Listed on Euronext Amsterdam, InPost is the leading European automated parcel machine (“APM”) service provider. Under the terms of the agreement, Advent will sell the 15% shareholding, with the option for PPF to purchase a further 15% of the Group’s total share capital at an agreed price. Each of Advent and PPF has agreed to a lockup agreement on the remainder of its holding in InPost for a 6 month period (subject to certain customary exceptions with each party being permitted to sell shares equivalent to up to 2.0% of InPost’s share capital during the lock-up period).

On completion of the initial sale, Advent will remain the largest shareholder in the Group with a 30.3% ownership stake.

Since its initial investment in 2017, Advent has invested substantially in InPost to support the management team and facilitate market share expansion across Europe. Since then, the Group has grown to become the leading out-of-home e-commerce delivery company in Europe, providing delivery services through its network of more than 29,000 APMs and operating across 9 European countries. InPost successfully listed on Euronext Amsterdam in January 2021, and was at that time the largest ever tech IPO in Europe. Since then, revenues and EBITDA have more than doubled as the business continues its industry leading expansion.

Investment from PPF marks an important strategic milestone for Advent and InPost, adding further expertise and investment that will support InPost’s continued growth.

Nick Rose, InPost Board member and Managing Director at Advent International, said, “InPost has grown to become Europe’s leading out-of-home e-commerce delivery company, led by a fantastic management team which has put the customer at the heart of their business. During our 6 year partnership with founder Rafal Brzoska, the Company has grown earnings more than fifty fold. That growth momentum continues today and therefore we’re exceptionally pleased to now have PPF, with its strong investment experience, alongside us on the share register.”

Ranjan Sen, InPost Board member and Managing Partner at Advent International, said, “PPF has a strong track record of value creation, across a wide range of sectors in Europe, and we’re delighted that they recognise the quality and future growth opportunities for the business. We are confident that by leveraging our collective expertise we can continue to unlock InPost’s full potential. Our ongoing support highlights the confidence we have in this exciting new chapter for the business.”

Didier Stoessel, Chief Investment Officer of PPF Group, said, “We are pleased to become a shareholder in InPost, a company with significant scope to expand and build upon its market leading position. As an experienced investor in e-commerce and a wide range of other sectors globally, PPF is well placed to help InPost grow its business internationally.”

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Under the terms of the definitive agreement, Baxter will receive $4.25 billion in cash, subject to certain closing adjustments, with net after-tax proceeds currently estimated to be approximately $3.4 billion. The transaction is expected to close in the second half of 2023, subject to receipt of customary regulatory approvals and satisfaction of other customary closing conditions. Baxter intends to utilize the after-tax proceeds to reduce its debt, consistent with the company’s stated capital allocation priorities. For the full fourth quarter 2023, Baxter estimates the transaction to result in dilution of approximately $0.10 per share to the company’s earnings, the total amount depending on the time of close. This amount is expected to be partially offset through reduced interest expense payments following anticipated debt repayment.

“Today represents an important step in Baxter’s ongoing transformation journey as we continue to execute against our strategic priorities, enhance our focus and create additional value for all our stakeholders,” said José (Joe) E. Almeida, Chairman, President and Chief Executive Officer at Baxter. “BPS has long been recognized worldwide as a trusted and preferred partner of contract manufacturing services for the pharmaceutical and biotech industries. Advent International and Warburg Pincus have extensive experience helping innovative healthcare companies advance their mission and strategic priorities. I am confident that under their stewardship, BPS will continue to build on its leadership position, foster world-class talent, invest in new capabilities and capacity, and provide leading-edge, high-quality solutions for its clients.”

BPS has been a leading provider of sterile contract manufacturing solutions, parenteral delivery systems and customized support services to the pharma and biotech industries for decades. As a standalone company and in partnership with Advent and Warburg Pincus, BPS will operate as a premier, independent end-to-end CDMO providing a range of services for clients, from clinical research to commercial deployment. BPS should be well-positioned to accelerate its go-to-market strategy and clinical development pipeline, execute on throughput expansion and drive further product innovation. The proposed transaction includes BPS manufacturing facilities and approximately 1,700 employees in Bloomington, Indiana and Halle, Germany. BPS is expected to generate revenues of approximately $600 million on a reported basis for full year 2023.

“BPS is a premier asset at the forefront of the biopharma industry, and one we’ve been closely following for a number of years,” said John Maldonado, a Managing Partner at Advent. “Leveraging our deep sector expertise and significant strategic resources, we believe this partnership can unlock multiple opportunities for growth and help the business realize its full potential by serving blue-chip customers, including Baxter, with high-value, specialized and end-to-end capabilities as a standalone company. We’re thrilled to partner with BPS to alleviate critical pain points for its customers and to help them provide life-changing therapies to patients around the world.”

“BPS’s success and exceptional market reputation within the pharmaceutical sector position the company well to continue to grow its mission-critical services across a variety of therapeutic areas including oncology, metabolic disease, and infectious disease, among others,” said TJ Carella, Managing Director and Head of Healthcare at Warburg Pincus. “We are excited to partner with Advent and the impressive team at BPS who have developed differentiated technical capabilities and established an industry-leading reputation for quality and reliability in the supply chain for parenteral drugs.”

“We strongly believe in the company’s mission to partner with pharmaceutical companies around the world to provide the scientific expertise, sterile solutions, and customized support needed to meet the unique challenges of today’s healthcare environment and are eager to carry forward the strong franchise and legacy that Baxter has built at BPS,” added Ruoxi Chen, Managing Director at Warburg Pincus. “This investment underscores our commitment to working with companies that support the delivery of innovative life sciences products and services worldwide.”

“BPS has an exceptional track record of delivering high-quality services and products addressing the unique needs of pharmaceutical and biotech customers worldwide,” said Carmine Petrone, a Managing Director on Advent’s Healthcare team. “We believe that, alongside our partners at Warburg Pincus, our collective carve out experience, vision and support will help create a scaled, diversified platform poised to capitalize on its significant market opportunity. We look forward to supporting BPS’s continued growth as it enhances its positive impact on patients worldwide and continues to help its customers achieve their commercialization objectives.”

For over 30 years, Advent has been investing in the healthcare sector. The firm has completed over 50 investments in 17 countries worldwide across a range of sub-sectors, including pharmaceuticals, life sciences and medical devices. Advent’s notable recent healthcare investments include Iodine Software and RxBenefits, and the firm’s recent notable global pharmaceutical services investments include BioDuro, GS Capsule, ICE Group, Suven Pharmaceuticals/Cohance Lifesciences, and Syneos Health.

Since inception, Warburg Pincus has invested over $16 billion in more than 180 healthcare companies, including Summit Health, Modernizing Medicine, Ensemble Healthcare Partners, and Global Healthcare Exchange, and has been an active investor in life sciences, with notable investments in Polyplus, Norstella, Sotera Health, and Bausch + Lomb, among others.

Perella Weinberg Partners is serving as financial advisor and Sullivan & Cromwell is serving as legal advisor to Baxter. Moelis & Company LLC and Truist Securities are serving as financial advisors and Cleary Gottlieb Steen & Hamilton and Ropes & Gray are serving as legal advisors to Advent and Warburg Pincus.

Forward-Looking Statements
This press release contains forward-looking statements related to the proposed transaction between Baxter International Inc., Advent International Inc. and Warburg Pincus LLC, including Baxter’s estimated after-tax proceeds from the proposed transaction and its estimated dilution to earnings per share for the full fourth quarter of 2023, the expected timeframe for completing the proposed transaction, strategic and other potential benefits of the potential transaction, and other statements about future beliefs, goals, plans or prospects. These forward-looking statements are subject to risks and uncertainties that include, among other things, risks related to the receipt of customary regulatory approvals and the satisfaction of other customary closing conditions in the anticipated timeframe or at all, including the possibility that the proposed transaction does not close; risks related to the ability to realize the anticipated strategic, financial or other benefits of the proposed transaction, and other risks identified in Baxter’s most recent filings on Form 10-K and Form 10-Q and other SEC filings, all of which are available on Baxter’s website. Actual results could differ materially from anticipated results. Baxter does not undertake to update its forward-looking statements or any of the statements contained in this press release.

