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LIVINGBRIDGE BACKS COVERSURE INSURANCE SERVICES GROUP IN MANAGEMENT BUYOUT

Coversure Insurance Services Group has been acquired by the current management team as part of a management buyout.

coversure

Tim Wright will join Coversure’s management team as non-executive Chairman as part of the deal. Tim was previously Head of Corporate Risk & Broking at Willis Towers Watson and, before that, Chief Executive of Willis International.

Livingbridge has invested in over 100 growing businesses in the last twenty years and have particular expertise in the insurance sector having previously invested in businesses such as Kingsbridge Risk Solutions. They will work closely with the management team to expand the franchise operation via acquisitions, new locations and the services offered. Further growth will be delivered by extending the product range, accessibility and investment in technology.

CISG comprises of online wholesaler Policyfast, specialist underwriters CUL, software house Datamatters, and insurance broker franchise Coversure. Founded 30 years ago, it has grown to over 90 offices throughout the country via an organic growth strategy that saw Coversure deliver Gross Written Premium (GWP) of £116m, Policyfast deliver GWP of £42m, and CUL deliver GWP of £9m in the financial year ending March 2018, leaving the Group well placed to build on this performance with our backing.

The deal is set to complete later this year, subject to regulatory approval.

Coversure’s CEO Bob Darling said;

“The management buyout is great news for all concerned. It will allow us to invest in the business and offer even more customers and brokers the high standards of service for which the Group has become renowned. Having Livingbridge as our investor and Tim as our Chairman will enable us to explore new opportunities and give us the impetus we need to accelerate our growth, both on and off the high street. All our stakeholders, brokers and staff can look forward to an exciting period of growth and development that I feel will be to the benefit of all.”

Xavier Woodward, who will be joining Coversure as a non-executive Director from Livingbridge, commented;

“We are very pleased to be backing Bob and his team and feel that Tim will be an excellent addition at board level given his deep experience of the sector. CISG is a business that performs a valuable role in helping brokers deliver service excellence to their customers. We are excited about helping CISG, and all the partners they work with, grow in this next stage of development.”

CITIC CAPITAL AND CAIXIN GLOBAL LED CONSORTIUM COMPLETES ACQUISITION OF GLOBAL MARKETING INTELLIGENCE DIVISION

(Hong Kong, 30 April 2018) CITIC Capital Holdings Limited (“CITIC Capital”) announced today that a consortium led by its private equity arm and Caixin Global has successfully completed the acquisition of Global Marketing Intelligence Division (“GMID”) from Euromoney Institutional Investor PLC (LSE:ERM) for an equity value of USD180.5 million.

After the acquisition, CITIC Capital and Caixin Global along with experienced management team from GMID will jointly manage the company’s affairs. GMID is a top-tier international financial information database operator. Its two main units CEIC and EMIS provide global financial information and data from the macro and micro perspectives, respectively, with a focus on key financial and business data for emerging markets.

The products are available in over 15 languages, and are trusted tools used by financial institutions, consultants, multinationals, and researchers worldwide.

Yichen ZHANG, Chairman & CEO of CITIC Capital, said: “We are delighted to join forces with Caixin Global to invest in this valuable and critical resource for emerging markets financial information. We will work together with GMID to expand and deepen its product offering, particularly that which is relevant to China, to better service the needs of its global customer base. We further aim to support management in delivering robust growth through our strong network and resources. This acquisition also represents one pillar in our buyout strategy which is focused on internet-based services businesses.”

This is the fourth carve out deal for CITIC Capital, to help companies restructure and carve out business from parent company to unlock full potential of the acquired assets. CITIC Capital will continue its investment and focus on domestic and overseas buyout opportunities particularly in the consumer and services industry.

About Euromoney Institutional Investor PLC

Euromoney Institutional Investor PLC (www.euromoneyplc.com) is listed on the London Stock Exchange and is a member of the FTSE 250 share index. It is an international business-information group covering asset management, price discovery, data & market intelligence, and banking & finance under brands including Euromoney, Institutional Investor, BCA Research, Ned Davis Research and Metal Bulletin. The group also runs an extensive portfolio of events for the telecoms, financial and commodities markets.

