$251 Billion Private Equity Group EQT Buys United States Digital Consultancy Group Perficient for $3 Billion in All-Cash Transaction Representing 75% Premium to Closing Price on 29th April 2024, Acquisition Made by BPEA Private Equity Fund VIII
9th May 2024 | Hong Kong
Leading private equity group EQT with $251 billion AUM (EUR 232 billion) has announced to buy United States digital consultancy group Perficient for $3 billion in an all-cash transaction, representing 75% premium to closing price on 29th April 2024. The acquisition is made by EQT affiliate BPEA Private Equity Fund VIII. Announcement (5/5/24): “(Nasdaq: PRFT) (“Perficient” or “the Company”), a leading global digital consultancy transforming the world’s largest enterprises and biggest brands, today announced that it has entered into a definitive agreement to be acquired by an affiliate of BPEA Private Equity Fund VIII (“EQT Asia”), part of EQT AB, a purpose-driven global investment organization, in an all-cash transaction that values Perficient at an enterprise value of approximately $3.0 billion. Under the terms of the agreement, Perficient stockholders will receive $76.00 per share in cash for each share of common stock owned as of the closing of the transaction. The purchase price represents a 75% premium to Perficient’s closing stock price on April 29, 2024, the last unaffected trading day prior to the transaction announcement, and a 51% premium to the Company’s 30-day volume-weighted average share price for the period ending April 29, 2024. The transaction, which has been unanimously approved by Perficient’s Board of Directors, is expected to close by the end of 2024, subject to customary closing conditions, including approval by Perficient stockholders and receipt of regulatory approvals. The transaction is not subject to a financing condition. Upon completion of the transaction Perficient’s shares will no longer trade on the NASDAQ, and Perficient will become a private company. In addition, Perficient’s headquarters will remain in St. Louis, Tom Hogan will continue as CEO, and the current management team will continue to lead Perficient.” In March 2024, EQT announced the close of $3.3 billion (EUR 3 billion) EQT Future Funds investing in 2 strategies climate & nature and health & wellbeing, with commitments from institutional investors, private wealth clients & family offices. With the close of EQT Future Funds, EQT has raised $27 billion in 2024 including from the recently announced largest EQT fundraise for the 10th fund with $24 billion (EUR 22 billion) for EQT X.
“ $251 Billion Private Equity Group EQT Buys United States Digital Consultancy Group Perficient for $3 Billion in All-Cash Transaction Representing 75% Premium to Closing Price on 29th April 2024, Acquisition Made by BPEA Private Equity Fund VIII “
Jeffrey Davis, Chairman of the Board of Perficient: “Today’s announcement is the result of a comprehensive review by the Board to maximize value for the company and its shareholders. We are proud of the role Perficient plays in delivering big thinking and innovative ideas, along with a practical approach to help the world’s largest enterprises and biggest brands succeed. With this agreement with EQT, we will provide our shareholders with compelling, certain cash value for their shares while continuing to support our clients in exceeding expectations, outpacing the competition, and growing their businesses.”
Tom Hogan, President and CEO of Perficient: “Today marks a momentous next step for our company. This is an exciting new chapter that would not have been possible without our employees’ hard work and dedication to our clients, partners, and other stakeholders. EQT’s vision for Perficient aligns directly with ours, and I look forward to partnering with them as we continue on our global growth journey.”
Hari Gopalakrishnan, Partner, EQT Private Capital Asia: “Perficient is well known for its world class end-to-end digital consulting capabilities, and unmatched global delivery. In recent years, the Perficient team has been successful in expanding the scope of their offerings, and we look forward to supporting them in driving further growth. We have significant experience investing in the digital technology space, and I am confident that this exciting partnership will help strengthen Perficient’s unique position in the marketplace.”
