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AMERICAS
Thoma Bravo-backed Sophos, a British security software and hardware company, agreed to acquire Secureworks, an American cybersecurity company, for $859m.
"Secureworks offers an innovative, market-leading solution with their Taegis XDR platform. Combined with our security solutions and industry leadership in MDR, we will strengthen our collective position in the market and provide better outcomes for organizations of all sizes globally. Secureworks’ renowned expertise in cybersecurity perfectly aligns with our mission to protect businesses from cybercrime by delivering powerful and intuitive products and services. This acquisition represents a significant step forward in our commitment to building a safer digital future for all," Joe Levy, Sophos CEO.
Secureworks is advised by Morgan Stanley, Piper Sandler and Paul Weiss Rifkind Wharton & Garrison (led by Laura Turano). Sophos is advised by Bank of America, Barclays, Goldman Sachs, HSBC, UBS and Kirkland & Ellis (led by Bradley Reed and Steven Page). Debt financing is provided by Bank of America, Barclays, Goldman Sachs, HSBC and UBS. Dell is advised by Skadden Arps Slate Meagher & Flom (led by Allison Schneirov).
Altaris Capital Partners, a private equity firm, completed the acquisition of Sharecare, a digital health company, for $540m.
“Sharecare’s Board of Directors and shareholders determined that this transaction with Altaris was in the best interests of our company and our clients, and delivered significant, immediate, and certain value to our stockholders. With Altaris, Sharecare has gained the support of an experienced, growth-oriented investor that believes in the company’s vision, strategic growth plan, and management team, and shares a commitment to maximizing the value of Sharecare’s full potential across our three channels," Jeff Arnold, Sharecare Founder and Executive Chairman.
Sharecare was advised by Houlihan Lokey, MTS Health Partners, King & Spalding (led by John Anderson), and Wachtell Lipton Rosen & Katz (led by Mark Gordon and Daniel A. Neff). Financial advisors were advised by Alston & Bird (led by Aaron Dixon). Altaris was advised by Kirkland & Ellis (led by David Feirstein and William N. Lay). Claritas was advised by RBC Capital Markets and Ropes & Gray.
Wendel, a French investment company, agreed to acquire a 75% stake in Monroe Capital, an asset management firm specializing in private credit markets across various strategies, for $1.13bn.
"We have long known and admired the team at Monroe, who over the past two decades have built a leading middle-market US private credit firm. Since inception, Monroe has delivered strong and differentiated outcomes for its diversified global client base. Furthermore, the partnership will strengthen Wendel’s third-party asset management platform by enabling it to capitalize on the growing opportunity set in private credit and persistent growth in demand for direct lending solutions from investors and borrowers globally. We are excited to collaborate with Ted, Zia, and their talented teams to support the next phase of Monroe’s growth," Laurent Mignon, Wendel CEO.
Monroe Capital is advised by Goldman Sachs, Fried Frank Harris Shriver & Jacobson and Prosek Partners (led by Nadia Damouni). Wendel is advised by Fenchurch Advisory Partners, UBS, Kirkland & Ellis and Kekst CNC (led by Todd Fogarty).
Private equity firm Nexus Capital Management is working with Big Lots’s lenders to get roughly $750m in financing as part of a previously announced deal to acquire the retailer out of bankruptcy, an attorney for the discount chain said in court hearing in Delaware, Bloomberg reported.
Big Lots’ lawyer Jonah Peppiatt said during the hearing that the retailer and its stakeholders expect Nexus will obtain the financing “to firm up its bid” ahead of a October 25 bid deadline. Nexus’ offer is in the form of a stalking horse bid, meaning Big Lots could proceed with a better offer if any materialize by the deadline.
Big Lots is advised by AG Real Estate, AlixPartners, Guggenheim Partners, Davis Polk & Wardwell and Joele Frank (led by Aaron Palash). Nexus Capital is advised by Kirkland & Ellis.
Morgan Stanley Infrastructure Partners, a global private infrastructure investment platform, agreed to invest in GI Partners-backed Flexential, a provider of secure and flexible data center solutions. Financial terms were not disclosed.
"The new partnership with Morgan Stanley Infrastructure Partners, combined with the strong foundation laid with GI Partners, represents a tremendous opportunity for Flexential to further accelerate our growth trajectory and sets the stage for future strategic opportunities. As we continue to invest in expanding our infrastructure and delivering innovative solutions to our customers, this additional investment will enable us to build on our recent successes and further strengthen our position as a leader in the data center and digital infrastructure industry," Chris Downie, Flexential CEO.
Flexential is advised by Goldman Sachs and Ropes & Gray. MSIP is advised by Citigroup, Evercore and Kirkland & Ellis (led by Kevin T. Crews). GI Partners is advised by Chris Tofalli Public Relations (led by Chris Tofalli).
Hedge funds Nut Tree Capital Management and Caspian Capital are planning to oppose the takeover of Martin Midstream Partners by the company's largest shareholder, Reuters reported.
The hedge funds, which made a competing bid to buy Martin Midstream for $4.50 per unit in July, have argued that Martin Resource Management Corporation's $157m deal to buy Martin Midstream undervalues the fuels storage and transporter and raises concerns over conflicts of interest.
