5th February 2016 - 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.
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”.
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)