• The EQT Mid Market Europe fund has agreed to sell Dunlop to Gilde Equity Management
• During EQT’s ownership, Dunlop has enhanced its US go-to-market approach, cemented its sustainability credentials, and made substantial investments in its digital platform

STOCKHOLM, Sept. 24, 2024 /PRNewswire/ — EQT is pleased to announce that the EQT Mid Market Europe fund (“EQT”) has agreed to sell its majority stake in Dunlop Protective Footwear (“Dunlop or the “Company”) to Gilde Equity Management (“GEM”). Dunlop is a leading global manufacturer of protective wellington boots, sold via distributors to mainly professional customers. Financial details have not been disclosed.

Headquartered in Raalte, the Netherlands, Dunlop serves professionals in the Agriculture & Fishery, Food Processing, Functional Leisure, Industry, and Oil, Gas & Mining sectors. Dunlop’s high-performance boots guard workers from slips, trips and falls, while providing comfort and functionality in harsh operating environments. With over 400 employees and production sites in the Netherlands, Portugal, and the US, Dunlop serves customers in over 50 countries.

EQT acquired Dunlop in June 2018. During EQT’s ownership, Dunlop has enhanced its go-to-market approach in the US, cemented its sustainability credentials, and made substantial investments in its digital platform. The Company has also significantly expanded its e-commerce business (both directly and indirectly) and achieved EcoVadis Gold for the 3rd year in a row.

Floris van Halder, Managing Director within the EQT Private Equity advisory team, said: “Dunlop is a true example of innovation and sustainability leadership, empowering the doers and makers of the world to get their job done safely. We want to thank the management team and all the employees of Dunlop for their commitment and hard work over the past years.”

Maurice Hansté, CEO of Dunlop, said, “We would like to thank EQT for supporting us as responsible owners and helping us navigate the uncertain market environment over the last few years. Together, we have further professionalized Dunlop, enhanced our US go-to-market approach, and expanded our e-commerce platform. Today, we are well-equipped to continue on our growth journey with our new owners and dedicated colleagues. We look forward to continue working with our distribution partners and suppliers to deliver high-quality, safe, durable, and comfortable products to the end-customers.”

The transaction is subject to customary conditions and approvals.

Contact
EQT Press Office, [email protected]

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SHANGHAI, Sept. 24, 2024 /PRNewswire/ — During HUAWEI CONNECT 2024, Huawei unveiled the Xinghe Intelligent Target Financial Network White Paper at the Intelligent Financial Summit themed “Resilience Infrastructure Empowering the Future Finance”. This white paper outlines a framework for the future evolution of target financial networks, providing essential guidelines for the intelligent transformation of the finance industry and facilitating its transition into the Bank 5.0 era.

Networks serve as the vital hubs connecting all components of resilient technologies. In the Bank 5.0 era, not only is substantial computing power necessary, but next-generation networks are also essential as a robust foundation to drive financial innovation, enhance risk management, improve investment management efficiency, strengthen transaction oversight, and transform the customer service experience.

To address the needs of the finance industry’s intelligent transformation, Huawei’s white paper proposes an evolution architecture for target financial networks characterized by high intelligence, ultra resilience, agile and efficient operations, enhanced security, and excellent user experience. Built upon this advanced architecture, the Xinghe Intelligent Financial Network solution offers comprehensive and intelligent network support for the finance sector.

Looking ahead, Huawei will continue to deepen its innovations in financial technology and explore the vast possibilities of smart finance, leveraging insights from the Xinghe Intelligent Target Financial Network White Paper to elevate the finance industry to new heights.

Click here to view the white paper:

https://e.huawei.com/en/material/enterprise/8794a8b6d17049089d888998a4cd45f6 

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Lennard Yong Appointed as Founding Management and Group CEO to Spearhead Ascentium’s Global Expansion

SINGAPORE, Sept. 24, 2024 /PRNewswire/ — Ascentium, a new global business services platform backed by Hillhouse Investment, today announced its official launch, the opening of its Singapore headquarters, and the appointment of Lennard Yong as Founding Management and Group CEO.  This milestone marks the culmination of an extraordinary year for Ascentium, which has consolidated 5 strategic corporate services acquisitions to form the foundation of its current enterprise in Asia Pacific. 

