Precede Capital Partners (“Precede Capital”), the real estate development lending platform, today announces that it has received B Corp certification, signifying the firm’s commitment to ESG and responsible business practices. This designation follows a rigorous assessment and verification process.

Administered by the global non-profit organisation B Lab, B Corp certification is granted to companies which are part of a global community of businesses that meet high standards of social and environmental performance, transparency and legal accountability. While over 1,100 UK-headquartered businesses have now achieved B Corp status, as of February 2023, fewer than 40 of these firms were in the real estate sector, with an even smaller number of real estate investment managers.

Since launching in March 2021 with the backing of TowerBrook Capital Partners – the first mainstream private equity firm globally to receive B Corp recognition – Precede Capital has developed a proprietary Green Loan product to offer financial incentives to developers that mitigate the increased costs associated with building low-carbon, environmentally sustainable homes. The firm’s broader ESG framework is focused on instilling sustainability values into lending products and asset management services and also creating a values-led culture, with strong business ethics, which invests in human capital both inside and outside of the business.

These commitments are reflected in Precede Capital’s recent deals. This year, the firm provided a £227 million whole-loan facility to Downing Living for First Street, a development in the heart of Manchester with heating provided by air source heat pumps, EV charging points and rooftop solar PV provision. In addition, Precede Capital is facilitating one of Birmingham’s largest regeneration projects with its £188 million whole-loan facility to finance the Great Charles Street development, which is targeting BREEAM ‘Excellent’ for its commercial areas and expected to achieve strong energy performance and a low Scope 1 and 2 emissions profile.

Karen Dunstan, General Counsel and co-founder of Precede Capital, said: “We are acutely aware that the built environment has a unique role to play in tackling climate change, and have therefore built a platform with deeply embedded social and environmental values which guide our business strategy. Receiving B Corp certification was a milestone we were naturally determined to achieve. By continuing to provide developers with a financial incentive to meet pre-agreed sustainability targets, we can help support the creation of a truly sustainable UK residential sector.”

Randeesh Sandhu, CEO and co-founder of Precede Capital, said: “We founded Precede with the backing of TowerBrook Capital Partners, the first mainstream private equity firm in the world to receive B Corp recognition, and from the outset we have put ESG at the heart of our approach. Almost three years on, the business case for providing sustainable finance and lending opportunities is stronger than ever. With important regulation such as the Future Homes Standard on the horizon, it is critical that we continue to empower our partners and future-proof their projects, as part of the wider effort to deliver the new homes the UK urgently needs.”

TowerBrook Capital Partners L.P. (“TowerBrook”), the New York and London-based international investment firm, today announced a majority equity investment in Demakes Enterprises, LLC (“Demakes”, or the “Company”), a manufacturer of value-added protein products. The partnership between TowerBrook and Demakes positions the Company to continue building on a 100+ year legacy of delivering healthy and convenient specialty protein products to a growing base of retailers and consumers.

Founded in 1914 in Lynn, Massachusetts, Demakes is a fourth-generation family business that develops and manufactures a broad assortment of over 250 specialty protein products across three brands (Old Neighborhood, Waterhill Organics, and Thin N’ Trim) and private label. The Company’s products are oriented toward consumers’ growing demand for “better-for you” products (e.g., organic, antibiotic-free) and convenience (e.g., ready-to-eat, ready-to-cook). Demakes’ manufacturing process includes high-pressure processing technology, which delivers superior shelf life and food safety. The Company has been a critical supplier to grocery retailers and foodservice distributors and plans to leverage the TowerBrook partnership to continue delivering high quality service and innovative products to its customers.

“We are thrilled to partner with the Demakes family to continue to build on the company’s legacy. Over the last century, Demakes has consistently delivered an innovative portfolio of products that resonate with U.S. consumers’ increasing demand for convenient, health-conscious choices,” said Michael Recht, Managing Director of TowerBrook. “We believe that combining the company’s core strengths with our experience scaling and growing consumer brands will foster an exciting phase of expansion both organically and through targeted acquisitions in coming years.”

Andrew Demakes, Chief Executive Officer, Elias Demakes, Vice President of Sales, and Timothy Demakes, Vice President of Plant Operations, will continue managing the Company in their current leadership roles while maintaining a significant minority stake in the Company.

