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Kymera International Signs Definitive Agreement to Acquire Fiven ASA, a Leader in Advanced Silicon Carbide Materials

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RESEARCH TRIANGLE PARK, N.C., June 4, 2024 /PRNewswire/ — Kymera International (“Kymera”), a global leading specialty materials and surface technologies company, has signed an agreement to acquire Fiven ASA (“Fiven”) from OpenGate Capital. The deal is expected to close following customary regulatory approvals.

With production facilities in Norway, Belgium and Brazil, as well as a global distribution network, Fiven is a pioneer in the development of technically advanced silicon carbide materials to a wide range of high-growth end markets. Through its recent R&D initiatives, Fiven has developed and marketed unique, high purity materials for the power electronics industries, such as semiconductors and lithium-ion batteries. Under the leadership of Fiven’s CEO, Falk Ast, the company continues to drive innovation, deep collaborative relationships with its customers and a strong emphasis on ESG.

“Fiven has all of the strong attributes we look for in an acquisition. They have an excellent reputation for quality and service, are aligned with Kymera’s strategy of focusing on attractive end markets such as electronics, aerospace and defense, and have an outstanding management team and dedicated workforce,” comments Barton White, CEO of Kymera. “We are excited to partner with Falk and his team to continue growing Fiven and capitalize on the numerous operational and commercial synergies we have already identified.”

Kymera has been owned by affiliates of Palladium Equity Partners, LLC (collectively, “Palladium”), a middle market private equity firm with over $3 billion in assets under management, since 2018.

“The acquisition of Fiven will accelerate Kymera’s mission to become a high-growth specialty materials and chemicals platform, and unlocks substantial organic growth opportunities for the combined business,” adds Adam Shebitz, Partner at Palladium Equity Partners. “Altogether, Kymera is well on its way towards achieving Palladium’s investment objectives, having more than tripled in size from our initial investment, while creating a more resilient business oriented towards the industries of tomorrow.”

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The terms of the transaction were not disclosed.

Kymera’s M&A efforts were advised by Lazard and Paul, Weiss, Rifkind, Wharton & Garrison LLP, and its debt financing was advised by Piper Sandler, Goldman Sachs and Paul, Weiss, Rifkind, Wharton & Garrison LLP. 

OpenGate Capital was advised by Baird and Willkie Farr & Gallagher LLP.

About Kymera International
Kymera International, through acquisitions, can trace its roots back to the 1800’s. Today, Kymera International is a U.S. owned, leading global developer and manufacturer of advanced specialty materials and high-performance surface coatings. Kymera sells its technically developed products into a wide variety of end markets, including aerospace, defense, medical, electronics, chemical, specialty auto, additive manufacturing, and numerous industrial applications. Kymera International has manufacturing facilities in the U.S., Canada, Australia, Europe, UK and Asia. For more information, please visit www.kymerainternational.com.

About Palladium Equity Partners, LLC
Since its founding in 1997, Palladium has invested in more than 210 companies (40 platforms and more than 170 add-ons). With over $3 billion in AUM, the firm focuses primarily on buyout equity investments in the range of $50 million to $150 million. Palladium seeks to acquire and grow companies in partnership with founders and experienced management teams by providing capital and strategic guidance. The partners of the firm have meaningful experience in consumer, services, industrials, and healthcare businesses, with a focus on companies they believe will benefit from the growth in the U.S. Hispanic population. For more information, visit www.palladiumequity.com.

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About Fiven ASA
Fiven is a global leader in silicon carbide (SiC), a material used a variety of industrial applications. SiC is recognized for superior hardness, high thermal conductivity and chemical inertness, making it the preferred material for demanding applications: abrasive, metallurgy, filtration, technical ceramics and other uses. Fiven has manufacturing sites in Norway, Brazil and Belgium. For more information, please visit www.fiven.com.

About OpenGate Capital
OpenGate Capital is a global private equity firm specializing in the acquisition and operation of businesses to create new value through operational improvements, innovation, and growth. Established in 2005, OpenGate Capital is headquartered in Los Angeles, California with a European office in Paris, France. OpenGate’s professionals possess the critical skills needed to acquire, transition, operate, build, and scale successful businesses. To date, OpenGate Capital has executed more than 40 platform acquisitions across North America and Europe. To learn more about OpenGate, please visit www.opengatecapital.com.

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InScope secures $4.3m to revolutionise financial reporting and auditing

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InScope, a newly launched FinTech company, has successfully raised $4.3 million to expand its innovative financial reporting and auditing platform.

