Deals
Private equity investors are still seeking new deal opportunities despite expected declines in revenue as experienced by their portfolio companies and no wider ‘return to normal’ until 2021.That’s according to a new global study on how Covid-19 has impacted private equity firms’ and investors’ forecasts and strategies from international audit and advisory firm Mazars.
Covering more than 150 investors in Europe, the Americas and Asia, the ‘Covid-19 and the world of private equity’ study sheds light on private equity and investor concerns and gauges their sense of optimism for the future.
Paul Joyce, Head of London M&A at Mazars, says:
Chiltern Capital (Chiltern) has completed an investment in Doby Verrolec Limited (Doby), a UK-based manufacturer of HVAC ductwork jointing systems and ductwork components. Doby was previously a subsidiary of Heitkamp & Thumann, a family owned industrial manufacturing group headquartered in Dusseldorf.
Based in Stanley in County Durham, Doby can trace its origins back to the 1950s and employs over 50 people at its headquarters.
Chiltern has taken a majority stake in the company and will play an active role in supporting Malcolm Moss (Managing Director) and Terry Dingley (Works and Technical Director) to accelerate growth. As part of the transaction, experienced
Investment company Kinnevik has agreed to sell 23.2 per cent of the shares in Nordic digital commerce group Qliro Group to Swedish VC fund Rite Ventures.
The deal is expected to close in the third quarter of 2020. As a partial payment for the sold Qliro Group shares, Kinnevik will receive up to 47,439 shares in MatHem, corresponding to 0.5 per cent of the total number of shares in the company.
The balance will be paid through a promissory note from Rite Ventures, which under some circumstances provides for a purchase price adjustment.
The total consideration that Kinnevik expects to
Kian Capital Partners (Kian), a middle-market focused private investment firm, has exited its investment in TrueLearn (TrueLearn) through a sale to LLR Partners (LLR). Terms of the transaction have not been disclosed.Headquartered in Mooresville, NC, TrueLearn is a leading provider of virtual learning and exam preparation software for physicians and healthcare professionals seeking Board licensure and accreditation. The Company relentlessly advocates for learners seeking to maximise outcomes across a multitude of healthcare fields, including medical specialties such as General Surgery, Anesthesiology, and OB/GYN, and partners with medical schools and healthcare training programs to promote the highest levels of success. TrueLearn’s
WIT Fitness, a London-based sportswear retailer, has secured an additional GBP1.5 million in follow-on funding from growth capital investor VGC Partners after growing revenues by 56 per cent in the last year.Activated by ecommerce, WIT Fitness sells high-quality branded training footwear and activewear apparel in the UK, US and Europe. It also operates a store in London St Paul’s, which houses a state-of-the-art gym. The company was founded in 2014 by former athlete Dan Williams and sports retail expert Sam Kitching.
In the last year, WIT Fitness has launched two exclusive sneaker collaborations with Adidas and Reebok; the Adipower II x WIT and WIT x Nano 9, respectively. It has also launched
Water Street Healthcare Partners and JLL Partners have agreed to acquire and grow Solvias, a contract research, development and manufacturing company based in Switzerland.
IQ-EQ has acquired Blue River Partners (Blue River), a US-based provider of outsourced solutions to alternative asset managers. The acquisition of Blue River marks the Group’s latest strategic acquisition, the first in the US private equity and hedge fund services space.
The newly combined IQ-EQ US operation brings together a highly experienced team of 200 funds professionals servicing more than 500 clients across the US from its seven office locations: Dallas, Fort Worth, Houston, Austin, New York City, Chicago and San Francisco.
The transaction significantly strengthens IQ-EQ’s existing presence in the US, the largest and fastest growing fund administration and regulatory
Alinda Capital Partners, an independent fund manager focused on mid-market core-plus infrastructure investments in North America and Europe, has sold Alinda Infrastructure Fund III’s interest in Energy Assets Group Limited in the United Kingdom to a consortium comprising European institutional investors and an infrastructure fund. This is the first exit for Fund III.
As part of the sale, an Alinda-managed co-investment vehicle also exited the company, as did a minority shareholder which was a vehicle of Hermes Infrastructure, so that the buyers acquired 100 per cent of Energy Assets.
Headquartered in Livingston, Scotland, Energy Assets is the largest independent provider of
BlackRock Private Equity Partners, Aberdeen Standard Investments, Neuberger Berman, Investment Corporation of Dubai and RSIC are becoming minority shareholders in Nordic Capital-owned Trustly, an online account-to-account payments provider.
Nordic Capital remains the majority shareholder in Trustly, which it acquired in 2018. The deal will bring in additional long-term capital to support the company as it continues to invest in its products, infrastructure and expand globally, according to Nordic Capital.
Citigroup Global Markets Limited acted as financial advisor in connection with the transaction. Oscar Berglund, CEO of Trustly, said he welcomes BlackRock and the other investors as minority shareholders in
Silverfin has secured a significant Series B investment led by Hg, a specialist software investor and expert in the tax and accounting sector. The investment will be used to support the company’s expansion internationally as it responds to demand for its cloud service that consolidates real-time financial data, automates compliance reporting and improves financial planning. Silverfin was founded in 2013 in Ghent, Belgium and now has offices in London, Amsterdam and Copenhagen. The details and terms of the transaction have not been disclosed.
Joris Van Der Gucht, co-founder at Silverfin, says: “Our platform is the central nervous system thousands of
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