TORONTO, Sept. 10, 2024 - Sagard, a global alternative asset manager with over US$25B of assets under management, announced today that the Sagard Private Credit Fund ("the Fund"), its evergreen credit investment fund designed for Canadian accredited investors, is now available for subscription. The Fund has been launched in partnership with iCapital1, a leading global fintech platform focused on alternative investments, after concluding a first closing with over $50 million in initial capital.
The Fund offers Canadian accredited investors the opportunity to participate in private credit, an attractive asset class in which Sagard has institutional-caliber capabilities. The Fund will invest in a diversified portfolio of private credit investments, composed mainly of private loans originated by Sagard with adjustable interest rates and first repayment priority, together with more liquid credit investments.
"With over two decades of experience investing in private credit, our team is confident in the Fund’s potential as a high-return, low-volatility option for our clients," said Adam Vigna, Co-Founder and Chief Investment Officer at Sagard.
The Fund will provide loans to private middle market companies, receive interest payments on those loans, and distribute the net proceeds to investors in the form of distributions, driving an initial indicative annual net return of 9-10%. Investors are able to subscribe to the Fund through their investment advisors on a monthly basis, with quarterly redemptions available. The Fund is eligible for registered plans, such as RRSPs, RESPs, TFSAs, and more.
"We are thrilled to extend our firm’s investing expertise to a broader segment of investors," said Paul Desmarais III, Chairman & CEO of Sagard. "The Sagard Private Credit Fund is a testament to our commitment to innovation. If it suits their portfolio needs, we hope many new investors will subscribe to this evergreen product offering."
Sagard plans to launch additional investment solutions for accredited investors in the coming months.
Sagard provides bespoke private credit solutions to public and private middle-market companies seeking capital in the U.S. and Canada. Sagard's private credit investment platform and its strategic partner, Sagard | HalseyPoint, together manage US$7.2B2 in assets including $4.1B under three private credit strategies, Sagard Credit Partners, Sagard Senior Lending and Sagard Healthcare, and $3.1B under management at Sagard | HalseyPoint in the collateralized loan obligation (“CLO”) space. Our private credit investments are tailored to the company's specific needs, including support for growth, M&A, refinancing, recapitalizations, and other strategic initiatives.
Sagard's private credit offering includes investment strategies in opportunistic credit, senior lending, collateralized loan obligations, healthcare royalties, and private wealth solutions.
About Sagard
Sagard is a global multi-strategy alternative asset management firm with over US$25B under management, 150 portfolio companies, and 400 professionals. We invest in venture capital, private equity, private credit, and real estate. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. Our firm has offices in Canada, the United States, Europe , and the Middle East.
Statements are based on the subjective views and opinions of Sagard and cannot be independently verified. There can be no assurance any returns or yields are achieved or that financial exchange risk is minimized. There can be no assurance any distributions are made to investors. Target returns are hypothetical and do not reflect actual returns to any Sagard client or investors. There can be no assurance that any target returns are achieved. Actual returns may be materially lower. There can be no assurance an investor can redeem from the Sagard Private Credit Fund. Please refer to the fund's organizational and offering documents for additional details. Targeted investment characteristics may not be indicative of future investment characteristics and there can be no assurance that the Fund will have comparable investment characteristics or that target investment characteristics will be achieved. Like all investments, an investment in the funds advised by Sagard involves significant risks, including loss of the entire investment. Investment products such as the funds advised by Sagard are designed only for sophisticated investors who are able to sustain the loss of their investment. Accordingly, such investment products are not suitable for all investors. The funds advised by Sagard are not subject to the same or similar regulatory requirements as mutual funds or other more regulated collective investment vehicles. This presentation does not constitute or form part of an offer to issue or sell, or of a solicitation of an offer to subscribe or buy any securities, nor does it constitute investment advice or a recommendation. Certain information contained in this presentation constitutes "forward-looking statements." Due to various risks and uncertainties, actual events or results or the actual performance of any Sagard investment may differ materially from those reflected or contemplated in such forward-looking statements.
This document or material (this "document") is directed only to Canadian residents that are "accredited investors" as defined under section 1.1 of National Instrument 45-106 Prospectus Exemptions and "permitted clients" as defined under section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. This document is not, and under no circumstance is to be construed as an offering memorandum, an advertisement or a public offering of any securities described herein in any province or territory of Canada (each, a "Canadian Jurisdiction"). Under no circumstances is this document to be construed as an offer to sell securities or the provision of advice in relation to any securities. Any offer or sale of any securities described in this document will be made pursuant to the definitive private placement documents for the securities, which do not include this document. In addition, any offer or sale of, or advice related to, any securities described in this document will be made only by a dealer or adviser registered or relying on an exemption from registration in the applicable Canadian Jurisdiction. No Canadian securities regulatory authority has reviewed or in any way passed upon the information contained in this document or the merits of any securities described in this document, and any representation to the contrary is an offence.
Media Contact: adam.daifallah@teneo.com
1 The Fund is managed by iCapital Network Capital Ltd., a registered investment fund manager.
2 As of June 2024
[post_title] => Sagard’s new Private Credit Fund for Canadian Accredited Investors officially open
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An industrial development is underway in Staten Island's Richmond Valley neighborhood.
Sagard Real Estate has broken ground on a 332,000-square-foot Class A warehouse development in the New York City borough. The real estate investment advisor and operator said that the facility will meet demand in one of the nation's toughest submarkets.
"This development aligns with our strategy of investing in markets with high barriers to entry and strong growth potential," Brad Natale, director of portfolio management at Sagard Real Estate, said in a statement. "Staten Island is a prime logistics hub with sub-3% vacancy rates and limited new construction."
The facility is expected to be completed in late 2025. The project was approved by the New York City Planning Commission in 2022. Cushman & Wakefield has started to market leases for the under-construction space on the 796,000-square-foot lot.
The facility will have 60 dock doors and rooftop solar panels, and is located less than a mile from Route 440, which provides access to the New Jersey Turnpike and the I-287 interchange. An MTA bus stop is also located in front of the property.
"The site’s proximity to Route 440, major interchanges and excellent labor access makes it an ideal location for industrial tenants," Natale said.
Affiliates of Sagard Real Estate have owned the property since early 2020, records show, when the company acquired it for $30.6 million from an affiliate of Bridgewater Capital Partners.
June 20, 2024. Toronto, Canada – Sagard, a global alternative asset manager with over US$25B of assets under management, today announced it will launch an evergreen credit investment fund designed for accredited investors, the Sagard Private Credit Fund (“the Fund”). Sagard expects that the Fund will be formally launched in partnership with iCapital, a leading global fintech platform focused on alternative investments, and that it will begin accepting subscriptions from accredited investors in the coming months.1
The Fund will leverage Sagard’s origination capabilities to invest alongside institutional investors in a broadly diversified portfolio of private credit investments, composed mainly of private loans originated by Sagard, together with more liquid credit securities.
“The Sagard Private Credit Fund will harness our tenured team’s institutional-calibre credit origination capabilities to give Canadian accredited investors the opportunity to participate in this attractive asset class”, said Adam Vigna, Managing Partner and Chief Investment Officer at Sagard. “Private credit can deliver higher returns with lower volatility than most other fixed-income alternatives, and our team knows this space extremely well, having invested in this asset class for over 20 years. We are thrilled that the Fund will give more individuals access to private credit, which can be a great complement to a diversified portfolio”, he added.
The Fund will provide loans to private middle market companies, receive interest payments on those loans, and distribute the net proceeds to investors in the form of distributions, driving an initial indicative annual net return of 9-10%. Investors will be able to subscribe to the Fund through their investment advisors each month, with quarterly redemptions available. The Fund will be eligible for registered plans, such as RRSPs, RESPs, TFSAs and more.
“At Sagard, we believe in democratizing access to alternatives”, said Paul Desmarais III, Chairman & CEO of Sagard. “Over the last eight years, we have recruited some of the best investment teams in Canada and elsewhere, building our firm to serve leading sophisticated investors: public and corporate pension plans, financial institutions, sovereign wealth funds, and wealthy families. We are now going to offer these capabilities to a much broader category of accredited investors. Until recently, this kind of access has not been possible. We are starting with private credit in Canada, and the plan is to go far beyond that”, he added.
Sagard plans to launch additional investment products for accredited investors in the coming months.
Sagard Credit provides bespoke debt solutions to public and private middle-market companies seeking capital in the U.S. and Canada. Sagard’s credit investment platform and its strategic partner, Sagard | HalseyPoint, together manage $6B in assets including $2.8B under its private credit and senior lending strategies and $3.2B under management at Sagard | HalseyPoint in the CLO space as of March 2024. Our investments are tailored to the company's specific needs, including support for growth, M&A, refinancing, recapitalizations, and other strategic initiatives. Sagard’s credit offering includes investment strategies in opportunistic credit, senior lending, collateralized loan obligations, and private wealth solutions.
About Sagard
Sagard is a global multi-strategy alternative asset management firm with US$25B under management, 150 portfolio companies, and 300 professionals. We invest in venture capital, private equity, private credit, and real estate. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. Our firm has offices in Canada, the United States, Europe and the Middle East.
Statements are based on the subjective views and opinions of Sagard and cannot be independently verified. There can be no assurance any returns or yields are achieved or that financial exchange risk is minimized. There can be no assurance any distributions are made to investors. Target returns are hypothetical and do not reflect actual returns to any Sagard client or investors. There can be no assurance that any target returns are achieved. Actual returns may be materially lower. There can be no assurance an investor can redeem from the Sagard Private Credit Fund. Please refer to the fund’s organizational and offering documents for additional details. Targeted investment characteristics may not be indicative of future investment characteristics and there can be no assurance that the Fund will have comparable investment characteristics or that target investment characteristics will be achieved. Like all investments, an investment in the funds advised by Sagard involves significant risks, including loss of the entire investment. Investment products such as the funds advised by Sagard are designed only for sophisticated investors who are able to sustain the loss of their investment. Accordingly, such investment products are not suitable for all investors. The funds advised by Sagard are not subject to the same or similar regulatory requirements as mutual funds or other more regulated collective investment vehicles. This presentation does not constitute or form part of an offer to issue or sell, or of a solicitation of an offer to subscribe or buy any securities, nor does it constitute investment advice or a recommendation. Certain information contained in this presentation constitutes “forward-looking statements.” Due to various risks and uncertainties, actual events or results or the actual performance of any Sagard investment may differ materially from those reflected or contemplated in such forward-looking statements.
This document or material (this “document”) is directed only to Canadian residents that are “accredited investors” as defined under section 1.1 of National Instrument 45-106 Prospectus Exemptions and “permitted clients” as defined under section 1.1 of National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. This document is not, and under no circumstance is to be construed as an offering memorandum, an advertisement or a public offering of any securities described herein in any province or territory of Canada (each, a “Canadian Jurisdiction”). Under no circumstances is this document to be construed as an offer to sell securities or the provision of advice in relation to any securities. Any offer or sale of any securities described in this document will be made pursuant to the definitive private placement documents for the securities, which do not include this document. In addition, any offer or sale of, or advice related to, any securities described in this document will be made only by a dealer or adviser registered or relying on an exemption from registration in the applicable Canadian Jurisdiction. No Canadian securities regulatory authority has reviewed or in any way passed upon the information contained in this document or the merits of any securities described in this document, and any representation to the contrary is an offence.
1The Fund has not been created and is not yet available. The Fund is expected to be managed by iCapital Network Capital Ltd., a registered investment fund manager.
Sagard Credit builds growth momentum following recent CLO platform acquisition, Announces successful fund close, exceeding its initial target
Toronto, CA – May 30, 2024 – Sagard, a global alternative asset management firm, today announced the final closing of its first Sagard Senior Lending Partners Fund (“SSLP”). The strategy raised $741M in investor commitments to the senior lending strategy, exceeding the initial fund target of $600M. We believe this milestone reinforces Sagard’s position as a growing player in the private credit space. Sagard’s credit investment platform and its strategic partner, Sagard | HalseyPoint, together manage $6B in assets including $2.8B under its private credit and senior lending strategies and $3.2B under management at Sagard | HalseyPoint in the CLO space as of March 2024, including the increase in SSLP.
This landmark achievement underscores Sagard’s commitment to delivering attractive returns to its investors by focusing on servicing middle-market businesses in the U.S. and Canada.
“Securing $741M amidst an uncertain economic environment and fundraising climate is a testament to the confidence investors have placed in Sagard’s vision and capabilities,” said Dev Gopalan, Partner and Portfolio Manager at Sagard Senior Lending. “We are immensely proud of our team and grateful for the trust and support of our investors as we embark on this journey to create lasting value for our LPs.”
The fund has already closed 10 deals and is approximately 28% committed.
The close highlights Sagard’s growth momentum in the credit space, growing from zero in 2017 to the full Sagard credit investment platform and its strategic partner, Sagard | HalseyPoint, together managing $6B in assets including $2.8B under its private credit and senior lending strategies and $3.2B under management at Sagard | HalseyPoint in the CLO space as of March 2024, including the increase in SSLP. Sagard successfully raised $1.4B and has been deploying its second private credit fund over the course of 2022 and 2023. It then launched a complementary investment strategy (SSLP) in 2022. In March 2024, Sagard acquired a 40% stake in HalseyPoint CLO platform, offering its investing partners a new access point for investing in U.S. corporate credit and accelerating growth in a dynamic and expanding part of the capital markets.
“We see tremendous potential in the middle-market segment, where companies often require specialized financing solutions to capitalize on growth opportunities,” added Adam Vigna, Managing Partner and CIO at Sagard. “With Sagard’s deep-rooted experience and collaborative approach, we are well-positioned to partner with leading businesses ready to unlock their full potential.”