$251 Billion Private Equity Group EQT Closes $3.3 Billion EQT Future Funds Investing in 2 Strategies Climate & Nature and Health & Wellbeing, Commitments from Institutional Investors, Private Wealth Clients & Family Offices, EQT Raised $27 Billion in 2024 Including Recently Announced Largest Fundraise for 10th Fund with $24 Billion for EQT X
9th March 2024 – Leading private equity group EQT with $251 billion AUM (EUR 232 billion) has announced the close of $3.3 billion (EUR 3 billion) EQT Future Funds investing in 2 strategies climate & nature and health & wellbeing, with commitments from institutional investors, private wealth clients & family offices. With the close of EQT Future Funds, EQT has raised $27 billion in 2024 including from the recently announced largest EQT fundraise for the 10th fund with $24 billion (EUR 22 billion) for EQT X. Announcement: “EQT is pleased to share that EQT Future (or the “Fund”) has held its final close. The Fund raised EUR 3 billion (USD 3.3 billion) in total commitments, with total fee-generating commitments for the overall strategy, including co-investments, totaling EUR 3.6bn (USD 3.9 billion)1. The close brings the combined final closes by the EQT Private Equity platform in 2024 to more than EUR 25 billion (USD 27 billion) in total commitments. An integrated part of EQT Private Equity, EQT Future backs robust and downside-protected business models in two thematic areas: Climate & Nature and Health & Wellbeing. By adding a tailored impact management and measurement toolbox and having a more flexible investment mandate, it aims to innovate on EQT’s proven approach and create long-term value in its portfolio. The Fund is Article 9 accredited and has innovated around ways to align sustainability with financial returns, linking carried interest to sustainability targets. The Fund received commitments from investors across the Americas, Asia-Pacific, the Middle East, Europe and the Nordics. It has a diversified investor base, including forward-thinking institutional and private wealth clients, notably family offices, with a greater share of commitments coming from the latter segment compared to the EQT Private Equity flagship funds. The Fund is currently circa 40-45 percent invested across three high-quality, downside-protected companies, which all show strong underlying earnings growth and are realizing their impact potential: 1) Global pest-control service provider Anticimex offers a biocide-free digital solution, paving the way for a sustainable pest control industry and contributing to curbing biodiversity loss, 2) Bloom Fresh International develops innovative disease-resistant varieties of fruit, reducing the use of fungicides that have a negative impact on soil health, ecosystems and human health, while increasing the agricultural output and shelf life of the fruits, 3) Pioneering autoinjector developer SHL Medical enables advanced drug self-administration for greater patient autonomy, thereby reducing the burden on healthcare systems. Management fees for the Fund are charged on invested capital during its full term. This means that management fees will be charged only as and when investments are made by the Fund. Co-investment figures included are invested capital that is fee and carry-paying.”
Simon Griffiths, Partner and Head of the EQT Future Advisory team: “That EQT has been able to introduce a new strategy and receive strong backing for EQT Future’s attractive downside-protected offering shows that investors are keen to see innovation within private markets. We’ve married EQT’s proven private equity approach with new impact thinking to invest in market leaders that can be grown over the longer term and that can potentially transform whole industries. This differentiates EQT Future from many other impact funds, which typically focus on venture and growth-stage opportunities. We have partnered with three businesses where the founders and management share our vision of driving more sustainable products and services, and the portfolio has already shown its resilience.”
Per Franzén, Head of Private Capital Europe & North America at EQT and Chairman of the EQT Private Equity Investment Committees, including EQT Future: “EQT Future is a perfect complement to our Equity strategy. Having a longer-hold mandate makes us an ideal partner to long-term owners, such as industrial families and entrepreneurs. It also enables us to acquire crown jewels and develop them to their fullest potential. As an integrated part of our Private Equity strategy, EQT Future makes us a smarter thematic investor. It enables us to select the right opportunities with a focus on sustainable long-term value creation, and makes us a better partner to our clients.”
