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Herbex Accelerates its International Expansions and Incorporates Nazca to its Shareholding Structure

Herbex, the European leader in the fresh aromatic herbs market, has given ownership to Nazca Capital.

Jaime Visquert, founder and CEO of Herbex, who will maintain a significant shareholding and will continue to lead the company's management team, will rely on Nazca's experience in international growth projects to consolidate the company's development. Part of the Nazca investment includes a capital injection to finance Herbex’s growth plan.

In this new stage, Herbex aims to double the turnover in four years, consolidating the strong growth that the company is experiencing in its traditional markets, as well as increasing its penetration in new markets and channels, for which Herbex plans to invest in expanding the production capacity, optimize its production processes, develop new products (eg ecological, exotic fruits and vegetables) and expand its management team.

Herbex, founded by Jaime Visquert in 1984, is the European leader in the fresh aromatic herbs market. In the 2017/18 campaign, Herbex obtained a turnover of  €47 million, of which more than 75% was generated outside of Spain. In the last four years, the company has recorded double-digit growth driven by the increase in demand and the ability of Herbex to capture market share, thanks to its wide offer of high-quality product and constant service capacity throughout year.

Herbex has a wide product catalogue including all the families of fresh aromatic herbs that it sells in different formats and grammages to adapt to its customers’ needs. Their products are ready between 24h and 48h after being harvested to be sent to their customers in 26 countries across Europe. Its customers include the main food distribution areas and Foodservice channel groups, for which the company has all its certifications.

Herbex, based in El Ejido (Almería, Spain), harvests its products in more than 700 hectares spread over six locations in Morocco, the southeast of the Iberian Peninsula and Tenerife (Canary Islands), which allows the company to have high quality product availability throughout the year.

The advisers of the selling party have been Zechman Capital and Deloitte, while Nazca they were Pérez-Llorca and EY.

Since 2001 Nazca has invested the entirety of Funds I, II and III with a respective size of €100, €150 and €230 million, having accomplished 62 transactions: 26 direct investments in companies, 17 additional acquisitions through participated companies and 19 divestments.

Nazca currently manages fund Nazca IV with a total commitment of €275 million provided by international institutional investors. Herbex represents Nazca IV’s fund third investment.

Nazca’s portfolio is comprised by 7 firms: Grupo OM (visual merchandising), Gestair (private aviation), FoodBox (retail food), Distribuciones Juan Luna (food), Caiba (PET packaging), McBath (cast marble shower trays) and Phibo (implantology and prostheses).

Nazca has divested from: Svenson, Rodilla, Dibaq, Unipost, Vinartis, Lizarrán, El Derecho, Guzmán, Acens, Hedonai, Elogos, Fritta, Autor, IMOncology, Logifrío, Agromillora, El Granero Integral and Eurekakids. www.nazca.es

Silver Oak Services Partners Leads Recapitalization of Integrated Oncology Network

Evanston, IL – October 8, 2018

Silver Oak Services Partners, LLC (“Silver Oak”), a leading lower middle market private equity firm focused exclusively on service businesses, announced it has led the recapitalization of Integrated Oncology Network (“ION” or the “Company”) in partnership with management and co-investors.

ION is a physician management, radiation oncology management and cancer center development company that partners with hospitals and physicians. ION provides expertise including strategic solutions, development, financing and management services including radiation oncology operations, revenue cycle management, compliance, HR, IT and accounting.

“We are excited and privileged to partner with the Silver Oak team, whose vast healthcare expertise and resources will provide ION the ability to accelerate the execution of our strategy on expanding our networks and affiliations across the United States with healthcare systems in their market to provide quality and cost-efficient patient care.” stated Jeffrey Goffman, ION’s CEO and Co-Founder.

Dan Gill, Managing Partner at Silver Oak, said, “We are excited to partner with the seasoned team at ION. ION is well-known in the industry as a value-added partner enabling hospitals and physicians to provide the highest quality care to patients. We look forward to working with the ION team to execute on its growth strategy.”  ION is actively looking for add-on acquisition opportunities.

