Pantheon has co-led an €811 million multi-asset continuation vehicle for Bregal Unternehmerkapital, providing additional capital and an extended ownership period for two European portfolio companies.
The continuation vehicle will support the continued growth of Safety21, a government technology company focused on road safety and smart mobility, and Onlineprinters, an online printing platform serving more than one million small and mid-sized businesses across Europe.
Through the transaction, existing investors in Bregal Unternehmerkapital’s fund were given the option to receive liquidity for their interests or reinvest through the newly established continuation vehicle. This structure allows investors seeking an exit to realize value while giving others the opportunity to maintain exposure to the companies’ future growth.
The transaction also provides Safety21 and Onlineprinters with additional long-term capital to continue executing their respective business strategies. The extended investment period gives Bregal Unternehmerkapital more time to support the companies’ expansion rather than pursuing an immediate sale or other exit.
Safety21 provides technology-based services designed to help government agencies improve road safety, transportation oversight and smart mobility infrastructure. The continuation vehicle is expected to support the company as it advances its platform and expands its presence across the European government technology market.
Onlineprinters operates a digital printing platform serving more than one million small and mid-sized businesses throughout Europe. Its online model enables customers to order a range of customized printed products through a centralized digital platform.
The new capital will allow Onlineprinters to continue developing its offering and pursuing growth opportunities across its European customer base. Both companies will remain supported by Bregal Unternehmerkapital under the continuation vehicle structure.
Pantheon said the transaction received support from a combination of new and existing institutional investors. The participation reflects investor demand for established private equity-backed businesses with additional growth potential beyond the life of their original investment funds.
Multi-asset continuation vehicles enable private equity managers to transfer multiple portfolio companies from an existing fund into a newly capitalized structure. These transactions can create liquidity for existing limited partners while preserving ownership of selected assets that the manager believes can generate additional value over a longer period.
For Pantheon, the transaction adds to its activity in the private equity secondary market, where it invests in existing fund interests, portfolio companies and manager-led continuation transactions.
Pantheon manages approximately $84 billion in discretionary assets across private markets. Its investment activities span private equity, infrastructure and private credit through primary fund commitments, co-investments and secondary transactions.
The firm’s participation in the €811 million vehicle combines its secondary investment capabilities with direct exposure to Safety21 and Onlineprinters as the companies enter their next phase of development under Bregal Unternehmerkapital’s ownership.
KEY QUOTE:
“Safety21 and Onlineprinters are both high-quality businesses with compelling opportunities for continued value creation. We’re pleased to be partnering with BU to support both companies into their next phases of growth.”
Amyn Hassanally, Global Head of Private Equity Secondaries at Pantheon