“We believe TowerBrook is an ideal partner for Demakes given the firm’s track record of scaling family-owned businesses and significant knowledge of the food space,” stated Andrew Demakes. “My brothers and I look forward to partnering with TowerBrook to build upon the legacy of the company by expanding the reach of our distribution channels and bringing our high-quality, innovative protein products to more customers across the U.S.”

Funds managed by the Credit Group of Ares Management acted as administrative agent and provided the term loan financing for the transaction together with funds affiliated with Benefit Street Partners, Willow Tree Credit Partners, and Monroe Capital, LLC. Wells Fargo Bank National Association, as administrative agent, will provide a go-forward asset-backed revolving line of credit for the Company.

Stifel served as financial advisor and Sidley Austin acted as legal counsel to TowerBrook. Estabrook Advisors served as financial advisor and ArentFox Schiff acted as legal counsel to Demakes.

Eurazeo Small-mid buyout strategy, together with the Partners of EFESO announce today they have signed an agreement with TowerBrook Capital Partners to become a reference shareholder in EFESO Management Consultants, a leading international consulting pure player in operations strategy and performance improvement. Eurazeo has been supporting the company as a majority shareholder since 2019 and will be reinvesting through its successor fund, as part of a co-control framework with TowerBrook Capital Partners. The EFESO Partners will consolidate their shareholding in the company, with over 65 Partners substantially reinvesting their proceeds. Additionally, there are plans to open the capital pool to more than 100 Principals and Managers. The transaction remains notably subject to applicable regulatory approvals.

Under the terms of this agreement, EFESO Management Consultants would be valued at approximately €450 million. Eurazeo’s invested capital would yield a cash-on-cash multiple of approximately three times and an internal rate of return (IRR) of 24%. Upon closing of this transaction, approximately €90m would be returned to Eurazeo balance sheet net of reinvestment.

Active in 70 countries, EFESO works side-by-side with its clients – from global premier brands to mid-sized organizations, privately-owned growing businesses, and Private Equity – to accelerate their transformation and future-proof their operations, relying both on its consulting services and the group’s one-stop-shop operational excellence SaaS platform, Solvace.

Over the last five years, EFESO has tripled in size, generating over €200m in revenue in 2023. The group has reinforced its leading position across operations strategy and performance improvement, while simultaneously pursuing its international expansion, achieving strong organic growth accelerated by a proven buy & build strategy. These have allowed EFESO to reach critical mass in the DACH and US markets, while reinforcing its positions in key industries as well as Private Equity. EFESO has also significantly strengthened its capabilities in product costing, innovation to industrialization, value engineering and decarbonation.

EFESO Management Consultants’ teams, Eurazeo and TowerBrook share the ambition of further amplifying the group’s international growth, capitalizing on its pure player positioning and its growing blue chip client base. Its position as a leading international pure player aims to continue to attract the best talents in the industrial operations world.

This new chapter will aim to further boost the growth of Solvace, EFESO’s fast expanding SAAS scale-up that brings digital power to Operational Excellence.

EFESO will be able to leverage TowerBrook and Eurazeo’s extensive global networks, as well as TowerBrook’s deep sectoral expertise in capital light service providers such as management consultants, technology, network operators, distribution, and outsourcing companies. Eurazeo will be investing approximately €115 million in equity in this new transaction, and more than €290m together with TowerBrook and EFESO Partners.

Bruno Machiels, co-CEO of EFESO Management Consultants, declared:

“EFESO grew substantially thanks to the quality of our talents reinforced by new outstanding teams. Our current performance shows that clients value more and more the tangible results we realise and anchor together with them, exploiting our deep expertise. We welcome TowerBrook and Eurazeo as strong partners to continue our growth journey.”

Luca Lecchi, co-CEO of EFESO Management Consultants, declared:

“During the last years our passionate consultants (including many new talents and teams) have significantly increased the breadth and the depth of our capabilities to better serve our customers. Together with our current and new financial partners we are excited to further strengthen our position of leading international pure player in operations strategy and performance improvement covering major industrial sectors.”

