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Eldridge-backed Metropolis Technologies completed the acquisition of SP Plus for $1.5bn.
Eldridge-backed Metropolis Technologies, a technology company whose computer vision platform enables checkout-free payment experiences, completed the acquisition of SP Plus, a provider of parking, baggage handling, ground transportation, facility maintenance, event logistics, and security services, for $1.5bn.
"This unprecedented take-private is a once-in-a-generation opportunity to unite two companies at the top of their fields. This isn't just an acquisition; it's about our shared vision to forge a legacy of innovation and raise the bar for AI in the real world. By deploying our computer vision technology to more than 50 million consumers and our real estate partners globally, we will enable checkout with a speed, ease and convenience that is unparalleled, even online. While transforming the parking experience is our focus and priority today, the opportunities for our growth are limitless. We are excited for the future and we're just getting started," Alex Israel, Metropolis Co-Founder and CEO.
SP Plus was advised by Morgan Stanley, Skadden Arps Slate Meagher & Flom and Advisiry Partners. Morgan Stanley was advised by Freshfields Bruckhaus Deringer. Metropolis was advised by BDT & MSD Partners, Goldman Sachs, Maranon Capital, Fenwick & West, Willkie Farr & Gallagher and FGS Global. Debt financing was provided by Goldman Sachs, Maranon Capital and PNC Financial Services. Debt providers were advised by Sullivan & Cromwell. Eldridge was advised by Sidley Austin and Prosek Partners. Temasek was advised by Debevoise & Plimpton.
Admiral Acquisition to acquire Acuren from American Securities for $1.85bn.
Admiral Acquisition, a publicly-listed acquisition vehicle, agreed to acquire Acuren, a North American provider of critical asset integrity services, from American Securities, a private equity firm, for $1.85bn.
"American Securities has been a great partner to Acuren. We're looking forward to working with the Admiral team to support Acuren's next phase of growth as a public company. The Admiral team's successful track record of driving value creation for shareholders while providing great jobs for employees, across diverse businesses, particularly industrial services, is well aligned with our long term growth objectives. Our commitment to providing best-in-class services to our clients remains unwavering," Talman Pizzey, Acuren CEO.
Acuren is advised by Harris Williams & Co, Robert W Baird and Weil Gotshal and Manges. Admiral Acquisition is advised by Jefferies & Company, UBS, Collected Strategies (led by Ed Hammond and Dan Moore) and Greenberg Traurig. Jefferies is advised by Latham & Watkins. American Securities is advised by Weil Gotshal and Manges and Prosek Partners. Debt financing is provided by Jefferies & Company.
Henderson Park completed the acquisition of Arizona Biltmore resort in Phoenix from Blackstone Real Estate for $705m. (RE)
Henderson Park, a private equity real estate manager, completed the acquisition of Arizona Biltmore Resort in Phoenix from Blackstone Real Estate, an investment company, for $705m.
“This transaction presents a rare and compelling opportunity to acquire a historic but newly refurbished hotel in one of the country’s premier hospitality markets and to both immediately capitalize on accelerated performance and to further enhance the resort’s offering into the future,” Nick Weber, Henderson Park CEO and Founder.
Henderson Park was advised by Jones Day and FTI Consulting (led by Richard Sunderland and Ellie Sweeney). Blackstone Real Estate was advised by Eastdil Secured and Simpson Thacher & Bartlett (led by Nancy L. Mehlman, Danielle Jackson, Andrew Blau and Erik Quarfordt). Debt financing was provided by Deutsche Bank, JP Morgan and Morgan Stanley.
KPS Capital Partners, an American investment company, agreed to acquire a 49.7% stake in Primient, a food and industrial ingredients producer, from Tate & Lyle, a food and beverage products supplier, for $350m.
"Primient's performance has exceeded our expectations, and this second investment represents KPS' continued commitment to Primient, its customers and employees. Under our ownership, Primient will continue to modernize its operations, supporting growth initiatives and industry-leading sustainability practices. We intend to make further strategic investments to strengthen Primient's role within the corn wet milling industry and the broader bioeconomy," Michael Psaros, KPS Capital Partners Co-Founder and Co-Managing Partner.
KPS Capital Partners is advised by Evercore and Paul Weiss Rifkind Wharton & Garrison (led by Angelo Bonvino and Cullen Sinclair). Tate & Lyle is advised by FTI Consulting (led by Nick Hasell), Linklaters and Citigroup. Debt financing is provided by Barclays.
Battery Ventures to acquire TrueContext for $110m.
Battery Ventures, a global, technology-focused investment firm, agreed to acquire TrueContext, a software company, for $110m.
"Partnering with Battery Ventures, a firm with huge amount of experience scaling enterprise-software companies, is a natural fit for TrueContext and one that will allow our firm to double down on product development and better serve our existing customers—as well as acquire new ones. Being a privately held company again, backed by a firm we feel is an extremely founder-friendly investor, will allow us to focus on what really matters to the business," Alvaro Pombo, TrueContext Co-CEO and Founder.
