, protein-rich, clean ingredients. Orgain is unique in its success across product formats and within both plant-based and grass-fed dairy-based offerings.

Orgain is Butterfly’s fifth investment within its “seed to fork” approach to investing in food across agriculture, aquaculture, food and beverage products, food distribution and foodservice. Dr. Andrew Abraham will retain a significant minority ownership position in the business and will continue in the role of Chief Executive Officer going forward. Ontario Teachers’ Pension Plan, a Limited Partner of Butterfly, will also be a new minority investor in Orgain alongside Butterfly and Dr. Abraham.

“In spending time with the Butterfly team it was apparent that they shared our values and understood our mission to positively impact consumers across the world with our clean and delicious nutrition product. We are excited about this next phase of growth for our brand, the ability to expand globally and the opportunity to inspire so many more healthy vibrant lives,” said Andrew Abraham, Founder and CEO of Orgain.

The partnership will enable Orgain to scale its purpose-driven brand and expand its reach and positive impact. In particular, it will allow for an increased focus to be placed on expanding consumer awareness, product innovation and global distribution.

“Having been in close touch with Andrew for years, we continue to be impressed year after year by the loyal following and trajectory of the business he’s built,” said Butterfly Co-Founder Adam Waglay. “Orgain’s success is driven by the authenticity, purpose and passion that Andrew brings to everything he does.”

Butterfly Co-Founder Dustin Beck added: “Orgain has built an industry-leading platform of clean, nutritious products that have only scratched the surface of their potential. It has already had a massive impact in hospitals, locker rooms and homes across the world and we’re excited to help amplify its reach.”

Kirkland & Ellis LLP and The Giannuzzi Group, LLP acted as legal advisors to Butterfly and Orgain, respectively. Piper Jaffray acted as financial advisor to Orgain. This transaction is subject to customary closing conditions.

About Orgain:
Orgain was created by Dr. Andrew Abraham to save his own life during his battle with cancer, and now it’s made to serve the diverse needs of millions more. Orgain’s primary purpose is to make delicious clean and organic nutritional products to help people lead healthy, vibrant lives. Its products include meal replacement shakes, protein powders and snack bars for adults and kids. Orgain uses only the highest quality ingredients, never at the cost of taste and texture. Most Orgain products are Certified Organic and all are soy free, gluten free, non-GMO and free of artificial colors, flavors and preservatives. To learn more about Orgain, and Dr. Abraham’s fascinating story and purpose, or to shop products and browse recipes, visit www.orgain.com.

About Butterfly:
Butterfly Equity (“Butterfly”) is a Los Angeles, California based private equity firm specializing in the food sector, spanning the entire food value chain from “seed to fork” via four target verticals: agriculture & aquaculture, food & beverage products, food distribution and foodservice. Butterfly aims to generate attractive investment returns through deep industry specialization, a unique approach to sourcing transactions, and leveraging an operations-focused and technology-driven approach to value creation. For additional information about Butterfly, please visit its website at www.butterflyequity.com.

About Ontario Teachers’ Pension Plan:
The Ontario Teachers’ Pension Plan (Ontario Teachers’) is Canada’s largest single-profession pension plan, with $201.4 billion in net assets at June 30, 2019. It holds a diverse global portfolio of assets, approximately 80% of which is managed in-house, and has earned an annual total-fund net return of 9.7% since the plan’s founding in 1990 (all figures as at Dec. 31, 2018 unless noted). Ontario Teachers’ is an independent organization headquartered in Toronto. Its Asia-Pacific region office is located in Hong Kong and in Europe, Middle East & Africa region office is in London. The defined-benefit plan, which is fully funded, invests and administers the pensions of the province of Ontario’s 327,000 active and retired teachers. For more information, visit otpp.com and follow us on Twitter @OtppInfo.

