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Compass Partners Announces the Liquidity Solutions for Private Asset Managers Conference

September 03, 2019

Third Annual Secondaries Conference Returns to New York City on October 3, 2019

Stamford, CT and London, UK – September 4, 2019 – Compass Partners International, a private equity firm focused on secondary direct transactions, announced today that the 2019 Liquidity Solutions for Private Asset Managers Conference will take place in New York City on October 3. Leading experts in GP-led secondary investing will discuss the latest news and developments in this swiftly evolving $24+ billion market.

 

This one-day, invitation-only event, sponsored by Compass Partners and Arnold & Porter, is a private forum where distinguished panelists will discuss their experiences and insights from many of the high-profile liquidity solution transactions they have completed in recent years.

 

Panelists will explore innovative solutions and best practices in secondary financing including:

  • GP-led stapled secondaries, continuation vehicles and fund restructurings

  • Direct portfolio sales, single asset and strip sales

  • LP perspectives on GP-led deals including the impact of new ILPA Guidance on GP-led restructurings and alignment of interests.

 

“This conference is a response to the surging interest in GP-led secondaries,” said Frank Rudd, Partner at Compass Partners. “The opportunity to increase liquidity and flexibility for GPs and LPs in private equity has led to a wave of creative solutions. We want our Liquidity Solutions conference to contribute to the growth of this market and communicate new options to GPs and investors.”

 

Tim Wright, Partner at Compass Partners, added, “The conference provides a forum for debate amongst all the key stakeholders in these transactions. The objective is to share innovative solutions to complex problems.”

 

“The secondary market for private fund assets has matured significantly in recent years and is characterized by greater volumes and more varied and sophisticated transaction structures,” said Stephen Culhane, partner and co-head of the Investment Management practice at Arnold & Porter. “The Liquidity Solutions gathering affords a tremendous opportunity to exchange notes and discuss evolving market practices with some of the most experienced and active players in this multi-billion dollar market.”

 

The keynote speaker is Brian Mooney, Managing Director at Greenhill, who will discuss trends and innovations in the secondary markets. Panelists are from leading investors, advisors and GPs at top secondaries firms, including Julian Rampelmann, Managing Director at AlpInvest; Raj Senapati, Partner at HarbourVest; Holcombe Green, Managing Director at Lazard; Jonathan Costello, Partner at PJT Park Hill; Partners Jim Kester, Tim Wright and Frank Rudd at Compass Partners; and Partner, Stephen Culhane and Counsel, Michael Penney at Arnold & Porter.

 

The conference offers the opportunity to join interactive Q&A sessions with the presenters and panelists, and to network with peers and other industry participants after the sessions. For additional information and to request an invitation, please visit Compass Partners Liquidity Conference.

 

About Compass Partners International

Compass Partners is a transatlantic private equity firm focused on secondary direct transactions. Compass provides bespoke, flexible and conflict-free liquidity solutions to meet sellers’ strategic objectives. We specialize in acquiring portfolios of private companies (majority and minority ownership, active and passive oversight) and other single asset special situation transactions. We are based in Stamford, CT and London, UK.

 

For more information, visit www.cpil.co.uk.

 

About Arnold & Porter

With nearly 1,000 lawyers practicing in 14 offices around the globe, Arnold & Porter serves clients across 40 distinct practice areas. The firm offers 100 years of renowned regulatory expertise, sophisticated litigation and transactional practices, and leading multidisciplinary offerings in the life sciences and financial services industries.

 

Media Contact

Lisa Baker

Blicksilver Public Relations

(914) 725-5949

lisa@blicksilverpr.com

Rodenstock completes refinancing of €395 million term loan and €20 million credit facility

June 13, 2019

Munich 14 June 2019 – The Rodenstock Group, a leading manufacturer of high-quality ophthalmic lenses, announced today that it has successfully completed a refinancing of its senior debt facilities with a new term loan of €395m maturing in 7 years. In addition, the company secured a new revolving credit facility of €20 million. The transaction was arranged by J.P. Morgan as sole lead arranger.

“The refinancing is another milestone for Rodenstock. It underlines the successful transformation of the Group and provides a strong endorsement of the current strategy and future prospects. Following our record performance in 2018 and strong start to the current year, the outlook for the business remains very positive,” commented Anders Hedegaard, CEO of the Rodenstock Group.

