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Portfolio Company News

Portfolio Company News

Mecenat Adds New Affinity Group to its Focus through Acquisition of Seniordays

With more than 1.3 million students and alumni as its members, Mecenat (“the Company”) is a leading marketing channel for vendors looking to reach young individuals in Sweden.

Through the acquisition of Seniordays the Company will add another attractive affinity group, of c. 130,000 members, consisting of the increasingly more digitally active consumer category of individuals over 55. Seniordays has displayed strong growth and is expected to have a turnover of MSEK 10 during 2021.

“Seniordays has a corporate culture and business model that is well aligned with Mecenat and has a strong focus on offering unique and relevant discounts to its members, translating into a high conversion rate for its customers. Mecenat has already successfully expanded its student member base to include alumni and will now be able to offer its customers an equally efficient marketing channel towards those over 55. I am convinced that this will have a positive impact on both sides leading to an even better offering to our members”, said Jonas Levin, CEO at Mecenat AB.

For more information contact:
Jonas Levin, CEO at Mecenat AB
Tel: 070 689 19 01

Portfolio Company News

Acture Groep takes 100% stake in MijnSubsidie

Nijmegen, 1 September 2021 – Acture Groep has taken over MijnSubsidie. With the acquisition of MijnSubsidie, customers of the Acture Groep can now benefit from the convenience of automatically staying informed of possible wage subsidies that are available. This saves a lot of time and prevents subsidies from being ‘missed out on’. Now that the startup wants to grow from scale-up to full-fledged consultancy company, they are bringing their platform under the way to Acture Groep, market leader in the implementation and insurance of social security. MijnSubsidie will continue to operate autonomously within the Acture Groep.

Founders Moritz Tielemans and Michiel van der Maat were in 2016 still nominees for the young entrepreneur of the year election organized by Sprout. The founders had discovered that keeping track of all wage subsidies and schemes is an impossible task. The process is time-consuming without knowing whether the application will be granted at all. The software and services of MijnSubsidie makes the entire process of subsidy applications simple.

Tielemans: “We have spoken extensively with the management of Acture Group and see the same eagerness and vision to use automation to provide the services to customers at a high level. We feel at home here and have the idea that together we can go further than we could achieve on our own.’

Derks, CEO Acture Groep: ‘Acture Groep stands for optimal damage burden management for its customers. Subsidy advice is part of this. The modern, up-to-date way in which MijnSubsidie has designed this appeals to us enormously. We see great opportunities to serve our customers even better with this addition to our services.’

Van der Maat will continue to work within Acture Groep, Tielemans will remain on as an advisor and will supervise the integration of MijnSubsidie within Acture Groep.

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Portfolio Company News

iM Global Partner deepens US presence by partnering with Richard Bernstein Advisors

Paris, New York – July 28, 2021. iM Global Partner, a leading global asset management network, has made another landmark alliance in its US expansion by entering a partnership with Richard Bernstein Advisors (RBA). The firm acquired a 45% non-controlling stake in RBA as of July 28, 2021.

RBA is a renowned New York-based asset allocation specialist founded in 2009 by Richard Bernstein. With $14.6bn in assets under management and advisement as of June 2021, RBA is one of the largest and most successful independent firms among asset allocation specialists globally. RBA manages ETF-based asset allocation SMA (Separately Managed Accounts) portfolios for many industry-leading wealth management and Registered Investment Advisors (RIA) platforms in addition to sub-advising several mutual funds, unit trusts, and ETFs.

RBA is unique in its “top-down” research approach, which combines proprietary, macroeconomic research with quantitative analysis. Its disciplined, fundamentally driven and time-tested investment process seeks to uncover global cyclical and secular investment themes with the aim of providing superior, risk-adjusted returns. Constructed portfolios focus on allocating assets across various countries, sectors, sizes and styles to generate alpha, while minimizing the security selection risk.

The team of investment personnel is highly experienced with an average 27-years in the industry. The most senior Investment Committee members worked together prior to the formation of RBA and this history allows for a consistently applied and robust investment process. They will continue to run operations independently and manage portfolios using the same philosophy and approach developed in 2009, as is the case with all Partners of iM Global Partner.

