Freshstream

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Freshstream today announces that it has agreed to make an investment in Nafinco, the Dutch full-service partner for independent pharmacies.

With more than 200 members, Nafinco is the only independent buying group for independent pharmacies in the Netherlands of scale. The company offers its customers support with respect to procurement, inventory management, logistics and business intelligence. Partnering with Nafinco provides pharmacies with access to the best possible terms and product availability and allows pharmacists to focus their energy on providing the best available care to their patients.

Freshstream’s investment will support Nafinco’s growth strategy, developing its offering across the Netherlands and abroad. The partnership builds on Freshstream’s expertise in the pharmacy sector following its investment in Avicenna, now one of the top 10 pharmacy groups in the UK. It is the 4th investment by Freshstream since its spin out from Bregal Investments in 2020.

Dirk Jan van Baars, CEO of Nafinco, commented:

“Our partnership with Freshstream will help us to grow further and faster, and to serve our affiliated pharmacists even better. With Freshstream we now have a strong partner who brings knowledge and expertise.”

Lodewijk de Graauw, Partner at Freshstream, said:

“Nafinco is a fantastic company with a strong purpose in supporting independent pharmacists mitigate structural imbalances in drug procurement. We are delighted to have partnered with them and look forward to working with Dirk Jan and the team.”

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Freshstream today announces that it has made an investment in Big Motoring World, the UK’s leading omni-channel tech-enabled second-hand car platform.

Founded in 1986 by Peter Waddell from his home in Teynham, Big Motoring World is now a top ten UK car dealer, operating from five sites with over 650 employees, selling an average of 22,000 cars a year. Big Motoring World has demonstrated a strong growth trajectory, maintaining strong revenue growth and acquiring two sites in Peterborough in 2021 despite the disruption from Covid.

Big Motoring World prides itself on providing a wide range of choice of quality second-hand cars combined with a customer service centric focus. It has consistently achieved best-in-class margins through its unique combination of advanced technology and a strong relationship-driven sourcing network. In addition to direct sales of second-hand cars, it provides a broad range of services and products, including financing commission, warranties and insurance.

Freshstream’s investment in Big Motoring World will enable the business to accelerate its growth strategy, developing its services to meet the needs of customers across new geographies. It is the third investment by Freshstream since it spun out of Bregal Investments in 2020.

Peter Waddell, CEO of Big Motoring World, commented:

“We are delighted to be partnering with Freshstream and look forward to working with them as we continue to scale and grow Big Motoring World. Their investment and expertise will allow us to further accelerate our ambitious growth strategy.”

Reza Fardad, Partner, at Freshstream, said:

“We are thrilled to be supporting the Big Motoring World team on the next chapter of their development. They have built a well-regarded platform and are well-positioned to capitalise on the sector trends in the coming years.”

For further information

Andrew Jaques / Pete Lambie / Pauline Guenot     MHP Communications     +4420 3128 8570

 

Notes to Editors

Freshstream Investment Partners is a midmarket private equity firm focused on the UK/Benelux regions. Founded in 2015 with offices in London and Amsterdam, Freshstream seeks to partner with entrepreneurs and management teams of rapidly growing businesses to provide insight, expertise and capital in order to build excellent, future-proof businesses that create value for its shareholders. Freshstream is a signatory of UN Principles for Responsible Investment, iCi, and has been carbon neutral since 2018.

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Private Equity Industry’s First-Ever ESG Data Convergence Project Announces Milestone Commitment of Over 100 LPs and GPs

Global LPs and GPs representing $8.7 trillion USD in AUM and more than 1,400 private companies commit to collaborative ESG reporting system in its inaugural year

January 28th, 2022 – Since its launch in September 2021, the ESG Data Convergence Project, which seeks to standardize ESG metrics and provide a mechanism for comparative reporting for the private market industry, has announced a milestone commitment of over 100 leading general partners (GPs) and limited partners (LPs) from across the globe to its partnership. The collaboration now represents $8.7 trillion USD in AUM and over 1,400 underlying portfolio companies with new involvement from firms including Apollo Global Management, Ares Management, Goldman Sachs Asset Management, Hermes GPE, and Oaktree Capital Management.

