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AMERICAS
A consortium of investors, including Elliott, Patient Square and Veritas Capital, completed the acquisition of Syneos Health, a healthcare company, for $7.1bn.
"The company has a strong operating foundation, differentiated, integrated solutions and a focus on being committed to customers. We believe this transaction will enable Syneos Health to continue to accelerate its growth strategy, enhance customer delivery and evolve the organization toward a tech-enabled future," John Dineen, Syneos Health Chairman.
Syneos Health was advised by Bank of America, Centerview Partners, Ernst & Young, Latham & Watkins (led by Thomas Malone, Josh Dubofsky and Javier F. Stark) and Joele Frank (led by Tim Ragones, Jim Golden and Viveca Tress). Financial advisors were advised by Freshfields Bruckhaus Deringer (led by Damien R. Zoubek). Patient Square was advised by Borden Ladner Gervais (led by Ryan Tomicic), Kirkland & Ellis (led by Daniel E. Wolf, Michael E. Weisser and Maggie D. Flores). Veritas Capital was advised by Covington & Burling (led by Scott A. Freling) and Milbank (led by Richard Presutti and Lowell Dyer). Elliott was advised by UBS, AZB & Partners (led by Divya Mundra), Borden Ladner Gervais, Gibson Dunn & Crutcher (led by Richard Birns) and Perez Llorca (led by Francisco Iso). Debt financing was provided by BMO Capital Markets, Citigroup, Goldman Sachs, HSBC, Jefferies & Company, Macquarie Group, Natixis Partners, RBC Capital Markets, Truist Securities, UBS and Wells Fargo Securities.
Advent International and Warburg Pincus, two private equity investors, completed the acquisition of the BioPharma Solutions business of Baxter, a global medtech company, for $4.25bn.
“Today represents an important step in Baxter’s ongoing transformation journey as we continue to execute against our strategic priorities, enhance our focus and create additional value for all our stakeholders. BPS has long been recognized worldwide as a trusted and preferred partner of contract manufacturing services for the pharmaceutical and biotech industries. Advent International and Warburg Pincus have extensive experience helping innovative healthcare companies advance their mission and strategic priorities. I am confident that under their stewardship, BPS will continue to build on its leadership position, foster world-class talent, invest in new capabilities and capacity, and provide leading-edge, high-quality solutions for its clients," José E. Almeida, Baxter Chairman, President and CEO.
Wren House, an infrastructure investment manager, agreed to acquire a minority stake in SeaCube Container, a refrigerated containers company, from OTPP, a pension fund company. Financial terms were not disclosed.
“We are excited to partner with SeaCube’s exceptional management team and Ontario Teachers’ to accelerate the Company’s growth plans. As SeaCube’s global clients seek to increase efficiency, reliability and reduce their carbon footprint, SeaCube is best positioned as their partner of choice to meet their growing demand and expectations for intermodal transport. This investment fits Wren House’s strategy of building a global and resilient infrastructure portfolio with outstanding management teams and aligned partners," Philippe Busslinger, Wren House CEO.
Jeff Leerink, SVB Securities' CEO and Founder, and The Baupost Group, a hedge fund, completed the acquisition of SVB Securities, the investment banking business of SVB Financial Group, a financial services holding company, for $100m.
"This transaction is a significant milestone in SVB Financial Group's strategic alternatives process. The Restructuring Committee and its advisors conducted a disciplined and independent process intended to maximize the value of the business for SVB Financial Group stakeholders. We are confident that the transaction led by the investment bank's current management team will preserve and enhance the value of the business," Bill Kosturos, SVB Financial Group Chief Restructuring Officer.
A $1bn metals deal by blank-cheque fund ACG Acquisition has been terminated following delays when the different sides, which included a leading global miner and top automakers as anchor investors, tried to revise it.
ACG, a London-listed special purpose acquisition company, planned to buy a nickel mine and a copper mine from Appian Capital, betting on rising demand for metals needed for the global green energy transition.
GTCR, a private equity firm, completed the acquisition of the commercial business of ADT, a company that provides residential, small and large business electronic security, fire protection, and other related alarm monitoring services, for $1.6bn.
"Everon has a longstanding reputation for excellence in service and we look forward to continuing that legacy through strategic M&A, investing in technology to support innovation, and expanding Everon's portfolio of best-in-class solutions," Tom Ehrhart, GTCR Principal.
Ember Infrastructure, a private equity firm, agreed to acquire H2O Innovation, a water and wastewater treatment company, for $395m.
“After extensive work we have concluded that this transaction is in the best interest of H2O Innovation and fair to our Shareholders. Following a comprehensive assessment and our extensive negotiations with the Purchaser, we are pleased to have reached an agreement that provides immediate and fair value to our Shareholders. In addition to the attractive premium offered to H2O Innovation’s Shareholders, Ember has agreed to key commitments for H2O Innovation and its stakeholders. Ember appreciates the significance of H2O Innovation’s Québec roots that will remain an important foundation for the Corporation as it continues its growth, and has agreed to maintain H2O Innovation’s head office in the Province of Québec,” Lisa Henthorne, H2O Innovation Chairwoman of the Board.
H2O Innovation is advised by Desjardins, Scotiabank and Norton Rose Fulbright. Ember Infrastructure is advised by Raymond James, Davies Ward Phillips & Vineberg and Weil Gotshal and Manges (led by Michael J. Aiello).
Vista Equity Partners, a private equity and venture capital firm, agreed to invest in Pamlico Capital-backed TRG Screen, a developer of data analytics software intended to monitor and manage subscription spending and usage. Financial terms were not disclosed.