Sagard will launch a CLO Equity Fund later this year and its third private credit fund Sagard Credit Partners III in 2025.
About Sagard Credit
Sagard Credit provides bespoke debt solutions to public and private middle-market companies seeking capital in the U.S. and Canada. The credit strategies focus on opportunistic credit, senior lending, and CLOs. Our investments are tailored to the company's specific needs, including support for growth, M&A, refinancing, recapitalizations, and other strategic initiatives. Sagard’s credit offering includes investment strategies in private credit, senior lending, collateralized loan obligations, and retail solutions.
About Sagard
Sagard is a global multi-strategy alternative asset management firm with more than US$25B under management, 150+ portfolio companies, and 300 professionals. We invest in venture capital, private equity, private credit, real estate, and royalties. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. The firm has offices in Canada, the United States, Europe and the Middle East. For more information, visit staging.sagardholdings.com.
The $45 million fundraise was led by Portage and is one of Turkey's largest ever Series A rounds
New capital will help Midas roll out a host of new product lines including crypto trading, mutual funds, and a savings product, with plans to double its headcount to 400+, and expand into emerging markets
Midas hit profitability last year and, with two million users since its 2021 launch, the company is on course to revolutionize Turkey's investing market, and expand into new markets
ISTANBUL, April 22, 2024 /PRNewswire/ -- Midas, the fintech startup that brought retail investing to millions of people in Turkey, today announced that it has raised $45 million in equity funding. The new capital will allow Midas to expand and roll out three new products: cryptocurrency trading, mutual funds, and savings accounts.
It is the biggest ever Series A fundraise by a Turkish fintech, and comes less than three years after Midas was launched. The raise was led by Portage, with participation from International Finance Corporation, and Spark Capital, Earlybird Digital East Fund, and Revo Capital doubling down on their previous investment in the company's $11 million seed round in 2022.
image provided by: PRNEWSWIRE.COM
Since Midas launched in 2021, it has opened up Turkey's retail investment market to more than two million users. Previously, users faced onerous transaction fees and high minimum balance requirements, sometimes of up to $25,000, to access US stocks. Via its app, Midas is the first company to offer fast, seamless access to Turkish and US equities with low commission fees.
Midas has also invested heavily in educating the market by producing easy-to-digest financial content for free. These include real-time stock market data and news, detailed company profiles, in-depth documentaries, a daily podcast, and a weekly newsletter to help investors navigate the markets. In doing so, it pioneers Turkey's most comprehensive localized financial content offerings for investors.
The new funding will allow Midas to grow its offering to include access to mutual funds, an interest-generating savings product, and cryptocurrency trading. In the next two-to-five years, Midas also projects that it will expand beyond Turkey, with plans to target countries in emerging markets. With its new products and expansion plans, the company will now move forward with its mission of changing Turkish people's relationship with money – not just investing – and becoming a leading financial institution in the region.
The raise also comes amid a global stagnation in fintech investments in the last two years, indicating continued investor confidence in Midas' strategy of disrupting the market by prioritising the customer experience above all, and constantly improving the usability and low cost of its investment product.
image provided by: PRNEWSWIRE.COM
Egem Eraslan, CEO and founder of Midas, said: "We are delighted to announce our Series A fundraise, which is the biggest ever by a Turkish fintech. Just a few years ago, Turkey did not have a strong investing culture and the market was stagnant – but thanks to Midas, that is changing. We have already brought affordable, quick access to US and Turkish equities to millions of people in Turkey. This fundraise will allow us to expand our product suite further, with mutual funds, savings products, and cryptocurrency trading firmly in our sights. Longer term, we want to broaden our horizons and expand our geographic footprint beyond Turkey to become a prominent regional player."
Paul Desmarais III, Co-Founder of Portage and CEO and Chairman of Sagard. "Midas is leading a wave of transformation within Turkey's financial landscape. Globally, Portage invests in transformational financial technology and Midas is poised to lead that initiative in a region of early adopters. We are very pleased to participate in the development of Midas and to support this ambitious team in bringing financial inclusion and access to wealth-building tools to the Turkish people."
The raise will also help Midas double its headcount. It currently has a team of 210 people working from its office in Istanbul, already triple the number of employees in 2022.
Eraslan continued: "We have a long-term view for this company, and short-term market conditions have not hindered that. The raise comes as a significant vote of confidence in our mission to transform investing in the region."
Founded in 2020, Midas makes investing effortless for first-time investors in Turkey via its fast, easy-to-use digital stock brokerage app.
Those factors meant there was a gap in the market for an app that enabled people to easily invest in Turkish and US stocks, which Midas has filled. Midas offers low transaction fees for investments in US stocks, fractional investing, and free live market data. The Borsa Istanbul (Turkish stock market) product offers commission-free trading of Turkish stocks.
To date, Midas has more than two million total users, and that number is projected to increase to five million by the end of 2024. Last year alone, it saved $70m in commissions for its customers.
[post_title] => Retail investing startup Midas raises $45 million to roll out crypto, mutual fund, and savings account products
[post_excerpt] => Midas, the fintech startup that brought retail investing to millions of people in Turkey, today announced that it has raised $45 million in equity funding. The new capital will allow Midas to expand and roll out three new products: cryptocurrency trading, mutual funds, and savings accounts.
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On March 27th, 2024, Sagard announced it has entered exclusive negotiations with Primelis’ management and Initiative & Finance to invest in Primelis, a leading “Martech” agency dedicated to optimizing its clients’ digital marketing performance with a holistic approach powered by its suite of tech tools.
Founded in 2012 by Philippe El Khechen and Hillel Brodowicz, Primelis is a digital marketing specialist, which counts c.120 expert consultants and targets to achieve sales of 35m€ in 2024. Primelis differentiates itself through its 360° Managed Services offer: the group’s ROI-oriented approach aims at designing and implementing cutting-edge digital marketing strategies, by optimizing the combination of Organic performance and Paid acquisition levers, augmented by a suite of proprietary tech tools and data expertise.
Primelis supports brands in reaching the most qualified audience through the mastery of all channels (Search Engines, Social Media, Shopping Marketplaces), while its tech stack (internal tools and SaaS offer) allows to leverage Artificial Intelligence and Data to augment its consultants and quality of service, through better informed decision-making, improved performance tracking / reporting, and ultimately amplification of Organic and Paid performance.
Building on its success in Europe, Primelis has accelerated its growth since 2021 with the launch of its US operations, led by Asher Charbit. Primelis now serves over 350 active clients in Europe and the US (c.30% of group activity).
Primelis’ growth is driven by the structural trend of increasing investments in digital media (due to digitalization of media channels, growing importance of social media, digitalization of consumer habits) and the increasing complexity of the digital ecosystem (multiplication of channels x platforms x formats, higher reliance on data in a context of increasing regulatory constraints, and the emergence of new AI-related usages) which brands need to master to reach their targeted customers. Additionally, the context of shortage in expertise drives the demand for marketing services from third-party specialized agencies.
Sagard’s investment alongside the founders and management team will allow Primelis to pursue its dynamic development in Europe and North America and further invest in its suite of technological tools, including its SaaS offer which is gaining traction with tech-savvy clients.
Sagard will also support the management team in its selective M&A strategy to accelerate the group’s development in new geographies and complement its capabilities and tech tools.
Philippe El Khechen, CEO of Primelis commented: “Thanks to its unique tech and entrepreneurial DNA, combined with a 360° approach of digital marketing levers, Primelis has been able to grow fast over the last few years and to differentiate itself in terms of ROI and digital visibility impact for its clients. We are now delighted to team up with Sagard given their ability and eagerness to support our development in Europe as well as in North America, to back our M&A strategy and to invest in our tech stack.”
Maxime Baudry, Partner and Charlotte Kitabgi, Managing Director at Sagard, added: " We have been particularly impressed by the historical development pace of Primelis. Since the creation of the group in 2012, the management team has overperformed on all dimensions and succeeded in creating a leading digital acquisition specialist with a unique holistic and tech-enabled approach. We are now delighted to partner with Philippe El Khechen, Asher Charbit and the entire Primelis team to support their next phase of expansion.”
ABOUT PRIMELIS Founded in 2012, Primelis is a tech-enabled digital acquisition specialist (Search, Social, Data) with a differentiating 360° approach, supported by a suite of proprietary tech tools. The company observed a very dynamic development since its creation, building upon its strong underlying market growth, dynamic commercial development with European and US clients, as well as the successful acquisition of Haskn in 2020 (focused on Content). www.primelis.com
ABOUT SAGARD MIDCAP Sagard is a French investment fund that provides equity capital to support the development of mid-sized companies led by ambitious management teams. Founded in 2003 with the support of the Desmarais family, Sagard’s investor base comprises leading industrial families as well as blue chip institutional investors. Since its inception, Sagard and its Paris-based team of 12 professionals have invested in 44 industrial and service companies in France. Primelis will be the tenth investment of Sagard 4. http://sagard.com/midcap
The Sagard team comprises Antoine Ernoult-Dairaine, Maxime Baudry, Charlotte Kitabgi, Augustin Perrin, Célia Kanoui Cressey and Federico Gallenzi.
ABOUT INITIATIVE & FINANCE Since its creation in 1984, Initiative & Finance has carried out nearly 350 growth and buyout capital transactions and has contributed to the emergence of many mid-sized companies. A former subsidiary of the Natixis group, the management company became independent in 2010 through its own MBO and now manages c. €650 million in capital on behalf of leading French and European institutional investors and family offices. www.initiative-finance.com
PARTIES INVOLVED IN THE TRANSACTION ON BEHALF OF SAGARD
M&A advisory: Cambon (Laurent Azout)
Financial BDD: 8Advisory (Christian Berling, Robin Blanc)
Strategic BDD: Kearney (Patrick Rabbat, Julien Vincent, Antoine Mallat, Bruno Finel)
Lawyers (corporate, financing and tax): Mayer Brown (Hadrien Schlumberger, Patrick Teboul, Rémy Bonnaud)
Legal, Social and Tax BDD: D’Ornano et Associés (Raphaëlle d’Ornano, Lauren Goodenough)
PARTIES INVOLVED IN THE TRANSACTION ON BEHALF OF PRIMELIS’ SHAREHOLDERS
M&A and financing advisory: Amala Partners (Jean-Baptiste Marchand, Jean-Michel Cagin, Jad Hariri), eCAP Partner (Numa Bourrague, Alban Dohin)
[post_title] => Sagard Enters Into Exclusive Negotiations With Primelis’ Management and Initiative & Finance To Invest In Primelis
[post_excerpt] => On March 27th, 2024, Sagard announced it has entered exclusive negotiations with Primelis’ management and Initiative & Finance to invest in Primelis, a leading “Martech” agency dedicated to optimizing its clients’ digital marketing performance with a holistic approach powered by its suite of tech tools.
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Paris, 29 February 2024 – Kbrw, a leading SaaS solution provider in supply chain management for enterprises, announces that more than €30 billion of volumes have transacted on its platform. Bootstrapped and profitable since its creation, the discreet company choses the Sagard NewGen fund for a minority transaction alongside the founders and management team. The aim of this investment is to accelerate the company’s growth internationally.
Since its inception in 2009, Kbrw has developed software solutions for the supply chain management of global leaders especially in the retail, luxury, and industrial sectors. Kbrw enables its clients to manage their order flows and inventories (Order Management System) as well as their warehouses (Warehouse Management System) in an agile and efficient manner. Leveraging the platform, Kbrw’s clients combine a personalized customer experience and operational efficiency.
Kbrw solutions are already contributing to the optimization of the supply chain of more than 50 international brands, including about 20% of the CAC40 companies (such as Carrefour, LVMH Group, Michelin, and Stellantis) and are deployed in more than 17,500 points of sale and warehouses, in over 120 countries, managing transactions worth more than €30 billion.
The company has more than 150 employees in France, Spain, and England. Recognized in its ecosystem of integrating partners, Kbrw is a certified member of the MACH Alliance. It has recently been recognized as a Representative Vendor in Gartner’s highly anticipated 2024 Market Guide for Distributed Order Management Systems.
Philippe Romano, Co-founder and CEO of Kbrw, states: "Our history has been built over the past ten years on our own funds with technological expertise, the robustness of our platform and the solidity of our model as our guiding principles. We are proud of the work accomplished with our 150 employees and delighted to welcome in Sagard NewGen a partner who shares our ambition to propel KBRW and make it a global leader."
Agnès Huyghues Despointes and Guillaume Lefebvre, Partners at Sagard NewGen, add: "The great team at Kbrw has built a unique know-how combining business specialization and technological expertise. Kbrw is now recognized as the trusted partner of large groups seeking to meet the complex challenges of omnichannel customer experience and operational excellence. We are looking forward to working alongside the founders and the management team. We will provide them with the international network of the Sagard platform and our experience in supporting high-growth SaaS companies to accelerate the development of the company in France and internationally."
About Kbrw
Kbrw is a high-performance SaaS company that helps retail and industry players combine omnichannel customer experience and operational efficiency to better deliver on their customer promises. Our flagship solutions, such as the Order Management System and the Warehouse Management System, offer best-in-class performance and flexibility for a seamless integration experience. Our solutions have already been deployed in over 17,500 points of sale in more than 120 countries, handling a total transaction value in excess of €30 billion.
As part of the transaction, Sagard, which has been a shareholder of Healthy Group since its inception, will sell its majority stake. Ardian would become the new core shareholder, along with Bpifrance and MACSF, to support management in its project for growth and innovation project around the APRIUM service platform.
