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AMERICAS
Oneok, a midstream service provider, completed the acquisition of Medallion Midstream, a privately held crude gathering and transportation system, from GIP, a private equity firm, for $2.6bn.
"Oneok has a longstanding reputation as being intentional in building a premier energy infrastructure company, and today's transaction further solidify that status by adding complementary assets that allow us to continue expanding and extending our value chain," Pierce H. Norton II, Oneok President and CEO.
Oneok was advised by Bank of America, Goldman Sachs, JP Morgan, Perella Weinberg Partners, Kirkland & Ellis and Joele Frank (led by Andrew Brimmer). GIP was advised by RBC Capital Markets, Santander, Latham & Watkins (led by Kevin M. Richardson, Ryan J. Lynch and Bill Finnegan), Vinson & Elkins and Brunswick Group.
Oneok, a midstream service provider, completed the acquisition of a 43% stake in EnLink Midstream, an independent midstream energy services company, from GIP, a private equity firm, for $3.3bn.
"Oneok has a longstanding reputation as being intentional in building a premier energy infrastructure company, and today's transactions further solidify that status by adding complementary assets that allow us to continue expanding and extending our value chain," Pierce H. Norton II, Oneok President and CEO.
EnLink Midstream was advised by RBC Capital Markets. Oneok was advised by TPH&Co, Goldman Sachs, JP Morgan, Perella Weinberg Partners and Kirkland & Ellis. GIP was advised by Greenhill & Co, Scotiabank, Latham & Watkins and Vinson & Elkins.
PE-backed Jade Biosciences, a biotechnology firm, agreed to merge with Aerovate Therapeutics, a clinical-stage biopharmaceutical company. Private equity firms including Fairmount, Venrock Healthcare Capital Partners, and a large investment firm, with participation from Deep Track Capital, Braidwell, Driehaus Capital Management, Frazier Life Sciences, RA Capital Management, Great Point Partners, Soleus Capital, Avidity Partners, Blackstone Multi-Asset Investing, Logos Capital, Deerfield Management, OrbiMed, and Samsara BioCapital led a $300m in Jade Biosciences.
“Jade is focused on developing breakthrough treatments for autoimmune diseases, including JADE-001, which modulates plasma cell survival and immunoglobulin production, and which we plan to initially develop for the treatment of IgA nephropathy. As the fourth antibody therapeutics venture founded on assets licensed from Paragon Therapeutics, a leader in antibody discovery, Jade leverages Paragon’s proven success in developing innovative biologics. This merger, coupled with strong financial backing, positions us well to advance our programs into clinical development and make meaningful progress in treating autoimmune diseases," Tom Frohlich, Jade Biosciences CEO.
Aerovate Therapeutics is advised by Lucid Capital Markets, Wedbush Securities and Goodwin Procter. Jade Biosciences is advised by Jefferies & Company, Stifel, TD Cowen, Wedbush Securities and Gibson Dunn & Crutcher. Financial advisors are advised by Cooley.
CVC Capital Partners, a Luxembourg-based private equity and investment advisory firm, completed the investment in CD&R-backed Epicor, an industry-specific enterprise software provider. Financial terms were not disclosed.
“We look forward to working with CVC and CD&R as we continue to invest in our people, portfolio and AI-powered cognitive ERP capabilities to enhance the value we bring to our customers and communities. We anticipate this strategic partnership will enable us to accelerate our growth into new markets, continue to develop new cloud-ready products and support our focus in delivering for the Make, Move and Sell industries worldwide. We believe CD&R and CVC’s combined operating expertise in the technology and software space will be a key driver of innovation and expansion of our business,” Steve Murphy, Epicor CEO.
Epicor was advised by Barclays, Goldman Sachs and Debevoise & Plimpton. CVC Capital was advised by Evercore, Jefferies & Company and White & Case (led by Oliver Brahmst). CD&R was advised by Barclays, Goldman Sachs and Debevoise & Plimpton (led by Uri Herzberg and Kevin M. Schmidt).
Vinci Partners Investments, a private equity firm, completed the merger with Compass, an asset management firm, in a $165m deal.
"We are thrilled to partner with a leader in alternative investments in Brazil and are excited about the future opportunities for our combined platform alongside Vinci," Jaime Martí, Compass Partner and CEO.
Compass was advised by Morgan Stanley and Skadden Arps Slate Meagher & Flom (led by Paola Lozano). Vinci was advised by Goldman Sachs, Carey Abogados, Simpson Thacher & Bartlett (led by Todd Crider), Danthi Comunicações (led by Carla Azevedo) and Joele Frank (led by Jonathan Keehner).
San Francisco Equity Partners-backed SV Labs, a contract development and manufacturing organization serving beauty and personal care brands, completed the acquisition of Sigan Industries, a full-service CDMO serving beauty and personal care brands. Financial terms were not disclosed.
“In working with Dean and the Sigan Industries management team, we became increasingly convinced that Sigan’s development capabilities, product category expertise and manufacturing operations would be a great fit with our business. This partnership will enable us to offer expanded innovation and manufacturing capabilities to our customer base, while still delivering the concierge-level customer service model that both companies are known for,” Graham Orriss, SV Labs CEO.
Sigan Industries was advised by Michel Dyens & Co and McMillan. SV Labs was advised by William Blair & Co, Morrison & Foerster and Stikeman Elliott. SFEP was advised by Blueshirt Group (led by Jeff Fox).
A consortium led by Stephan Crétier and HPS Investment Partners, and including Oak Hill Advisors and OneIM, agreed to acquire a majority stake in GardaWorld, a Canadian private security firm, from BC Partners, a global private equity firm, at CAD13.5bn ($9.7bn) valuation.
