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OpenDataSoft, a global data company offering publishing and sharing solutions for the private and public sector, recently announced a $5.5M Series A round of financing.
Funding comes from Aster Capital and Salesforce Ventures, with a follow-on investment from Aurinvest. The funding will primarily be used to expand OpenDataSoft’s operations globally, including continued expansion in France and Europe and acceleration of its North American business development.
OpenDataSoft has built a user-friendly, cloud-based data publishing and sharing platform to allow data to be easily visualized and reused by citizens, startups, or teams within city departments or organizations via APIs. OpenDataSoft’s platform offers more advanced features – such as real-time data processing – which are specifically relevant for Smart City and IoT projects.
OpenDataSoft is proud to be at the forefront of the global Data Revolution,” stated Jean-Marc Lazard, Co-Founder and CEO of OpenDataSoft. “Our platform, including our Open Data, Smart City, and even internal data exchange solutions, is used worldwide, seen in cities, governments, and private enterprises. Our philosophy is to work closely with our users, evolving the platform while also anticipating future trends in digital transformation. We believed it was the right time for us to seek additional funding in order to bring our platform to all four corners of the globe.”
The company plans to leverage the new funding to:
Interview with Fabrice Taloni, Associate at Taloni & Associés:
Please tell me about your involvement in the deal?
We were appointed by Aster Capital, in the name of the pool of investors, to carry out accounting, financial, tax and social security due diligence procedures applied to OpenDataSoft. While our scope of work encompassed all the usual accounting, tax and social matters, a special emphasis was placed on reviewing the company’s business plan, with a strong focus on its future cash flows.
Why is this a good deal for all involved?
OpenDataSoft is a pure player in the field of big data and offers a user-friendly interface to publish and share a large volume of data. This solution overcomes the high technical barriers which usually restrict the ability of organizations to publish and use the data they wish to share. Potential applications are therefore countless. As such, the pool of investors may expect a high ROI on their investment, while the amount invested will enable the Company to fuel its future growth and reach its full potential. On a more immediate and practical point of view, both investors and counsels could count on premium information communicated quickly and efficiently by the sell side, management and counsel; this smoothed out the whole process.
What challenges arose? How did you navigate them?
As usual with a software editor, the way revenue recognition and associated cash flows is reflected in the business plan is always an issue. It was of paramount importance to ensure that the model accurately reflected the timing difference between cash flow and revenue, in order to confirm adequacy of the level of cash invested. Our experience in this field, collected in the context of similar deals, was clearly an asset in the limited time-frame we had to carry out our procedures.
On a fiscal aspect, reporting the risk (or lack thereof) associated with research tax credits was also instrumental in helping investors to propose an adequate level of guarantees and indemnities. Our firm specialises in providing accounting and tax services to technology companies. We therefore have a solid knowledge of the tax and social incentives offered to the tech sector in France.
SpeedCast International Limited (ASX: SDA), a leading global satellite communications and network service provider, recently announced the acquisition of WINS Limited (WINS), a leading Europe-based provider of innovative broadband satellite communications and IT solutions for the maritime sector.
WINS provides services to over 100 passenger carrying vessels such as cruise liners and ferries and more than 2,000 merchant shipping vessels with a portfolio of VSAT, L-Band, Accounting Authority Services and International Maritime GSM service. The combination of SpeedCast's unrivaled global service and operational network and WINS' strong establishment in the European market will enable SpeedCast to grow its business rapidly in this exciting market.
"We are very pleased to welcome WINS to our family," SpeedCast CEO, Pierre-Jean Beylier, commented. "This acquisition is further affirmation of SpeedCast's growth strategies, and is a significant milestone for us. WINS brings a strong local presence in Germany, a major maritime market, as well as expertise in the cruise industry in Europe, a fast growing user of satellite communications. Together, we are well poised to expand our network to support the growing demand of VSAT services in the maritime sector." Pierre-Jean Beylier added.
