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Platinum Equity To Acquire Global Environmental Services Business Urbaser From China Tianying For $4.2 Billion

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Platinum Equity To Acquire Global Environmental Services Business Urbaser From China Tianying For .2 Billion

Platinum Equity today announced that it has entered into a definitive agreement to acquire Urbaser, one of the world’s largest providers of environmental services, from China Tianying Inc. for an enterprise value of approximately $4.2 billion (€3.5 billion). The sale is expected to be completed during the third quarter of 2021, subject to China Tianying shareholder and customary regulatory approvals.

Urbaser is a leading global environmental management company oriented towards sustainability and innovation, serving more than 70 million people in 25 countries through a network of more than 50,000 employees. Currently, it is responsible for cleaning more than 8 million kilometers of streets in different cities around the world and maintaining 25 million square meters of green areas. It operates 133 waste treatment facilities with a total of 20 million tons treated; produces 1,500 GWh of electrical energy from waste and in the last year has avoided the emission of almost 2 million tons of CO2 equivalent.

Founded in 1990 and headquartered in Madrid, Spain, Urbaser’s core business comprises three segments – Urban Services (waste collection, street cleaning and water management), Municipal Waste Treatment, and Industrial Waste Treatment – concentrated primarily in Spain, Chile, Argentina, France, and the Nordic region. The company generated approximately $2.8 billion (€2.3 billion) in revenue for fiscal year 2020.

“Urbaser is a complex company that is both vital service provider and important caretaker of the environment,” said Tom Gores, founder and CEO of Platinum Equity. “It is a leader in a sector that requires both operational excellence and ESG best practices. It is tailor-made for Platinum’s hands-on approach, and we’re excited about the opportunity.”

In addition to its core services, Urbaser has made substantial investments in R&D with a focus on circular economy solutions like bioplastics, bioproducts, compost, waste oil from vessels recovery, and advancements in innovative waste collection practices. The company’s commitment to innovation is a competitive advantage and fundamental to providing solutions for the sustainable development of urban services, integrated water management, and treatment of municipal and industrial waste. (More information is available in the company’s 2020 Sustainability Report.)

“The team at China Tianying have been excellent stewards of the business and we greatly appreciate their trust as a transaction partner and their confidence in our ability to build on their success and deliver a transaction that creates value for all stakeholders,” said Platinum Equity Partner Louis Samson, who oversees the firm’s European operations. “Urbaser will be a strong addition to our growing portfolio of operating companies headquartered in Europe. We have a lot of momentum in Spain and in Europe generally, which is a result of the resources we have put on the ground there and our deliberate strategy to continue investing in the region. We have had a great deal of success in Europe and acquiring Urbaser represents another exciting step forward.”

Other current European Platinum Equity investments include: wine producer Fantini Group Vini (Ortona, Italy); private label sweet biscuits manufacturer Biscuit International (Paris); global marine contractor De Wave Group (Genoa, Italy); seafood provider Iberconsa (Vigo, Spain); and European vacation rentals group Awaze (London).

“We are pleased to have reached an agreement that delivers a strong return for our shareholders while ensuring Urbaser remains in good hands moving forward,” said China Tianying Chief Financial Officer Fengwei Guo. “We are confident Platinum Equity has the resources and expertise to pursue an exciting new phase of growth, expansion and investment.”

Upon closing, José María López Piñol will continue to lead Urbaser as Chief Executive Officer.

“Platinum’s global operating capabilities, financial resources and commitment to supporting our business make it the ideal partner,” said Mr. López Piñol. “We will be able to accelerate our geographic expansion, maintain a healthy balance sheet and continue investing in sustainability.”

“Urbaser is a highly scalable platform with an attractive value proposition across the entire spectrum of waste management services,” said Platinum Equity Managing Director Igor Chacartegui. “The environmental services sector is in a period of growth and consolidation, and we will leverage the company’s scale and technical capabilities to accelerate its expansion both organically and through targeted M&A investments in key geographies.”

Citi and Santander are serving as investment advisors to Platinum Equity on the acquisition of Urbaser. Latham and Watkins is serving as the firm’s legal counsel.

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Cano Health Acquires University Health Care for $600 Million and Increases 2021 Adjusted EBITDA Guidance to Over $100 Million

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Cano Health Acquires University Health Care for 0 Million and Increases 2021 Adjusted EBITDA Guidance to Over 0 Million

Cano Health, Inc. (“Cano Health”) (NYSE: CANO), a leading value-based primary care provider for seniors and underserved communities, and University Health Care and its affiliates (“University”), a private medical provider dedicated to comprehensive, dependable medical services in local communities, today announced Cano Health has acquired University and its affiliates for $600 million. The bolt-on acquisition to Cano Health’s proprietary population health management platform leverages Cano Health’s high quality operational and clinical care services to improve health outcomes for University patients while strengthening the company’s position in the fragmented Florida market.