Martin Midstream is advised by Houlihan Lokey, Munsch Hardt Kopf & Harr, Potter Anderson & Corroon and Joele Frank. Martin Resource Management is advised by Wells Fargo Securities and Baker Botts (led by Preston Bernhisel).
Audax Private Equity, a private equity firm, completed the acquisition of the clinical services business of Avantor, a provider of mission-critical products and services to customers in the life sciences and advanced technologies industries, for $650m.
"This transaction not only strengthens our balance sheet and reduces interest expense, but also enables us to sharpen our focus on strategic growth opportunities in our lab and production businesses. We extend our gratitude to the associates transferring with the business for their invaluable contributions and wish them continued success as they embark on this new chapter under Audax's ownership," Michael Stubblefield, Avantor President and CEO.
Audax was advised by Moelis & Co, Ropes & Gray (led by Minh-Chau Le) and Wolf Theiss (led by Tereza Naucova). Avantor was advised by JP Morgan and Arnold & Porter Kaye Scholer.
Wafra, an alternative asset manager, agreed to acquire a majority stake in Aquila Air Capital, a specialty finance platform focused on providing aviation asset financing, from Warburg Pincus, a global growth investor. Financial terms were not disclosed.
"We are deeply grateful to Warburg Pincus for their belief in our vision and for supporting our growth over the last three and a half years. This milestone is a strong endorsement of our team’s hard work and the value we bring to the market. Partnering with Wafra will enable us to accelerate our expansion, introduce new products and services, and broaden our customer base globally," Al Wood, Aquila Air Capital CEO.
Aquila Air Capital is advised by Evercore and Kirkland & Ellis. Wafra is advised by Sidley Austin and Prosek Partners. Debt financing is provided by Atlas SP Partners.
SAS Shipping Agencies Services, an agency services provider, agreed to acquire a 56.47% stake in Wilson Sons, a Brazilian shipping company, from Ocean Wilsons, an investment company based in Bermuda, for BRL4.35bn ($764m).
"I am delighted to announce that, following a comprehensive strategic review of the Company's investment in Wilson Sons, we have reached an agreement for the sale of our holding in Wilson Sons to SAS. This transaction represents the successful realisation of our long-term investment in Wilson Sons, demonstrating our ability to identify opportunities to create significant value for our shareholders," Caroline Foulger, Ocean Wilsons Chair.
Ocean Wilsons is advised by BTG Pactual, Peel Hunt (led by Ed Allsopp), Pinheiro Guimaraes Advogados and Slaughter & May.
CoStar Group, a provider of online real estate marketplaces, agreed to acquire Visual Lease, a software platform for integrated lease management, accounting, and reporting, from Spectrum Equity and Growth Street, two private equity firms. Financial terms were not disclosed.
“Visual Lease and CoStar Real Estate Manager are driven by the same mission of integrating all lease management portfolio functions into one user-friendly platform. Bringing Visual Lease into the CoStar Group family will allow us to create the best possible experience for our customers. By combining CoStar Group’s industry expertise with Visual Lease’s diverse customer base, deep lease portfolio management expertise, and leading sustainability solutions, we are well positioned to offer a more comprehensive service offering and continue growing both nationally and internationally. I look forward to welcoming the Visual Lease team to CoStar Group and working together to develop new capabilities to better serve our clients," Andy Florance, CoStar Group Founder and Chief Executive Officer.
Branford Castle Partners, a North American-focused private equity firm, completed the acquisition of Hoffman Engineering, a provider of proprietary situational awareness solutions for mission-critical aerospace and defense applications, from Trident, a provider of marine engineering services intended to solve clients' advanced maritime engineering, manufacturing, installation and testing challenges.Financial terms were not disclosed.
"We are excited to partner with Ron and the entire Hoffman team. We see attractive opportunities in this market as the aerospace and defense industry continues to expand, creating increased demand for the most advanced, mission-critical products available. The Company's leading position in the night vision market, along with its proprietary capabilities, makes it a terrific platform for growth," Ceon Francis, Branford Castle Managing Director.
Hoffman Engineering was advised by Philpott Ball. Branford Castle Partners was advised by RSM International, Akerman and Lambert & Co (led by Caroline Luz and Jennifer Hurson).
Truelink Capital, a middle-market private equity firm, agreed to acquire GES business from Viad, a provider of extraordinary experiences, including attractions, hospitality, exhibition services, for $535m.
“After careful evaluation, and with both businesses performing at very high levels, we believe that now is the right time to separate GES and create a standalone publicly traded Pursuit. Both Pursuit and GES have seen significant demand and achieved remarkable results. After a decade long growth journey, Pursuit is now an industry leader with the assets, resources and capabilities to stand on its own. Through this transformative sale, we intend to establish Pursuit as a pure-play, high-growth, high-return business, with the financial strength and balance sheet to capitalize on its substantial growth prospects in the hospitality and attractions space. Additionally, the improved margin profile and growth trajectory of GES position it well for continued success under a new owner that is committed to maximizing GES’ growth potential," Steve Moster, Viad President and Chief Executive Officer.
Apave, a provider of risk management services, completed the acquisition of IRISNDT, a provider of advanced and general non-destructive testing, from First Reserves, a global private equity firm investing across diversified energy, utility, and industrial end-markets. Financial terms were not disclosed.
