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

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.”

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.”

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).

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.”

LDC has reached an agreement to sell fast-growing holiday park operator, Away Resorts, to Bregal Freshstream. LDC will retain a minority shareholding as part of the deal.

Founded 10 years ago by leisure entrepreneur Carl Castledine, Away Resorts now operates six leading resorts in prime UK destinations, including Tattershall Lakes in Lincolnshire and Whitecliff Bay on the Isle of Wight, hosting almost 200,000 holiday-makers each year.

LDC invested in Away Resorts in 2015 to support the management team’s expansion plans and the development of its existing sites. The business subsequently acquired Mersea Island Holiday Park in Essex later that year, followed by Sandy Balls in the New Forest in 2017, with additional backing from LDC. Over the past four years, the business has invested more than £45 million in existing sites, adding state-of-the-art entertainment complexes, new pitches and facilities. Revenue has increased to £63 million in 2018 and employee numbers have grown from 450 to 950.

Following the transaction, with the backing of Bregal Freshstream and its other shareholders, Away Resorts is planning a further £25 million of investment across the portfolio in the coming years.

Away Resorts is the tenth investment by Bregal Freshstream since the launch of its maiden, €600 million fund, in 2015, and joins its other UK investments in handbag retailer Radley, specialist contractors Taziker Industrial and M&J Evans and retail pharmacy chain Juno Health.

The transaction is subject to receipt of required FCA approval. The terms of the transaction have not been disclosed.

Carl Castledine, CEO of Away Resorts, said:
“LDC has been the perfect partner for us over the past four years, providing not only the capital to expand but also the operational and strategic support to help us scale the business. They understood our vision from the start and backed the team to deliver it. We’re delighted they’re continuing to support our growth plans.

“Bringing Bregal Freshstream on board takes us on the next stage of our journey in support of our long-term vision to become a £1 billion operator with a broad portfolio of well-invested, market-leading UK holiday resorts.”

Richard Whitwell, Head of Midlands at LDC, said:
“We backed Carl and the team to realise a bold vision for the group back in 2015 based on significant investment in, and expansion of its portfolio. The success of the business is testament to their passion, drive and commitment and we’re proud to have played our part in enabling their success.”

He 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 from LDC and Bregal Freshstream.”

Commenting on the investment, Giles Marshall, Director at Bregal Freshstream said:
“We are delighted to be supporting the Away Resorts team on the next stage of 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 at the cutting edge of the industry. We are very excited to be working with Carl and the rest of the team to further accelerate the growth of the business.”

LDC was advised by Gowling WLG, Freeths LLP, DC Advisory, PWC and CIL.

Bregal Freshstream was advised by Deloitte Corporate Finance, Clearwater and Willkie Farr & Gallagher LLP.

Bregal Freshstream today announces its investment in M&J Evans Construction Ltd (“M&J Evans” or “the business”), a groundworks and civil engineering company based in the Midlands which offers a range of civil engineering, foundations and external works to the UK house building sector.

Founded in 2003 by John Evans and headquartered in Walsall, M&J Evans has grown rapidly to become one of the largest ground engineering business in the Midlands.

The business has an outstanding reputation for the quality of service and works it provides to its customers which include Barratt Developments, Redrow, Taylor Wimpey, Persimmon and Bellway.

The business currently employs just over 650 direct and sub contract staff and has a strong financial track record, increasing revenue from £48million in 2014 to £100million in 2017.

M&J Evans plans to continue its rapid growth in its core Midlands market as well as expand into other regions of the UK with additional support and investment from Freshstream.

M&J Evans is the ninth investment by Bregal Freshstream since the launch of its maiden, €600m fund in 2015 and joins its other UK investments in handbag brand Radley, specialist contractor Taziker and retail pharmacy chain Juno Health.

The terms of the transaction have not been disclosed.

Commenting on the investment, Giles Marshall, Director at Bregal Freshstream, said:
“We are delighted to be supporting the M&J Evans team on the next stage of their journey. They have an excellent customer base alongside a strong track record of delivery that has driven customer loyalty. The business has strong existing relationships with many of the top housebuilders in the UK and we look forward to working with the team to develop these and other relationships going forward.”

John Evans, Managing Director of M&J Evans commented:
“Bregal Freshstream’s support and advice will enable us to accelerate our ambitious growth strategy, both in the Midlands and beyond. Their track record of working with high growth companies such as ours means that, as well as financial support, we will benefit from their experience and strategic guidance. We are thrilled to be working with them and very excited about the future.”

TrueNoord, the Bregal Freshstream-backed independent aircraft leasing business specialising in the regional aircraft market, has secured new investment from existing and new investors, bringing total equity available to TrueNoord to nearly US$400m to expand its aircraft portfolio and partially refinance its existing fleet as it embarks upon the next phase of growth. This complements a senior secured debt facility of US$ 500m which was arranged in July.

Following the equity and debt raise, TrueNoord is targeting an acceleration of its growth plans with a strategy to substantially grow its existing fleet of 30 Embraer, Bombardier and ATR aircraft within the next five years, and building on its strong presence in Europe through further expansion in Asia, Africa and The Americas. New equity was raised from its original investors, Bregal Freshstream, BlackRock and Aberdeen Standard, alongside further investment from a number of new investors including Capital Dynamics, Euro Private Equity and Flandrin, among others. The US$500m secured debt facility was arranged and fully underwritten by Morgan Stanley, NORD/LB Norddeutsche Landesbank and Barclays.