Jean Rollier and Fahd Elkadiri, Managing Directors, TowerBrook Capital Partners, declared:

“We are proud to be investing in EFESO and partnering with Eurazeo and the management team. EFESO’s expertise, its strong positioning in its core markets and the quality of its people and management team were the main factors influencing our investment decision. We are confident there continue to be important growth opportunities for the company, and we very much look forward to supporting the business in its next phase of growth with the full contribution of our global TowerBrook eco-system.”

Pierre Meignen, Managing Director – Small-mid buyout, at Eurazeo said:

“We are proud of the strong partnership we have created with EFESO’s management team over the last four years, and we are thrilled to renew this collaboration while welcoming TowerBrook onboard. We see significant opportunities for the group in the coming years, in Europe, the US and Asia-Pacific. We believe EFESO perfectly fits the strategy of Eurazeo PME-IV.”

Langan Engineering & Environmental Services (“Langan”) today announced that investment funds managed by TowerBrook Capital Partners (“TowerBrook”), the New York and London-based international investment firm, have entered into a definitive agreement for a minority investment in the company. Under the terms of the agreement, Langan’s management and employee shareholders will maintain majority ownership and control of the company.

This partnership aligns with Langan’s strategic vision to further propel the growth and success of the company by adding TowerBrook’s sophisticated financial and business-operations expertise and resources. The investment will enable strategic and operational enhancements to provide elevated service to Langan clients while creating career growth opportunities for Langan staff.

“Over the years, many investors have expressed great interest in Langan, and we have evaluated multiple options during this process. We found TowerBrook’s reputation and resources best suited to help Langan achieve our strategic goals,” said David T. Gockel, President/CEO of Langan. “TowerBrook excels at partnering with professional services firms. They understand the value of our people and our culture, which differentiated TowerBrook from the other investors that were under consideration.”

“We are thrilled to partner with Langan, a firm whose growth and success have been impressive,” said Walter Weil, Managing Director, TowerBrook. “Our objective is to support Langan’s strategy to further expand its operations and capabilities.”

Blackstone Credit, CPPIB Credit Investments III Inc. (a subsidiary of CPP Investments), and SMBC provided additional financing in support of the transaction.

Houlihan Lokey Capital, Inc. served as the lead financial advisor and placement agent with support from Baird. Cleary Gottlieb Steen & Hamilton LLP provided legal counsel to Langan. Kirkland & Ellis LLP provided legal counsel to TowerBrook.

The transaction is expected to close in the first quarter of 2024. Financial terms of the transaction were not disclosed.

Team EIFFEL is broadening its horizons in its mission to guide governments and organizations towards a sustainable future. Alongside its successful growth strategy in the Netherlands, Team EIFFEL is exploring opportunities to expand its services across Europe. The transatlantic investment management firm TowerBrook Capital Partners (“TowerBrook”) will partner with existing shareholder Gilde Equity Management (“Gilde”) to help make this mission a success, subject to advice from the Central Works Council and approval from European competition authorities.

Success Story in the Netherlands

The success story of Team EIFFEL began over thirty years ago and accelerated when Gilde Equity Management acquired the business in 2018. Supported by Gilde Equity Management, Team EIFFEL experienced strong organic growth, whilst simultaneously acquiring a number of successful market players in the Netherlands. Today, Team EIFFEL operates as a specialist professional services provider for businesses and (local) governments, leveraging its expertise in fields such as legal, finance, project management, supply chain management, and data to deliver smart solutions for complex organizations.

As a now firmly established organization of over 2,500 consultants, the Company is ready for the next phase of growth. Gert-Jan Meppelink, CEO, states: “With Gilde as a strong and committed shareholder, a dedicated, talented management team, a group of highly skilled expert consultants and sound strategic choices in brand, culture, and service, we have managed to grow to where we stand today. We aim to enhance our impact by not only continuing to grow in our home market but also by developing our service offering across Europe. We are pleased to welcome TowerBrook as a new shareholder and we are looking forward to delivering these ambitious plans together.”