The company is focused on its core ophthalmic MedTech capabilities within the progressive lens segment, which led to increased sales of €425 million in the financial year 2018. EBITDA also reached a new record high of €91 million, a 10% increase on previous year. The positive developments were mainly driven by efficiency improvements in production and logistics and a continued increase in lens sales driven by its strong market position in progressive lenses.

 

 

About Rodenstock:

Rodenstock is a leading manufacturer of high-quality ophthalmic lenses and the only independent “pure-play” operator in this sector globally. The company, which was founded in 1877 with its headquarters in Munich, Germany, employs around 4,900 people worldwide and is represented with sales offices and distribution partners in more than 85 countries. Rodenstock maintains production plants at 14 locations in 13 countries.

For more information, visit www.rodenstock.com/press.

 

About Compass Partners:

Compass Partners, based in London and Stamford/USA, is a private equity investor founded in 1997 focused on secondary direct transactions. Compass provides bespoke and flexible solutions to create liquidity solutions for fund managers, financial institutions or corporates from legacy funds or assets. Compass has been majority shareholder of the Rodenstock Group since February 2016.

For more information, visit www.cpil.co.uk.

Compass Partners completes acquisition of three assets from Bridgepoint in a €100m transaction backed by Glendower Capital

July 18, 2018

London – Compass Partners has completed the acquisition of three assets from various funds managed by Bridgepoint.  As part of a portfolio acquisition completed in 2016, Compass acquired majority stakes in Rodenstock and Infinitas.  This subsequent transaction saw the consolidation of Bridgepoint’s remaining interests in these businesses as well as the acquisition of 100% of Protocol.  Compass raised €100m from funds managed by Glendower Capital to finance this acquisition, which also provides significant follow-on capital to support the development of the portfolio.

 

For Compass, this represents a further step on its strategy of acquiring legacy portfolio assets.  Total assets under management now exceed €500m.

 

Commenting on the transaction, Alister Wormsley, Partner at Compass Partners stated:

 

“Since our initial investment, we have made solid progress at both Infinitas and Rodenstock and are delighted to have had the opportunity to acquire the minority interests.  Our strong operational and strategic focus has underpinned improved performance and the prospects and outlook for both businesses are good.  Protocol represents a good addition to our portfolio and is well positioned for growth.”

 

Chi Cheung, Partner at Glendower Capital commented:

 

“We have known the Compass team for a considerable time and are delighted to support them in a portfolio acquisition where they have delivered substantial progress in two of the key assets.”

 

Legal advice was provided by Dickson Minto and Macfarlanes LLP.

Further Information:

 

Compass: Based in London and Connecticut, Compass is a private equity firm focused on secondary direct transactions.  Compass Partners provides bespoke and flexible solutions to create liquidity solutions for financial institutions or corporates from legacy funds or assets. (www.cpil.co.uk) 

 

Glendower Capital: The transaction was backed by funds managed by Glendower Capital, an independent investment manager established by the team that spun-off from Deutsche Bank in 2017 and which today manages approximately US$4.3 billion in assets across four funds raised since 2006 (www.glendowercapital.com)

 

Infinitas Learning: Based in Utrecht, Netherlands, is a leading pure play education content and services business in Europe.  Infinitas’ education resources are used in primary schools, secondary schools, further and higher education colleges, homes and industrial institutions globally.  Geographies include the Netherlands, Belgium and Sweden (www.infinitaslearning.com)

 

Rodenstock: Based in Munich, Germany, is one of the world’s leading manufacturers of ophthalmic lenses and frames.  It has a sales and distribution network covering over 80 countries (www.rodenstock.com)

 

Protocol: Based in Nottingham, England, is a leading recruitment agency focussing on skills, education and training.  Its clients include further education colleges, universities, schools, local authorities and independent training providers across the UK (www.protocol.co.uk)

 

 

Enquiries:

 

Alister Wormsley – alister.wormsley@cpil.co.uk, +44 20 7761 2004

James Kester joins Compass Partners to help lead business development in the US

May 06, 2018

Compass Partners announces that James Kester has joined the team to help grow its business and increase origination in the US.  Since 2000, James has built and managed global investment businesses for institutional investors. Most recently, he served as Chief Investment Officer of the Private Equity department of the Abu Dhabi Investment Authority (ADIA), one of the world’s largest sovereign wealth funds since 2010.  James has also been a member of Advisory Board of DPE Deutsche Private Equity GmbH since 2017.

 

Compass Partners commented:

 

“We are delighted that Jim has joined the team.  We believe he will be a significant asset to help us continue to deliver innovative and creative liquidity solutions including the acquisition of multiple assets in portfolios from a variety of financial sponsors.” 

