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.”

Validity Finance, one of the largest private commercial litigation funders in the United States, today announced that it has been awarded Certified B Corporation™ (B Corp) status. This recognition acknowledges Validity’s accountability to its stakeholders, including employees, investors, clients, and the communities in which it operates. Since its founding, Validity has been a purpose-driven organisation focused on funding meritorious litigation as a corrective measure for an unbalanced legal system, and its new B Corp status reflects this commitment.

Validity’s B Corp certification, bestowed by the nonprofit B Lab, is an acknowledgement that the company is meeting high standards of verified performance, accountability, and transparency on factors ranging from environmental sustainability to employee benefits and corporate governance. Validity is the first U.S. commercial litigation funder to achieve B Corp status, a significant milestone in the maturation of the litigation finance sector, joining such prominent companies as Patagonia, Bomba, and Warby Parker.

“The B Corp evaluation process offered an excellent framework for Validity to review and improve our policies and practices, and to affirm our commitment to making a meaningful impact for our clients and the legal community,” said Ralph Sutton, Validity’s Founder & CEO. “Since our founding five years ago, we have been guided by a promise to not only help promote fairness in the legal system, but also to adhere to the strictest ethical standards in our business operations.”

Coaction Global, Inc (Coaction), a privately‐owned specialty property and casualty (P&C) insurance company, is pleased to announce the company has become the first commercial P&C insurance company to become a certified  B Corporation (B Corp).

B Corp certification recognises a select group of businesses based on their performance, accountability, and transparency on factors from employee benefits and charitable giving to renewable energy use. Coaction, in particular, has worked hard to responsibly balance environmental, social and governance (ESG) concerns with the strategic considerations needed to achieve business objectives and benefit stakeholders. B Corp certification is one stop on Coaction’s ESG Journey, as detailed in its 2022 ESG Fact Sheet.

“Coaction is committed to fostering a supportive and inclusive environment for our current and future team members,” said Jonathan Ritz, CEO of Coaction. “We are integrating ESG risks into our ERM framework in order to thoroughly consider ESG opportunities and risks to our business.  We recognise that climate patterns are constantly changing and pose an increased risk to our industry and financial system. To accommodate this reality and achieve financial resiliency, Coaction is integrating the financial risks associated with climate change into our governance and risk management frameworks and our business strategies.”

Kevin’s Natural Foods, the mission-driven line of flavorful, ready-in-minutes sous-vide entrées, sides, and sauces empowering people to eat clean without sacrificing flavor, is proud to announce its certification as a B Corp™. The brand joins the rank of almost 4,000 purpose-led businesses around the globe meeting the highest verified standards of social and environmental performance, transparency, and accountability.

Founded in 2019 Kevin’s Natural Foods was started from a simple idea to make healthy food convenient and flavorful while being accessible to all. As the brand continues to grow, profits aren’t the only measurement of success and its quest to do business in a better way has been tangibly recognised by this certification. A true market disruptor, Kevin’s Natural Foods is the first clean refrigerated entrée brand, challenging the notion that proper nutrition can’t be as delicious as it is healthy. This B Corp certification is a testament to the brand’s commitment to creating a positive impact on how Americans eat, and its promise of taking care of its employees through special programs that provide financial security and receive top scores for providing employees both an individual and family living wage. While also supplying health and wellness programs and measuring engagement and satisfaction by employees.

“The most important aspect of our company is the people,” says Kevin McCray Co-founder and President of Kevin’s Natural Foods. “Our consumers and employees play a crucial role in the business and with this recognition we are honored to join the list of like-minded brands using business as a force for good to better our communities as a whole. Being certified as a B Corp signifies the hard work our team has put in and while we still have areas to improve on we can now rely on this new community to make even better business decisions as a whole and continue our mission of providing healthy, convenient and flavorful meals to all.”

Further, the B Corp assessment process measures performance in five categories: governance, workers, customers, community, and the environment. Through its core mission to make clean eating accessible, ongoing updates in sustainable packaging practices (estimated to reduce plastic use by 894,548 lbs in 2023), and dedication to employee care and prosperity Kevin’s Natural Foods is recognised as a company that uses the power of business to build a more inclusive and sustainable economy.

With this B Corp certification, Kevin’s Natural Foods furthers its commitment to the consumer and community by providing high-quality, clean, and healthy food without sacrificing flavor.

LONDON (09 January 2023) – Précis Capital Partners (“Précis Capital”), the real estate development lending platform, and global real estate investor QuadReal Property Group (“QuadReal”) announce today that QuadReal has acquired an interest in Précis Capital and will commit up to £1 billion to deploy into its development loans. TowerBrook, Précis Capital’s founding institutional shareholder, retains a significant shareholding. Précis Capital is concurrently rebranding as Precede Capital Partners (“Precede Capital”).

Since its launch in March 2021, Precede Capital (then Précis Capital) has originated and arranged loans totalling £1.5 billion to finance the construction of residential properties in the UK. This new partnership with QuadReal will further enhance the opportunity to provide whole loan financing solutions. With the new investment, Precede Capital expects to arrange an additional £3 billion+ of loans through capital structuring via syndication and leverage.

