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H.I.G. Capital Acquires Rainham Industrial Services

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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.

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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

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SeABank reaches impressive PBT in the first 9 months, maintains CASA growth momentum

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HANOI, Vietnam, Oct. 22, 2024 /PRNewswire/ — In the first 9 months of 2024, Southeast Asia Commercial Joint Stock Bank (SeABank, HOSE: SSB) recorded PBT of US$180 million, together with positive business indicators thanks to solid and effective risk management.

CASA maintains impressive growth momentum

In the first 9 months, SeABank’s total foreign and domestic mobilization reached US$7 billion. CASA escalated to US$817 million, up 24% from the figure of December 31, 2023 and accounted for 13.46% of total deposits.

SeABank also maintained growth momentum, notably reaching PBT of US$180 million – a net increase of US$55 million and up 43% YoY. Of which, TOI reached US$363 million, up 39.56% YoY; NOII reached US$65 million; NII reached US$298 million. NIM increased slightly to 3.94%, although the average lending interest rate decreased, and signs of increasing have just been shown since the end of July. SeABank also recorded positive performance indicators, particularly ROE at 14.96% and ROA at 1.73%.

Ending the first 9 months, SeABank’s total outstanding customer balance reached US$7.8 billion; Total assets recorded a net increase of US$885 million YoY, achieving US$11.4 billion. SeABank is completing procedures for its charter capital increase to US$1.1 billion, after successfully issuing 329 million shares to pay 2023’s dividends and 10.3 million shares to increase equity capital from owner’s equity.

Customer expansion & cost optimization through solid base of risk management

In the first 9 months of 2024, SeABank attracted nearly 430,000 new customers, up 92% from figure of the first 8 months, bringing the total number of customers to nearly 3.6 million. This has resulted from technological investment, increased user experience, and innovative products, thereby creating a distinctive market position for SeABank.

Along with that, SeABank’s CIR decreased significantly to 32.54% thanks to the improved operational efficiency and optimized operating costs that resulted from digital transformation.

Solid and comprehensive risk management system is maintained, with CAR stayed at 12.85%, higher than Basel III minimum requirement (10.5%). In addition, SeABank ensures safe operations with NPL controlled at 1.87%.

Thanks to solid risk management, efficient and stable operations, Moody’s 2024 periodic assessment has maintained SeABank’s Ba3 ratings for important categories with a Stable outlook, implying strong belief in SeABank’s above peer-average capitalization and stable asset quality. SeABank was also honored as “The Risk Management Bank of The Year – Vietnam 2024″ by The European Magazine (UK).

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EQT AB hosts Capital Markets Event in New York

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STOCKHOLM, Oct. 22, 2024 /PRNewswire/ — Today, EQT hosts its first Capital Markets Event in New York. In the five years since EQT’s listing on Nasdaq Stockholm, EQT has quadrupled revenues and had a fivefold increase in market cap to USD ~40 billion.

The event will feature presentations by EQT’s CEO Christian Sinding, members of the Executive Committee, the Heads of Private Equity and Infrastructure North America, the Global Head of Real Estate and Client Relations & Capital Raising. Presentations will cover EQT’s long-term growth priorities, thematic investment focus, repeatable approach to value creation, EQT’s view on the future of private markets, and EQT’s US ambitions.

Presentations and Q&A will begin at 10:00 AM ET. The event will conclude with a fireside chat between EQT Founder and Chair Conni Jonsson and Bloomberg TV Anchor Dani Burger followed by lunch. 

The event will be held in person only. A presentation is available on the EQT Group website’s Shareholder Relations tab and a recording will be available after the event. 

Contact
Olof Svensson, Head of Shareholder Relations, +46 72 989 09 15
Mathilde Milch, Communications Director, +1 917 510 66 26

This information was brought to you by Cision http://news.cision.com.

https://news.cision.com/eqt/r/eqt-ab-hosts-capital-markets-event-in-new-york,c4054491

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Furniture China 2024 Achieved 11.9% Growth on Overseas Visitors

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SHANGHAI, Oct. 22, 2024 /PRNewswire/ — The 29th China International Furniture Expo (Furniture China 2024) successfully concluded on September 13th after four days of fruitful exchanges at SNIEC. Once again, the exhibition reaffirmed its position as a leading global platform for the furniture industry, providing extensive opportunities for international and domestic furniture companies, buyers, designers, and related industries to network and collaborate.

This year’s expo attracted 3,000+ exhibitors, representing various sectors, from furniture manufacturing to home design and material supply. Exhibitors came from 25 countries and regions, highlighting the international scope of Furniture China. According to the Post Show Report, the expo welcomed total of 167,250 visitors, including 28,644 overseas buyers, reflecting a 11.9% year-on-year growth, further enhancing the expo’s global trade influence.

In addition, Maison Shanghai 2024 ran concurrently at SWEECC, showcasing an extensive range of interior designs, home décor, and lifestyle solutions. It has become a key part that draws attention from designers, retailers, and home furnishing enthusiasts from across the globe. Together, the expo created a comprehensive platform for the exchange of ideas and trends in both the furniture and home furnishing industries.

Besides, key events such as the Global Buyers’ Night, Middle East Buyers’ Night and the Anji Industrial Cluster Promotion Event drew significant attention from buyers and industry leaders, fostering discussions on new opportunities for the industry’s future. The digital platform DTS with its new APP also performed impressively, more than 23,000 active users engaging online, generating over 386,000 interactions, since its launch in this July.

The expo not only provided a platform for companies to showcase their latest product innovations but also offered a range of forums and workshops aimed at driving industry development. Over 40 onsite events gathered 200+ speakers, guests, industry experts, designers and KOLs, to share insights covering diverse aspects of furniture topics. Exhibitors also expressed high satisfaction with the quality of the buyers. Many new business connections and continued partnership have been achieved via expo approaches, with follow-up orders expected to exceed existing growth.

Furniture China 2024 successfully showcased the latest trends and developments in the global home furnishing industry, injecting new energy through its innovative online and offline hybrid model. We look forward to the next edition during 10-13 September 2025 in Shanghai (Pudong), which will continue to create more furniture trade opportunities and successes for the global markets.

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