“In an increasingly complex world, I have discovered that prominent organizations aspire to partner with a vetted entrepreneurial success story. GardaWorld is more than one entrepreneur. It is a group of truly aligned like-minded leaders committed to doing what is best for clients, employees and stakeholders. I am humbled by the professionalism and dedication of my international group of colleagues and the unique DNA we have developed. This is what I call a winning team. We have come a long way since our modest beginnings when I started this company with a CAD25k-second mortgage on my home almost 30 years ago," Stephan Crétier, GardaWorld Founder, Chairman, President and CEO.
Nippon Paint Holdings, a Japanese paint and paint products manufacturing company, agreed to acquire AOC, a multinational corporation and electronics company, from Lone Star Fund, a private equity firm that invests globally in real estate, equity, credit, and other financial assets, for $4.35bn.
“Joining Nippon Paint will allow AOC, which has excelled in growth and margin expansion under private equity ownership, to pursue additional value creation from a longer-term perspective in both organic and inorganic initiatives," Nippon Paint Holdings.
AOC is advised by Jamieson and Katzke & Morgenbesser. Lone Star is advised by Citigroup, Morgan Stanley and Gibson Dunn & Crutcher.
Bansk Group, a consumer-focused private investment firm, completed the acquisition of PetIQ, a pet medication, health and wellness company, for $1.5bn.
“We’re pleased to have delivered significant value for PetIQ stockholders through the completion of our transaction with Bansk Group. Through our partnership with Bansk, we look forward to accelerating our mission of providing pet parents convenient access to affordable pet healthcare while accelerating many longer-term growth initiatives for PetIQ’s continued success," Cord Christensen, PetIQ Founder, Chairman and CEO.
SPAR Group, a provider of merchandising, marketing and distribution services, announced that its stockholders approved at a special meeting the acquisition by Highwire Capital.
SPAR Group expects to announce the consummation of the transaction later in the fourth quarter of 2024, subject to the satisfaction of certain customary closing conditions set forth in the Merger Agreement. Upon completion of the transaction, SPAR Group will become a privately held company, and its stock will no longer be traded on NASDAQ.
SPAR Group is advised by Lincoln International (led by William Epstein), Foley & Lardner, RAM Communications (led by Ron Margulis) and Three Part Advisors (led by Sandy Martin). Highwire Capital is advised by Ferguson Braswell Fraser Kubasta.
Francisco Partners, an investment firm, agreed to acquire AdvancedMD, a cloud-based provider of medical office software, from Global Payments, a worldwide provider of payment technology and software solutions. Financial terms were not disclosed.
“We are excited to welcome AdvancedMD back to the FP portfolio and to partner with the team to continue building best-in-class healthcare software. AdvancedMD’s end-to-end platform delivers an integrated user experience for patients, physicians, staff and billers, and is well-positioned to ensure its customers’ success,” Anders Mikkelsen, Francisco Partners Principal.
Neuberger Berman completed the investment in Mariner.
Neuberger Berman, an investment management firm, completed the investment in Mariner, a national financial services firm. Financial terms were not disclosed.
"Mariner is fully committed to building the fiduciary service provider of the future, With this investment and continued partnership, we are confident in our ability to reach new heights in both client service and business expansion as we continue to build a truly holistic financial services firm rooted in the vision of positively impacting the lives of many," Marty Bicknell, Mariner Chief Executive Officer and President.
Mariner was advised by Ardea Partners, Ropes & Gray (led by Jessica T. Murray) and Hot Paper Lantern. Neuberger Berman was advised by Cravath Swaine & Moore (led by Peter Feist). Leonard Green was advised by Latham & Watkins.
Blackstone is tapping banks to provide the entire funding package for its proposed buyout of AirTrunk, sidelining a group of private credit funds that had been in the running to provide part of the financing.
Banks including Citigroup, DBS Group and Deutsche Bank are in discussions to provide about $3.6bn financing at the holding company level. The borrowing would comprise a term loan and revolving credit facility. Banks have been able to offer lower interest costs and more attractive terms compared with what the private credit funds had proposed. The financing hasn’t been finalized and could change as negotiations continue, Bloomberg reported.
Blackstone is advised by Citigroup, Morgan Stanley, RBC Capital Markets, Simpson Thacher & Bartlett and MorrisBrown Communications.
Gemspring Capital, a private equity firm, completed the acquisition of Shrieve Chemical, an organic and inorganic industrial chemicals distributor. Financial terms were not disclosed.
"With Gemspring's operational and financial resources, we have entered new markets, added key personnel, bolstered our capabilities and significantly enhanced our product offering to customers while maintaining exceptional service. We are excited to extend our partnership with Gemspring and secure additional capital to continue growing organically and through strategic acquisitions," George Fuller, Shrieve Chemical CEO.
Gemspring Capital was advised by Jefferies & Company, Moelis & Co and Kirkland & Ellis. Shrieve Chemical was advised by StepStone (led by Adam Johnston) and Goodwin Procter.
Patient Square Capital, a private equity firm, completed an investment in CorroHealth, a provider of revenue cycle management solutions to health systems and health plans. Financial terms were not disclosed.
“Since its inception in 2019, CorroHealth has grown into a technology and clinically led health care RCM platform. The Patient Square team has a long history of successfully investing in and scaling health care companies. We are pleased to welcome them and look forward to leveraging our investors’ expertise to continue expanding our capabilities and delivering exceptional value to our customers," Pat Leonard, CorroHealth CEO.
CorroHealth was advised by Barclays, TripleTree and Latham & Watkins. Patient Square Capital was advised by Kirkland & Ellis and Prosek Partners.
