Fintech PR
Neuberger Berman Private Markets, EQT and CPP Investments Form Consortium to Acquire Leading International Schools Organization Nord Anglia Education
- The new majority ownership group will help to strengthen Nord Anglia’s mission of delivering world-class education and cultivating the next generation of global leaders and innovators
- Transaction values Nord Anglia at USD 14.5 billion, underscoring its leadership in the global education sector
- Global institutional investors will diversify Nord Anglia’s shareholder base, bringing long-term support for sustained growth and stability
STOCKHOLM, Oct. 21, 2024 /PRNewswire/ — Neuberger Berman Private Markets, EQT, and Canada Pension Plan Investment Board (“CPP Investments”), together with global institutional investors (collectively the “Consortium”), today announced the signing of definitive share purchase agreements in Nord Anglia Education (“Nord Anglia” or the “Company”) for an enterprise value of USD 14.5 billion. Existing owners EQT and CPP Investments will remain shareholders in the Company through a new fund investment and reinvestment, respectively.
Nord Anglia is a leading international schools organization, operating over 80 schools in 33 countries and educating more than 85,000 students from ages 2 to 18. Its students consistently achieve excellent academic results, with Year 12 graduates frequently accepted into the world’s top 100 universities. Central to Nord Anglia’s educational philosophy is its personalized learning approach, where teaching is tailored to each student’s unique learning style. Learning experiences are further enhanced through Nord Anglia’s exclusive global partnerships with distinguished institutions such as UNICEF, MIT, Juilliard, and IMG Academy, alongside the Company’s proprietary digital learning platforms.
The announced agreement to acquire Nord Anglia further extends EQT’s longstanding relationship with the Company, which began with its initial investment in 2008. In 2017, EQT strengthened its commitment by increasing its stake in the Company and welcoming CPP Investments as a partner. EQT and CPP Investments now continue their support of Nord Anglia, joined by Neuberger Berman, and other global institutional investors. EQT is investing in Nord Anglia through its BPEA Private Equity Fund VIII. CPP Investments will reinvest a portion of its stake in support of the acquisition.
Neuberger Berman, as a new strategic partner, will play an integral role in strengthening the Consortium’s commitment to supporting Nord Anglia’s continued growth through both organic and inorganic strategies. Alongside Neuberger Berman, EQT, and CPP Investments will continue their close collaboration with Nord Anglia to guide the Company into its next phase and enhance its ability to deliver world-class education in key global markets.
“Nord Anglia’s extensive track record and unwavering commitment to supporting over 85,000 students worldwide uniquely positions the company for future growth. We are honored to lead a consortium of investors who share our passion for delivering exceptional educational experiences,” said David Stonberg, Managing Director at Neuberger Berman. “We are excited to partner with the EQT team, whose deep industry expertise and proven collaboration with Nord Anglia’s management enhance this investment,” added Jonathan Shofet, Managing Director at Neuberger Berman. “Together with CPP Investments, we aim to support Nord Anglia’s mission of delivering world-class education.”
Jack Hennessy, Partner within the EQT Private Equity advisory team, said, “EQT has had the privilege of partnering with Nord Anglia since 2008, and we’ve developed a deep connection with this exceptional business. Over the years, we’ve witnessed Nord Anglia grow from six schools to more than 80 which today serve more than 85,000 students across the globe. Alongside this growth, we’re proud to have helped elevate teaching excellence through industry-leading partnerships established under our ownership. With today’s announcement, we are thrilled to continue this journey with Neuberger Berman, CPP Investments, and our global institutional co-investors, and support Nord Anglia’s continued success and innovation in the global education space.”
Caitlin Gubbels, Senior Managing Director & Global Head of Private Equity, CPP Investments, said, “Nord Anglia was CPP Investments’ first direct equity investment in the private education sector, and we are proud to have been a partner, alongside EQT, in its growth globally over the years. Our reinvestment allows us to remain committed to Nord Anglia while delivering an attractive return to the CPP Fund. We are highly confident in the growth potential of the sector and look forward to working with new investors.”