Finatem to acquire majority stake in GFS Gesellschaft fuer Strassenunterhaltung

Frankfurt/Main, 6 August 2018

Finatem, an independent investment company focusing on German SMEs, is acquiring a majority stake in Gesellschaft für Straßenunterhaltung (“GfS”), Ulm, through the Finatem IV fund that it manages. Finatem is extending its participation in the attractive, growing field of infrastructure services alongside its existing involvement in the Schollenberger Group.

GfS is a technical infrastructure service provider for German motorways and highways. Its core business comprises the planning, development, assembly, maintenance and repair of steel protection and control systems. The company is also active in the related field of the daily securing of construction sites. The company’s customers are public institutions and general construction companies. Founded in 1996, the company employs approx. 40 people and has established a strong regional market position in southern Germany.

“Public spending on transport infrastructure is driven by the Federal Transport Infrastructure Plan 2030, as well as by other infrastructure programs, such as the Bridge Modernization Program. This will benefit service providers such as GfS. We also expect further boosts from the reduction of the investment backlog as part of the reform of the Federal Roads Administration,” explains Finatem Partner Eric Jungblut.

Boris Yudin, Investment Manager at Finatem, adds: “Besides the increasing investments in infrastructure, we believe that GfS will benefit from the tightening of federal safety guidelines to reduce road accidents through retrofitting programs. Together with management, we want to expand our market position both organically and inorganically.”

GfS will continue to be managed by its current Managing Directors Joachim Linder and Stephan Schlösser. Finatem will provide the company with substantial financial resources to promote further growth.

“We have found in Finatem an experienced business partner who will support us in the succession planning and expansion of GfS’s business activities,” confirms Joachim Linder, Managing Director of GfS. “Our goal is to develop GfS into one of the leading service providers in our market segment in Germany. I look forward to a successful partnership.”

Dunedin Invests in GPS Fin-Tech

 

Dunedin is delighted to announce our investment in the £44m funding of Global Processing Services (“GPS”) - http://globalprocessing.net/, the global payments processor and tech powerhouse behind the most exciting digital banks, challenger banks, fin-techs and financial institutions.

GPS is the market leader in issuer processing, enabling next generation payment technology with 100+ clients including Starling Bank, Revolut, Pockit, Volt Bank, Loot, Stocard, Glint, Osper and Curve. This transaction is the UK’s 3rd largest fin-tech financing in 2018.

Oliver Bevan, Partner at Dunedin, commented: “GPS is positively disrupting a multi-billion-pound industry. This investment represents a significant opportunity for Dunedin to utilise its experience in taking UK companies with a technological edge and enabling them to shine on the international stage. We will support the management team and founders to help GPS to become a truly global leader in this niche market.”

GPS was co-founded by entrepreneurs Tony Kerr and Craig Dewar and is led by a strong team comprising Joanne Dewar and Suresh Vaghjiani. The Company has circa 150 employees based in London and Newcastle. GPS provides a single, global integrated platform, GPS Apex, that powers and enables functionality of next generation Fin-tech payment companies.

Suresh Vaghjiani, Managing Director at GPS commented: “GPS has experienced exceptional growth over the last few years and we have always prided ourselves on the diverse fin-tech customer base that we service. This partnership with Dunedin will see GPS accelerate even further as innovative fin-tech companies increasingly require global issuing platforms as well as traditional financial institutions looking to compete with new entrants.”

Oliver Bevan and Dougal Bennett will join the Board of GPS. They were supported on the transaction by Jessica Hardy, Investment Manager and Andrew Davidson, Assistant Director.”

Axcel Acquires Leading Mass Hosting Provider

 

Loopia and Active 24 offer web domains, shared web hosting and value-added services such as security, e-commerce and Microsoft Office365. The products are sold online on a prepaid subscription basis to around 350,000 SMEs and prosumer customers across primarily Sweden and the Czech Republic, with a further presence in Germany, Norway, the Netherlands, Serbia, Slovakia, Spain and the UK. The business has been owned by Visma and is headed by John Hugosson as CEO.

“After several years of improved profitability and strong growth, the next step in our development is to increase our market share in existing markets through growth in value-added services and to pursue acquisitions in existing as well as new markets,” says John Hugosson. “So it's an ideal time to partner with an active investor like Axcel that can help us realise our strategic plan. Axcel has significant experience in expanding technology businesses organically as well as acquistively, and I'm convinced that together we can take Loopia and Active 24 to the next level.”