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On December 16, 2022, Advent and Maxar announced that they had entered into a definitive merger agreement under which all outstanding shares of Maxar common stock would be acquired for $53.00 per share in cash, valuing Maxar at approximately $6.4 billion.

With the completion of the transaction, Maxar’s common stock has ceased trading and is no longer listed on the New York Stock Exchange, and Maxar’s common stock will also be de-listed from the Toronto Stock Exchange. An application will be made for Maxar to cease to be a reporting issuer in the applicable Canadian jurisdictions as a result of completion of the transaction.

Advisors
J.P. Morgan Securities LLC served as financial advisor to Maxar and Wachtell, Lipton, Rosen & Katz served as lead counsel to Maxar. Milbank LLP served as Maxar’s legal advisor with respect to certain space industry and regulatory matters.

Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC served as financial advisors to Advent and Weil, Gotshal & Manges LLP served as lead counsel to Advent. Covington & Burling LLP served as Advent’s legal advisor with respect to certain regulatory matters.

Skadden, Arps, Slate, Meagher & Flom LLP served as lead counsel to BCI. Freshfields Bruckhaus Deringer LLP served as BCI’s legal advisor with respect to certain regulatory matters.

Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Statements concerning general economic conditions, our financial condition, including our anticipated revenues, earnings, cash flows or other aspects of our operations or operating results, and our expectations or beliefs concerning future events; and any statements using words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook” or similar expressions, including the negative thereof, are forward-looking statements that involve certain factors, risks and uncertainties that could cause Maxar’s actual results to differ materially from those anticipated.

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Launched in 2015, Advent Global Opportunities manages a concentrated portfolio of high-quality, high-conviction positions in public and select private companies. It will continue to pursue this strategy, collaborating with Advent’s private equity team and leveraging the resources of the firm and its network to identify and diligence attractive investment opportunities. The team is comprised of more than a dozen dedicated investment and business development professionals and is supported by Advent’s nearly 300 private equity professionals.

“Advent Global Opportunities has been an integral part of the firm for over eight years, and this name change reflects the depth of the team’s integration within Advent and our view of this platform as a key pillar of our firm’s long-term growth strategy,” said David Mussafer, Chairman and Managing Partner of Advent. “We are excited for this new chapter for Advent Global Opportunities as we continue to support the team’s momentum and invest in its future success.”

“Today’s announcement further emphasizes who we are and how we have evolved since our inception, as well as the strong and beneficial connection we have with Advent,” said Mohammed Anjarwala, Co-founder and Managing Director of Advent Global Opportunities. “We take a private equity approach to public markets, and our access to Advent’s deep intellectual capital, resources and relationships around the world sets our strategy apart. We believe our flexible global mandate positions us to capture the most attractive opportunities in today’s dynamic environment, and we are thrilled to move forward embracing the Advent name.”

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Envalior emerges from the combination of two highly complementary industry leaders in engineering materials – DSM Engineering Materials (DEM) and LANXESS High Performance Materials (HPM) – under the ownership of global private equity firm Advent International and specialty chemicals company LANXESS.

The new company builds on a 100-year track record of customer-focused innovation and a strong global footprint in Asia, Europe, and the US, and will offer its customers a unique portfolio of leading product brands and recycled and bio-based materials, combined with deep application and materials expertise. The company’s high-performance solutions enable the transformation of key industries, such as automotive and new mobility, electronics and electrical, and consumer goods sectors. The new corporate brand reflects a combination of characteristics that best summarizes Envalior’s ambition: EN (engaging, enterprising, engineering, environment) and VALIOR (value-driven and value-creating).

Calum MacLean, CEO of Envalior, said: “All of us on Envalior’s leadership team are very excited to build on the impressive legacies of these two great companies. The launch of Envalior is a proud moment for us and all our employees around the world, and I am deeply grateful to everyone whose contributions have enabled us to reach this exciting milestone. Our new company’s product portfolio includes some of the most recognizable product brands in our industry, and we are a leading supplier to a number of key industries. By combining two highly complementary businesses, we have created a true industry leader that will realize value and drive progress for our customers, our employees, our shareholders, and society as a whole.”

MacLean also underlined that the company will continue the focus on sustainable solutions first started at DEM and HPM: “Envalior will build on its strong track record of innovating at the forefront of changing market dynamics and evolving customer needs focusing on sustainability. We will be known for our highly collaborative and pioneering spirit. Moving forward, we will continue to drive carbon-efficient and circular technology within our industry to enable sustainable solutions across the value chain.”

Ronald Ayles, Managing Partner and Global Head of Chemicals at Advent International, said: “We are very excited to be supporting Envalior as it takes its place as a new industry leader. Envalior has great potential for sustainable, long-term growth in the specialty materials industry. We look forward to working with the leadership team of Envalior and its employees to cement its strong market position and achieve its growth ambitions through continued investment.”

Matthias Zachert, CEO of LANXESS AG, said: “With the joint venture, we are launching a global champion in high-performance polymers. The company has all it takes to actively shape future trends such as in new mobility and to benefit from its great growth potential. We look forward to accompanying and supporting Envalior on this journey.”

A trusted partner to the automotive sector, Envalior delivers materials for lightweight elements that replace metals, e.g. in structural parts, allowing for essential CO2 emissions savings. Envalior also paves the way for e-mobility as its materials are used in battery and charging systems, electronic control systems, power electronics and many other automotive applications. Envalior’s high-performance solutions are also broadly used in the Electrical & Electronics industry, such as in smartphone components and a variety of consumer goods. The company consists of three global divisions: Performance Materials, Specialty Materials, and Intermediates.

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“Jim has been a renowned leader in the biopharma sector for over four decades,” said John Maldonado, Managing Partner at Advent. “His knowledge and expertise will enhance our ability to identify and partner with industry-leading pharmaceutical and pharma services companies across contract manufacturing, commercialization, and research that can create value for patients through cutting-edge technology. We look forward to collaborating with Jim to expand Advent’s portfolio in this compelling area of investment.”

Mullen is an industry veteran who brings more than 40 years of biopharma industry experience, including pharmaceutical and biotech manufacturing expertise. Mullen currently serves as the Executive Chairman of Editas Medicine, a leading genome editing company, where he previously served as the company’s President and CEO. While at Editas, Mullen has contributed to numerous innovative patient-focused technologies, and the U.S. Patent and Trademark Office (USPTO) provided protections to intellectual property concerning CRISPR/Cas9 and CRISPR/Cas12a which covers fundamental aspects of Editas Medicine’s gene editing.

Mullen served as the CEO and director of Patheon, a pharmaceutical and manufacturing organization serving the pharmaceutical and biotechnology sectors. Under Mullen’s leadership, Patheon grew dramatically by serving some of the largest biopharma customers and was acquired by Thermo Fischer for $7.2B in 2017. He was also previously the CEO of Biogen Inc., one of the world’s largest biotechnology companies specializing in the discovery and treatment of neurological diseases. Mullen earned an MBA from Villanova University and a Bachelor of Science in chemical engineering from Rensselaer Polytechnic Institute.

“Throughout my career, I’ve been dedicated to supporting the development of transformative therapies that improve the lives of patients,” said Mullen. “With the advancement of technologies in the pharmaceutical sector, there are numerous companies poised to make an impact with the right financial and operating support. Advent’s depth of investment and operating expertise across pharma services positions the firm to drive value with their companies and I’m excited to partner with the firm to pursue these meaningful opportunities.”

“Jim’s work at Editas and Thermo Fisher have put him at the forefront of the cell and gene therapy revolution,” said Carmine Petrone, Managing Director at Advent. “We are excited to partner with Jim as we continue to look for transformative companies that are enabling the development, manufacture and commercialization of these advanced therapies.”