$251 Billion Private Equity Group EQT Announced Largest Fundraise for 10th Fund with $24 Billion for EQT X, EQT Private Equity Invests in Healthcare, Technology, Tech-Enabled Services & Industrial Technology Sectors in Europe & North America Generating 2.7x Return on Capital
28th February 2024 – Leading private equity group EQT with $251 billion AUM (EUR 232 billion) has announced the largest EQT fundraise for the 10th fund with $24 billion (EUR 22 billion) for EQT X. EQT private equity invests (over the last 30 years) in healthcare, technology, tech-enabled services & industrial technology sectors in Europe & North America, generating 2.7x return on capital. Announcement: “ EQT is pleased to share that EQT X (the ‘Fund’) has held its final close, having raised EUR 22 billion (USD 24 billion) in total commitments, of which EUR 21.7 billion (USD 23.5 billion) are fee-generating assets under management. The fundraise exceeded the target size of EUR 20 billion (USD 21.6 billion) and represents a near 40 percent increase on EQT IX, which closed at EUR 15.6 billion in April 2021. It also represents one of the largest private equity funds ever raised. The Fund received commitments from a broad range of investors, including pension and sovereign wealth funds, asset managers, and the private wealth segment. The latter made up an increased share of the total commitments, on the back of EQT’s recent strategic drive to offer the segment increased access to EQT funds with the launch of EQT Nexus. Fund investors were based across the Americas, Asia-Pacific, the Middle East, Europe and the Nordics. EQT X is the latest fund in the EQT Private Equity strategy. For thirty years, the strategy has invested in the Healthcare, Technology, Tech-enabled Services and Industrial Technology sectors in Europe and North America, and over that time it has delivered a realized gross multiple on invested capital of 2.7x. The Fund has announced seven investments since June 2022, starting with the acquisition of Envirotainer, the globally leading provider of mission-critical transport services to the biopharma industry. Other investments include advanced medical components supplier Zeus, accounts receivable automation leader Billtrust, and animal pharmaceutical business Dechra Pharmaceuticals.” History of EQT – Inspired by the Wallenberg family’s philosophy of responsible ownership, Conni Jonsson received a mandate from the board of Investor AB to establish EQT in 1994 with the backing from Investor AB, AEA Investors and SEB. The following year, EQT’s first fund was launched, which targeted industrial companies in Sweden and its neighboring countries. Below info below:
Per Franzén, Head of Private Capital Europe & North America at EQT & Chairman of the EQT Private Equity Investment Committees: “We remain focused on backing and futureproofing companies in attractive and resilient sectors, such as healthcare and technology, and have proven our ability to perform and return capital across cycles. We continue to invest in our sector expertise, sharpening our ownership model and developing our value-creation toolbox. Our thematic investment strategy and strong local presence are competitive advantages when sourcing opportunities, not least in a slower deal-making environment. EQT X is off to a strong start, having already announced four take-privates while offering substantial co-invest opportunities. We look forward to continuing to partner with our clients.”
Suzanne Donohoe, Chief Commercial Officer: “We would like to thank both our long-term and new clients for their support of EQT X. Around 70 percent of the commitments to the fund came from existing EQT IX investors, a testament to the long-term trust we have built together. We’re also grateful for the support from new clients, who recognized our 30-year track record of delivering strong and steady returns. We look forward to continuing to strengthen our partnerships for the next 30 years and beyond.”
EQT History – The idea of starting a private equity firm, rooted in the Wallenberg family’s traditions of responsible ownership, was born in 1993 during a dinner in Stockholm’s Old Town. At the table were Conni Jonsson, at the time working at Investor AB, and his CEO, Claes Dahlbäck. Over the course of Sweden’s modern history, the Wallenberg family has been the main influencer of the country’s industrial, entrepreneurial and banking sphere, partly through its investment company Investor AB, founded in 1916.
Inspired by the Wallenberg family’s philosophy of responsible ownership, Conni Jonsson received a mandate from the board of Investor AB to establish EQT in 1994 with the backing from Investor AB, AEA Investors and SEB. The following year, EQT’s first fund was launched, which targeted industrial companies in Sweden and its neighboring countries.
$251 Billion Private Equity Group EQT Announced Largest Fundraise for 10th Fund with $24 Billion for EQT X, EQT Private Equity Invests in Healthcare, Technology, Tech-Enabled Services & Industrial Technology Sectors in Europe & North America Generating 2.7x Return on Capital
27th February 2024 – EQT is pleased to share that EQT X (the ‘Fund’) has held its final close, having raised EUR 22 billion (USD 24 billion) in total commitments, of which EUR 21.7 billion (USD 23.5 billion) are fee-generating assets under management. The fundraise exceeded the target size of EUR 20 billion (USD 21.6 billion) and represents a near 40 percent increase on EQT IX, which closed at EUR 15.6 billion in April 2021. It also represents one of the largest private equity funds ever raised.
The Fund received commitments from a broad range of investors, including pension and sovereign wealth funds, asset managers, and the private wealth segment. The latter made up an increased share of the total commitments, on the back of EQT’s recent strategic drive to offer the segment increased access to EQT funds with the launch of EQT Nexus. Fund investors were based across the Americas, Asia-Pacific, the Middle East, Europe and the Nordics.