The group is working to streamline the industry’s historically fragmented approach to collecting and reporting ESG data, enabling greater transparency and more comparable portfolio information for LPs. With increased portfolio company representation, the partnership will continue to expand its collection of industry representative data which is expected to increase the quality, availability and comparability of ESG data in private markets.

In Spring 2022, the inaugural data from the ESG Data Convergence Project members will be aggregated into an anonymized benchmark by Boston Consulting Group (BCG) for the 2021 calendar year. The initial data covers the following six categories: greenhouse gas emissions, renewable energy, board diversity, work-related injuries, net new hires, and employee engagement.

Intent on creating a long-term mechanism for improving comparative reporting, the group will meet annually to review and assess the prior year’s data, and to build upon and add to the initial metrics. As part of these efforts, the group is also working to expand more broadly in private markets to include asset classes such as private credit.

Private equity industry stakeholders are encouraged to join this partnership of over 100 members to gather better, more informed ESG data, and in turn collectively drive greater progress on critical ESG issues. To learn more about this initiative and how to get involved, click here.

Companies committed to the ESG Data Convergence Project:

Accel-KKR
Adams Street Partners
Advent Partners
AE Industrial Partners
AEA Investors LP
AlpInvest Partners
Ambienta Sgr
American Industrial Partners
AP6
APG
Apollo Global Management
Appian Capital Advisory LLP
Ares Management
Artá Capital SGEIC
Astorg
Audax Private Equity
Avista Capital Partners
Base10 Partners
Birch Hill Equity Partners
Blackstone
Blue Horizon Corporation AG
Blue Wolf Capital Partners
Bregal Investments
Bridgepoint Group Plc
British Columbia Investment Management Corporation (BCI)
California Public Employees’ Retirement System (CalPERS)
Capital Innovations
CapMan
Carlyle
Centerbridge Partners
CenterOak Partners
Cerberus Capital Management
Cinven
CPP Investments
Crestview Partners
CVC
Dai-Ichi Life Insurance Company, Limited
DPE Deutsche Private Equity
EIG
EMK Capital
Employees’ Retirement System of Rhode Island
EQT AB
Everstone Group
FCDE
Fifth Wall
Forgepoint Capital
Frazier Healthcare Partners
Freshstream
Frumtak Ventures
FullCycle Climate Partners
G Squared
GCM Grosvenor
GENUI
Georgian
Gilde Buy Out Partners BV
Goldman Sachs Asset Management
Grain Management LLC
Hermes GPE
Hg
IK Partners
Insight Partners
Investindustrial
Investment Management Corporation of Ontario (IMCO)
Jada
Japan Post Bank
Kinneret Group
KLAR Partners
LGPS Central Limited
LGT Capital Partners
Lindsay Goldberg
Linzor Capital
LongRange Capital
Mayfair Equity Partners
Mizuho Bank
Montagu Private Equity
Moonfare
New York State Common Retirement Fund (NYSCRF)
Nordic Capital
Oaktree Capital Management
Onex
Palladium Equity Partners
Parcom Capital Management
Permira
PGGM
Pollen Street Capital
Portobello Capital
PSP Investments
Quadriga Capital
Rabo Investments
Riverstone Holdings LLC
San Francisco Employees’ Retirement System (SFERS)
SEB Private Equity
Sumitomo Mitsui Trust Bank
Summa Equity
The Pictet Group
The Rohatyn Group
Tikehau Capital
Tishman Speyer Properties
TowerBrook
Unigestion
Universities Superannuation Scheme
Vista Equity Partners
Wellcome Trust
Wellington Management

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We’re proud to have opened the Freshstream Amsterdam office on 1st October. The address is Muiderstraat 1, 1011 PZ Amsterdam, Netherlands and we look forward to welcoming you there soon!

