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Apollo 24|7 to raise INR 2,475 Crores from Advent International; Merge Keimed with Apollo 24|7

Mumbai, April 26, 2024 – Apollo HealthCo Limited (“Apollo 24|7” or “AHL”), a subsidiary of Apollo Hospitals Enterprise Limited (“AHEL”) has today entered into a binding agreement to raise equity capital of INR 2,475 Crores from Advent International (“Advent”), one of the world’s largest and most experienced global private equity investors. In addition, Apollo 24|7 has entered into a framework agreement to integrate 100% of Keimed Private Limited (“Keimed”), India’s leading wholesale pharma distributor, in a phased manner over the next 24-30 months.

Advent shall invest in compulsory convertible instruments over 2 tranches to secure 12.1% stake in the merged entity, by valuing the combined entity at an enterprise value of INR 22,481 Crores. Apollo 24|7 is valued at an enterprise value of Rs 14,478 Crores. Keimed is valued at an enterprise value of INR 8,003 Crores and pursuant to merger, Keimed shareholders would hold a maximum of 25.7% stake in the combined entity, while AHEL would continue to remain the largest controlling shareholder with at least 59.2% stake. The merger is subject to further corporate approvals to be obtained at the relevant time.

Keimed is a leading wholesale pharma distribution with industry leading operating metrics. The merged entity will have an industry defining business model with Pan India presence and potential to unlock significant business synergies. The merger with Keimed is estimated to be EPS accretive from Year 1.

This marks a pivotal moment in Apollo 24|7’s journey, and will strengthen the company’s commitment to build and scale one of India’s largest integrated, omni-channel healthcare eco-system.

The transaction is subject to conditions precedent and customary approvals.

Dr Prathap C Reddy, Chairman, Apollo Hospitals Group, said “Our mission has been to deliver high quality healthcare to all Indians, at an affordable cost, and with a high degree of reliability and trust. Apollo 24|7 has delivered on this promise and has reached over 33 million Indians in a short span of time. With Advent’s investment and the merger of Keimed, the combined entity will be one of the country’s leading retail health companies. This has been made possible by the efforts of the entire Apollo family, including strategic direction on the clinical work from Ms Preetha Reddy and digital expertise from Ms Sangita Reddy.”

Shobana Kamineni, Executive Vice Chairperson, Apollo Hospitals Enterprise Limited said, “Leveraging the Apollo brand, a multi-dimensional team and state-of-the-art tech and products, Apollo 24|7 has scaled faster than its peers in a third of the time. Today marks a new milestone and gives us the ability to double down on what we do best. The size of the merged supply chain will allow 1.4 billion Indians access to genuine medicines within 24 minutes to 24 hours, 7 days a week! The platform will continue to strengthen and evolve to deliver market-leading and curated omni-channel health offerings, and make high quality care accessible to all.”

Suneeta Reddy, Managing Director, Apollo Hospitals Enterprise Limited said, “At Apollo, we believe in putting the consumer at the heart of everything we do. With this belief, we have incubated and grown Apollo HealthCo, and are pleased that a marquee investor like Advent has recognised its inherent value and potential. The merger of Keimed is a significant step in the integration of the comprehensive supply chain. The combined entity will deliver Rs 25,000 Crores of revenue in 3 years with 7-8% EBITDA. This deal brings together a formidable partnership of capabilities and strengths, to deliver exponential value for AHEL and its shareholders”.

Shweta Jalan, Managing Partner and Head of Advent India, commented, “This investment demonstrates Advent’s commitment to investing in the fast growing healthcare sector in India, backing high quality market leading players and working creatively with promoter-founders to drive value creation for all stakeholders. We can’t wait to partner with the Apollo franchise, a household brand, built with 40+ years of hard work by the Reddy family. Leveraging our deep understanding of the industry in India and globally, we are looking forward to helping accelerate this journey.”

Pankaj Patwari, Managing Director, Advent India, said, “We are delighted to be joining the entire Apollo family as we attempt to build India’s largest Omnichannel Health-tech platform. The combination will bring differential scale, reach and capabilities that will be second to none in India and globally, and will help set-up the platform to scale rapidly. We are excited to be bringing the best of Advent to support Apollo’s vision of ‘Touching a Billion Lives’.”

Veda Corporate Advisors were the exclusive financial advisors to the transactions.

Shardul Amarchand Mangaldas & Co were the legal advisors to Apollo 24|7, AZB & Partners were legal advisors to AHEL and Cyril Amarchand Mangaldas were legal advisors to Advent for the transactions.

About AHEL

Apollo revolutionized healthcare when Dr Prathap C Reddy opened the first hospital in Chennai in 1983. Today Apollo is the world’s largest integrated healthcare platform with over 10,000 beds across 73 hospitals, nearly 6000 pharmacies and over 2500 clinics and diagnostic centers as well as 500+ telemedicine centers. Since its inception, Apollo has emerged as one of the world’s premier cardiac centers, having conducted over 300,000+ angioplasties and 200,000+ surgeries and the world’s largest private cancer care provider. Apollo continues to invest in research to bring the most cutting-edge technologies, equipment and treatment protocols to ensure patients have the best available care. Apollo’s 100,000 family members are dedicated to bringing you the best care and leaving the world better than we found it.