ADQ, an Abu Dhabi-based investment and holding company, and Patrick Drahi, a media and telecom entrepreneur, completed a $1bn investment in Sotheby’s, an auction house.
"We are delighted to welcome ADQ as a shareholder to Sotheby’s. We embrace their long-term vision of our business, and this investment is a testament to what we have achieved so far as well as our significant potential for future growth. The additional capital and investment expertise will enable us to accelerate our strategic initiatives, expand our commitment to excellence in the art and luxury markets, and continue to innovate to better serve our clients around the world," Charles F. Stewart, Sotheby’s CEO.
Enterprise Products Partners, a provider of midstream energy services to producers and consumers of natural gas, completed the acquisition of Piñon Midstream, a gas company, from Black Bay Energy Capital, a private equity firm, for $950m.
“Congratulations to the Enterprise team on a smooth and successful transaction. We were pleased to have acquired an approximate 19% ownership interest in the parent company of Piñon in connection with our recent Ameredev acquisition that closed in September 2024. We look forward to working with Enterprise going forward as we develop our assets in southern Lea County, New Mexico. We plan to use the approximate $113m in sales proceeds to pay down our $980m in current outstanding borrowings under our $2.25bn credit facility,” Joseph Wm. Foran, Matador Founder, Chairman and CEO.
NSUS Group, an investment group in the iGaming space known for successfully launching several groundbreaking ventures, completed the acquisition of World Series of Poker, a gambling center, from Caesars Entertainment, an American casino and hotel company, for $500m.
“After collaborating with Caesars Entertainment for years, NSUS Group, the operators of GGPoker, is thrilled to announce their new role in leading the World Series of Poker, the world’s most renowned poker brand. We will leverage GGPoker’s cutting-edge technology and industry expertise to create an exciting future for WSOP, ensuring players have an increasingly improved, safe, and seamless poker experience. Under the new leadership, NSUS intends to expand WSOP worldwide, positioning it at the forefront of poker’s growth,” Michael Kim, NSUS Group Chief Executive Officer.
OceanSound Partners, a private equity firm, completed the acquisition of Antenna Research Associates, a provider of integrated radio frequency and advanced communications products to the aerospace and defense end-markets. Financial terms were not disclosed.
“ARA’s comprehensive RF solutions portfolio is well positioned to address critical US Department of Defense priorities such as the modernization of legacy technology systems and development of lower-cost and high performance unmanned aerial systems and counter UAS solutions to better manage threats from US adversaries. Since its founding in 1963, ARA has developed a portfolio of over 50 patents used in the delivery of differentiated RF systems and, more recently, innovative products leveraging small form-factor AESA technology to become a leading provider of RF solutions to the A&D market. ARA’s ability to miniaturize their products enables the development of small, low cost, higher-volume platforms such as drones, low earth orbit satellites, man portable communications and other mobile A&D platforms,” Joe Benavides, OceanSound Managing Partner.
ARA was advised by Raymond James and Akerman. OceanSound was advised by Gibson Dunn & Crutcher and Stanton PRM (led by Alex Goss).
BP Energy Partners, an investment manager, completed an investment in Novitech, an inline pipeline inspection technology and data analytics company. Financial terms were not disclosed.
"Novitech's disruptive technology is critical to ensuring the longevity of our pipeline infrastructure. We've worked hard to develop Novitech and this leading technology to revolutionize the industry. We look forward to working with BPEP to grow Novitech to its full potential," Marco Campos, Novitech Co-Founder.
Novitech was advised by Greenberg Traurig and Torys. BP Energy Partners was advised by Ropes & Gray and The Garden Law Group.
Aquarian, a diversified global holding company with a strategic portfolio of insurance and asset management solutions, completed the investment in PACE Equity, an independent advisory services firm. Financial terms were not disclosed.
"At Aquarian, we look for investments that are built to last. The long-term stability of C-PACE projects are a highly attractive opportunity, and we are very pleased to be entering into this partnership with PACE Equity,” Rudy Sahay, Aquarian Founder and Managing Partner.
PACE Equity was advised by Guggenheim Partners and Gibson Dunn & Crutcher. Aquarian was advised by DLA Piper.
Lovell Minnick Partners, a private equity firm focused on investments in financial services, business services and financial technology companies, agreed to invest in Cohen & Company, a nationally recognized assurance, tax and business advisory firm. Financial terms were not disclosed.
This investment will help meet the growing needs of Cohen & Company clients across the firm's many key industries and geographic markets, and provide capital for important investments in technology and expansion of service offerings.
Cohen & Company is advised by Hunton Andrews Kurth. Lovell Minnick is advised by Sidley Austin.
One Equity Partners, a private equity firm, completed the acquisition of York Telecom, an IT services firm specializing in managed services, and enterprise collaboration solutions. Financial terms were not disclosed.
“Large organizations require a trusted partner such as Yorktel to help modernize and maintain their collaboration and Modern Work technology. We see significant opportunities for the company to continue to grow organically, make strategic acquisitions, and expand its offerings,” Carlo Padovano, One Equity Partners Partner.
Yorktel was advised by Guggenheim Partners. One Equity was advised by Stanton PRM.
Legal & General, a financial services company, completed a $200m investment in Taurus Investment, a real estate private equity firm.
“Asset Management is the cornerstone of our growth strategy, and scale in private markets globally is key to those ambitions. We believe, our partnership with Taurus will accelerate our progress, deepening our capabilities in US real estate so that our shareholders and clients can seek to benefit from access to a fast growing, attractive market. Our strategic investment and additional commitment of up to $200m in seed capital reflects our belief in the strength of our combined offer, and the potential growth prospects ahead," Antonio Simoes, Legal & General CEO.