 

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Today we have released our Environmental, Social and Governance (ESG) review for 2020. At Freshstream, we strongly believe that focusing on ESG criteria is more than a box-ticking exercise. As responsible investors, we naturally ensure our portfolio companies comply with the law and regulation but this is only the beginning. We actively work with our portfolio companies to find additional ways to make a positive contribution to society.

This report summarises our ESG Highlights from 2020, reports on progress across portfolio-wide ESG priorities and includes case studies from Avicenna, Radley, Taziker, and Verwater.

Download our report

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Freshstream announced today that CVC Capital Partners Fund VIII has reached an agreement to acquire a majority stake in leading British holiday park operator Away Resorts.

Founded in 2008 by leisure entrepreneur Carl Castledine, Away Resorts operates nine parks in prime UK holiday destinations, including Tattershall Lakes in Lincolnshire and Sandy Balls in the New Forest, welcoming almost 200,000 holiday-makers each year. The business recently expanded through the acquisition of popular Cornwall holiday park St Ives Bay, and over the past few years has invested heavily into its existing estate, to expand parks and add state-of-the-art facilities and entertainment complexes.

Freshstream invested in Away Resorts in August 2019, acquiring a controlling majority shareholding, with LDC retaining a significant minority stake. Together they have supported Carl and the team to become a leading operator with a broad portfolio of well-invested, market-leading UK holiday parks. Over this period, the business has enjoyed strong organic growth alongside a successful buy-and-build strategy. The outlook for Away Resorts continues to be strong, with record demand set for H2 2021.

Carl Castledine, CEO of Away Resorts, commented:

“We’re really excited to be partnering with CVC to drive the next phase of Away Resorts’ growth. Their experience in helping companies scale and expand their operational and digital footprint will be invaluable as we take our growth to the next level. Freshstream has been the perfect partner for us over the past two years, providing capital to expand and operational and strategic advice to help us scale the business. We are very grateful to have had Freshstream on board and have appreciated all the support they’ve given us.”

David Wells, Managing Director at CVC Capital Partners, commented:

“We have been hugely impressed by the success of Away Resorts’ differentiated, family-oriented holiday park proposition. The business is well positioned in a fragmented and growing market that benefits from strong consumer tailwinds. We are excited to be partnering with Carl and the Away Resorts team to support the development of the platform they have built and accelerate their ambitious expansion plans, through investing in existing parks and by significantly growing the estate over the years to come.”

Commenting on its second exit, Gilles Gradassi, Principal at Freshstream, said:

“We’ve been delighted to support the Away Resorts team in their journey. Since founding the business in 2008, Away Resorts has developed into a highly regarded and innovative holiday operator, well positioned to capitalise on the strong momentum they have generated. We’ve really enjoyed working with Carl and the rest of the team to accelerate the growth of the business. We look forward to watching its continued success.”

The sale is Freshstream’s second full exit and fourth significant liquidity event in Fund 1 since making its first investment in 2016.
Rothschild & Co advised Freshstream on the sale of Away Resorts. The acquisition is expected to complete later this year, subject to regulatory approvals.

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A group containing the UK’s leading security technologists, including SmartWater® and Perimeter Intruder Detection (PID) Systems, has received a major investment from Freshstream, allowing it to target new sectors with enhanced risk mitigation services to meet the important security needs of a diverse set of customers across new geographies.

Designed to facilitate the shift from labour to technology-based security solutions in the construction, infrastructure and property management sector, the Group’s technologies combine PID System’s market leading remote mobile CCTV products with SmartWater’s proprietary forensic marking technology, recognised as one of the country’s most powerful crime deterrents.

These powerful risk mitigation solutions are supported by another division of the group, the Centre for Infrastructure and Asset Protection (CIAP™), which has recently been appointed as crime analysts for the police, to provide early warning of new and developing security risks to national critical infrastructure companies, such as BT and the National Grid.

