Verium moves Toradex, Mobil in Time into continuation fund

Verium I SCSp, which closed on CHF 120m, was established to fund the acquisition and future growth initiatives of Toradex and MiT, both Switzerland-based, Verium said in a statement. 

The fund saw Headway Capital Partners as the lead investor, with Kline Hill Partners as co-lead investor, and funds managed by UBS Asset Management alongside a number of private investors. 

Verium described the LP-backed fund as a "major landmark" in the development of its direct investment activities, adding that the transaction allowed Verium to realise attractive returns for existing investors. 

Verium acquired Toradex in 2016 and MiT in 2019, with the investor saying that both businesses have performed strongly, have exceptional management teams, and highly diversified and resilient business models. 

Traditional GPs have in the past year been embracing GP-led secondaries as a portfolio management tool, to retain the best-in-class assets for further growth, or offer some liquidity to LPs ahead of a general fundraising. 

But the flurry of activity in this space is not expected to continue at the same pace, according to one investor attending IPEM. Still, an increasing number of secondaries investors are launching specialised GP-led strategies. 

Pantheon and ICG are already active in this market, as reported. 

Companies
Toradex provides embedded hardware and software for industrial applications in the medical and diagnostic, plus testing and measurement sectors. Verium said it benefits from the increasing number of connected devices and related cybersecurity threats. 

MiT has mobile heating and cooling solutions as well as water damage restoration services, via its wide range of large-scale rental equipment. The group uses renewable energy sources for rental applications and eco-friendly solutions and the customer base ranges from HVAC players (building technicians, plumbers) to real estate management and industrial companies.

People 
Verium – Marc Erni (partner direct investments).
Headway – Christiaan de Lint (partner and co-founder).
Kline Hill – Elena Laleh (managing director).

Advisors 
Verium – Rothschild (M&A); Lincoln (M&A); Stephenson Harwood (legal); Wenger Vieli (legal); CMS (legal); KPMG (FDD); PwC (tax).

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