About AHL

Apollo Healthco has established India’s most comprehensive omni-channel healthcare ecosystem, integrating the Apollo group’s renowned clinical expertise and research with state-of-the-art technology. At Apollo Healthco, our mission is to deliver unparalleled service standards and a seamless continuum of care to our users. Our business comprises robust backend distribution services to 6000+ pharmacies across 1100 cities in 27 states and Apollo 24|7, a comprehensive digital health platform, encompassing a wide array of healthcare services such as doctor consultations, medicine home deliveries, diagnostics at home, chronic condition management and insurance offerings. Since its inception in February 2020, Apollo 24|7 has built a user base of more than 33 million users and is facilitated by a network of over 7,000 doctors.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across more than 40 countries and regions, and as of December 31, 2023, had $94 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 297 private equity investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

Advent International opened its India office in Mumbai in 2009, with this year marking the start of Advent’s 15th year in India. Advent’s India office has completed over 17 investments (12 current portfolio, 5 exited) since inception, investing a total of ~$5.8 bn in aggregate value. Its other current healthcare portfolio companies include Cohance Life Sciences, Suven Pharma and Bharat Serums & Vaccines.

About Keimed

Keimed is the market leader in wholesale pharma distribution serving 70,000+ pharmacies across 18 states in India with presence across all key markets. Keimed has direct relationship with 300+ manufacturers and offers widest assortment of 45,000+ SKUs. Keimed has built a robust cold chain and supply chain infrastructure with primary focus on safety and quality. With 6,000+ employees and 96 distribution centres across the country, Keimed is committed to its 24 hours Pan-India delivery. Keimed is the most trusted partner to its suppliers, customers, employees and shareholders alike.

Media contacts

Chennakeshav Shenoy
Tel: +91 98192 66998

Gurunath Birnale
Tel: +91 88613 44404

advent@adfactorspr.com

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Advent International Leads R$1 billion Investment in Inspira Rede de Educadores

New capital will aim to strengthen education platform to accelerate expansion

Private equity funds managed by Advent International and private equity funds managed by BTG Pactual become co-controllers of Inspira, which continues to be led by founder and CEO André Aguiar

São Paulo, March 18, 2024 – Advent International, one of the largest and most experienced global private equity investors, today announced that it led a R$1 billion investment round in Inspira Rede de Educadores, one of the largest Brazilian networks for basic education. The capitalization aims to strengthen the company and accelerate its organic and inorganic expansion, particularly through acquisitions across Brazil. Joining Advent as a co-investor is the Canadia Pension Plan Investment Board (CPP Investments).

Established in 2018 in Rio de Janeiro, Inspira currently operates more than 100 schools, serving 57,000 students and driving net revenue of more than R$1 billion. André Aguiar, who founded Inspira after a 20-year career dedicated to managing schools and teaching as a mathematics teacher, will continue to lead the network as its CEO.

“We are thrilled to join forces with André, BTG Pactual and the Inspira team, who rapidly transformed the company into a nationally recognized institution delivering high-quality education,” said Brenno Raiko, a Managing Director at Advent responsible for education investments in Latin America. “With its academic focus and tailored teaching approach at each school, Inspira is uniquely positioned to thrive in a highly fragmented basic education market, and we are excited to enhance Inspira’s impact on the lives of Brazilian students.”

Under the terms of the agreement, funds managed by Advent now assume a co-controller position within Inspira, alongside private equity funds managed by BTG Pactual, which has been a shareholder since 2020.

The annual revenue of the Brazilian private basic education market is estimated at R$77 billion and is the third largest in the world. Inspira prides itself on a relentless focus on teaching quality, preserving the academic independence of the acquired schools and providing management systems that facilitate both the relationship with parents and each student’s journey.

Quality in teaching translates into numbers under all metrics.

If the Inspira Network were a country, its students would be ranked 8th in the PISA ranking, which measures the quality of basic education in 81 countries.
In 2022, 267 Inspira students were accepted into medical schools, in some of the most competitive entrance exams in the country (with more than 100 candidates per place).
Inspira also stands out in terms of the quality of international education. By the end of 2024, it is expected that 10% of Brazilian schools with International Baccalaureate (IB) certification, an international diploma of excellence recognized in more than 50 countries, will be from Inspira.

FIP Economia Real, managed by BTG Pactual, became Inspira’s controller in 2020 after a primary investment of R$350 million that enabled the company to grow 14 times in size in three and a half years. Since the beginning of BTG Pactual’s investment, the company has grown at an average rate of 93% per year.

“We are extremely proud of what we have built alongside André over the last few years, and we believe Advent is the ideal partner to help us propel Inspira into its next growth cycle,” said Felipe Gottlieb, partner at BTG Pactual and chairman of Inspira’s board of directors.

“Inspira’s journey is just beginning, and the partnership with Advent and BTG Pactual fuels our team’s excitement for what lies ahead in the coming years,” said André Aguiar. “Advent’s sector expertise and their collaborative approach with entrepreneurs will be invaluable as we embark on this next phase together.”

Advent has a long history investing in the Brazilian higher education market, including in companies such as Kroton (currently Cogna Educação), FSG and YDUQS, driving growth acceleration and operational efficiency. The investment in Inspira is Advent’s first in the basic education segment.

Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across 43 countries, and as of September 30, 2023, had $91 billion in assets under management. With 14 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit

Website: www.adventinternational.com

LinkedIn: www.linkedin.com/company/advent-international

BTG Pactual

BTG Pactual (BPAC11) is the largest investment bank in Latin America, operating in the Private Capital, Investment Banking, Corporate Lending, Sales & Trading, Wealth Management and Asset Management markets. The Private Capital Division has a successful track record in the alternatives market, managing over 11 funds and 60 companies across various sectors, focusing on essential services such as healthcare, education, telecommunications, industrial, and energy, through active and close engagement with every company. BTG Pactual has 48 offices in 11 countries and $177 billion in AuM (as of December 2023).