Tony Mejlaq, Chairman and CEO of WINS said: "We founded WINS with a vision of connecting users in any location, no matter how remote. Becoming part of the SpeedCast family enables us to join a group with real international connections, providing us with access to new markets. We are very excited to join the SpeedCast family and deliver new service capabilities to our customers. Our customers will benefit from the enhanced customer service network and world class infrastructure."
Interview with George Gregory, Partner at RSM Malta:
Please tell me about your involvement in the deal?
We acted as business advisors on the deal and assisted the client in the compilation of the financial information relevant for due diligence purposes, setting up of an electronic data room, preparation of potential values of the company and identification of suitable fiscal solutions from a sellers' perspective.
Why is this a good deal for all involved?
This is a successful story on a number of different fronts. First of all, WINS Ltd was the result of a very successful combination of the vision of a local entrepreneur and the backing of an international European leader in the satellite communication industry.
In a period of some 10 years, the entrepreneur, supported by his Board and management, managed to build a business that was economical, efficient and nimble, enabling it to overcome market challenges that other more established operators had succumbed to. The company managed to secure market share through organic growth and through the acquisition and combinations of other European businesses operating in Sweden and Germany.
In time WINS became a leader in the industry, worth several million euros. Its relevance and success were such that it attracted the attention and respect of other global operators competing in this tough market.
The deal came at a time that enabled the shareholders of WINS to realise their investment when at its top potential. The deal also enabled the buyers to make quick headways in particular sectors of the market that WINS operated in.
What challenges arose? How did you navigate them?
The challenges were various, some relating to time, to technical matters and others to negotiating issues, but the focus was always very much on reaching an equitable settlement to the satisfaction of all the parties involved.
Roompot Vakanties is acquired by the French private equity firm PAI Partners. Both parties recently agreed upon this. The acquisition enables Roompot to further grow into a provider of quality recreational accommodations and accelerate the implementation of their future plans.
PAI Partners will acquire Roompot from Gilde Buy Out Partners, BNP Paribas Fortis, the current management of Roompot and the founder Henk van Koeveringe. The selling price is confidential and will not be made public, but is in conformity with market standards.
“The acquisition is in line with both our ambitions and financial aspirations,” says CEO Jurgen van Cutsem. "We already are the largest player in the recreational sector in the Netherlands. The goal now is to improve the quality of our parks and other accommodations, something we already started several years ago. Next to this, we are planning to expand and strengthen our current position by strategic acquisitions and the redevelopment of our current coastal locations.”
Currently, Roompot is mainly active in the Netherlands, Germany, Belgium and France. The focus of the company, which is originally from the Dutch region Zeeland, will remain on coastal recreational parks.
The acquisition only presents positive consequences for the guests and employees of Roompot Vakanties. After the acquisition, the workforce will be expanded in strategic locations. The new owner has also agreed that the current management will remain with Roompot for at least the following five years.
IK Investment Partners (IK) is pleased to announce that the IK VIII Fund has reached an agreement to acquire Granite Holding GmbH (‘SCHOCK’ or ‘the Company’), the world’s leading granite kitchen sink manufacturer, from HQ Equita. Financial terms of the transaction are not disclosed.
As the original inventor of the manufacturing technology commonly used in the production of granite sinks, SCHOCK has gained a reputation for innovation, quality and technological excellence. In fact, more than 60% of all quartz composite sinks manufactured worldwide are based on the production technique developed by SCHOCK. Based on a quartz-acryl composite developed by SCHOCK, the Company’s premium product is three times as hard as natural granite and superior in product performance to sinks made from other materials. The Company`s product line comprises sinks for every kitchen style and personal taste, with more than 200 sink models in as many as 40 different colours.
“We are on an exciting trajectory, building on recent product launches such as the CRISTADUR® EXTREME sink and on the repositioning of the SCHOCK brand. The Company is now well placed for the next phase of its development and IK’s industry expertise, excellent track record and broad network make them the ideal partner to help us achieve our long-term growth ambitions,” said Ralf Boberg, CEO of SCHOCK.