Andrew Fitzmaurice, Chief Executive Officer, Nord Anglia Education, said, “Families choose our schools because we help our students gain the academic outcomes, confidence, and life skills they need to succeed in the future. At the heart of our students’ achievements are our high-quality teachers. Our ability to attract and develop outstanding teachers sees us receive over 60 applications for every teaching vacancy, reflecting the strength of our world-class professional learning program and career pathways. Since day one, EQT and CPP Investments have shared our educational philosophy and with the addition of Neuberger Berman, we are further strengthening this successful partnership. Focused on improving students’ outcomes, we will accelerate our research of new teaching and learning practices, curricula innovation, and the growth and development of our global teaching community.”
Goldman Sachs, J.P. Morgan, and Morgan Stanley are serving as lead financial advisors to Nord Anglia, Lazard is serving as private capital advisor to Nord Anglia, and Deutsche Bank and HSBC are serving as financial advisors to Nord Anglia. Latham & Watkins is acting as legal advisor to Nord Anglia. Debevoise & Plimpton and Ropes & Gray are acting as legal advisors to EQT.
With this transaction, BPEA Private Equity Fund VIII is expected to be 80-90 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on target fund size and subject to customary regulatory approvals.
The information contained herein does not constitute an offer to sell, nor a solicitation of an offer to buy, any security, and may not be used or relied upon in connection with any offer or solicitation. Any offer or solicitation in respect of BPEA Private Equity Fund VIII will be made only through a confidential private placement memorandum and related documents which will be furnished to qualified investors on a confidential basis in accordance with applicable laws and regulations. The information contained herein is not for publication or distribution to persons in the United States of America. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold without registration thereunder or pursuant to an available exemption therefrom. Any offering of securities to be made in the United States would have to be made by means of an offering document that would be obtainable from the issuer or its agents and would contain detailed information about the issuer of the securities and its management, as well as financial information. The securities may not be offered or sold in the United States absent registration or an exemption from registration.
Contacts:
For Neuberger Berman:
Alex Samuelson, +1 212 476 5392, [email protected]
For EQT:
EQT Press Office, [email protected]
For CPP Investments:
Connie Ling, +852 3959 3476, [email protected]
For Nord Anglia Education:
James Russell, +44 (0) 7770 365437, [email protected]
Edward Simpkins +44 (0)7947 740551, [email protected]
This information was brought to you by Cision http://news.cision.com
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Fintech PR
COCA Celebrated Major Achievements in Q3 2024 with Product Innovations and Community Milestones
LONDON, Oct. 22, 2024 /PRNewswire/ — COCA, the pioneering crypto super app, reported an outstanding Q3 2024, marked by significant product launches, increased user adoption, and vibrant community activities. As the company moved into Q4, it reflected on a quarter that saw various innovations, including the launch of the world’s first Solana-enabled MPC wallet, physical debit cards, and strategic partnerships, which drove both platform growth and user engagement.
A Quarter of Unprecedented Growth and Innovation
COCA experienced substantial growth in Q3, surpassing 138,000 total unique users and 600,000 wallets. Over 9,000 debit cards were ordered and a total transaction volume exceeded EUR 750,000, demonstrating the increasing popularity of COCA’s offerings.
Key highlights included:
- Launch of Physical COCA Debit Cards: COCA introduced physical debit cards that integrated with the app, enabling users to make everyday crypto payments at millions of merchants worldwide, wherever Mastercard was accepted.
- Revolut Pay Integration: Users gained the ability to fund their COCA wallets quickly and securely through Revolut Pay, which simplified access to digital assets.
- Stellar Blockchain for Cost-Effective Top-Ups: The addition of $USDC top-ups via the Stellar blockchain ensured faster and more cost-effective transactions for users.
- BASE Chain Integration: The COCA wallet expanded its capabilities by supporting the BASE chain, a Layer-2 Ethereum network developed by Coinbase, enhancing scalability, reducing costs, and accelerating settlement times.
- Solana-Enabled MPC Wallet and Card: COCA launched the world’s first Solana-enabled MPC wallet and debit card, combining top-notch security with the speed of the Solana network, which allows users to transact with SOL coins seamlessly and spend them globally.
Community Engagement and Strategic Partnerships
COCA’s community initiatives flourished throughout the quarter:
- COCA Points Program: Season 2 concluded with over 22,000 new participants, awarding $3,500 and five Wirex Pay Nodes to top users. Season 3 launched with 11,000 users already participating.