Inspira

Inspira Rede de Educadores is one of the leading basic education networks in Brazil, with over one hundred schools distributed in more than 17 states and the Federal District. Led by a team of renowned educators with decades of experience, the network seeks excellence and strong reputation, preserving the legacy and independence of each of its schools.

CPP Investments

Canada Pension Plan Investment Board (CPP Investments™) is a professional investment management organization that manages the Fund in the best interest of the more than 22 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At December 31, 2023, the Fund totalled C$590.8 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Instagram or on X @CPPInvestments.

Media contacts

Advent International
Leslie Shribman
lshribman@adventinternational.com

Nova PR
Tiago Lethbridge
tiago.lethbridge@novapr.com.br

Inspira

FSB Comunicação
Priscila Nishimori – priscila.nishimori@fsb.com.br
Cintia Taketomi – cintia.taketomi@fsb.com.br

BTG Pactual
Elisa Soares – btg@fsb.com.br

CPP Investments
Asher Levine — alevine@cppib.com

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Advent International and Multiples to invest $230M in Ananya Birla’s Svatantra Microfin, which marks the largest private equity investment in India in the sector

Mumbai, 4^th March, 2024 – Founded and chaired by Ms. Ananya Birla, Svatantra Microfin Pvt. Ltd. (“Svatantra”) has entered into a definitive agreement with Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, and Multiples Private Equity (“Multiples”), India’s leading private equity investor, for an investment of $230M. This deal marks the largest investment by private equity investors in the microfinance sector in India.

The investment follows Svatantra’s recent acquisition of Chaitanya India Fin Credit Limited (“Chaitanya”). Upon completion of the proposed transaction and merger with Chaitanya, the combined entity will be amongst the largest non-banking microfinance companies in India. The current promoter group led by Ms. Ananya Birla will continue to have a significant majority stake.

Since starting its operations in 2013, Svatantra, which provides affordable financial and non-financial solutions to women entrepreneurs, has emerged as one of the most differentiated process and technology-driven microfinance entity in India. Svatantra, along with its wholly owned subsidiary, Chaitanya, today has a team of more than 17,000 employees and the business serves over 4.2 million customers across 20+ states.

Ananya Birla, Chairperson, Svatantra, said, “This investment by Advent and Multiples marks a momentous occasion for us. My team and I are grateful to have investors on board who share our vision. This transformative era for Svatantra, propels us towards our goal of becoming the foremost and most impactful microfinance institution, creating a conducive environment for entrepreneurs who fuel India’s growth story.”

Shweta Jalan, Managing Partner, Advent International, said, “We are thrilled to announce Advent’s investment in Svatantra. We believe the microfinance sector serves as a cornerstone for financial inclusion for women entrepreneurs in rural areas, and Svatantra is uniquely placed to create one of the largest and most resilient microfinance institutions. We look forward to supporting the team at Svatantra, led by Ms. Birla, as they embark on their next phase of sustainable growth and profitability.”

“We are delighted to back Ms. Ananya Birla in building Svatantra to be the best-in-class institution delivering inclusion at scale. Its recent acquisition of Chaitanya brings together two exceptional platforms and management teams. In line with Multiples’ ethos of powering new possibilities, we look forward to partnering the Svatantra team in its journey of expanding products, stepping-up technology and enhancing analytics to widen the reach of its transformational impact,” said Renuka Ramnath, Founder, MD and CEO, Multiples.

The transaction is subject to receipt of statutory and regulatory approvals, including the approval of the Reserve Bank of India and Competition Commission of India.

Advent has been investing in India since 2007. Since inception, Advent has committed ~$6 billion across 18 investments, of which $1.2 billion has been committed in the financial services across 6 transactions sector including the current transaction. Key investments in the sector include Yes Bank (sixth largest Private Sector Bank), Aditya Birla Capital (a holding company for the financial services businesses of Aditya Birla Group), KreditBee (leading digital lending company), ASK Investment Managers Private Limited (a leading portfolio management service provider, real estate investment manager and wealth manager in India), and CAMS (India’s largest registrar and transfer agent of mutual funds). Other notable investments by Advent in India include Cohance Lifesciences (formerly RA Chem Pharma Limited), Eureka Forbes, Bharat Serums and Vaccines, DFM Foods and Manjushree Technopack.

Multiples has a strong financial services investing track-record with on-ground experience of business building through economic cycles over the last decade. Its investments in the sector include Cholamandalam Finance (India’s most valuable CV financier), Vastu (a tech-led, high-quality housing finance business), Veritas Finance (a leading MSME financier), Kogta Financial (an emerging leader in used vehicle financing), APAC Financial Services (an MSME financier with deep rural footprint), Acko Tech (India’s first and only D2C insurer), Niyo (a leading consumer fintech), IEX (India’s largest power exchange), RBL Bank (a private bank) and Sanctum (a wealth management company).

About Svatantra Microfin Private Limited

Svatantra was incorporated in 2012 by Ms. Ananya Birla. It started its operations in March 2013. In a short span Svatantra has emerged as the most differentiated process and technology-driven microfinance entity, which offers microcredit at affordable rates in the country. Svatantra has been a first mover and shaper of the industry by being the first MFI with 100% cashless disbursements since inception, and also the first to roll out an extensive customer facing app that is conducive to client social behaviours. The AA- graded organization (highest rating in the sector) was awarded the best microfinance organization of the year and has been placed in the top 25 best places to work in its segment by globally recognized Great Places To Work (2020 and 2022). In one of the largest deals in the industry, Ananya Birla’s Svatantra acquired Chaitanya India Fin Credit, making Svatantra the second largest microfinance organization in the industry. With a team strength of over 17,000 and an AUM of over 13,000 Crores, Svatantra is financing the entrepreneurs who are powering India’s growth story.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 417 private equity investments across more than 40 countries and regions, and as of December 31, 2023, had $88 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 297 private equity investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

About Multiples Private Equity

Multiples is India’s leading private equity platform distinguished by its long and successful experience of partnering with Indian entrepreneurs. Multiples has backed 30 Indian businesses to build aspirational, distinctive, and responsible businesses. Multiples focuses on core sectors of financial services, pharma & healthcare, consumer and technology. Some of Multiples’ distinctive investment partnerships include Vastu Housing Finance, Encube, Zenex, PVR, Delhivery, Dream Sports, Quantiphi, Kogta Financial, ACKO, Niyo, Licious and MoEngage. Multiples identifies opportunities that benefit from big shifts in its chosen sectors, and partners with exceptional entrepreneurs and management teams in creating transformational growth.