"This investment from Vista comes following the tremendous success TRG Screen has achieved in providing our customers with leading subscription spend and usage management capabilities; it will also further accelerate our software and managed service offerings in response to the market's demand for best-in-class solutions," Leigh Walters, TRG Screen CEO.
SK Capital, a private investment firm, completed the acquisition of Milestone Environmental Services, a national provider of oilfield waste solutions with an engineered waste disposal process that is environmentally focused, from Amberjack Capital Partners, a private equity company. Financial terms were not disclosed.
"SK Capital's industry and operating expertise and track record of successfully partnering with management teams to execute transformational strategies make it an ideal partner for Milestone at this phase of our journey. I am grateful to work with the premier management team in our industry, and we look forward to partnering with SK Capital to realize the shared vision we have for the Company," Gabriel Rio, Milestone President and CEO.
SK Capital was advised by Houlihan Lokey, Latham & Watkins, and BackBay Communications (led by Jeremy Milner). Debt financing was provided by Cerberus Business Finance. Milestone Environmental Services was advised by Goldman Sachs and White & Case.
Alpha Lithium's board of directors recommended accepting the improved offer from Tecpetrol Investments for the acquisition of all outstanding common shares of Alpha. The offer stands at $1.1 per share in cash.
This comes after Caravel Capital Investments, a major shareholder of the company, issued an open letter endorsing Tecpetrol's revised offer to acquire Alpha Lithium.
Tecpetrol is advised by BMO Capital Markets, Davies Ward Phillips & Vineberg, Crestview Strategy, Laurel Hill and Teneo (led by Alexandre Meterissian).
CCMP Growth Advisors, a private equity firm, Shawn Roberts and Tyler Wallace, Decks' CEO and President, agreed to acquire Decks & Docks, a specialty distributor of marine construction and outdoor living supplies. Financial terms were not disclosed.
"Decks & Docks is exactly the type of business with which CCMP Growth seeks to partner, with its leading position in the attractive outdoor living-focused market, strong secular tailwinds from favorable consumer spending trends and a growth strategy that aligns with our expertise in scaling multi-site platforms. We look forward to supporting Shawn, Tyler and the exceptional team at Decks & Docks as we work together to continue the company's growth strategy of expanding through organic initiatives at existing sites, new unit openings and strategic acquisitions," Joe Scharfenberger, CCMP Growth Co-Managing Partner.
Decks & Docks is advised by Raymond James and Morgan Lewis & Bockius. CCMP Growth is advised by Robert W Baird, Ropes & Gray and FGS Global.
Platinum Equity, a global investment firm, agreed to acquire a majority stake in The Cook & Boardman Group, a specialty distributor of commercial door and security integration solutions, from Littlejohn, an investment firm. Financial terms were not disclosed.
"Cook & Boardman has built an impressive, diversified business with national scale. Customers in this space want more than just a traditional distributor of doors and hardware. They increasingly need value added solutions, including electronic safety and security systems. We believe Cook & Boardman is uniquely positioned to capitalize on that growing demand for integrated solutions. We look forward to working with the company's leadership group and our partners at Littlejohn to continue growing the business," Jacob Kotzubei, Platinum Equity Co-President.
Oaktree Capital Management, a private equity company, agreed to acquire Consolidated Chassis Management, a transportation company that provides consolidated chassis management services, from OCEMA, an association of major US and foreign flag international ocean common carriers. Financial terms were not disclosed.
"We are enthusiastic about the prospects of our new partnership with the Oaktree Transportation Infrastructure team, who bring deep understanding and experience in the US maritime and intermodal sectors. With Oaktree's backing, CCM will be very well-positioned to carry out the innovative vision of the Ports and OCEMA to create the largest truly interoperable chassis utility in the country," Mike Wilson, CCM CEO.
Consolidated Chassis Management is advised by BSY Associates (led by Lisa Aurichio). OCEMA is advised by InterPro Advisory and Strategic Rail Capital.
Love's Travel Stops, a convenience stores chain, completed the acquisition of TVC Pro-Driver, a platform for subscription-based commercial driver's license protection services, from Gauge Capital, a middle market private equity firm. Financial terms were not disclosed.
"We partnered with TVC in 2019 with the goal of building a best-in-class offering that enhanced the already significant benefits that the comprehensive commercial driver's license protection provides for truck drivers, and the partnership with Love's is the culmination of those efforts. We are thankful to have worked with Jon Russell and the rest of the TVC team and look forward to what this new partnership will bring for the Company," Tom McKelvey, Gauge Capital Co-Founder and Managing Partner.
TVC Pro-Driver was advised by DC Advisory, Jefferies & Company and Ropes & Gray.
Genstar Capital, a private equity firm, agreed to invest in Cetera Financial Group, a privately-held, independent broker-dealer and investment adviser to families. Financial terms were not disclosed.
"We could not be prouder to partner with Cetera and this management team. The Company has exceeded expectations since our initial investment in 2018, and we expect Cetera to continue this growth path as a scale player in the wealth management market. Cetera's position in the ecosystem enables it to benefit from continued tailwinds," Tony Salewski, Genstar Capital Managing Partner.
Cetera Financial Group is advised by Moelis & Co, Morgan Stanley, and Willkie Farr & Gallagher.
Rithm Capital, a private equity firm, agreed to acquire mortgage servicing companies Specialized Loan Servicing and Computershare Mortgage Services from Computershare, a financial services company, for $720m.
“We are thrilled to welcome SLS to the Newrez family. Our track record of acquisitions in the mortgage servicing space continues to deliver value not only for our shareholders, but also for the millions of consumers we serve,” Michael Nierenberg, Rithm Capital Chairman, President and CEO.
Persistence Capital Partners, a private equity firm, agreed to acquire the remaining stake in Neighbourly Pharmacy, a community pharmacies network, for $455m.