QuadReal Property Group is a global real estate investment, operating and development company headquartered in Vancouver, British Columbia. Its assets under management total CAN$67.1 billion, of which CAN$10 billion are real estate debt assets. The team seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves, closely aligning with Precede Capital and TowerBrook’s focus on responsible investment and their respective ESG strategies. QuadReal’s discerning approach to funding structures and development risk and its experience – including the management and development of over 60,000 residential suites globally – complement Precede Capital’s growth ambitions.

Randeesh Sandhu, CEO and co-founder of Precede Capital, said: “We are delighted to partner with QuadReal as we enter the next stage of our evolution as a reliable financing partner to high-calibre borrowers. Our specialist team has built a reputation for successfully structuring large and complex financial solutions, and this partnership with a leading global institution is a strong endorsement of our track record. We look forward to working closely with QuadReal as we continue to back sponsors and developers delivering best-in-class living assets.”

Jay Kwan, Managing Director, Head of Europe for QuadReal, said: “The living sector is one of the key pillars within our global areas of conviction. Partnering with the deep bench of seasoned professionals at Precede Capital in this area, at this time, is a natural extension of both investment priorities and advancing our real estate credit business to the UK from within North America. Working closely with the TowerBrook team and its best-in-class fiduciaries only enhances what this group of professionals can offer and achieve.” 

Joseph Knoll, Managing Director at TowerBrook, said: “Since its launch, Precede Capital has established itself as a significant provider of development lending in the UK. The new partnership with QuadReal and its extensive experience as a real estate manager and credit provider will accelerate that journey. We are excited about partnering with QuadReal and the new growth opportunities it will open for the Precede platform.”

Precede Capital was advised on the transaction by Greenburg Traurig and JLL Corporate Finance. QuadReal was advised by K&E, Deloitte and Mourant Ozannes. TowerBrook was advised by Goodwin Proctor and PwC.

Founded in 2010 by three childhood friends, Xavier Aguera, Charles Brun and Quentin Couturier, and based in Paris, IZIPIZI has grown to become a notable global eyewear brand, offering a large range of fashionable glasses, combining style and quality at attractive prices. In 12 years, the brand has diversified its product range beyond reading glasses, with the addition of sunglasses, screen glasses, children’s glasses and sports glasses. IZIPIZI is now widely recognized as a premium brand, distributing their glasses worldwide for all ages and for every occasion.

IZIPIZI has demonstrated strong growth thanks to its global reach and multichannel distribution strategy, notably through a broad wholesale network of 7,000 points of sale which includes select concept and fashion stores, designer opticians and department stores, but also through the development of its own D2C online and retail distribution notably in Paris, Brussels and London. TowerBrook will look to draw on its resources and deep sector expertise to help IZIPIZI achieve its ambition to anchor the brand as a major eyewear player globally, by accelerating its development and awareness in international markets, including key countries such as the United States where the company intends to install a local HQ.

Xavier Aguera, Charles Brun and Quentin Couturier, co-founders of IZIPIZI, said:

“We are excited to begin this new chapter with the TowerBrook team. They truly share our values, and with their extensive investment track record and global network, they have convinced us they are the right partner to help IZIPIZI accelerate its growth and achieve its ambition of becoming the leading eyewear brand globally. We are also very happy and proud to build a partnership with the first mainstream private equity firm to be certified as a B Corp. We would like to thank gratefully Jean-Pierre Guichard, founder of Manutan, and its family office MouvemenT & Finance, for their trust and all the experience and kindness brought to IZIPIZI since their investment in 2012.”

Karim Saddi, co-CEO of TowerBrook, said:

“We were very impressed by the strength and the sustainability of the IZIPIZI brand and the quality of the people who contributed to building it. It is in TowerBrook’s DNA to support and invest alongside passionate and successful founders such as Charles, Quentin and Xavier and we are looking forward to supporting the business in its next phase of growth, in France and abroad, with the full contribution of our TowerBrook eco-system.”

TowerBrook Capital Partners (“TowerBrook”), the London and New York-based international investment firm, today announces that it has agreed to acquire Premium Credit Limited (“the company”) from Cinven.

Premium Credit is a provider of premium finance for commercial and retail insurance products, as well as other specialist lending solutions.  The company has driven consistent growth through the development of a sophisticated technology platform and expansion into new product areas, building on Premium Credit’s core capabilities.

TowerBrook is an experienced investor within the financial services sector, with highly relevant expertise across fintech, insurance and specialty finance companies.  Current investments in the sector include the AA Ltd, Access Financial, Battea, CAVU Investment Partners, EisnerAmper, Orchid, Précis Capital Partners, ProSight, Rewards Network, PennantPark-TSO Senior Loan Fund and Validity Finance. In 2019, TowerBrook was certified as a B Corporation (“B Corp”), becoming the first mainstream private equity firm in the world to receive this certification which recognises the firm’s longstanding commitment to social and environmental stewardship.