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In the past five years, Advent has invested more than €100 million in Tag, which has grown to become a leading global end-to-end, tech enabled marketing activation platform. Tag’s global footprint and offerings have expanded substantially, it has developed an end to end proprietary marketing execution platform called Digital Interact (Di) and acquired six strategic businesses, enhancing Tag’s CGI, e-commerce, content origination, and data analytics capabilities. Tag now has a truly global presence, with a world class diverse leadership team who oversee 2,800 employees in over 29 countries across EMEA, APAC and the Americas. Tag’s end-to-end platform provides digital, personalised marketing for many of the world’s leading brands.

James Brocklebank, Managing Partner at Advent International, said, “Since acquiring Tag in 2017, and following more than €100 million of investment, the business has been transformed to become a highly successful standalone entity that is now one of the world’s leading omnichannel digital marketing production companies.”

Chris Benson, Director at Advent International, said, “We have worked in partnership with Tag’s leadership team to build a world leader in marketing activation. Under Advent’s ownership, the company has grown significantly and continues to achieve double digit organic revenue growth. We are excited for Tag and dentsu to build on this success and we wish David Kassler and his team all the best as they start this next phase of their journey.”

David Kassler, Global CEO, Tag, said, “We can’t wait to start this next phase of our journey and couldn’t be happier to be joining the dentsu family. The market is moving incredibly fast towards integrated services – the combination of Tag’s global technology-enabled content production with dentsu’s broader marketing, technology and consulting skills will be tremendously additive for both sets of our wonderful clients.”

Advent acquired Williams Lea Tag from Deutsche Post DHL Group in December 2017, before successfully separating Williams Lea and Tag into standalone businesses. Williams Lea, a high growth provider of tech-enabled business support services for a hybrid workforce, serving some of the world’s largest financial, legal and consulting firms, remains under Advent’s ownership.

Evercore, UBS, Weil, EY, and PWC acted as advisors to Advent.

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– David Mussafer, on behalf of all of Tom’s friends at Advent International

The post A Statement from Advent International on the Passing of Thomas H. Lee appeared first on Advent International.

LBS Group offers a wide range of pest control and hygiene management products and services in Asia. It has grown its offering since it was established in 1998 to include integrated pest control management, hygiene services, Sani-Mist germicidal treatment and grease remedial services for global F&B customers, retailers, offices, hotels, and industrial and household customers. The company is a major player in the PCO industry and operates in more than 30 cities across Greater China and southeast Asia.

The PCO market in China is expected to see rapid growth at a mid-teen CAGR over the next five years thanks to increasingly stringent hygiene standards and pest control requirements as well as improving food safety regulations. Advent’s investment in LBS Group will support the company’s continuing growth initiatives and its leading position in China’s PCO industry.

Irene Liu, Principal of Advent, commented, “Riding on China’s steadily increasing urbanization rate and improved hygiene standards, we believe the PCO sector has strong growth prospects. We are impressed by LBS’ superior service quality and very pleased to partner with its experienced and highly motivated team. We plan to contribute our global resources and relevant industry expertise to support the business.”

Franco Lam, Chairman of LBS Group, said, “I am excited to work with Advent during our next stage of growth in Greater China. I believe we will be great partners and LBS Group will continue to deliver excellent customer services.”

Andrew Li, Managing Director, Head of Greater China of Advent, said, “This deal reflects Advent’s continued commitment to invest in the Greater China region and our confidence in building successful businesses with the support of our global network. LBS has a strong track record in providing pest control and hygiene solutions and quality services to customers. We look forward to helping it grow and expand its footprint in the region.”

Advent has made multiple investments across Greater China, including Wagas Group, a major lifestyle F&B group in China; AI Dream, China’s leading branded sleep solution provider and the largest player in the country’s premium mattress market; BioDuro, a global life sciences contract research and development organization with major operations in Shanghai, Beijing and San Diego; and GS capsule, the largest domestic capsule provider in China.

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Quala is one of the North American leaders in liquid bulk container cleaning and maintenance services, including tank trailer, ISO tank container, railcar and IBC cleaning, and Boasso is a leading provider of mission-critical infrastructure services for the ISO tank container industry in North America and Europe. Upon completion of the merger, the companies will combine their complementary geographical footprints and service offerings to deliver enhanced solutions for customers across the liquid bulk logistics industry in North America and Europe.

“Boasso and Quala are premier infrastructure service providers to the global liquid bulk logistics ecosystem with trusted reputations and highly complementary networks and service offerings,” said Dash Lane, Partner at KKR. “This transaction is about growth and empowering the two great teams led by Joe Troy and Scott Harrison to come together and make long-term investments in quality, safety and superior solutions for customers.”

Joe Troy, Chief Executive Officer of Boasso, said: “We are focused on meeting the needs of our global customers and the combination of Boasso and Quala makes perfect strategic sense. This transaction will enhance our ability to deliver safe, compliant and best-in-class services to our ISO tank container customers and meaningfully expand our access to more locations across North America to better serve their needs. This is a rare opportunity to put together two Tampa-based, complementary businesses and I am excited to work with Scott and his talented team to unite the best of our organizations with a focus on enhanced efficiency and growing our range of premium solutions for the liquid bulk logistics industry.”

Scott Harrison, Chief Executive Officer of Quala, said: “Our organizations not only have a strong commercial relationship, but also shared cultures of delivering excellence, innovation and safety for our customers. This combination with Boasso and new investment from KKR will allow us to advance our position as a leading provider of container cleaning and maintenance services while continuing to seamlessly meet our customers’ needs. Together Quala and Boasso will benefit from greater connectivity to our customers, an expanded global footprint and new opportunities for our team members as part of a larger combined organization.”

Since Advent’s investment in Quala in 2016, the company cemented its position as the largest independent tank wash, inspection, maintenance and repair solutions provider in North America. Through both organic and inorganic initiatives, Quala has grown significantly, expanding across services and markets to further enhance its customer offering. Under Advent’s ownership, the company invested heavily in building out the platform – including critical investments in safety, talent and technology. Quala’s accomplishments include developing a proprietary technology suite, OnTrax, to make Quala’s services more seamless for customers. Advent’s investment enabled Quala to scale its footprint from 60 locations and 500 employees to 119 locations and over 1,800 employees today and the company has achieved substantial profitable growth across key metrics while building and growing its employee stock ownership program.

Stephen Hoffmeister, Managing Director at Advent International, said: “We have been proud to partner with Scott and Quala’s senior leadership team as they have transformed their company into an industry leader. The Quala management team has delivered compelling performance by driving an employee first culture, technological innovation and customer excellence. Quala is a well invested platform strategically positioned to continue its success and make important investments for its people.”

The transaction, which is subject to the receipt of required regulatory approvals and satisfying other customary closing conditions, is expected to close in the first half of 2023. Boasso and KKR were advised by Simpson Thacher & Bartlett, LLP as legal counsel and by Citi as financial advisor. Quala and Advent were advised by Weil Gotshal & Manges, LLP as legal counsel and by Credit Suisse as lead financial advisor and Bank of America as financial advisor.

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The Sweet Ingredients Portfolio is a leading manufacturer of sweet and cereal products with a broad range of technological capabilities, primarily serving the end markets of bakery, cereal, confectionery, dairy and ice cream in Europe and the US. Its operational footprint covers four manufacturing facilities in the US (in Illinois, Kansas, Missouri, and California), and six facilities across the UK, the Netherlands, Germany and France. The portfolio incorporates a range of products spanning sweet particulates, chocolate confections, baked inclusions, variegates and fruit purées. The expected attributable financial results for the year ended 31 December 2022 include revenues of €405m and EBITDA of €41m.

Edmond Scanlon, CEO of Kerry Group, commented: “We are pleased to have entered exclusive negotiations with IRCA, who have a strong track record of developing their business within the category. This transaction would represent another strategic development in Kerry’s evolution, as we continue to look to enhance and refine our Taste & Nutrition portfolio, aligned to the areas where we can create the most value.”