"PCP believes that taking Neighbourly private is the best way to unlock its full potential and create long-term value for all stakeholders. As a private company, Neighbourly will have more flexibility and resources to pursue its strategic vision to advance the role that independent pharmacies can play in Canada. We are confident that this proposed transaction will benefit Neighbourly's customers, patients, employees, and partners, as well as provide a fair and attractive return to its public shareholders," Stuart M. Elman, Persistence Capital Partners Managing Partner.
Neighbourly Pharmacy is advised by TD Securities and McCarthy Tetrault.
Sun Life, a provider of wealth management, financial security, and stability to its customer base, completed the acquisition of Dialogue Health Technologies, a virtual healthcare and wellness platform, providing affordable, on-demand access to quality care, for $268m.
"We have a strong relationship with Sun Life and our company values are closely aligned. We both care deeply about health and well-being and want to improve access to safe and quality care for everyone. As a company backed by Sun Life, Dialogue will have the resources and flexibility to continue to deliver on its mission by leveraging the respective strengths of both organizations, and we look forward to introducing more innovative digital solutions to empower people on their health journey. This is an exciting new chapter as we look to grow together and shape the future of healthcare in Canada and other markets," Cherif Habib, Dialogue CEO.
Sun Life was advised by RBC Capital Markets and Torys.
Arlington Capital Partners, a private equity firm, completed the acquisition of Avenu Insights & Analytics, a provider of analytics and administrative solutions, from Mill Point Capital, a private equity firm. Financial terms were not disclosed.
“Avenu offers an attractive platform from which to build upon given their robust product offering and strong leadership position in the highly fragmented state and local government markets. The Company’s software maximizes revenue without raising taxes, simplifies government processes and meaningfully reduces costs, while providing greater transparency and an improved experience for citizens. We are excited to partner with Paul Colangelo and the broader Avenu leadership team as we further invest in and grow the business,” Michael Lustbader, Arlington Capital Managing Partner.
Arlington Capital Partners was advised by Sheppard Mullin Richter & Hampton. Avenu Insights & Analytics was advised by Lincoln Churchill Advisors.
Nippon Life Insurance, a provider of insurance and asset management services, completed the $1bn investment in Blackstone-backed Resolution Life, a global life and annuity insurance consolidation business.
“I am honoured to have the continued partnership of Nippon Life, an institution I admire and respect. There is a strong foundation of shared values, clarity of vision and breadth of capabilities across our organisations," Clive Cowdery, Resolution Life Founder and Executive Chairman.
Nippon Life Insurance was advised by JP Morgan.
Pritzker Private Capital, a private equity firm, completed the acquisition of Sugar Foods, a food company. Financial terms were not disclosed.
“Sugar Foods is a top provider of the essential ingredients of menu items that customers are demanding. The company is led by a strong team, and we continue to be impressed by its robust capabilities and track record of successful product innovations. We look forward to partnering with the Sugar Foods team through the company’s next chapter, as they capitalize on compelling growth opportunities, pursue strategic add-on acquisitions and further cement the company’s position as a partner of choice to its customers,” Chris Trick, Investment Partner PPC.
PPC was advised by H/Advisors Abernathy (led by Dan Scorpio).
Atlas Holdings, a private equity firm, completed the acquisition of the Herff Jones graduation business of Varsity Brands, an apparel company. Financial terms were not disclosed.
"We are excited to be adding Herff Jones to Atlas' growing family of great manufacturing and distribution businesses. Our team has partnered with the Leadership Teams of non-core former divisions of larger corporations, strengthening and growing them into focused, thriving, independent businesses. We see tremendous opportunity with Herff Jones and we have extensive experience serving education partners through other current Atlas companies. We are confident that we are the right partner for Herff Jones as it enters the next chapter of its storied history serving students," Michael Sher, Atlas Partner.
Varsity Brands was advised by Jefferies & Company.
Blackstone, a private equity firm, agreed to invest $430m in Amicus Therapeutics, a biotechnology company focused on discovering, developing and delivering novel medicines for rare diseases.
“This new financing with Blackstone strengthens our balance sheet and financial profile by reducing the interest rate versus our current debt, pushing out the amortization schedule and extending the amortization period. This strategic investment demonstrates Blackstone’s commitment to Amicus’ future and belief in the strong growth potential of Galafold and Pombiliti + Opfolda as we continue on our mission to develop medicines for people living with rare diseases," Bradley Campbell, Amicus Therapeutics President and CEO.
Fortescue, an integrated green technology, energy and metals company, Fifth Wall, a venture capital firm, and Energy Impact Partners, a collaborative strategic investment firm, led a $380m Series C round in Electric Hydrogen, a deep decarbonization company, with participation from bp Ventures, Oman Investment Authority, Temasek, Microsoft’s Climate Innovation Fund, the United Airlines Sustainable Flight Fund, New Legacy, Kajima Ventures, Fatima Holdings USA, Climate Pledge Fund, Equinor Ventures, Mitsubishi Heavy Industries, Rio Tinto, Breakthrough Energy Ventures, Capricorn Partners, Prelude Ventures, and S2G Ventures.
“Fortescue is committed and focused on supporting the creation of green technology to help heavy industry decarbonize and producing green hydrogen at scale globally is integral to that. Electric Hydrogen, just like Fortescue, is working at the speed and scale necessary to help deliver green-hydrogen projects around the world,” Mark Hutchinson, Fortescue Energy CEO.
Bain Capital considers US LBM sale at $7bn.
Bain Capital is considering a sale of a minority stake in US LBM that could value the building materials group at about $7bn or more, including debt, Bloomberg reported.
