One Equity Partners Closes $1 Billion Continuation Fund Co-led by AlpInvest Partners and HarbourVest Partners
NEW YORK – One Equity Partners, (“One Equity” or “OEP”) a middle market private equity firm, today announced the close of a $1 billion Continuation Fund (“the Fund”), co-led by AlpInvest Partners, a subsidiary of global investment firm Carlyle (NASDAQ: CG), and HarbourVest Partners that will support continued growth for two European portfolio companies.
“We are pleased to further our longstanding partnership with One Equity and its investors on this transaction, which aligns with our strategy of investing with strong GPs managing attractive assets that have strong growth potential”
The additional capital will help drive transformational acquisitions and continued growth at aftermarket construction parts manufacturer and distributor USCO SpA and laboratory glassware manufacturer DWK Life Sciences.
“One Equity Partners is proud to partner with AlpInvest and HarbourVest on this oversubscribed transaction that generates liquidity and attractive returns for our existing investors in two proven assets and gives us the opportunity to continue driving acquisitions and growth,” said David Lippin, Managing Director and Head of Investor Relations at One Equity. “We were able to garner support in this transaction from new investors and institutions across both North America and Europe who recognized the firm’s strong track record of creating and driving value via its unique transformative combination strategy.”
USCO, based in Modena, Italy, supplies aftermarket and OEM parts to the earthmoving machinery industry globally, including repair components and ground-engaging and undercarriage parts. Since investing in April 2017, OEP has helped drive completion of six acquisitions providing USCO with a global distribution network, OEM quality engineering capability and a competitive manufacturing footprint worldwide. Together with an organic growth push by the company, a market-leading earthmoving industry parts supplier was created.
DWK Life Sciences, based in Wertheim, Germany, is a leading global manufacturer of premium laboratory glassware, storage solutions and other products for the life science and pharmaceutical end markets. Employing a transformational acquisition strategy, OEP first acquired Duran Group in February 2015, a leading brand and global manufacturer of premium borosilicate glass used primarily for laboratory glassware. This was followed by the acquisitions of Wheaton, a laboratory consumables business in September 2015, and laboratory and scientific glassware manufacturer and distributor Kimble Chase in October 2016, to create DWK Life Sciences. The subsequent acquisition of tubular glass packaging material maker Müller + Müller in September 2020 helped expand DWK’s presence in the fast-growing pharmaceutical packaging segment.
“This Continuation Fund will allow OEP to enable further expansion for two strong investments within our industrials and healthcare portfolio,” said One Equity Managing Director Steven Lunau. “Our long-standing investment strategy of helping drive transformative and accretive acquisitions has allowed us to work with management to build these businesses into recognized industry leaders.”
“We are pleased to further our longstanding partnership with One Equity and its investors on this transaction, which aligns with our strategy of investing with strong GPs managing attractive assets that have strong growth potential,” said Julian Rampelmann, Managing Director at AlpInvest.
Kirkland and Ellis served as legal counsel on the transaction and Moelis & Co. served as advisor on the transaction for One Equity Partners. Ropes & Gray acted as legal counsel for AlpInvest Partners.
About One Equity Partners
One Equity Partners (“OEP”) is a middle market private equity firm focused on the industrial, healthcare, and technology sectors in North America and Europe. The firm seeks to build market-leading companies by identifying and executing transformative business combinations. OEP is a trusted partner with a differentiated investment process, a broad and senior team, and an established track record generating long-term value for its partners. Since 2001, the firm has completed more than 300 transactions worldwide. OEP, founded in 2001, spun out of JP Morgan in 2015. The firm has offices in New York, Chicago, Frankfurt and Amsterdam. For more information, please visit www.oneequity.com.
About USCO SpA
USCO is a leading supplier of aftermarket and OEM parts to the global earthmoving machinery industry. The company manufactures and distributes an extensive range of undercarriage, ground engaging tools, and repair parts for construction and earthmoving machines and related equipment. For more information, please visit www.usco.it.
About DWK Life Sciences
DWK Life Sciences is a leading global manufacturer of premium laboratory and storage solutions for a wide range of scientific and technical applications. The DWK Life Sciences offering includes over 25,000 laboratory production under the famous brands Duran, Wheaton, and Kimble. Its world-leading and trusted glass offerings are complemented by an innovative research and life science portfolio. Worldwide, 1,700 people at 12 manufacturing sites are dedicated to developing and delivering superior products and services that focus on the needs of customers in the chemical, life science, and pharmaceutical sectors. For more information, please visit www.dwk-lifesciences.com.
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit and Global Investment Solutions. With $381 billion of assets under management as of March 31, 2023, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. Carlyle employs more than 2,200 people in 29 offices across five continents. Further information is available at www.carlyle.com. Follow Carlyle on Twitter @OneCarlyle.
HarbourVest is an independent, global private markets firm with 40 years of experience and more than $106 billion of assets under management as of December 31, 2022. Our interwoven platform provides clients access to global primary funds, secondary transactions, direct co-investments, real assets and infrastructure, and private credit. Our strengths extend across strategies, enabled by our team of more than 1,000 employees, including more than 215 investment professionals across Asia, Europe, and the Americas. Across our private markets platform, our team has committed more than $55 billion to newly-formed funds, completed over $46 billion in secondary purchases, and invested over $33 billion in directly operating companies. We partner strategically and plan our offerings innovatively to provide our clients with access, insight, and global opportunities. For more information, please visit www.harbourvest.com.