Cano Health also now estimates full year 2021 adjusted EBITDA between $100 million and $110 million and reaffirms its full year 2021 membership guidance of 154,000 to 162,000 members and revenue guidance of between $1.4 billion and $1.5 billion.

“This transaction is a significant step forward for Cano Health and our patients, as it will allow us to bring our brand of affordable, high quality primary care to more patients in the Florida market and accelerate Cano Health’s profitable growth,” said Dr. Marlow Hernandez, Co-founder, Chairman and CEO of Cano Health. “University is a premier provider of value-based care, and we are thrilled to welcome the world-class University team to the Cano Health family. Our model has proven effective at providing industry-leading outcomes while controlling costs, and we look forward to delivering care at a larger scale than ever before.”

“Protecting the legacy of our family-owned business, our relationships with providers, and our deep ties to the local community has always been important to us. Our priority every step of the way was the wellbeing of our patients and the job security of our employees,” said Maggie Quevedo, Co-Founder of University.

Michael Quevedo, President of University and son of its Co-Founders commented, “In Cano Health, we immediately recognized a partner who shares our values and can help us build upon the legacy left by my father, Felix Quevedo, Sr.  My brother Felix Quevedo, Jr., and I, together with our family and the entire University team, look forward to building America’s Primary Care with Cano Health. We are confident that our shared vision enables a winning combination for our patients, employees, and partners.”

Strategic Rationale

University’s services align with the Cano Health model, which provides members access, quality, and wellness through a high-touch and high-tech model of care. Both companies share a similar culture, and both companies’ staff seek to build lifelong bonds with their members. Estimated standalone full-year 2021 University revenue is approximately $355 million and adjusted EBITDA is $37 million.

With this combination, Cano Health expects to continue to grow by serving its combined approximately 143,000 members in 88 medical centers, with over 1,000 staff and affiliate providers across the country.

Combining with University will:

  • Add approximately 24,000 Medicare Advantage members.
  • Increase Cano Health’s capitated Medicare organic membership and revenue growth due to a significant increase in clinical capacity and leveraging of Cano Health’s robust brand in the markets in which University operates.
  • Create synergies by adding affiliate providers to the CanoPanorama platform and medical center operations.
  • Improve University’s medical claims expense ratio through operational enhancements such as Cano@Home, a 24/7 urgency line, and care management programs.
  • Leverage Cano Health’s proprietary population health management technology platform (CanoPanorama), delivering improved health incomes to a larger set of patients.
  • Expand Cano Health’s leading market share in Florida, the number one Medicare Advantage market in the US.
  • Deliver on Cano Health’s strategic objective to build, buy, and manage medical practices. Cano Health continues to pursue three key initiatives to realize the massive opportunity in value-based primary care: 1) organic growth, 2) new market entry and 3) targeted acquisitions.

Financial Terms

  • Cano Health acquired University with $540 million in cash and $60 million in equity. The transaction was financed through cash on hand and common equity issued to University’s shareholders.

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Drone Express Partners with FarEye To Launch Intelligent Drone Deliveries in the United States

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Drone Express Partners with FarEye To Launch Intelligent Drone Deliveries in the United States

Drone Express, a commercial drone delivery service and a division of TELEGRID Technologies, Inc., has partnered with FarEye, an Intelligent Delivery Management Platform, to power autonomous drone deliveries for leading retailers in the United States.

As the e-commerce delivery economy rapidly increases, retailers are under pressure to evolve faster in the last mile to meet the growing demand while providing a great customer experience. These expectations lead to driver shortages, complexities in carrier partnerships, and order fulfillment in the retail market. Autonomous drones have been identified as a viable, more sustainable and cost-efficient alternative mode of delivery to ensure the overall customer experience is not negatively impacted by these challenges.

Drone Express operates as a logistics company, working with companies to strategically introduce drone package delivery into their supply chains and service offerings. The company has partnered with FarEye to enhance the drone delivery customer experience. FarEye provides Intelligent Delivery Orchestration solutions helping retail enterprises provide new delivery experiences. End-to-end visibility is achieved by optimizing routes resulting in a positive customer experience.

In May, Drone Express and the leading grocery retail provider in the United States announced a pilot to offer a drone delivery service as part of the grocery retailer’s continuing efforts to transform e-commerce. The first grocery retail store is expected to offer the drone delivery service in early summer.