The company is working with an adviser to run an auction process for a 49% stake. The stake is likely to interest other private equity firms.
HGGC explores $4bn sale of typeface firm Monotype.
Buyout firm HGGC is exploring a sale of Monotype Imaging that could value the typeface firm at more than $4bn, including debt, Bloomberg reported.
HGGC is working with a financial adviser to gauge takeover interest in the Woburn, Massachusetts-based company and is expected to launch a formal auction process in the coming weeks.
Vista mulls $2.5bn sale of Quickbase.
Vista Equity Partners is exploring a sale of software maker Quickbase that may value the software company at more than $2.5bn, including debt, Bloomberg reported.
The technology-focused investment firm is working with an adviser to solicit interest in the Boston-based company. No final decision has been made and Vista could opt to hold onto the business.
Millennium in talks to invest billions with rival Schonfeld.
Izzy Englander’s Millennium Management is in discussions to invest billions of dollars with Schonfeld Strategic Advisers in a rare partnership deal between two industry heavyweights, Bloomberg reported.
Schonfeld, with about $13bn of assets under management, would handle money for Millennium, which oversees about $60bn. Investors have been turning to multistrategy hedge fund firms like Millennium, Citadel, and Schonfeld in recent years in the hope that their traders will help them deliver consistent returns in increasingly volatile markets. Armed with billions of new money, they are locked in a battle for talent to continue their return to power.
KKR sells industrial properties worth over $560m.
KKR said it has completed the sale of an industrial property portfolio of 5 Sq. ft. (465k sq. m.) for a total aggregate value of over $560m.
The sales, primarily comprising assets in KKR's Real Estate Partners Americas II fund, include more than 50 industrial buildings spread across Atlanta, Dallas-Fort Worth, Chicago, the Lehigh Valley and Central Pennsylvania, Reuters reported.
Since the pandemic sparked a shift away from traditional brick-and-mortar stores and towards online shopping, retailers continue to have a high demand for industrial buildings like warehouses and logistic facilities.
Blackstone funds legal action over soured Bain Capital deal.
Blackstone is paying for a law firm known for high-stakes litigation to investigate whether it can recoup losses of more than €200m on a loan to rival buyout shop Bain Capital.
The $1tn US firm is footing the bill for Pallas Partners to assess whether Blackstone can bring claims against Bain Capital and other parties over the 2020 collapse of Italian tyremaker Fintyre, FT reported.
PGA Tour in deal talks with Endeavor, Fenway Sports.
Endeavor Group and Boston Red Sox owner Fenway Sports Group have expressed interest in investing in the PGA Tour, Reuters reported.
Any potential transaction would rival PGA's deal with Saudi Arabia's Public Investment Fund. The deal has divided the golfing world and irked some US lawmakers. After a very public war of words, PGA, DP World Tour and Saudi-backed LIV Golf circuit in June announced a shocking agreement to merge and form one unified commercial entity.
Bill Ackman interested in a deal to take Elon Musk's X public.
Bill Ackman said that he would be interested in a deal to take Elon Musk's X public with his investment vehicle but hasn't spoken to Musk or the company about it yet, Bloomberg reported.
Ackman said he's a backer of X already through a small $10m investment through his firm's foundation.
Larry Fink sees large opportunities for deals to transform BlackRock.
BlackRock Chief Executive Officer Larry Fink said he’s open to more acquisitions, as the world’s largest asset manager increasingly seeks to position itself as a one-stop shop for investors, Bloomberg reported.
“I do see some very large opportunities for inorganic growth,” Larry Fink, BlackRock CEO.
Bain Capital weighs deal for Advent’s CCC Intelligent Solutions.
Bain Capital and TPG are weighing a deal for CCC Intelligent Solutions, the car-insurance software provider controlled by Advent International.
Bain and TPG are among suitors that have expressed interest in acquiring the Chicago-based company, Bloomberg reported.
Boaz Weinstein raises bid for hedge fund Sculptor.
Boaz Weinstein's coalition has sweetened its offer for hedge fund firm Sculptor Capital Management. Weinstein's group presented a bid of around $13 a share, up from its previous $12.76 per share offer over the weekend, Reuters reported.
EquiLend stock lending platform for sale after collusion settlement.
EquiLend, the securities lending platform owned by 10 of the biggest Wall Street firms, including Goldman Sachs and BlackRock, is exploring a sale following settlement of a major collusion lawsuit, Reuters reported.
The company is working with investment bank Broadhaven Capital Partners on an auction process, which is expected to draw interest from exchange operators, financial technology providers and private equity firms. Euronext is one of the parties interested in EquiLend.
KKR’s Sheldon sees private credit becoming evergreen allocation.
KKR sees more investors permanently allocating to private credit alongside other fixed-income assets even as public credit markets regained some strength in recent months, Bloomberg reported.
More of the firm’s clients are increasingly shifting the $1.5tn private credit market from a tactical allocation to an evergreen bucket, said Christopher Sheldon, KKR Co-head of credit and markets. That’s in spite a pick-up in issuance for syndicated loans and high-yield bonds this year that has allowed banks to compete more aggressively with private credit funds to finance deals.
World's biggest sovereign fund buoys recovery in US IPOs.
Norway's oil and gas is helping to fuel the nascent recovery in US initial public offerings, Bloomberg reported.
Norges Bank Investment Management, the country's $1.4tn wealth fund, was among three cornerstone investors touted by German sandal maker Birkenstock on October 2 as it kicked off its $1.6bn IPO roadshow. Together, these investors offered to buy at least 40% of the offering.
Blackstone's $67bn real estate fund sees withdrawal requests decline.
Investor requests to pull money out of Blackstone's $67bn real estate trust eased to the lowest in almost a year, Bloomberg reported.