“With over 90 patents and a 21% global market share in granite kitchen sinks, SCHOCK is a high quality business and a true innovation leader within its niche. IK has a strong track record within the sector through investments in Hansa Group, Nobia and TCM Group and we are proud to have the opportunity to support the Company and its talented management team going forward. Together, we believe there are significant opportunities to grow the business both organically and through acquisitions while continuing to put the customers first,” said Detlef Dinsel, Partner at IK and advisor to the IK VIII Fund.
Completion of the transaction is subject to customary legal and regulatory approvals.
The acquisition of SCHOCK marks the IK VIII Fund’s second investment in Germany.
Interview with Jörg Preuß, Partner at KPMG AG WPG:
Here we speak exclusively to Jörg Preuß about his involvement in project Stone, the sale of Schock – a leading manufacturer of high quality sinks – by HQ Equita to IK Investment Partners and the challenges he faced along the way.
Please tell me a little about your work and your involvement in the deal?
I joined KPMG in 2009 with a focus on Strategy and Commercial Due Diligence projects, mostly for Private Equity investors. Over the years, I have been involved in a wide range of different industries, covering vendor as well as buy-side commercial due diligences and performance improvements.
Project Stone was an exciting analysis of the leading player in the granite sink market. Our focus was on the independent analysis of the market environment as well as the customer and competitor landscape. Based on our extensive analyses, we challenged management growth assumptions and validated the Business Plan, including providing an outlook on potential upsides beyond the management plan.
Why is this a good deal for all involved?
Schock is a fast-growing company which was supported by HQ Equita on its expansion path. Based on its leading market position, excellent products and favourable market trends, the company has a very positive outlook and the new investor can add its knowledge and financial capabilities to foster Schock's further growth.
What challenges were there? How did you tackle them?
The main challenge was that there was almost no specific market intelligence publicly available, especially for regions such as Asia. Some of the regional markets are at an early stage and are just about to develop. Therefore, we conducted in-depth discussions with market participants to understand and verify, for example, key market developments and trends, including differences in customer preferences and regional competitive landscapes. We also developed a market model to independently forecast market development. This model and our further analyses helped us to challenge the Business Plan by comparing it in detail with market development, specific customer feedback and the competitive intensity by region and product group.
Eurus Energy and YARD ENERGY clinched a long-term collaboration for the joint development of wind farm projects. The partnership kicks off with the acquisition by Eurus Energy of a majority stake in the portfolio of operational onshore wind farms in the Netherlands and Finland developed by YARD ENERGY.
Eurus Energy, a joint venture between Toyota Tsusho Corporation and Tokyo Electric Power Company, is Japan's leading renewable energy company involved in the development of wind power projects throughout the world, including the United States, Uruguay, the United Kingdom, Italy, Spain, Norway, Japan, South Korea and Australia. YARD ENERGY is founded in the Netherlands and engaged in the development and management of wind power projects located in Northern Europe, including the Netherlands, Finland and Poland.
With the acquisition of the wind farm portfolio in the Netherlands and Finland, Eurus Energy expands its global operational renewable projects portfolio by 100 MW.
The Dutch portfolio consists of 9 existing wind farm projects at locations across the Netherlands aggregating to a total capacity of 72.5 MW. Windpark Netterden (12 MW) is the latest project developed by YARD ENERGY and is operational since the third quarter of 2016. The other 8 wind farm projects are operational since 2011-2013.
The Finnish wind farm portfolio consist of two projects (‘Kankaanpäänmäki’ and ‘Mustaisneva’) combining a total capacity of 27.5 MW. These projects are realized on a turnkey basis by a joint venture between YARD and Maas Capital Renewables. As part of this transaction, Maas Capital Renewables also sold its stake in these projects.