EQT X is the latest fund in the EQT Private Equity strategy. For thirty years, the strategy has invested in the Healthcare, Technology, Tech-enabled Services and Industrial Technology sectors in Europe and North America, and over that time it has delivered a realized gross multiple on invested capital of 2.7x. The Fund has announced seven investments since June 2022, starting with the acquisition of Envirotainer, the globally leading provider of mission-critical transport services to the biopharma industry. Other investments include advanced medical components supplier Zeus, accounts receivable automation leader Billtrust, and animal pharmaceutical business Dechra Pharmaceuticals.
As one of EQT’s eleven business lines, the EQT Private Equity team consists of more than 130 investment professionals spread across 15 offices in Europe and North America. They work with portfolio companies to accelerate growth, strengthen profitability and increase resilience through an active ownership model. They do this through hands-on support of management teams, employing long-term perspectives, and bringing deep expertise in areas such as AI, digitalization and sustainability. The teams also draw upon the expertise of EQT’s network of over 600 Industrial Advisors, who each bring experience leading companies in EQT Private Equity’s core sectors. EQT Private Equity works closely with EQT’s other private capital business lines, which include EQT Private Capital Asia, EQT Future, EQT Healthcare Growth, EQT Growth, and EQT Ventures.
EQT X is currently 30-35 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication), based on the actual fund size.
EQT
EQT is a purpose-driven global investment organization focused on active ownership strategies. With a Nordic heritage and a global mindset, EQT has a track record of almost three decades of developing companies across multiple geographies, sectors and strategies. EQT has investment strategies covering all phases of a business’ development, from start-up to maturity. EQT has EUR 232 billion in total assets under management (EUR 130 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. With its roots in the Wallenberg family’s entrepreneurial mindset and philosophy of long-term ownership, EQT is guided by a set of strong values and a distinct corporate culture. EQT manages and advises funds and vehicles that invest across the world with the mission to future-proof companies, generate attractive returns and make a positive impact with everything EQT does. The EQT AB Group comprises EQT AB (publ) and its direct and indirect subsidiaries, which include general partners and fund managers of EQT funds as well as entities advising EQT funds. EQT has offices in more than 20 countries across Europe, Asia and the Americas and has more than 1,800 employees.
$255 Billion Private Equity Group EQT Buys Medical Device & Industrial Applicant Firm Zeus Company at $3.4 Billion Valuation from Tourville Family
22nd December 2023 – Private equity group EQT with $255 billion AUM (EUR 232 billion) has announced to buy medical device & industrial application firm Zeus Company at a reported $3.4 billion valuation from the Tourville family. Announcement: “The EQT X fund (“EQT”) and Zeus Company, Inc., today jointly announced that they have entered into an agreement for EQT to acquire Zeus Company Inc (“Zeus” or the “Company”) from the Tourville family. Founded in 1966, Zeus is a pioneer in the design, development, and extrusion of fluoropolymer tubing for medical devices and select industrial applications. EQT also announced that John Groetelaars, former CEO of Hillrom and EQT Industrial Advisor, will serve as Zeus’ Executive Chairman upon closing of the transaction. EQT will support Zeus with investments in additional capacity, R&D, and operational excellence, to support the rapidly growing medical fields that leverage minimally invasive technologies. These investments will enable the Company to continue its legacy and reputation of partnering with its clients’ research and development groups to remain at the forefront of next generation technologies … … With this transaction, EQT X (target fund size of EUR 20.0 billion and a hard cap of EUR 21.5 billion) is expected to be 25-30 percent invested (including closed and/or signed investments, announced public offers, if applicable, and less any expected syndication) based on its target fund size. More info below:
Steve Peterson, President and CEO of Zeus: “We are excited to join the EQT family. Zeus has gained significant momentum in recent years due to a strategic global expansion plan. This acquisition accelerates that momentum and growth by supporting future expansion, new product innovation, process improvements, technological transformation, and enhanced capabilities.”
Ethan Waxman, Partner, EQT Private Equity’s Advisory Team: “EQT has tracked the medical device component industry closely for several years, and we believe Zeus is uniquely positioned within the end markets it serves due to its unmatched material science and process expertise. We are excited to partner with the Company and invest in its next phase of growth, its employees, and the communities it serves, while maintaining Frank Tourville Sr.’s values and commitment to excellence, which are shared by EQT.”