Ardian, a world-leading private investment house, announces its intention to acquire, alongside Bpifrance, MACSF and the management team, a majority stake in Healthy Group, the parent company of Aprium Pharmacie, France's leading pharmacy banner, with over €1.6 billion in sales. Its CEO, Emmanuel Schoffler, and the management team will reinvest in the company.
Aprium Pharmacie has established itself as the leading pharmacy group in the French market, with a unique value proposition dedicated to pharmacists in terms of both health and business.
In addition to offering pharmacists best-in-class terms and conditions for health and parapharmacy products, Aprium is an integrated service platform focusing on three areas: (i) health, by supporting pharmacists as their advisory and preventive roles evolve, and as patients' care pathways evolve, (ii) innovation, with a range of services and digital tools designed to boost pharmacy performance, and (iii) management of pharmacy teams, with a range of advice, training and follow-up services tailored to the needs of pharmacists and their teams.
Since its creation in 2016, Healthy Group has seen very strong growth in its Aprium Pharmacie network, which now has more than 470 pharmacies across France, and has enhanced its range of services to include a school for pharmacy assistants, omnichannel tools and category strategy, among others. This development has been driven by a strong, experienced management team led by Emmanuel Schoffler, CEO of Healthy Group, and by Aprium's regional pharmacist partners. A comprehensive range of services, a decision-making structure that brings together pharmacists and business experts, and the launch of “Laboratoire Aprium” private label have all been key growth drivers, helping to build a strong brand identity that is recognised by pharmacists, patients and healthcare professionals alike.
Working alongside the management teams, Bpifrance and MACSF, the Growth team at Ardian will aim to accelerate the growth momentum of the pharmacy network by providing the resources Healthy Group needs to pursue its objectives of excellence and innovation, while keeping pharmacists and their patients at the heart of its priorities. This will be done through the sustained development of the services and advisory offering, the expansion of the digital tools and training made available and the continued development of the private label. With this new step, the management and Growth team at Ardian also aim to implement a proactive external growth strategy and to initiate international expansion.
The completion of this transaction is subject to prior information and consultation with Healthy Group's employee representative bodies.
"As a partner in the development of growth companies, we are delighted to support the leading French pharmacy banner in its ambitions. The company, led by Emmanuel Schoffler and his talented team, showcases the dynamism, innovation and excellence that characterize the sector champions we wish to back. In addition to our expertise in the healthcare sector, we will be putting our know-how in digital transformation and our international presence at the service of Healthy Group's growth.”
● ALEXIS SAADA ● HEAD OF GROWTH AND SENIOR MANAGING DIRECTOR, ardian
● ROMAIN CHIUDINI ● MANAGING DIRECTOR GROWTH, ardian
“Right from our first meeting, I recognised in the Ardian team and its partners Bpifrance and MACSF, the ideal partner of tomorrow to help Healthy Group grow, increase its capacity for innovation and the relevance of its value proposition to Aprium pharmacists and their patients. Alexis and Romain's focus on growth, their intimate understanding of the challenges facing pharmacists and their expertise in healthcare and build-ups were key factors in our desire to accelerate our discussions. That just goes to show how demanding we are when it comes to the quality of our reference shareholder, after 7 years of support from the SAGARD team, combining talent, loyalty and proximity in an extraordinary project".
● Emmanuel schoffler ● ceo, HEALTHY GROUP
"Sagard is proud to have supported founding pharmacist Michael Sillam in the creation of Healthy Group in 2016, and then contributed alongside Emmanuel Schoffler and his team to the development of Aprium Pharmacie, the leading pharmacy banner in France. The management team showed resilience and ambition during the Covid crisis, which revealed the need for pharmacists to be supported by a player such as Aprium to meet the challenges of their digital and human transformation, as well as their new healthcare missions. As a result, Aprium Pharmacie's sales are set to grow by more than 18% a year between 2019 and 2023. I am convinced that Healthy Group's formidable management team will continue to work alongside Ardian, MACSF and Bpifrance to serve pharmacists and promote the Aprium brand."
● BERANGERE BARBE ● PARTNER, SAGARD
"We are delighted to support the Aprium teams in this new phase of their development. With its strong regional presence and active deployment of new healthcare services, Aprium is fully in line with Bpifrance's strategy in the healthcare sector."
"We were attracted by Aprium's positioning and the strength and dynamism of its management team. We are delighted to support and strengthen its position as a leading player in the field of pharmaceutical groups.”
● JULLIAN BENBASSAT ● PORTFOLIO MANAGER, MACSF
PARTIES TO THE TRANSACTION
Ardian
Investment team Growth: Alexis Saada, Romain Chiudini, Olivier Roy, Solène Hamouda
Financial advisor: Exelmans (Stéphane Dahan, Charlotte Cambriel, Anhvi Defaux)
Strategic advisor: L.E.K. (Jean-Guillaume Bayada, Philippe Gorge, Adrien Bloom)
Ardian is a world-leading private investment house, managing or advising $160bn of assets on behalf of more than 1,560 clients globally. Our broad expertise, spanning Private Equity, Real Assets and Credit, enables us to offer a wide range of investment opportunities and respond flexibly to our clients’ differing needs. Through Ardian Customized Solutions we create bespoke portfolios that allow institutional clients to specify the precise mix of assets they require and to gain access to funds managed by leading third-party sponsors. Private Wealth Solutions offers dedicated services and access solutions for private banks, family offices and private institutional investors worldwide. Ardian’s main shareholding group is its employees and we place great emphasis on developing its people and fostering a collaborative culture based on collective intelligence. Our 1,050+ employees, spread across 19 offices in Europe, the Americas, Asia and Middle East are strongly committed to the principles of Responsible Investment and are determined to make finance a force for good in society. Our goal is to deliver excellent investment performance combined with high ethical standards and social responsibility.
At Ardian we invest all of ourselves in building companies that last.
ardian.com
ABOUT BPIFRANCE
Bpifrance's equity investments are managed by Bpifrance Investissement. Bpifrance finances companies - at every stage of their development - through loans, guarantees and equity. Bpifrance supports them in their innovation and international projects. Bpifrance also supports their export activities through a wide range of products. Advice, universities, networking and acceleration programmes for start-ups, SMEs and ETIs are also part of the services offered to entrepreneurs. Thanks to Bpifrance and its 50 regional offices, entrepreneurs benefit from a close, single and effective contact to support them and meet their challenges.
For more information: www.Bpifrance.fr - Follow us on X (ex-Twitter) : @Bpifrance - @BpifrancePresse
bpifrance.fr
ABOUT MACSF
As the leading insurer of healthcare professionals, MACSF (Mutuelle d'assurance du corps de santé français) has been serving all healthcare professionals in France for over a century. It employs 1,600 people and has a turnover of around €2 billion. True to its vocation as a professional mutual insurance company, MACSF insures the private and professional risks of more than one million members and customers.
macsf.fr
ABOUT HEALTHY GROUP
Born in 2016, Healthy group is the leader in the transformation of the pharmacy landscape in France. We provide all the services that dispensing pharmacists need to establish themselves as the benchmZark health hub for their patients. Our platform combines the advantages of traditional pharmacy networks, namely the pooling of purchases to optimise the relevance and competitiveness of the pharmacy offering, with the provision of high value added services, such as marketing, digital services, scientific support and support for pharmacy teams, which is now a crucial issue for the profession faced with an unprecedented labour shortage.
healthy-group.fr
ABOUT SAGARD
Sagard MidCap is a European investment fund that invests in medium-sized companies led by ambitious management teams to support their growth. Founded in 2003, Sagard can count on the support of family and industrial investors, as well as high-quality institutional investors. Since its creation, Sagard and its team of 12 professionals have completed 43 investments.
Sagard MidCap is part of Sagard, a multi-strategy alternative asset manager with $16 billion under management, some 125 portfolio companies and 300 professionals. We invest in venture capital, private equity, private credit, and real estate. We offer flexible capital solutions, an entrepreneurial culture and a global network of investors, business partners, advisors and value creation specialists. The company has offices in Canada, the United States and Europe.
staging.sagardholdings.com/fr/midcap
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TORONTO, January 4, 2024 – Sagard Healthcare – a biopharmaceutical royalty and credit investor – today announced several developments and milestones for the strategy, including the closing of a $250 million permanent credit facility and the completion of nearly $250 million of new investments.
Sagard Healthcare invests in approved and medically-necessary biopharmaceuticals, medical devices, and diagnostics through royalty monetization, revenue interest financing and secured credit investments. The continued growth in global pharmaceutical spending - irrespective of the macroeconomic environment - is increasingly serviced by such forms of alternative financing. The strategy provides investors with attractive yields underpinned by long duration, uncorrelated cash flows, which can be a diversifying complement to an existing credit portfolio.
Closing of Credit Facility Sagard is pleased to announce that in December 2023, it closed a $250 million revolving credit facility with a syndicate of lenders. The facility is expected to grow in size as Sagard continues to expand its portfolio of royalty and credit investments.
Recent Investment Activity Over the last month, Sagard has also completed nearly $250 million of new royalty and credit investments, highlighted below:
Phathom Term Loan (December 2023) – Sagard Healthcare, in collaboration with investment partners, amended and upsized its credit facility with Phathom Pharmaceuticals, with Sagard funding a portion of the $300 million facility; in November 2023, Sagard also funded the second tranche of its existing revenue interest financing investment in Phathom, following US FDA approval of Voquezna (vonoprazan). Voquezna is Phathom’s lead product for the treatment of H. Pylori infection and erosive esophagitis.
Tyvaso DPI Royalties (December 2023) – Sagard Healthcare purchased a 1% royalty in Tyvaso DPI net sales from MannKind Corporation for up to $200 million. United Therapeutics Corporation licensed Tyvaso DPI from MannKind in 2018 and began marketing it in June 2022 for the treatment of pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease following US FDA approval.
“We believe that royalties are an attractive asset class for investors, providing uncorrelated returns, inflation protection, and stable income generation,” said David MacNaughtan, Partner & Head of Sagard Healthcare. “Since inception just four years ago, the team has delivered on its investment objectives and has built a diversified portfolio of these long-dated, cash-generating, biopharmaceutical royalties. The closing of our credit facility, combined with the first close of our next equity series, will allow us to continuously grow and diversify this asset base over time and deliver attractive absolute and relative returns to our investors.”
Since inception in December 2019, Sagard Healthcare has invested over a billion dollars of capital (inclusive of co-investments), acquiring royalties on innovative drugs including Jemperli, Voquezna, Tibsovo, Hemgenix, and Tyvaso DPI.
ABOUT SAGARD
Sagard is a multi-strategy alternative asset management firm with over US$15B under management, 125 portfolio companies, and 350 professionals. We invest in venture capital, private equity, private credit, and real estate. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. Our firm has offices in Canada, the United States, Europe and the Middle East.
For more information, follow us on LinkedIn @Sagard.
Transaction expected to bring Sagard AUM to over $25 billion and provide PEM with enhanced growth opportunities
NEW YORK, Dec. 6, 2023 /CNW/ - Sagard, a global multi-strategy alternative asset management firm with over US$15B in assets under management, signed a definitive agreement to acquire a strategic stake in Performance Equity Management ("PEM"), a private equity firm with over $8.9B in assets under management and two decades of demonstrated success. The transaction combines PEM's private equity fund of funds and co-investment expertise and strong investment track record with Sagard's rapidly growing alternative investment offering and global network. Sagard's investment in PEM marks its establishment of a fund of funds, secondary and co-investment platform. The agreement includes a path for Sagard to acquire all of the remaining equity of PEM on December 31, 2028.
PEM manages venture capital and private equity strategies through both commingled funds and Separately Managed Accounts ("SMAs") for institutional clients and wealth management platforms.
On the importance of the partnership, John Clark, President of PEM, commented, "Sagard's impressive growth trajectory since 2016 and its access to a powerful global ecosystem of partners and shareholders are two key reasons why we are excited to partner with their team. We are confident that our combination will enable significant strategic benefits, while allowing our investment team to continue delivering strong investment results as we have for two decades."
"PEM has an impressive investment track record, high-quality team, and trusted long-term GP relationships. We look forward to leveraging our complementary capabilities to scale PEM's existing business and to enter adjacent strategies," said Paul Desmarais III, Chairman & CEO of Sagard. "Our acquisition of a strategic stake in PEM will enable Sagard to accelerate the development of its product offering to retail networks, wealth management firms, and family offices."
PEM's senior management team will continue to lead its business, including the execution of its successful investment strategy and management of its current commingled fund and SMA programs.
The partnership with PEM is the latest step in Sagard's trajectory of becoming a leading alternative investment management firm globally. The addition of fund of funds and co-investment capabilities marks a significant expansion of the scope of Sagard's activities, positioning the firm to provide its investors with a broader suite of alternative investment products and access to top-performing managers.
The transaction is expected to close during the first quarter of 2024 and is subject to regulatory approvals. The transaction will be funded with cash on hand.
About Performance Equity Management
Performance Equity Management ("PEM") is a leading global, multi-product, private equity investment firm. PEM offers its clients access to a broad spectrum of private equity strategies, including venture capital, growth equity, and global small and mid-market buyouts through primary fund investments, co-investments and secondary investments. PEM provides this access through a variety of fund structures, including SMAs, commingled fund of funds and commingled co-investment funds.
PEM's 33 employees are located in Greenwich, Connecticut. With $8.9B in AUM, PEM's senior team has successfully committed over $29B to private equity strategies, including $7.5B to venture capital and $3.4B to over 175 co-investments.
About Sagard
Sagard is a multi-strategy alternative asset management firm with over US$15B under management, 125 portfolio companies, and 350 professionals. We invest in venture capital, private equity, private credit, and real estate. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. Our firm has offices in Canada, the United States, Europe and the Middle East.