- First-Ever Meme Competition: The company’s Discord saw a surge in creative content during a meme competition, where participants competed for a $150 prize pool, showcasing the community’s creativity.
- Partnership with Whale by Wirex: The integration with Whale, a Web3 mini-app, offered users ways to earn $WXW tokens by completing blockchain and AI-related quests, providing engaging learning opportunities and rewards.
- Farcaster Presence and New Support Webpage: COCA expanded its digital presence by joining Farcaster, a decentralized social network, and launched a revamped support page featuring comprehensive resources for users.
Pavel Matveev, COCA’s Strategy and Product Advisor, remarked: “Q3 2024 was a transformational period for COCA, with substantial strides in product development and community engagement. Our innovations, from Solana-enabled MPC wallets to physical debit cards, positioned us at the forefront of the evolving crypto landscape. As we move forward, we remain committed to driving mass adoption through continuous innovation.”
For more details on COCA’s recent advancements and to participate in the ongoing COCA Points Program, visit coca.xyz.
About COCA
COCA is a next-generation crypto super app designed to simplify and secure the crypto experience for users worldwide. With innovations in security, usability, and integration, COCA is at the forefront of the digital asset revolution. For more information, visit coca.xyz.
Photo: https://mma.prnewswire.com/media/2536968/COCA_Big_Wins_Q3_2024.jpg
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View original content:https://www.prnewswire.co.uk/news-releases/coca-celebrated-major-achievements-in-q3-2024-with-product-innovations-and-community-milestones-302282961.html
LONDON, Oct. 22, 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 Rainham Industrial Services Limited (“Rainham” or the “Company”), a leading UK provider of industrial installation, maintenance, and refurbishment services to the power generation, energy from waste, nuclear and manufacturing sectors. The Company’s executive management, which currently owns the business, will reinvest alongside H.I.G. Terms of the transaction were not disclosed.
Rainham provides clients with mechanical, access, insulation, painting, and cleaning services in demanding industrial end markets. It operates from four locations across the UK and has built a strong reputation for quality delivery and an award-winning health and safety capability.
Rainham’s existing management team will remain in place to continue driving the Company’s growth and future development. Rainham benefits from exposure to an ageing UK industrial base and a growing power generation market, as well as customer relationships that span decades. The Company also intends to grow and expand its service offering through selective M&A.
Tim McCarthy, CEO of Rainham, said, “Rainham has built its success by focusing on exceptional service, quality, and safety, which will continue to be the cornerstones of the business going forward. We are excited for the future and believe that by working closely with H.I.G., we can continue to deliver growth in a large and growing end-market.”
John Harper, Managing Director of H.I.G. in London, said, “The UK’s industrial and infrastructure base is set for significant transformation in coming years. We are excited to partner with Rainham’s highly experienced management team to build on their success to date, delivering critical maintenance and development services to asset owners. We both see significant scope for growing the business in adjacent sectors and add-on acquisitions.”
About Rainham Industrial Services
Rainham provides specialist industrial services that support the installation, maintenance, refurbishment, decommissioning and replacement of large industrial plants and infrastructure sites. The business covers the UK from four offices and serves the power generation, energy from waste, nuclear, petrochemical and manufacturing sectors. For more details see rainhamis.com.
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 middle market 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 its affiliates.
Contact:
John Harper
Managing Director
[email protected]
Adam Taylor
Principal
[email protected]
H.I.G. Capital
10 Grosvenor Street
2nd Floor
London W1K 4QB
United Kingdom
P +44 (0) 207 318 5700
hig.com
Logo – https://mma.prnewswire.com/media/2524016/HIG_Europe_Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/hig-capital-acquires-rainham-industrial-services-302282313.html
Fintech PR
Thunes Unveils QR Code Payments Solution Connecting Global Financial Apps to China’s Cashless Economy
Empowering foreign mobile wallets and financial institutions with seamless access to Chinese QR code payments
LONDON and BEIJING, Oct. 22, 2024 /PRNewswire/ — Thunes, the Smart Superhighway to move money around the world, today announced the launch of its revolutionary QR Code Payments solution. This innovation allows Members of the Thunes’ Direct Global Network – including mobile wallets, neo-banks, and banks with mobile capabilities – to connect directly to China’s QR code payment systems operated by the Digital Currency Institute (DCI) and NetsUnion Clearing Corporation (NUCC). Now, users of foreign mobile wallets and financial apps traveling to China can seamlessly make payments by scanning merchant-presented QR codes for payment methods like e-CNY, Alipay, and WeChat Pay, transforming the travel experience for millions.