Legal & General was advised by Cravath Swaine & Moore.
Edison Partners, a growth equity investment firm, led a $115m funding round in Fingercheck, which provides a state-of-the-art, all-in-one workforce management platform for small and medium businesses, with participation from StepStone Group and Columbus Capital.
"Businesses with deskless workers, who work hourly and are on their feet, have unique workforce management needs ranging from mobile first to time and attendance, which have not been met by the tech industry historically. Fingercheck understands this and is delivering a seamless platform, purpose-built for these businesses where management is wearing many hats from CEO to CFO to CHRO. We’re impressed with Fingercheck’s best-in-class retention metrics, capital efficiency and expansion through organic, profitable, and steady product-led growth and we’re excited to partner with the Company to continue to expand," Chris Sugden, Edison Managing Partner.
AMETEK, a designer and manufacturer of electronic instruments and electromechanical devices, completed the acquisition of Virtek Vision International, an automation machinery manufacturing company, from American Industrial Partners, a private equity firm. Financial terms were not disclosed.
“We are excited to welcome Virtek to the AMETEK family. Virtek is an outstanding acquisition and an excellent strategic fit with our Creaform business. Their strong technology capabilities nicely complement Creaform enabling a broader suite of automated 3D scanning and inspection capabilities supported by advanced software and algorithms," David A. Zapico, AMETEK Chairman and CEO.
American Industrial Partners was advised by Ropes & Gray.
USAA, a provider of insurance, banking, investment and retirement solutions to members of the US military, veterans and their families, and Capital One Ventures, a strategic investor in data, technology and financial services startups, completed the investment in Tidal Cyber, a defense platform designed to optimize cybersecurity defenses, operations, and investments. Financial terms were not disclosed.
“We see these investments from established strategic investors like USAA and Capital One Ventures as a validation of Tidal Cyber’s Threat-Informed Defense approach and the value that we are bringing to some of today’s top companies,” Rick Gordon, Tidal Cyber CEO.
Alphabet led a $5.6bn Series C round in Waymo, an autonomous driving technology company, with participation from Andreessen Horowitz, Fidelity, Perry Creek, Silver Lake, Tiger Global, and T. Rowe Price.
“Customers love Waymo. The company has built the safest product in the autonomous vehicle ecosystem as well as the best. Their proven experience fostering rider loyalty, securing key partnerships, and collaborating with automotive industry leaders demonstrates their ability to balance ambitious goals with responsible execution, positioning them as the enduring leader in the space," Chase Coleman, Tiger Global Founder.
General Catalyst, a global investment and transformation company, led a $900m Series A round in Pacific Fusion, a clean energy startup.
"When we first met Pacific Fusion, we were immediately impressed by the caliber of the founding team, led by Eric Lander. Eric’s experience building impact-driven scientific teams to tackle modern society’s most complex challenges, such as his work on the Human Genome Project, made him an ideal leader to recruit the highest caliber, most interdisciplinary experts to Pacific Fusion. Will Regan and Keith LeChien were two such founding team members," General Catalyst.
Norges Bank Investment Management, Norway's sovereign wealth fund, agreed to acquire a majority stake in 2882-2884 Sand Hill Road office building from a joint venture between Clarion Partners and Invesco Real Estate for $217m.
The acquired asset is unencumbered by debt, and no financing was involved in the transaction.
General Catalyst and Alkeon Capital, two global investment firms, led a $200m Series D round in Armis, a cyber exposure management & security company, with participation from Brookfield Technology Partners and Georgian.
“We see Armis as a powerful force in cybersecurity, with tremendous potential to scale rapidly and drive meaningful innovation in the industry. We are excited to support them on their path to becoming a public company,” Mark Crane, General Catalyst Partner.
Greenoaks Capital, a global investment firm based in San Francisco, led a $175m funding round in Sierra, a software startup co-founded by former Salesforce co-CEO Bret Taylor, with participation from Thrive Capital and Iconiq.
The funding round comes less than a year after the public launch of the young AI startup by Taylor, one of the most closely watched entrepreneurs in Silicon Valley.
ACR IV Frontier, an investment fund, agreed to acquire 50% stake in Tenaska Frontier Partners, a company owning and operating 830 megawatt gas-fired power station in Texas, from J-Power USA, a company owning, developing and managing power facilities in the North America, for $155m.
Divesting a 50% stake in the company is a part of a reshuffle of J-Power assets portfolio to improve capital efficiency and shift to renewable energy.
FactSet, a global financial digital platform and enterprise solutions provider, agreed to acquire Irwin, a provider of investor relations and capital markets software, from K1 Investment Management, an investor in small-cap enterprise software companies. Financial terms were not disclosed.
"We are proud to have been David Whyte and Mark Fasken's lead institutional shareholder and to have partnered with them on Irwin's transformation of the IR landscape. Our focus at K1 is to be the largest investor in small, innovative, and rapidly growing software businesses globally, and helping build them into category leaders that transform their industries. The acquisition of Irwin by FactSet is a testament to the two co-founders, the platform they built and the strength of the partnership we had with them," Tarun Jain, K1 Principal.
Blackstone nears $5bn Rogers investment.
Private equity firm Blackstone is bidding CAD7bn ($5.03bn) for a minority stake in telecom and media company Rogers Communications's cellphone infrastructure business, Reuters reported.
Last week, the Canadian company Rogers announced the deal, which would lessen its debt burdens, but did not disclose the name of the investor. Under the deal, Rogers will sell a minority equity interest in a portion of its wireless backhaul transport infrastructure.
Blackstone in talks to buy US pipeline stakes from EQT for $3.5bn.