Established in 2002 by CEO Anne-Bart Tieleman as GA-Finance, the Group rebranded and launched as TrueNoord in June 2016. With offices in London, Dublin and Amsterdam, TrueNoord is a specialist solely focused on regional aircraft in the 50-150 seat class sector providing lease and lease management services to operators and investors in this sector. The regional aircraft sector represents a significant portion of the global aviation industry with approximately 50% of all passenger travel accounted for by journeys under 300 nautical miles. This is particularly the case in South East Asia and Latin America where growing populations and infrastructure challenges are driving demand for local air travel.

TrueNoord focuses on the acquisition of relatively young aircraft with leases attached to stable and well-positioned airlines. The company is well-placed to take advantage of the inherent growth potential of the regional aircraft leasing market and, since launching, has developed an extensive network of airline, technical, financial and OEM contacts that is, in the specialist regional aircraft lessor market, second only to Denmark-based lessor Nordic Aviation Capital (NAC) in terms of scale.

TrueNoord received the Regional Aircraft Lessor of the Year Award at the 2017 Global Transport Finance Annual Awards.

Anne Bart Tieleman, CEO of TrueNoord, commented:
“The support from such a blue-chip roster of equity and financing partners further augments the strong and globally renowned circle of investors and financiers that will facilitate TrueNoord’s dynamic progression in the coming years. For TrueNoord, this is the next important step in our business development and allows us to be more proactive in pursuing regional aircraft leasing transactions, as we seek to build on the strong momentum, we have generated in recent years to become one of the mainstream players in this sector.”

Bregal Freshstream Chief Investment Officer Rayhan Davis added:
“Since our original investment in the business, TrueNoord has gone from strength to strength, delivering on the Group’s expansion plans in the regional aircraft sector. The business is fully committed to expanding its fleet of Embraer, Bombardier and ATR aircraft not only in Europe but also in Asia, Africa, North America and Latin America. The equity investors’ support and the new debt facility in place for the business supports management’s ambitious growth plans.”

Bregal Freshstream today announces its investment in TrueNoord, an independent aircraft leasing business that specialises in the regional aircraft market. Funds and accounts managed by Blackrock will be co-investing in the transaction alongside Bregal Freshstream.

Established in 2002 by CEO Anne-Bart Tieleman as GA-Finance, the Group with Bregal Freshstream’s support rebranded and launched as TrueNoord in June 2016. It provides financing solutions for regional aircraft and aviation projects globally.

The regional aviation sector represents a significant portion of the global aviation industry with approximately 50% of all passenger travel accounted for by journeys under 300 nautical miles. This is particularly the case in South East Asia and Latin America where growing populations and infrastructure challenges are driving demand for local air travel.

TrueNoord is well-placed to take advantage of the inherent growth potential of the regional aircraft leasing market and, since launching 12 years ago, has developed an extensive network of airline, technical, financial and OEM contacts.

Bregal Freshstream’s investment will allow the company to build upon its existing foundations, growing its fleet and diversifying through international expansion.

Anne Bart Tieleman, CEO and Founding Partner of TrueNoord, commented:
“The regional aviation sector is a highly specialised subsector of the wider aircraft leasing industry and one that we have worked hard over the past 12 years to establish a strong presence within. With Freshstream’s backing, we feel that we can build on the strong momentum we have generated to date as we look to expand into key growth markets such as Latin America and South East Asia where demand for regional aircraft is booming.”

Commenting on the investment, Bregal Freshstream Chief Investment Officer Rayhan Davis said:
“TrueNoord is well placed to see significant growth in a rapidly expanding and lucrative market. The company’s management team have a strong financial understanding of the dynamics shaping the market, first rate industry relationships and a track record of success. We are very excited about working with them.”

Bregal Freshstream today announces a minority investment in Euro-Caps, the world’s largest private label manufacturer of Nespresso® compatible coffee capsules.

Euro-Caps has established itself as the undisputed leader in the Nespresso® compatible coffee capsule market thanks to its manufacturing technology, which utilises fully automated production lines, a well invested product lab and R&D process plus a dedicated and experienced Coffee Quality Team who oversee its grinding and unique blend creation operations. It has also recently launched a Dolce Gusto® compatible private label product.

Euro-Caps operates a very flexible and highly scalable platform that is able to combine outstanding expertise in coffee, capsules and packaging, with products primarily sold through food retailers but also through partnerships with coffee roasters and brands which provides complementary opportunities for growth.

The single serve coffee segment is the fastest growing subsector of the global coffee market and is anticipated to be worth just over €18bn by 2019 due in part to the “premiumisation” of the coffee market with coffee drinkers demanding increasingly higher quality products.

This deal is the 6th investment by Bregal Freshstream since the launch of its first fund in 2015. Euro-Caps is also Bregal Freshstream’s third investment in the Netherlands following its 2016 investments in Verwater, a global industrial and petrochemical contractor, and TrueNoord, a regional aircraft leasing business.

As part of the transaction, Euro-Caps management team will retain a significant stake in the business and will continue to oversee the Group’s ongoing development.

Commenting on the investment, Pascal Keutgens, Partner at Bregal Freshstream, said:
“We are delighted to be working with the Euro-Caps team during this next stage of its journey. We believe that their established and award-winning product, combined with the Group’s market-leading technology, means that it is uniquely well positioned to benefit from the increasing demand for premium coffee and we look forward to helping them deliver further sustainable, long-term growth.”

Nils Clement, CEO and Co-founder of Euro-Caps, commented:
“This is a very exciting time for us and we are thrilled to be partnering with such a supportive and experienced team. Bregal Freshstream bring with them more than just investment capital and, as well as their experience of helping to build and grow entrepreneurial businesses such as ours, we were also attracted by the fact that they are backed by a family investment fund and are therefore able to adopt a longer-term approach to our business.”