Media contacts

Kausar Merchant
Tel: +91 9820525800
kausar@ananyabirla.com

Advent International
Chennakeshav Shenoy
Tel: +91 98192 66998
advent@adfactorspr.com

Multiples Private Equity
Yash Dhotre
Tel: +91 7776064449
yash@eminencestrategy.com

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Advent International Announces Strategic Investment in Skala Cosméticos

Investment aims to expand manufacturing capacity and accelerate brand’s presence in domestic and international markets

Cyro Gazola, an executive with deep experience in the consumer goods sector in Brazil and abroad, appointed CEO of Skala; Antonio Sousa to serve as member of Board of Directors

São Paulo, Brazil, February 28, 2024 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced a strategic investment in Skala Cosméticos (“Skala” or the “Company”), a leading Brazilian haircare brand that develops 100% vegan products. The investment comes from Advent’s $2 billion managed funds dedicated to investments in Latin America, LAPEF VII.

Founded in 1986, Skala is one of the fastest growing brands in the Brazilian beauty sector, with annual expansion of roughly 30% in recent years. It is the fourth largest hair care brand in Brazil and one of the leading brands in the hair mask category. Skala’s products are present in more than 45% of Brazilian homes and the Company exports its products to over 40 countries. Through the strategic partnership, Skala will aim to expand its manufacturing capacity and distribution network as well as increase the brand’s presence in international markets.

“Maria Claudia Lacerda, Antonio Sousa and the Skala team have built a strong brand, recognized for its ability to produce high-quality products that have a dedicated and connected customer base,” said Rafael Patury, a Managing Director in Advent’s São Paulo office and co-head of the firm’s Consumer and Retail practice in Latin America. “We are excited to partner with the Skala team and build upon the success it has established in its home market to new customers and markets worldwide.”

“Our partnership with Advent will help accelerate Skala’s growth in both domestic and international markets, while allowing us to advance important agendas such as operational excellence and innovation at scale,” said Antonio Sousa, who has led Skala as CEO for the past eight years. “We are proud of the brand recognition we have built in Brazil, as well as the high caliber of products we are able to provide our customers and are excited to work with Advent on our next chapter of growth.”

In connection with Advent’s investment, Cyro Gazola, an executive with deep experience in the Brazilian consumer goods sector and abroad (including 22 years at Procter & Gamble (NYSE: PG)) and former President and CEO of Caloi, has been appointed CEO of Skala. Antonio Souza, who will remain a shareholder together with Maria Claudia Lacerda and Publio Emilio Rocha, will join the Company’s Board of Directors alongside Advent professionals and two other industry-experts, Alberto Carvalho, former CEO of Procter & Gamble in Brazil, and Andrea Mota, former Executive Director of O Boticário.

Maria Claudia Lacerda commented, “It’s a pleasure to welcome Cyro, a seasoned and talented industry executive, to the Skala family. Cyro is a passionate and visionary leader with over three decades of relevant experience, and I believe his appointment will help propel Skala into our next chapter. I sincerely thank Antonio for his guidance and efforts as Skala’s leader over the past eight years. Antonio has been a critical component to the success and growth of Skala, and I look forward to his continued contributions to the Company as a valued and active board member.”

“I am thrilled and honored to have the opportunity to serve as the next leader of Skala,” said Mr. Gazola. “Under the guidance and visions of Maria and Antonio, the Skala team has established a brand that resonates with customers and is notable throughout the beauty and cosmetics industry, and I am confident that the momentum to date will position us for a future that is poised for growth, including expanding into underserved relevant channels to further bolster sales. I very much look forward to collaborating with the Board, our entire team and our new partners at Advent, whom I believe will provide significant resources and support to help the Company realize its full potential.”

Over the last 25 years, Advent’s managed funds have invested more than $7 billion in 70 companies in Latin America. In the Consumer and Retail sectors, Advent’s managed funds have invested $15 billion globally in over 85 companies, 24 of which in Latin America. Advent’s managed funds’ recent investments in the Consumer and Retail sector in Brazil include CRM Group (Kopenhagen and Brasil Cacau), whose pending sale to Nestlé Brasil was announced in September 2023; Grupo BIG, which was sold in 2020 to Carrefour; YDUQS, the second largest post-secondary education company in Brazil; and Fortbras, a leader in the Brazilian auto parts retail market, among others. In the beauty care sector, Advent’s managed funds have invested in Olaplex, an innovative, science-enabled, technology-driven beauty company with a mission to improve the hair health of its consumers; Orveon, a collective of iconic cosmetics brands, including bareMinerals, BUXOM and Laura Mercier; and Parfums de Marly, a French perfume company.

Advent’s investment in Skala was conducted by Odara Participações, a holding company invested by the LAPEF VII funds managed by Advent International.