Private equity firm Blackstone is in advanced talks to acquire minority stakes in the interstate natural gas pipelines owned by EQT for about $3.5bn, Reuters reported.
TPG financing tied to Dish-DirecTV deal creates new wrinkle.
A financing led by TPG Angelo Gordon amid the proposed tie-up between satellite pay-TV providers Dish Network and DirecTV is creating a fresh wrinkle in an already complicated and contentious deal process, Bloomberg reported.
Dish agreed last month to merge with DirecTV via a series of transactions that would see AT&T transfer its majority stake in DirecTV to private equity firm TPG. At issue is a loan that TPG’s credit arm, TPG Angelo Gordon, agreed to provide to pay off some $2bn in unsecured Dish notes due later this month, whether the deal goes through or not.
BlackRock talks to buy private-credit firm HPS Advance.
BlackRock is in advanced talks to buy HPS Investment Partners, emerging as the only suitor in active talks with the firm as the world’s largest asset manager seeks to compete in the fast-growing private credit industry, Bloomberg reported.
The two sides are seeking to reach an agreement by the end of this year. HPS could still opt for an initial public offering or minority stake sale if the parties fail to agree on valuation.
Arctos is in talks to buy minority stake in the NFL’s Buffalo Bills.
Investment firm Arctos Partners is in talks to acquire a minority stake in the National Football League’s Buffalo Bills, Bloomberg reported.
The firm, led by co-managing partners Ian Charles and David O’Connor, is in discussions to buy a stake from controlling owner, billionaire Terry Pegula. A transaction hasn’t been agreed to and it’s possible another suitor, or suitors, could emerge.
Wall Street giants to make $50bn bet on AI and power projects.
KKR and Energy Capital Partners have agreed to invest a combined $50bn in data-center and power-generation projects to support the development of artificial intelligence, WSJ reported.
The investment is a bet on AI’s huge energy needs and the mounting stress it is putting on the US power grid. Much of it will be invested over the next four years.
Blackstone raises $22bn in new direct lending fund.
Blackstone amassed about $22bn of capital, including anticipated leverage, for a new direct lending fund targeting institutional investors, Bloomberg reported.
The structure of the fund is essentially a hybrid between drawdown funds, where investors agree to lock up capital for a certain number of years, and traditional evergreen funds, which have no set maturity but let investors buy in and out periodically. The fund is focused on lending in large-cap and middle-market transactions.
KKR’s $20bn goal tests investor appetite for buyout funds.
Private equity pioneer KKR is testing whether investors still crave the asset class after more than two years of sluggish dealmaking squeezed returns across the industry, Bloomberg reported.
The firm recently began gathering cash for its latest North America buyout fund, aiming to raise $20bn and offering incentives to investors who sign up early and with a sizable check.
Berkshire Partners announces close of Fund XI with approximately $7.8bn commitments.
Berkshire Partners, a Boston-based private equity firm focused on the middle market, today announced the close of Berkshire Fund XI with approximately $7.8bn in capital commitments, making it Berkshire’s largest fund since the firm’s inception in 1986. Fund XI was meaningfully oversubscribed, which the firm believes underscores investors’ support for the firm’s multi-sector middle market investment strategy.
“We are grateful to have received this level of support from a terrific group of sophisticated, global investors, both existing and new, as demand exceeded our original target fund size,” Mike Ascione, Berkshire Partners Managing Director.
Nautic Partners raises $4.5bn for its eleventh fund.
Nautic Partners, a middle-market private equity firm, announced it has successfully completed the final closing of Nautic Partners XI. Fund XI was oversubscribed at its hard cap of $4.5bn of limited partner commitments, surpassing its target of $3.75bn. Fund XI is Nautic’s largest fund to date, receiving strong support from both long-standing and notable new institutional investors across North, Central and South America, Europe, Asia and the Middle East.
“We are humbled by and incredibly grateful to all of our limited partners for their support of Nautic. We believe our success and growth is due to our ability to consistently execute our investment strategy while maintaining our culture. This is made possible by our team and our executive network, but also by our relationships with our limited partners, who have made important contributions to our success throughout the years," Scott Hilinski, Nautic Managing Director.
Nautic Partners is advised by Evercore and Kirkland & Ellis.
Former Goldman partners raise $1.6bn for new private credit firm.
Private-credit firm 5C Investment Partners, founded by former Goldman Sachs partners, has secured $1.6bn to launch its direct-lending initiative, targeting senior direct-lending deals.
The report cites the company’s founders and Co-Managing Partners, Tom Connolly and Michael Koester, as confirming that the funding includes leverage and a co-investment programme, with Liberty Mutual Investments and Michael Dell’s family office, DFO Management, as anchor partners.
Adams Street Partners closes 2024 Global Fund Program with $1.1bn in commitments.
Adams Street Partners, a private markets investment firm with over $60bn in assets under management, has held the final closing of the Adams Street 2024 Global Fund Program with $1.1bn in committed capital.
“The Global Fund Program has thrived through various market cycles, and we are optimistic about the opportunities ahead in private markets. We value the trust and confidence from our clients and will work to exceed their expectations,” Jeffrey Diehl, Adams Street Managing Partner & Head of Investments.
EMEA
Hargreaves Lansdown, Britain's largest investment platform, said it expects the completion of its agreed £5.4bn ($7bn) takeover by an international consortium in the first quarter of 2025, Reuters reported.
The consortium, consisting of Europe's largest private equity firm CVC Capital Partners, Abu Dhabi's sovereign wealth fund and Swedish private equity firm Nordic Capital had offered £11.40 ($14.8) per share in cash for Hargreaves Lansdown.
Ares Management and a group of banks is funding KKR’s buyout of a minority stake in Italy’s Enilive, Bloomberg reported.
