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Laxman Pai, Opalesque Asia: European alternative investment firm Astorg Partners has raised a €1.4bn ($1.52bn) continuation fund to acquire its portfolio company Normec.
The Normec continuation fund has been capitalized by lead investors CVC Secondary Partners, Pantheon, Lexington Partners, and Eurazeo, alongside additional investors including sovereign wealth funds, pension funds, asset managers, and family offices, said a media release from the pan-European private equity firm based in France.
The transaction was oversubscribed and includes commitments from both existing Fund VII and new investors alongside significant equity contributions from the Normec leadership team and the Astorg deal team.
Founded by Joep Bruins, CEO of the Group, Normec is a leading European provider of testing, inspection, certification, and compliance services, employing over 5,000 people across 6 European countries.
Since the initial investment in 2020, Normec has performed strongly under Astorg's ownership, more than quadrupling its size, thanks to solid organic growth, a successful acquisitive strategy (40+ acquisitions), with international expansion across 4 verticals, and a strong relationship with the current management team who will continue to lead the development of the firm in partnership with Astorg.
"Following the €1.3bn continuation fund raised to support IQ-EQ in 2022, establishing our second continuation fund for Normec marks a significant mil...................... To view our full article Click here
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