Massimo Garavaglia, CEO of IRCA, added: “We are delighted to partner with Kerry on this transaction and look forward to its successful conclusion. The Sweet Ingredients Portfolio is a high-quality business with a differentiated set of technologies, and we are excited to welcome their talented team who, we believe, share our passion and drive to deliver the best for their customers and consumers. This acquisition would represent a strong fit with our portfolio, with its highly complementary product and technological capabilities, and help us to become a truly global player. We look forward to helping the Sweet Ingredients Portfolio realise its full potential as part of the IRCA family.”

Francesco Casiraghi, Managing Director at Advent International, commented: “We are delighted to welcome this best-in-class sweet ingredients business to the IRCA family, which would represent a major step in our goal of creating a genuine global leader in semi-finished food ingredients. There are so many exciting long-term opportunities for this combination, and we look forward to supporting the management team in this next phase of growth for the business.”

The combination of IRCA and Kerry’s Sweet Ingredients Portfolio is expected to create a global leader in semi-finished food ingredients with around €1 billion in revenues, a truly international footprint and a significant presence in the US. It would further strengthen IRCA’s leadership positioning and expand its broad assortment of high value-added ingredients.

This would represent IRCA’s third acquisition since it was acquired by Advent International (“Advent”), one of the largest and most experienced global private equity investors, in July 2022. This follows the recent acquisitions of Anastasi Group, a leading Italian pistachio ingredients company, and of Cesarin SpA, a leading artisanal fruit-based ingredients company.

The Potential Sale is expected to close in the first half of 2023 following the employee consultation and information processes and receipt of regulatory approvals. On receipt, the proceeds from the Potential Sale are expected to be used by Kerry for general corporate purposes and the continued strategic development of the Taste & Nutrition business.

¹The consideration of €500m comprises an initial cash consideration of €375m (subject to routine closing adjustments) plus a €125m interest bearing vendor loan note.

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The promotions represent a wide range of talent and geographies from across the business, with:

• Promotions by region: 30 North America, 23 Europe, 7 Latin America, 6 Asia
• 29 female promotions

Four outstanding individuals are promoted to senior management levels of the firm and we offer our warmest congratulations:

• Tricia Glynn, Boston, Managing Partner
• Shonnel Malani, London, Managing Partner
• David Chen, Shanghai, Managing Director
• Rafael Patury, São Paulo, Managing Director

“Congratulations to all of our colleagues whose hard work, talent and dedication has been recognized in this round of promotions,” said David Mussafer, Managing Partner and Co-Chair of Advent’s Executive Committee. “Each of these individuals have made a significant contribution to Advent’s success, and I look forward to working with them in their new roles.”

“Our people are not only fundamental to the firm’s success, they are also what makes Advent a truly special place to work,” said James Brocklebank, Managing Partner and Co-Chair of Advent’s Executive Committee. “Recognizing and rewarding talent is central to the culture that Advent has built, and I congratulate each of this incredibly talented group on their promotions.”

The post Advent International announces its annual promotions appeared first on Advent International.

As part of the transaction, Advent will also be making an open offer to acquire additional 26% of the outstanding equity shares of the company from the public shareholders.

“We are delighted to bring Advent into Suven Pharma as a strategic investor. We have built a business with industry leading growth & margins. We have cultivated excellent relationships with multiple global innovator companies backed by deep R&D capabilities and demonstrated track record of execution and delivery excellence. Advent is the ideal partner for us, with deep expertise in healthcare, and a global network of professionals and experts. Their experience and resources will launch the next phase of growth for Suven pharma. This move will benefit Suven platform immensely. The proposed collaboration with Cohance is a win-win for Suven and its public shareholders. It will help us offer a broader set of services and multi sites to our customers” said Mr. Venkateswarlu Jasti, Managing Director at Suven Pharmaceuticals Ltd.

“We are extremely pleased with this win-win transaction. We believe that Suven is a world class CDMO with a credible track record and a great roster of clientele to its name. We plan
to build on Suven’s capabilities and make it one of the global leaders in the CDMO space. We intend to explore a merger of Cohance with Suven in a manner which is synergistic and accretive for Suven’s shareholders.” said Ms. Shweta Jalan, Managing Partner and Head of Advent International in India.

Suven Pharma, which was demerged from its parent entity, Suven Life Sciences, in 2020, is one of the leaders in the India pharma CDMO space with high growth (>20% CAGR over last 4 years) and profitability (>43% EBITDA margins). Suven does ~90% of its business with innovators and follows the customer from Phase 1 to commercialization. It has a strong pipeline of Phase 3 and late Phase 2 molecules with 100+ active projects.

“Our vision for Suven is to build a $1 billion global leader, by executing effectively on the product pipeline, building new marquee customers, turbo-charging business development, and scaling up manufacturing and R&D. We will also look at acquiring synergistic businesses globally, to further build capabilities and gain new customer access” said Mr. Pankaj Patwari, Managing Director at Advent International.

Cohance Lifesciences (www.cohance.com), wholly owned by Advent, was formed in November 2022 to create a new brand identity for its CDMO and API platform, with an intention of bringing together three Advent portfolio companies – RA Chem Pharma, ZCL Chemicals and Avra Laboratories. Cohance’s two business units, CDMO and API+, cater to development and manufacturing for pharma and specialty chemical innovators, and leading global generic companies with complex product requirements respectively. It has seven manufacturing facilities. Cohance recorded a total proforma revenue of ~INR 1,280 crores (FY 2021-22) and has grown at a market leading >21% CAGR organically in the last two years.

“The potential combination of Suven and Cohance has the ability to become a powerhouse operating across the pharmaceutical value chain. The combined entity will have three massive growth vectors across pharma CDMO, speciality chemicals and merchant API, each of which have strong macro tailwinds. There are strong front-end and operational synergies between the two businesses which will be leveraged” added Mr. Pankaj Patwari.

Advent has been investing in India since 2007 and founded its Mumbai office in 2009. Currently, it has invested/committed over $3.2 billion across 14 companies with headquarters or operations in India in sectors such as business and financial services, retail, consumer and leisure, healthcare, industrial and technology. Previous healthcare investments in India also include Bharat Serums and Vaccines. Globally, Advent has invested over US$ 10.4 billion across 51 companies in healthcare.

Advent was advised on this transaction by Kotak Investment Banking and Avendus Capital while Suven had Barclays Bank Plc as their exclusive financial advisor.

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Advent will acquire a minority stake in Tredence with the $175 million investment. Advent has significant investment experience in the technology services and software sectors. Recent IT and information services investments include Encora, CI&T, NielsenIQ, Neoris, Sophos Solutions, Aareon, Canvia, and QuEST Global Services.

The existing investor Chicago Pacific Founders (“CPF”), a leading private equity firm, will continue to be a meaningful shareholder in Tredence. CPF made its initial investment in Tredence in December 2020.

Founded in 2013 by Shub Bhowmick, Sumit Mehra, and Shashank Dubey, Tredence aims to bridge the gap between insight delivery and value realization, providing customers with a differentiated approach to data and analytics through tailor-made solutions.

Advent, alongside Tredence’s co-founders and CPF, will work with the company through continued investment in vertical and domain expertise, IP and accelerator repository, channel partner development, and operational excellence. The partnership will help drive Tredence’s vision to become the world’s most indispensable data and analytics partner. As a part of the transaction, Advent will be joining the Tredence board.

“We are thrilled to welcome Advent as a partner to Tredence,” said Tredence CEO Shub Bhowmick. “Advent’s global reach, deep sector expertise, and vast experience in scaling businesses like ours through organic and inorganic growth will be invaluable to us as we look to drive continued business innovation. Tredence was founded to help clients solve some of the most complex challenges across industries through pragmatic innovation and continuous experimentation. CPF has been a value-added partner over the last few years, and we are excited to be joined by Advent on this journey.”

“Data analytics is an exciting segment within digital IT services with secular growth. The practice is fueled by the rise in data created and captured globally, the reduced cost of compute and storage, and the opportunity for enterprises to tap into valuable insights to drive competitive advantage,” said Shweta Jalan, Managing Partner at Advent International in India. “Tredence has built the business with deep domain expertise that positions it well to become a category-defining leader in the space. We are very excited to partner with Tredence in the next chapter of growth as they build a $500M revenue organization.”