According to PYMNTS, the funding round included significant contributions from prominent investors such as Lightspeed and Better Tomorrow Ventures.

InScope is focused on transforming the traditional processes of financial reporting and auditing for private companies. The company leverages advanced technologies, including generative AI and large language models, to automate and streamline the compilation of financial statements—tasks that have historically been prone to errors and required extensive manual effort.

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The new capital will be used to enhance InScope’s platform capabilities. The company aims to shift accountants’ focus from laborious manual tasks to more strategic initiatives, thereby empowering finance professionals with tools to complete reporting and auditing tasks quickly and efficiently.

InScope’s system compiles data from a company’s core systems, such as ERP, along with publicly available information, and transforms these inputs into GAAP-compliant financial and audit documents.

InScope CEO and co-founder Mary Antony stated, “Our technology dramatically reduces the time and effort required for financial reporting and auditing, eliminating the need for outdated manual processes.” Her co-founder and COO, Kelsey Gootnick, also emphasized the transformative potential of InScope, which they conceived out of their own frustrations with existing financial processes.

The company has already begun collaborating with a select group of companies to refine and enhance their financial reporting capabilities. JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, commented on this partnership: “InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.”

Source: fintech.global

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Citi extends USD Clearing service to Middle East in partnership with Emirates NBD

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Citi has partnered with Dubai-based banking group Emirates NBD to launch its USD Clearing service in the Middle East.

Through this collaboration, Emirates NBD will offer the USD Clearing service, along with its commercial and treasury payment execution capabilities, to corporate and retail clients via its branch networks in the UAE and Saudi Arabia. This service will enable clients to make cross-border USD payments with continuous availability, addressing current payment flow challenges posed by varying transaction cut-off times in the UAE.

“The introduction of 24/7 USD Clearing will support the growth ambitions of our clients by giving them the ability to seamlessly transfer funds in a timely manner without having to worry about cutoffs and holidays,” said Ahmed Al Qassim, group head of wholesale banking at Emirates NBD.

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Following the initial launch, the service will be extended to all Emirates NBD branches in the Middle East and globally, including partnerships with third-party institutions.

According to its website, Emirates NBD currently operates 853 branches in the UAE, Egypt, India, Turkey, Saudi Arabia, Singapore, the UK, Austria, Germany, Russia, and Bahrain.

Shahmir Khaliq, Citi’s head of services, described the collaboration as “an important step in our journey to creating a multibank solution that is designed to deliver an end-to-end, ‘always on’ experience for participant banks and their customers.”

“Our 24/7 USD Clearing service is a clear differentiator in the market,” Khaliq continued. “It demonstrates the full value of our globally leading cross-border payments and clearing capabilities, which enable our clients to make payments faster and in a more efficient and transparent manner.”

Source: fintechfutures.com

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New partnership between BIS and MAS targets climate risks in finance

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The Bank for International Settlements (BIS) and the Monetary Authority of Singapore (MAS) have recently collaborated on an innovative initiative.

The BIS, an institution dedicated to fostering international monetary and financial cooperation, and the MAS, Singapore’s central bank responsible for monetary policy, financial regulation, and supervision, have teamed up to tackle a pressing global challenge.

Their partnership aims to develop a blueprint for a climate risk platform designed to integrate regulatory and climate data. This platform will enable financial authorities worldwide to better identify, monitor, and manage climate-related risks within the financial system.

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The BIS, through its Innovation Hub Centre in Singapore, is addressing financial stability concerns posed by climate change. The MAS adds its regulatory expertise and focus on sustainable finance to the effort. Both institutions recognize the complex challenges posed by climate change, including significant data gaps and the difficulty of assessing associated risks.

Project Viridis, led by the BIS Innovation Hub, outlines the essential features and metrics of the proposed climate risk platform. This platform is designed to provide comprehensive data on financed emissions, exposure to physical risks, and forward-looking assessments under various climate scenarios. As the impact of climate change on global financial markets escalates, adaptive and innovative responses are necessary.

The partnership also leverages advanced technologies such as natural language processing to extract and analyze climate-related data from corporate disclosures. This enables a deeper understanding of financial institutions’ climate-related risks and identifies potential areas requiring more intensive risk assessment.

Maha El Dimachki, head of the BIS Innovation Hub Singapore Centre, stated, “Project Viridis demonstrates how regulatory data can be integrated with climate data, extracted from corporate disclosure documents using natural language processing techniques. This provides authorities with insights into climate-related financial risks, helping them form an initial view of financial institutions’ risk exposures and identify areas that may require deeper risk assessment.”

Source: fintech.global

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