BC Partners has announced a new Single Asset Acquisition Fund, led by funds advised by Neuberger Berman, a private, independent, employee-owned investment manager.
The Fund was formed to extend BC Partners’ investment in Springer
Nature, a Fund IX asset in which BC Partners sees multiple opportunities
for continued growth and additional value creation. The Fund will allow
BC Partners to realise capital for Fund IX investors, while continuing
to create value for its investors via robust organic growth and
selective M&A initiatives to further consolidate its leading
position in the Scientific, Technical and Medical publishing market.
The Fund is capitalised by lead investor Neuberger Berman, as well as
syndicate investors, reinvesting BCEC Fund IX investors and BC Partners
most recent fund, Fund XI.
Nikos Stathopoulos, Partner and Member of the Executive Committee at BC
Partners, says: “We have pursued this creative solution to extend our
investment in Springer Nature because we continue to see a compelling
investment opportunity in this high-quality asset. We look forward to
continuing to support management in positioning this highly defensive
and market leading business globally to capitalise on the significant
growth prospects stemming from the transition to open access and open
science.
"We are delighted to have the support of Neuberger Berman as the lead
investor in this Fund, and we look forward to partnering with them, our
new and existing investors and our longtime partners and strategic
shareholder, the Holtzbrinck Publishing Group, as we continue this
journey.”
Philipp Patschkowski, Managing Director of Neuberger Berman, says: “On
behalf of our investors, we are pleased to have the opportunity to
invest in Springer Nature and in the continued progress of this strongly
positioned, market leading business. It is an excellent example of our
solutions-oriented approach to complex transactions, involving
high-quality assets managed by a strong GP.”
Frank Vrancken Peeters, Chief Executive Officer of Springer Nature,
says: “I’m delighted to announce this transaction, which puts Springer
Nature in a great position to execute on our strategies and plans. These
include continuing to drive the transition to open access and
harnessing the longer-term potential of open science. Against the
backdrop of a global pandemic, our Research business has demonstrated
its resilience and delivered growth. I’d like to thank my colleagues
across the entire group for their continued dedication to delivering on
our mission.”
Evercore advised BC Partners in this transaction. J.P. Morgan provided a fairness opinion to BC European Capital IX.
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