Advisors to Transaction
Finn Dixon & Herling LLP served as legal advisor to Sagard on this transaction. Berkshire Global Advisors was financial advisor and Goodwin Procter LLP served as legal advisor to PEM.
For more information follow us on LinkedIn @Sagard
For further information: Media Contact: adam.daifallah@teneo.com; bristol@bevelpr.com; Investor relations contact: ir@sagardholdings.com; sdak@perform-equity.com
MONTREAL, December 1, 2023 ⎯ Diagram, a leading venture builder and investor backed by Sagard, a global multi-strategy alternative asset manager, has announced the initial closing of its new ClimateTech Fund, securing nearly C$50M in commitments towards its C$60M target.
The Quebec government, through Investissement Québec, and Sagard have partnered to co-anchor the fund. Other major investors in the fund include Mavrik, the family office of Mark Pathy, Fondaction & Fonds québécois d’amorçage Teralys financed by CDPQ. Several additional individual investors, eager to contribute to the energy transition, have also participated in the fund.
The fund seeks to build and invest in companies developing capital-efficient digital solutions that accelerate the global transition to a more sustainable future. It will leverage Diagram's unique venture creation model to identify market opportunities, assemble high-caliber founding teams, and mitigate early-stage risks through strategic partnerships. The fund will also invest in promising early stage companies sourced through Diagram and Sagard’s extensive network, with a particular focus on Quebec-based businesses.
“Diagram’s ClimateTech Fund will boost innovation to meet the challenges associated with tackling climate change. Supporting innovative businesses is essential in order to position Quebec at the forefront of these strategic sectors,” stated Pierre Fitzgibbon, Minister of Economy, Innovation and Energy, Minister Responsible for Regional Economic Development and Minister Responsible for the Metropolis and the Montréal Region.
François Lafortune, Co-Founder & CEO of Diagram, expressed his enthusiasm for the new strategy, stating: "The creation of the Diagram ClimateTech Fund to launch and invest in innovative ClimateTech companies represents a significant milestone in our commitment to a sustainable future."
For Marc-André Binette, Deputy Chief Investment Officer at Fondaction, “investing in the Diagram ClimateTech Fund means contributing to the creation and development of young companies with the potential to become champions of the energy transition, an important dimension in the fight against climate change. This is an innovative model where the synergy between solution ideation, financing and management experience is very high, which should benefit the entire sector by reinforcing best practices and trends."
“Teralys, as Canada's largest investor specializing in innovation, is proud to contribute to the creation of the Diagram ClimateTech Fund deploying a unique investment thesis in the Quebec ecosystem aimed at building new innovative companies dedicated to the energy transition” declared Beatrice Couture, Principal at Teralys Capital.
The fund will be jointly led by Amélie Foz-Couture and Paul Manias, who both share a strong commitment to sustainable innovation. Amélie, a long-standing Partner at Diagram, has been leading the firm’s venture creation activities for the past five years. Paul, a seasoned ClimateTech expert and Diagram’s newest Partner, previously co-founded a venture capital fund focused on later-stage decarbonization investments and served for eleven years as Managing Director at OMERS in the infrastructure and private equity groups. Paul is also currently a special advisor to The Co-Operators Group in the area of climate-resilient infrastructure.
"Climate change is the biggest challenge of our generation,” stated Amélie. “Having spent the last five years at Diagram perfecting our approach to launching companies, we've consistently held the belief that mission-driven entrepreneurs are instrumental in solving our most significant challenges. I am very excited to apply our unique venture creation model to the ClimateTech industry in partnership with Paul Manias and to collaborate with extraordinary founders to address this generational imperative."
About Diagram
Diagram is a Quebec-based venture builder that conceives, launches, and invests in innovative technology companies. Working alongside experienced founders, Diagram combines access to capital, hands-on support, and a deep ecosystem of partners to launch and scale businesses.
Since its inception in 2016, Diagram has launched and invested in 23 companies including leading technology companies such as Dialogue, nesto, Novisto, and ClearEstate, all headquartered in Quebec. Diagram is deeply committed to regional economic development, with over 50% of its capital invested in Quebec-based companies, directly contributing to the creation of more than 1,200 full-time jobs in the province.
Sagard is a multi-strategy alternative asset management firm with over $15.7 billion in assets under management. Sagard oversees a diverse portfolio of 125 companies and employs a global team of 350 professionals, with a strong presence in Quebec. Its investments span venture capital, private equity, private credit, and real estate. Sagard provides flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value creation experts.
Sagard is deeply committed to economic and community development in Quebec. Across its strategies, Sagard has invested nearly CA$300M in 15 Quebec-based companies, creating approximately 2,900 full-time jobs and facilitating over 20 partnerships with Quebec-based corporate partners. Sagard also co-founded the Indigenous Leadership Circle and the Black Wealth Club to support and unite talented Indigenous and Black business leaders in Canada.
[post_title] => Diagram Announces a New $60 Million Fund Targeting Innovation in the ClimateTech Industry
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The new name is the culmination of the company joining forces with Sagard in 2021
DENVER– October 16, 2023– EverWest Real Estate Investors announces that the firm has rebranded as Sagard Real Estate following a strategic partnership that began in 2021 with the multi-strategy alternative asset management firm. The full-service private real estate investment manager and operator will adopt the Sagard brand name effective today. The firm’s parent company, Sagard, is a multi-strategy alternative asset management firm with $15 billion in AUM, active in venture capital, private equity, private credit, royalties and real estate. Power Corporation of Canada (TSX:POW), Sagard’s leading shareholder, is an international management and holding company that focuses on financial services in North America, Europe and Asia, with $2.7 trillion in assets under advisement.
Sagard Real Estate’s focus on driving value for institutional and high-net-worth investors through differentiated investment strategies remains unchanged. The successful strategies that have grown the firm from $2 billion to $5.2 billion in AUM over the last five years will continue through the rebrand with an emphasis on their industrial expertise focusing on high barrier-to-entry, top sub-markets with long-term tenant demand, multifamily investing in infill locations in undersupplied neighborhoods, and alternative property sectors for diversification and yield enhancement.
“Assuming the Sagard Real Estate name is the logical next step in our partnership with Sagard. We will continue to focus on investment performance as our top priority, building on our proven investment strategies and our success to date,” stated Rick Stone, Chief Executive Officer of Sagard Real Estate.
Sagard Real Estate’s leadership team, personnel and operations remain unchanged. The firm will continue to be led by Rick Stone and an experienced senior team who have invested in real estate together for many years.
The Sagard Real Estate senior team has collectively invested over $30 billion in commercial real estate throughout their careers across the United States through real estate funds, separate accounts, and joint venture investments. Sagard Real Estate currently has $5.2 billion of gross assets under management.
About Sagard Real Estate
Sagard Real Estate is a real estate investment advisor and operator providing investment management services throughout the U.S. including acquisitions, asset management, development and property management for our investors. With $5.2 billion in assets under management, our clients invest in a variety of commercial real estate investment strategies through separate accounts and commingled funds. Sagard Real Estate is based in Denverwith regional investment offices in New York City, Charlotte, Austin, Los Angeles and San Francisco metro areas. Sagard Real Estate is a part of Sagard, a multi-strategy alternative asset management firm. Sagard’s leading shareholder is Power Corporation of Canada, an international management and holding company that focuses on financial services in North America, Europe and Asia. For more information, visit www.Sagard.com/RealEstate.
About Sagard
Sagard is a multi-strategy alternative asset management firm with more than US$15B under management, 125 portfolio companies, and 300 professionals. We invest in venture capital, private equity, private credit, and real estate. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. The firm has offices in Canada, the United States and Europe. For more information, visit staging.sagardholdings.com.
New partnership will permit Norbec to expand its operations
Boucherville, October 10, 2023 – Norbec Inc. (“Norbec” or the “Company”), a leading manufacturer of insulated metal panels and walk-in coolers and freezers since 1982, is pleased to announce a significant investment in its share capital by Sagard Private Equity Canada (“Sagard PE”).
“There is a strong fit between Sagard’s reputation and profile, and Norbec’s mission and core values,” stated Norbec President Jan Lembregts. “We appreciate the Sagard team’s extensive network and expertise, and their investment horizon. This new partnership will permit us to expand our operations.”
“We are proud to partner with Norbec’s experienced management team to help them pursue their strategic priorities, including continued scaling of the business in targeted regions with current and new projects,” said Marie-Claude Boisvert, Partner and Head of Sagard PE. “We are convinced this new collaboration will have a positive outcome for all Norbec stakeholders, including the company’s employees, customers and suppliers.”
The Norbec management team will be the leading shareholder group, along with Desjardins Capital, Sagard and Norbec’s founder. There is strong alignment between all shareholders to continue to build a best-in-class business.
Norbec’s headquarters will remain in Boucherville, Quebec.
“Despite our ongoing pattern of rapid growth, we will ensure that Norbec’s values of customer experience, respect, collaboration, engagement and innovation remain the foundation of our business strategy and our success,” added Mr. Lembregts. “We are very grateful for the loyalty and hard work of our 325 employees who are part of the Norbec family. Our core purpose of contributing to a more sustainable world with premium insulated solutions will continue to guide us.”
About Norbec
Norbec manufactures prefabricated cold rooms, insulated doors and insulated metal panels for building envelopes. Founded in 1982, Norbec has earned an enviable reputation as a leader in numerous sectors, including supermarkets, restaurants, food processing plants, refrigerated warehouses, hospitals, and research centres. Norbec’s success is built on its high-quality products, exceptional service, and commitment to innovation.
About Sagard Private Equity Canada Launched in 2021, Sagard PE focuses on Canadian middle-market opportunities, partnering with management and other like-minded investors to help companies accelerate their growth trajectory to become Canadian champions and market leaders. With offices in Montreal and Toronto and a focus across Canada, Sagard PE is currently deploying its first fund by leveraging the team's 25+ years of experience in private equity investing in North America and Europe and the resources of Sagard's Value Creation Team and global ecosystem.
About Capital régional et coopératif Desjardins With more than 112,000 shareholders, Capital régional et coopératif Desjardins (CRCD) is a public company with $2,586 million in net assets. CRCD contributes to Québec economic development through several levers developed with its manager, Desjardins Capital. These levers, with CRCD as the driving force, form an entrepreneurial ecosystem designed to value and nurture the best of Québec entrepreneurship. As at June 30, 2023, $2,301 million in commitments had been made through CRCD’s ecosystem to support the growth of 770 businesses, cooperatives and funds in various industries spanning all Québec regions.
Complementary resources will enable both companies to accelerate their long-term growth plans
MONTREAL, Oct. 11, 2023 /CNW/ - LOU-TEC, Quebec's leading rental company for heavy machinery, tools and specialized equipment, is pleased to announce its partnership with Torcan Lift Equipment, a company that has made a name for itself in the sales and rental of elevation equipment in Ontario. For 24 years, Torcan Lift Equipment has been supplying its customers with quality elevation and handling equipment in Ontario.
The combined resources of LOU-TEC and Torcan Lift Equipment will further accelerate their long-term growth plans. Both companies will gain access to more equipment and capital, thereby multiplying opportunities to pursue their ambitious growth plans.
Torcan Lift Equipment has enjoyed strong growth in recent years. With a team of over 70 employees and a fleet of more than 2,400 pieces of elevation equipment, it offers its customers rental, sales and maintenance services for lifting equipment, as well as a full range of parts and industry-leading training.
"We are delighted to welcome the Torcan Lift Equipment team to the LOU-TEC family. This transaction is in line with LOU-TEC's development plan, as it will enable LOU-TEC to establish a significant presence in Ontario and expand our existing business activities in that province," said Jean-Marc Dallaire, President and CEO of LOU-TEC.
Torcan Lift Equipment is renowned for its commitment to customers and its constant focus on improving service, as well as for the quality of its fleet. The combination of LOU-TEC and Torcan Lift Equipment will give customers of both companies access to a wider range of elevation equipment and a greater number of service locations.
LOU-TEC and Torcan Lift Equipment will continue to operate as usual, retaining their respective names and brand images. The head offices of both companies will remain in their current locations.
This transaction is being carried out with the full support of Torcan Lift Equipment's current management and employees, who will retain their roles and ensure uninterrupted service.
The principal shareholders of Torcan Lift Equipment become shareholders of LOU-TEC. Mr. Joe Picao, President of Torcan Lift Equipment, remains in his position. For Mr. Picao: "This is a great opportunity to develop a strong relationship with the LOU-TEC team. Together, we'll be able to offer an impressive fleet of equipment, cover a larger territory and respond effectively to the growing needs on construction sites."
LOU-TEC and Torcan Lift Equipment can count on the support of their financial partners, Sagard Private Equity Canada, Walter Capital Partners, Investissement Québec, BDC Capital's Growth Equity Partners and the Fonds de solidarité FTQ, to support their growth and development projects, particularly in terms of technology and expansion into new territories.
LOU-TEC and Torcan Lift Equipment remain on the lookout for opportunities to realize their vision of becoming major players in the equipment rental industry across the country.
About LOU-TEC
Founded in 1979, LOU-TEC is a leader in the rental of tools, heavy machinery and specialized equipment. It has 26 corporate locations, including five mechanical shops specialized in elevation equipment, in Quebec and Ontario. LOU-TEC employs over 500 people who are committed to providing impeccable service and safe, high-performance equipment. Always on the lookout for new trends, the company is constantly investing in new equipment and cutting-edge technologies. LOU-TEC won the "Successful Business Strategy" and "Company of the Year" awards at the 2022 Mercuriades gala.