Over the last years, Loopia and Active 24 have had a good development, and now Visma’s owners and management believe that the business can develop even faster and better independently of Visma. 

“By selling, the Visma Group continues its focused development as a 'pure-play' SaaS/software business. Visma has grown fast organically and through over 160 acquisitions to become the largest software company in Northern Europe and the leading cloud company for business customers in Europe. Visma will use the proceeds from the sale of the hosting business, combined with its already strong resources, to continue to grow rapidly both organically and via acquisitions,” says Øystein Moan, CEO of Visma.

The company has performed particularly well in recent years by consolidating its existing platforms, improving profitability and growing organically. Furthermore, it has proven that it can grow profitably through acquisitions.

“John and his team have managed to grow the business while creating a scalable foundation for an aggressive organic as well as acquisitive expansion,” says Partner Christian Bamberger Bro, who is responsible for the investment at Axcel. “There's real potential for further expansion in existing markets by increasing sales of value-added services to existing customers and for further expansion by consolidating, in particular, existing geographic markets, but also new geographic markets across Europe. We look forward to realising the company’s strategy together with John and his team.”

Loopia and Active 24 is Axcel V’s sixth investment and Axcel will hold 100% of the shares in the business less an investment from the management team.

About Axcel

Founded in 1994, Axcel is a Nordic private equity firm focusing on mid-market companies and has a broad base of both Nordic and international investors. Axcel has raised five funds with total committed capital of just over EUR 2.0 billion. These funds have made 52 platform investments, with almost 100 major add-on investments and 39 exits. Axcel currently owns 13 companies with combined annual revenue of around EUR 1.4 billion and some 6,300 employees.

About Loopia and Active 24

Founded in 1998, the company is a market-leading mass hosting provider offering domains, shared web hosting and value-added services. The business sells its products directly online on a prepaid subscription basis to a growing customer base consisting of around 350,000 SMEs and prosumers. The products are sold through the Loopia brand in Sweden and through the Active 24 brand in Czech Republic with limited sales in other European markets. The company’s headquarters are located in Väs-terås, Sweden. 

About Visma

Visma makes businesses more efficient through offerings of software, commerce and retail IT solutions, and IT-related projects and consulting. Visma simplifies and digitalises core business processes within the private and public sector. 760,000 customers in Northern Europe utilise Visma's products and services, and an additional 350,000 use Visma as a hosting partner. The Group has 6,700 employees and its net revenue amounted to NOK 9,346 million in 2017. 

Nacza Acquires Phibo

 

Nazca Capital has acquired a 55% stake in the Spanish multinational Phibo. This majority stake has been reached after the purchase of shares and the closing of a capital increase that has surpassed €12 million and that has been fully subscribed by Nazca and Phibo’s management team. The García Sabán family, owners of the company to date, maintain a 40% stake and will continue to form part of the Board of Directors of the Group.

Phibo, founded in 1986, is the leading Spanish company in implantology solutions, CAD-CAM prosthesis manufacturing and integral solutions for the complete digitalization of the dental sector. The company sells its products in more than 25 countries and employs 275 professionals in two factories, one in Sentmenat del Vallés (Barcelona, Spain) and the other in Bogotá (Colombia). Phibo has a broad international presence, with its main markets being Southern Europe, Mexico, Colombia and Chile. Phibo has always been characterized by its innovative focus, with R&D as one of the key pillars of its strategy, which has placed the company at the sector´s technological forefront. In 2017, Phibo sales were €32.5 million euros and it reached an EBITDA of €6.2 million.

Deloitte, Garrigues and PWC have advised Nazca in this deal and KPMG and Baker & Mckenzie, the sellers.

Since 2001 Nazca has invested the entirety of Funds I, II and III with a respective size of €100, €150 and €230 million, having accomplished 61 transactions: 25 direct investments in companies, 17 additional acquisitions through participated companies and 19 divestments.

Nazca currently manages fund Nazca IV with a total commitment of €275 million provided by international institutional investors.

Aside from Phibo, Nazca’s portfolio is comprised by 6 firms: Grupo OM (visual merchandising), Gestair (private aviation), FoodBox (retail food), Distribuciones Juan Luna (food), Caiba (PET packaging) and McBath (cast marble shower trays).