IGC Partners served as Skala’s financial advisor and Mattos Filho Advogados served as the Company’s legal counsel in connection with this transaction. Lobo de Rizzo Advogados served as Odara’s legal counsel.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity firms. Advent’s managed funds have invested in over 415 private equity investments across 43 countries, and as of September 30, 2023, had $91 billion in assets under management. With 14 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

About Skala Cosméticos

Founded in 1986 and with headquarters in Uberaba-MG, Skala is one of the largest haircare brands in Brazil. The brand pioneered the commercialization of treatment creams in 1kg packaging, which has forever changed the way Brazilians take care of their hair. The “cream bath” invested by the brand is a beauty ritual incorporated on the day-to-day of millions of women in Brazil and in more than 40 countries to which Skala exports its products. Thanks to its quality and innovation ability, Skala has conquered the leadership of the hair treatment category in Brazil and has been growing substantially in other haircare and personal care categories as well. The brand is conscious of its social and environmental responsibility and, since July 2018 has become 100% vegan, cruelty free and focused on utilizing products derived from vegetables.

For more information, visit
Website: https://www.skala.com.br/
LinkedIn: https://www.linkedin.com/company/gruposkala/

Media contacts

Advent International
Lauren Testa
ltesta@adventinternational.com

Nova PR
Tiago Lethbridge
tiago.lethbridge@novapr.com.br

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Advent International invests in VNU Exhibitions Asia, a leading exhibition and conference host

Shanghai, 2 February 2024 – Advent International (“Advent”), one of the world’s largest and most experienced private equity investors, today announced its investment in VNU Exhibitions Asia (“VNU EA”), a leading host of exhibitions and conferences in China.

With a track record of nearly 30 years, VNU EA has a significant presence in China, operating across 10 cities and hosting over 20 exhibitions and conferences each year. Headquartered in Shanghai, the company specializes in exhibition and conference solutions for global customers across four industries: pet food and supplies, paving materials and building construction and décor, 3D printing and additive manufacturing, and agriculture/agri-tech. Its flagship event, Pet Fair Asia, which was launched in 1997, has emerged as the world’s foremost exhibition for pet supplies, attracting more than 24,000 exhibiting brands and over 350,000 visitors in 2023.

Irene Liu, Managing Director at Advent, commented, “We are excited about VNU EA’s strong portfolio, its longstanding track record spanning nearly three decades and its immense growth potential. The company has established itself as a market leader in China by providing high-quality exhibition services for both domestic and global customers. Together with VNU EA’s exceptional management team, we are confident that Advent’s global resources and support will propel the company’s next phase of growth amidst a thriving sector in China.”

David Zhong, Founder at VNU Exhibitions Asia, said, “As the founder of VNU EA, I am extremely proud of our company’s achievements over the last 30 years. We have created some of the world’s most high-profile exhibitions for a range of industries, including pet and lifestyle trends, architecture and urban development, agriculture and food, as well as the smart industries of the future. Our customers have been able to develop their businesses in China and Asia through our platforms and have seen huge growth year-on-year thanks to the commitment of our great team of professionals and the significant market potential of the industries we serve. I am very excited to join forces with Advent and bring our business to the next level of growth and expansion. We couldn’t have found a better partner to help us achieve further success in the future.”

Andrew Li, Managing Director, Head of Greater China at Advent, said, “Over the past decade, Advent has been investing in companies and industries in the China market that have significant growth potential, aiming to create value through our unique operational strategies, extensive sector experience and our global network. Our partnership with VNU demonstrates this investment approach as well as our continued deep commitment to the Greater China region.”

Jeroen van Hooff, CEO at Royal Jaarbeurs, which had a majority interest in VNU EA, said, “VNU EA has organized many successful events in China over the past few decades. Following a strategic reorientation, we now welcome Advent as a new investor in VNU EA. I would like to thank the local management team in China for the excellent cooperation we have enjoyed during our long-term partnership. Having Advent’s support will certainly help VNU EA further strengthen its position in the event industry. Given that Royal Jaarbeurs will continue to organize VIV Select China and Pet Fair South-East Asia with VNU EA, we are greatly looking forward to working with Advent in the future.”

Ranjan Sen, Managing Partner at Advent, commented, “We are excited about the vibrant exhibition sector in China and the tremendous market potential it offers. Our investment in VNU EA exemplifies our enthusiasm for this dynamic industry, VNU’s strong capabilities and the vision to build a leading exhibition platform in China. It underscores our commitment to promoting innovation and excellence in attractive and growing sectors, and we look forward to the promising opportunities that lie ahead.”

Advent has made multiple investments across Greater China in recent years, including LBS Group, a leading pest control operation and hygiene solutions provide in Greater China; 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.

Going forward, VNU Exhibitions Asia will change its English name to Globus Events to better reflect its growth potential following the partnership with Advent. The new name reinforces the company’s commitment to being a platform that connects local and global businesses and highlights its mission to help “make business happen”.

About VNU Exhibitions Asia

Through the joint efforts of more than 150 employees, VNU Exhibitions Asia hosts over 20 branded exhibitions and conferences each year with a total exhibition area of over 1,000,000 square meters. The company is headquartered in Shanghai and operates in additional cities and regions worldwide. The company is also a member of the Global Association of the Exhibition Industry (UFI).

VNU Exhibitions Asia was part of the centennial Royal Jaarbeurs exhibition group from Europe. Benefiting from its international resources, extensive business network and expert operational management, VNU Exhibitions Asia has developed a business strategy termed ‘GLOCALIZATION’ and facilitated Chinese market entry directives with more than 20 well-known international exhibition organizers.