Under the group name Ascentium, the platform aims to globalise business operations and assist clients in scaling greater heights. The company’s mission extends beyond Asia Pacific, with plans to expand into key jurisdictions in offshore territories, the UK, and EMEA in the near future.

Ascentium’s launch comes at a pivotal moment in global business trends. The world has evolved into multipolar markets, increasing the need for clients to de-conglomerate their global corporations and adapt decisions regionally and locally.  This shift coincides with the emergence of a new wave of leaders and talent, inspired by different social and work values, who are driven to excel in organisations that recognise and value their professional service contributions.  Furthermore, the advent of technological advancements now allows Ascentium to prioritise improvements in client pain points and internal efficiency.  Finally, with the end of more than a decade of low interest rates and higher core inflation globally, there is a growing necessity for investments that prioritise core operating productivity and sustainable real business growth.

Ascentium’s first acquisition was InCorp Global, based in 8 markets with headquarters in Singapore. Following 4 additional acquisitions, Ascentium now boasts approximately 1,500 professionals across 9 markets in the Asia-Pacific region, delivering solutions for over 20,000 active clients across diverse industries. With this foundation, Ascentium aims to become a global leading technology-enabled corporate service provider anchored in Singapore, helping its clients and people to scale to greater heights.

Lennard Yong, Founding Management and Group CEO of Ascentium, shared his vision: “I am grateful for the opportunity to build Ascentium with the sponsorship of Hillhouse.  From the beginning, Hillhouse shared our observations about shifting global trends and recognised the need for business service providers to capitalise on these changes.  Ascentium’s core mission is to globalise the world by adapting to these trends and becoming a technology-enabled corporate services provider for our clients.” 

Lennard continued, “Today marks a significant milestone in our journey. Ascentium was conceived over 12 months ago but is now a reality in 9 markets, employing nearly 1,500 people.  I am thankful for the commitment of my leaders and team, especially our Founding Management and Group President, Wendy Wang, the group officers of Ascentium, and the CEOs of our key markets.  We are excited for the future and look forward to our partnership with Hillhouse, our clients and our people.”

Sean Carney, Partner, Co-Head of Global Buyout at Hillhouse Investment, expressed his support: “Lennard is an experienced industry leader with a proven track record in building business services platforms globally.  We are thrilled to partner with his team on Ascentium’s growth journey. This partnership aligns with our investment philosophy of supporting businesses that drive transformation and unlock growth potential. Ascentium’s understanding of changing global trends, innovative approach, and commitment to client success position it well to address the evolving needs of businesses in a  complex global environment.”

About Ascentium

Ascentium is a leading global business services platform dedicated to helping businesses scale greater heights. Headquartered in Singapore and backed by Hillhouse Investment, we empower extraordinary growth through specialised expertise across secretarial, finance, payroll, HR administration, family office, fund administration, GRC, and cross-border & FDI specialist services. Our team of 1,500 professionals spans 9 markets in the Asia-Pacific region, serving over 20,000 active clients across diverse industries. Through innovative, technology-enabled solutions and collaborative approach, Ascentium drives transformative growth, helping clients navigate complex global environments.

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For more information, visit: ascentium.com

About Hillhouse Investment

Hillhouse Investment is a long-term investor focused on partnering with quality business leaders to help them grow their organizations globally. For almost 20 years, Hillhouse has worked alongside traditional businesses that have redefined their industries. Our goal is to establish alignment and build sustainable, forward-thinking companies that create lasting value for all stakeholders. Hillhouse is a full life-cycle private equity firm, investing for the long term across opportunities in the business services, healthcare, consumer, and industrials sectors. Operating an integrated platform spanning private equity, credit, real assets and public equity, the firm manages capital on behalf of global institutions such as non-profit foundations, endowments, sovereign wealth funds, and pensions.

Media Contacts

• Nancy So – Associate Director, Group Marketing, Ascentium
  [email protected]
• Roger Ng – Head Edelman Smithfield Singapore  
  [email protected]

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