About Torcan Lift Equipment
Torcan Lift Equipment has been supplying its customers with quality elevation and handling equipment in the Greater Toronto Area since 1999. With an impressive fleet of over 2,400 pieces of equipment, the company has experienced strong growth in recent years. Employing more than 70 people, it offers its customers rental, sales and maintenance services for elevation equipment, as well as a complete range of parts and industry-leading training. Torcan Lift Equipment is renowned for its commitment to customers and its constant focus on improving service, as well as for the quality of its fleet.
The office will be located in Abu Dhabi’s financial center, ADGM, a first regional foothold for Sagard, with future expansion plans to follow
Seasoned leader Firas Mallah joins the firm to lead its activities in the region
September 13, 2023. Abu Dhabi, United Arab Emirates – Sagard, a global multi-strategy alternative asset management firm with more than US$14.5B under management, today announced the opening of its first Middle East office in Abu Dhabi, to be led by Firas Mallah, Managing Director and Head of the Middle East.
The new office will be located in the heart of Abu Dhabi Global Market and is the latest step in the company's ongoing international expansion.
“Opening our new office in the United Arab Emirates is an important milestone towards our vision of becoming one of the most respected and impactful alternative investment management firms globally,” said Paul Desmarais III, Chairman and CEO of Sagard. “I am thrilled to welcome Firas Mallah to the Sagard team as Managing Director and Head of MENA. We are already building on exciting local partnerships and are eager to accelerate our many opportunities for growth and collaboration”.
Firas brings over two decades of experience, in particular, extensive Middle East fundraising expertise and strong relationships with all tiers of institutional investors across the region and various strategies in public and private markets. Firas will lead the acceleration of Sagard’s activities and will be responsible for developing its investor base, building its ecosystem and creating foundational partnerships, including for our portfolio companies.
“I am thrilled to be joining an entrepreneurial firm such as Sagard – we aim to become value-added partners of investors, financial institutions, innovative companies and entrepreneurs. The innovation, dynamism and ambition we have observed in the region make it an exciting place to offer our investment expertise in private markets”, said Firas Mallah.
Commenting on Sagard’s milestone expansion in the region, His Excellency Ahmed Jasim Al Zaabi, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Abu Dhabi Global Market said, “A globally renowned asset management firm, Sagard’s Middle East expansion with Abu Dhabi and ADGM being its destination of choice as a regional foothold, exemplifies the significance of asset management and the exceptional growth this sector is experiencing in recent times. Firms like Sagard contribute greatly to driving Abu Dhabi’s goals of building an international financial hub with innovation at its core and accelerated sustainable growth as its cornerstone. We welcome Sagard to the ‘Capital of Capital’ and look forward to shaping the future of asset management in this dynamic region and beyond.”
About Sagard
Sagard is a multi-strategy alternative asset management firm with US$14.5B under management, 125 portfolio companies, and 300 professionals. We invest in venture capital, private equity, private credit, and real estate. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. Our dynamic and supportive ecosystem gives our partners the advantage they need to learn, grow and win at every stage. The firm has offices in Canada, the United States, Europe and the Middle East.
Abu Dhabi Global Market (ADGM) is the international financial centre (IFC) of the capital city of the United Arab Emirates, which opened for business on 21st October 2015. ADGM augments Abu Dhabi’s position as a leading financial centre and a business hub serving as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
Operating within an international regulatory framework based on direct application of The English Common Law, ADGM governs the entire Al Maryah Island and Al Reem Island which is designated as the financial free zone of Abu Dhabi.
ADGM is ranked as one of the most preferred top IFCs in the Middle East and Africa region and named MENA’s largest Fintech hub. Its progressive and inclusive business ecosystem gravitates toward global financial and non-financial institutions while leveraging synergies between ADGM and multiple jurisdictions positioned as one of the world’s most advanced, diverse and progressively governed financial hubs.
For more details on ADGM, please visit www.adgm.com or follow us on Twitter and Instagram: @adglobalmarket and LinkedIn: @Abu Dhabi Global Market (ADGM)
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Company to operate as a standalone entity and remain headquartered in Montréal
Dialogue shareholders to receive $5.15 per share in all-cash transaction
Purchase price represents a premium of 43.1% to Dialogue's closing share price on July 25, 2023, and a premium of approximately 59.4% to the 20-day volume-weighted average trading price of the Common Shares and is also above the 52-week high as of the same date
Dialogue's Board of Directors (excluding any director not entitled to vote), after receiving financial and legal advice and the unanimous recommendation of the Strategic Committee, unanimously recommends that shareholders vote in favour of the Transaction
Dialogue to maintain its head office in Montréal and operate as a standalone entity as part of Sun Life Canada
Management team, including founding shareholders Cherif Habib and Alexis Smirnov, to roll a portion of their equity ownership and remain in their current roles
Dialogue to continue executing its business plan and serving its partners and customers, each of which will continue to have access to Dialogue's services and capabilities, and will benefit from the continued innovation resulting from the combined strengths of both organizations
MONTRÉAL, July 26, 2023 /CNW/ - Dialogue Health Technologies Inc. ("Dialogue" or the "Company") (TSX: CARE), Canada's premier health and wellness virtual care platform, announced today that it has entered into a definitive arrangement agreement (the "Agreement") with Sun Life Financial Inc. ("Sun Life"), pursuant to which Sun Life will indirectly acquire all of the issued and outstanding common shares of the Company (the "CommonShares"), other than those owned by Sun Life Assurance Company of Canada ("SLA") and certain Common Shares owned by members of Dialogue management (collectively, the "RollingShareholders") (the "Transaction") for $5.15 in cash per Common Share (the "Consideration").
The Consideration represents a premium of approximately 43.1% to the closing price of the Common Shares on the Toronto Stock Exchange (the "TSX") on July 25, 2023, and a premium of approximately 59.4% to the 20-day volume-weighted average trading price of the Common Shares on the TSX as at the same date. The Consideration is also above the 52-week high closing price of the Common Shares on the TSX as at July 25, 2023. The Consideration implies an equity value for Dialogue of approximately $365 million, as calculated on a fully diluted basis.
The Transaction emerged from a strategic review process undertaken by the Company. The process and negotiation of the Transaction with Sun Life were supervised by a committee of independent directors (the "Strategic Committee"). The Transaction has been approved unanimously by the Board of Directors of Dialogue (the "Board") (with interested and non-independent directors abstaining from voting) following the unanimous recommendation of the Strategic Committee. Both the Board and the Strategic Committee determined, after receiving financial and legal advice, that the Transaction is in the best interests of the Company and is fair, from a financial point of view, to Dialogue shareholders (the "Shareholders") (other than SLA and the Rolling Shareholders).
The acquisition of Dialogue by Sun Life is highly complementary and beneficial to the two organizations as they share a purpose of helping Canadians live healthier lives. As the premier integrated health platform in Canada, with a distinctive management team and entrepreneurial culture, Dialogue will fit naturally as a core strategic pillar of Sun Life Canada. Importantly, Dialogue will continue to execute its strategic plan and grow its business. Furthermore, Dialogue will continue to provide a premium service to all its customers and distribution partners, each of which will continue to have access to Dialogue's services and capabilities, and will benefit from the continued innovation resulting from the combined strengths of both organizations.
"In recent years, Dialogue has developed a strong relationship with Sun Life. This transaction represents an attractive opportunity for the Company's stakeholders. As a standalone entity backed by Sun Life, Dialogue will have more resources to deliver on our mission of helping people improve their health and well-being, and the flexibility to continue to deliver on our mission by leveraging the respective strengths of both organizations. We are enthusiastic about the prospects of this next chapter in Dialogue's history," said Cherif Habib, Chief Executive Officer of Dialogue.
"This is a natural step forward in Sun Life's relationship with Dialogue, having first invested in the Company in 2020 and subsequently expanding our relationship as a large shareholder and partner. Sun Life has a high regard for the exceptional organization that the team at Dialogue has built. We are excited to work alongside its employees to continue developing the Company. Dialogue and Sun Life are perfectly aligned in our commitment to provide innovative digital solutions to support the health care needs of Canadians. We look forward to collaborating with Dialogue in the years ahead to unlock more innovative solutions to empower Canadians on their health journey," said Jacques Goulet, President of Sun Life Canada.
"It's been an honour to be part of the Dialogue story since it was conceived as the first company in our venture builder, Diagram. Today is another exciting milestone for this innovative Montréal, Québec and Canada success story that now has over 900 employees and practitioners, and is available to over 6 million Canadians," said Paul Desmarais III, Chairman & CEO of Sagard and outgoing Chairman of Dialogue. "I am proud of the positive impact Dialogue has had in improving access to healthcare and modernizing the B2B healthcare space.
Dialogue will maintain its head office in Montréal, Québec, and will continue to operate as a standalone entity of Sun Life Canada, with oversight from a new board of directors comprised of senior executives from Sun Life and Dialogue. The Transaction is not subject to any financing condition and is expected to close in the fourth quarter of 2023, subject to obtaining the required Shareholder, court and regulatory approvals, and the satisfaction of other customary closing conditions.
In connection with the Transaction, Portag3 Ventures LP, Portag3 Ventures II Investments LP and WSC IV LP (collectively, the "Supporting Shareholders"), collectively holding approximately 21.0% of the outstanding Common Shares, and each of the directors and executive officers of the Company have entered into voting and support agreements pursuant to which they have agreed to vote their Common Shares in favour of the Transaction. Consequently, shareholders holding approximately 30.5% of the Common Shares eligible to vote in the "majority of the minority" vote described below have agreed to vote in favour of the Transaction.
Transaction Rationale
The conclusions and recommendations of the Strategic Committee and the Board have been based on a number of factors, including the following:
Compelling Value and Immediate Liquidity to Shareholders: The all-cash Consideration provides Shareholders with certainty of value and immediate liquidity. The Consideration to be received by Shareholders pursuant to the Transaction represents a 43.1% premium to the closing price of the Common Shares on the TSX on July 25, 2023, and a 59.4% premium to the 20-day volume-weighted average trading price of the Common Shares on the TSX as at July 25, 2023. The Consideration to be received by Shareholders pursuant to the Transaction is also above the 52-week high closing price of the Common Shares on the TSX as at July 25, 2023;
Highest Proposal following Market Check: The Transaction is the result of a strategic review process undertaken by the Company. With the assistance of its financial advisor, and the oversight of the Strategic Committee, comprised of independent directors, the Company conducted a market check after the receipt of an initial proposal from Sun Life and contacted various potential financial and strategic purchasers across North America, following which the offer by Sun Life emerged as the highest proposal;
Arrangement Agreement Terms: The terms of the Agreement were negotiated with oversight and participation of the Strategic Committee and the assistance of Dialogue's external financial and legal advisors. Such terms are reasonable in the judgment of the Strategic Committee and the Board and include a customary "fiduciary out" provision that entitles the Board to consider and, subject to certain conditions, including Sun Life's right to match and the payment of a reasonable termination fee, accept a superior proposal in certain circumstances;
Fairness Opinions: The Strategic Committee and the Board received verbal fairness opinions from each of National Bank Financial Inc. ("National Bank Financial") and Scotia Capital Inc. ("Scotiabank"), which each concluded that, based upon and subject to the assumptions, limitations and qualifications set out in their respective opinions, as at the date hereof, the Consideration to be received by the Shareholders (other than SLA and the Rolling Shareholders) pursuant to the Transaction is fair, from a financial point of view, to such Shareholders. The fairness opinions will be included in the management information circular to be mailed to Shareholders in connection with the special meeting of the Shareholders (the "Meeting") to approve the Transaction; and
Commitments to Employees: Sun Life has agreed to certain covenants regarding employees of the Company, including to honour and comply with the terms of all employment and other agreements with the Company's employees. Both Sun Life and management of the Company are committed to employee retention and well-being.
Minority Vote and Court Approval
The Transaction must be approved by two-thirds of the votes cast by Shareholders, as well as a majority of the votes cast by Shareholders other than SLA and the Rolling Shareholders in accordance with Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"), and by the Superior Court of Québec, which will consider the fairness and reasonableness of the Transaction to all Shareholders.
Fairness Opinions
In connection with their review and consideration of the Transaction, the Strategic Committee engaged National Bank Financial as its financial advisor in respect of the Transaction and Scotiabank as its independent financial advisor in respect of the Transaction. Both National Bank Financial and Scotiabank provided a verbal opinion to the Board and Strategic Committee that, as at the date hereof and based upon and subject to the assumptions, limitations and qualifications set out in their respective opinions, the Consideration to be received by the Shareholders (other than SLA and the Rolling Shareholders) pursuant to the Transaction is fair, from a financial point of view, to such Shareholders.