“The time has come for drone deliveries to become the new reality. Retailers are facing new pressures due to the delivery boom and consumer demand and are showing interest in innovative delivery solutions like autonomous drones. Customers are used to Amazon-Prime-like experiences where they can schedule and track their deliveries in real-time. We are excited to take this market-first offering to retailers in partnership with Telegrid and transform modern-day retail deliveries,” said Gaurav Srivastava, Co-founder at FarEye.

With the combined capabilities of Telegrid and FarEye, retailers can achieve:

  • Contactless deliveries with the help of drones
  • Delightful customer experience keeping customers informed at every step of the delivery journey
  • More flexibility to the customer to pick date and time of deliveries
  • Improved on-time delivery performance by avoiding traffic delays
  • Faster ways to fulfill same-day and same-hour deliveries
  • Improved sustainability utilizing an alternative delivery method reducing overall carbon emissions
  • Reduced operating costs by savings in driver and fuel costs

“Our landmark drone technology means consumers can now order a Gatorade to the soccer field, sunscreen to the beach, aspirin to the office or chicken soup for a sick friend,” said Beth Flippo, Chief Technology Officer, TELEGRID Technologies, Inc. “We are excited to partner with FarEye. The company plays a critical role in shaping the delivery experience to customers with optimized routing and real-time tracking. Together, we are moving commercial drone delivery beyond hype and making it a reality.”

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Singapore based eCommerce platform Lazada launches public bug bounty program upto $10,000 with YesWeHack

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Singapore based eCommerce platform Lazada launches public bug bounty program upto ,000 with YesWeHack

Focused on vulnerabilities of personal data, Lazada will pay out up to US$10,000 in rewards to ethical hackers

Southeast Asia’s leading eCommerce platform Lazada announces the launch of a public bug bounty program with YesWeHack to identify vulnerabilities, after running a successful 18 month-long private program. Since January 2020, Lazada has been working with ethical hackers to detect security vulnerabilities in its IT environment as part of a private bug bounty program, and is now opening the program to the entire cybersecurity community.

With the launch of this public Bug Bounty program, Lazada is making a statement to the eCommerce industry, and highlighting the priority it places on security and transparency for its customers and partners, by offering security researchers up to US$10,000 per bounty.

Protecting customer data is a top priority

Founded in 2012 and headquartered in Singapore, Lazada is one of the leading e-commerce platforms in Southeast Asia and was acquired by Alibaba Group in 2016. The company, which has operations in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam, also offers logistics, retail technology and payment services solutions, in addition to LazMall, the region’s largest virtual mall with over 18,000 brands.

Since the launch of its private bug bounty program, Lazada has worked with over one hundred ethical hackers to surface vulnerabilities, and has awarded over US$150,000 in bounties to security researchers. This includes a pre-launch event for the public program conducted that saw hackers from the YesWeHack community identify vulnerabilities in 48 hours.

“Given the importance of data and personal information, Lazada takes great care in protecting our customers and we have worked to patch these vulnerabilities, to ensure a safe shopping platform. With the evolving nature of data security, as well as the aggressive nature of hackers who exploit technology to steal data, we believe in working with the larger cybersecurity community to strengthen our IT ecosystems,” says Alan Chan, Chief Risk Officer of Lazada Group.

“Since working with YesWeHack, we have improved our security by enhancing our Secure Software Development Process, to avoid the same type of vulnerability coming up again. It has been very useful to verify with the wider researchers that our security monitoring can catch exploitation of vulnerabilities.”

Up to US$10,000 reward for reports on critical vulnerabilities

Lazada is now taking additional steps in providing transparency and security to its customers, by transferring the areas previously tested in the private program to a public program. This allows cybersecurity researchers from all over the world to participate in the program and report vulnerabilities to the eCommerce platform.

Furthermore, special attention will be paid to vulnerabilities that affect personal data and have severity levels of “high” or “critical.” For submitted reports on critical vulnerabilities, Lazada will pay out up to US$10,000 to security researchers. More information of the public bounty program can be found here.

“By launching this latest public bug bounty program, we are sending a clear message to everyone, that we value the importance of data in our possession. We believe in the expertise of the YesWeHack community and are excited to continue to work with ethical hackers in identifying new attack methods and countering them. This is about protecting our data, protecting our employees and protecting our customers against vulnerabilities,” says Franck Vervial, Head of Cyberdefence at Lazada.

“YesWeHack is delighted to partner with Lazada and expand our market in Asia, ensure their e-commerce platform and its customers are protected against increasingly sophisticated cyber threats,” says Kevin Gallerin, Managing Director, APAC at YesWeHack. “The switch to a public program follows over 18 months of collaboration, during which our global community of researchers has demonstrated its effectiveness and broad spectrum of skills. By reaching out to a broader community, Lazada strengthens its security, champions transparency and data privacy and protection. Ultimately, building and maintaining the trust and experience of the several million users across APAC.”

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