« The close involvement of the Cathay Capital team with our activities allowed us to pursue our growth at a sustained level and to reach a higher level in terms of our international development, particularly in Asia. »
An investement platform operating on
3 continents and 6 offices
« The close involvement of the Cathay Capital team with our activities allowed us to pursue our growth at a sustained level and to reach a higher level in terms of our international development, particularly in Asia. »
« By acting as a trusted shareholder, Cathay Capital has helped to strengthen mutual understanding and to secure our relationships with French partners. Thanks to Cathay Capital’s valuable role, Suofeiya today represents a real success story, which has successfully completed its IPO and continues to push forward its development with dynamism. »
« The strategic positioning of Cabio is to become an invisible champion of the niche market for high-end food ingredients based on highly effective biological technology. Cathay Capital has extensive resources and practical experience in the cross-border investment field and food industry, which will provide a strong support for Cabio`s development, »
Founder and President of Cabio
Cathay Capital completed the first closing of Cathay Midcap II at 600m euros
Paris, July 16th 2018
Cathay Capital is pleased to announce that it has held a first close on 600m euros on its Cathay Midcap II, which is targeting 1.2bn euros. The Fund is backed by Cathay’s historical cornerstone LPs, China Development Bank (CDB) and Bpifrance, and a mix of sovereign funds, institutional investors and family offices. Cathay Midcap II is also the first fund invested by the China-EU Co-investment Fund program, which was established by the European Investment Fund and the Silk Road Fund for the purpose of developing synergies between the Investment Plan for Europe and China’s Belt and Road Initiative.
The Fund was officially launched at the beginning of this year with the signing of a tripartite Memorandum of Understanding between CDB, Bpifrance and Cathay Capital, during French President Macron’s official visit in China. Thanks to Cathay Capital’s successful investment strategy and track record, the first closing of Cathay Midcap II was completed within a few months.
Following the strategy of its predecessor fund, Cathay Midcap II will support mid-cap companies with a high potential for growth and value creation as well as a capability to expand internationally. This new investment vehicle will continue to focus on its core geographies – China, Europe (mainly France and Germany), and to a smaller extent North America. Targeted sectors will include those with high cross-border synergies between China and the West that stand out in terms of sustainable growth potential, such as healthcare, high-end industries, consumer goods and business services.
Mingpo Cai, President and founder of Cathay Capital, said: "This new investment vehicle will leverage Cathay Capital’s expertise accumulated over the past decade to help hidden champions in their international acceleration to become world-class leaders and to create superior returns for investors. We thank our historical LPs for their continued support and trust, and welcome new LPs in joining the Cathay ecosystem."
Cathay Midcap II is expected to commence investing in the second half of 2018 and complete its final closing by the first half of 2019.
Press Contact for Cathay Capital
Yoann Besse, Citigate Dewe Rogerson
email@example.com – Tel: +33 (0)1 53 32 78 89 / +33 (0)6 63 03 84 91
Cathay Portfolio Company, Innovative Office Products, Acquires HAT Contract
New York, June 8, 2018
Cathay Capital North American-Sino Fund (“Cathay Capital”) is pleased to announce that its portfolio company, Innovative Office Products, LLC (“Innovative” or the “Company”) (www.innovativeworkspaces.com), has completed the acquisition of HAT Contract (“HAT”) (www.hatcontract.com), a San Jose, CA-based, leading North American designer, contract manufacturer and distributor of office ergonomic products including height adjustable tables, power/data beams, drawer pedestals, dividers, work surfaces and electrical components for benching and bases. HAT’s Founders, Brian McNay and Tony Glaves, will continue to manage the HAT business and have also become shareholders of Innovative.
Founded in 2013, HAT was created by Messrs. McNay and Glaves after significant experiences as furniture dealers and in other related industries. The height adjustable segment of the office furniture market is benefiting from strong tailwinds as today’s offices are being reshaped by the introduction of ergonomic and innovative office productivity solutions. HAT products are exceptionally recognized in the contract office marketplace as an accelerator of the movement towards open office environments. HAT’s products are known for the health benefits associated with height adjustability and the company provides a unique combination of quality lines, exceptional service and value.