Nazca has divested from: Svenson, Rodilla, Dibaq, Unipost, Vinartis, Lizarrán, El Derecho, Guzmán, Acens, Hedonai, Elogos, Fritta, Autor, IMOncology, Logifrío, Agromillora, El Granero Integral and Eurekakids.

Wincove Recapitalizes Nordock to join Bluff and Wesco in Serving the Material Handling and Warehouse Safety Products Markets

NEW YORK, NY and BOSTON, MA – May 15, 2018 – Wincove Private Holdings (“Wincove”) announces the recapitalization of Nordock, Inc. (“Nordock”), which will join Bluff Manufacturing and Wesco Industrial Products to form a platform with a broad and impressive range of material handling and warehouse safety products.  Nordock contributes a market-leading portfolio of pit-levelers, dock seals, safety restraints and associated products.  Importantly, the core founders of Nordock have become partners in the broader platform and will continue in their roles with Nordock.

Wincove creates long-term capital appreciation for its shareholders by partnering with business owners, entrepreneurs and management teams to build market-leading companies. With offices in Boston and New York, Wincove has a permanent capital base, and can therefore stay invested in its partner companies for an unlimited time horizon.  The firm expects to continue to invest in the material handling industry, supporting companies that facilitate the robust growth in procurement while improving safety.

“The devoted people of Wincove, Nordock, Bluff and Wesco will combine our strengths in product development, customer service, manufacturing and relationships as we strive to grow market share and succeed together,” said Denis Gleason, President of Nordock.

John Lenahan, Partner of Wincove said “each of these companies is a leader in its respective niche, but this is truly a situation where the whole is greater than the sum of the parts.  There is a tremendous opportunity to leverage our respective strengths to create a material handling and warehouse safety products solution with unmatched breadth, quality, service, lead times and geographic coverage.  We are very excited to introduce this to the market.”

About Bluff Manufacturing

For 50 years, Bluff Manufacturing has been recognized as an innovative leader in the fabrication and design of high quality dock, warehouse, and safety equipment. Products include yard ramps, dock boards, dock levelers, mezzanines, cantilever racks, stairways, free standing conveyor support structures, catwalks, work platforms, and caged ladders. Based in Fort Worth, Texas, Bluff serves the Americas through a national distributor network, and the company’s distribution warehouses ensure quick delivery. For additional information about Bluff Manufacturing, visit www.bluffmanufacturing.com

About Wesco Industrial Products

From its humble beginnings in 1948, in a small garage in Philadelphia, Wesco has grown to become a leading supplier of quality material handling products. Starting with the design and manufacture of steel hand trucks and then expanding into drum handling equipment, the company has built a solid reputation for dependable, well-made products. Based in Philadelphia, Wesco also has a full line of vending and appliance trucks, platform trucks, stackers, pedalifts and lift tables. For additional information about Wesco Industrial Products, visit www.wescomfg.com

About Nordock, Inc.

Nordock, headquartered in Bowmanville, Ontario, was founded by current management in 2001. The Company’s products include a full line of loading dock equipment: pit-levelers, dock seals and shelters, vehicle restraints, edge-of-dock equipment, lift equipment and related parts and accessories.  Nordock is known throughout the industry for product leadership, including FLEX-LIP® and TELESCOPING-LIP™ technology.  The company also provides foam-based athletic products through its Columbus, Ohio operation.  For additional information about Nordock, visit http://nordockinc.com/

About Wincove Private Holdings, LP

Wincove Private Holdings is an investment holding company that creates long-term capital appreciation for its shareholders by partnering with business owners, entrepreneurs and management teams to build market-leading companies.  For additional information about Wincove, visit www.wincove.com

Axcel Invests in Design Company GUBI

Axcel partners with Jacob "Gubi" Olsen and GUBI, one of Scandinavia's leading design brands

  • Axcel is investing in design company GUBI, which designs and sells furniture, lamps and other interior products worldwide
  • GUBI has delivered double-digit growth rates in recent years
  • Axcel will help the company expand further by developing its existing business, accelerating growth in new markets, and launching new products
  • Previous owner Jacob “Gubi” Olsen will continue as CEO and a significant minority shareholder

GUBI designs furniture, lamps and interior products sold to consumers through leading retailers worldwide and its own webshop, as well as to offices, hotels and restaurants through the professional market. The business was founded in 1967 by current owner Jacob “Gubi” Olsen’s parents, Lisbeth and Gubi Olsen.