"We are delighted to have reached this agreement with First Reserve to acquire IRISNDT. I would like to welcome the IRISNDT teams, who, like Apave's 14k employees, share our strong values and the expertise that enables us to support our industrial customers in managing the risks associated with their activities and their own transformation," Philippe Maillard, Apave CEO.
IRISNDT was advised by Stifel and Gray Reed. First Reserve was advised by Joele Frank (led by Erik Carlson).
Novo, a life science investor, led a $112m Series B round in AvenCell, a clinical-stage cell therapy company focused on advancing both autologous and allogeneic switchable CAR-T cell therapies, with participation from F-Prime Capital, Eight Roads Ventures Japan, Piper Heartland Healthcare Capital and NYBC Ventures and Blackstone Life Sciences.
"We are excited by the progress of our pipeline and believe our next-generation immunotherapies have the power to address significant unmet patient needs. AvenCell is working to transform the standard of care through switchable, adaptable and readily available cell therapy treatments that can better treat a wide range of difficult-to-treat cancer and autoimmune diseases. The support of Novo Holdings and this leading group of new investors will be integral to our ability to progress and bring these therapies to patients," Andrew Schiermeier, AvenCell Therapeutics Chief Executive Officer.
General Atlantic, a private equity firm, led a $50m Series C round in Jüsto, an online grocer in Latin America with operations in Mexico, Brazil, and Peru.
“This new funding round highlights the strong belief our investors have in Jüsto, our team, and the unique approach we bring to the table. We are excited to continue deploying our capital to redefine the grocery experience in Latin America through advanced technology and efficient operations,” Ricardo Weder, Jüsto Founder and CEO.
General Atlantic was advised by Paul Weiss Rifkind Wharton & Garrison.
American Industrial Partners, a private equity firm, agreed to acquire the US and Canadian architectural coatings business of PPG, a supplier of paints, coatings, and specialty materials. Financial terms were not disclosed.
"We're thrilled to be acquiring a storied business with a heritage dating back 125 years and look forward to partnering with the management team and employees to deliver best-in-class customer service across product and brand innovations. As a longtime leader in residential and commercial architectural paint with some of the industry's most iconic brands, the Company is well-positioned to benefit from growth in both the Pro and DIY consumer categories," Rick Hoffman, AIP Partner.
American Industrial Partners is advised by Ropes & Gray.
Snow Peak Capital, a private equity firm, completed the acquisition of TurbineAero, an independent provider of maintenance, repair and overhaul services focused on aircraft auxiliary power units and other aeroengine components, from The Gores Group, a global investment company. Financial terms were not disclosed.
"We are excited to partner with Snow Peak to invest in the next phase of TurbineAero's growth and continue to deliver world-class services to our global client base. We look forward to maintaining our position as the leader in independent APU MRO services and aeroengines component repair and manufacturing," Peter Gille, TurbineAero Chief Executive Officer.
Bertram Capital, a private equity firm, completed the investment in Perimeter Solutions Group, a provider of commercial and industrial perimeter protection solutions including permanent and rental fencing, automated gate and access control services. Financial terms were not disclosed.
"PSG has firmly established a market leading position in perimeter security solutions across the South from Arizona to Florida. The Company exhibits all the hallmarks of an ideal Bertram investment: strong customer retention, category leadership, rapid organic and inorganic growth and what we believe to be a best-in-class management team," Tom Beerle, Bertram Capital Partner.
Bertram Capital was advised by Harvey & Company.
Vesper, a private investment firm that partners with founders and management teams, completed the investment in TAO Digital, a provider of outcome-driven technology services and solutions. Financial terms were not disclosed.
“TAO’s mission has always been to drive significant value for our clients by delivering high-quality solutions centered on product engineering, data monetization, and industry-specific AI models. Driven by our motto to ‘Transform, Automate, and Optimize,’ our focus on measurable outcomes through agile MVP launches, API development, and AI implementation has allowed us to serve clients with precision, driving business efficiency and innovation across industries," Rajkumar Velagapudi, TAO Digital Solution CEO.
General Atlantic, a private equity firm, led a $225m Series B round in Seaport Therapeutics, a biopharmaceutical company that is advancing novel neuropsychiatric medicines, with participation from T. Rowe Price, Foresite Capital, Invus, Goldman Sachs Alternatives and CPP Investments.
"We are grateful to have the partnership of this incredible group of new and existing investors who share our commitment of delivering better medicines for those suffering from depression, anxiety and other neuropsychiatric disorders. Seaport is advancing novel therapeutics that have proven clinical efficacy but had previously been held back by an issue we can now address with our Glyph platform. This financing enables the important clinical work that brings us another step closer to delivering new medicines to make a difference in the lives of patients and their families," Daphne Zohar, Seaport Therapeutics Founder and CEO.
Fedex, a conglomerate holding company focused on transportation, e-commerce and business services, led a $106m Series C funding round in Nimble, an AI robotics and autonomous e-commerce fulfillment technology company, with participation from Cedar Pine.