Innovative is an award-winning, North American designer and manufacturer of office / workspace ergonomic and related products including monitor arms, sit-stand workstations, multi-monitor mounts and desk stands, point-of-sale (POS) mounts and healthcare and specialty OEM mounting solutions. The Company is a leading force in the global furniture and related accessories industry. Based in Easton, PA, Innovative began as a family-owned operation in 1986 and has grown into a global company over the past 30 years. The Company designs, develops and assembles products in the U.S. and sells into multiple markets including corporate offices, retailers, hospitality providers, hospitals and other healthcare providers, and to the government. Currently, Innovative serves North America, Europe (through its Copenhagen office) and Australia.
In addition to Cathay, the shareholders of Innovative include senior members of management, Norwest Mezzanine Partners (“Norwest” or “NMP”) and ORIX Mezzanine & Private Equity (“ORIX”).
Cathay’s cross-border strategy focuses on providing access for its North American portfolio companies to resources and networks in China and Europe to establish sales relationships, improve operating and sourcing capabilities, and to enhance the strategic capabilities of portfolio companies in key global markets. Additionally, Cathay helps strengthen client and strategic relations throughout its own offices in China, Europe and other parts of the world. Innovative, now along with the HAT team, has the desire to cross sell its broad Innovative and HAT lines of products and more rapidly expand globally given the appeal of ergonomics and specialty-mounting products across markets. Cathay’s successful experience with Germantown, WI-based Raffel Systems (www.raffel.com), a leader in the furniture motion controls industry, originally paved the way for Innovative to seek out Cathay’s unique cross-border strategy.
“The office furniture industry has been growing in a very healthy fashion in North America as an increasing percentage of professionals and employers continue to focus on ergonomics and smart office products that enhance workplace health and wellness while improving employee productivity. Cathay Capital’s North America, China and Europe teams are so excited to work with Innovative and the HAT team to accelerate the combined Company’s growth” said Mingpo Cai, Founder and President of Cathay Capital. “We are thrilled to partner with Brian and Tony to fuel the rapid expansion of this powerful new entity over the coming years through organic growth. This add-on investment further helps us execute on our strategy for helping forward-thinking North American companies identify and realize cross-border opportunities in China and Europe - where Cathay has an extensive footprint and ecosystem” said Mark Woods and David Hoffman, Partners with Cathay Capital.
On behalf of the Innovative management team, CEO David Fox said, “We are delighted to have HAT become a part of our family and are so excited to work with Brian and Tony and their team with this transformative combination of brands and resources. Our strategic visions are perfectly aligned and we are excited to achieve dynamic growth on multiple continents as we plan to continue to develop innovative ergonomic and mounting solutions together to satisfy expanding demand for products that improve health, wellness and productivity.”
“We founded HAT with the vision of delivering next-generation workspace ergonomic solutions to businesses of all sizes and in all industry segments, helping them achieve smart and efficient workplace transformations,” said Brian McNay, HAT co-Founder. “We are excited to join Innovative and bring product enhanced solutions for the open office environment and ergonomics solutions to many global customers in all markets.”
By Denis Barrier & Alex Lazarow
The future of mobility is seductive.
The current revolution underway may radically transform how we live our lives, and organize our society. Driverless piloting promises frictionless transportation over vast distances, in shorter times. Car sharing may dissolve our conception of car ownership. Vertical takeoff vehicles may move our commutes to the skies. Drones may change how we send or receive deliveries. Advances in electric production, storage and distribution will decrease the ecological impact of transportation. Finally, artificial intelligence will facilitate the interconnection of multimodal transportation for seamless customer journeys.
Over the last week, we had the opportunity to attend Movin’On, the world summit of mobility, hosted by Michelin. The discussions at the event exemplify how far we’ve already come.
It was no longer about whether electric cars, driverless cars, or drones were coming. The sessions focused rather on how we should be prepared for the changes to come and what the future will look like.