“Tredence is leading the way in designing data analytics strategies, uncovering actionable insights, and implementing outcomes-based AI engagement models for clients,” said Mary Tolan, Founder & Managing Partner, Chicago Pacific Founders. “Through its portfolio of AI/ML solutions, the company has led the charge for world-class data transformation initiatives for enterprises across industries. We remain confident in Tredence’s ability to deliver long-term financial results for its shareholders.”

In 2021, the company devised a vertical AI go-to-market strategy that combines deep data science expertise with business context to solve daunting industry problems. The company’s vertical AI strategy will focus on ATOM.AI, an integrated accelerator ecosystem that guides enterprises from design to experience to value.

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The setting up of Cohance Lifesciences is significant, as it would help in establishing a unified new brand identity for the API and CDMO platform, to better reflect its vision and operating philosophy. The new brand brings its API-focused assets together under one platform. The platform is also forward integrated into pellets, formulations and clinical research to provide end-to-end offerings to its customers.

The company intends to add more assets in the future with the vision to become one of the top three merchant API and CDMO companies in India.

Speaking on the initiative, Pankaj Patwari, Managing Director, Advent, said, “We are very happy to announce the launch of our new platform, Cohance Lifesciences. Over the last two years, Advent International has acquired three unique, yet complementary businesses in the API/CDMO space and has built a meaningful market position, demonstrating strong growth.”

Elaborating on the initiative and how Advent operates its companies with a common operating philosophy and values, Mr. Patwari said, “We have built a single leadership team for this API platform, which will help us to drive strong growth, synergies and operational efficiencies. Our business model has a strong focus on customer service, sustainability, efficient infrastructure and robust quality systems.”

Dr. V Prasada Raju, MD and CEO, Cohance Lifesciences, said, “Our vision is to be amongst the top three merchant API and CDMO players in India. The name ‘Cohance’ is crafted by fusing ‘collaboration’, ‘co-creation’ and ‘enhancement’. At Cohance Lifesciences, the team possesses the spirit of co-creation and collaboration to relentlessly enhance value, as we build a best-in-class company to help our customers serve patients worldwide.”

Advent’s journey in the API space began with a controlling stake in RA Chem Pharma in October 2020, followed by controlling stakes in ZCL Chemicals in March 2021 and Avra Laboratories in April 2022. The platform, now wholly owned by Advent, has already built a solid track record of high profitability and strong growth.

Advent has been investing in India since 2007 and founded its Mumbai office in 2009. Currently, it has invested/committed over $3.4 billion across 14 companies with headquarters or operations in India in sectors such as business and financial services, retail, consumer and leisure, healthcare, industrial and technology. Previous healthcare investments in India also include Bharat Serums and Vaccines. Globally, Advent has invested over US$ 10.4 billion across 51 companies in healthcare.

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Ms. Miner joins Advent from Goldman Sachs (NYSE: GS), where she held a number of leadership positions during her nearly two-decade tenure. Most recently, she served as Partner and Chief Operating Officer as well as Global Co-Head of Client Solutions and Capital Markets for Goldman Sachs’ $2.4 trillion Asset Management business. She also previously served as Goldman Sachs’ Global Head of Investor Relations. Ms. Miner began her career in the Financial Institutions Group at UBS.

“We are delighted to welcome Heather to Advent’s leadership team,” said David Mussafer, Managing Partner and Co-Chair of Advent’s Executive Committee. “Heather brings a diversified skillset and partnership ethos that we believe will allow her to add significant value to our investment and operating teams. With her impressive background and deep expertise, Heather is well suited to help us advance our key strategic and financial goals.”

“I’m thrilled to be joining the dynamic and talented team at Advent during an incredibly exciting time for the firm,” said Ms. Miner. “With $25 billion in new capital to deploy in our latest flagship fund, GPE X, Advent is at an auspicious juncture. I look forward to engaging with our team and partners across the globe and contributing to the firm’s continued success.”

“During her twenty-plus year career, and throughout multiple market cycles, Heather has led functions which are critical to scale a global investment management business,” said James Brocklebank, Managing Partner and Co-Chair of Advent’s Executive Committee. “As we embark on Advent’s exciting next stage of growth, we are incredibly pleased to continue expanding and diversifying our senior team as we further build out our platform and continue to enhance our operating performance.”

Ms. Miner earned a B.S. in Finance from the Carroll School of Management at Boston College and an MBA from the Stern School of Business at New York University.

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Dubey and Ginsberg bring substantial experience in building digital communities and scaling disruptive global businesses, having each previously served as Chief Executive Officer of Match Group (NASDAQ: MTCH), a leading provider of digital technologies designed to help people make meaningful connections. Dubey and Ginsberg were instrumental in developing the online dating category, growing the business and leading the preparation and spin off of Match Group from international consumer internet conglomerate InterActiveCorp (“IAC”) in 2020. Ginsberg served as CEO from 2018-2020 before transitioning the role to Dubey, who held the position until May 2022. During the combined four plus years under their leaderships, Dubey and Ginsberg helped grow Match Group’s revenue and adjusted operating income by approximately 125%, respectively.

“We’re thrilled to welcome Shar and Mandy as advisors to Advent as we continue to bolster the breadth and depth of our Operating Partners, who play a critical role in the evolution and growth of our portfolio companies around the world,” said Tricia Glynn, Managing Director on Advent’s consumer team. “Both executives have an innate understanding of how to build market leaders and digital communities, and as technology becomes a greater part of our lives, community is now more important than ever. Moreover, consumer technology is a high-growth sector that we have closely followed for a number of years and one which we believe is a strategic fit for our investment strategy and operating model, especially with the guidance and partnership of Shar and Mandy.”

“I’m excited to work with Advent alongside one my closest personal and professional friends in Mandy,” said Dubey. “As one of the largest and most recognized alternative investors, I have been impressed with the well-thought-out strategy and executed steps Advent has taken to scale some of the world’s most prominent companies across the retail, consumer, leisure and technology spaces. I am eager to begin working closely with portfolio companies to help strategize, identify and implement meaningful growth opportunities.”

“The consumer technology industry is a highly attractive and evolving sector that offers innovative products, services and experiences that can meaningfully improve and impact lives in a variety of categories from health and relationships to travel and entertainment,” said Ginsberg. “After working hand in hand with Shar for many years, it’s a pleasure to have the opportunity to partner with her again in a new venture and to provide our collective insights to dynamic digital businesses. Advent is a powerful and exciting platform where we can bring our industry knowledge, operational expertise and leadership experience to help create even further value at the firm’s portfolio companies.”

“Both Shar and Mandy maintain impeccable track records and, more importantly, are highly respected professionals who we believe will provide significant value add to our portfolio companies and their management teams while also serving as key advisors to our investment staff,” said Bryan Taylor, Managing Partner and head of Advent’s technology team. “We welcome them and look forward to their future contributions to the firm and our growing portfolio of leading consumer technology companies.”

Prior to serving as CEO of Match Group, Dubey held a number of roles within IAC and its brands, including President of Match Group, Chief Operating Officer of Tinder, President of Americas at Match Group, Chief Product Officer of the Princeton Review and Tutor.com and Chief Product Officer at Match.com and Chemistry.com. Before joining Match Group and IAC, Dubey served as a Director of Product Marketing and Management at i2 Technologies (NKA: Blue Yonder Group) and as an engineer at Texas Instruments. Dubey currently serves on the Board of Directors at Naspers Limited (JSE: NPN), Prosus N.V. (JSE: PRX), Fortive Corporation (NYSE: FTV), Match Group and MyFitnessPal. In 2021, she was named one of Fortune’s “Most Powerful Women in Business” and was the recipient of Tech Leader of the Year for Vogue’s “Women of The Year” awards. Dubey earned a MS in Engineering from The Ohio State University and a BS in Engineering from the Indian Institute of Technology.