Deal accelerates iMGP’s US expansion

The partnership is a major milestone in iM Global Partner’s US strategic expansion. The worldwide network now includes several leading firms in the U.S including: Polen Capital, Dolan McEniry, Scharf Investments and Litman Gregory. The addition of RBA with its strong distribution and visibility among leading wealth management platforms deepens iM Global
Partner’s footprint in the US market and reinforces the firm’s commitment to growth.

Richard Bernstein, CEO, CIO and Founder of Richard Bernstein Advisors said: “This is the formation of a very powerful symbiotic relationship between iM Global Partner and RBA. iM Global Partner’s proven European institutional distribution and offshore capabilities will expand RBA’s investor base globally, whereas RBA’s broad US visibility will significantly
enhance iM Global Partner’s rapidly growing presence in the US.”

Philippe Couvrecelle, CEO and Founder of iM Global Partner commented: “RBA is a great addition to our network of Partners and their expertise is unanimously recognized in the US. RBA will bring our clients around the world outstanding expertise in asset allocation portfolios with a unique top-down macro approach that has proven its high efficiency in all phases of the market cycle. The partnership not only demonstrates the scale and vision of our global network, but also underlines our deep commitment to the US market.”

Portfolio Company News

LINXIS Group announces the acquisition of Bakon

LINXIS Group, leader in specialised equipment for the food and health industries, together with its key financial partner IK Investment Partners, are pleased to announce the acquisition of Bakon, specialist in food processing and bakery equipment from managers and current investor Rabo Investments.

Bakon’s activity complements the “Portion Process” division of LINXIS, represented today by the company Unifiller, and enriches its expertise in depositing, but also in ultrasonic cutting and spraying processes. Its experience in managing industrial line projects will enable LINXIS Group and its companies to address larger markets, both in terms of activities and geography.

“With Bakon’s acquisition, LINXIS Group will further strengthen its expertise and excellence. Representing the third acquisition following investment from IK Investment Partners, we pursue our strategy of adding to our existing portfolio, companies and brands with deep knowledge and complementary technologies, in order to continuously develop solutions that closely meet the needs of our markets.” – LINXIS Group CEO, Didier Soumet

“We are very excited to welcome Bakon into our Group. Bakon will broaden our offering while providing a stronger presence in various strategic geographic areas. The sharing of best practice and processes amongst all the LINXIS companies will leverage the added value of our global solutions.” – LINXIS Group Vice-President/Shick Esteve CEO, Tim Cook.

“All of us at Bakon are thrilled to be joining LINXIS Group which will allow us to further improve our processes and organisation, as well as the long-term continuity of our business and of the Bakon brand. LINXIS companies complement Bakon’s offering, with a worldwide reach, a focus on specialised equipment and high-value added services. We see a distinct match of business and corporate cultures backed by a focus on excellence, passionate professionalism and permanent support provided to customers. Rabo Investments has greatly helped and stimulated us over the years, providing insight and support in terms of financial, strategic and commercial management. We have always been successful in finding the right partner for each phase of our company’s development and look forward to continuing our journey with LINXIS Group.” – Bakon CEO, Ronald Gijssel.

For further questions, please contact:

Linxis Group
Lysaine Laot/Claire Auffredou

Mary-Louise Wisse-Fokkelman

IK Investment Partners
James McFarlane

Rabo Investments
Marouane Oulad/Roelant Mantel

Portfolio Company News

Questel acquires IP services leader Morningside

Questel, one of the world’s largest end-to-end intellectual property solutions providers, has acquired Morningside, a leading IP and language services company. 

Founded in 2000 and headquartered in New York, Morningside specializes in patent translation and foreign filing solutions as well as legal, life sciences, and corporate compliance language services. With a global presence of 250 employees, Morningside leverages its industry-leading IP Platform to help clients seamlessly reach new markets while doing more with their budget. Morningside has over 4,000 clients in 55 countries including many Global 500 companies, law firms, and regulatory bodies.