Additional Transaction Details
The Transaction is to be completed by way of a statutory plan of arrangement under the Canada Business Corporations Act and will constitute a "business combination" for purposes of MI 61-101. The Transaction is subject to certain approvals at the Meeting, including by: (i) at least two-thirds of the votes cast by Shareholders voting in person or by proxy, voting together as a single class; and (ii) a simple majority of the votes cast by Shareholders (other than SLA and the Rolling Shareholders) voting in person or by proxy, voting together as a single class. For the purposes of the "majority of the minority" approval requirement under MI 61-101, the votes cast in respect of the Transaction by the Rolling Shareholders and SLA, who hold, in the aggregate, approximately 31.3% of the outstanding Common Shares, will be excluded. The parties are relying on the "previous arm's length negotiations" exemption from the formal valuation requirements of MI 61-101, in section 4.4(1)(b), on the basis that: (i) the consideration per Common Share to be received by the Shareholders (other than SLA and the Rolling Shareholders) under the Transaction is at least equal in value to and is in the same form as the highest consideration agreed to with the Supporting Shareholders in arm's length negotiations in connection with the Transaction, (ii) as at the date of the voting and support agreements, at least one of the Supporting Shareholders beneficially owned or exercised control or direction over, and agreed to sell, at least 10% of the then outstanding Common Shares, and at least one or more of the Supporting Shareholders exercised control or direction over, and agreed to sell, in the aggregate, at least 20% of the then outstanding Common Shares not beneficially owned or over which control or direction is exercised by Sun Life and any persons acting jointly or in concert with Sun Life, (iii) Sun Life reasonably believes, after reasonable inquiry, that at the time of entering into the voting and support agreements, the Supporting Shareholders had full knowledge of and access to information concerning the Company and its securities, and any factors peculiar to the Supporting Shareholders, including non-financial factors, that were considered relevant by the Supporting Shareholders in assessing the consideration did not have the effect of reducing the price that would otherwise have been considered acceptable by the Supporting Shareholders, (iv) at the time of entering into the voting and support agreements, Sun Life did not know of any material information in respect of Dialogue or the Common Shares that had not been generally disclosed, and that, if disclosed, could have reasonably been expected to increase the agreed consideration, and (v) since the time of entering into the voting and support agreements and as of the date hereof, Sun Life does not know, after reasonable inquiry, of any material information in respect of Dialogue or the Common Shares that has not been generally disclosed and could reasonably be expected to increase the value of the Common Shares.
The Agreement includes representations, warranties and covenants, including customary provisions relating to non-solicitation and "fiduciary out" provisions that entitle the Board to consider and, subject to certain conditions, including Sun Life's right to match, accept a superior proposal. A termination fee of $12 million will be payable by Dialogue to Sun Life in certain circumstances, including if the Company terminates the Agreement to accept a superior proposal after Sun Life fails to exercise its match right.
The Rolling Shareholders have agreed to roll a portion of their Common Shares (including the Common Shares issuable on the exercise of incentive awards or subscribed for using the proceeds received therefrom) (the "Rollover Shares") and maintain a minority interest in Dialogue following closing. The Rollover Shares will represent approximately 2.6% of the issued and outstanding Common Shares immediately prior to the completion of the Transaction.
Upon closing of the Transaction, Sun Life intends to cause the Common Shares to be delisted from the TSX and to cause the Company to submit an application to cease to be a reporting issuer under applicable Canadian securities laws.
Additional details regarding the terms and conditions of the Transaction, the rationale for the recommendations made by the Strategic Committee and the Board, and the fairness opinions, and how Shareholders can participate in and vote at the Meeting, will be set out in Dialogue's management information circular to be prepared and made available to Shareholders in connection with the Meeting. Copies of the Agreement, the forms of voting and support agreements, the management information circular and proxy materials in respect of the Meeting will be filed by the Company under its profile on SEDAR at www.sedar.com.
Advisors
National Bank Financial is acting as exclusive financial advisor to Dialogue and financial advisor to the Strategic Committee, and has provided a fairness opinion to Dialogue's Board of Directors and the Strategic Committee. Scotiabank is acting as independent financial advisor to the Strategic Committee and has provided a fairness opinion to the Strategic Committee. Osler, Hoskin & Harcourt LLP is acting as legal advisor to Dialogue. Stikeman Elliott LLP is acting as legal advisor to the Rolling Shareholders.
About Dialogue
Incorporated in 2016, Dialogue is Canada's premier virtual healthcare and wellness platform, providing affordable, on-demand access to quality care. Through its team of health professionals, it serves employers and organizations who have an interest in the health and well-being of their employees, members and their families. Dialogue's Integrated Health Platform™ is a one-stop healthcare hub that centralizes all programs in a single, user-friendly application, providing access to services 24 hours per day, 365 days per year from the convenience of a smartphone, computer or tablet. Dialogue is the first virtual care provider to receive the Accreditation Canada Primer award, a third-party validation of safety and high-level quality of care. For more information, please visit the Company's website at www.dialogue.co.
About Sun Life
Sun Life is a leading international financial services organization providing asset management, wealth, insurance and health solutions to individual and institutional clients. Sun Life has operations in a number of markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. As of March 31, 2023, Sun Life had total assets under management of $1.36 trillion.
Sun Life trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under the ticker symbol SLF.
SLA is a wholly-owned subsidiary of Sun Life. SLA is organized under the Insurance Companies Act (Canada).
Forward-Looking Information
This release includes "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements include, but are not limited to, statements with respect to the rationale of the Board for entering into the Agreement, the terms and conditions of the Agreement, the premium to be received by Shareholders, the expected benefits of the Transaction, the anticipated timing and the various steps to be completed in connection with the Transaction, including receipt of Shareholder, court and regulatory approvals, the anticipated timing for closing of the Transaction, the anticipated delisting of the Common Shares from the TSX and the Company ceasing to be a reporting issuer under Canadian securities laws.
In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as "plans" "targets", "expects" or "does not expect", "is expected", "an opportunity exists", "is positioned", "estimates", "intends", "assumes", "anticipates" or "does not anticipate" or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might", "will" or "will be taken", "occur" or "be achieved". In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management's current beliefs, expectations, estimates and projections regarding future events and operating performance.
Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by Dialogue as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the possibility that the proposed Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, or at all, the possibility of the Agreement being terminated in certain circumstances, the ability of the Board to consider and approve a superior proposal for the Company, and the other risk factors identified under "Risk Factors" in Dialogue's latest annual information form and management's discussion and analysis for the year ended December 31, 2022, and in other periodic filings that Dialogue has made and may make in the future with the securities commissions or similar regulatory authorities in Canada, all of which are available under Dialogue's SEDAR profile at www.sedar.com. These factors are not intended to represent a complete list of the factors that could affect Dialogue. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release.
Although Dialogue has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other risk factors not currently known to us or that we currently believe are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking statements. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, you should not place undue reliance on forward-looking statements. The forward-looking statements represent Dialogue's expectations as of the date of this release (or as the date it is otherwise stated to be made) and are subject to change after such date. However, Dialogue disclaims any intention and undertakes no obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable Canadian securities laws. All of the forward-looking statements contained in this release are expressly qualified by the foregoing cautionary statements.
SOURCE Dialogue Health Technologies Inc.
For further information: Investor Relations, Jean Marc Ayas, Senior Director, Investor Relations, investors@dialogue.co;
Media Relations, Jean-Christophe de Le Rue, Senior Director, Public and Government Relations, press@dialogue.co, (613) 806-0671
- Strategic partners will each invest in Sagard’s management company and commit long-term capital to Sagard-managed funds -
July 6, 2023, Montreal, Canada – Sagard, a global multi-strategy alternative asset management firm with US$14.5B under management, today announced new strategic partnerships with ADQ, an Abu Dhabi-based investment and holding company, and Bank of Montreal (BMO), the eighth largest bank in North America by assets. Importantly, as part of this transaction, Sagard has expanded its existing partnership with Great-West Lifeco (GWL). This marks a significant milestone in the firm’s development and will position Sagard for continued growth and value creation.
ADQ and BMO have respectively entered into definitive agreements to acquire minority equity stakes in Sagard, and GWL has agreed to increase its existing minority stake. Under these agreements, ADQ, BMO and GWL have agreed to invest capital to drive Sagard’s future growth, including through M&A transactions. On closing, Power Corporation of Canada will remain the controlling shareholder of Sagard.
In addition, the strategic partners have agreed with Sagard to make respective commitments of additional long-term capital to Sagard’s existing and future investment strategies, strengthening fundraising potential and accelerating the firm’s ability to launch new products.
“We are thrilled to welcome ADQ and BMO as strategic partners and to strengthen our relationship further with GWL,” said Paul Desmarais III, Chairman and CEO of Sagard. “These strategic partnerships will significantly accelerate our vision of becoming one of the most respected alternative investment management firms globally. Strategic partner capital enables us to attract high-quality investment teams, launch new investment strategies, and fundraise more rapidly. In addition, this will expand our global network, making us even stronger business partners for our portfolio companies. We’re very excited to unlock this tremendous potential.”
“Our investment in Sagard directly aligns with our strategic vision. This investment underscores our commitment to continuous growth, innovation, and enhanced value creation. Sagard’s entrepreneurial ability to mobilize investment talent, launch new differentiated strategies and deliver concrete results has attracted us to partner with them. Their commitment to leveraging their global network to be a value-added partner to ADQ is clear, and we are excited to support their growth going forward.” said Murtaza Hussain, Chief Investment Officer, M&A and Alternative Investments at ADQ.
“We are excited to partner with Sagard, given their expertise in alternative asset management. The partnership provides our clients with access to high-quality private market investments as we continue to deliver top-tier bespoke solutions,” said Bill Bamber, CEO, BMO Global Asset Management.
“Great-West Lifeco has been a strategic partner of Sagard since 2021 and an investor in Sagard products for many years before that. Today’s announcement strengthens our commitment to Sagard’s continued growth and will enable Great-West Lifeco to continue to access differentiated alternative assets as part of its global investment strategy,” said Raman Srivastava, EVP & Chief Investment Officer at GWL.
The transaction is expected to close during the third quarter of 2023 and is subject to regulatory approvals.
About Sagard
Sagard is a multi-strategy alternative asset management firm with US$14.5B under management, 125 portfolio companies, and 300 professionals. We invest in venture capital, private equity, private credit, and real estate. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. Our dynamic and supportive ecosystem gives our partners the advantage they need to learn, grow and win at every stage. The firm has offices in Canada, the United States, and Europe.
For more information, visitstaging.sagardholdings.com
Media contact: Adam Daifallah – adam.daifallah@teneo.com
About ADQ
Established in 2018, ADQ is an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises. Its investments span key sectors of the UAE’s diversified economy including energy and utilities, food and agriculture, healthcare and life sciences, and mobility and logistics, amongst others. As a strategic partner of Abu Dhabi’s government, ADQ is committed to accelerating the transformation of the Emirate into a globally competitive and knowledge-based economy.
For more information, visit adq.ae or write to media@adq.ae. You can also follow ADQ on Twitter, Instagram and LinkedIn.
Media contact: media@adq.ae
About BMO
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of April 30, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future and inclusive society.
Media contact: Jeff Roman – jeff.roman@bmo.com
About GWL
Great-West Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. We operate in Canada, the United States and Europe under the brands Canada Life, Empower, Putnam Investments, and Irish Life. At the end of 2022, our companies had approximately 31,000 employees, 234,500 advisor relationships, and thousands of distribution partners – all serving over 38 million customer relationships across these regions. Great-West Lifeco trades on the Toronto (TSX) Stock Exchange under the ticker symbol GWO and is a member of the Power Corporation group of companies.
Media contact: David Simmons – david.simmonds@canadalife.com
ISAI Expansion, Sagard NewGen et Raphaël de Talhouët, CEO d’Invoke, ont conclu un accord de cession de l’intégralité des titres de la société à Regnology, éditeur Saas international de solutions dédiées au reporting règlementaire.
ISAI Expansion et Sagard NewGen avaient acquis Invoke en juin 2021 lors d’un LBO majoritaire dont l’objectif était de concrétiser la transition managériale des 2 fondateurs vers le nouveau CEO, Raphaël de Talhouet et de l’accompagner dans la construction d’un acteur fort de la RegTech Banque / Assurance en Europe.
Ce plan de développement ambitieux a atteint ses objectifs en moins deux ans, avec beaucoup d’avance par rapport aux prévisions initiales. Citons parmi les succès :
Une transition managériale fluide : Raphaël de Talhouet, fort de la confiance de ses équipes, a su mettre en œuvre un nouveau projet d’entreprise pour Invoke ;
L’évolution du business model vers l’abonnement en lieu et place du modèle traditionnel licence / maintenance. La migration Saas nécessaire à ce changement s’est accompagnée d’une transformation en profondeur de l’organisation notamment sur la redéfinition et élargissement de la proposition de valeur client ; l’évolution de l’infrastructure Tech ainsi que des missions, compétences et process des équipes Tech ; l’adaptation de la stratégie de go-to-market ou encore la mise en place d’un nouveau pilotage de l’activité avec l’automatisation d’outils de reporting et de suivi de KPIs SaaS « best-in-class » ;
L’accélération du développement de l’offre logiciel pour le reporting fiscal qui a conduit à de forts gains de parts de marché ;
La consolidation d’une très belle trajectoire de croissance et de profitabilité, avec un ARR en hausse de plus de 20 % par an ; et un EBITDA multiplié par plus de 5x sur la période.
Enfin, Invoke s’est emparé des sujets ESG avec la nomination d’un responsable, une 1ère évaluation de son empreinte carbone et un projet de renouvellement de l’intégralité de ses serveurs par des serveurs moins énergivores ; le développement d’un centre de formation des salariés (Invoke Academy) et l’adhésion au mouvement Tech Your Place, en faveur de l’égalité des chances.
Invoke emploie plus de 160 collaborateurs et accompagne plus de 1800 clients, banques, groupes, assurances, autorités de supervisions en Europe.
Regnology, acteur majeur de la RegTech spécialisé dans le reporting réglementaire, compte plus de 34 000 institutions financières, 60 régulateurs, organisations internationales et autorités fiscales comme clients et emploie plus de 850 salariés dans 15 pays, Avec cette acquisition, le nouvel ensemble enrichit son capital technologique et sa présence sur ses marchés cibles.
