Akin Advises Adelis Equity Partners on €430 Million Continuation Vehicle
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(London) – Akin advised Adelis Equity Partners on the formation of a €430-million Continuation Vehicle to invest in Presto AB (Presto) and HVD Group (HVD), two portfolio companies in Adelis Equity Partners Fund II (Adelis Fund II).
HarbourVest acted as lead investor in the €430-million Continuation Vehicle, augmented by €183 million of capital invested and committed from Adelis Fund III and the Adelis team.
Presto is a leading European player within fire safety and compliance services. Since being acquired by Adelis Fund II in December 2018, the company has quintupled its revenues to SEK 2.7 billion.
HVD recently merged with Next One Technology to form a leading Northern European provider of ERP and project management software for the tradespeople and construction industries. Adelis Fund II acquired HVD in June 2018, and under Adelis’ stewardship, the business has more than tripled in size.
The cross-practice Akin team was led by investment management partners Simon Ellis and Daniel Quinn, and included London partner-in-charge Sebastian Rice and corporate partner David Sewell. They were supported by investment management counsel Michelle Liptakova and Felicity Stansfield, investment management associate Matthew Allan, corporate senior counsel Tony Barnes, corporate associate Andrew Longo and tax partner Stuart Alter.
To learn more about this transaction, please click here.
The team at Akin have worked with Adelis since advising on its debut fund in 2013. Since then, Akin has advised Adelis on its two succeeding funds as well as another continuation vehicle transaction.
Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.
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