KKR will use around €1.5bn ($1.6bn) of debt, of which Ares is to provide €700m ($756m) in infrastructure financing, with the banks underwriting the rest. The lenders include both international and Italian banks.
DigitalBridge, a global digital infrastructure investment firm, agreed to acquire Yondr Group, a global developer and operator of hyperscale data centers. Financial terms were not disclosed.
"Yondr’s assets and strong relationships with leading hyperscale clients align with DigitalBridge’s vision to support the future of digital infrastructure. Yondr enhances our existing data center portfolio and strengthens our ability to support hyperscalers. Together, we are well-positioned to capitalize on the increasing demand for hyperscale data centers – fueled by AI, cloud computing, and the ongoing digital transformation across industries," Jon Mauck, DigitalBridge Senior Managing Director.
Yondr Group is advised by Citigroup, White & Case and FTI Consulting. DigitalBridge is advised by Deloitte, Nomura, Linklaters (led by David Martin), Joele Frank (led by Sarah Salky) and Ramboll.
Cordiant Digital Infrastructure, an operationally focused investor specialising in digital infrastructure, agreed to acquire a 47.5% stake in DCU Invest, a datacenter company, for €92m ($100m).
“We are delighted to be working with TINC, who, as a long-term investor, shares a common strategic vision for this business and will be able to co-invest alongside the Company in the further expansion of the facilities. This transaction could only be successfully executed because of the Investment Manager’s ability to create a potentially valuable combination from a complex situation. The acquisition provides a good foundation for the Manager’s value creation plan for these assets. The transaction shows the Manager’s operational data centre expertise and ability to source transactions that meet its demanding criteria for capital deployment," Steven Marshall and Benn Mikula, Cordiant Digital Infrastructure Co-Founders.
Cordiant Digital Infrastructure is advised by Aztec Financial Services, Investec, Jefferies & Company and Celicourt.
Permira, a global investment firm, agreed to invest in K-Way, a French premium outerwear brand. Financial terms were not disclosed.
"K-Way is a brand we truly admire, and we are really excited about the future prospects of the brand and partnering with BasicNet and the Boglione family," Francesco Pascalizi, Permira Partner and Head of Italy.
Permira is advised by Maisto e Associati, Bain & Co, Ernst & Young and Giliberti Triscornia e Associati.
Eiffage, a civil engineering construction company, completed the acquisition of EQOS, a company that specialises in the fields of energy transmission and distribution, telecommunications, and rail, from Triton Partners, an investment firm. Financial terms were not disclosed.
Together with EQOS, Triton made a series of improvements to its strategy, leadership and culture, finances, and operations. This included the implementation of an operational improvement program and a full revamp of the leadership team that instilled a performance culture and re-focused the business on its core activities. Non-core entities were disposed, and strategic M&A was used to complement the company’s service portfolio.
Winterberg, an investment firm, and Healthcare Holding Schweiz, a player in the Swiss Medtech services and distribution sector, completed the acquisition of MVB Medizintechnik, a specialized distributor in the fields of cardiotocography. Financial terms were not disclosed.
“We are excited to welcome MVB Medizintechnik AG into the Healthcare Holding family. This acquisition not only broadens our product offerings but also enhances our capability to deliver tailored solutions to our customers. The integration of MVB’s specialized knowledge and innovative products will significantly contribute to our growth strategy," Fabian Kroeher, Healthcare Holding Schweiz President of the Board.
Development Partners International, a private equity firm deploying global capital to unlock potential in Africa, led a $110m Series C round in Moniepoint, Africa’s fastest-growing fintech, with participation from Google’s Africa Investment Fund, Verod Capital and Lightrock.
"Our mission is to help our customers solve their challenges by making our platform more innovative, transparent, and secure. The proceeds from this raise will speed up our efforts to drive financial inclusion and support Africa’s entrepreneurial potential. I want to sincerely thank the entire Moniepoint team for making this achievement possible," Tosin Eniolorunda, Moniepoint Founder and Group CEO.
Moniepoint was advised by Financial Technology Partners and Thoburns Communications.
Viessmann, a diversified business group, and Armira, an investment holding company, completed the acquisition of a minority stake in PharOS, a pharmaceutical company that develops, manufactures and supplies generics and value-added products. Financial terms were not disclosed.
“Our entrepreneurial activities aim to strategically elevate essential areas that are crucial for the well-being of future generations. Generic medicines make up the backbone of affordable global pharmaceutical care. With our investment in PharOS we want to contribute to a more stable, independent and resilient European supply of affordable and effective treatments for life-threatening diseases," Max Viessmann, Viessmann CEO.
PharOS was advised by Morgan Stanley and Latham & Watkins.
Latour Capital, a private equity firm, agreed to acquire VISCO, a manufacturer of high-precision machining and mechanical grinding machines company, from private equity firms Tikehau Capital and Carvest. Financial terms were not disclosed.
“Latour Capital's investment in VISCO is a sign of confidence and recognition of the work accomplished by all our teams. Under the impetus of Tikehau Capital, our company has taken on a new dimension since 2022 and has confirmed the relevance of its strategic positioning in ultrahigh precision machining. We have strong growth potential in France and abroad. I'm delighted to be starting this new chapter in our Group's history alongside Latour Capital. I would also like to thank the teams at Tikehau Capital for their exceptional support since 2022,” Fabrice Doizon, VISCO Chairman.
Tikehau Capital is advised by Credit Agricole and Prosek Partners.
Equitix, a private equity firm, agreed to acquire an 8.33% stake in Cornerstone, a mobile and digital infrastructure provider, from Virgin Media O2, a telecommunications company, for £186m ($242m).