Before leading Match Group as global and North America CEO, respectively, Ginsberg served in numerous roles at IAC over 14 years, including CEO of the Princeton Review and Tutor.com and President of Match.com. Ginsberg previously served as a Vice President of Marketing at i2 Technologies and advised consumer technology clients as a Vice President at public relations firm, Edelman. She began her career in marketing in the high-tech sector in Tel Aviv, Israel. Ginsberg currently serves on the Board of Directors at Uber Technologies (NYSE: UBER) and ThredUp (NASDAQ: TDUP). She previously served as a director at Match Group, J.C. Penney Company and Care.com. Ginsberg earned an MBA from The Wharton School of the University of Pennsylvania and a BA in English and Spanish Literature from the University of California, Berkeley.

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Caldic, a global provider of specialty ingredients and chemicals for the life sciences and industrial formulation markets with a major presence in Europe, North America and Latin America, will benefit by increasing its global presence through a merger with Connell, which is one of the major players in Asia-Pacific.

Under the ownership of Advent and Wilbur-Ellis, the combined company will benefit from two strong shareholders committed to build a leading global platform offering thorough expertise in specialty ingredients and chemicals solutions and distribution in two high-growth regions: in Asia-Pacific with Connell and in Latin America with Caldic-GTM, following Caldic’s merger with GTM in March 2022. By extending Caldic and Connell’s global footprint, the merger will accelerate growth opportunities for both principals and customers and drive further investments into people, technical labs, and sites. Together, Caldic and Connell will have more than 3,800 employees across 43 countries, which provide solutions to over 35,000 customers by leveraging 75 formulation centers and application labs and deep application know-how. The combination will generate sales of about EUR 3 billion.

Ronald Ayles, Managing Partner at Advent International, said: “By bringing together the highly complementary businesses of Caldic and Connell, we will form a truly global business with significant exposure to high-growth regions and very diversified end markets with a high value-add offering. In Wilbur-Ellis, we have found a committed partner who shares our long-term vision of building a fully integrated growth and innovation focused business. We look forward to working together with Wilbur-Ellis and the management teams of both Caldic and Connell in this exciting new chapter which brings synergistic business development opportunities for principals and customers alike.”

John Buckley, Wilbur-Ellis President and Chief Executive Officer, said: “We couldn’t be more excited about the partnership between Connell and Caldic. With Caldic’s strong global position, and Connell’s 125-year presence in Asia-Pacific, the partnership will immediately establish a global, privately-held specialty chemicals and ingredients distribution leader. The combined organization will provide a broad range of solutions for customers.”

In recent years, Caldic has stood out as a rapidly growing, innovation-driven player. The company continuously invests into value-add capabilities and has established itself as a leading player in attractive and high-growth life science end-markets. Caldic’s management team has a track record of acquiring companies and subsequently integrating and accelerating their growth under its ownership.Alexander Wessels, CEO, Caldic, state

d: “We are thrilled that Advent is partnering with Wilbur-Ellis as this will create a unique opportunity to combine two major players, Caldic and Connell, each with a strong family heritage who are supported by a strong private shareholder base with extensive expertise in the sector. Bringing together similar entrepreneurial cultures and complementary geographies reinforces our ambition to establish Caldic as a global growth platform with a significant presence in two high-growth regions, Asia-Pacific and Latin America. This is an exciting moment to join forces as we accelerate our growth and firmly position the business as one of the major global players in our industry.”

Connell’s product portfolio includes specialty chemicals and ingredients for life science segments such as food, pharmaceuticals, and personal care, as well as industrial segments, such as coatings, rubber and lubricants. With a significant presence in Asia-Pacific, Connell’s strengths lie in its world-class network of principals, combined with technical and marketing expertise, and its extensive presence in local segments. These strengths enable Connell to meet customer-specific requirements through customized formulation and marketing support and dedicated, value-added blending capabilities, which it has built out over its 125 years of local presence across the Asia-Pacific region.

Azita Owlia, who will serve as CEO of the combined entities in Asia-Pacific, added: “In terms of value creation, this is a huge win for our customers, suppliers, and employees. We will be stronger than ever and able to bring reach and capabilities to the segments we serve, as well as global growth opportunities for our employees.”

The transaction is expected to close in the first quarter of 2023 subject to customary conditions and regulatory approvals. Terms of the agreement were not disclosed.

Wilbur-Ellis and Connell were advised in this transaction by Rabobank and Natrium Capital, joint financial advisors.

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Ms. Morrison joins from Ropes & Gray LLP (“Ropes & Gray”), where she most recently served as Head of the Global Private Equity Transactions Group. With more than two decades of experience, she is recognized as one of the industry’s premier private equity, corporate and M&A lawyers, advising leading private equity firms and corporate clients on complex transactions across diverse sectors. She has also advised private equity firms and their portfolio companies on a variety of corporate and strategic matters. Ms. Morrison’s leadership included serving as Co-Chair of Ropes & Gray’s Women’s Forum and as a member of the firm’s Diversity Committee.

“Amanda is a talented lawyer and leader who has been a trusted advisor to our firm for many years,” said David Mussafer, Chairman and Managing Partner at Advent. “Her guidance, expertise and experience will be invaluable to Advent’s continued growth and innovation. We are delighted to welcome her to Advent and have her build seamlessly on Jim’s tremendous legacy.”

“I’m thrilled to join Advent and support its mission of building great businesses,” said Ms. Morrison. “From my work alongside Jim and the Advent leadership team, I have seen firsthand how they lead with vision, passion and collegiality in all they do. I look forward to contributing to the firm’s continued success.”

Mussafer continued: “Jim’s positive contributions to Advent over the last 11 years are too many to list. He has been an important force in Advent’s success and is well recognized within the firm and out for his partnership, leadership and mentorship. His influence has been felt at the firm far beyond his legal counsel and we are grateful that he will work closely with Amanda in the coming months to ensure a smooth transition.”

Ms. Morrison has received numerous accolades for her work, including recognitions by Chambers USA, The Deal and American Lawyer. She earned her J.D. from Harvard Law School and a B.A. from Wake Forest University.

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Since it was founded in 1999, Wagas has pioneered the healthy light food industry in China and garnered wide popularity for its fresh, quality, all-day dining. Inspiring people to “Eat Well, Live Well”, the multi-brand restaurant group has around 250 locations across China under the Wagas, Baker and Spice, Funk & Kale and LOKAL brands. The company has a strong foothold in Shanghai and Beijing, along with a presence in 11 other cities throughout China.

With a leading position in a sizeable and growing market in China and a dedication to providing best-in-class food and beverages, Wagas is well placed to tap the country’s increasing health awareness and growing lifestyle trend. The partnership with Advent will help expand the restaurant Group’s footprint across China and boost investment in the brand, including its product offerings, menu innovations and operational infrastructure and systems.

David Chen, Principal of Advent, said, “Consumers are increasingly pursuing healthy lifestyles and we believe demand for casual, quality dining options will continue to see rapid growth. We are highly impressed with Wagas’ people and culture, its dedication to quality, and its longstanding partnerships with top mall operators in China. Advent has the expertise and strong track record in creating lasting value for restaurant brands and we look forward to providing our best resources, commitment to the brand’s high-quality offering and support for its national growth plans.”

John Fohlmann Christensen, Founder of Wagas and Jackie Yun, Managing Partner of Wagas, commented, “We welcome Advent to the Wagas family and are very excited about a fun, new journey together. Quality remains at the core of Wagas, and we believe Advent is an ideal partner to further strengthen our foundation and support us with our continued expansion across Greater China. Advent’s success in helping customers integrate consumer products into customers’ lives aligns perfectly with our ‘Eat Well, Live Well’ mantra. This is the Wagas way and we are thankful to Advent for believing in us, our team and our brands.”

Andrew Li, Managing Director, Head of Greater China of Advent, said, “This deal plays to Advent’s strong track record in the consumer and leisure sectors and our commitment to supporting industry-leading and innovative businesses in China. We are excited to partner with John and Jackie during this next chapter of the business.”