“Today’s warehouse automation systems require integrators to stitch together fragmented point solutions from dozens of equipment and software vendors, resulting in overly complex, inefficient, and expensive systems that are difficult to integrate, operate and maintain. The unattractive ROI and operational challenges of patchwork systems has limited the adoption of robotics to just 10% of the market," Simon Kalouche, Nimble Founder and CEO.
WestCap, a strategic operating and investing firm, led a $100m Series C funding round in Valon, a vertically integrated mortgage servicing platform, with participation from Andreessen Horowitz.
“From the very beginning, our goal has been to build the servicing software platform of tomorrow. That means bringing transparency, efficiency, and improved customer experience to mortgage servicing. This new funding demonstrates that we’ve hit the milestones to prove our software is best in class and will allow us to double down on our technology to deliver even more value to the industry,” Andrew Wang, Valon CEO.
Accenture Ventures, a venture capital arm of Accenture, completed the investment in Reality Defender, an RSA Innovation award-winning cybersecurity company specializing in deepfake detection. Financial terms were not disclosed.
“Accenture’s global reach and cybersecurity expertise will allow Reality Defender to scale our technology during a time of heightened deepfake volatility. With Accenture’s support and alignment with our mission of combatting AI-generated fraud, we can work toward defeating the most advanced cyber threats of our time. Through our collaborative efforts, we will pave the way for a more secure and trustworthy digital landscape, ensuring a safer future for all,” Ben Colman, Reality Defender Co-Founder and CEO.
Sverica Capital Management, a private equity investment firm, completed the investment in Electronic Source, an electronic manufacturing services company serving the Aerospace & Defense and Space markets with high-reliability circuit card assemblies. Financial terms were not disclosed.
"We appreciate Scott choosing Sverica as the steward of the company he founded 30 years ago, and are pleased to partner with the ESC team to help them develop and execute a growth strategy into the ever-evolving area of defense electronics. ESC’s impressive financial and operational performance has the Company gaining increasing exposure to high-profile military and space programs where product failure is not an option," Dave Finley, Sverica Managing Partner.
Corvex, a New York-based hedge fund, completed the investment in Fortrea, a clinical trials management company. Financial terms were not disclosed.
The company’s shares, which have fallen 49% this year, closed down 6% to $17.80 each on October 22. The shares rose more than 5% after the close of regular trading.
Mubadala nears deal to buy stake in Zelis.
Mubadala Investment is nearing a deal to acquire a minority stake in Zelis that values the health-care technology company at about $17bn, Bloomberg reported.
The Abu Dhabi wealth fund is putting the final touches on a deal with Zelis’s owners, Bain Capital and Parthenon Capital. Mubadala has agreed to anchor a so-called minority recapitalization of Zelis. Other co-investors will be brought in during the coming weeks.
BC Partners said near deal to exit stake in Canada’s GardaWorld.
BC Partners is close to selling a large portion of its controlling stake in GardaWorld back to its management team, in a transaction that values the Canadian security services firm at about CAD13.5bn ($9.8bn), Bloomberg reported.
The London-based private equity firm is divesting a majority of its 51% stake to GardaWorld’s founder and chairman, Stephan Cretier, and some other members of the management team. The deal is backed by a group of private credit firms, led by HPS Investment Partners, who are committing several billions of dollars to the management of GardaWorld to support the buyout.
Lucid Group announces 262m share public offering, PIF in talks of $1.67bn investment.
Lucid Group has announced a public offering of approximately 262m shares of its common stock. The shares will be available for purchase through various channels, including direct sales, agents, and brokers, at prevailing market prices or negotiated prices. Additionally, Lucid has granted Bank of America, the sole underwriter, an option to purchase up to 39m additional shares within 30 days.
Lucid's majority stakeholder, Ayar Third Investment, an affiliate of the Public Investment Fund, is in discussions to purchase approximately 375m shares in a concurrent private placement. This potential transaction aims to maintain Ayar’s 58.8% stake in Lucid, contingent on the completion of the public offering and meeting customary closing conditions.
The proceeds from the public offering and the possible private placement will be used for general corporate purposes. Lucid plans to allocate the funds toward capital expenditures and working capital to support the company's ongoing operations and growth initiatives.
Lucid is advised by Bank of America and Skadden.
MetLife in talks to buy PineBridge's ex-China assets for $1bn-$1.5bn.
New York-based insurer MetLife is in advanced talks to buy PineBridge Investments' assets outside of China in a deal that could be valued at $1bn to $1.5bn.
The talks are exclusive for assets under management worth about $100bn, Bloomberg reported.
Egis plans $800m of acquisitions in US and Canada to fuel its growth.
French construction and engineering firm Egis aims to spend around $800m on acquisitions in the US and Canada, Bloomberg reported.
The firm, which is partly owned by alternative asset manager Tikehau Capital, currently makes about $200m in revenue in the US and Canada. It is planning to reach about $1.1bn in sales there by 2028.
Hefner Capital offers $100m to buy Playboy brand.
Hefner Capital, a private equity firm led by Hugh Hefner’s son Cooper, has expressed interest in acquiring the Playboy brand from PLBY Group, Bloomberg reported.
Cooper Hefner made the non-binding overture for all of Playboy’s brand assets, which includes intellectual property associated with Playboy, to PLBY’s board, led by Chairman Suhail Rizvi, on October 21.
GQG Partners sells BBVA stake over Sabadell hostile bid.