About CEIC and EMIS

CEIC was founded in 1992, and purchased by Euromoney in 2005. It provides a global economic database that covers over 200 countries and 18 macroeconomic sectors. It is one of the most comprehensive macro-economic databases with cutting-edge data accessibility and quality control. EMIS was founded in 1994, and purchased by Euromoney in 1998. As a business information provider for emerging markets, it provides financial institutions, consulting firms, multinationals and researchers with business information and market dynamics on over 125 countries and regions and over 250 industries.

About CITIC Capital

Founded in 2002, CITIC Capital Holdings Limited is an alternative investment management and advisory company. The firm manages over USD22 billion of capital across 100 funds and investment products through its multiple asset class platform covering private equity, real estate, structured investment & finance, and asset management. CITIC Capital has over 150 portfolio companies that span 11 sectors and employ over 820,000 people around the world. CITIC Capital’s private equity arm, CITIC Capital Partners, focused on control buyout opportunities globally, has completed over 50 investments in the past years in China, Japan, U.S. and Europe. The private equity arm currently manages USD4.7 billion of committed capital.

LIVINGBRIDGE INVESTS IN VISUAL SOFTWARE AND HARDWARE PROVIDER DISGUISE

disguise, previously named d3 Technologies, was founded in 2013 by Ash Nehru and his two business partners. It is a leading global provider of live event visualisation solutions, specialising in the provision of the software, hardware and support services for creative production teams to conceive, visualise and deliver high-quality, live productions.

The technology supports many of the world’s leading music touring artists such as U2, Rolling Stones, Beyonce, Lady Gaga and Ed Sheeran; Californian music and arts festival Coachella; several West End and Broadway shows such as Harry Potter; a growing number of Hollywood films and live TV broadcast settings, as well as numerous other corporate and entertainment events. Visit disguise’s website to find out more.

Livingbridge’s investment, made from its Enterprise 2 fund, will enable disguise to increase its market share and grow its global presence. Following its recent opening in Shanghai, disguise has further international offices planned, including Los Angeles in May. This investment will also support the launch of exciting new products, including state-of-the-art camera calibration technology and video formatting hardware.

This is Livingbridge’s latest investment in the software sector, with existing investments including Exclaimer, Red Box Recorders, Kirona and Mobysoft.

disguise

Commenting on the investment, Fernando Kufer CEO at disguise, said:

“We are at a really exciting time in our development as we expand internationally and enable some of the world’s most exciting visual experiences. We have already built a base of high-quality clients, and worked on live events such as The Brits, The Grammy’s, Glastonbury, The Rolling Stones, The National Games of China and many more. This investment from Livingbridge will enable us to take advantage of our growing presence in the industry and take our creative vision to the next level.”

Ash Nehru, Founder, said:
“We’ve always dreamed big and have been lucky enough to work with and for some of the most forward thinking and creative people in our industry. With this new partnership we have the chance to set our sights even higher.”

Matt Upton at Livingbridge said:

“disguise is at the forefront of visual software for live events, and we are delighted to be supporting them in their next stage of development. We have strong experience in investing in software businesses and believe disguise is a great addition to our growing portfolio.”

CITIC CAPITAL COMPLETES ACQUISITION OF LEADING NATURAL BEAUTY AND HOME FRAGRANCE COMPANY – Trilogy International Limited

(Hong Kong, 18 April 2018) CITIC Capital China Partners, the private equity arm of CITIC Capital Holdings Limited (“CITIC Capital”), is pleased to announce that it has successfully completed the acquisition of Trilogy International Limited (“TIL Group”), a leading New Zealand-based company that owns several well-known natural beauty care and home fragrance brands.

Pursuant to the completion, TIL Group has been delisted from New Zealand’s and Australia’s stock exchanges, respectively.