Blackstone Real Estate Income Trust is making some headway in resolving its backlog. In September, investors sought to pull out $2.1bn, or 28% less than what they requested to withdraw in August. Withdrawal requests were the lowest since October 2022.
Brookfield raises $12bn for flagship private equity fund.
Brookfield Asset Management raised $12bn for its largest ever private equity fund, boosting its financial firepower after a period of heavy spending, Bloomberg reported.
The Canadian investment firm has committed $3.5bn of its own money to the BCP VI vehicle, with the remainder coming from investors including pension plans, sovereign wealth funds and family offices.
Blackstone seeks over $10bn in two direct lending funds.
Blackstone is looking to raise over $10bn across two private loan funds in Europe and the US, as the firm seeks to further capitalize on the growth of private credit.
The direct-lending funds, one in euros and the other in dollars, are targeting capital from institutional investors for a fixed term, Bloomberg reported.
Kelso closes fund XI at $3.25bn.
Kelso, a private equity firm specializing in middle market investing, announced the closing of Kelso Investment Associates XI and affiliated funds. Fund XI closed with aggregate capital commitments of $3.25bn, surpassing the original target.
"We are deeply grateful for the support from investors, as well as for the work by our employees and management team partners who contribute to delivering our consistent performance. We are excited to deploy Fund XI utilizing our disciplined strategy of investing in strong middle market businesses where we see opportunities to accelerate growth," Chris Collins and Frank Loverro, Kelso Co-CEOs.
Kelso was advised by Debevoise & Plimpton.
Leonid Capital Partners oversubscribes private credit Fund I, exceeds $240m in capital available to support national security investments.
Leonid Capital Partners, an alternative investment management firm focused on private credit with the US National Security market, is pleased to announce the oversubscription and upcoming final closing of Leonid Opportunities Fund I. The oversubscribed fund is closing with approximately $240m of capital commitments, including an investment from Victory Park Capital. Broadly exceeding its initial target, LEONID received strong support from both new and existing institutional investors.
“We are incredibly grateful for the strong support of existing partners and new relationships in exceeding our target raise, particularly given the challenging fundraising environment over the past year. We look forward to building upon these partnerships as we work diligently to deliver outstanding results for our clients.” James Parker, LEONID Co-Founder.
7wireVentures launches $217+m growth & opportunity fund.
7wireVentures, a digital health venture capital firms, announced the successful completion of a $217m growth & opportunity "GO" fund, its largest to date.
The new capital will support later stage investments in high-potential companies from existing portfolios as well as new opportunities. The closing of the $217m GO fund brings the firm's AUM to over $500m.
Crescent Private Credit Income launches with $150m seed capital investment from SLC Management.
Crescent Capital, an alternative credit investment firm, announced today the launch of Crescent Private Credit Income, a non-exchange traded, perpetual-life business development company. CPCI’s Registration Statement on Form N-2 in connection with its initial public offering of common stock has been declared effective by the US Securities and Exchange Commission.
CPCI is designed to leverage the scale and breadth of Crescent’s broader credit platform, which had over $40bn in assets under management and over 210 employees, including more than 100 dedicated investment professionals, as of June 30, 2023.
CPCI seeks to deliver Crescent’s credit expertise to investors by providing access to a diversified portfolio consisting primarily of sponsor-backed, directly originated assets, including debt securities and related equity investments, made to or issued by US middle-market companies.
500 Global in the market to raise new global VC fund.
San Francisco-based venture investor 500 Global is in the market to raise a new global fund, about two years after it secured $140m for the predecessor vehicle. Its filing with the US Securities and Exchange Commission did not disclose the amount it seeks to raise for 500 Global Flagship VI LP but said the fundraising for the venture capital fund will not last more than a year, DealStreetAsia reported.
The filing was signed by Christine Tsai, CEO and founding partner of 500 Global. The filing comes about two years after 500 Global, which was then 500 Startups, secured $140m for its fifth global flagship fund as it continued to expand its investment strategy beyond accelerator and seed stage.
Van Lanschot Kempen launches North American private equity fund.
Van Lanschot Kempen Investment Management today launched the Kempen North American Private Equity Fund. The launch of this new private equity fund is an important addition to Van Lanschot Kempen's current range of investment products within private markets. The fund focuses on small and medium-sized privately owned companies in North America.
The Kempen North American Private Equity Fund is a closed-end investment fund with a ten-year term. It is Van Lanschot Kempen's third private equity fund after previously launching two successful funds with a focus on Europe. Like its predecessors, the fund is a hybrid investment fund that combines investments in private equity funds with co-investments. The reason for this combination is to build a well-diversified portfolio while also aiming to shorten the J-curve.
Visa launches $100m venture fund for generative AI startups.
Payments processor Visa launched a $100m venture fund for generative artificial intelligence startups, joining a list of investors who have flocked to the sector this year, Reuters reported.
"While much of generative AI so far has been focused on tasks and content creation, this technology... will also meaningfully change commerce in ways we need to understand," Jack Forestell, Visa Chief Product and Strategy Officer.
Carlyle taps Jeff Nedelman as new investor relations head. (People)
Carlyle Group hired a new investor relations head as Chief Executive Harvey Schwartz reshapes the leadership at the private equity firm, Bloomberg reported.
Jeff Nedelman, 56, is joining Carlyle as head of distribution, directing dealings with pensions, endowments and investors, the Washington-based firm plans to announce Monday. The Goldman Sachs Group veteran of more than 25 years has been a partner and senior managing director at Certares Management, an investment firm known for bets on travel and tourism.
