European spin-off of Bain Capital raises EUR 1 billion – Small number of commitments planned for a few investors – Without “structural pressure”
Private Equity forces change in companies, but has hardly reformed itself in the last 20 years. Core Equity in Europe is withstanding the exit pressure and the compulsion to repeatedly launch new funds in order to satisfy investors and to generate high fees and is now making a stand against investments with a lot of staying power.
By Walther Becker, Frankfurt
Core Equity investiert mit langem Atem
Europäisches Spin-off von Bain Capital wirbt 1 Mrd. Euro ein – Für wenige Investoren wird eine geringe Zahl an Engagements geplant – Ohne “strukturellen Druck”
Private Equity forciert Veränderungen in Unternehmen, reformiert sich aber seit 20 Jahren kaum. Dem Exitdruck und dem Zwang, immer wieder neue Fonds auflegen zu müssen, um Investoren zufriedenzustellen und selbst hohe Gebühren zu generieren, stemmt sich Core Equity in Europa mit einem langen Atem für Investments entgegen.
Von Walther Becker, Frankfurt
CORE EQUITY HOLDINGS ACQUIRES PORTMAN DENTAL CARE
Core Equity Holdings today announces the acquisition of Portman Dental Care, the fastest growing privately led dental group in the UK.
Founded in 2009 by Sam Waley-Cohen, Livingbridge invested in Portman in 2014. Since then, this investment has helped grow the group from 27 to over 75 practices across the UK, building a strong reputation for modern facilities, patient friendly appointments, friendly and caring staff and the highest clinical standards. Sam Waley-Cohen will remain as CEO, with the Waley-Cohen family retaining a significant stake in Portman.
Portman’s management team has also been bolstered significantly over the past four years with the recruitment of current Chairman, Richard Connell, along with the recruitment of a COO and M&A director…
Commenting on the exit, Sam Waley-Cohen, CEO said:
“I would like to thank Livingbridge for their support over the last three years, during which time they have helped us grow to over 75 practices across the UK and establish Portman Dental Care as the fastest growing, privately focussed dental group in the UK, whilst retaining our core values of putting our people first and looking after our patients. I am delighted to have found a supportive investor in Core Equity Holdings and am excited about the future direction of the business as together we look to deliver the next phase of our growth plans.”
Adam Holloway at Livingbridge, said:
“Sam and the team at Portman have built a fantastic company which is now one of the shining stars of the sector. We are delighted to have played our part to help grow the business further and look forward to seeing the business continue to grow over the coming years.”
Bart Wouters at Core Equity Holdings, said:
“We are very impressed by the unique and differentiated dentistry company Sam and his team have built and are excited to support them in the next phase of their journey. This partnership is very much aligned with our strategy to provide patient, long term capital to ambitious founders and their teams, to enable them to actively grow their business, both organically and through M&A.”
For further information, please contact:
Core Equity Holdings
Edward Gascoigne-Pees, Camarco
email@example.com / +44 203 757 4984
Oliver Hughes, MHP Communications
0203 128 8100 / firstname.lastname@example.org
Fiona Evans, Livingbridge
020 7506 5605 / email@example.com
Notes to editors:
Livingbridge are an independent, specialist asset management firm of over 80 people in the UK and Australia with over £1bn to invest in fast growing companies over the next five years.
Our team have been backing growing businesses together for twenty years, investing anything from £2m to £70m in businesses valued up to £150m. We’ve done it over a hundred times, turning many into household names both at home and abroad. We get growth.
We understand the people behind growing companies in consumer markets; healthcare and education; technology, media and telecommunications; financial services and business services, and help them achieve what’s right for them and their business.
We invest on behalf of both institutional and retail investors. We are actively investing funds on behalf of Livingbridge 6 LP, Livingbridge Enterprise 2 LP and the two Baronsmead Ventures Trusts. Livingbridge also manage Livingbridge CF UK Micro Cap Fund and Livingbridge CF UK Multi Cap Income Fund.
Core Equity Holdings
Core Equity Holdings is an innovative, European private investment firm that focuses on partnering with long-term oriented management teams, families and corporates seeking to actively grow and build their businesses. It focuses on companies with long-term growth potential with enterprise values between €250M and €1,000M.
CORE EQUITY HOLDINGS ACQUIRES IDVERDE FROM CHEQUERS CAPITAL THROUGH A MANAGEMENT BUY OUT
Core Equity Holdings has concluded the acquisition of Id verde, the European leader of green space creation and maintenance, from Chequers Capital. The existing management team headed by Hervé Lançon reinvests significantly as part of the transaction and will lead the new development phase of the group.
Since Chequers Capital acquired Id verde from ISS in 2014 through a management buy-out, the management team grew the business from sales of €270m to €430m, through a mix of organic and external growth. Id verde developed organically its customer base towards private clients and maintenance contracts. It reinforced its French leadership position through 7 acquisitions and became the leader in the United Kingdom through the acquisitions of The Landscape Group, Quadron and Land Engineering. UK sales now account for one third of Id verde total sales.
Going forward, Id verde’s management team will continue to focus on its long-term objective to become the Pan-European leader in the green space creation and maintenance market. The company will continue to expand its geographic footprint to new countries and deepen the density of its coverage wherever it operates in order to deliver to its clients the highest professional standards and widest breadth of services offering.
Hervé Lançon, President of Id verde said:
“After four exciting years with Chequers Capital, we have achieved our goal of putting Id verde on a new growth trajectory. We will continue to pursue our consolidation strategy, and the investment by Core Equity Holdings provides the opportunity to accelerate our growth in new countries and lines of business. Our focus is and will continue to be on creating and maintaining wellbeing spaces everywhere in Europe. Our team of 5000 colleagues is proud to partner with such a strong and patient shareholder.”