Advent has been investing in the retail, consumer and leisure sectors for over 30 years and has completed over 80 investments worldwide. Relevant Advent investments include Lululemon, First Watch, The Coffee Bean & Tea Leaf, Bojangles, IRCA and Dufry. Advent has completed 18 deals across China and Asia since 2014, including AI Dream, China’s leading branded sleep solution provider and the largest player in the country’s premium mattress market; BioDuro, a leading global life sciences contract research and development organization with major operations in Shanghai, Beijing and San Diego; GS capsule, the largest domestic capsule provider in China; and The Learning Lab, the leading provider of K-12 academic enrichment and tutorial services in Singapore.

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Ms. Gentile brings nearly two decades of experience across financial services. She most recently served as Chief Financial & Administrative Officer at H.I.G. Capital, where she was responsible for leading the strategic direction of the global private investment firm since 2018, including managing its development and growing assets.

“Susan is a talented leader who combines financial, strategic and operational expertise with hands-on experience growing innovative businesses. Her impressive set of leadership skills will be invaluable as we seek to continue accelerating Advent’s growth and capabilities,” said John Maldonado, Managing Partner. “We are thrilled for Susan to join the firm and are confident that the impact of her commitment and guidance will extend beyond Advent, creating sustainable value for our management teams and portfolio at large.”

Prior to joining H.I.G. Capital, Ms. Gentile spent almost five years at Oaktree Capital Management, where she served as Chief Accounting Officer and Managing Director, overseeing more than $100 billion in assets and 200 professionals across offices globally. Before joining Oaktree in 2013, Ms. Gentile held senior-level accounting roles at The Clorox Company and Levi Strauss. She began her career in the audit and assurance practice of Deloitte.

“I’m very excited to be joining Advent’s outstanding management team and to be returning to Boston,” said Ms. Gentile. “Advent has long employed a strategy of investing that capitalizes on its strengths: global reach, strong operational resources and the deep expertise and entrepreneurial approach of the firm’s professionals. I look forward to supporting the continued leadership of the firm and its various partnerships and engagements.”

Ms. Gentile serves as the Audit Committee Chair for the Honest Company. She holds a Bachelor of Science and Bachelor of Arts degree in Finance from Boston University and is a Certified Public Accountant (CPA).

“As we welcome Susan, we also to want to recognize the instrumental role Eileen has played over the last 13 years. Her contributions have been integral to the success, growth and evolution of the firm,” added Maldonado. “We are incredibly grateful for Eileen’s outstanding leadership and for her willingness to serve in an advisory position, and we wish Eileen and her family the very best in this exciting next chapter.”

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The capital raised will bolster the capital adequacy of the Bank, thereby providing growth capital for the core business of the Bank. Once approved, this would be one of the largest private equity investments in the Indian banking sector.

This equity stake in YES BANK will be Advent’s first investment in a banking entity in India and Advent will have one nominee on the Bank’s Board following the transaction.

Commenting on the investment, Ms Shweta Jalan, Managing Partner at Advent, said, “We believe India’s banking sector is at an inflection point where tech-enabled banks like YES BANK have an advantage. This investment also demonstrates our commitment to the country’s banking and financial services industry, which is the core of India’s growth story. We think the Bank’s leadership team, led by Prashant Kumar, has done great work in reviving its performance over the last two years. We look forward to working with the Bank and to drawing on our sector expertise in supporting YES BANK in its next phase of sustained growth.”

Mr. Prashant Kumar, Managing Director & Chief Executive Officer, YES BANK said, “We are extremely pleased to onboard such pedigreed investors like Carlyle and Advent International as our partners, in fulfilling the long-term strategy of the Bank. This is a testimony to the inherent strength of the bank’s franchise. We are excited about the incremental opportunities that this partnership creates for us and confident that both the investors will play a crucial role in the next growth phase of the Bank.”

Headquartered in Mumbai, YES BANK is a Full Service Commercial Bank providing a range of products, services and technology driven digital offerings, catering to corporate, MSME and retail customers. Founded in 2004, it has a strong Pan India footprint with over 1,140 branches across all 28 states and 9 Union Territories in India. It also operates investment banking, merchant banking and brokerage businesses through YES Securities. The banks shares are listed on the National Stock Exchange and Bombay Stock Exchange.

Advent has been investing in India since 2007 and founded its Mumbai office in 2009. Currently, it has invested/committed almost $2.9 billion across 13 companies in sectors such as financial services, consumer products, healthcare, industrial and technology. Previous financial services investments include Aditya Birla Capital (a holding company for the financial services businesses of Aditya Birla Group) through which Advent has exposure to lending, asset management and insurance amongst others, and ASK Investment Managers Private Limited (a leading portfolio management service provider, real estate investment manager and wealth manager in India). New investments in the last twelve months include Eureka Forbes Ltd (health and safety solutions provider, with a presence in water purification, vacuum cleaning and other emerging categories), Encora (a global digital engineering services company specializing in software product development services for fast-growing enterprises and digitally-native companies) and Avra Labs (contract manufacturing and research services and specialty active pharmaceutical ingredients manufacturer).

Globally, Advent has invested over US$12.5 billion across 82 companies in business and financial services. Previous investments in banks include Addiko Bank (a universal bank operating in South Eastern Europe), Nubank (the largest independent digital bank in the world and based in Brazil) and Grupo Financiero Mifel (a leading Mexican mid-sized bank serving the retail segment and small and medium-sized companies).

The transaction is subject to closing conditions and relevant statutory and regulatory approvals.

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With Advent’s support, NEORIS will deepen its focus on cutting-edge, high-growth verticals such as artificial intelligence, data science, cloud solutions, and automation, among others. These verticals are aligned with CEMEX’s priorities for its continued digital transformation. NEORIS will also continue focusing on strategic industries such as financial services, telecommunications, media, manufacturing, retail, and consumer packaged goods, among others.

“We are thrilled to become shareholders of NEORIS. The technological sector is growing fast and has relevant tailwinds for this to continue going forward, as companies of all sizes embark on the digital transformation journey. We are excited to be part of a leading business in the sector such as NEORIS,” says Juan Pablo Zucchini, Managing Partner of Advent.

“We are excited that Advent is investing in NEORIS, launching the next stage of a journey that started two decades ago,” says Luis Hernández, Executive Vice President of Digital and Organization Development at CEMEX. “CEMEX remains committed to leveraging digital technology to spearhead the evolution of the building materials industry. This partnership strengthens NEORIS and its role as a strategic ally for us.”

Founded over 20 years ago, NEORIS has successfully executed over 1,200 large-scale projects for more than 350 blue chip clients. It currently has more than 5,000 employees located in 14 countries in Latin America, USA, and Europe, working under a nearshore delivery model.

“We are delighted to partner with NEORIS and CEMEX. NEORIS provides a phenomenal value proposition to its ever-growing customer base. We look forward to working together in this new phase of accelerated growth and further internationalization,” says Ariel Blumenkranc, Managing Director of Advent in Mexico.

“This is excellent news and a great opportunity to propel our growth strategy,” says Martín Méndez, CEO of NEORIS. “The arrival of Advent is a reflection of our success, which we could not have achieved without the support of CEMEX, our 5,000 employees, and our customers. Our achievements and strategy have benefited from our management team’s deep understanding of digital trends, industries, and markets. We look forward to collaborating with Advent to grow the business further and taking full advantage of the tailwinds of the technology space. We also look forward to bringing new ideas and our expertise to our ongoing relationship with CEMEX.”

As part of the creation of the partnership, Advent will acquire from CEMEX a 65% stake in NEORIS. CEMEX will retain a 35% stake and remain as a key strategic partner and customer of NEORIS, supporting CEMEX’s efforts to provide a superior customer experience enabled by digital technologies..

Subject to satisfaction of closing conditions, including approvals from antitrust authorities, Advent and CEMEX expect to finalize the transaction during the second half of 2022.