New Partnership with Global Investment Firm

Gilde Equity Management has great confidence in Team EIFFEL’s future and remains engaged as a shareholder. Alongside Gilde, TowerBrook Capital Partners, the transatlantic investment management firm, is joining as a new majority shareholder to facilitate further growth in the Netherlands and expansion into international markets. TowerBrook has extensive experience in partnering with businesses that are growing strongly and profitably and supporting them in their next phase of growth. TowerBrook is the first mainstream private equity firm to be certified as a B Corporation, demonstrating leadership in its commitment to environmental, social and governance (ESG) standards and responsible business practices.

Commenting on the acquisition, Joseph Knoll, Managing Director at TowerBrook, said: “We are very excited to partner with the Team EIFFEL management team and Gilde Equity Management for the next chapter of growth. We have been hugely impressed by the company’s market reputation, high quality service offering, management expertise and successful historical growth. We believe that TowerBrook is well-placed to support Team EIFFEL as it continues its expansion in the Netherlands and internationally.”

Gerhard Nordemann, Managing Partner at Gilde Equity Management, is also very pleased: “Team EIFFEL’s success in recent years is a true team achievement. We are very proud of the journey we have made together and look forward to entering a new growth phase, with TowerBrook as an absolute enhancement of the team.”

Team EIFFEL was advised by Citi (M&A), Simmons & Simmons (Legal), EY (Finance) and BCG (Commercial).
TowerBrook was advised by RBC (M&A), 1602 Corporate Finance (M&A), Roland Berger (Commercial), Alvarez & Marsal (Finance), Goodwin (Legal), and Loyens & Loeff (Legal).

McLean, VA (July 5, 2023) — Today Mars, Incorporated, a family-owned, global leader in confectionery, food, and pet care products and services, announced that it has signed an agreement to acquire Kevin’s Natural Foods, a high-growth, nutritious meal company, to join its leading brands in the Mars Food & Nutrition segment.

Kevin’s makes chef-inspired sous-vide meals, sides, and sauces. Using whole foods and simple ingredients, it meets the needs of today’s busy consumers by helping them eat healthier food within minutes, without sacrificing on bold world flavors. Kevin’s has enjoyed double-digit growth since it was founded in 2019 and is now available across 17,000+ retail locations, from grocery stores and supermarkets, through to digital commerce. Kevin’s Natural Foods will operate as a standalone business within Mars Food & Nutrition, reporting to its President, Shaid Shah.

Kevin’s Natural Foods will play a key role in Mars Food & Nutrition’s ongoing journey to enable delicious, healthier eating to be part of consumers’ daily lives. Kevin’s products will complement Mars Food & Nutrition’s core portfolio and recent product innovations.

Shaid Shah, Global President, Mars Food & Nutrition said: “We are excited to welcome Kevin’s Natural Foods to the Mars Food & Nutrition family of businesses. We have been hugely inspired by Kevin’s, a business whose mission fits squarely with our purpose: Better Food Today. A Better World Tomorrow. Kevin’s products are of a very high quality, nutritious, and convenient, without compromising on flavor, and are enjoyed by an engaged and loyal customer base across North America. The Kevin’s Natural Foods team has delivered impressive growth since it was founded four years ago, and we look forward to drawing on our experience of nurturing and scaling founder-led brands to help bring their products to even more people.”

Co-founded by Dan Costa, Kelsie Costa-Olson, and Kevin McCray, Kevin’s Natural Foods was born out of Kevin’s desire to be healthier himself, as well as to help other people eat well. Founded in 2019, the company is headquartered in Modesto, California, and has approximately 180 employees, with products currently sold in the U.S., U.K., Canada and Mexico.

Kevin McCray, President and Co-Founder of Kevin’s Natural Foods, stated: “Mars Food & Nutrition shares our vision and passion for the role food plays in people’s lives. We founded Kevin’s with the mission to empower even the busiest people to eat nutritious, great tasting meals in minutes. Joining the Mars Food & Nutrition portfolio of brands will allow us to accelerate the development of more product innovations and support our mission of bringing Kevin’s to more consumers across markets.”

“As a standalone business within Mars Food & Nutrition, we’ll be able to maintain the entrepreneurial spirit and authenticity of our brand while getting the support and capabilities to continue our long-term growth journey. It’s a tremendous milestone for Kevin’s Natural Foods and our team, and we’re excited for what’s ahead,” Dan Costa, CEO and Co-Founder of Kevin’s, added.