Hanxi ZHAO, Senior Managing Director of CITIC Capital, says: “We are delighted to become the new owner of TIL Group. The company owns remarkable brands in the beauty and lifestyle sectors, such as Trilogy, ECOYA, Goodness, Lanocreme, By Nature, as well as CS&Co, a leading distribution platform for beauty products in the New Zealand market. These brands advocate natural beauty and natural lifestyle, which corresponds to the desire of today’s consumers across the globe.”

”Over the coming months we will be working closely with the talented TIL management team, to map out next steps and strategies, and to continue to grow each of these businesses and enhance the footprints of its brands. We are intrigued by the opportunity ahead of us,” says ZHAO.

TIL Group CEO Angela BUGLASS, says: “This is a significant milestone for our company and I am excited by the change in the ownership and our future prospects. Trilogy is the leading brand in the natural facial skincare space, and its natural yet powerful, effective skincare products are loved by consumers globally. ECOYA brings luxurious home fragrance experiences, with its well-known candles crafted from natural waxes. Lanocreme and By Nature follow ‘Made in New Zealand’ philosophy, and bring skincare products with local features to overseas markets.”

“We will continue to grow our home markets in New Zealand and Australia, as well as to expand the global footprints for our brands. We will also continue to strengthen the CS&Co distribution platform. The company has tremendous growth potential, and also provides attractive career development opportunities for our people as we invest to grow. We are looking forward to taking TIL to the next level with the support of our new shareholder,” says BUGLASS.

The company also announced two important appointments. Felix DANZIGER joins the TIL Board as a Director and Roy BROWN has been appointed as Chief Financial Officer.

About Trilogy International Limited

Trilogy International Limited is a cultivator of essential natural products and home fragrance brands including Trilogy, ECOYA, Goodness, Lanocreme and By Nature in New Zealand, Australia, and around the world. Its subsidiary CS Company Limited (CS&Co) distributes international beauty care and fragrances brands in New Zealand. For more information, please visit http://investors.tilbrands.com

About CITIC Capital

Founded in 2002, CITIC Capital Holdings Limited is an alternative investment management and advisory company. The firm manages over USD22 billion of capital across 100 funds and investment products through its multiple asset class platform covering private equity, real estate, structured investment & finance, and asset management. CITIC Capital has over 130 portfolio companies that span 11 sectors and employ over 820,000 people around the world. CITIC Capital’s private equity arm, CITIC Capital Partners, focused on control buyout opportunities globally, has completed over 50 investments in the past years in China, Japan, U.S. and Europe. The private equity arm currently manages USD4.7 billion of committed capital

BYGGHEMMA HAS BEEN LISTED ON NASDAQ STOCKHOLM

Bygghemma has been listed on NASDAQ Stockholm

Bygghemma Group First AB (“Bygghemma” or the “Company”) – a portfolio company of FSN Capital IV, FSN Capital V and FSN Capital Project Growth – was listed on March 27th, 2018 on Nasdaq Stockholm. The initial public offering (the “IPO”) attracted very strong interest both from Swedish and international institutional investors as well as from the general public in Sweden. The offering was heavily oversubscribed.

The offering price in Bygghemma’s IPO was set at SEK 47.50 per share, which was in the middle of the communicated IPO range of SEK 45 – 50 per share. Assuming full exercise of the over-allotment option, the IPO will comprise 33.9m shares, corresponding to a total value of the IPO of approximately SEK 1.6 billion and 32 percent of the total number of shares outstanding. The FSN Capital Shareholders will hold approximately 50 percent of the shares after the IPO, assuming the over-allotment option is exercised in full. The market capitalization of Bygghemma at IPO was SEK 5.1 billion.

The cornerstone investors, Arbejdsmarkedets Tillægspension (ATP) and Creades, acquired 5,263,157 shares in the Offering, corresponding to SEK 250 million.

Mikael Olander, President and CEO of Bygghemma Group comments: ”We are very happy about the large interest that has been shown during the listing process for Bygghemma Group and our strong position as the superior online provider of home improvement products in the Nordic region. We are looking forward to continue to grow and develop the company, now in a listed environment.”