By acquiring YARD ENERGY's wind farm projects, Eurus Energy sets foot in the Dutch and Finnish wind energy market for the first time. The newly established partnership between Eurus Energy and YARD ENERGY contributes to both companies' ambition to expand and strengthen their business in Europe.
Baker & McKenzie's Energy Mining & Infrastructure team acted as legal adviser for Eurus Energy in the transactions. The team is led by Weero Koster.
Interview with Weero Koster of Baker & McKenzie's Energy Mining & Infrastructure team:
Please tell me about your involvement in the deal?
As you know, Eurus Energy and YARD ENERGY have forged a long-term collaboration for the joint development of wind farm projects in the Netherlands and abroad. This is more than a one-off. The partnership kicks off with the acquisition of a majority stake in a portfolio of operational onshore wind farms. It then seeks further opportunities. We were involved from day one: meeting the parties and paving the way to a successful partnership. It was a true one of a kind. Eurus Energy is a joint venture between Toyota Tsusho Corporation and Tokyo Electric Power Company; it’s Japan's leading renewable energy company developing wind projects across the globe. YARD ENERGY was founded in the Netherlands and develops and manages wind power projects in Northern Europe. So: parties with very different backgrounds, but that share the same vision. We started with the memorandum of understanding and followed through with the due diligence, drafting and negotiation of the transaction documentation, and finally the restructuring of the group and completion.
Why is this a good deal for all involved?
By acquiring YARD ENERGY's wind farm projects, Eurus Energy sets foot in the Dutch and Finnish wind energy market. It expands its global operational renewable projects portfolio by roughly 100 MW. Eurus gains insight into local markets and opportunities and on-the-ground execution prowess. The collaboration provides YARD ENERGY with an ambitious partner who knows how to make a deal and work it in the long run. The newly established partnership contributes to both companies' ambition to expand and strengthen their business in Europe; each party brings its unique skill-set and gravitas to the table.
What challenges arose? How did you navigate them?
Every deal turns on its unique challenges and how you anticipate and resolve them. Here, there were two really. One was how to turn a diverse portfolio of modest sized projects into one tradeable asset, while serving the interests of many diverse stakeholders and investors. The other was matching the unchecked ambition of an eager development team with the experience and sheer execution power of a global giant. It all worked extremely well and the joint venture is set to embark on further sustainable projects.
MyBucks successfully placed its shares offered in its IPO and became the first African focused FinTech company to list on Frankfurt Stock Exchange. The offer had the volume of EUR 15.5 million including over-allotment.
MyBucks S.A., a Luxembourg-based FinTech company, that holds the three brands GetBucks, GetSure and GetBanked ("Company"), is listed on the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse). The offer was fully subscribed. A total of 1,000,000 newly issued shares and an over-allotment of 150,000 shares have been allocated as part of the offering, amounting to a total offer volume of EUR 15.5 million (including over-allotment) based on the issue price of EUR 13.50 per share. To the extent the Greenshoe option provided to Hauck & Aufhäuser Privatbankiers KGaA, Frankfurt am Main ("Hauck & Aufhäuser") is exercised, up to 150,000 additional shares have been issued. Following the placement of all new shares and assuming the exercise of the Greenshoe option in full, approximately 19.3 per cent of the Company’s share capital (post-IPO) will be in public free float.
Dave van Niekerk, CEO of MyBucks, said: “The IPO is an important milestone for our Company’s growth as it will enable us to evolve our current business model in our existing operations, as well as expand into new markets. Our ultimate goal is to drive financial inclusion through digital technology.”
The shares of MyBucks includes trading on the Entry Standard of the Frankfurt Stock Exchange (ISIN: LU1404975507; WKN: A2AJLT) from 23 June 2016 onwards. Hauck & Aufhäuser acted as Sole Global Coordinator and Sole Bookrunner.