Bertrand Rabiller, Managing Director at Chequers Capital adds:
“We are delighted to have supported Hervé Lançon and the Id verde management team in its transformation of the business into a leader in France and the United Kingdom. We are confident that Id verde will continue its organic and external growth path under Core Equity Holdings ownership.”
Marc Valentiny, a Partner at Core Equity Holdings said:
“We are very impressed by what Hervé and his team have accomplished since their Chequers-backed management buy-out and are thrilled to be able to support them in the next phase of their journey towards building a Pan-European Champion. This partnership is very much aligned with our strategy of providing long-term capital to ambitious management teams, enabling them to actively grow their business, both organically and through acquisitions”.
NOTES FOR EDITORS
About Id verde
Id verde is Europe’s largest provider of grounds maintenance services and landscape construction projects, with an annual turnover of €430m and over 5,000 staff operating throughout the UK and France. Id verde offers a holistic range of services to support the creation, maintenance and management of landscapes throughout the UK and France, working with both public and private sector clients to deliver bespoke solutions for each project’s unique challenges.Id verde services range from professional open space management, to landscape design and build, grounds maintenance, tree surgery, outdoor facilities management, biodiversity management and waterways management.
About Chequers Capital
Created in 1973, Chequers Capital is one of the oldest private equity investors in Europe. An independent company, it manages assets totalling around 2 Billion Euros. It is one of the European leaders of private equity investment in mid-size companies with 20 investments professionals in Paris, Munich and Milan. Chequers Capital invests in industry, services, distribution and more generally in companies which have an international development potential.
About Core Equity Holdings
Core Equity Holdings is an innovative, European private investment firm that focuses on partnering with long-term oriented management teams, families and corporates seeking to actively grow and build their businesses. It focuses on companies with long-term growth potential with enterprise values between €250M and €1,000M. The partners of Core Equity Holdings have a long and successful history of investing across a wide range of industries and transaction types, including consolidation platforms, business model roll-outs, corporate partnerships and company repositionings.
Core Equity Holdings, a highly differentiated investment advisor aiming to provide patient capital to a handful of platform companies in Europe, is delighted to announce that Bart Wouters, Nicolas Priem and Sebastian Walter have joined its team over the summer.
Bart joins us as a Principal and was previously with Bain Capital Europe, where he was a principal in their London office and a key member of their Healthcare practice.
Nicolas joins us as a Vice President and was previously with US private equity firm Altamont Capital Partners, where he was a Vice President in their San Francisco office and a key member of the Consumer & Retail practice.
Sebastian joins us as an Associate. Previously he worked as a debt investor at Alchemy Special Opportunities.
Commenting on those additions to the team, Marc Valentiny, one of the Managing Directors of Core Equity, said: “We’re thrilled to have attracted such a talented set of individuals from blue chip institutions. Our team, at 15 investment professionals, is now nearly complete. We’re very proud of the quality of our team and look forward to creating lasting shareholder value with them over the long term.”
More information about Sebastian, Nicolas and Bart is available on the “Team” section of our website.
Core Equity Holdings, a European investment advisor aiming to deploy patient capital into a handful of platform companies, has achieved a final close on its maiden fund, CEH L.P. (the “Fund”) at over €1 billion including GP commitment, exceeding its target of €750 million. The Fund attracted commitments primarily from university endowments, foundations and large family offices.
Commenting on the final close, Walid Sarkis, one of the Managing Directors of CEH, said:
“We are honored to have received such strong interest in our maiden fund and would like to thank all of our current partners for their support. The positive reception we have gotten from investors, intermediaries and management teams highlights the scale of unmet demand for a truly patient, yet ambitious, private source of capital.”
The Fund advised by CEH is aiming to take controlling stakes in 3 to 4 platform companies that have substantial growth potential (organic or acquisition-led) over the long term. The targets are equity investments ranging from €200 million to €500 million per platform. The Fund is structured to be able to provide significant follow-on capital available to continue supporting the growth of its investee companies over the whole investment horizon.
The fundraising was done without placement agent, and is one of the largest buyout funds ever raised by a first-time group in Europe.
Core Equity Holdings announced today that it has been certified as a CO2-Neutral® company. This achievement is the result of a comprehensive effort to measure the firm’s global carbon footprint in accordance with international certification standards, coupled with a multi-faceted approach to reach net zero carbon emissions.
CEH has achieved its goal of net zero carbon emissions through supporting several projects across the globe. One of them, ‘Saving Trees’, seeks to reduce forest degradation in Uganda. The project facilitates the widespread access to improved cookstove technologies throughout the country, reducing wood and charcoal consumption by up to 50%. Additionally, it ensures better living conditions for the local population by reducing harmful airborne pollutants in their households and saving US $100 per year per family. Each cookstove avoids over 2 tons of CO2 per year on average; the equivalent of a return journey for one person from Brussels to New York.
“This accomplishment is a major step in our commitment to sustainability,” said Thomas De Waen, Managing Director at CEH. “We feel strongly that CEH should be a role model on long term issues affecting our communities and the world at large. However, the nature of our business will never allow us to fully eliminate business travel. So we are supporting several projects to compensate for our emissions.”
To achieve CO2-Neutral® company status, CEH worked with CO2logic, a world-leading provider of carbon reduction solutions. Certification involved a rigorous and independent assessment of different greenhouse gas emissions sources, coupled with an offset-inclusive emissions reduction program.