Bow River Capital backed One10 acquires First Lorandus Global

CPE News

CPE News (1.17.2024) – One10 LLC, a portfolio company of Bow River Capital, has acquired First Lorandus Global Inc. Financial terms were not disclosed.

Founded by Stephen Cook, Cambridge, Ontario based Lorandus is a leader in virtual, hybrid, incentive travel and face-to-face events. The company provide their North American clients with the tools to help them recognize, engage, and reward their employees and key customers to inspire great results and retain their best talent.

One10 maintains a presence across North America as well as a global partner network of suppliers. Lorandus will operate as a wholly owned subsidiary of One10.

Led by CEO Bob Miller, Minnetonka, Minnesota based One10 LLC is a leader in incentives and recognition, travel and events, and marketing services.

In June 2022, One10 completed a strategic investment from Bow River Capital, a Denver, Colorado based private equity firm focused on human capital businesses.

Bow River Capital currently is investing its second fund, Bow River Capital Software Growth Equity Fund II, a US $650 million 2022-vintage fund.

photo credit: Lorandus

News Release

One10 Completes Strategic Investment in Canada-Based Incentive Travel & Event Solutions Provider

January 17, 2024 09:00 AM Eastern Standard Time

MINNEAPOLIS & TORONTO–(BUSINESS WIRE)–One10 LLC (“One10”), a leader in performance improvement solutions, announced today a strategic acquisition of First Lorandus Global Inc. (“Lorandus”), an Ontario-based leader in virtual, hybrid, incentive travel and face-to-face events. This partnership represents the first of many global growth initiatives for One10 as it continues to expand the firm’s industry-leading capabilities and service offerings.

The investment will allow for expansion of the One10 brand and its proprietary incentive and recognition technology while supporting Lorandus’ desire to expand the suite of products offered to its customer base. One10 provides end-to-end solutions in marketing services, training, incentives, recognition, and travel and events.

“We are thrilled to expand our footprint in North America,” said Bob Miller, One10 President and CEO. “Lorandus is well-respected in the industry and has a successful track record of building strong customer relationships through excellent delivery. The values and employee-centric cultures of our two organizations are aligned in their focus on serving our clients by supporting and engaging our talented employees. Our partnership provides an opportunity for us to broaden our offering and better serve both Canadian and U.S.-based clients.”

Details of the transaction were not disclosed. However, the partnership is designed to bring the marketplace and One10 clients the best of both worlds: growth in recognition and incentive events, as well as increased presence in the US and Canada.

Lorandus’ President & Chief Inspiration Officer, Stephen Cook stated, “We are delighted to be partnering with One10 and continuing our collaborative journey of delivering results for our clients. The opportunity of expanding our product suite through the acquisition is incredibly exciting. The One10 leadership team has built an organization that aligns very much with the ‘people first’ culture we have fostered here at Lorandus.”

Bow River Capital Managing Director, Greg Hiatrides, stated, “We see a significant opportunity for growth with the Lorandus portfolio. Given the opportunity to serve enterprise companies in both the US and Canadian markets, it was a natural fit.” Bow River Capital is a strategic investor in One10 and supported the partnership with Lorandus.

One10 maintains a presence across North America as well as a global partner network of suppliers. Lorandus, located in Ontario, Canada, will operate as a wholly owned subsidiary of One10.

About One10

One10 LLC is a leader in incentives and recognition, travel and events, and marketing services. The company offers both Enterprise and SMB clients solutions to enable and engage their employees, salespeople and channel partners. One10’s global rewards, prepaid solutions and SaaS products help organizations improve engagement and improve results for some of the world’s most admired brands. For more information, visit one10marketing.com.

About Lorandus

Lorandus is an Ontario-based incentive travel & event management firm that celebrates diversity and inclusivity. Their team is passionate about creating unforgettable immersive group experiences that exceed their clients’ expectations. They provide their North American clients with the tools to help them recognize, engage, and reward their employees and key customers to inspire great results and retain their best talent. For more information, visit lorandus.com

About Bow River Capital

Bow River Capital, is a private alternative asset manager based in Denver, Colorado, focused on investing in the lower middle market in four asset classes, including private equity, real estate, software growth equity, and private credit. Through its subsidiary, Bow River Advisers, LLC, Bow River Capital also offers a registered, closed-end mutual fund – Bow River Capital Evergreen Fund (EVERX) – designed to provide institutional-quality private market access to a broader set of investors. Collectively, the Bow River Capital team has deployed capital into diverse industries, asset classes and across the capital structure. For more information, visit bowrivercapital.com.

Bow River Capital Evergreen Fund is distributed by Foreside Financial Services, LLC, which is not affiliated with Bow River Capital or its affiliates.
Contacts

Media Contact:
Mary Prevost, MBA | Prevost Partners
mary@prevostpartners.com | 612.202.3047