In part, that’s because innovators are scaling quickly, and their products deeply resonate with customers. Last year, Uber powered 4 billion rides. Waymo drove over five million miles (and every day its driverless fleet drives more than the average American drives in a year). We’ve seen a similar acceleration in our own portfolio. Glovo, the leading on-demand-delivery platform in Southern Europe and now in most of Latin America is on track to deliver 2 million packages this month. Drivy, like its US counterparts Turo and GetAround, are redefining car ownership in urban environments. Momenta, the leading Chinese artificial intelligence-enabled computer vision platform for self-driving cars has already logged more than a million miles of maps across China.
But we still have a long way to go.
News stories constantly highlight the latest driverless car crash. Public opinion is nervous about them and pessimistic about the impact of AI on society.
And we don’t yet have a good answer on how to retrain people whose jobs will be displaced. The workforce will need adaptation and resiliency. Future jobs will blend skills from today’s industries, but modified through the power of the AI and related innovations. Our investment in ifchange.com, the largest data driven HR platform in China with more than 200 million resumes and 100,000 connected businesses, paints an optimistic picture about how machines can guide people in their professional lives, help them to upgrade their skills throughout their lives, and empower them in their relationships with employers in the short and long term.
But we have a long way to go and the answers will not be easy.
We believe solutions require three important and interconnected dimensions: global collaboration, bridges across sectors and disciplines and creative financing mechanisms.
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Madrid, May 30th, 2018
OnTruck, the haulage tech platform, has raised 25M€ from a group of investors to fund its expansion across Europe and consolidation of its position in the U.K. and Spain. The series B funding round was led by global venture capital fund Cathay Innovation, with participation from new investor GP Bullhound and existing investors Atomico, Idinvest Partners, All Iron Ventures, Total Energy Ventures, Point 9 Capital, and Samaipata Ventures.
OnTruck’s network of vetted truck drivers offers shippers guaranteed capacity and industry-leading service to ensure shipments are delivered reliably and on time. With their proprietary technology, OnTruck automates the matching of loads to trucks, and provides real-time GPS tracking of all shipments. Clients include large multinationals such as Procter & Gamble, Decathlon, as well as over 400 mid-sized companies in Spain and the UK.
Commenting on the Series B funding, OnTruck CEO, Iñigo Juantegui, said: “This new round is a great signal from the market that we are on the right path towards becoming the leading road freight platform in Europe. The funds raised will go toward consolidating our market positions in Spain and the UK and expanding across Europe.”
What allows OnTruck to stand out from the pack is its focus on short-haul transportation. “Regional trucking is where shippers and truck drivers suffer from the most inefficiency, with over 40% of kilometers driven empty”, said Iñigo. “This is where OnTruck’s technology and our shipper and driver app can add the most value to lower supply chain cost for shippers and empty kilometers driven by truckers.”
Jacky Abitbol, Partner at Cathay Innovation, added: “We are very proud to support OnTruck in its development and to become one of its shareholders. This outstanding company is ahead of the crowd in a sector going through a fast digital transformation, and its talented management was the first to have an international vision and set ambitious goals. OnTruck has all the keys to become the European leader in road freight. Cathay Innovation, with the backing of its strategic allies, will support OnTruck in its growth and cross-border expansion to new countries including France.”
Carolina Brochado, Partner at Atomico said: “This funding round is a reflection of the incredible momentum that we are seeing around OnTruck. The company is growing rapidly in both Spain and the UK, and attracting some of the best talent from the tech and logistics industries alike. Meanwhile shippers and hauliers are seeing huge benefits from the efficiencies that the OnTruck technology platform brings to their businesses. The team is now focused on replicating the successful playbook in other markets across Europe.”
Maria José Lara - Communications Manager
+34 615 14 24 38
For Cathay Innovation
Yoann Besse – Citigate Dewe Rogerson
+33 1 53 32 78 89
Matt Penney- Milltown Partners
+44 (0) 7584 358 117
OnTruck is building the best and most intelligent way for companies to transport road freight. For shippers, OnTruck offers guaranteed capacity through a network of verified drivers, real-time tracking of shipments, as well as industry-leading service with instant, transparent pricing. Carriers are able to view and accept the shipments they want through a mobile app, helping them keep their trucks full and earn more.