This is the third major leadership appointment Schwartz has made since taking the top job at Carlyle as he confronts the task of charting a path of steady growth and boosting the firm’s flagging stock price. In his first months, Schwartz has been installing the C-suite with trusted lieutenants.
EMEA
Stonepeak, an alternative investment firm specializing in infrastructure and real assets, agreed to acquire a 49% stake in Sweden and Denmark operations from Cellnex, an independent operator of wireless telecommunications infrastructure, for $769m.
“The sale of a stake in our Nordic business at an appropriate valuation marks another significant step forward in our goal to attain investment grade ratings. The agreement with Stonepeak shows Cellnex’s ability to attract the interest of high-quality financial partners who understand and value the inherent quality of the assets as well as the future opportunities in these markets," Marco Patuano, Cellnex CEO.
Stonepeak is advised by Guggenheim Partners, Nomura and Herbert Smith Freehills (led by Emma Stones and Gavin Williams). Cellnex is advised by AZ Capital and Baker McKenzie.
Dynasty Equity, a global sports investment firm, completed the acquisition of a minority stake in Liverpool FC, a professional football club, from Fenway Sports Group, a global sports, marketing, media, entertainment, and real estate company.
"We are honored to partner with FSG and support the remarkable legacy of Liverpool in a strategic partnership that builds upon mutual respect and deep relationships among our respective teams," Jonathan M. Nelson, Dynasty Executive Chairman.
Dynasty Equity was advised by FGS Global. Fenway Sports Group was advised by Goldman Sachs and Morgan Stanley.
Halifax, a private equity firm, agreed to acquire the worldwide home care division from Sodexo, a food services and facilities management company. Financial terms were not disclosed.
"We are thrilled to partner with a company whose mission we support so wholeheartedly. In the US, we have tracked and admired the Comfort Keepers brand for a long time, and it is a privilege to have this opportunity to support the continued expansion of the company's global collection of brands. The company and its franchisees play an important role in helping individuals to live independently in the comfort of their own homes. The company is one of the largest operators in this sizeable market and has distinguished itself through the high-quality professional care that brings personal interaction, dignity, and joy to seniors as they age in place," Scott Plumridge, Halifax Managing Partner.
Halifax is advised by Lambert & Co (led by Caroline Luz). Sodexo is advised by Lazard.
Brookfield, a Canadian multinational company, agreed to acquire the renewable energy division of Banks Group, an independent owner and operator of onshore wind. Financial terms were not disclosed.
"I believe that Brookfield's established position in the renewables industry and the strong cultural fit that exists between both businesses will lead to this acquisition being to the benefit of all parties involved," Harry Banks, Banks Group Founder and Chairman.
Banks Group is advised by Rothschild & Co and Ashurst.
Castlelake, Air France-KLM, Lind Invest, and the government of Denmark to invest $475m in SAS, a Sweden-based airlines holding company.
“This is an important day for SAS and for Air France-KLM. We are pleased to be part of the winning bidding consortium selected by the board of SAS. Air France-KLM looks forward to establishing strong commercial ties with SAS. With its well-established position in Scandinavia and strong brand, SAS offers tremendous potential to Air France-KLM. This cooperation will allow Air France-KLM to enhance its position in the Nordics and improve connectivity for Scandinavian and European travelers. We look forward to being a part of this new chapter in SAS’ history and thank the board of SAS for their trust,” Benjamin Smith, Air France-KLM CEO.
Mediterranean Shipping Company, an international shipping line, agreed to acquire a 50% stake in Italo Nuovo Trasporto Viaggiatori, an Italian open-access train operating company, from Global Infrastructure Partners, an independent infrastructure investor. Financial terms were not disclosed.
"This agreement demonstrates our long-standing commitment to Italy and support for exceptional high-speed passenger rail transport in Italy," Diego Aponte, MSC Mediterranean Shipping Company Group President.
Global Infrastructure Partners is advised by JP Morgan.
General Atlantic, a tech investor, and Carmignac, an asset manager, completed the investment in Clipway, a global secondaries firm. Financial terms were not disclosed.
"Private equity is an asset class in which we see attractive long-term growth opportunities. The Clipway leadership team has participated in one of the most successful track records in secondaries globally - the best segment to deploy fresh money in the current private equity environment as it provides attractive entry points, superior visibility and diversification. We share the same entrepreneurial mindset and ambitions; and we are excited to be taking this new step on our private equity journey," Maxime Carmignac, Carmignac CEO.
Bain, Cinven pick banks for €10bn Stada exit.
Bain Capital and Cinven have lined up banks to help them weigh options for Stada Arzneimittel, including a potential sale of the German drugmaker, Bloomberg reported.
The private equity owners have picked Jefferies, JP Morgan, Morgan Stanley and Rothschild & Co.
Carlyle in exclusive talks for $7bn-plus Medtronic units deal.
Private equity firm Carlyle Group has entered into exclusive negotiations to acquire a majority stake in two medical device businesses of Medtronic at a valuation of more than $7bn, Reuters reported.
Were an agreement to be reached in the coming weeks, it would mark the culmination of Medtronic's 12-month review of its patient monitoring and respiratory interventions businesses, that it also considered spinning off into a standalone public company.
Bridgepoint explores sale of Humanetics Group for $1.5bn.
Private equity firm Bridgepoint is exploring a sale of Humanetics Group that could value the safety systems technology provider at about $1.5bn, including debt, Reuters reported.
London-based Bridgepoint has tapped investment bank Evercore to advise Humanetics on its sale process that is expected to attract the interest of both strategic and private equity buyers.
Humanetics is expecting to command a valuation equivalent to over 15 times its 12-month earnings before interest, tax, depreciation, and amortization of nearly $90m.
Stokke owner NXC weighs options for $1bn baby brand.