GQG had decided to sell up by July, having told BBVA's management team that it believed the Sabadell bid would be too time consuming and distracting, while also diluting its exposure to emerging markets.
Aventiv Technologies receives buyout interest in offer to avoid bankruptcy.
Platinum Equity-backed Aventiv Technologies has told investors there’s been interest from multiple parties to purchase the prison-phone company as it faces a December deadline to reach a buyout deal or face potential bankruptcy.
Management said it has received interest from those looking to buy the entire company and not just parts of Aventiv, Bloomberg reported.
JCP Investment urges Cheesecake Factory to explore a potential split.
Houston-based activist investor JCP Investment Management is urging Cheesecake Factory, an American restaurant company and distributor of cheesecakes, to explore the possibility of creating a separate public company by spinning off three of its smaller brands, Reuters reported.
JCP Investment Management, which has built roughly a 2% stake in Cheesecake Factory, has privately told executives that North Italia, Flower Child, and Culinary Dropout brands would be better off as a separate company.
KKR earnings surge 58% on strength in capital markets unit.
KKR reported a third-quarter profit that beat Wall Street estimates as the alternative asset manager generated record transaction fees for its capital markets business, Bloomberg reported.
Adjusted net income rose 58% to $1.24bn, or $1.38 a share, KKR said October 24 in a statement.
Goldman, BNP see credit’s blanket rally turn to cherry picking.
The era of a rising tide lifting all boats in the global credit market may be over. Analysts at Goldman Sachs and BNP Paribas are forecasting the end of a rally that has turned the world’s credit market into a uniform mass of expensive assets, Bloomberg reported.
They recommend taking a more defensive stance and positioning for the gap between safer and riskier debt to widen.
EnCap Investments closes fund XII at $5.25bn.
EnCap Investments announced that it has successfully closed EnCap Energy Capital Fund XII with capital commitments of $5.25bn, exceeding its initial target and hitting its hard cap. Inclusive of $1.2bn of co-investment thus far, the firm raised a total of $6.4bn associated with Fund XII. EnCap has a long history of providing growth capital to proven management teams focused on the upstream sector of the oil and gas industry in North America.
Fund XII currently includes investments in twelve portfolio companies, ten of which are managed by teams the firm has successfully partnered with in previous funds.
Morgan Stanley IM raises $2bn for North Haven Tactical Value II Fund.
Morgan Stanley Investment Management has closed North Haven Tactical Value II Fund LP and affiliated funds at approximately $2bn of committed capital, representing a nearly 50% increase over the predecessor fund NHTV I.
“We are pleased to have raised $2bn of committed capital with the support of our investors. The Fund’s differentiated strategy paired with our team’s expertise and Morgan Stanley’s global network offers a unique opportunity for investors to build a portfolio with a strong value proposition,” David N. Miller, Morgan Stanley Investment Management Global Head of Private Credit and Equity.
Southwest strikes deal with Elliott, adds six new board members. (People)
Southwest Airlines added six new board directors in a pact with Elliott Investment Management, as the carrier seeks to address the activist’s push for changes and salvage the job of its chief executive officer, Bloomberg reported.
New board members include former Chevron CFO Pierre Breber, former Virgin America CEO David Cush, ex-federal railroad administrator Sarah Feinberg, former Marriott International Group President Dave Grissen, ex-WestJet CEO Gregg Saretsky and NCR Atleos Chief Information, Technology Officer Patricia Watson, who all join November 1.
EMEA
EQT, a private equity firm, Temasek, an investment company, and CPPIB, a global investment management firm, completed the acquisition of Keywords Studios, an Irish video game industry services company, for £2.2bn ($2.8bn).
“This is a significant milestone for Keywords Studios as we start the next phase of our growth journey alongside our new partners. The hard work and dedication of everyone at Keywords Studios, as well as the long-standing support of our clients and shareholders, has enabled our growth over the last decade and I would like to thank them all for their support. We are confident that our expertise, combined with EQT’s resources, will only strengthen our ability to serve our customers and realise our growth potential and mission to be the world’s leading content creation platform for the video gaming industry. I look forward to what the next chapter will bring for our company, customers and employees," Bertrand Bodson, Keywords Studios CEO.
A consortium of investors including Neuberger Berman, EQT and CPP Investments agreed to acquire Nord Anglia Education, a premium schools organisation, for $14.5bn.
"Nord Anglia's extensive track record and unwavering commitment to supporting over 85k students worldwide uniquely positions the company for future growth. We are honored to lead a consortium of investors who share our passion for delivering exceptional educational experiences. We are excited to partner with the EQT team, whose deep industry expertise and proven collaboration with Nord Anglia's management enhance this investment," David Stonberg, Neuberger Berman Managing Director.
KKR, an investment firm, agreed to acquire a 25% stake in Enilive, a biofuel unit, from Eni, an energy company, for $3.4bn.
“This agreement marks a significant further step in our business strategy related to the energy transition. Enilive, alongside Plenitude, is central to our commitment to providing decarbonized energy solutions and progressively reducing emissions from the end use of our products. Both companies have attracted significant interest from leading international partners and achieved high market valuations, which indicates that our approach to the energy transition is appreciated. We believe that the right path to successfully address the transition entails the creation of low or zero-carbon businesses that respond to a real and existing demand for energy products and that grow independently thanks to the success of their business models and products. With KKR’s support, Enilive is poised to capitalize on its ambitious growth plans and continue delivering real, scalable energy transition solutions,” Claudio Descalzi, Eni CEO.