Commenting on the acquisition, Joseph Knoll, Managing Director at TowerBrook, said: “We are very excited to have agreed to acquire Premium Credit, a high-quality business with strong prospects for continued growth. We have been hugely impressed by the company’s technology platform, best-in-class management team and successful diversification into new product areas, and we believe that TowerBrook is well-placed to support Premium Credit with its next chapter of growth and success.”

Tara Waite, CEO of Premium Credit, added: “After a successful period under Cinven’s ownership, we are delighted to have the opportunity to partner with TowerBrook in the years ahead.  TowerBrook has an impressive history of investing in financial services companies, is a leader in responsible ownership, and has a dual capability of an investment team and internal Portfolio Group to help us create value.  It is clear from our discussions over recent months that they will bring significant expertise to help Premium Credit go from strength to strength.  We look forward to working closely with them to realise our shared ambitions for the business.”

The transaction is expected to close in the second half of 2022 and is subject to customary regulatory and antitrust approvals.  Financial terms were not disclosed.

Orchid Underwriters Agency, LLC (“Orchid”), a specialty underwriter of catastrophe-exposed property insurance, announced today that its financial sponsors, led by TowerBrook Capital Partners L.P. (“TowerBrook”), an international investment management firm, have entered into a definitive agreement to sell the company to Brown & Brown, Inc. (“Brown & Brown”), an insurance brokerage firm. The sale comprises all of Orchid’s Managing General Underwriter (MGU) and wholesaling business, along with its High-Net-Worth segment and CrossCover Insurance Services, LLC (“CrossCover”). Financial terms of the transaction were not disclosed.

Established in 1998, Orchid is a leading administrator that represents insurance and reinsurance providers and partners with qualified independent retail brokers and select wholesale brokers. Orchid delivers proprietary and customised insurance solutions for homeowners in coastal zones and for high-net-worth customers. The Orchid management team partnered with industry veteran Scott Hanson to establish CrossCover, which provides Excess and Surplus (E&S) commercial property solutions for customers across the United States.

Orchid and CrossCover will be joining Brown & Brown’s National Programs segment. Orchid and CrossCover will continue to operate as independent entities within National Programs, including maintaining principal operations in Vero Beach and Tampa, Florida and Cypress, Texas.

John Lumelleau, Chairman of Orchid, stated, “We are proud of what we have achieved at Orchid and the carrier support and confidence we earned in doing so. Brown & Brown recognized our continuing success and the value we have built. It is especially gratifying to know that our leadership group that made this possible will have the opportunity to continue growing Orchid and CrossCover as part of the Brown & Brown National Program segment.”

Today’s announcement will help to further advance the company’s strategic growth initiatives that have been developed under the leadership of Chief Executive Officer Steve Carlsen, President & Chief Operating Officer Kathy Cody, Chief Financial Officer Michael Garamoni, Chief Underwriting Officer Ross Bowie, Chief Information Officer Carey Smith and in partnership with Scott Hanson, President of CrossCover.

Steve Carlsen added, “The announcement today is a function of the incredible work done by the Orchid team and its sponsors. We are grateful for the financial support and guidance from our partners at TowerBrook and for John Lumelleau’s counsel and mentorship. Orchid and CrossCover have ambitious plans, and we’re eager to join the team at Brown & Brown.”

“On behalf of TowerBrook, I would like to thank the entire leadership team at Orchid for their partnership over the past several years. It has been a pleasure working with them and we are grateful for the significant contributions made by Steve Carlsen and the rest of the management team in developing a number of initiatives that have grown Orchid’s business under our ownership,” said Jonathan Bilzin, Co-Chief Executive Officer of TowerBrook Capital Partners. “We believe Brown & Brown provides the right platform to foster Orchid’s continued success.”

TowerBrook Capital Partners (“TowerBrook”) has entered exclusive discussions to acquire a stake in the GSF group (“GSF”).

Owned and controlled by the Noisiez family since its establishment in 1963, GSF has grown considerably to become a reference for quality in the French cleaning sector, employing more than 41,000 people and generating 1,098 million euros in revenue in 2021.

The Noisiez family will remain significantly invested in GSF and will continue to be involved in the group’s governance bodies.

The new partnership with TowerBrook will ensure strong continuity in the strategy and management of GSF. It will support GSF in accelerating its growth, continuing to develop its activities and further diversify its service offering.

“TowerBrook is well-equipped to support GSF in its future development, due to its experience and network in the business services sector. Its overall experience of investing in companies in the French and European markets represents a real opportunity for the Group” says Christophe Cognée, President of the Management board of GSF.

“We are strongly convinced that GSF is well positioned strategically within its sector and are therefore enthusiastic about the idea of working on the development of a partnership, and actively supporting the group and its management team on its future development plans”. says Jean Rollier, Managing Director at TowerBrook.

The transaction will be subject to the approval of the relevant authorities and is expected to be finalised before summer.

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