“After several years of strong growth, the next step in our development is to increase our market share in existing markets, expand into a number of new markets, and further develop our organisation,” says Jacob “Gubi” Olsen. “So it’s an ideal time to partner with a professional and active investor like Axcel that can help us realise our strategic plan. Axcel has huge experience of international expansion and working with owner-managers, and I’m convinced that together we can take GUBI to the next level.”

The company has performed particularly well in recent years, expanding across product categories, sales channels and geographies to deliver double-digit growth in both revenue and earnings.

 “Jacob has built a growth-oriented, scalable design company with a strong brand, a clear design profile, skilled staff and innovative products that appeal to customers worldwide,” says Director Asbjørn Hyldgaard, who is responsible for the investment at Axcel. “There is real potential for further expansion in Europe, the US, Australia and Asia, and we look forward to realising the company’s strategy together with Jacob and his management team.”

 “GUBI has a strong portfolio of products that includes timeless and iconic designs such as the Beetle chair and the Bestlite lamp,” says Lars Cordt, Partner at Axcel. “We look forward to working with Jacob and using our experience to further develop the company. We’re also delighted that one of the big traditional Danish investors, Chr. Augustinus Fabrikker, has come on board as co-investor along similar lines to our investment in Nissens.”

GUBI is Axcel V’s fifth investment. Axcel and Chr. Augustinus Fabrikker will hold the majority of GUBI’s shares, with Chr. Augustinus Fabrikker taking a non-controlling minority interest of around 24%.

About Axcel
Founded in 1994, Axcel is a Nordic private equity firm focusing on mid-market companies and has a broad base of both Nordic and international investors. Axcel has raised five funds with total committed capital of just over EUR 2.0 billion. These funds have made 51 platform investments, with almost 100 major add-on investments and 39 exits. Axcel currently owns 12 companies with combined annual revenue of around EUR 1.4 billion and some 6,300 employees.
 
About GUBI
Founded in 1967, GUBI is a leading Danish design brand focusing on furniture, lighting and interior products. GUBI designs, develops and markets products for both consumers and professionals, and the range includes a number of prize-winning designs such as the Beetle chair, the GUBI chair and the Bestlite lamp. Products are sold by leading online and offline retailers and to professional customers worldwide. In 2016/17, the company generated operating profit of DKK 88 million, and around three-quarters of revenue was generated outside Denmark. Its head office is in Nordhavn, Copenhagen.
 

FINATEM ACQUIRES MUNGO BEFESTIGUNGSTECHNIK

Finatem, a leading independent investment company focusing on smaller German-speaking SMEs, is further expanding its portfolio. The Frankfurt-based investment firm is acquiring a majority of the shares in Mungo Befestigungstechnik AG, Olten, Switzerland, from private investors around the CEO Olivier Annaheim. Mr. Annaheim will also remain invested and continue to lead the company as CEO in the future.

Mungo Befestigungstechnik AG is a leading company in the development, production and sale of high-quality fastening technology products that offer added value to professional customers in the construction and building maintenance sectors. Over its 50 years, Mungo has gained experience, technical expertise and in-depth market knowledge. These capabilities enable Mungo to develop innovative, technically mature solutions.

Mungo offers a complete product portfolio of metal and nylon plugs, special chemical and insulation fixings and other accessories such as drills, bits and abrasive disks for professional users. Mungo’s products are comprehensively certified and offer the right fastening solutions in the most diverse building materials for the most diverse crafts. Additional services such as consulting by its own technical experts, training, Mungo measurement software and an extensive product information system enable its customers to find their ideal solutions quickly and easily, even for highly complex projects.

Daniel Kartje, Partner at Finatem: “In Mungo, we have added another highly interesting company to our portfolio with a very strong brand, outstanding product portfolio and a global customer base in an attractive market. We are delighted to have in Mr. Annaheim a very dynamic CEO and co-investor who also sees himself as an entrepreneur. These are ideal conditions to strive together for the growth of the company.”