Raphaël de Talhouet, CEO d’Invoke, commente : « La vision entrepreneuriale et innovante des équipes d’ISAI et de Sagard ont été déterminantes dans l’exécution de nos projets structurants de ces dernières années. Invoke est désormais prêt à passer une nouvelle étape de croissance basée sur les synergies métiers fortes avec Regnology. »
Pierre Martini, Managing Partner chez ISAI, ajoute : « Nous sommes particulièrement fiers d’avoir accompagné Raphaël et ses équipes dans la transformation d’Invoke et la consolidation de solides fondamentaux de croissance. Nous sommes convaincus qu’Invoke a toutes les cartes en mains pour poursuivre sa dynamique, et lui souhaitons une belle réussite à venir au sein du groupe Regnology ! »
Bérengère Barbe et Guillaume Lefebvre, Associés chez Sagard NewGen, concluent : « L’équipe de Sagard NewGen se réjouit d’avoir pu contribuer à ce chapitre important du développement d’Invoke, grâce à son expertise du secteur Tech et à son expérience des stratégies de croissance rentable. Ce rapprochement stratégique va permettre à Invoke de poursuivre sa magnifique trajectoire de croissance tout en conservant son ADN et ses valeurs uniques. »
Liste des intervenants : Invoke : Raphaël de Talhouet, Yasmine Tebaa ISAI : Pierre Martini, Pierre Dumas Sagard NewGen : Guillaume Lefebvre, Bérangère Barbe, Martin Klotz
Intervenants de l’opération : M&A : Natixis Partners (Nicolas Segretain, Thomas Flori, Léa Rahab) Corporate : Ayache Law (Gwenaëlle de Kerviler, Mikaël Brainenberg, Bruno Erard, Justine Coret) Management : Claris Avocats (Manfred Noe)
A propos d’ISAI Expansion ISAI Expansion accompagne les entrepreneurs de la Tech et du Digital ayant choisi la voie de la profitabilité via des opérations de Tech Buyout ou de Tech Growth. ISAI Expansion sélectionne des sociétés profitables en forte croissance, ayant un chiffre d’affaires d’au moins 10M€, et investit, en majoritaire ou minoritaire, aux côtés des fondateurs et/ou managers. ISAI Expansion a participé aux 1ers Tech Buyouts de la place de Paris et à de nombreux succès tels que Labelium, aDvens, Theodo ou encore Pandat Finance.
ISAI Expansion est une stratégie d’ISAI Gestion (« ISAI »), pionnier de l’investissement dans la French Tech co-fondé en 2009 par des entrepreneurs de la Tech à succès - dont Pierre Kosciusko-Morizet, Geoffroy Roux de Bézieux et Stéphane Treppoz – et souscrit par plus de 300+ Entrepreneurs-LPs et Investisseurs Institutionnels de référence. ISAI gère 630M€ à travers quatre stratégies d’investissement : Early-Stage Venture, Corporate Venture, Growth Lending et Tech Buyout. La société est signataire des UNPRI et un acteur engagé dans la Tech inclusive et sobre en carbone.
A propos de Sagard NewGen Sagard NewGen soutient le développement de leaders dans les domaines de la Santé et de la Technologie. Sagard NewGen finance les stratégies de croissance de sociétés européennes rentables, au chiffre d’affaires allant jusqu’à 150M€, via des investissements en capital majoritaires ou minoritaires. Les sociétés dans lesquelles Sagard NewGen investit partagent un ADN d’innovation et de durabilité. Sagard NewGen est membre de la plateforme internationale Sagard qui compte 14 Md$ d’actifs sous gestion, combinant capital, culture et réseau afin de soutenir la croissance des entreprises et leurs réussites stratégiques et financières. A ce titre, Sagard NewGen apporte aux équipes de management un accompagnement sur-mesure, un écosystème international à forte valeur ajoutée avec une présence en Europe, au Canada et aux Etats-Unis.
A propos d’Invoke Invoke est un éditeur français de solutions SaaS dédiées au reporting financier, fiscal et réglementaire. Référence française en matière de pilotage de la fiscalité des grandes entreprises et ETI, Invoke a su également s’imposer comme acteur de premier plan de la RegTech et de la SupTech en Europe grâce à ses solutions innovantes de reporting réglementaire et de supervision financière. Son expertise de pointe, notamment autour des technologies XBRL et inline XBRL, fait d’Invoke un partenaire de choix tant pour les autorités de supervision nationales et supranationales, que pour les banques, les sociétés d’assurance et les groupes de sociétés tenus de se conformer aux exigences réglementaires nationales et européennes, telles que CRD V, Solvabilité II ou ESEF. Partenaire EDI habilité par l’administration fiscale (DGFiP) et membre fondateur de l’association XBRL France, Invoke accompagne aujourd’hui 1800 clients dans 34 pays.
A propos de Regnology Regnology est un chef de file technologique qui s’est fixé pour mission d'apporter la sécurité et la stabilité aux marchés financiers. Avec un focus exclusif sur le reporting réglementaire et plus de 34 000 institutions financières, 60 régulateurs, organisations internationales et autorités fiscales qui s'appuient sur nos solutions, nous nous positionnons de manière unique pour apporter une meilleure qualité de données, une plus grande efficience et de réduction des coûts pour tous les acteurs du marché. Avec plus 850 employés répartis dans 15 pays et un modèle unifié d'acquisition de données, nos clients peuvent rapidement extraire de la valeur de nos solutions et rester aisément en conformité avec les évolutions réglementaires. Regnology a été créé en 2021 lorsque BearingPoint RegTech, une ancienne unité commerciale de BearingPoint Group, a uni ses forces à celles de Vizor Software, un leader mondial des technologies de réglementation et de supervision.
Within weeks of completing an industrial buy in Ellenwood, Georgia, Denver-based EverWest Real Estate Investors has announced another metro Atlanta industrial acquisition, totaling 21.1 acres of land and two recently completed, fully speculative state-of-the-art distribution buildings.
The purchase continues EverWest’s investment push in the Atlanta market, with a focus on strategically located warehouse product and low-coverage land sites for Industrial Outdoor Storage (IOS).
The new EverWest asset is located at 9485 Highway 42 North in Rex, Georgia, directly fronting Highway 42 and less than one mile from I-675, which offers quick access to I-75, I-285 and the Hartfield-Jackson International Airport. It includes two brand new, Class A industrial distribution buildings totaling 268,400 square feet and situated on a large site zoned for light industrial use.
“This property offers tremendous flexibility and upside through the lease-up of space at current market rents,” said Tyler Williams, EverWest managing director of Southeast Acquisitions. “The buildings were delivered in turnkey condition with spec office suites available to quickly accommodate tenant demand, and with features that make them ideal for small and midsize users.”
Totaling 130,000 square feet and 138,400 square feet, the Rex distribution buildings offer 32’ clear height, LED lighting, ESFR sprinklers, wide columns and 72 dock-high and four drive-in doors in a rear-load configuration. They also have features attractive to small and midsize users such as 200’ building depths, above-market dock ratios and various storefronts to provide flexibility for single or multiple tenants.
“Most new construction in the I-675 and Airport corridor has been bulk facilities greater than 500,000 square feet, and existing inventory consists of Class B space with lower clear heights,” said Williams. “Our buildings capitalize on the supply-demand imbalance for high-quality, modern infill product servicing smaller tenants.”
The JLL team of Britton Burdette, Dennis Mitchell, Matt Wirth, Mitchell Townsend and Jim Freeman brokered the transaction between EverWest and InLight, the project’s developer.
EverWest currently has $5.2 billion in assets under management, invested through separately managed accounts and commingled funds. It provides investment management services including acquisitions, asset management, development and property management for assets throughout the U.S.
- Sagard Senior Lending received commitments totalling $315M after its initial closings, additional $240M in a separately managed account with a strategic partner -
Toronto, ON, February 8, 2023 – Sagard today announced the initial closings of Sagard Senior Lending ("SSLP," the "Fund") with commitments totalling US$315 million. The Fund is targeting total capital commitments of US$600 million, with a hard cap of US$750 million, and remains open for additional commitments. SSLP raised an additional US$240 million in a separately managed account with a strategic partner.
SSLP's mission is to build a leading non-sponsor debt franchise, generate compelling risk-adjusted returns, and help entrepreneurs to build and grow their businesses. Focused on the Canadian and U.S. middle market, SSLP intends to target borrowers with $10-50 million of EBITDA.
"We believe that economic headwinds make traditional equity and growth capital options more difficult to achieve. In turn, we have observed that companies – particularly those in the middle market – favour alternative financing sources, such as private debt," said Dev Gopalan, Partner and Portfolio Manager at Sagard. "Since our launch, we have been focused on investments in the Canadian and U.S. middle market, and the response to our fundraising efforts has been positive," said Mr. Gopalan.
The initial closings include participation from an investment fund managed by I.G. Investment Management, Ltd., Great-West Lifeco (TSX: GWO), Investment Management Corporation of Ontario (IMCO), and Portland Investment Counsel, among others.
The Fund has already invested in three middle-market companies, committing approximately $100 million in aggregate.
"We are thrilled to announce the initial closings of Sagard's Senior Lending Fund. We believe that our original thesis still holds; the family- and founder-led business community continues to be underserved in Canada and the U.S. and offers attractive relative value,” said Adam Vigna, Chief Investment Officer at Sagard.
"Today’s announcement continues our drive to be a one-stop partner to middle market entrepreneurs and business leaders delivering capital, culture, and network. Our growth across the credit spectrum is particularly important at a time where we have observed that alternative funding sources such as banks are capital constrained," said Paul Desmarais III, Chairman and CEO of Sagard.
About Sagard
Sagard is a multi-strategy alternative asset management firm with more than US$13B under management, 125 portfolio companies, and 300 professionals. We invest in venture capital, private equity, private credit, and real estate. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value creation experts. Ourdynamicandsupportiveecosystemgivesourpartnerstheadvantage they need to learn, grow and win at every stage. Sagard also engages in private wealth management and new venture creation through its ecosystem partners Grayhawk and Diagram. The firm has offices in Canada, the United States and Europe. For more information, visit staging.sagardholdings.com.
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The information contained herein is in summary form for convenience of presentation. It is not complete and it should not be relied upon as such. The information set forth herein was gathered from various sources which Sagard Holdings Manager LP (“Sagard”), the investment manager of Portage Ventures, Sagard Credit Partners, Sagard Senior Lending Partners, Sagard Healthcare Partners and Sagard Private Equity Canada, believes, but has not been able to independently verify and does not guarantee, to be accurate. Sagard makes no representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein. Certain information contained herein has been obtained from published sources and/or prepared by third parties, including but not limited to companies in which Sagard clients have invested, and Sagard has not independently verified such information. In certain cases, such information has not been updated through the date hereof. All information contained herein is subject to revision and the information set forth herein does not purport to be complete.
The attached material is provided to you on the understanding that you will understand and accept its inherent limitations, you will not rely on it in making or recommending any investment decision with respect to any securities that may be issued, and you will use it only for the purpose of discussing with Sagard your preliminary interest in investing in a transaction of the type described herein. Any investment in private markets is subject to various risks; such risks should be carefully considered by prospective investors before they make any investment decision. Each prospective investor should consult its own professional advisors as to legal, tax, accounting, regulatory and related matters before investing.
Investments in any fund sponsored by Sagard have not and will not be recommended or approved by any federal, provincial or state securities commission or regulatory authority. The foregoing authorities have not passed upon the accuracy or determined the adequacy of this summary.
Like all investments, an investment in the Fund involves the risk of loss. Investment products such as the Fund are designed only for sophisticated investors who can sustain the loss of their investment. Accordingly, such investment products are not suitable for all investors. The Fund is not subject to the same or similar regulatory requirements as mutual funds or other more regulated collective investment vehicles.
Sagard is registered as an investment adviser under the U.S. Investment Advisers Act, 1940, as amended. Sagard Holdings Manager (Canada) Inc. is registered as an exempt market dealer in the provinces of British Columbia, Alberta, Manitoba, Ontario, Quebec, and Nova Scotia and will act as the dealer in respect of purchases of interests in funds advised by Sagard Holdings Manager LP in the Canadian provinces in which it is registered. The Ontario Securities Commission is the Principal Regulator of Sagard Holdings Manager (Canada) Inc. Sagard acts as investment manager of Portage Ventures, Sagard Credit Partners, Sagard Senior Lending Partners, Sagard Healthcare Partners, and Sagard Private Equity Canada.
Certain statements and certain of the information contained in these materials represents or is based upon “forward-looking” statements or information based on experience and expectations about these types of investments. The forward-looking statements in these materials include statements with respect to, among other things, projections, forecasts or estimates of cash flows, yields or returns, scenario analyses or proposed or expected portfolio composition and anticipated future events, performance or expectations. For
example, such statements are sometimes indicated by words such as “expects”, “estimates”, “believes”, “forecasts”, “seeks”, “may”, “intends”, “attempts”, “will”, “likely”, “should” or negatives thereof and similar expressions. Forward-looking statements are inherently uncertain and are not guarantees of future performance and are subject to many risks, uncertainties and assumptions that are difficult to predict. Therefore, actual events or results or the actual performance of Portage Ventures, Sagard Credit Partners, Sagard Senior Lending Partners, Sagard Healthcare Partners, and Sagard Private Equity Canada may differ materially from those reflected or contemplated in such forward-looking statements as a result of various factors. No representation or warranty, express or implied, is made as to any forward-looking statements and information and no undue reliance should be placed on such forward-looking statements and information. Sagard has no obligation and does not undertake to revise or update these materials or any forward-looking statements set forth herein, except as required by law. In addition, unless the context otherwise requires, the words “include”, “includes”, “including” and other words of similar import are meant to be illustrative rather than restrictive.