MyBucks is a FinTech company based in Luxembourg that delivers seamless financial services through technology. Through its brands GetBucks, GetBanked and GetSure the company offers unsecured consumer loans, banking solutions as well as insurance products to customers. MyBucks has experienced exponential growth since its inception in 2011 and has operations in nine African and two European countries. MyBucks aims to ensure that its product offering is accessible, simple and trustworthy, in comparison to traditional, non-technological methods, ultimately working towards enhancing the benefits to the customer. The MyBucks’ product offering enables customers to manage their financial affairs easily and conveniently.
PwC Tax & Legal, with a team of professionals composed of Filippo Zucchinelli, Alvise Becker and Carlo Nicoli Aldini for the legal aspects and Alessandra Cavina for tax matters, assisted Gran Sasso Energie in the transfer of 100% of Gran Sasso S.r.l.’s share capital to Hera Comm.
Gran Sasso S.r.l. is an Italian company operating in the gas and electricity retail sector with around 15,000 final customers for gas and over 3,400 for electricity, mostly located in the areas of L’Aquila, Pescara and Chieti.
In 2015, the company had revenues for 9.7 million Euro by selling 16.5 million cubic meters of gas and 8.5 GWh of electricity.
The acquisition of Gran Sasso S.r.l. by Hera followed those of Fucino Gas, Alento Gas (Francavilla), Julia Servizi (Giulianova) and has allowed Hera to consolidate its presence in the region of Abruzzo, and to provide services to over 60,000 customers, in addition to the already-existing 155,000 clients in the region of Marche.
PwC Tax and Legal Services is one of the most reputable firms in Italy operating in the field of legal and tax services, with offices in 12 cities over the Italian territory (the main offices being in Milan and Rome) and approximately 700 professionals.
PwC Tax and Legal Services is part of the PricewaterouseCoopers global network.
Affidea, the leading specialist in diagnostics investigations, clinical laboratories and cancer treatment services in Europe, has announced the signing of an agreement to acquire Hiperdia Diagnostics Centres, a leading provider of high performance medical imaging services in Romania.
Hiperdia was founded in 1997 and offers high performance medical imaging, laboratory and clinical consultations in 23 medical centres operating in 12 counties in Romania. Affidea, headquartered in Hungary and registered in the Netherlands, also acquired Sanmed medical centres in 2015.
Dimitris Moulavasilis, Affidea Group CEO, said: "Having Hiperdia join the Affidea network is proof of our commitment to extend long-term medical services of excellence for the benefit of patients in Romania. We have great respect for the quality of care and operational excellence within Hiperdia. These are the values that bring us together, and I am confident that with this addition, Hiperdia will strengthen our leading position in the European high performance medical imaging services landscape.”
Dr. Octavian Lebovic, CEO of Hiperdia said: "Since its inception, the 20 years ago, Hiperdia’s main objective was to provide high-performance quality medical imaging services to provide doctors and our patients accurate and complete diagnosis. Selecting a new partner for Hiperdia was a decision I analysed carefully, and I believe Affidea is the best choice. This transaction is a guarantee that everything we have done so far in Romania is appreciated and validated at the highest level, by one of the largest healthcare providers in Europe."
In this transaction, which still requires approval from regulators, the Affidea Gorup was advised by Rizoiu & Poenaru, Clifford Chance and Skadden, Arps, Slate, Meagher & Flom (UK) LLP, and Deloitte. Bondoc & Associates and Weil, Gotshal & Manges assisted Hiperdia in the deal.
Interview with Lucian Poenaru of Rizoiu & Poenaru:
Rizoiu & Poenaru advised Affidea on issues related to Romanian law. We acted as the commercial counsel for the purchaser dealing with corporate, M&A, medical, operational and general business law matters of the transaction. We were also involved in drafting and negotiating the SPA and relevant documentation as it regards the contract law aspects of the deal.