To date, OnTruck has completed more than 57,000 loads, shipping palletised goods for manufacturers, distributors, freight forwarders and logistic operators via a rapidly growing base of more than 2,200 drivers. Headquartered in Madrid and one office in London, OnTruck is backed by Atomico, Cathay Innovation, Idinvest, Point 9 Capital, Samaipata Ventures, All Iron Ventures, Total Energy Ventures and GP Bullhound. For the fundraising, OnTruck has seek advice from SRlegal.es.
About Cathay Innovation
Cathay Innovation is a global venture capital fund, created in affiliation with Cathay Capital Private Equity. It was founded around the shared conviction that supporting digital entrepreneurs by providing them with a platform bridging 3 continents – North America, Europe and China – constitutes a particularly powerful value-creation strategy. As a multi-stage fund, Cathay Innovation partners with visionary entrepreneurs, committed to driving change through technology. Such transformation is accelerated by leveraging Cathay Capital Private Equity's extensive network with corporates and solid experience in operational excellence. Cathay Innovation has offices in San Francisco, Paris, Beijing and Shanghai.
For more information visit www.cathayinnovation.com or follow us on Twitter @Cathayinnov
Atomico invests in disruptive technology companies with ambitious founders from Series A onwards. Our experienced team includes founders and operators from the world's most successful technology firms who partner with our companies as they scale to become global winners.
Founded in 2006, Atomico has made over 100 investments into companies including Supercell, Klarna, Stripe, ofo, Lilium, 6Wunderkinder and The Climate Corporation. Atomico’s team includes founders of six billion dollar companies, and operational leaders who were responsible for global expansion, hiring, user growth and marketing at companies from Skype and Google to Uber, Facebook and Spotify.
For more information visit: www.atomico.com
Friday, May 4th, 2018 – Cathay Capital and Bpifrance today announced that they have signed an agreement to acquire a majority stake in global financial software company NeoXam from BlackFin Capital Partners.
The deal comes off the back of a sustained period of growth for NeoXam, a provider of data management and transaction solutions to financial institutions. Over the past two years, the French based firm’s (62.5 M€) revenue has increased by +25% and it has signed more than 32 deals and hired over 150 employees. In close liaison with BlackFin, the executive committee at NeoXam chose Cathay Capital due to its resources and ecosystem developed in Europe, China and the U.S and Bpifrance for its institutional footprint.
With these new partners, NeoXam’s management intends to leverage on the strong growth of the market and the technological assets of its data management, portfolio management system and back office solutions to position the Group as a global leader. With the global footprint of Cathay Capital, Neoxam will develop its presence in key markets, particularly APAC and the U.S.
Commenting on this signing agreement, Serge Delpla, Founder and CEO at NeoXam, said: “Since 2014, we have been creating with BlackFin a new leader, aggregating together established software and seasoned teams with fast-growing French gems. This audacious and entrepreneurial partnership has been fully successful. Now, Cathay Capital’s proven track record and Bpifrance’s institutional strength will be pivotal in providing us with the resources needed for NeoXam’s expansion plans. Our global business will undoubtedly benefit from the Cathay Capital network, particularly in China and North America, to continue to deliver worldleading financial solutions to our customers.”
Hervé Descazeaux, Partner at Cathay Capital, added: “NeoXam is an industry front runner with a renowned reputation for delivering innovative data management and transaction solutions. Through this partnership, our platform bridging three continents and the strong international experience of our teams, we hope that NeoXam can continue its impressive growth rate, and we can facilitate investment into research and development, so they can expand their offering.”
Benoist de Saint Lager, Investment Director at Bpifrance, concluded: “Demand for new software solutions in the asset management sector is expected to grow significantly in the coming years. We are looking forward to work with NeoXam’s team to help them grow and strengthen their leadership status in a European financial ecosystem we know well. Besides, we are pleased to partner once again with Cathay Capital.”
Laurent Bouyoux, Chairman at BlackFin Capital Partners, said: “We are proud of the robust and profitable model achieved by NeoXam in less than 4 years after its carve-out led by BlackFin, thanks to successful organic & external developments. We have been very supportive of Serge Delpla and the management in their ambitious geographical expansion strategy, which allowed Neoxam, initially France/Europe focused, to become a truly global player.”
The final closing of this deal is expected for the end of May. Terms of the transaction were not disclosed.