This acquisition includes an exit of Kevin’s minority partners, TowerBrook Capital Partners L.P., an international investment management firm, and NewRoad Capital Partners.

The transaction is subject to customary regulatory approvals and expected to close in the third quarter of 2023. The terms of the transaction were not disclosed.

The Independents Group (‘The Independents’ ‘the group’) today announces a USD 400 million investment led by TowerBrook and FL Entertainment to accelerate its development and international expansion. The group has seen more than five years of strong growth since its creation in 2017, and now reaches a new milestone with this significant investment which will support the Company in realising its ambition to more than double in size by 2025, through a strong acquisition strategy and dynamic international expansion.

The leading global marketing and communications group for luxury and lifestyle brands, The Independents is a cross-sector leader, encompassing communications and digital marketing, experience, content creation and influencer strategy through its synergistic portfolio of six world renowned agencies:  Bureau Betak & Bureau Future, K2, Karla Otto, Lefty, Prodject, and The Qode. Revenue for the group in 2023 is expected to reach USD 450 million, equally split between Asia, the USA and Europe & the Middle East.

Following the successful recent debt financing lead by BIL, Société Générale, LCL, La Banque Postale and CIC Private debt, the investment from TowerBrook and FL Entertainment finalises The Independents’ USD 400 million fundraising. The partnership with TowerBrook – the London and New York-based international investment firm with strong experience in supporting companies with high growth potential – and FL Entertainment – a global independent leader in the entertainment industry with unparalleled expertise in bringing together entrepreneurs of the entertainment industry  – will bring the financial backing and expertise necessary for The Independents to accelerate its growth trajectory, both organically and via an ambitious acquisition strategy. This new partnership will allow The Independents to further consolidate its position as a global communications, marketing and event management partner to the most iconic luxury brands in the world.

The Independents’ robust growth trajectory since its creation demonstrates the strength of its positioning as well as the success of its careful consolidation strategy, which offers its 380 top-tier clients unparalleled knowledge, access, and resources to execute relevant projects in localised markets around the world. This latest successful fundraising round will further cement the Group as a pioneer in brand positioning for luxury, fashion, design, lifestyle, hospitality, and the arts.

Isabelle Chouvet, Chief Executive & Founder of The Independents Group, adds:

“Clients’ briefs are increasingly fluid and call for a new way of combining practices; our carefully curated build up strategy of connecting the best-in-class agencies and industry pioneers allows us to deliver a comprehensive and holistic range of actionable solutions. The substantial investment gives us the capacity to further execute our innovative, integrated services worldwide. ”

Fahd Elkadiri and Edouard Peugeot, Managing Directors at TowerBrook said:

“We are proud to be investing in The Independents and partnering with passionate and experienced founders as well as the other partners forming this committed and talented team. We have been highly impressed by the Company’s history of growth to date, which was made possible by the quality of its people, the strength of its service offering, and a sound consolidation strategy, which allowed the Company to create a differentiated, global and one-stop-shop positioning in its market. We believe there continue to be tremendous growth opportunities for the Company, and we are as such very much looking forward to supporting the business in its next phase of development with the full contribution of our global TowerBrook eco-system.”

François Riahi, Chief Executive Officer of FL Entertainment, adds:

“This is a great opportunity to partner with a successful business within a dynamic industry, carried by strong tailwinds and that remains largely unconsolidated. We share the same entrepreneurial DNA with The Independents and there are strong similarities with our existing content & production activity. This investment demonstrates our ability to identify and capitalise on fast-growing and fragmented segments of the global entertainment industry. We are very much looking forward to working with all the talented teams of the Independents to write alongside them the next chapters of their remarkable entrepreneurial success story”

“It is very important for us to have a partner who understands not only the industry, but also the culture,” says Alexandre de Betak, co-founder of The Independents Group. “There is a natural synergy with our new partners; we are similarly building an independent portfolio of leading talents with inherent shared values at our core. More and more, our clients are looking to become cultural brands. This new investment partnership is the next logical step for us to enable that.”

The new deal will see existing partners Cathay Capital exit the group. All the partners at The Independents pay thanks to Cathay Capital for its unwavering and ongoing support and encouragement.