JAB, an investment holding company, agreed to acquire an additional stake in JDE Peet’s, an American-Dutch company that owns beverage brands, mostly of coffee, tea and hot chocolate, from Mondelez, an American multinational confectionery, food, holding, beverage and snack food company, for €2.2bn ($2.4bn).
"These transactions represent a major milestone for JDE Peet’s, which is now a more widely held blue chip company. JAB has strong conviction in the resilience of the global coffee sector and the long-term value creation prospects of JDE Peet’s. We are fully committed to remaining an anchor shareholder of the world’s leading pure-play coffee and tea company," Joachim Creus, JAB Managing Partner, Vice Chairman and CEO.
Iberdrola, a Spanish multinational electric utility company, completed the acquisition of an 88% stake in Electricity North West, a British electricity distribution network operator, from Equitix, a private equity firm, for €5bn ($5.4bn).
"This transaction reinforces our commitment to investing significantly in electricity networks, which are a critical component for supporting the electrification and decarbonization of the economy. The agreement is also consistent with our strategy to invest in countries that have ambitious investment plans and stable and predictable regulations. As a result of this acquisition, our regulated networks asset base in the UK is now valued at €14bn ($15.1bn). When combined with the US, these two markets now represent two-thirds of our total global regulated asset base," Ignacio Galán, Iberdrola Chairman.
Electricity North West was advised by Jefferies & Company and Freshfields Bruckhaus Deringer (led by David Sonter and Alastair Brown). Iberdrola was advised by Barclays.
DNB Bank, Norway's largest financial services group, agreed to acquire Carnegie, an investment bank and asset manager in the Nordics, from Altor Equity, a private equity firm, for SEK12bn ($1.1bn).
"Through the acquisition of Carnegie, our goal is to provide even better solutions to our clients. We and Carnegie are realizing our joint ambition to build a leading player across the Nordic region in investment banking, securities brokerage and research, corporate banking, private banking and asset management. Carnegie is a perfect fit, in-line with our strategy, and the Transaction marks a step change in increasing the share of fee related income for DNB as a whole," Kjerstin Braathen, DNB CEO.
DNB Bank is advised by DNB Bank, Morgan Stanley (led by Erik Tregaard) and Mannheimer Swartling.
Seven2, a European private equity firm, completed the acquisition of Fulgard, a player in the Italian workplace safety market, from Argos Wityu, an independent pan-European investment group. Financial terms were not disclosed.
“We are excited to welcome Fulgard into the Seven2 family, reinforcing Seven2 presence in Italy. Fulgard strong market positioning, combined with our expertise in fostering growth and operational excellence, makes this an ideal partnership. We have built a solid expertise in the safety and security services sector across Europe having already supported market leaders in the Benelux. We are confident that Fulgard will continue to grow, not only as a market leader but also as a key consolidator on its market," Vincent Colomb, Seven2 Partner.
Rivean Capital, an investment company in Amsterdam, completed the acquisition of Perbility, a fully cloud-based HR software provider, from Main Capital Partners, a private equity. Financial terms were not disclosed.
"The partnership with Main Capital has been a transformative experience for Perbility. Their expertise in scaling software companies organically and through smart add-on acquisitions as well as their support in our strategic initiatives have been pivotal in our growth journey. We are excited about the next chapter of our business with Rivean Capital, where we will continue to innovate and enhance our client services," Andreas Meck, Perbility CEO.
Rivean Capital was advised by Jahrreiss Communications (led by Susanne Jahrreiss). Main Capital was advised by Rothschild & Co.
Marlin-backed Puzzel, a provider of cloud-based contact centre solutions, agreed to acquire Capturi, a cutting-edge conversational analytics platform specialising in AI-driven insights for customer interactions, from Vækstpartner Kapital, a private equity fund, and Export and Investment Fund of Denmark, a Denmark's investment fund. Financial terms were not disclosed.
"We are thrilled to join forces with a leader in the European contact centre industry. Together, we will unlock the full potential of AI-powered conversational analytics, empowering businesses to deliver even more personalised and efficient customer experiences. This partnership allows us to scale our innovations even further, and deliver value creating solutions to a broader audience, helping them to understand and meet their customers’ needs even better," Tue Martin Berg, Capturi CEO.
JP Morgan Asset Management, an asset manager, completed the acquisition of Umove, a company that provides essential mobility infrastructure services to public transport authorities, from Cube Infrastructure, an independent asset manager pioneering infrastructure investment. Financial terms were not disclosed.
Founded in 2013 and headquartered in Copenhagen, Umove provides essential mobility infrastructure services to Public Transport Authorities in Denmark through a diversified portfolio of long-term and availability-based contracts.
Cube Infrastructure was advised by DC Advisory (led by Neale Marvin).
H.I.G. Capital, a global alternative investment firm, completed the acquisition of Rainham Industrial Services, a UK provider of industrial installation, maintenance, and refurbishment services to the power generation, energy from waste, nuclear and manufacturing sectors. Financial terms were not disclosed.