Stokke’s owner is exploring strategic options for the Norwegian children’s brand, which sells everything from cribs and high chairs to baby carriers and strollers, Bloomberg reported.
South Korean investment company NXC is working with JP Morgan and Harris Williams to study a range of alternatives for Stokke that could include a sale. NXC is also considering expanding the business by acquiring Bugaboo, a stroller maker owned by Bain Capital.
KKR in talks to buy Spanish Eugin from Fresenius.
United States-based buyout fund KKR is in exclusive talks with Germany' Fresenius to buy Eugin, fertility clinics in Spain and Portugal.
A potential deal would value Eugin at around €500m ($528m). KKR would buy the clinics with a Spanish partner, Reuters reported.
Celsa's creditors agree on takeover terms with Spain.
The Spanish government and the creditors of Celsa Group have agreed conditions for the takeover of the steelmaker. Creditors, including Strategic Value Partners and Sculptor Capital Management, will file a foreign direct investment application this week to take effective control of the company, Bloomberg reported.
The process could take up to three months to complete. The agreement follows a decision a month ago by a commercial court in Barcelona to approve the creditors' plan to take over the company from the Rubiralta.
Cinven eyes sale of German life insurer Viridium.
Global private equity firm Cinven is considering a sale of German life insurer Viridium after another of its insurance investments in Europe, Eurovita, was hit by heavy customer outflows earlier in the year, Reuters reported.
Cinven is working with advisers at Fenchurch Advisory and Goldman Sachs to gauge interest in Viridium, which buys old books of policies from other insurers.
TDC weighs strategic options amid consolidation.
Denmark's largest telecoms company TDC has hired LionTree to help it explore strategic options for the business as consolidation in the Danish telecom market accelerates, Reuters reported.
The group, which is 50% owned by Australia's Macquarie, is conducting a strategic analysis of the business and the Danish market.
Pirelli's Chinese investors terminate shareholder agreement.
Pirelli's Chinese investors Sinochem and Silk Road Fund have decided not to extend their agreement to work together on some issues at the tyremaker, Reuters reported.
The two investors, which hold stakes of 37% and 9% respectively, had initially signed the shareholder agreement in 2020. The agreement terminated due to its expiry on September 29.
Carlyle founders, billionaire Dangote back new African PE fund.
A team spun out of Carlyle Group said they’ve got backing from the founders of the US private equity firm as well as Nigerian billionaire Aliko Dangote for a new Africa-focused fund.
Carlyle co-founders David Rubenstein and Bill Conway are among investors in the Alterra Capital Partners fund, Partner Genevieve Sangudi said. The PE firm plans to raise as much as $500m in the coming months and has garnered $140m in its first closing, Bloomberg reported.
Blue Earth Capital closes Credit Strategies fund above $100m target.
Blue Earth Capital, a specialist global impact investor, has closed its dedicated credit impact fund, BlueEarth Credit Strategies II, above target with $108m of capital commitments, bringing the firm’s total AUM to over $1bn.
BlueEarth’s investment strategies span private credit, private equity, and funds and co-investments. BlueEarth Credit Strategies II will invest across impact sectors and growth markets with a diversified credit investment strategy. The fund has a strong geographical coverage across three continents (Africa, Asia, and the Americas) and allocates capital across the credit spectrum in industries including financial inclusion, agribusiness, affordable housing, energy access, and healthcare.
LeapFrog to hold final close of $1bn growth-stage fund in early 2024.
Global impact fund manager LeapFrog said it will hold the final close of its fourth, flagship growth equity fund in end-February next year, DealStreetAsia reported.
The fund, dubbed Emerging Consumer Fund IV is targeting to raise $1bn and has already raised a "significant share" from investors such as Hong Kong insurer AlA and Singapore's Temasek. This would be the investment firm's largest corpus raised to date.
First Middle Eastern SPAC raises $200m in PIPE financing.
The first blank-check company to list in the Middle East completed $200m fundraising following a recent merger with an identification card printing company, Bloomberg reported.
ADC Acquisition, backed by Chimera Investments and Abu Dhabi wealth fund ADQ, raised the funds via a private investment in public equity — or PIPE — financing that was oversubscribed by more than ten times. Total demand from qualified and institutional investors exceeded $2.1bn.
APAC
Bupa, a multinational health insurance and healthcare company, agreed to acquire an additional 20% stake in Niva Bupa Insurance, a health insurance company, from True North, a private equity firm, for $325m.
"Since founding the company as a joint venture, we are immensely proud of how we have helped Niva Bupa grow into such a flourishing and successful business over the years. In becoming a majority shareholder, we are building on the foundation of our strong partnership with True North. We look forward to using our market expertise and global scale to help Niva Bupa continue to grow and serve even more customers with their healthcare needs," Iñaki Ereño, Bupa CEO.
Bupa is advised by Rothschild & Co. True North is advised by Kotak Investment Banking.
Bain Capital, a private equity firm, completed a $200m investment in Masan Group, a private sector company with a focus on the consumption and resources sectors.
"Masan has the right fundamentals, reach, and growth strategy to succeed in a high-growth and compelling consumer market." Barnaby Lyons, Bain Capital Managing Director.
Masan Group was advised by Jefferies & Company.
Tata is said to be in advanced talks for Temasek’s Tata Play stake.
Tata Group is in advanced talks with Temasek to buy back a stake in its entertainment content distribution platform at a valuation of more than $1bn, Bloomberg reported.
The Indian conglomerate and the Singaporean state investor are in the final stages of discussions around the interest of about 20% in Tata Play. Tata Group could potentially cement its grip on the platform, formerly known as Tata Sky, as it’s considering buying a stake held by its flagship private equity fund Tata Opportunities Fund.