CEMEX assumes no obligation to update or correct the information contained in this press release. This press release contains forward-looking statements within the meaning of the U.S. federal securities laws. CEMEX intends these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These forward-looking statements reflect CEMEX’s current expectations and projections about future events based on CEMEX’s knowledge of present facts and circumstances and assumptions about future events, as well as CEMEX’s current plans based on such facts and circumstances. These statements necessarily involve risks and uncertainties that could cause actual results to differ materially from CEMEX’s expectations, including the announced divestment to not close or that NEORIS does not develop as expected. The content of this press release is for informational purposes only, and you should not construe any such information or other material as legal, tax, investment, financial, or other advice. CEMEX is not responsible for the content of any third-party website or webpage referenced to or accessible through this press release.

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GfK’s leading position in technology and durables across 67 countries, combined with NielsenIQ’s leading position in the measurement of fast-moving consumer goods in 90 countries will allow for expansion within the companies’ traditional client industries as well as new market segments. With a larger technology and operations talent base around the world, the combined company will innovate and bring new products to market even faster and then scale them to a broader set of markets and industries. Both companies firmly believe in the strategic merit this combination holds and are looking to further expand the business both geographically and vertically.

“Over the past year, NielsenIQ has been investing both organically and inorganically in the most comprehensive coverage, advanced technologies and predictive analytics to enable our clients to have a complete understanding of their consumers,” said Jim Peck, Executive Chairman and Chief Executive Officer of NielsenIQ. “Combining our market-leading capabilities will allow us to further accelerate innovation that best serves our expanded client base and deliver significant value for all our stakeholders. Together with GfK, we have the opportunity to influence the future of global retail and consumer measurement – one that is fast, nimble and connected.”

Through the combination of NielsenIQ’s cloud based Connect platform and omnichannel measurement technologies and GfK’s recently launched gfknewron platform, the company will become a true analytics leader. Its solutions will provide a harmonized, granular and consistent view of consumer purchasing behavior across channels and categories, allowing for real-time decisions to enhance performance and fuel growth. The two companies will bring together an extensive range of talent and expertise, with a proven record of success in measurement and analytic capabilities.

“GfK has successfully navigated a digital transformation to profitable and sustainable growth over the last years. Joining forces with NielsenIQ is now the logical next step for us and will support the next stage of our company’s development,” said Lars Nordmark, Interim Chief Executive Officer and Chief Financial Officer of GfK. “The combination with NielsenIQ will enable us to empower our customers to make smarter decisions across their organizations at a truly global scale and accelerate our journey into the next chapter of innovation. This will allow us to tap into significant new growth opportunities.”

Ownership

With this transaction, Advent will become the majority shareholder of the combined company. Advent acquired NielsenIQ in a transaction that closed in 2021.

“We see tremendous potential to build on the two companies’ strong brands and cutting-edge platforms,” said Chris Egan, Managing Partner at Advent. “Given the capabilities and resources of the soon-to-be combined entity, we are confident in our ability to build a truly global leader in consumer and retail data. Drawing on our global footprint and operational strength, we aim to further scale the business and advance its position across established and emerging markets.”

Since GfK’s spin-off from NIM in 1984, NIM has been the company’s majority shareholder and will remain one of the key shareholders of the new combined company. Based on the transaction, NIM will be able to further drive and accelerate its development as a leading international research institute.

“GfK and NielsenIQ, two top players in market research, have almost 200 years of combined experience. We see the combination of their complementary strengths as a unique opportunity, creating exciting new business opportunities for both parties. The combination is, thus, in the best interest of their employees, customers and retail partners alike,” said Manfred Scheske, President of NIM, and continued: “As a significant shareholder of the new company, NIM will be able to continue its development as a leading international research institute, fulfill its main purpose, as defined by the association’s statutes, and live-up to its founders’ ambitions.”

Alongside NIM, KKR will stay invested in the combined company as a minority shareholder. The global investment firm took GfK private alongside NIM in 2017 to support GfK’s strategic transformation and pave the way for sustainable growth. In close collaboration with the company’s management team, NIM and KKR supported the company in a comprehensive transformation, focusing its portfolio, introducing cutting-edge predictive analytics offerings and accelerating its profitable organic growth.

“GfK is much stronger today than it was five years ago, and the 2021 results are a testament to GfK’s effort and readiness to continue its path to become an integrated data, analytics and consulting firm providing superior service to its clients. We strongly believe that GfK coming together with NielsenIQ is a transformative combination that allows GfK to proceed on its growth and innovation trajectory at an even faster pace”, said Philipp Freise, Partner and Co-Head of European Private Equity at KKR.

Approvals

The transaction is expected to close later this year or early next year, subject to the satisfaction of customary closing conditions. Until closing, NielsenIQ and GfK will remain independent companies focused on their current strategies and growth plans.

Advisors and Legal Counsel
J.P. Morgan Securities LLC and HSBC Securities are serving as financial advisors to Advent International Corporation and NielsenIQ, and Ropes & Gray LLP, Covington & Burling, Weil Gotshal & Manges LLC and Squire Patton Boggs are serving as legal counsel. Goldman Sachs Bank Europe SE is serving as financial advisor to KKR and Nuremberg Institute for Market Decisions. Simpson Thacher & Bartlett LLP and Hengeler Mueller Partnerschaft von Rechtsanwälten mbB are serving as legal counsel to KKR. Rothschild & Co is serving as financial advisor to Nuremberg Institute for Market Decisions. Fieldfisher and Baker & Hostetler LLP is serving as legal counsel to Nuremberg Institute for Market Decisions. White & Case LLP is serving as legal counsel to GfK SE.

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With proceeds from this round, Coralogix will grow its go-to-market, product, and R&D teams within the Americas, EMEA, UK, and APAC. As the company expands, they are committed to continuing to offer endless data possibilities with its one-of-a-kind 24/7 in-app support and response times under one minute. This announcement reflects the evolution of Coralogix from a best-in-class log analytics platform to a full-stack observability platform with robust capabilities for metrics, tracing, and security data, in addition to logs. With data volumes and costs growing exponentially and coverage options becoming more limited, having all data insights in a centralized platform is critical for DevOps, Engineering, and Security teams.

The company’s flagship Streama© technology enables real-time insights and alerting for all observability data with no reliance on storage or indexing. In addition, the company is announcing a new distributed query engine enabling fast queries on dynamically mapped data from the customer’s remote storage. This enables customers to analyze data in-stream and then query it from their own archive. The platform changes the unit economics of observability to give customers a 40-70 percent reduction in costs while simultaneously improving their performance and data insights.

“Coralogix is an established leader in the modern observability market and is differentiated by its product, mission, and vision,” said Alek Ferro, Director at Advent. “We are confident that Coralogix’s unique data streaming architecture and analytics pipeline will continue to transform the category through its ability to provide superior monitoring coverage, insights, and results while yielding significant cost savings. We’re thrilled to partner with the Coralogix management team as they continue to build on this momentum.”

“Monitoring the applications that now orchestrate much of our economy is a critical piece of the modern software world, and Coralogix’s technology enables its customers to do this at a massive scale without incurring excessive costs or compromising performance or functionality,” said Mike Gregoire, Partner at Brighton Park and former CEO of CA Technologies. “Coralogix’s offering is incredibly powerful, and we see several opportunities to grow their functionality while preserving the highly responsive support their customers are accustomed to. We look forward to partnering with the talented team at Coralogix as they scale into the leading platform in the observability market.”

Today’s announcement comes on the heels of unprecedented growth for Coralogix. In the past year, the company has signed some of the most successful hypergrowth and enterprise customers in the US, Israel, India, and EMEA. The company also expanded into the security market with the launch of Snowbit, a cybersecurity venture focused on helping cloud-native companies comprehensively manage the security of their environments.

“Our approach at Coralogix is to solve the fundamental challenges of ever-growing data volumes and system complexity. Our technology breaks the unit economics of observability to provide our customers with a cost-effective way to centralize and scale across the R&D organization. With this round of funding, we will be expanding our offering into further markets as we continue our journey to provide harmonious observability,” said Ariel Assaraf, CEO of Coralogix.

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