June 22, 2015
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Archives for June 22, 2015

Mason Wells Acquires Advanced Web Technologies

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awt nf1Mason Wells has acquired Advanced Web Technologies. The current management team and a group of co-investors partnered with Mason Wells on this transaction.

Web Technologies (DBA AWT Labels & Packaging) is a narrow and wide-web converter of labels and flexible packaging for the healthcare, food and beverage, personal care, household, specialty and industrial/OEM markets.  Converting capabilities include pressure sensitive and digital labels, laminating multi-layer film structures, shrink sleeves and extended content labels.  The company is led by Jim Lundquist as its President and CEO, and has facilities in Minneapolis and South Elgin, IL (www.awtlabelpack.com).

Jay Radtke nf1Mason Wells intends to support AWT’s growth initiatives and will be investing in new and upgraded capacity to support the company’s growth plans.  “Mason Wells is pleased to be partnering with AWT’s management team to support the company’s growth initiatives,” said Jay Radtke, managing director of Mason Wells. “AWT has a 35 year history of providing high quality, technically challenging labels, particularly in the healthcare segment. We believe the company provides an excellent platform for growth and is well positioned to capitalize on a number of market and new product opportunities.”

Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDAs of at least $5 million. Sectors of interest include consumer packaged goods, packaging materials & converting, outsourced business services, and engineered products & services.  The firm is currently investing through Mason Wells Buyout Fund III, a $525 million fund.  Mason Wells was founded in 1982 and is based in Milwaukee (www.masonwells.com).

Mason has been an active investor of late. Last month the firm made an investment in Cincinnati-based CE Power Solutions, a provider of engineering, testing, and maintenance services to utility power plants, alternative energy facilities, transmission & distribution substations, industrial facilities, and institutional facilities (www.cepower.net).

© 2015 PEPD • Private Equity’s Leading News Magazine • 6-22-15

KKR Invests in Tarena International

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tarena nf1KKR has invested in Tarena International, a provider of professional education services.  KKR’s equity represents an approximately 13% stake in the company.

Tarena’s (NASDAQ:TEDU) teaching platform includes live distance instruction, classroom-based tutoring and online learning modules. The school offers ten IT subjects and three non-IT subjects (digital art, online sales and marketing, and accounting).  Since its founding in 2002 by Shaoyun Han, Tarena has trained over 200,000 students and placed students with approximately 54,000 corporate employers in a variety of industries. The company is based in Beijing (ir.tarena.com.cn).

Julian Wolhardt nf1KKR’s investment recognizes the opportunities in China’s professional training market. In 2014, the industry reached $12 billion, according to IDC, representing a CAGR of more than 11% over the past four years. However, the sector represents just 0.12% of China’s GDP, compared to 0.32% and 0.22% in the US and Taiwan, respectively.  “Taren is a great company and a leader in its field with an excellent management team. We are very impressed with the company’s strong track record and its potential for future growth. We look forward to leveraging our global network and local experience to help Tarena capture new market opportunities,” said Julian Wolhardt, Member of KKR.

KKR makes private equity, fixed income and other investments in companies in North America, Europe, Asia and the Middle East. KKR has extensive experience in the education sector having invested in Laureate International Universities and Cognita Schools.  The firm has $90 billion in assets under management. KKR was founded in 1976 and in addition to its New York headquarters the firm has offices in Menlo Park, San Francisco, Houston, Washington DC, London, Paris, Hong Kong, Tokyo, Beijing, Mumbai, Dubai and Sydney (www.kkr.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 6-22-15

Hamilton Lane Closes Third Co-Investment Fund

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hamilton lane nf1Hamilton Lane has held a final closing of Hamilton Lane Co-Investment Fund III.  The fund was oversubscribed and closed at its hard cap of $1.5 billion.

The new fund will invest direct equity capital into buyout and growth transactions with specific attention to diversification across enterprise value, geography, and industry.  New and existing Hamilton Lane investors participated in this fundraising including public pension funds, sovereign wealth funds, Taft-Hartley pension plans, endowments, foundations, and high-net-worth individuals.

Erik Hirsch nf1“With a dedicated co-investment team of over 20 professionals, experience in the space dating back to 1996 and over 200 completed transactions to date, investors were able to see Hamilton Lane as a uniquely experienced and focused option for obtaining co-investment exposure in their portfolios,” said Erik Hirsch, Chief Investment Officer of Hamilton Lane. “We are pleased to see our investors realize the benefits of our global market presence and deep relationships among leading general partners.  We are grateful for their support.”

Hamilton Lane has been an active co-investor for nearly 20 years. The fund is a continuation of Hamilton Lane’s previous co-investment vehicle, Hamilton Lane Co-Investment Fund II, a 2008 vintage year fund with$1.2 billion in capital. According to Preqin, Fund II is among the top performing co-investment funds with a 1.9x net multiple of investment capital and 22 percent net internal rate of return.

brian gildea nf1“Our extensive network among general partners, and our ability to be a trusted partner to them, has resulted in a franchise that is well-positioned to continue as a true leader in the co-investment field,” said Brian Gildea, Managing Director of the Global Co-Investment team at Hamilton Lane.

Hamilton Lane is an alternative investment management firm with more than $33 billion in discretionary assets under management along and an additional $191 billion in advisory assets.  The firm is headquartered in Philadelphia and has offices throughout the US, Europe, Latin America and Asia (www.hamiltonlane.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 6-22-15

GE Antares Backs Riverside’s Buy of AWP

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ge cap nf1GE Antares was the administrative agent on a $124 million senior secured credit facility to support the acquisition of Area Wide Protective by The Riverside Company from Blue Point Capital Partners.  GE Capital Markets served as joint lead arranger and joint bookrunner on this facility.

Earlier this month, GE reached an agreement to sell its US Sponsor Finance business and a $3 billion loan portfolio to Canada Pension Plan Investment Board (CPPIB) in a transaction valued at approximately $12 billion.  The Sponsor Finance business is principally made up of Antares Capital – GE Capital’s lending business to private equity-backed middle market companies.  After the closing, the business will operate as Antares Capital.

Area Wide Protective (AWP) helps direct or re-route traffic in support of construction, repair, or maintenance projects affecting public roads.  AWP provides on-site technicians, equipment and vehicles, in addition to permitting and design services.  The company has a variety of customers but mainly serves utilities, utility contractors, and telecommunications companies.  AWP has more than 1,800 employees and a fleet of nearly 900 trucks and works out of 43 locations in 17 states throughout the Midwest, East, and Southeast.  The company is headquartered near Akron in Kent, OH (www.awptrafficsafety.com).

chris jones nf1“We have a long-standing relationship with the team at GE Antares and are happy to have worked with them on this transaction. Their industry expertise and certainty of execution makes them an ideal financing partner,” said Chris Jones, partner of The Riverside Company.

GE Antares is a unit of GE Capital and has offices in Atlanta, Chicago, Los Angeles, Toronto, New York, and San Francisco. Specializing in the middle market, GE Antares is a “one-stop” source for GE’s lending and other services to middle market private equity sponsors (www.geantares.com).

The Riverside Company is a global private equity firm focused on investing in and acquiring growing businesses valued at up to $300 million (€200 million in Europe). Since its founding in 1988, Riverside has invested in more than 380 transactions. The firm’s international portfolio includes more than 80 companies. Riverside is headquartered in New York with additional offices in Atlanta, Chicago, Cleveland, Dallas, Los Angeles, San Francisco, and London (www.riversidecompany.com).

© 2015 PEPD • Private Equity’s Leading News Magazine • 6-22-15

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