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TowerBrook Capital Partners (“TowerBrook”), the London and New York-based international investment firm, today announces it has acquired a majority stake in TXO, one of the first investments for its dedicated impact strategy.

TXO is a business-to-business provider of telecom asset management and asset disposal services, providing clients with end-to-end solutions for the sourcing, maintenance, reuse, recycling and disposal of their communications infrastructure. TXO’s business model supports the critical transition towards a circular economy by reducing waste and extending the life of network assets, reducing the need for new materials and reducing the environmental impact associated with their production. TowerBrook has committed to assisting with the ongoing growth and advancement of the company, which includes expanding into international markets, pursuing strategic acquisitions, and offering valuable guidance and counsel to the management team.

TowerBrook’s impact strategy builds on the firm’s capabilities as a leader in responsible ownership and impact investing. TowerBrook was the first mainstream private equity firm to be certified as a B Corp and has significant experience in delivering improved ESG performance across its private equity and Structured Opportunities (TSO) portfolios. The dedicated impact strategy is a natural evolution of TowerBrook’s established investment strategy, investing in businesses designed to generate a specific measurable social or environmental impact, while seeking to deliver market returns.

Gordon Holmes, Managing Director and Chief Investment Officer of TowerBrook, said:
“We are thrilled to announce our partnership with TXO, one of our first investments in our dedicated impact strategy. TXO is a great example of a high-impact business model with a complementary focus on societal and financial value creation. TXO is a market-leading business, growing strongly and profitably, and is led by a committed and talented management team. We are excited to support TXO in accelerating their growth and impact, while also generating positive returns for our investors.”

Darren Pearce, Group CEO of TXO, said:
“We are extremely excited to announce our new partnership with TowerBrook. At TXO, we have proudly developed into one of the largest and most respected solution providers in critical telecom network hardware and asset management services, with sustainability in our core values from the very beginning. With the opportunity to accelerate our international journey and expand our customer offering, while remaining anchored in our sustainability values, we are delighted to embark on this journey with TowerBrook.”

TowerBrook Capital Partners (“TowerBrook”), the London and New York-based international investment firm, today announces it has made a strategic investment in Envevo, one of the first investments for its dedicated impact strategy.

Envevo is a fast-growing business focused on the design and installation of EV charging points to B2B settings. The company’s capabilities cover the full project lifecycle from conception and design to construction and project management, providing turnkey engineering solutions to operators of forecourts and motorway services, private settings such as hotels and car parks, and other customers including fleet depots. Founded in 2019, Envevo has a unique service proposition, a diversified client base of large businesses, a strong management team and an attractive growth profile.

TowerBrook’s impact strategy builds on the firm’s capabilities as a leader in responsible ownership and impact investing. TowerBrook was the first mainstream private equity firm to be certified as a B Corp and has significant experience in delivering improved ESG performance across its private equity and Structured Opportunities (TSO) portfolios. The dedicated impact strategy is a natural evolution of TowerBrook’s established investment strategy, investing in businesses designed to generate a specific measurable social or environmental impact, while seeking to deliver market returns.

Gordon Holmes, Chief Investment Officer of TowerBrook, said:
“We are excited to announce our partnership with Envevo, one of the first investments in our dedicated impact strategy. Envevo is a high-quality business with a compelling business model that is helping to drive the increased uptake of electric vehicles across the UK, encouraging the use of greener energy and reduction of carbon emissions. We are thrilled to support a business like Envevo, with its unique proposition, diversified client base and strong management team, as it seeks to accelerate its already impressive growth.”

Michael Kennedy, CEO of Envevo, said:
“We are delighted to announce our partnership with TowerBrook Capital. Over the past four years Envevo has established itself as a market leader in the EV and renewables sectors and this new partnership will allow us to accelerate our business plan and capitalise on all the opportunities as the UK moves towards decarbonisation.

We are looking forward to working with TowerBrook Capital and their team to complement the existing management structure in place at Envevo. Their support will allow us to continue to grow at scale and ensure we continue to support the acceleration to net zero.

Finally, as TowerBrook Capital replace BW Ventures LLP, we would like to thank them for their contribution over the last four years.”