BC Partners has announced a new Single Asset Acquisition Fund, led by funds advised by Neuberger Berman, a private, independent, employee-owned investment manager.
In total, the fund has attracted more than EUR1 billion of investment, making it one of the largest such vehicles in Europe.
The Fund was formed to extend BC Partners’ investment in Springer Nature, a Fund IX asset in which BC Partners sees multiple opportunities for continued growth and additional value creation. The Fund will allow BC Partners to realise capital for Fund IX investors, while continuing to create value for its investors via robust organic growth and selective M&A initiatives to further consolidate its leading position in the Scientific, Technical and Medical publishing market.
The Fund is capitalised by lead investor Neuberger Berman, as well as syndicate investors, reinvesting BCEC Fund IX investors and BC Partners most recent fund, Fund XI.
Nikos Stathopoulos, Partner and Member of the Executive Committee at BC Partners, says: “We have pursued this creative solution to extend our investment in Springer Nature because we continue to see a compelling investment opportunity in this high-quality asset. We look forward to continuing to support management in positioning this highly defensive and market leading business globally to capitalise on the significant growth prospects stemming from the transition to open access and open science.
“We are delighted to have the support of Neuberger Berman as the lead investor in this Fund, and we look forward to partnering with them, our new and existing investors and our longtime partners and strategic shareholder, the Holtzbrinck Publishing Group, as we continue this journey.”
Philipp Patschkowski, Managing Director of Neuberger Berman, says: “On behalf of our investors, we are pleased to have the opportunity to invest in Springer Nature and in the continued progress of this strongly positioned, market leading business. It is an excellent example of our solutions-oriented approach to complex transactions, involving high-quality assets managed by a strong GP.”
Ethan Falkove, Managing Director of Neuberger Berman, adds: “This transaction is testament to the strength of our integrated private markets platform and the resulting depth of our relationships with world class private equity firms. We have successfully collaborated with BC Partners on multiple occasions over the last few years and look forward to continuing the partnership.”
Frank Vrancken Peeters, Chief Executive Officer of Springer Nature, says: “I’m delighted to announce this transaction, which puts Springer Nature in a great position to execute on our strategies and plans. These include continuing to drive the transition to open access and harnessing the longer-term potential of open science. Against the backdrop of a global pandemic, our Research business has demonstrated its resilience and delivered growth. I’d like to thank my colleagues across the entire group for their continued dedication to delivering on our mission.”
Evercore advised BC Partners in this transaction. J.P. Morgan provided a fairness opinion to BC European Capital IX.