Operating UK wide from its HQ in Telford, the group is a fast growing and market-leading business with a long and successful heritage in the UK. With a large addressable market in the UK, for which mobile security and forensic systems currently have low penetration, the business has significant headroom to grow with a differentiated, data-driven and genuinely unique offering versus its competitors, with a clear focus on its key markets. It has maintained growth through COVID-19 with record sales achieved during the lockdown period.

Freshstream’s investment in the business will allow the Group to target new sectors and to develop its services to meet the important security needs of a diverse set of customers across new geographies. Most of the Group’s existing shareholders chose to roll invest into the new company, being impressed with both Freshstream’s approach and ambition.

Heligan Group and Grant Thornton advised on the investment.

The Group’s CEO, Phil Cleary, commented:
“We were courted by a number of Private Equity houses, but my management team were impressed by Freshstream’s flexibility, speed and intelligence, making it an easy decision for us to choose to partner with them.

Their support and advice will enable us to accelerate our progression into new complementary services, sectors and new geographies. We were also impressed by Freshstream’s track record of working with high growth companies, providing financial support, experience and strategic guidance. We are delighted to be working with them.”

Reza Fardad, Partner at Freshstream, commented:
“We are delighted to have partnered with the team at SmartWater® and PID Systems during their next phase of growth. The group provides a truly differentiated offering and has a strong track record of delivering solutions that reduce crime and protect the property of its clients. We look forward to working with the team to develop the business further.”

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Freshstream and LDC backed holiday specialists Away Resorts are excited to announce the acquisition of a popular and long-established holiday park located on the north Cornish coast near Hayle and St Ives Bay.

The 120-acre St Ives Bay Holiday Park has been in family ownership since 1962 and is nestled amongst the sand dunes with direct beach access and enjoying wide-ranging views towards St Ives. With 800 well-appointed chalets, static caravans and camping pitches, the park will become one of eight much-loved resorts owned by the popular British holiday park operator, Away Resorts.

This new park is a welcome addition to the portfolio and the first in the South West for Away Resorts, who are renowned for unique accommodation and facilities, a high level of personal service and a focus on creating exceptional family experiences in special locations.
This exciting change of hands of St Ives Bay Holiday Park from the current owner, Chris Harvey, to Away Resorts will see continued investment in the resort to build on the excellent foundation that Chris and his team have created over the years. In addition, Away Resorts proposes to start offering holiday home ownership at St Ives Bay in line with other parks in the portfolio, enabling families to enjoy regular breaks away.

As the staycation specialists, Away Resorts have seen first hand the unprecedented demand for UK breaks and holiday home ownership. As a result, and to cater to the needs of existing and new audiences, the company is now investing in a host of significant improvements across its park portfolio.

The acquisition includes the transition of an experienced team who will continue their employment and are being welcomed into the Away Resorts family.

Aspirations for the new park are being developed and will reflect the unique facilities and events that Away Resorts have become renowned for. Any families who feel they may be interested in finding out more about owning a holiday home at St Ives Bay should contact Away Resorts directly to register their interest via their website.

Freshstream and LDC provided follow-on funding for this acquisition.

In addition to this latest acquisition, Away Resorts also recently completed on the purchase of Boston West Hotel and Golf Course in Hubbert’s Bridge, Lincolnshire with plans to implement the recently obtained planning permission to develop 300 pitches suitable for luxury lodges. Furthermore, phase one plans have begun at Mill Rythe Coastal Village, on Hayling Island, as it undergoes an exciting £10million transformation – turning the popular park into a contemporary, self-catered destination for holiday home ownership, short breaks and holidays.

Over the past 12 months, Away Resorts has invested over £50million in the staycation sector including the acquisition of new parks, the building of new facilities on existing parks and customer experience enhancing developments across the entire estate.

Tim Gibson, Director at Away Resorts, commented:
“We are delighted to have the opportunity to add St Ives Bay Holiday Park to our expanding portfolio of parks across the UK and are proud to be investing more into this industry, even during these challenging economic times.”

Carl Castledine, CEO of Away Resorts, added:
“Staycations are going to be just as vital this year and beyond as they have been in 2020 and we can’t wait to welcome customers, new and existing, to this amazing new park.”

