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Spain’s Azora bets on European hotel recovery post-Covid, raises €680m for new fund

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Private Equity

TSG Invests in American Technologies

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TSG Consumer Partners has made an investment in American Technologies, the nation’s largest family-owned and operated restoration contractor.

American Technologies (ATI) was founded in 1989 by CEO Gary Moore and as part of this transaction the Moore family will retain an ownership interest in the business and ATI management will continue to lead the company in their current positions.

“We are excited to work with a high-caliber partner like TSG, who recognizes and values our family roots, unique company culture and unwavering dedication to our customers and communities,” said Mr. Moore. “We’re confident that their collaborative approach and experience growing best-in-class brands will help accelerate our expansion into new and existing markets, while we continue to invest in our training, technology and marketing and deliver best-in-class service to our customers with the indispensable agility and personal touch of a family-owned business.”

ATI specializes in providing restoration, environmental and reconstruction services following natural and man-made disasters. The company is headquartered in Anaheim, California, and has 20 branch offices nationwide with over 1,200 employees.

“ATI has established itself as a leading national player in disaster recovery services through its highly differentiated, compassionate approach to customer service and innovative, tech-enabled customer solutions,” said Michael Layman, a managing director at TSG. “We look forward to partnering with the Moore family and the management team and upholding the founding family’s strong legacy and corporate values as it scales its national platform through strategic acquisitions and capitalizes on organic growth opportunities.”

San Francisco-based TSG invests from $200 million to $800 million of equity in high-growth, branded consumer companies. Sectors of specific interest include beauty, fitness and outdoor, food and beverage, personal care, household, lifestyle, pet, restaurant, and retail. In January 2019, the firm closed its eighth fund with an oversubscribed $4 billion of limited partner capital commitments.

Private Equity Professional | August 13, 2020

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Novacap Closes Second Fund V Platform

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Novacap has acquired an interest in FortNine, an e-commerce platform for motorcycle, dirt bike, ATV, and snowmobile gear.

FortNine’s products include motorcycle helmets, rider apparel, tires, parts, dirt bike gear, snowmobile clothing and ATV accessories. The Montreal-based company was founded in 2009 by brothers Amin and Karim Sawaf.

“For more than 10 years, we have been developing strategies for FortNine, and worked directly with technology and business intelligence teams to allow us to deliver on our mission of great customer service,” said Karim Sawaf. “We are proud to unite with a partner of Novacap’s caliber to drive FortNine into its next stage of expansion.”

“We’re thrilled to partner with such great entrepreneurs. Amin and Karim Sawaf founded FortNine while in university. They led the company through exponential growth, built a great management team, and Novacap recognizes the success and passion that drives them,” said Jacques Foisy, the chairman of the board and managing partner of Novacap.

Novacap, with C$3.6 billion in assets under management, invests in middle-market companies within traditional industries and in companies in the technology, media, and telecommunications sector.  The firm was founded in 1981 and has offices in Toronto, and near Montreal in Brossard, Quebec.

“We found in the Sawaf brothers the same values as ours,” said Antoine Casimir, a principal at Novacap. “As a rider myself, I know firsthand how great FortNine is and we are convinced that the combination of their e-commerce expertise with our focus on operational excellence will drive FortNine to its next phase of growth. We are all very excited about working with the FortNine team.”

The buy of FortNine is the second investment for Novacap’s fifth fund which closed at its hard cap in November 2019 with C$940 million of capital.

PJ SOLOMON was the financial advisor to FortNine on this transaction.

Private Equity Professional | August 13, 2020

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Keystone Acquires Newport Distribution

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Kendell Doors & Hardware, a portfolio company of Keystone Capital, has acquired Newport Distribution, a Chicago-based supplier of doors and door hardware.

The buy of Newport expands Kendell’s reach into the Chicago market and complements its locations in Minnesota, Iowa, and Wisconsin.

Newport is the second add-on acquisition completed by Kendall since Keystone acquired the company in June 2019. The earlier buy was Tacoma-based Washington Architectural Hardware in April 2019.

Kendell is a distributor of door openings, door hardware and access control products used in institutional and commercial applications. The company also provides value-added services including design, specification, engineering, installation, and inspection. Kendall, led by CEO John Katter, was founded in 1981 and is headquartered near Minneapolis in Mendota Heights, Minnesota.

Keystone and Kendell are seeking additional add-on acquisitions of commercial door and door hardware distributors; electronic security and access control integration provides; and commercial locksmiths.

“We are excited to complete our second add-on to Kendall and to support the management team’s vision to build a market leader in the commercial door hardware and related access control services industry,” said Jason Van Zant, a managing director at Keystone.

Keystone invests in middle-market companies with EBITDAs of $2 million to $15 million. Sectors of interest include professional services and consulting, business services, industrial technology and manufacturing, food and beverage, and consumer products. The firm was founded in 1994 and is based in Chicago.

Private Equity Professional | August 13, 2020

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Source: https://peprofessional.com/2020/08/keystone-acquires-newport-distribution/?utm_source=rss&utm_medium=rss&utm_campaign=keystone-acquires-newport-distribution

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