PRESS RELEASE

NEW YORK–(BUSINESS WIRE)–Blackstone (NYSE:BX) announced today that funds managed by Blackstone (“Blackstone”) are taking a majority stake in MagicLab, which builds and operates leading dating and social networking apps, including Bumble and Badoo. The transaction values the company at approximately $3 billion.

Founded in 2006 by Andrey Andreev, MagicLab helped invent how people meet in the modern, mobile age. MagicLab’s suite of brands has connected and transformed the lives of over 500 million people around the world across dating, social, and business. The group shares a foundation of technology, talent, and experience to constantly innovate new ways for people to meet and create life-changing moments by building relationships. Over his career, Mr. Andreev has been at the forefront of innovation in the dating industry and has continued to invest in finding the most talented entrepreneurs and tech visionaries to mentor.

As part of the acquisition, Mr. Andreev will be selling his stake and stepping down from the business. He will be replaced as CEO by Whitney Wolfe Herd, Founder and CEO of Bumble, who, together with Blackstone, will work to accelerate the business’ growth even further.

Commenting on the transaction, Andrey Andreev said: “Blackstone presented MagicLab with a great opportunity to further develop the brands and platform, and I am confident Blackstone will take MagicLab to the next level in terms of growth and expansion. I am incredibly proud of the company, and of how we have connected millions of people around the world. At MagicLab, I have had the pleasure of working with some of the best and most talented entrepreneurs. My aim now is to ensure a smooth and successful transition before I embark on a new business venture in search of innovative leaders with new and exciting ideas. I am grateful for all the support of my partners and employees over the years as we couldn’t have gotten to this point without them. I wish MagicLab and Blackstone every success.”

Whitney Wolfe Herd added: “This transaction is an incredibly important and exciting moment for Bumble and the MagicLab group of brands and team members. Blackstone is world-class at maximizing the success of entrepreneur-led companies, which presents a tremendous opportunity. We are very excited to build the next chapter with them. I am honored to take on the role of CEO of the group. I will strive to lead the group with a continued values-based and mission-first focus, the same one that has been core to Bumble since I founded the company five years ago. We will keep working towards our goal of recalibrating gender norms and empowering people to connect globally, and now at a much faster pace with our new partner.”

Jon Korngold, Head of Blackstone Growth (BXG), said: “We’re excited to invest in MagicLab, which is a pioneer in the fast-growing online dating industry. They have a highly talented team and strong set of platforms, including Bumble, which was built on a commitment to inclusion and female empowerment. This partnership is a perfect example of Blackstone’s ability to use its scale, long-term investment horizon, and deep bench of operational resources to help entrepreneurs take advantage of transformational growth opportunities in order to create global industry leaders over time.”

Martin Brand, a Senior Managing Director at Blackstone, added: “We look forward to partnering with MagicLab to help fuel the company’s continued expansion in the years ahead.”

Citi Global Capital Markets Inc. is serving as an exclusive financial advisor to MagicLab and is providing financing in support of the acquisition by Blackstone. Davis Polk & Wardwell LLP is serving as legal advisor to Whitney Wolfe Herd, the founder and CEO of Bumble. Baker McKenzie is serving as legal advisor to the majority shareholders of MagicLab (including Andrey Andreev) and Simpson Thacher & Bartlett LLP is serving as legal advisor to Blackstone.

About MagicLab
Founded by Andrey Andreev, MagicLab invented how people meet in the modern, mobile age. Through its growing family of brands that include Badoo, Bumble, Chappy, and Lumen, MagicLab has connected and transformed the lives of over 500 million people around the world across dating, social, and business. Our group shares a foundation of technology, talent, and experience to constantly innovate new ways for people to meet and drive long-term growth.

About Blackstone
Blackstone is one of the world’s leading investment firms. We seek to create positive economic impact and long-term value for our investors, the companies we invest in, and the communities in which we work. We do this by using extraordinary people and flexible capital to help companies solve problems. Our asset management businesses, with $554 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Further information is available at www.blackstone.com. Follow Blackstone on Twitter @Blackstone.