As China promotes its visa-free travel policies initiative to boost international tourism, Thunes’ launch of the QR Code Payments solution is timely. With an anticipated surge in foreign travelers, the ability to pay using QR codes, the preferred payment method in China, is crucial for providing a smooth, convenient, and local-like experience when visiting China.
According to the Payment System Report, published by the People’s Bank of China, there has been a 25% reduction in ATMs over the past six years, highlighting the accelerating shift toward a cashless economy. Forbes further reports that mobile payments now account for over 85% of all transactions in China.
Foreign travelers often face significant challenges when paying: traditional foreign credit cards are seldom accepted, especially in street shops and at small to medium-sized merchants. Travelers typically need to download and register with local Chinese payment apps that request sensitive personal data, causing friction and inconvenience. Thunes’ QR Code Payments solution addresses these pain points by offering a seamless, secure, and user-friendly payment experience for end-users of foreign financial apps such as mobile wallets and neo-banks.
Thunes is already working with valued Members of Thunes’ Direct Global Network, such as Airtel, Hanpass (South Korea), m-Pesa (Kenya), and Vodacom (Tanzania), to make the QR Code Payments solution available for their customers traveling to China. Other Members are expected to join soon, expanding the reach and impact of this innovative solution.
Floris de Kort, CEO of Thunes, stated: “Our Direct Global Network continues to break down barriers for our Members, enabling them to offer their customers unrivaled access to local payment systems worldwide. With this launch, we’re empowering our Members to provide their app users the convenience of paying like a local in China, quickly, dependably, and with full transparency. By enabling Thunes’ Chinese QR code payments into their apps, mobile wallets, neo-banks, and financial institutions can enhance the user experience while unlocking new revenue streams and leading the way in global payment innovation.”
Ian Ferrao, CEO of Airtel Money, said: “Airtel Money has been a long-standing Member of Thunes’ Direct Global Network, and Thunes continually adds value for us and our mobile wallet users. Thanks to their innovative solution, Thunes’ QR Code Payments will serve as a lifeline for African travelers, allowing them to effortlessly navigate China’s digital payment landscape and make purchases with ease, enhancing their overall travel experience.”
Jay Choi, Head of Growth Strategy at Hanpass, concluded: “As a Member of Thunes’ Direct Global Network, we can offer our customers instant and dependable cross-border payment solutions. With the Thunes’ QR Code Payments capability embedded in our application, Koreans visiting China will be able to pay local merchants without the hassle of managing cash or the fear of a transaction being declined. Thunes’ innovation enables our mission to always provide the most user-friendly services to our customers.”
About Thunes:
Thunes is the Smart Superhighway to move money around the world. Thunes’ proprietary Direct Global Network allows Members to make payments in real-time in over 130 countries and more than 80 currencies. Thunes’ Network connects directly to over 7 billion mobile wallets and bank accounts worldwide, via more than 320 different payment methods, such as GCash, M-Pesa, Airtel, MTN, Orange, JazzCash, Easypaisa, AliPay, WeChat Pay and many more. Thunes’ Direct Global Network differentiates itself through its worldwide reach, in-house SmartX Treasury System and Fortress Compliance Platform, ensuring Members of the Network receive unrivaled speed, control, visibility, protection, and cost efficiencies when making real-time payments, globally. Members of Thunes’ Direct Global Network include gig economy giants like Uber and Deliveroo, super-apps like Grab and WeChat, MTOs, fintechs, PSPs and banks. Headquartered in Singapore, Thunes has offices in 15 locations, including Abidjan, Barcelona, Beijing, Dubai, Hong Kong, Johannesburg, London, Manila, Nairobi, Paris, Riyadh, San Francisco, Sao Paulo and Shanghai. For more information, visit: https://www.thunes.com.
View original content:https://www.prnewswire.co.uk/news-releases/thunes-unveils-qr-code-payments-solution-connecting-global-financial-apps-to-chinas-cashless-economy-302282874.html
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