"Rainham has built its success by focusing on exceptional service, quality, and safety, which will continue to be the cornerstones of the business going forward. We are excited for the future and believe that by working closely with H.I.G., we can continue to deliver growth in a large and growing end-market," Tim McCarthy, Rainham CEO.
Clayton Dubilier & Rice, a global investment firm, agreed to acquire a 50% stake in Opella, the consumer healthcare unit of Sanofi, an innovative global healthcare company, for €8bn ($8.7bn).
"This is an exciting opportunity for CD&R to partner with Sanofi, one of the world’s leading healthcare companies, to support Opella’s ambitious management team as it invests in innovation and growth to create a French-headquartered, global consumer healthcare champion. Opella is differentiated by the quality of its brand portfolio and its highly skilled and motivated workforce. We see significant opportunities to enhance Opella’s market leadership by leveraging our deep industry expertise, broad network of operating talents, and capital resources to position the company for accelerated growth. We look forward to supporting both its French operations, including Opella’s critical manufacturing footprint and advanced R&D capabilities, and further developing its global platform to better serve employees, consumers, and patients," Eric Rouzier, CD&R Partner and Head of European Healthcare.
Canadian pension funds ready €7bn sale of Cubico.
Canada’s Ontario Teachers’ Pension Plan and PSP Investments are about to kick off the sale of renewable energy company Cubico Sustainable Investments, Bloomberg reported.
The two pension funds are working with Bank of America and Canadian Imperial Bank of Commerce on a potential transaction. The owners are considering seeking a valuation of €7bn ($7.6bn) or more for London-based Cubico. They are prioritizing a full divestment, although some potential bidders could be interested in only some of the assets.
PE firms said to circle German vitamin supplement maker Orthomol.
CVC Capital Partners and L Catterton are among the private equity firms bidding for German premium vitamin supplement maker Orthomol, Bloomberg reported.
Advent International, Blackstone, Groupe Bruxelles Lambert and PAI Partners have also proceeded into the next round of bidding. Orthomol and its founding family have been working with Houlihan Lokey and are seeking about €1bn ($1.1bn) in the potential sale.
Gateway Partners considering a sale of Tim Horton Golf franchise stake.
Dubai-based private equity firm Gateway Partners is considering selling its stake in the Gulf franchise of Tim Hortons, four years after its initial investment in the Canadian coffee chain.
Gateway is working with BNP Paribas on the sale which is expected to receive non-binding bids in the coming weeks. The plans are at an early stage and could still change, Bloomberg reported.
HSBC’s French life insurer said to attract BNP, BPCE interest.
Banks BNP Paribas, BPCE and insurer Matmut are among firms considering bids for HSBC's French life insurance business, Bloomberg reported.
Non-binding bids for the business are expected by the end of October. The insurance assets could also attract other French financial services groups including Credit Mutuel Arkea and Groupama, as well as investment firms with holdings in the sector such as Cerberus Capital Management.
Barclays in talks with Brookfield about deal for UK payments division.
High street bank Barclays has re-entered talks about a heavily structured deal to offload a stake in a major division of its British operations to Brookfield, the asset management giant, Sky News reported.
The talks with Brookfield and other suitors have stalled several times since Barclays confirmed in February that it was exploring a sale or partnership of the division.
Buyout firms to table bids for Evelyn accountancy arm.
Bain Capital and Partners Group are among the buyout firms which have been considering making initial offer for the division of Evelyn Partners ahead of a deadline this week.
The companies will join Apax Partners, whose interest was reported earlier this month. Evelyn is the seventh-largest UK accountancy firm by fee income, and the auction comes amid a deluge of corporate activity in the professional services sector.
Lone Star is said to shelve sale of Spanish property business.
Lone Star Funds and CaixaBank have walked out of negotiations with at least two suitors to sell their real estate management company Servihabitat and decided to keep the business, Bloomberg reported.
The alternative asset manager and the Spanish bank chose to retain control of Barcelona-based Servihabitat after failed talks with DoValue, Italy’s biggest manager of credit portfolios and real estate assets, and Hipoges Iberia. Hipoges is a Spanish real estate management company controlled by KKR.
Mubadala Capital sees chance to buy up large private equity stakes.
An arm of Abu Dhabi’s sovereign wealth fund is preparing a push into private equity markets, spotting what it believes is an opportunity to take over large holdings as buyout groups race to sell assets and return cash to investors, FT reported.
Mubadala Capital has raised $3.1bn for its latest private equity fund, surpassing a $2bn target. It is positioning the fund as a solution to private equity groups seeking to exit large bets, or PE-backed companies managing heavy debt burdens that need fresh capital.
Hydro cuts stake in Vianode battery materials company and halts funding.
Norwegian metals maker Hydro will reduce its stake in graphite materials company Vianode and stop providing funding for the group, it said on October 24, joining other Nordic companies in scaling back their battery making ambitions, Reuters reported.
Vianode, originally owned by metals groups Hydro and Elkem along with private equity group Altor, in 2022 announced plans to build a plant providing anode graphite for two million electric vehicles a year.
Bankers do anything it takes to grab a slice of rare buyout deal.