“This additional minority stake sale follows the same logic and strategic rationale as our previous deal, allowing us to successfully monetise our infrastructure while retaining a controlling share in an important asset. Equitix is another strong partner to have onboard that clearly sees the long-term value in Cornerstone at a time when we are investing billions of pounds to enhance 4G coverage and bring 5G to new areas of the country," Lutz Schüler, Virgin Media O2 CEO.
Equitix is advised by Nomura.
Sanofi, a pharmaceutical company, and Invus, a private equity firm, led a $89m Series D round in Agomab, a biotechnology company developing therapies that aim to preserve and restore organ function in fibrotic diseases.
“We are thrilled to have Sanofi and Invus joining our investor syndicate. Their investment as well as the continued support from our existing shareholders is another validation of the trailblazing work our team is conducting in the fields of fibrostenosing Crohn’s disease and idiopathic pulmonary fibrosis. Through this financing round we will create further optionality and the capital will allow us to accelerate our efforts in developing our novel potential therapies,” Tim Knotnerus, Agomab Therapeutics CEO.
Agomab was advised by Trophic Communications.
Randstad, a talent company, agreed to acquire Zorgwerk, a healthcare and care talent provider, from NPM Capital, a private equity firm. Financial terms were not disclosed.
“With Randstad, we have found a strong partner who supports our growth ambitions. Our culture revolves around talent and clients, with innovation and the improvement of our business processes at the core. This combination will allow us to build a leading and respected position in the healthcare talent industry. Together with Randstad, I see great potential to further enhance our strategy, accelerate our growth and offer great advantages to society," Daniëlle van der Burg, Zorgwerk CEO.
NPM Capital is advised by Rothschild & Co.
Insight Partners, a venture capital and private equity firm that invests in growth-stage technology, software, and internet businesses, completed the acquisition of a majority stake in Detectify, a developer of a surface monitoring and application scanning platform designed for external attack surface management. Financial terms were not disclosed.
“We're thrilled to deepen our commitment to Detectify as they embark on their next phase of growth, further strengthening our partnership. Detectify’s innovative approach to Attack Surface Management continues to deliver value to security teams. We’re excited to support Rickard and the team as they continue to scale," Teddie Wardi, Insight Partners Managing Director.
Bain-backed Esure draws interest from Aviva, Allianz.
Aviva and Allianz are among potential bidders for Britain’s home and motor insurance firm Esure Group, Bloomberg reported.
Sampo, which owns British general insurer Hastings Group, and Belgium-based Ageas have also indicated early interest in the asset. Esure’s owner Bain Capital is working with advisers to gauge interest in the business, which could fetch about £1.5bn ($1.9bn).
Grant Thornton Advisors in the US and Grant Thornton Ireland to combine.
Grant Thornton Advisors and Grant Thornton Ireland, announced an agreement to combine Grant Thornton Advisors with Grant Thornton Ireland’s advisory and tax businesses, with backing from an investor group led by New Mountain Capital, a leading growth-oriented investment firm with approximately $55bn in assets under management.
The Grant Thornton Ireland audit business will continue as an independent partnership and operate under an alternative practice structure.
“This transformational partnership will enhance our appeal to a much broader international client base, as the first truly integrated US and Irish professional services firm, combining the expertise and reach of both firms. This is a key moment in shaping the future of professional services in a rapidly evolving global landscape, and we are looking forward to partnering together to accelerate growth and deliver impactful benefits for our people and clients across diverse industries and geographies," Steve Tennant, Grant Thornton Ireland CEO.
Grant Thornton Advisors is advised by Simpson Thacher & Bartlett, William Fry and Arthur Cox. Grant Thornton Ireland is advised by Deutsche Bank and A&L Goodbody.
Schoeller Group near deal to buy Signa’s Berlin Upper West tower. (RE)
The Schoeller Group is in exclusive talks to buy Signa’s Upper West tower in Berlin, in one of the most closely watched property transactions in Germany.
The industrialist family’s investment office has been picked for exclusive negotiations after several rounds of bids for the building that is part of Austrian tycoon Rene Benko’s defunct empire , Bloomberg reported.
UK investment firm Low Carbon sells 6 GW Dutch battery storage portfolio.
UK-based renewable energy investor Low Carbon said it has sold a 6 gigawatt portfolio of battery storage projects in the Netherlands to S4 Energy, which is majority-owned by global commodities merchant Castleton Commodities International, Reuters reported.
The battery storage portfolio is one of the largest under development in the world, according to Low Carbon, and should play a role in helping balance supply and demand on the grid system as the Netherlands seeks to have 39% of renewables in its total energy mix by 2030.
Abu Dhabi’s CYVN set to take stake in sports carmaker McLaren.
CYVN, an investment firm backed by Abu Dhabi, has signed a preliminary deal to take a stake in British luxury carmaker McLaren and take full control of its automotive business.
The deal with McLaren’s controlling shareholder, Bahrain’s Mumtalakat, would bring access to additional capital, advanced engineering expertise and technology, particularly in the field of electric vehicles, Bloomberg reported.
Klarna valuation raised by Chrysalis as fintech preps for IPO.
One of Klarna’s shareholders upped the valuation it assigns to the financial technology company ahead of its potential initial public offering next year, Bloomberg reported.
Shareholder Chrysalis Investments increased the value of its stake to $157m, up from the $130m it assigned the holding in the second quarter. That gives Klarna an implied valuation of around $14.6bn.
Saudi pension fund set to back Brookfield’s new mideast venture.
