Investment Summary

KKR, True Capital, Permira, Highland Europe and Novator Partners Invest In Zwift

On September 16, 2020, private equity firm KKR, private equity firm True Capital, private equity firm Permira, growth capital firm Highland Europe and private equity firm Novator Partners invested in internet software and services company Zwift

Investment Highlights
  • This is KKR’s 26th, True Capital’s 2nd, Permira’s 11th, Highland Europe’s 10th and Novator Partners’ 5th transaction in the Internet Software and Services sector.
  • This is KKR’s 155th, True Capital’s 2nd, Permira’s 35th, Highland Europe’s 6th and Novator Partners’ 5th transaction in the United States.
  • This is KKR’s 33rd, True Capital’s 1st, Permira’s 11th, Highland Europe’s 4th and Novator Partners’ 3rd transaction in California.

Investment Summary

Date 2020-09-16
Target Zwift
Sector Internet Software and Services
Investor(s) KKR
True Capital
Permira
Highland Europe
Novator Partners
Deal Type Venture

Target

Zwift

Long Beach, California, United States
Zwift is a multiplayer online cycling and running physical training program that enables users to interact, train and compete in a virtual world. Zwift was founded in 2014 and is based in Long Beach, California.

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Investor(S) 5

Investor

KKR

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1976
PE ASSETS 267.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.


DEAL STATS #
Overall 360 of 500
Sector: Internet Software and Services M&A 26 of 38
Type: Venture M&A Deals 30 of 35
State: California M&A 33 of 46
Country: United States M&A 155 of 212
Year: 2020 M&A 31 of 39
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-16 THG

Altrincham, United Kingdom

THG is an online beauty and wellbeing businesses that operates 166 websites, retailing to customers in 160 countries. THG was founded in 2004 and is based in Altrincham, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-22 Reliance Retail

Mumbai, India

Reliance Retail operates an online and offline retail business in three core segments across India: food & grocery, fashion & lifestyle, and consumer electronics. Reliance Retail was founded in 2006 and is based in Mumbai, Maharashtra.

Buy -
Investor

True Capital

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2013
PE ASSETS 300M GBP
Size Middle-Market
Type Sector Focused
DESCRIPTION

True Capital is a private equity firm focused on opportunities in the retail and consumer sectors. True Capital looks to commit £10 to £40 million per transaction and seeks to leverage its network and operational expertise when considering investments. True Capital was formed in 2013 and is based in London.


DEAL STATS #
Overall 8 of 10
Sector: Internet Software and Services M&A 2 of 2
Type: Venture M&A Deals 1 of 1
State: California M&A 1 of 1
Country: United States M&A 2 of 2
Year: 2020 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-04-29 Hush

London, United Kingdom

Hush was founded on a core collection of comfortable, stylish pyjamas and loungewear. The brand has since branched out into further categories of womenswear including dresses, footwear, jeans, and athleisure. Hush was founded in 2002 and is based in London, United Kingdom.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-13 Sneak Energy

Manchester, United Kingdom

Sneak Energy is a sugar-free energy drink. Sneak Energy formulas are packed with active ingredients for energy, concentration and focus. Every flavour is next-level, but we never use artificial flavours or colourings. Sneak Energy is on a mission to fuel our customers in the most entertaining way possible, with a formula which helps to increase energy and focus, enabling customers to do more of what they love for longer. Sneak Energy was founded in 2018 and Manchester, United Kingdom.

Buy -
Investor

Permira

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1985
PE ASSETS 80.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

Permira is a mega-sized private equity firm that targets large company investments around the world. Permira invests to support acquisitions, leveraged buyouts, take-privates, turnarounds, and growth buyouts. Areas of interest include healthcare, financial services, chemicals, consumer products and services, industrial products and services, technology, media, and telecom. Permira will consider opportunities in Europe, Asia, and North America. Permira was formed in 1985 and has offices in Menlo Park, Frankfurt, Luxembourg, London, Hong Kong, Madrid, Milan, Paris, Stockholm, Tokyo, Guernsey and New York City.


DEAL STATS #
Overall 137 of 169
Sector: Internet Software and Services M&A 11 of 20
Type: Venture M&A Deals 4 of 7
State: California M&A 11 of 14
Country: United States M&A 35 of 47
Year: 2020 M&A 5 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-07-29 Pepperjam

Wilkes-Barre, Pennsylvania, United States

Pepperjam LLC is a performance marketing solutions provider powering growth for marketers seeking a scaled alternative to their primary sales and marketing channels. Ascend™, Pepperjam’s cloud-based affiliate marketing lifecycle platform, delivers a fully integrated partner discovery, recruitment, tracking, payment, and brand safety solution. Pepperjam was founded in 1999 and is based in Wilkes-Barre, Pennsylvania.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-22 neuraxpharm

Langenfeld, Germany

neuraxpharm is a provider of generic pharmaceutical products for the treatment of disorders of the central nervous system (CNS). neuraxpharm was formed in 1985 and is based in Langenfeld, Germany.

Buy -
DESCRIPTION

Highland Europe is a growth capital investor focused on technology enabled companies addressing large market opportunities in internet, mobile and software. The Firm looks to commit €10 to €30 million in fast growth companies with at least €10 million in annual sales. The Firm will consider opportunities throughout Western Europe with global ambitions. Highland Europe was formed in 2012 and is headquartered in London.


DEAL STATS #
Overall 31 of 49
Sector: Internet Software and Services M&A 10 of 11
Type: Venture M&A Deals 18 of 33
State: California M&A 4 of 4
Country: United States M&A 6 of 8
Year: 2020 M&A 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-08-25 Supermetrics

Helsinki, Finland

Supermetrics helps marketers and analysts move data from popular marketing and ad platforms like Facebook, Google, and HubSpot to their favorite analytics, reporting, and data warehouse platforms. Supermetrics was founded in 2013 and is based in Helsinki, Finland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-10 Incopro

London, United Kingdom

Incopro is an IP protection software and consultancy company. INCOPRO delivers technology solutions to businesses facing IP infringement challenges online. Incopro protects over 750 leading global brands, including Mondelēz International, Reckitt, Unilever, Superdry, and Brother International. Incopro was founded in 2012 and is based in London, United Kingdom.

Sell -
Investor

Novator Partners

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 2004
PE ASSETS 7.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novator is an alternative investment firm focused on opportunities in the telecom, life science, IT, and renewable energy sectors. Novator will consider investments across the US and Western Europe and has offices in London, Reykjavik, and Luxembourg.


DEAL STATS #
Overall 15 of 22
Sector: Internet Software and Services M&A 5 of 6
Type: Venture M&A Deals 3 of 3
State: California M&A 3 of 5
Country: United States M&A 5 of 7
Year: 2020 M&A 2 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-20 TIER Mobility

Berlin, Germany

TIER Mobility is an e-scooter sharing companies with a mission to change urban mobility for good. TIER Mobility plays the leading force in the ongoing transformation of transportation, by providing a fun and conscious way of commuting while relieving cities from emissions and congestion, and putting responsible usage and safety at the centre of its business. TIER Mobility was founded in 2018 and is based in Berlin, Germany.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-21 PLAY

Warsaw, Poland

PLAY is a growing, innovative and profitable telecom operator that provides a meeting place of possibilities and new technologies. At present, it is developing a particularly intensively 4G LTE Ultra network, which already covers more than 74% of Polish people. PLAY was founded in 2005 and is based in Warsaw, Poland.

Sell -