This transaction is mostly beneficial to the recipient of the medical services covered by the parties to the deal. Thus we reckon that the deal should be read as a landmark to such medical services for diagnostics investigations, clinical laboratories and cancer treatment services. Due to its composite nature and importance in scope, the transaction was also good for the counsels involved, as it regrouped law matters of different complexity and nature, and referred to various laws applicable to the deal.
Because the transaction is still subject to further approval by the Competition Council, we cannot provide details on the deal at this point.
Nyrstar NV (Nyrstar or the ‘Company’) recently announced that it has entered into a Share Purchase Agreement (the ‘Agreement’) to sell its El Toqui mine in Chile to Laguna Gold Limited (Laguna), an Australian based mining company, for a total cash consideration of US$25 million (the ‘Consideration’), plus future proceeds through a price participation agreement with Laguna (the ‘Transaction’).
Macquarie Bank Limited has granted facilities totalling US$12,500,000 to Laguna to assist with the purchase.
The Consideration payable to Nyrstar consists of US$12 million payable in cash by the closing of the Transaction and US$13 million in milestone cash payments over a four year period following the closing of the Transaction. In addition, Nyrstar will have the opportunity to retain upside exposure to an improving commodity price environment by receiving additional cash proceeds through a price participation agreement with Laguna on the first 7.9 million tonnes of ore processed at El Toqui following the closing of the Transaction. The price participation commences above a zinc price of $2,100 per tonne and is applicable at set zinc prices. As an example, assuming a flat zinc price of $2,300 per tonne post-closing of the Transaction, Nyrstar would receive additional proceeds of approximately US$19.5 million from the price participation on an undiscounted basis.
As part of the Transaction, Nyrstar and Laguna have also agreed to enter into an off-take agreement pursuant to which Laguna will sell to Nyrstar 100% of the zinc concentrate production from El Toqui for the initial four year period following the closure of the Transaction and 85% of the zinc concentrate production thereafter. Closing of the Transaction is subject to customary closing conditions and is expected to occur within two months.
GrilloHiggins Lawyers from Melbourne, Australia, acted for Laguna, and its team was led by partner Garrick Higgins and Senior Associate Eli Davis-Ross.
Bofill Mir & Alvarez Jana Lawyers assisted Laguna in Chile. BMO Capital Markets Limited and Lazard & Co. acted as financial advisors to Nyrstar in connection with the Transaction.
CVC Capital Partners recently announced that funds advised by CVC Capital Partners (CVC) have signed a binding agreement to acquire ÅR Packaging Group AB (AR Packaging). Under the terms of the transaction, CVC will acquire 100% of the company from its current owners, Ahlstrom Capital and Accent Equity.
Founded in 2011 through the merger of A&R Carton and Flextrus, AR Packaging is one of Europe’s leading packaging companies with sales of approximately €560 million (pro forma 2015) and 2,200 employees across 17 factories in 9 countries. The company has performed strongly in recent years, posting a 27% increase in net sales last year.
Headquartered in Lund, Sweden, the group is divided into three divisions: Branded Products, Barrier Packaging and Food Packaging. Its products and solutions are predominantly used for folding carton and flexible packaging, as well as machinery systems, packaging design and development. AR Packaging has long-standing customer relationships with many of the world’s leading consumer brands in the food and tobacco segments.
The completion of the transaction is subject to customary regulatory clearances.
Herbst Kinsky advised CVC Capital Partners in this transaction regarding all aspects of Austrian law including the financing of the acquisition. The team of Herbst Kinsky was led by Christoph Wildmoser (Private Equity/Finance) supported by Philipp Baubin (Finance), Alexander Weber (Corporate/Private Equity), Carl Walderdorff (Finance), Matthäus Metzler (Regulatory), Bianca Möller (Commercial), Tanja Lang (Employment) and Johannes Frank (Real Estate). The Swedish firm Cederquist was Lead Counsel.
CVC Capital Partners was also advised by Citigroup Global Markets, KPMG and Bain&Company.