Mungo products are appreciated by professional users around the world, with core markets in the German-speaking DACH region. More than 50% of sales in 2017 were generated in the DACH region, thereof around half in Switzerland. Products are sold exclusively through specialised dealers, except the Swiss domestic market where distribution is also organsied via direct sales. Mungo supports its specialist dealers in sales and promotes customer loyalty and brand image with a strong brand and sophisticated marketing tools and sales aids. Mungo works together internationally with a long-established distributor network extending as far as Japan and Australia.

Olivier Annaheim, CEO of Mungo Befestigungstechnik: “As a specialist in fastening technology, we have been successful in the market for many years and see many opportunities for further growth. We now have the right partner at our side with Finatem to seize the opportunities that present themselves and to implement our visions. I look forward to a successful future together and to mutually valued cooperation.”
 
“Mungo has proven its performance through innovation and reliability for 50 years. Mr. Annaheim and his employees have already laid the base in recent years for taking advantage of the opportunities offered in this market. This is an ideal starting position to be successful together in the future. We are delighted to support this growth path with our network, expertise and capital,” explains Felix Rieder, Investment Manager at Finatem.
 
Mungo employs around 80 people at its headquarters in Olten and in sales force. The sustainably strong construction activity in Mungo’s core markets is supported by growth drivers in both new construction and the renovation of old buildings, indicating that the growth of recent years will continue in the coming years. Additional momentum is expected to come from the framework conditions of the German Federal Government in private and commercial residential construction as well as for infrastructure projects. Mungo’s core market in the DACH region thus offers further growth potential.

“Mungo Befestigungstechnik AG is already our fourth investment in our current Finatem IV fund, and as a German-based fund, Mungo is our first investment in Switzerland. We are looking forward to prove ourselves as a reliable and strong partner for SMEs in the Swiss market,” emphasises Christophe Hemmerle, Managing Partner of Finatem.

The parties have agreed not to disclose any further transaction details.

Axcel acquires Orion Diagnostica

Axcel has acquired Finnish company Orion Diagnostica Oy (“Orion Diagnostica”), a leading player in the attractive point-of-care (POC) diagnostics market with a large portfolio of high-quality products. Together with Orion Diagnostica’s management team, Axcel intends to continue building on the company’s strong market position and sees a number of attractive opportunities to expand geographically and extend the product offering.

Founded in 1974, Orion Diagnostica has been an independent division of Orion Corporation, a Finnish pharmaceuticals company listed on Nasdaq Helsinki. Orion Diagnostica’s product offering enables healthcare practitioners to quickly and accurately carry out tests during a patient’s visit to diagnose conditions and determine correct treatment. 

Orion Diagnostica’s technology can be used to test a wide range of conditions, for instance whether a patient has a bacterial or viral infection, and thus whether antibiotics should be prescribed, thereby addressing antibiotics resistance, which is a growing global problem. 

Orion Diagnostica has a strong position in several European markets, as well as China, and is entering the attractive US market, positioning the company for long-term growth as POC testing becomes a more common feature in the US. 

Axcel, together with experienced industrial advisers, has been following Orion Diagnostica for several years.

“Together with Orion Diagnostica’s management and employees, we intend to further develop the company into an even stronger operator in the global diagnostics market,” says Thomas Blomqvist, Partner at Axcel. “On the back of an attractive customer proposition and a strong market position, we see great opportunity to grow Orion Diagnostica further, both geographically and by expanding its product offering.”

"We are eager to partner with Axcel as we continue to execute our growth strategy,” says Kaisa Tarkkanen, President of Orion Diagnostica. “Axcel is an ideal partner to support our strategy with an approach that fits well with our culture and a strong commitment to delivering excellent customer solutions.” 

“Axcel is looking very much forward to supporting Kaisa Tarkkanen and her team through the next phase of growth and international expansion,” says Christian Schmidt-Jacobsen, Managing Partner at Axcel. “Orion Diagnostica operates in a non-cyclical, growing market and the company enjoys a strong market position, so I’m delighted to be able to announce this as the fourth investment of Axcel V.”

 

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