Saudi Arabia’s General Organization for Social Insurance is set to back Brookfield Asset Management’s new Middle East venture, which has also drawn the kingdom’s sovereign wealth fund as an anchor investor. Hassana Investment, the investment arm of the pension fund, plans to allocate $500m, matching Brookfield’s own commitment, Bloomberg reported.
The Public Investment Fund has already committed to come in as an anchor investor for Brookfield Middle East Partners, which could grow to at least $2bn.
Saudi Aramco’s VC arm sets aside $100m for AI investments.
Wa’ed Ventures, the $500m venture capital arm of Saudi Arabia’s Aramco, announced a $100m commitment to early-stage AI startups to support positioning the kingdom as a global AI hub, DealStreetAsia reported.
To ensure strategic investment decisions, Wa’ed Ventures has assembled an elite AI advisory board from diverse backgrounds within the AI industry, including policymaking, research, academia, and entrepreneurship from leading global institutions, including Meta, MIT, Oxford, and Amazon.
APAC
I Squared Capital, a private equity firm, agreed to acquire Philippine Coastal Storage & Pipeline, the largest independent import terminal in the Philippines, from private equity firms Keppel Infrastructure Trust and Metro Pacific Investments, in a $460m deal.
“Philippines Coastal is an essential infrastructure asset playing a critical role in supporting the growing energy needs of the Philippines. With urbanization and the growing consumption of the rising middle class in the Philippines, fuel demand continues to increase steadily. We see strategic opportunities to expand the asset’s capabilities to support this growing domestic demand and to diversify into the storage of bio-fuels and sustainable aviation fuel," Harsh Agrawal, I Squared Senior Partner.
I Squared Capital is advised by Rippledot Capital, Latham & Watkins and Romulo Mabanta Buenaventura Sayoc & de los Angeles. Metro Pacific Investments is advised by UBS and Milbank.
Coatue, a global investment manager focused on public and private companies, is set to lead a $1bn series B round in DigitalLand, a GDS subsidiary holding data center assets and operations outside mainland China, with participation from Baupost Group.
“Data centers are mission critical infrastructure to support the future of AI and cloud. We have been very impressed by the management team, and its capabilities to execute and expand the footprint of the business in such a short period of time. We are excited to work alongside management to expand GDSI into a global leading data center platform,” Philippe Laffont, Coatue Founder.
DigitalLand is advised by Morgan Stanley, White & Case and The Piacente Group (led by Brandi Piacente). Coatue is advised by Latham & Watkins.
ADIA, a sovereign wealth fund, and APG, an investment management firm, agreed to acquire two toll roads in Indonesia from Indonesia Investment Authority, for $1.4bn.
“This investment not only solidifies our toll road platform with APG and Adia, it also expands our asset base, establishing a scalable investment platform that opens new avenues for economic opportunities,” Ridha Wirakusumah, INA CEO.
Indonesia Investment Authority is advised by Rothschild & Co.
Korea Zinc said on October 28 it has secured 9.85% of the company's shares in a $1.5bn buyback that it launched to block shareholders from selling their stakes to its top investor Young Poong and private equity firm MBK, Reuters reported.
Bain Capital, which backs Korea Zinc's current leaders, separately secured a 1.41% stake in the company, the world's biggest zinc smelter said in a regulatory filing.
Japanese lift maker Fujitec explores sale to private equity.
Japan’s Fujitec has held talks with private equity groups about a potential sale of the $2.7bn lift maker, in a move that may signal further consolidation in the $80bn global elevator industry, FT reported.
Fujitec, founded in Osaka in 1948, is working with UBS in Tokyo to find a buyer and has held talks with a number of private equity groups, including Sweden’s EQT. Other major international private equity groups that spoke to Fujitec in recent months did not move forward for various reasons, including price.
Investcorp’s China-backed fund tees off with three mideast deals.
Investcorp has inked three deals through a new investment vehicle anchored by China’s sovereign wealth fund that was set up earlier this year to target opportunities within the Middle East, Bloomberg reported.
“That fund is coming along great, we are targeting about $750m,” Rishi Kapoor, Investcorp Chief Investment Officer. The biggest Mideast alternative asset manager had initially planned to set up a $1bn fund, backed by China Investment, to capitalize on growing ties between Gulf oil exporters and the world’s second-largest economy.
KKR said to be in talks to acquire cancer hospital chain HCG.
Private equity major KKR has entered into exclusive talks to acquire a controlling stake in CVC Capital-owned cancer hospital chain HealthCare Global Enterprises, DealStreetAsia reported.
CVC Capital acquired a controlling stake in the hospital chain in 2020 for INR10.49bn ($124m).
Vingroup sets up $150m fund for startups.
Vietnamese conglomerate Vingroup is starting a $150m fund to back technology startups across Southeast Asia that focus on areas including artificial intelligence, semiconductors and cloud computing, Bloomberg reported.
Vingroup is financing the fund, VinVentures, with $100m from a previous investment portfolio. Vingroup founder Pham Nhat Vuong, Vietnam’s richest man, will gradually add another $50m to the fund from his personal wealth.
HRZ Han River launches $100m venture fund.
HRZ Han River, a Silicon Valley early-stage venture capital firm, announced today the launch of a $100m venture fund. The fund aims to build stronger bridges between Silicon Valley and the Korea Graph, HRZ’s focus area that targets the talents, technology, and market trends that originate or intersect Korea with potential for global impact.
“My experience at Coupang taught me the importance of Silicon Valley-Korea Graph partnerships and how to build companies that leverage the best of both ecosystems for higher success. The HRZ team brings a unique set of skills that maximize these opportunities, and we are looking forward to supporting visionary entrepreneurs that not only push the boundaries of what’s possible but also drive positive societal impact," Chris Koh, HRZ Founder and Managing Partner.
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