John Groetelaars, former CEO of Hillrom and EQT Industrial Advisor,: “I am thrilled to embark on this journey with Zeus and EQT to build upon the Company’s impressive legacy and best-in-class, differentiated product portfolio. We are committed to strengthening the partnerships with the customers that Zeus serves and expanding capacity through investments, operational upgrades, and growth from new product innovations. In the near-term, we intend to expand facilities and add personnel to increase production on behalf of our customers, and we’re excited to maintain our status as a key employer in the communities where we operate.”
Eric Liu, Partner, Head of North American Private Equity and Co-Head of Global Healthcare, EQT: “As one of the world’s leading healthcare investors, EQT invests in innovative companies that are addressing some of the most significant challenges in healthcare today, ranging from life science startups to scaled global businesses. This acquisition represents a highly thematic investment for EQT, given our longtime focus on the medical technology industry and our experience partnering with family-founded businesses. With EQT’s deep expertise and broad network of advisors in the healthcare sector, we look forward to continuing our track record of creating differentiated value for all stakeholders.”
$255 Billion Private Equity Group EQT Buys Medical Device & Industrial Applicant Firm Zeus Company at $3.4 Billion Valuation from Tourville Family
18th December 2023 – The EQT X fund (“EQT”) and Zeus Company, Inc., today jointly announced that they have entered into an agreement for EQT to acquire Zeus Company Inc (“Zeus” or the “Company”) from the Tourville family. Founded in 1966, Zeus is a pioneer in the design, development, and extrusion of fluoropolymer tubing for medical devices and select industrial applications. EQT also announced that John Groetelaars, former CEO of Hillrom and EQT Industrial Advisor, will serve as Zeus’ Executive Chairman upon closing of the transaction.
- For more than 50 years, Zeus has delivered innovative and mission-critical components that improve the efficacy and performance of highly complex catheters, which are used in life saving, minimally invasive medical procedures, among other applications. The Company is headquartered in Orangeburg, South Carolina, with eight facilities across the United States and one in Letterkenny, Ireland. Zeus employs approximately 2,400 people globally and serves over 300 customers in more than 100 countries, including leading medical device manufacturers, contract device manufacturing organizations, academic institutions, and industrial customers across aerospace, semiconductors, and automotive, among other industries.
- Zeus’ components enable the delivery of minimally invasive interventional procedures, which drive significantly better health outcomes than traditional open surgeries, including faster patient recovery and reduced pain, at lower cost. Zeus has experienced substantial growth as a leading innovator in polymer-based solutions. As populations age and chronic conditions become more prevalent, increasing demand for precision, high-performance catheters to support therapeutic areas including structural heart, peripheral and neurovascular interventions, is expected to continue fueling Zeus’ growth.
- EQT will support Zeus with investments in additional capacity, R&D, and operational excellence, to support the rapidly growing medical fields that leverage minimally invasive technologies. These investments will enable the Company to continue its legacy and reputation of partnering with its clients’ research and development groups to remain at the forefront of next generation technologies.
- The transaction is expected to close in Q1 2024, subject to regulatory approvals and customary closing conditions.
Piper Sandler Companies acted as financial advisor to EQT Private Equity and Simpson Thacher & Bartlett LLP provided legal counsel. Goldman Sachs & Co. LLC acted as financial advisor to Zeus and Freshfields Bruckhaus Deringer LLP provided legal counsel. The Private Credit business within Goldman Sachs Asset Management will serve as the Administrative Agent and lead lender in the Senior Secured financing to support the transaction.
About EQT
EQT is a purpose-driven global investment organization with EUR 232 billion in total assets under management (EUR 128 billion in fee-generating assets under management), within two business segments – Private Capital and Real Assets. EQT owns portfolio companies and assets in Europe, Asia-Pacific and the Americas and supports them in achieving sustainable growth, operational excellence and market leadership.
About Zeus
Zeus, headquartered in Orangeburg, South Carolina, is the world’s leading polymer extrusion and catheter design manufacturer. With over 55 years of experience in medical, aerospace, energy, automotive, fiber optics, and other leading industries, Zeus’ mission is to provide solutions, enable innovation, and enhance lives. The company employs over 2,400 people worldwide with facilities in Aiken, Columbia, Gaston, Orangeburg, and St. Matthews, South Carolina; Branchburg, New Jersey; Chattanooga, Tennessee; San Jose, California; Arden Hills, Minnesota; Guangzhou, China; and Letterkenny, Ireland.
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