 

Further Information:

 

Compass Partners:  based in London and Stamford, CT, is a private equity investor founded in 1997 focused on secondary direct transactions.  Compass Partners provides bespoke and flexible solutions to create liquidity solutions for financial institutions or corporates from legacy funds or assets. In 2016, completed the acquisition of certain interests in Bridgepoint Europe III for a total equity commitment in excess of €360 million. Core assets include Infinitas Learning, Rodenstock and CTL. (www.cpil.co.uk)

 

Infinitas Learning:  based in Utrecht, Netherlands, is a leading pure play education content and services business in Europe.  Infinitas’ education resources are used in primary schools, secondary schools, further and higher education colleges, homes and industrial institutions globally.  Geographies include the Netherlands, Belgium and Sweden (www.infinitaslearning.com)

 

Rodenstock:  based in Munich, Germany, is one of the world’s leading manufacturers of ophthalmic lenses and frames.  It has a sales and distribution network covering over 80 countries (www.rodenstock.com)

 

CTL Logistics:  based in Katowice, Poland, is a leading European independent rail freight operator, operating primarily in Poland and Germany (www.ctl.pl/en)

 

Enquiries:

 

Frank Rudd - franklinjrudd@cpil.co.uk, +1 203 569 6186

Compass Partners completes investment in portfolio of assets owned by Bridgepoint to provide liquidity to investors in Bridgepoint Europe III. The total equity commitment is in excess of €360 million with an aggregate enterprise value in excess of €2 billion.

February 05, 2016

London, England – Compass Partners announces that it has completed the acquisition of certain interests in Bridgepoint Europe III. Core assets include Infinitas Learning, Rodenstock and CTL. Compass Partners has made its investment in funds that will continue to be managed and advised by

Bridgepoint.


Funding for the transaction will be primarily provided by funds managed by HarbourVest Partners, LLC and cash proceeds will be used to provide liquidity to investors in Bridgepoint Europe III. Follow-on capital will also be provided to fund further development of the portfolio.


Bridgepoint will retain an equity interest in certain investments in the portfolio allowing them to benefit from any future upside.


Compass was advised on the transaction by Credit Suisse and Societe Generale. Legal advice was provided by Dickson Minto and Debevoise & Plimpton.


Compass Partners commented:
“The portfolio consists of high quality assets which are well positioned for future growth and will benefit from a new investment horizon. The strong incumbent management teams will be supplemented by Compass Partners’ operating expertise and further financial resources, creating a strong platform to enhance value for all stakeholders. The transaction is core to Compass Partners’ strategy of providing bespoke and innovative liquidity solutions to established General Partners.”


David Atterbury, Managing Director of HarbourVest Partners commented:
“We have spent a long time cultivating the opportunity and are excited to be working with both Compass Partners and Bridgepoint on this portfolio. General partner led liquidity solutions are becoming a significant part of the market and we are delighted to have completed another transaction in this
space leveraging our prior experience”.


Further Information:


Compass Partners: based in London and New York, is a private equity investor founded in 1997 focused on secondary direct transactions. Compass Partners provides bespoke and flexible solutions to create liquidity solutions for financial institutions or corporates from legacy funds or assets. (www.cpil.co.uk)


HarbourVest Partners: is an independent, global private markets investment specialist with more than 30 years of experience and $39 billion in assets under management. The Firm’s powerful global platform offers clients investment opportunities through primary fund investments, secondary investments, and direct co-investments in commingled or separately managed accounts. HarbourVest has more than 300 employees, including more than 90 investment professionals, across Asia, Europe, and the Americas. This global team has committed more than $30 billion to newly-formed funds, completed over $13 billion in secondary purchases, and invested $5 billion directly in operating companies. Partnering with HarbourVest, clients have access to customized solutions, longstanding relationships, actionable insights, and proven results. (www.harbourvest.com)


Infinitas Learning: based in Houten, Netherlands, is a leading pure play education content and services business in Europe. Infinitas’ education resources are used in primary schools, secondary schools, further and higher
education colleges, homes and industrial institutions globally. Geographies include the Netherlands, Belgium and Sweden (www.infinitaslearning.com)


Rodenstock: based in Munich, Germany, is one of the world’s leading manufacturers of ophthalmic lenses and frames. It has a sales and distribution network covering over 80 countries (www.rodenstock.com)


CTL Logistics: based in Katowice, Poland, is a leading European independent rail freight operator, operating primarily in Poland and Germany (www.ctl.pl)

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