Henrik Theilbjørn, Chairman of the Board of Bygghemma Group says: “Bygghemma Group has established a leading Nordic platform and has great potential for both substantial organic and acquisition-driven growth and improved results in the coming years. The company targets a large and attractive market under digital transformation where it has a clear online market leadership. We are looking forward to continue to create value in a listed environment and welcome all new shareholders to follow us into the exciting future of Bygghemma Group.”

Peter Möller, Partner, FSN Capital Partners (investment advisor to the FSN Capital Shareholders): “Bygghemma Group operates on a fast-growing market where it has established a strong position as the leading online provider of home improvement products in the Nordic region. Over the last years the company has implemented several important strategic initiatives, made add-on acquisitions and improved its market position. We look forward to continue supporting the company and participate in the development of Bygghemma Group, now in a listed environment.”

About Bygghemma Group
Bygghemma Group is the leading online provider of home improvement in the Nordic region . The Company offers its customers a broad product assortment at competitive prices with convenient home delivery. Sales are predominantly made online and most orders are delivered directly from the supplier to the end customer.

During 2015-2017, net sales grew by a CAGR of 44 percent, with an improvement in adjusted EBITA margin from 2.5% in 2015 to 5.0% in 2017. In 2017, Bygghemma Group reported net sales of SEK 4.0 billion and adjusted EBITA of SEK 197.0 million, corresponding to an adjusted EBITA margin of 5.0%. Pro forma net sales for 2017 (which includes acquisitions completed during 2017) amounted to SEK 4.4 billion.

Since inception in 2006, Bygghemma Group has expanded its product offering, made significant operational investments and broadened its geographical presence in Sweden, Finland, Norway and Denmark. As of 1 January 2018, the Company’s webstores are supported by 72 showrooms, customer.

FSN CAPITAL III: GREEN LANDSCAPING HAS BEEN LISTED ON NASDAQ STOCKHOLM, FIRST NORTH

Green Landscaping Holding AB (publ) (“Green Landscaping” or the “Company”) was listed on March 23, 2018, on Nasdaq First North. The Initial Public Offering (the “IPO”) attracted very strong interest both from Swedish and international institutional investors, as well as from the general public in Sweden. The offering was oversubscribed several times.

The listing price in the offering was SEK 21 per share, corresponding to a total market value of the Company’s shares of approximately SEK 745 million upon completion of the Offering. Assuming full exercise of the over-allotment option, 20,527,500 shares were sold in the Offering, corresponding to approximately 58 percent of the total number of shares in the Company upon completion of the offering. FSN Capital III sold 15,138,917 shares in the offering and will hold approximately 18.6 percent of the shares in the Company following the IPO.

Andreas Bruzelius, Principal at FSN Capital Partners (investment advisor to FSN Capital III) says:”Driven by an exceptional effort by the management team and employees, Green Landscaping has excelled in recent years and is now well equipped to take the next step on its growth journey. On behalf of FSN Capital III, I would like to thank management, board and employees for their relentless dedication to developing the company. We are also pleased to see an impressive set of new shareholders investing in Green, which will serve as a strong support in establishing Green as the leading North European player in its field.”

Per Sjöstrand, Chairman of the board, says: “Through the listing, we have very good prospects for continuing the consolidation of the outdoor environment industry, while increasing transparency gives our customers added comfort. We welcome all new shareholders to the Company, in particular the Salén family as a new, large, active investor and potential board member to support the company as it continues to execute on its strategic plan. The Board is proud of what the management has achieved so far and looks confident in the future.”

Johan Nordström, CEO, says: “We are very proud and happy about the great interest shown in the last few weeks of Green Landscaping and our strategy for profitable growth. I welcome all new shareholders to the company and look forward to continuing our journey with a focus on customer value, sustainability and quality in a public environment.”

