LONDON, Oct. 7, 2024 /PRNewswire/ — H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $65 billion of capital under management, is pleased to announce that one of its affiliates has acquired a controlling interest in PolarDC Group Limited (“Polar” or the “Company”).

Polar develops, owns, and operates data center infrastructure targeting high-performance computing (“HPC”) applications. The Company’s first data center in Norway will provide up to 48MW of capacity once fully operational, and will be powered using 100% renewable, hydroelectric power. It will offer its customers best-in-class Power Usage Effectiveness, given the naturally colder Norwegian climate and modular design architecture. 100% of its initial capacity has already been presold.

The Company is actively developing several other data center projects across Europe. The Polar management team has extensive experience in developing and operating data center infrastructure, and H.I.G.’s investment will enable the Company to deliver its near-term pipeline. The Company will continue to benefit from the knowledge and expertise of its early-stage investors LIAN Group, who will retain a minority stake in the Company going forward.

Andy Hayes, CEO at Polar, said, “We are delighted to partner with H.I.G. to develop our pipeline of projects. H.I.G.’s investment in the Company, combined with its track record of supporting high-growth, early-stage companies, will allow Polar to benefit from the rapid development of artificial intelligence.”

Andrew Liau, Co-Head of H.I.G. Infrastructure, said, “We are extremely excited by this transaction as data center infrastructure is becoming an increasingly critical enabler of the next wave of digital transformation. We look forward to working with Polar’s highly respected management team and our co-investor, LIAN Group, by bringing H.I.G.’s extensive capabilities and relationships to support the Company’s growth.”

Fiorenzo Manganiello, Co-Founder of LIAN Group, added, “Polar’s future-proofed infrastructure will deliver truly innovative solutions as connectivity, power, and cooling demands grow among the world’s leading cloud computing providers.”

About Polar

Polar is a European owner and operator of HPC data center facilities. Its data centers are designed to facilitate the use of High-Performance Computing for Artificial Intelligence workloads. The company provides a full service offer from design through initial implementation and ongoing operations and prioritizes sustainability by relying on 100% renewable energy sources coupled with attractive PUE metrics. Polar’s design philosophy is modular to facilitate flexible scale with minimum business disruption. For more information, please visit polardc.com.

About LIAN Group

LIAN Group is an investment firm building and funding successful companies in the most impactful industries, while collaborating closely with accomplished entrepreneurial leaders. LIAN Group focuses on opportunities in the Healthcare, Digital Assets, and Infrastructure sectors. For more information, please visit liangroup.io.

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About H.I.G. Capital

H.I.G. is a leading global alternative investment firm with $65 billion of capital under management.* Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/value-added approach:

• H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
• H.I.G.’s debt funds invest in senior, unitranche, and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. also manages a publicly traded BDC, WhiteHorse Finance.
• H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
• H.I.G. Infrastructure focuses on making value-add and core plus investments in the infrastructure sector.

Since its founding in 1993, H.I.G. has invested in and managed more than 400 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $53 billion. For more information, please refer to the H.I.G. website at hig.com.

*Based on total capital raised by H.I.G. Capital and affiliates.

Contact:

Andrew Liau
Managing Director
[email protected]

Michael Pothitos
Principal
[email protected] 

H.I.G. Capital
10 Grosvenor Street
2nd Floor
London W1K 4QB
United Kingdom
+44 (0) 207 318 5700
hig.com

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RAMALLAH, Palestine, Oct. 7, 2024 /PRNewswire/ — Arab Palestinian Investment Company (APIC) has announced entering into a strategic partnership with Reema Hygienic Paper Company (Reema) through the acquisition of a 51% stake in the company. The agreement was signed by Tarek Aggad Chairman and CEO of APIC, and Reema shareholders:  Nabil and Omar Alhaj Abed, Jadallah Jadallah, and Al Hur investments Co. represented by Lana Alhaj Abed and Nadine Issa.