The information in the attached materials reflects the general intentions of Sagard. There can be no assurance that these intentions will not change or be adjusted to reflect the environment in which Sagard will operate. Certain statements in these materials contain prior performance indication. Past performance and historic information is not necessarily indicative of future activities or returns, and there can be no assurance that Sagard will achieve comparable results. Conclusions and opinions do not guarantee any future event or performance. Neither Sagard nor any of its subsidiaries or affiliates are liable for any errors or omissions in the information or for any loss or damage suffered.
The materials contained herein are for information purposes only and do not constitute an offer to sell or a solicitation of an offer to purchase any interest in any investment vehicles managed by Sagard.
No securities commission or regulatory authority in the United States or in any other country has in any way passed upon the merits of an investment in the Fund or the accuracy or adequacy of the information or material contained herein or otherwise. This information is not, and under no circumstances is to be construed as, a prospectus, a public offering, or an offering memorandum as defined under applicable securities legislation. The information contained herein is intended solely for “qualified purchasers” as that term is defined in the U.S. Investment Company Act of 1940 and, in Canada, “accredited investors” within the meaning of applicable securities legislation. Such offer or solicitation shall be made only pursuant to a confidential private placement memorandum or similar document, which qualifies in its entirety the information set forth herein and contains a description of the risks of investing. The attached material is also qualified by reference to any limited partnership agreement or similar document and subscription agreement relating to a Sagard-managed investment vehicle. All of these other documents relating to a Sagard-managed investment vehicle should be reviewed carefully prior to making an investment.
This document, which has been prepared solely for information purposes by Sagard, is confidential and is being provided to you on the express understanding that it will not be reproduced or transmitted by you to third parties without Sagard’s prior written consent. Without limiting the foregoing, you (and your employees and agents) agree that you will keep the information contained herein as provided herewith confidential and agree that you will, and you will cause your directors, partners, officers, employees, professional advisors and representatives, to use such information only for information purposes and for no other purpose and will not divulge any such information to any other party. If you are not the intended recipient of this document, you are hereby notified that the use, circulation, quoting or reproducing of this document is strictly prohibited and may be unlawful.
Additional information is available upon request. All references to “dollars” or “$” are to U.S. dollars unless otherwise stated. All information is presented as of unless otherwise stated. Sagard® and Portage Ventures® are trademarks of Sagard and its affiliates. All rights reserved.
Paris, October 29, 2024 - Sagard NewGen announces the acquisition of FuturMaster, a Software-as-a-Service (SaaS) provider of Supply Chain Planning and Revenue Growth Management solutions, from its founder and Cathay Capital. Sagard NewGen becomes the Group's majority shareholder alongside the management team and Cathay Capital, who reinvest in the new transaction.
FuturMaster, with its Bloom platform, offers a comprehensive suite of SaaS-based solutions for the end-to-end supply chain planning and revenue optimisation of large enterprises and mid-sized companies worldwide. FuturMaster solutions transform the complexity of business operations into levers of performance and resilience, offering competitive advantage in a volatile and uncertain environment. Thanks to cutting-edge technologies such as artificial intelligence, digital twin modelling and operational research, FuturMaster enables its customers to better plan for demand, and adapt their operational response by optimising production, distribution and supply plans.
FuturMaster's platform is used daily by many leading companies in all sectors, including Heineken, L'Oréal, TotalEnergies and SNCF, in over 90 countries. The group is profitable, with growth of c.30% per year, and generates over €30 million in revenue, over a third of which is generated outside France. It employs nearly 200 people in France, the UK, Singapore and China.
Sagard NewGen's acquisition of FuturMaster marks a key milestone in its history. Its Chief Executive Officer, Yacine Zeroual, succeeds Bo Zhou, the Group's founding Chairman and majority shareholder, who is stepping down as part of the deal.
Yacine Zeroual, CEO of FuturMaster, said: ‘We are delighted to begin this new chapter with Sagard NewGen, which shares our ambition to become a global leader in Supply Chain Planning and Revenue Growth Management solutions. With the support of Sagard NewGen and Cathay Capital, and backed by a talented and committed team, we will accelerate our international expansion while continuing to offer our customers innovative solutions to transform their complexity into sustainable competitive advantage in a constantly changing world.’
Bérangère Barbe and Guillaume Lefebvre, Partners at Sagard NewGen, added: ‘We are delighted to support Yacine and his team in the next stages of FuturMaster's development in Europe and beyond. This project, alongside the management team, is based above all on the continuity of the company's strategy of product innovation and internationalisation. This transaction, which opens up the capital more widely to the company's management team, is perfectly in line with Sagard NewGen's Growth Buyout strategy.’
Jérémie Falzone, Partner at Cathay Capital, stated: ‘Since acquiring a stake in FuturMaster in 2020, we have been proud to support the company, which has successfully developed innovative SaaS-based supply chain management solutions and expanded its business with major companies that are leaders in their sectors. We are delighted to continue our partnership with Sagard NewGen and the company's management to accelerate FuturMaster's international growth.’
About FuturMaster
FuturMaster, a pioneer in supply chain planning, is a SaaS software provider that, for over 30 years, has been helping companies optimize their operations, from end-to-end supply chain planning to revenue optimization. Innovation is at the core of its strategy, leveraging advanced technologies such as artificial intelligence, digital twin modeling, and operational research. In 2024, FuturMaster introduced Forecast At Scale, a solution designed to enhance the accuracy of large-scale forecasting, and Network Insight Graph, an analysis tool that strengthens supply chain resilience and performance. Trusted by over 650 clients across 90 countries, FuturMaster empowers businesses to turn operational complexity into a competitive advantage in a volatile and uncertain world.
Sagard NewGen supports the development of leaders in the Technology and Healthcare sectors. We finance expansion strategies of European, profitable companies with sales of up to €200m that share a DNA of innovation and sustainability, through majority or minority equity investments.
Sagard NewGen is part of Sagard's international platform, which has assets under management of over $25bn across 6 strategies covering the full range of financing needs of growth companies. Leveraging flexible capital, an entrepreneurial culture and a global network, Sagard provides management teams with tailor-made support, a high value-added ecosystem and international reach, with 7 offices in Europe, North America and Abu Dhabi.
Cathay Capital is a private equity and venture capital firm that supports companies in Europe, North America, and Asia. Cathay Capital helps companies at all stages of development, from start-ups to mid-sized companies, to unlock growth opportunities, drive international expansion, and enable sustainable transformation. With its international reach and deep local expertise, its platform connects people – investors, entrepreneurs, management teams, and leading corporations – to share knowledge and resources, fostering the evolution and transformation of businesses. Founded in 2006 with a strong entrepreneurial heritage, Cathay Capital now manages more than 6 billion euros in assets and has completed more than 280 investments in sectors such as healthcare, technology, and consumer goods from its offices in Paris, New York, San Francisco, Munich, Berlin, Madrid, Shanghai, Beijing, and Singapore.
FuturMaster: Bo Zhou, Yacine Zeroual Sagard NewGen: Guillaume Lefebvre, Bérangère Barbe, Jan Kinsky, Louis Gosselin, Michel Bsarini Cathay Capital: Jérémie Falzone, Maximillian Gairard, Marc Lin
FuturMaster advisors
M&A sell-side: Bryan Garnier (Thibaut De Smedt, Stanislas de Gmeline, Thomas Normand, Emile Neyret) Lawyers: Hogan Lovells (Stéphane Huten, Florian Brechon) Financial due diligence: Alvarez & Marsal (Samih Hajar)
Sagard NewGen advisors
M&A buy-side: Sycomore (Tristan Dupont) Corporate lawyers: Paul Hastings (Olivier Deren, Vincent Nacinovic, Adèle Patinier) Taw Lawyers: Paul Hastings (Charles Filleux-Pommerol, Laetitia Mingarelli) Strategic due diligence: Software Club (Maxence Vanheuverswyn, Marin Butori, Ali Sghir) Financial due diligence: Alvarez & Marsal (Benoît Bestion, Hugo Wandels) Technologic due diligence: Akvize (Mickael Maindron, Adrien Della Gaspera, Romain Barbu) legal, tax and employment due diligence: Paul Hastings, Alvarez & Marsal Financing: Rothschild & Co (Grégory Fradelizi, Nicolas Levy, Marie-Hermine Gouiffes Natali)
TUSTIN, Calif.--(BUSINESS WIRE)--Sagard Real Estate, formerly EverWest Real Estate Investors, a leading firm in real estate investment, announced today the sale of Tustin Financial Plaza, a prominent office campus located in Tustin, Orange County, California. The transaction, valued at $27.5 million, advances Sagard's ongoing strategy to reduce office exposure within its portfolio, aligning with the firm's long-term focus on industrial and multifamily investments.
"We continue to execute our strategy of reducing office sector exposure," said John Maurer, Head of Equity at Sagard Real Estate. "This sale is another step in our broader portfolio repositioning, with a clear focus on industrial and multifamily sectors that we believe are well-positioned for strong, long-term performance. We are committed to enhancing value for our investors by aligning our portfolio with market opportunities."
Tustin Financial Plaza consists of five buildings, encompassing over 185,000 square feet of office space. The campus, strategically located along 17th Street, benefits from its proximity to major freeways and local amenities, making it a prime location within the competitive Orange County market.
Tustin Financial Plaza was originally acquired in August 2006 by Sagard Real Estate’s flagship fund. The decision to divest this office property reflects Sagard’s adaptive investment approach, responding to evolving market conditions.
Sagard Real Estate, known for its expertise in managing diversified real estate funds and separate accounts, remains focused on building resilient portfolios that deliver sustainable growth. With the office sector facing ongoing headwinds, this transaction underscores the firm’s ability to optimize its holdings through asset dispositions and capitalize on sectors poised for continued demand.
About Sagard Real Estate
Sagard Real Estate is a real estate investment advisor and operator providing investment management services throughout the U.S., including portfolio management, acquisitions, asset management, development, and property management for investors. With $4.7 billion in assets under management, Sagard Real Estate offers commercial real estate investment strategies through separate accounts and commingled funds. Founded in 1997, the firm is headquartered in Denver and maintains regional investment offices in New York City, Charlotte, Austin, Los Angeles, and San Francisco. Sagard Real Estate is a part of Sagard, a multi-strategy alternative asset management firm. For more information, visit www.sagard.com/realestate.
About Sagard
Sagard is a global multi-strategy alternative asset management firm with over US$25B under management, 150 portfolio companies, and 400 professionals. We invest in venture capital, private equity, private credit, and real estate. We deliver flexible capital, an entrepreneurial culture, and a global network of investors, commercial partners, advisors, and value-creation experts. Our firm has offices in Canada, the United States, Europe, and the Middle East.
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Paris, October 8, 2024 - Sagard NewGen announces the acquisition of a majority stake in kShuttle, a leading provider of Software-as-a-Service (SaaS) financial and ESG regulatory reporting software, alongside the management team. This investment will support the company's ambition to become a European leader.
Founded in 2016, kShuttle provides a SaaS software suite dedicated to regulatory reporting, offering several modules (IFRS16, CSRD, carbon footprint calculation and management, EU Taxonomy, etc.). These solutions enable CFOs and CSOs of large companies and SMEs to comply with current and future financial and sustainability standards.
The application of European directives on sustainability reporting is redefining the processes and management of ESG data for 55,000 companies in Europe. kShuttle, a pioneer in the development of CSRD (Corporate Sustainability Reporting Directive) reporting software, is ideally positioned to benefit from a fast-growing market, driven by an equipment phase. The company has created a performance management platform enabling companies to meet regulatory requirements and take their transformation one step further. Thanks to the implementation of a new integrated information system (‘I.S.’) known as the ‘sustainability ‘I.S.’, the platform facilitates interoperability with customers' systems and streamlines their data (qualitative, quantitative, narrative, etc.) management processes. It offers improved traceability of extra-financial data, optimized processes directly linked to the Finance department, and a global approach to manage company performance.
kShuttle employs 150 people, more than a third in R&D, and has offices in France, Luxembourg, Austria, Morocco and Tunisia. The company serves more than 160 customers in France and abroad, and benefits from a solid network of partners. It is renowned for the technical level of its R&D team, flawless project execution and high customer satisfaction. In 2024, kShuttle will generate sales of over €14 million, growing at 30% per year.
Sagard NewGen will use its international network and experience in supporting fast-growing and profitable B-to-B software companies to support kShuttle's European development.
Ména Dogan, co-founder and CEO of kShuttle, said: “We are delighted to welcome Sagard NewGen as a partner as we write the next chapter of our development together. Sagard's international reach, SaaS expertise and strong network will enable us to consolidate our leading position in France, while accelerating our growth on a European scale.”
Bérangère Barbe and Guillaume Lefebvre, partners at Sagard NewGen, added: “We are very excited to be joining forces with Ména Dogan and the kShuttle management team to accelerate the company's expansion in France and Europe. We have been impressed by kShuttle's rapid development and the richness and robustness of its technology. With the convergence of financial and extra-financial (ESG) reporting requirements, we are convinced that the kShuttle platform offers a unique value proposition for companies having to comply with these different standards”
Sagard NewGen aims to support the development of leaders in the Technology and Healthcare sectors. We finance expansion strategies of European, profitable companies with sales of up to €200m that share a DNA of innovation and sustainability, through majority or minority equity investments.
Sagard NewGen is part of Sagard's international platform, which has assets under management of over $25bn across 6 strategies covering the full range of financing needs of growth companies. Leveraging flexible capital, an entrepreneurial culture and a global network, Sagard provides management teams with tailor-made support, a high value-added ecosystem and international reach, with 7 offices in Europe, North America and Abu Dhabi.