Little more than two years ago, Clayton Dubilier & Rice’s purchase of UK grocer Morrisons became a case study of what can go wrong for bankers who back big private equity buyouts. The firm’s latest effort to snap up a French headache-pill maker shows just how forgiving Wall Street can be, Bloomberg reported.
CD&R this week entered exclusive talks with drugmaker Sanofi to buy half of its consumer arm, Opella. Getting burned on Morrisons back in 2022 hasn’t stopped a horde of banks from fighting to provide funding on the €16bn ($17.3bn) deal, one of this year’s few largescale buyouts. It’s evidence of life coming back to the leveraged-finance market as interest rates start to turn — and of debt bankers’ desperation to start generating proper fees again.
BlackFin Capital Partners closes €1.8bn asset light financial service buyout fund.
BlackFin Capital Partners, a European financial services sector investment specialist, has held the final close of BlackFin Financial Services Fund IV with €1.8bn ($1.9bn), taking the firm’s total assets under management to $4bn.
The fund, which attracted strong support from institutional investors in Europe (45%), the Americas (45%), and Asia (10%), significantly exceeds an initial €1.5bn ($1.6bn) target, and provides the firm with 80% more capital to deploy than its predecessor €985m ($1bn) Fund III.
LCM eyes €6bn for new private credit fund.
LCM Partners, an alternative asset manager partially owned by Brookfield Asset Management, is seeking to raise €6bn ($6.5bn) for its new Credit Opportunities 5 fund, which will focus on investing in non-performing loans across Europe.
Since starting its fundraising efforts in June, LCM has already secured €3.3bn ($3.55bn) of indicative interest from investors, according to CEO Paul Burdell. The fund, which aims to deliver an annual internal rate of return of 15%, will also target performing and rescheduled loans to individuals and small- to mid-sized companies.
APAC
Fuji Soft's top shareholder confirmed its support for KKR's bid for the Japanese software developer at the centre of a $4bn takeover battle between two of the world's biggest private equity firms, Reuters reported.
"As Fuji Soft reaffirmed its support for KKR's tender offer, we believe KKR is the best partner for the company," 3D Investment Partners.
KKR is advised by Mitsubishi UFJ Morgan Stanley Securities and Simpson Thacher & Bartlett (led by Noritaka Kumamoto).
HMC Capital, an alternative asset manager, agreed to acquire Global Switch, a telecommunications service provider, for $1.3bn.
“Digital infrastructure represents a major funds management growth opportunity for HMC and we believe the establishment of both a listed and unlisted vehicle will enable HMC to take advantage of high quality acquisition opportunities across the value chain to generate attractive risk adjusted returns," David Di Pilla, HMC Managing Director and CEO.
Trustar Capital Partners, a private equity firm, agreed to acquire a 19.23% stake in Fast Food Holdings, a fast-food chain operator, from CITIC, an investment company, for $430m.
Fast Food Holdings owns 52% of the holding company managing McDonald's businesses in mainland China and Hong Kong.
Mitsubishi, a global integrated business enterprise, agreed to acquire a 50% stake in AC Ventures, an early-stage technology venture fund, from Ayala, a Philippine conglomerate, for $319m.
“We believe Mitsubishi can add meaningful value to Mynt, which will allow Mynt to deliver significant value to its over 94m registered users. It’s all about serving better the many Filipinos that depend on GCash and Fuse, and for making a wider variety of financial and other products available to as many Filipinos as possible,” Cezar Consing, Ayala President and CEO.
TPG, a private equity firm, led a $150m Series F round in Eruditus, a company which specializes in making education accessible and affordable to individuals, companies, and governments, with participation from Softbank Vision Fund 2, Leeds Illuminate, Accel, CPP Investments and the Chan Zuckerberg Initiative.
The focus will be on building AI products for teaching experiences, expanding focus to sell courses to enterprises and to double down on the Indian market, especially as Eruditus considers going public in India in the future.
Indonesian President Prabowo plans new state investment firm.
Indonesian President Prabowo Subianto wants to establish a new investment agency that would become a holding company for state investments, similar to Singapore's Temasek, Reuters reported.
The Daya Anagata Nusantara Investment Management Agency would be formed as soon as Prabowo gets parliamentary approval.
Baillie Gifford, Norges said to invest in Horizon Robotics Hong Kong IPO.
Baillie Gifford and Norges Bank Investment Management were among the investors in Horizon Robotics’ $696m Hong Kong initial public offering, Bloomberg reported.
Baillie Gifford put in an order of more than $500m - enough to cover the entire portion reserved for institutional investors, excluding the cornerstone tranche. Allocations were, however, smaller than orders as the IPO was oversubscribed.
GIC, Montana, AlpInvest back Ping An’s $850m private equity fund.
China’s Ping An Insurance Overseas, the insurer’s wholly-owned offshore investment and asset management platform, has closed its third private equity fund at $850m. The fund commitments were led by London-based AlpInvest Partners and Switzerland’s Montana Capital Partners, DealStreetAsia reported.
Singapore sovereign wealth fund GIC and Ping An also signed on as limited partners. Other investors remained undisclosed. A portfolio of existing stakes in buyout and growth managers in North America and Europe were transferred into the latest fund as a secondary transaction.
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