Aggad stated that this acquisition aligns with APIC’s strategy to bolster its investment footprint in Palestine, with a particular focus on the manufacturing and consumer goods sectors. Aggad emphasized that, despite the harsh and challenging conditions in Palestine due to the ongoing war on Gaza, APIC’s investment underscores its unwavering commitment to supporting local industries and employment in Palestine.  Furthermore, this move is set to deliver significant value to APIC, its subsidiaries, shareholders, and the communities in which it operates.

Aggad emphasized that this acquisition represents the onset of a promising partnership that is expected to drive significant value creation for both parties. Through this investment, APIC will partner with the existing shareholders to further institutionalize and expand the business particularly by uplifting its sales through APIC’s subsidiary, Unipal, which is the leading and largest distributor of fast-moving consumer goods in Palestine with a vast network of over 6,000 retail outlets.

Aggad further affirmed that the “Reema” brand name will be preserved, and the current shareholders and directors will continue in their roles, collaborating with APIC to advance the company’s growth trajectory.

Nabil Alhaj Abed expressed his pride in signing this strategic partnership, affirming that the next phase will witness close cooperation with APIC’s management to steer Reema’s development in alignment with its future vision and aspirations. He added that this collaboration will accelerate the company’s growth, enhance its market presence locally and regionally and foster innovation.

On his part, Jadallah Jadallah said that Reema, which was founded in 1982, stands as the premier player in Palestine’s sanitary paper industry, employing over 90 skilled professionals across manufacturing, marketing, sales, and logistics, with a market share of around 40%.

APIC is a public shareholding investment holding company listed on the Palestine Exchange (PEX: APIC). It holds diversified investments across the manufacturing, trade, distribution and service sectors in Palestine, Jordan, Saudi Arabia, the United Arab Emirates, Iraq and Turkey through its group of subsidiaries: Siniora Food Industries Company; Unipal General Trading Company; Palestine Automobile Company; Medical Supplies and Services Company; National Aluminum and Profiles Company (NAPCO); Sky Advertising and  Public Relations and Event Management Company; Arab Leasing Company and Arab Palestinian Storage and Cooling Company, employing over 3,150 staff through its group of subsidiaries.

For more information on APIC, visit www.apic.ps

For more information on Reems, visit www.reema.ps

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Adyen, the global financial technology platform of choice for leading businesses, today announces the appointment of Ben Wong as General Manager, Southeast Asia and Hong Kong. In his new role, Ben will oversee the company’s commercial operations in the region, focusing on growth strategies and strengthening partnerships in key markets like Singapore, Malaysia and Hong Kong.

A Singaporean native, Ben joined Adyen in 2016 in a technical role where he acted as a technology consultant to deliver strategic counsel to enterprises, at a time when the payments industry was in its nascency. Since making the switch to sales in 2017, Ben has led the company to major successes across retail, ecommerce, hospitality industries. His technical acumen, coupled with a deep understanding of the market and merchants’ needs has also allowed him to guide the commercial teams to deliver cross-channel payments excellence to businesses in Singapore.

Prior to Adyen, Ben spent half a decade working in fintech, information technology and project management. His tenure at previous organizations built a strong foundation for technical expertise and problem-solving skills in the fast-evolving payments industry.

“We are thrilled to have Ben in this new role, bringing his expertise and insights from working with customers in different sectors to the broader region,” said Warren Hayashi, President, Asia Pacific at Adyen. “Singapore, Malaysia and Hong Kong have been pivotal markets for us and with Ben’s demonstrated experience in Adyen, we are confident that he will lead the region to address the ever-evolving needs of our customers.”

“I am honored to step into this new role and contribute to Adyen’s continued growth,” said Ben Wong, General Manager, Southeast Asia and Hong Kong at Adyen. “My deep roots in the industry fuel my drive for creating exceptional experiences for consumers and building strong, lasting partnerships with our customers. I look forward to driving the business forward and achieving sustained growth for our customers and us in a region filled with immense potential.”

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