About Green Landscaping
Green Landscaping is a leading supplier of services within the Swedish market for maintenance of outdoor environments. The main business comprises a complete offering of maintenance services such as grounds maintenance, landscaping, sports grounds maintenance, as well as arborist services. Green Landscaping is present in the middle and south of Sweden, focusing on the metropolitan areas.

The Company began its operations in the spring of 2009 through a consolidation of four companies, which together formed the new group Green Landscaping. Since then, the Company has conducted seven more acquisitions and achieved total revenues of SEK 1,016 million in 2017, including full-year revenues from companies acquired in 2017. In 2015, Johan Nordström started working as CEO of Green Landscaping. Since then, the Company has established a platform for profitable growth through the implementation of multiple operational efficiency improvements and efficient steering processes. These have also contributed to an increase in the Company’s adjusted EBITDA margin from 4.2 percent in 2014 to 9.4 percent in 2017, including full-year earnings from companies acquired in 2017. The Company intends to grow through both organic growth and acquisitions, and has established a structured acquisition strategy for the future.

LIVINGBRIDGE INVESTS IN NATIONWIDE PRIVATE CARE PROVIDER

Founded in 1989 by Mary Lee and now led by her two sons Tim and Ben Lee, Helping Hands provides a wide range of tailored home care services, ranging from its hourly visiting service, to 24-hour live-in care. It also offers a nurse-led clinical care service which enables individuals with complex conditions to be supported at home. The business is headquartered in Alcester Warwickshire and operates from over 60 branches across the UK.

The provision of high-quality service to its customers and a rewarding working environment for its carers are central priorities for Helping Hands. The company was delighted to recently be ranked as #22 in the Glassdoor ‘2018 Best Places to Work – Employee’s Choice’ Awards, the only healthcare business in the top 50.

Livingbridge’s minority investment will enable Helping Hands to continue to develop its national presence, whilst maintaining the strong family leadership culture that has underpinned the company’s success to date.

Commenting on the investment, Tim Lee, CEO said:

“Our ambition at Helping Hands is to be the brand which is synonymous with quality home care in this country. In Livingbridge we believe we have found a partner who understands our business, shares our ambition and who will help us reach our objective.”

Liz Jones at Livingbridge, said:

“The Lee family has built a fantastic business dedicated to the provision of high quality care. We are delighted to partner with this experienced team to support their continued aspirations in the UK homecare market.”

CITIC CAPITAL AND BARING PRIVATE EQUITY ASIA COMPLETE ACQUISITION OF WALL STREET ENGLISH

(Hong Kong, 15 March 2018) CITIC Capital Holdings Limited (“CITIC Capital”) and Baring Private Equity Asia (“BPEA”) today announced that their affiliated private equity funds have completed the acquisition of Wall Street English (“WSE”), the world’s leading provider of English language training to adults, from Pearson Plc (“Pearson”).

WSE is recognized as a leading blended learning platform that provides a differentiated learning experience to its students. WSE’s success is underpinned by a strong brand, and a track record of growth and innovation over its 46-year history.

In 2016 the business served 180,000 learners through 70 corporate owned centers in China, 9 corporate owned centers in Italy and 321 franchised centers across 28 territories. It has over 3 million graduates to date.

About CITIC Capital

Founded in 2002, CITIC Capital Holdings Limited is an alternative investment management and advisory company. The firm manages over USD22 billion of capital across 100 funds and investment products. The firm manages investments through its multiple asset class platform covering private equity, real estate, structured investment & finance, and asset management. CITIC Capital has over 130 portfolio companies that span 11 sectors and employ over 820,000 people around the world. CITIC Capital’s private equity arm, CITIC Capital Partners, focused on control buyout opportunities globally, has completed over 60 investments in the past years in China, Japan, U.S. and Europe. The private equity arm currently manages USD4.7 billion of committed capital. For more information, please visit www.citiccapital.com.