Japan M&A blazes trail as global deals decline.
Japan's M&A market is standing out against a worldwide decline this year, thanks to surging domestic deals as rising costs, stricter governance rules, and shareholder pressure forces companies to explore strategic options. The total value of M&A transactions involving Japanese companies grew 14% year-on-year to $111bn for the first nine months of 2023, making the country the only major market in the world that recorded growth, Reuters reported.
The momentum is expected to continue in the near term as prospects of more corporate restructuring, carve-outs, and management buyouts make it a favored hunting ground for global private equity. "The Japanese stock market is performing quite well, and this type of favorable environment encourages the founders and those with concentrated ownership to consider selling," David Gross-Loh, Bain Capital Asia Managing Partner.
Singapore renewable developer seeks partners for massive battery.
Infrastructure developer HRL Morrison has begun talks with possible strategic partners for a mega-sized battery project in Indonesia aimed at weaning Singapore off natural gas, Bloomberg reported.
The New Zealand-based fund has hired advisers for discussions it hopes to close in the next 12 months for partners with experience in the region to take a stake in its multibillion-dollar Vanda RE project.
Blackstone teams up with SG-based portfolio firm Interplex to launch a mobility business.
Blackstone Private Equity has teamed up with its Singapore-based portfolio company Interplex to launch ENNOVI, a new mobility electrification solutions business that designs, develops, and engineers innovative interconnect solutions for the electric vehicle industry, DealStreetAsia reported.
The carve-out of Interplex’s mobility business was the culmination of a strategic reorganisation and transformation of its core business. ENNOVI will focus primarily on the automotive electrification solutions, designs and engineers battery, power platform and signal interconnect solutions for EVs, while Interplex will continue to prioritise the datacom and industrial market with high-precision mechanical solutions and busbar technologies.
WestBridge evaluates buying stake in Meesho at a discount.
WestBridge Capital is in advanced stages of talks to purchase shares of Meesho worth tens of millions of dollars in the secondary market, as the high-profile venture firm looks to broaden its bet on e-commerce, DealStreetAsia reported.
The crossover fund, with a two-decade history of focusing on startups in India and Southeast Asia, is engaging with Venture Highway to buy out the younger firm’s stake in the social commerce startup. The deliberations are ongoing and current terms value the Indian startup at a discount of 25-35% over the previous valuation.
Oyo is talking to Apollo for a $660m refinance as the IPO is delayed.
Oyo Hotels is in talks with Apollo Global Management to refinance a $660m loan as the once-high-flying startup seeks more time to cut debt following a delay in its initial public offering, Bloomberg reported.
Oravel Stays, as Oyo’s parent company, is known to be seeking to extend maturity to five years compared with the existing 2026 deadline. A decision could be reached as early as next month.
Goldman Sachs Asset Management and OMERS enter into private credit partnership to invest in Asia Pacific.
Goldman Sachs Asset Management and OMERS, one of Canada’s largest defined benefit pension plans, announced the launch of a separately managed account in which OMERS will invest alongside Goldman Sachs in private credit opportunities throughout the Asia Pacific region.
The Partnership will be managed by the Private Credit Asia business within Goldman Sachs, with a dedicated on-the-ground team across multiple Asia markets. The Private Credit Asia team sits within the broader Private Credit global team of more than 165 seasoned credit investment professionals overseeing more than $100bn in assets under management, drawing on the expertise of the wider platform and resources of Goldman Sachs to source investments and add value to portfolio companies. The Partnership between OMERS and Goldman Sachs strengthens the already deep and longstanding relationship shared by the two firms, now expanding to the Asia region.
OMERS is advised by Jones Day.
MARS Growth Capital launches first equity fund with $500m initial commitment.
Singapore-based venture debt firm MARS Growth Capital has launched its first equity fund with an initial $500m commitment, marking its official foray into the equity space, DealStreetAsia reported.
Dragon Fund I will make growth equity investments into private, tech, and tech-enabled companies, with deal sizes between $20m and $100m. It will initially focus on the Asia-Pacific region. MARS Growth Capital is a joint venture established in 2021 between Mitsubishi UFJ Financial Group and Liquidity Group, an AI-based financial asset management firm.
Indian VC Omnivore eyes final close of Fund III at $180-$200m.
Indian venture capitalist Omnivore is targeting to make the final close of its third fund by January 2024, as it looks to ramp up investments in startups building the future of agriculture, which is the backbone of the Indian economy, DealStreetAsia reported.
With its third fund, Omnivore expects to make 25-30 new investments in seed and series A rounds of agri-tech startups and MSMEs, with initial cheque sizes ranging between $1m and $5m. Key themes for new investments include agrifood life sciences, rural fintech, and climate-smart agriculture.
HK crypto VC firm CMCC Global launches $100m fund to invest in Web3 startups.
Hong Kong-based crypto venture capital firm CMCC Global has raised $100m to invest in blockchain firms in the city and beyond. The firm roped in Block.one as its anchor investor, which committed $50m to the vehicle, which is called Titan Fund, DealStreetAsia reported.
Block.one is a software firm known as the developer behind the popular EOSIO open-source software. B1 will become a minority shareholder of CMCC Global’s holding entity as part of the strategic investment. CMCC Global also participated with a 15% GP commitment.
Hong Kong set to name HKMA official CEO of new $8bn fund. (People)
Hong Kong is poised to name Clara Chan as the first chief executive officer of a new $8bn fund being established to invest in businesses across the Greater Bay Area, Bloomberg reported.
Chan, currently an executive director at the Hong Kong Monetary Authority, is set to be named CEO of the Hong Kong Investment. The appointment could be made in the coming weeks.
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