The acquisition is part of Questel’s strategy to act as a one-stop-shop for all of its clients’ IP needs. Since Morningside is one of the largest patent translation companies in the world, the acquisition consolidates Questel’s position as a leading IP translation provider. Morningside also has a major global law firm presence which will allow Questel to significantly expand and diversify its customer base.

“Morningside is an excellent fit for Questel both culturally and strategically,” said Charles Besson, Questel’s CEO. “Translation plays a critical role in providing end-to-end integrated IP solutions to our clients.”

“We are excited to become part of the Questel family,” said Tom Klein, Co-CEO of Morningside. “Our clients will benefit from the additional services, expertise and technology that Questel brings to the table.”

“The synergies here are clear,” added Co-CEO Roland Lessard. “Morningside is one of the largest patent translation providers globally and Questel is the #1 patent filer in the world. Clients of both companies will gain from this acquisition.”

During the past years, through targeted acquisitions, Questel has built the most balanced portfolio of software and tech-enabled services of the IP industry.

Portfolio Company News

Litman Gregory, a nationally recognized US wealth and asset management firm, joins the iM Global Partner’s network

Paris, Walnut Creek (CA), March 9, 2021, iM Global Partner today announced that it has  entered into a definitive agreement to acquire Litman Gregory, a nationally recognized  wealth and asset management boutique managing $4 billion in assets under management  and overseeing $2.2 billion of assets under advisory*. 

Litman Gregory, founded by Ken Gregory and Craig Litman in 1987 and based in the San  Francisco Bay Area, is a privately-owned company, and a pioneer in providing independent  asset management services to investors. For over three decades, Litman Gregory has focused  on providing in-depth investment research and personalized wealth management to  individuals and multigenerational families to help them achieve their financial goals. The  company also supports nonprofit organizations by serving as their fiduciary partner and  outsourced chief investment officer. Since 1996, Litman Gregory has developed a broad  range of US mutual funds. 

In just a few years iM Global Partner has become a premier global asset management  network. The addition in the U.S., once completed, is expected to bring  assets under management of the group to over $24 billion (from $20 billion as at end of  December 2020) and will enhance distribution capabilities in the U.S. It further demonstrates  iM Global Partner’s commitment to continued cross-border growth in serving the needs of  sophisticated investors. 

Combining Litman Gregory’s capabilities with iM Global Partner creates a uniquely powerful  set of high-quality investment solutions to serve both institutional and private clients in the  U.S. and internationally. Building upon common values and strengths, which are focused on  commitment to investment excellence, innovation and client service, the group will be able  to further enhance service to clients for years to come. 

iM Global Partner plans to operate Litman Gregory Wealth Management as a separate  business unit to preserve the strong recognition, independence and expertise that it has built  over many decades with its cross-generational clients.  

Steve Savage, CEO of Litman Gregory, said: “We are excited to become a part of iM Global  Partner as it improves our ability to deliver on our mission to excel for our clients. iM Global  Partner brings complementary global research resources and strong alignment on total client  focus. The combination of our organizations is a natural fit because of our shared research  DNA, commitment to independent thinking, integrity and total client focus.” 

Philippe Couvrecelle, CEO and founder of iM Global Partner, declares: “Litman Gregory  becoming a part of our group is a major step forward as we continue our U.S. expansion.  This strategic operation allows us to add Wealth Management as a new key activity for iM  Global Partner. Our clients will benefit from the synergies that result when like-minded  organizations leverage their talents and resources to enhance the client experience.”

Jeffrey Seeley, Deputy CEO at iM Global Partner US adds: “We are thrilled to work with our  Litman Gregory colleagues moving forward and see tremendous opportunities for the  continued development of long-term investment solutions to serve various clients in the U.S.  and internationally.” 

This operation is subject to the approval of the SEC (Securities and Exchange Commission)  and is expected to close in the second quarter of 2021. 

*The companies that manage assets include Litman Gregory Asset Management, LLC and Litman Gregory Fund Advisors, LLC. Data are as at end December 2020.

Berkshire Global Advisors and Seward & Kissel served respectively as financial and legal advisors to iM Global Partner.

Asset & Wealth Management Investment Banking Group of Raymond James and WilmerHale served respectively as financial and legal advisors to Litman Gregory.