About Baring Private Equity Asia

Baring Private Equity Asia (BPEA) is one of the largest and most established private alternative investment firms in Asia, with a total committed capital of over USD11 billion. The firm runs a pan-Asian investment program, sponsoring buyouts and providing growth capital to companies for expansion or acquisitions, as well as a private credit and a pan-Asian real estate private equity investment program. The firm has been investing in Asia since its formation in 1997 and has over 150 employees located across offices in Hong Kong, China, India, Indonesia, Japan and Singapore. BPEA currently has over 30 portfolio companies active across Asia with a total of 150,000 employees and sales of 2 approximately USD28 billion in 2016.

FSN CAPITAL V ACQUIRES A MAJORITY STAKE IN MØRENOT

FSN Capital V (“FSN Capital”) has signed an agreement to acquire a majority stake in Mørenot (“Mørenot”, the “Company”), a world leading supplier of equipment and services to the world’s fishery- and aquaculture industries.

Current owners are 3rd and 4th generation descendants of the founders, and will re-invest alongside FSN Capital and continue to own a material stake in the Company.

The Company has shown strong performance in recent years and established a global platform for continued expansion. Mørenot holds a reputation for leading quality and servicing capabilities based on innovation and local presence. The company is driving innovation within the industry, with several recent and ongoing successful projects. Global population growth and increased living standards are driving the demand for protein, and fish is a more efficient source of protein compared to e.g. chicken, pork and beef, with additional health benefits from high content of fatty acids such as Omega 3. As a global leader in this industry, Mørenot contributes to feeding the world in a healthy and sustainable manner.

With roots back to 1913, Mørenot is a Norway based, global leader in the fast-growing market for equipment and services to the fishery and aquaculture industries. The company has a strong Norwegian heritage founded on quality products, excellent service and close relationships with its customers. In 2017, Mørenot reported sales of approximately NOK 870m and the Company has generated an organic sales CAGR of 8% between 2009 and 2017. In partnership with FSN Capital, the founder families will take part in the future journey and aspire to reinforce Mørenot’s strong market position and further consolidate the market both in Norway and internationally.

“FSN Capital is excited about the opportunity to play a leading part in providing the world’s growing population with a healthy source of protein in an environmentally sustainable manner. We are eager to partner with the founding family in realizing the Company’s next growth journey”, says Ulrik Smith, Partner at FSN Capital Partners AS, acting as investment adviser to FSN Capital.

“The family and the board are very proud of what the management team has achieved with the Company. The family is excited to have entered into a partnership with FSN, which will support the Company in its next phase of growth. We are optimistic about the future and look forward to the partnership.” says Sveinung Flem, Chairman of the Board of Mørenot.

The transaction is subject to approval from the competition authorities

FSN CAPITAL IV DIVESTS ITS HOLDING IN INSTALCO

FSN Capital IV has, through Herakles Holdings Limited, a wholly-owned company, sold its holding of 5,001,210 shares (corresponding to 10.8% of the total shares), in Instalco Intressenter AB (“Instalco” or the “Company”), through an accelerated bookbuilding to Swedish and international investors and Instalco Management and Employees. The sale was made at a price of SEK 51.30 per share, a total of approximately SEK 257 million. Following the sale, FSN Capital IV no longer holds any shares in Instalco.

All proceeds, SEK 255 million net of fees, will be used to repay part the outstanding margin call facility with Danske Bank.

Instalco was listed on NASDAQ Stockholm on May 11, 2017.

About Instalco
The Group was formed on the initiative of its CEO, Per Sjöstrand, in February 2014 by a consolidation of five installation companies, each with long and successful history. Instalco’s business concept is to be able, through cooperation between locally leading and highly specialised units, to offer competitive multidisciplinary solutions, while at the same time achieving coordination benefits. Since its formation the Company has demonstrated strong growth (Instalco has increased its revenue by more than four times between 2014 and 2017), driven primarily by acquisitions but also through organic growth. For the 2017 financial year, Instalco had net sales of SEK 3,114 million and an adjusted EBITA of SEK 264 million, corresponding to an adjusted EBITA margin of 8.5 percent.