Private Markets Outlook
The first half of 2023 has cemented the shift into a new macro regime. With the end of an era of global trade integration, cheap and abundant debt, we believe we’re entering a ‘brave new world’ of investing. Our latest Private Markets Outlook presents our views on the implications of this change for the economy and for private markets investments. The article is authored by Tina Jessop, Senior Economist; Stephan Schäli, Chief Investment Officer; and Nils Bartel, Global Head Capital Markets.
SPi Global
SPi Global is a leading provider of outsourced services to top education, science, technical and medical research publishers worldwide. These services span a publisher's entire value chain, from author support and content development, through copy editing and typesetting, to digitalization, database management and data analytics. SPi Global serves its clients in 14 languages through 14 delivery operations globally and employs more than 13,000 people.
We acquired SPi Global in August 2017 on behalf of our clients. We are now working with SPi Global's management on a number of value creation initiatives to expand the company both organically and through select acquisitions. These include introducing additional offerings to SPi Global's service catalogue and the expansion of the company's business applications segment.
Key Retirement Group
Key Retirement Group is a leading UK provider of independent specialist advice and financial products for individuals approaching or in retirement. The company specializes in the origination and distribution of lifetime mortgages (LTMs), on behalf of third-party funders, which enable customers to release equity from their homes to fund their retirement.
We acquired Key Retirement Group in August 2017 on behalf of our clients. We are working with the company's management on a number of initiatives aimed at expanding its distribution capacity, driving forward product innovation and broadening its product portfolio.
Cerba HealthCare
Cerba HealthCare is a leading operator of clinical pathology laboratories, with a number one position in France and strong market positions in Belgium and Luxembourg. The majority of Cerba's revenues are generated via routine lab tests. The company also focuses on specialty lab testing for more complex medical diagnoses and testing services for clinical trials. Cerba's clients include private patients, physicians, labs, private and public hospitals, retirement and nursing homes, and pharmaceutical and biotech companies.
We acquired Cerba with our partner PSP Investments in April 2017 on behalf of our clients. We are working closely with the management team to continue Cerba's highly successful M&A strategy within the French market and internationally, as well as to accelerate organic growth and development in other segments.
Form Technologies
Founded more than 80 years ago, Form Technologies (formerly known as Dynacast) is a global manufacturer of small, highly complex metal components. The company uses proprietary precision die-casting and metal injection molding technologies to produce customized, high-volume components with complex shapes and tight tolerances for a diverse client base including blue-chip customers across the automotive, telecommunications, computing, consumer electronics, and healthcare industries.
We acquired a controlling stake in Form Technologies in January 2015 on behalf of our clients. Since then, we have worked with Form Technologies' management team to execute a number of add-on acquisitions, including the acquisition of precision component manufacturer Signicast in March 2017 and the acquisition of Austrian zinc die caster Schlieper Druckguss in July 2016. The acquisitions have added complementary technologies, allowing the companies to expand their product offerings and further grow their combined customer base.
KinderCare Education
KinderCare Education is the largest for-profit provider of early education in the US and the parent company of KinderCare Learning Centers, CCLC and Champions. KinderCare has been educating and caring for children for over 45 years and has a strong reputation for delivering quality educational programs through approximately 1,400 centers in 38 states. CCLC provides early-childhood care and educational services similar to those offered by KinderCare, in partnership with corporate clients, government agencies and leading universities. Champions partners with schools to offer before- and after-school educational and developmental programs.
We acquired KinderCare Education in August 2015 on behalf of our clients. We are working with its management team on several initiatives to expand its programs and enhance the experience for families enrolled at its centers, drawing on our long track record of investment in the education sector globally.