For NeoXam Cristel Cohen-Bacry +33 (0)6 16 79 09 56 firstname.lastname@example.org Tim Focas, Centropy +44 (0) 20 7092 8133 email@example.com
For Cathay Capital Yoann Besse, Citigate Dewe Rogerson +33 (0)1 53 32 78 89 / +33 (0)6 63 03 84 91 firstname.lastname@example.org
For Bpifrance Annelot Huijgen +33 (0)1 41 79 95 26 email@example.com
For BlackFin Pauline Ammeux +33 (0)1 75 00 02 36 firstname.lastname@example.org
NeoXam is a leading financial software company, delivering solutions and services to more than 150 customers in 25 countries. NeoXam is committed to its clients’ success: we deliver reliable and scalable solutions, processing more than $15 trillion worth of assets per day and serving over 10,000 users. Through its combined talents and transparent approach, NeoXam helps buy- and sell-side clients address the continuous changes in the financial industry, and helps them to grow and better serve their clients. NeoXam has staff of more than 450 and is headquartered in Paris and has 14 offices across the globe. For more information about NeoXam, please visit the website: https://www.neoxam.com/.
About Cathay Capital
Cathay Capital Private Equity, founded in 2006 by Mingpo Cai and Edouard Moinet, is a leading international private equity firm in the field of cross-border investment, committed to supporting the international expansion of companies from China, Europe and the United States. As a fund made by entrepreneurs for entrepreneurs, Cathay Capital’s team leverages on Cathay’s unique business model and platform to help create value for companies by removing borders. Cathay’s Group presence across three continents materializes through offices in Shanghai, Beijing, Paris, Munich, New York and San Francisco. Cathay’s team of 80 currently manages 8 funds and over USD 2 billion in assets. For more information, please visit www.cathay.fr
Bpifrance, the French public investment bank, has the ambition to help businesses, ranging from start-ups to medium-sized and large companies, to innovate, invest, grow and export. By sharing the risks with its private and public partners, Bpifrance provides a continuum of financing, from short-term credits to equity capital. For more information, please visit www.bpifrance.fr – Follow us on Twitter: @Bpifrance - @BpifrancePresse
BlackFin’s investment strategy focuses on asset-light businesses in the financial services & technology sector, across continental Europe. BlackFin operates as an active and influential investor, supporting management teams to take their businesses to the next level. BlackFin manages €800m through two financial services growth / buyout funds and one fintech-focused Venture Fund. BlackFin Capital Partners is a fully independent firm, run by its four founding partners who have worked together as managers and entrepreneurs in the financial industry for decades. Altogether the team consists of 25 experienced professionals operating out of offices in Paris, Brussels and Frankfurt. www.blackfincp.com.
Cathay Capital: Hervé Descazeaux, Stephan Torra, Victor de Tracy Bpifrance: Thierry Sommelet, Benoist de Saint Lager, Elise Carrera, Sarah Masson, Jamil Mderreg, BlackFin: Laurent Bouyoux, Daniel Cohen-Sabban, Pauline Ammeux
Investors’ advisors • Commercial due diligence: Bain & Company (Jean-Marc Leroux, Doris Galan) • Financial due diligence: Ernst & Young (Laurent Majubert, Thibault Mignonnac) • Legal, Tax & Social Due diligence: Ernst & Young (Frederic Reliquet, Matthieu Autret, Anne-Elisabet Combes) • Legal advisors: Allen & Overy (Marc Castagnede, Guillaume Valois, Jean-Christophe David, Jules Lecoeur), Latournerie Wolfrom Associés (Caroline Basdevant-Soulié, Guillaume Ledoux) • I-bank: DC Advisory (François Prioux, Xavier Souvras)
Management team’s advisors • Financial Advisor: Oloryn Partner (Frédéric Jannin, Eric Lesueur) • Legal Advisor: Pardo Sichel & Associes (Julien Sichel) • Tax Advisor: Franklin (Jérome Barré)
BlackFin’s advisors • M&A: Arma Partners • Financial & Tax VDD: Grant Thornton (Emmanuel Riou, Alexis Martin). • Gide (Pierre Karpik, Paul Jourdan-Nayrac)