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across more than 40 countries and regions, and as of September 30, 2023, had $91 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America, and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer, and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-internationl

Media contacts

FTI Consulting
Izzie Shen (Shanghai) / Jena Qian (Hong Kong)
Tel: +86 21 2315 1068 / +852 9839 0019
izzie.shen@fticonsulting.com / jena.qian@fticonsulting.com

Globus Events
Aida Cuko (Overseas) / Amy Hu (Shanghai)
Tel: +39 3497975246 / +86 21 6016 7521
aida.cuko@globusevents.com / amy.hu@globusevents.com

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GFT acquires Sophos Solutions from Advent International

Acquisition expands core banking expertise, client base, footprint, and team by almost 20%

Stuttgart, Germany/Bogota, Colombia, 25 January 2024 – Global digital transformation pioneer GFT Technologies SE (GFT) agreed to acquire 100% of shares in Colombia-based core banking expert Sophos Solutions S.A.S.. With Sophos, GFT advances to top 3 banking IT services provider across Latin America and also increases its global delivery capability. The purchase from Advent International, one of the largest and most experienced global private equity investors, is a clear sign of GFT’s continued focus on growth and profitability.

GFT is gaining a new stronghold for core banking solutions, AI and cloud modernisation, as well as additional partners and clients, which include Colombia’s most relevant financial institutions. The company is increasing its presence to 20 countries, six of which are in Latin America: Brazil, Mexico and Costa Rica are now complemented by Colombia, Chile and Panama. The combined impact of both companies will result in GFT advancing to be a top three provider of IT services for banking across Latin America¹⁾.

Thanks to Sophos’ more than 1,700 employees, GFT’s global headcount will grow by almost 20 percent to more than 12,000. This is the largest number of talents ever added in a GFT acquisition. The transaction is expected to be completed in early February 2024. In 2022, Sophos generated revenues of around 257 billion Colombian pesos (currently around 60 million Euros) and GFT reported €730.14 million Euros worldwide.

“In this strategic acquisition, we’re not just merging companies; we’re multiplying potential,” said GFT CEO Marika Lulay. “It is a logical continuation of our successful strategy for growth and profitability. All aspects of Sophos are highly valuable to us. From the new colleagues, new competencies and new clients to the new partners for core banking solutions, such as Finastra. All this results in high traction for GFT in Latin America’s third-largest market Colombia, plus exponential growth scope in the Americas and beyond.”

Clients benefit from expertise in core banking, AI and cloud modernisation

Sophos is especially renowned for its core banking, AI and cloud modernisation expertise, as well as innovation and digital transformation. GFT clients benefit from expanded delivery capacity and access to new expertise, including in solutions for core banking with Sophos’ established partners. For Sophos’ clients, the acquisition means access to the additional large GFT talent pool, extensive experience in successfully implementing next generation technology, more partners like Thought Machine, and pre-built solutions. All that combined translates into a shorter time to market and effective services delivery for all clients.

“We are proud to have partnered with the entire Sophos team during a time of significant growth for the Company,” said Lucas Marulanda, Director at Advent International. “Since our investment in 2020, Sophos has strategically scaled its platform through international and regional expansion and continued to help drive significant technological transformation and modernisation across the financial industry. We look forward to following the company’s continued success.”

“For everyone at Sophos, it is a great opportunity to become part of GFT,” added Sophos CEO Felipe Villa. “I see a perfect fit with combined expertise and global presence of Sophos and GFT. This will enable us to even better support our clients on their digital transformation journey – great news for our employees and their career development, as well as for our clients. We are grateful to Advent for taking our company to the next level.”

Canaccord Genuity is serving as the exclusive financial advisor to Advent and Sophos.

Sophos Solutions

Sophos Solutions is a multinational IT firm based in Colombia, that accompanies the technological transformation of key financial institutions across several markets worldwide.

The company offers solutions for banking transformation, cloud services, data intelligence & AI as well as digital solutions with vast expertise in core banking.

Sophos Solutions was founded in Colombia in 2006 by a group of innovators from India, with the aim of providing cutting-edge software solutions to financial institutions. In 2020 it became part of the renowned private equity investor Advent International.

Over the years, the company has grown significantly to more than 1,700 employees worldwide, with subsidiaries in 6 different countries, including the United States, Mexico, Colombia, Chile, Panama, and India. It operates in over 14 countries, providing digital transformation & software product engineering to major top-tier banks and financial institutions.

www.sophossolutions.com

www.linkedin.com/company/sophossolutions/

www.instagram.com/sophos.solutions/

GFT

GFT is a digital transformation pioneer. By leveraging next-generation technologies, we enable clients to boost their productivity with intelligent software solutions. We focus on Digital Finance, Enterprise AI & Data Solutions, and Platform Modernisation.

GFT’s strengths include deep technological excellence, a strong ecosystem of partners, and industry expertise. We are agile@scale and boost digital transformation for clients from the finance and insurance sectors, as well as the manufacturing industry. GFT talents create, implement, and manage software applications to enable innovative businesses while complying with regulations.

With locations in more than 15 markets around the globe, GFT ensures proximity to its clients. We draw on over 35 years of experience and a global team of over 10,000 determined talents. GFT provides them with career opportunities in the most innovative areas of software engineering. The GFT Technologies SE share is listed in the SDAX index of the German Stock Exchange (ticker: GFT-XE).

www.gft.com

www.blog.gft.com

www.linkedin.com/company/gft-technologies

www.twitter.com/gft_tech

Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across 42 countries, and as of September 30, 2023, had $91 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For 40 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

Advent has been present in Colombia since 2011 and currently has 10 professionals dedicated to investing in the country. The team has invested more than US$1 billion in companies with relevant operations in Colombia such as LifeMiles, Alianza Fiduciaria, Alianza Valores, Grupo Biotoscana, GTM, Ocensa, Sophos Solutions and most recently, GHL Hotels.

