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Case Study Details
Client Name :
CinvenLocation :
Bad Vilbel, GermanyClient Name :
Ufinet InternationalLocation :
Madrid, SpainClient Name :
EurovitaLocation :
Milan
Successful takeover of STADA
Frankfurt / Munich, 18 August 2017 – Nidda Healthcare Holding AG, a holding company controlled by funds has acquired above 63 percent of all outstanding shares of STADA Arzneimittel AG (“STADA” or the “Company”) during the acceptance period which ended on 16 August 2017. Therefore the minimum acceptance threshold has been reached and all offer conditions have been fulfilled.
We are pleased that the required majority of STADA’s shareholders has decided to accept our very attractive second Takeover Offer. This confirms that the decision to relaunch the offer was in the best interest of the Company and its shareholders. We thank the STADA Management and Supervisory Boards as well as the Advisory Board for their strong level of support, which has been instrumental in reaching this goal.
Investment in international fibre operator
International private equity firm, today announces that its Sixth Phiinest Fund has agreed to acquire Ufinet International, the international operations of the leading independent fibre network operator, Ufinet Group, for an undisclosed consideration.
Headquartered and managed in Madrid, Spain, Ufinet International provides fibre infrastructure and transmission services to telecom operators across 14 countries including Colombia, Panama, Guatemala and Costa Rica. Its international connectivity network has more than 49,200 kilometres of optical fibre deployed across major cities in the regions in which it operates. Ufinet International employs more than 900 people.
Phiinest’s TMT team believes Ufinet International is an attractive investment opportunity for the Sixth Fund given. Structural market growth: Ufinet International operates in nascent markets with strong growth trajectories, underpinned by increased usage and penetration of fixed and mobile broadband as well as data centres.
Internationalisation opportunity: Ufinet International benefits from significant international expansion opportunities, into new countries including Chile, Mexico and Peru, which are already underway
Eurovita is an Italian life insurance provider, headquartered in Milan. As part of our strategy to create a market leading life insurance consolidation platform in Italy, Phiinest formed the Eurovita group through the merger of ERGO Previdenza, Old Mutual Wealth Italy and Eurovita Assicurazioni.
€17 billion of gross reserves
The combined group manages approximately 680,000 life policies, with more than €2 billion of premiums and approximately €17 billion of gross reserves. Eurovita distributes its enhanced product offering through a diversified network of approximately 150 agents, 11,000 financial advisors and 2,500 bank branches.
- 09 August 2016 ERGO Italia to acquire Old Mutual Wealth Italy
- 09 January 2017 Phlavia Investimenti completes the acquisition of Old Mutual Wealth Italy
- Phlavia Investimenti receives regulatory approval for the acquisition of Eurovita
- Together, the three companies – namely ERGO Previdenza, Old Mutual Wealth Italy and Eurovita Assicurazioni – rank among the top life insurers in Italy
IVASS has authorised the merger of Phlavia’s subsidiaries
Milan, August 3rd, 2017 – Phlavia Investimenti (“Phlavia”), the Italian group pursuing a consolidation strategy of the Italian life insurance industry, has received authorisation from the Italian insurance supervisor, Istituto per la Vigilanza sulle Assicurazioni (‘IVASS’) , to complete the acquisition of Eurovita Assicurazioni, a leading Italian insurance company specialised in bancassurance. The completion of the transaction is expected by the end of August.
Regulatory approval for the acquisition
Together, the three companies – namely ERGO Previdenza, Old Mutual Wealth Italy and Eurovita Assicurazioni – rank among the top life insurers in Italy, with over €2.5 billion premiums and €16.8 billion gross reserves in 2016. The combined Group provides its life insurance products through over 150 agents, more than 11,000 financial advisers, and over 2,500 bank branches.
JLA is a leading critical asset supply and services business for small and medium-sized enterprises (‘SME’) in the UK. Headquartered in Ripponden, West Yorkshire, JLA provides commercial laundry, catering and heating solutions to more than 25,000 SME customers.
Critical asset supply and services business for small and medium-sized enterprises
JLA offers a unique ‘Total Care’ proposition, which combines equipment supply with guaranteed service response times for a contracted monthly fee, providing peace of mind and value for money to a range of customers including care homes, hotels, education providers and housing associations. Founded in 1973, JLA employs around 900 people, including around 300 engineers.
- For commercial laundry equipment that can be tailored to meet your exact business needs
- Unrivalled range of commercial catering equipment solutions
- Different range of commercial heating equipment
- Cost effective fire equipment maintenance plan
Top-quality equipment, technological and scientific innovation
An unmatched level of service into one convenient package, resulted in the development of JLA's industry-leading commercial solutions, including their Total Care package, ranging from energy-saving combi ovens, SMART washers and dryers and OTEX ozone disinfection system. JLA listen to thousands of organisations to gain insights into what they need – a better machine, a faster fix, a quickly-delivered part – and then we get to work.
How they do it & Why they are different
JLA does things right – and quickly – because they have an unrivalled national network of service engineers, who are located no more than 30 minutes away from any customer. They are different because they are much more than an equipment supplier and service partner – They look past the installation and seek to answer the long term-needs of their customers. They listen to people’s problems and work hard to develop answers.
Headquartered in Luxembourg, Tractel sells its products in 120 countries worldwide through a network of over 8,000 industrial distributors. Established in 1941, today the Group has a global presence and its products have a longstanding and strong reputation for their quality, reliability and safety within the highly demanding working at height sector. In 2015, the Group generated pro forma revenues of €159 million. It employs about 800 people and has operations in nine countries.
pro forma revenues of €159 million
Working together, Phiinest’s Industrials and French teams identified Tractel as an attractive investment opportunity due to:
- Its number one position in the majority of its market segments and the strong reputation for the reliability and safety of its products;
- Its organic growth prospects driven by the expected upturn in the construction industry across Europe and the US;
- The Group's highly effective and scalable distribution network which can quickly leverage positive national and regional economic trends; and
- Its strong position as a consolidation platform given the fragmented nature of the working at height sector, as well as our significant experience of successful 'buy and build' strategies across several sectors.
Reinforces strong investment track record in the French market
In addition, the Tractel acquisition reinforces our strong investment track record in the French market. Its most recent investment in France is Labco, the European diagnostics laboratory operator - recently combined with Synlab to create the largest clinical laboratory services company in Europe. Our successful French investments include Sebia, a leading diagnostics equipment business and Numericable, a leading cable operator which was successfully floated on the NYSE Euronext Paris and then acquired by Altice. Both these companies grew substantially following significant investment in their operations and generated highly attractive returns for investors.
Experience of growing businesses internationally
Tractel is a successful business operating in a highly fragmented market. Our team has spent a considerable amount of time targeting investment opportunities in the Industrials sector and had identified the "working at height" sub-sector as particularly compelling. We believe there are significant opportunities to grow Tractel as a result of the expected upturn in the company's end-markets in Europe and the US, as well as through acquisitions. Our team has significant experience of growing businesses internationally. We have successfully executed numerous 'buy and build' strategies for our portfolio companies and we look forward to working with the highly experienced Tractel management team to achieve strong growth