Chris Harvey, St Ives Bay Holiday Park’s existing owner, commented:
“We are really excited to announce that Away Resorts have acquired our much loved St Ives Bay Holiday Park, with views to further enhance and drive the vision we started many years ago to create a unique place for families to enjoy much valued time together.”

Irmo Holslag, Partner at Freshstream, comments:
“We are delighted to be supporting the Away Resorts team on their next acquisition. The business has developed into a highly regarded and innovative holiday operator, well positioned to capitalise on the strong momentum they have generated at the cutting edge of the industry. The acquisition will enable us to further accelerate the growth of St Ives Bay Holiday Park.”

Richard Whitwell, Head of Midlands at LDC, added:
“With demand for British holidays increasing, Away Resorts is ideally placed to continue growing its position in the market, with a highly capable management team, a distinct proposition, a portfolio of prime sites and significant capital backing.”

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Ardian, a world-leading private investment house, today announces that it has acquired from Bregal Investments its LP interest in Bregal Freshstream LP (now known as Freshstream I LP), a fund established in 2015 with €600m of commitments.

Freshstream is a mid-market private equity firm focused on investments in the Netherlands, the UK and Belgium. The transaction announced today completes Freshstream’s transition from the Bregal Investments platform to an independent firm owned by its partners.

Bregal supports this transition and both Bregal and Ardian have made commitments to Freshstream’s second fund.

The fund – which is fully deployed across 10 investments, one of which was sold in 2019 – will now be managed by Freshstream. Any future Freshstream funds will be raised by Freshstream as a stand-alone entity.

The team has taken advantage of opportunities created by the global pandemic to support the portfolio’s growth, with five bolt-on deals signed or completed over the last six months and a further two in exclusivity, including transformational acquisitions by Away Resorts (a UK holiday park operator) and Avicenna (a group of community pharmacies in the UK).

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Bregal Freshstream today announces the sale of Intergas, the leading Dutch manufacturer of space and water heating equipment to Rheem, the US headquartered provider of gas furnaces, heat pumps, air conditioners, air handlers, indoor air quality products, gas and electric water heaters.

The sale is Bregal Freshstream’s first full exit and third significant liquidity event since launching its maiden €600m fund in September 2015.

Intergas, headquartered in Coevorden in the Netherlands, is able to trace its roots back to 1939 and is a pioneer in the field of heating and hot-water technology. The company is the leader in the Dutch boiler market, using its expertise to increase energy efficiency and reliability as well as reducing emissions and energy bills. Intergas is expanding both in Europe and North America, with growing subsidiaries in the United Kingdom, USA and Canada.

Bregal Freshstream invested in Intergas towards the end of 2017, backing the team to continue to drive growth and capitalising on its market leading position within the industry. Under Bregal Freshstream’s co-ownership, Intergas has grown every year.

Rheem’s investment in Intergas is a pivotal step in the company’s strategy to become a global leader in water heating.

Commenting on its first exit, Bregal Freshstream’s Managing Partner Patrick Smulders said:
“We’ve really enjoyed working with Janno and the team at Intergas alongside our co-investor since our original investment in late 2017. We are very proud of the progress that Intergas has made over the last few years, reinforcing its leading position in the Netherlands and further building its international distribution network. We look forward to watching its progress in the coming years. We are extremely pleased with the level of return we have generated for our investors.”

Janno de Haas, CEO at Intergas, commented:
“We are very grateful to have had Bregal Freshstream on board and have appreciated all the support they’ve given us. The business has grown significantly since their investment and we see encouraging potential for us to build on the strong momentum we have established as we go forward into this exciting new chapter.”

Chris Peel, CEO at Rheem, commented:
“We are excited to welcome Intergas to the Rheem family. Intergas is renowned for its state of the art boiler technology and has an exciting pipeline of innovative heating and hot water products that will fit perfectly into Rheem’s global product portfolio. Following Bregal Freshstream’s tenure as an investor, we are delighted to work with them on this transition at such an exciting time in their growth story.”