¹⁾Market Share Analysis: IT Services, Worldwide, 2022 (gartner.com); Forecast: Enterprise IT Spending by Vertical Industry Market, Worldwide, 2021-2027, 4Q23 Update (gartner.com)

This press release is also available for download via the GFT newsroom.

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Advent International announces its annual promotions

Boston, London, 12 January 2024 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, is pleased to announce staff promotions across the global investment and corporate teams.

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

Promotions by region: 31 North America, 18 Europe, 10 Latin America, 4 Asia
44% of total promotions female

Three individuals have been promoted to Managing Director at Advent:

Fabio Cali, London
Jason Karl, New York
Irene Liu, Shanghai

“Congratulations to all of our colleagues who have been recognised in this round of promotions,” said James Brocklebank, Managing Partner and Co-Chair of Advent’s Executive Committee. “Advent has a proud record of nurturing and rewarding the contribution of outstanding colleagues. It is the extraordinary talent of our people that has made Advent the truly global industry leader it is today.”

“I extend my warmest congratulations to all of our talented colleagues who have been promoted today,” said John Maldonado, Managing Partner and Co-Chair of Advent’s Executive Committee. “Their dedication, hard-work and expertise has been instrumental to Advent’s continued success and I wish them the very best in their new roles.”

About Advent International

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across 42 countries, and as of June 30, 2023, had $92 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

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Orveon Welcomes Neela Montgomery as Chief Executive Officer

Accomplished retail executive will bring global experience, operational excellence and consumer brand expertise to drive growth

NEW YORK, January 9, 2024 – Orveon Global (“Orveon” or “the Company”), a purpose-driven collective of premium beauty brands, today announced that Neela Montgomery will join the Company as Chief Executive Officer (“CEO”), effective January 18, 2024. Ms. Montgomery will also join the Orveon Board of Directors (the “Board”).

“Neela is a highly accomplished leader in high-growth, vibrant consumer businesses and we are thrilled to welcome her as CEO of Orveon,” said Tricia Glynn, Chair of the Board at Orveon and Managing Partner at Advent International. “Orveon has established a strong foundation in its two years since launch and Neela is the ideal executive for this next phase of growth. Her special mix of global experience, operational acumen and record of growing consumer brands will position the business for long-term success.”

“Orveon has built a differentiated business that not only is home to three iconic beauty brands but also is leading change in the beauty and wellness industry,” said Ms. Montgomery. “I see immense opportunity to continue developing the platform’s capabilities while nurturing the success of bareMinerals, BUXOM and Laura Mercier to deliver an authentic, sustainable offering for consumers and retail partners alike. I am excited to lead the talented team at Orveon as we continue to innovate, capture new opportunities and drive growth.”

Ms. Montgomery comes to Orveon as a seasoned global CEO who has led, scaled and transformed consumer businesses across the U.S., Europe and Asia, including CVS Health, Crate & Barrel Holdings, Otto Group and Tesco PLC. Most recently she served as a Board Partner at Greycroft, a leading venture capital firm. With nearly two decades of experience, she is a dynamic leader of consumer brands with a record of driving successful digital transformations, global expansion and fostering diverse and inclusive company cultures.

Ms. Montgomery is a member of the Board of Directors of Logitech, Squarespace and Fetch. She also sits on the Board of St Jude’s Hospital, the world’s leading non-profit pediatric cancer hospital, as well as the Board of Wellsense, the largest Medicaid provider in Massachusetts. She studied English Literature at Oxford University and holds an M.B.A from INSEAD in France and Singapore.

ABOUT ORVEON

Established in 2021, Orveon is a collective of iconic cosmetics brands, bareMinerals, BUXOM and Laura Mercier, paving the way for the future of the beauty industry. Believing beauty is more than skin deep, Orveon aims to challenge conventional wisdom with humility and deliberate action – all to create positive change. Owning the face of beauty, and striving to face forward together, Orveon is about its employees, as much as the union of these established entities. Together, the company will push beyond being known simply as cultural tastemakers and ascend as advocates of advancement. Embarking on a powerful shift, Orveon is committed to stark honesty, co-creation and making a sustainable cultural impact today and for years to come.

For more information, visit:

Website: www.orveonglobal.com
LinkedIn: https://www.linkedin.com/company/orveonglobal/ Instagram: https://www.instagram.com/orveonglobal/
Twitter: https://twitter.com/orveonglobal

Media contacts

Orveon Global

Monique McKenzie

Executive Director, Global Public Relations

m: 404.906.3052

e: mmckenzie@orveonglobal.com

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Advent International Appoints Wealth Management Executive Tricia Rothschild as Operating Partner

BOSTON, November 20, 2023 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, today announced the appointment of Tricia Rothschild as an Operating Partner. Rothschild will play a key role in helping Advent identify and support new investments in wealth and asset management, including related technology and data & analytics.

Rothschild is a highly accomplished executive with decades of experience in financial services, with a focus on wealth and asset management, investment data, technology, and information services. Rothschild spent more than 25 years at Morningstar, transforming the company from startup to a leading, global and publicly-listed provider of investment research software, data, and index solutions. During her tenure at Morningstar, she held numerous senior leadership roles, including most recently serving as Chief Product Officer and Co-Head of Global Markets, where she was responsible for an $800 million portfolio of global software, data and research businesses serving both retail and institutional investors, and developed and led the firm’s global equity research business. Following Morningstar, Rothschild served as President for Apex Fintech Solutions, a digital B2B fintech platform providing custody, clearing and other services to leading brokerages, financial advisors, global institutional investors and fintech firms.

“Tricia is one of the most established leaders in wealth services, with an incredible track record of building businesses with both innovative and cost-effective solutions that drive enhanced outcomes for investors and their advisors,” said Gabriela Weiss, Principal at Advent. “Tricia’s insights and extensive network of industry relationships around the world will be instrumental as we pursue investments that capitalize on the opportunities presented by the global wealth creation megatrend, which includes increasing democratization of access to investment services, innovation in investment approaches, and the evolution of the financial advisor role. With this space poised for long-term growth, we are thrilled to partner with a seasoned executive like Tricia and look forward to growing Advent’s portfolio together.”

“I am excited to work with Advent due to its disciplined and selective investment strategy, its global reach and experience, and its focus on growth and true partnership with its portfolio companies,” said Rothschild. “Technology continues to disrupt the wealth management industry, creating significant and unprecedented opportunity for investment, product innovation and transformational growth. I look forward to leveraging Advent’s global platform and expertise as we capitalize on strong industry tailwinds around professionalizing and democratizing access to investment services to meet investors’ needs.”

Rothschild currently sits on the boards of wealthtech and enterprise software firms, including Nitrogen and Canoe Intelligence, where she supports the leadership teams of both companies in their growth initiatives. Additionally, Rothschild serves on the CFA Institute Board of Governors, which oversees the investment industry’s premier professional organization and credentialing program, with 200,000 charterholders around the world and a long-standing mission of promoting the highest standards of ethics and rigor in investment management globally.

As an avid supporter of community engagement, Rothschild is also a co-founder of the Chicago Giving Circle (CGC). CGC brings together Chicago-area donors who collectively support a select group of innovative and high-impact nonprofit organizations focused on improving the lives of Chicago-area families in need. Rothschild also serves on the board of Rock the Street, Wall Street, a financial and investment literacy program that brings both gender and racial equity to the financial markets by educating high school girls and improving the pipeline of diverse talent entering the investment arena.

During the course of her career, Rothschild has received several awards, including Financial Planning’s “Most Likely to Change Wealth Management” list in 2021, and was named to Investment News’ “Women to Watch” list in 2020.

Rothschild received her Master of Arts in Russian and eastern European economics from Indiana University and her Bachelor of Science in communication studies from Northwestern University.

ADVENT INTERNATIONAL

ABOUT ADVENT INTERNATIONAL

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across 42 countries, and as of June 30, 2023, had $92 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international

Media contacts

Advent International
Lauren Testa
ltesta@adventinternational.com

FGS Global
Zachary Tramonti/Kevin Siegel
Tel: +2126878080
Adventinternational-US@fgsglobal.com

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Advent International forms Circle, a leading payments and technology platform for small merchants and sole traders

Circle also agrees to acquire myPOS, a leading provider of payments solutions

London, 16^th November, 2023 – Advent International (“Advent”), one of the largest and most experienced global private equity investors, has formed AI Circle Bidco Limited (“Circle”), a payments and technology platform serving small merchants and sole traders in Europe. As part of this strategy, Circle has agreed to acquire myPOS, a leading provider of payments solutions.

Laurent Le Moal, a seasoned payments and fintech leader, and former Chief Executive Officer of PayU and Vice-President at PayPal, has joined as Chairman of Circle. Under Laurent’s leadership, Circle’s ambition is to become a leading end-to-end payments and technology company serving small merchants and sole traders across Europe, who are traditionally underserved by banks.

Headquartered in the UK, with over 500 employees, myPOS provides a suite of payments, accounts and cards solutions for small merchants and sole traders. Through its product offerings, it sits at the centre of small and micro merchants’ financial flows and is a key partner in allowing them to grow and develop their businesses. The business serves around 170,000 merchants in continental Europe across multiple sectors – including food & beverages, professional services, retail and transportation.

The Circle platform will support the current myPOS management team in growing the customer base while preserving the differentiated business model and the competitive value proposition.

Laurent Le Moal, Chairman at Circle, said: “We have big ambitions to scale the Circle payments and technology platform, and to expand its range of differentiated digital offerings to traditionally underserved sole traders and small merchants. The opportunities to scale the platform’s digital capabilities, to expand internationally, to grow into new services such as software and lending and in turn to support economic growth, are real and exciting, and I cannot wait to start on this journey together with the Advent team.”

Fabio Cali, Director at Advent International, comments: “We are very excited to invest in Circle and to create a truly differentiated digital platform with the ambition to be both market leading and able to support the real economy by helping smaller businesses to flourish. Acquiring myPOS is the first step on this journey and is a business we have followed for over five years, closely tracking its evolution and development. We intend to draw on our strong and in-depth payment processing and broader financial services experience, and with the support of Laurent and our wide network of tenured operating partners, are confident we can build a successful and highly essential platform in Europe.”

AI Circle will be able to leverage Advent’s experience and knowledge in the payments industry. Worldwide since 2008, Advent has invested more than $6.6 billion in 17 payments and fintech companies. Recent investments in the sector include Mangopay (a leading payments solution provider for marketplaces and platforms), Medius (a leading provider of cloud-based accounts payable automation), Thredd (the leading global payment technology platform) and Planet (a global provider of integrated digital payment services).

The transaction, which is subject to customary regulatory approvals, is expected to close in Q4 2023.

ADVENT INTERNATIONAL

Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 415 private equity investments across 42 countries, and as of June 30, 2023, had €85 billion in assets under management. With 15 offices in 12 countries, Advent has established a globally integrated team of over 295 private equity investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; health care; industrial; retail, consumer and leisure; and technology. For over 35 years, Advent has been dedicated to international investing and remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.

For more information, visit:
Website: www.adventinternational.com
LinkedIn: www.linkedin.com/company/advent-international