TrueContext is advised by Canaccord Genuity, Blake Cassels & Graydon and LaBarge Weinstein (led by Shane McLean). Battery Ventures is advised by CIBC World Markets, Cooley and Osler Hoskin & Harcourt.
CyberArk, the identity security company, agreed to acquire Venafi, a provider of machine identity management, from Thoma Bravo, a private equity firm, for $1.54bn.
"This acquisition marks a pivotal milestone for CyberArk, enabling us to further our vision to secure every identity – human and machine – with the right level of privilege controls," Matt Cohen, CyberArk CEO.
CyberArk is advised by Morgan Stanley and Latham & Watkins. Thoma Bravo is advised by Piper Sandler, Kirkland & Ellis and FGS Global (led by Liz Micci).
Bain Capital-backed Dessert, a premium dessert company, completed the acquisition of Kenny’s Great Pies, a manufacturer of pies, from Kaho Partners, a private equity firm. Financial terms were not disclosed.
“Kenny’s clean label, flavorful pies are complementary to our portfolio of premium desserts. Kenny’s has established a distinctive market position, fostering a number of long-standing relationships with leading foodservice and retail operators, and major clubs in North America, earning a loyal consumer following. Dessert Holdings is excited to supplement these relationships and expand the Company’s distribution network," Paul Lapadat, Dessert CEO.
Kenny’s Great Pies was advised by Integris Partners and Holland & Knight. Dessert was advised by PricewaterhouseCoopers, Ropes & Gray and Stanton PRM.
InTandem Capital Partners, a healthcare services-focused private equity firm, completed the investment in Adams Clinical, a clinical trial site network with locations across the Northeast that conducts independent evaluations of drugs to treat psychiatric and neurologic illnesses. Financial terms were not disclosed.
"We are excited to have InTandem Capital’s help growing Adams. We value InTandem’s integrated investment and operating strategy, which is tailored for companies like ours at an inflection point. The InTandem team’s wealth of industry knowledge will enable us to develop a world-class site network that benefits both our pharmaceutical company customers and the patients who ultimately are prescribed drugs we tested," Nelson Rutrick, Adams Clinical CEO.
Adams Clinical was advised by Cantor Fitzgerald and Brown Rudnick. InTandem Capital Partners was advised by Edgemont Partners and Goodwin Procter.
MasterBrand, the largest manufacturer of residential cabinets in North America, agreed to acquire Supreme Cabinetry Brands, one of the largest manufacturers of residential cabinetry in America, from GHK Capital Partners, a middle-market private equity firm, for $520m.
"The addition of Supreme’s premium kitchen and bath cabinetry to our offering will enable MasterBrand to provide unmatched breadth and service to our customers and consumers, compelling opportunities for our combined teams, and value to our shareholders," Dave Banyard, MasterBrand President and CEO.
MasterBrand is advised by Rothschild & Co and Skadden Arps Slate Meagher & Flom. Debt financing is provided by JP Morgan.
MidOcean Partners, a New York-based alternative asset manager, completed the investment in GridHawk, a damage prevention services provider. Financial terms were not disclosed.
“Having followed GridHawk for some time as part of our utility services investment thematic, we have been consistently impressed with the Company’s leadership team and differentiated service model. Their understanding of customer pain points and crisp execution ability position them well to be the provider of choice in the future,” Eric Roth, MidOcean Partners Managing Director.
MidOcean Partners was advised by Gasthalter & Co (led by Amanda Shpiner). GridHawk was advised by Solomon Partners. Debt financing was provided by BMO Capital Markets.
Accel, an American venture capital firm, led a $1bn Series F round in Scale AI, the data foundry for AI, with participation from Y Combinator, Nat Friedman, Index Ventures, Founders Fund, Coatue, Thrive Capital, Spark Capital, NVIDIA, Tiger Global Management, Greenoaks, Wellington Management, Cisco Investments, DFJ Growth, Intel Capital, ServiceNow Ventures, AMD Ventures, WCM, Amazon, Elad Gil, and Meta.
"Data abundance is not the default; it’s a choice. It requires bringing together the best minds in engineering, operations, and AI. Our vision is one of data abundance, where we have the means of production to continue scaling frontier LLMs many more orders of magnitude. We should not be data-constrained in getting to GPT-10," Alexandr Wang, Scale AI CEO and Founder.
Scale AI was advised by Allen & Company and JP Morgan.
Phillips 66, a diversified and integrated downstream energy provider, agreed to acquire Pinnacle Midstream, an independent midstream energy company, from Energy Spectrum Capital, a private equity firm, for $550m.
"We are growing our Midstream business in the Permian to further strengthen and expand our service offerings to customers while driving operational and commercial synergies. Pinnacle is a bolt-on asset that advances our wellhead-to-market strategy and complements our diversified and integrated asset portfolio. Further, this transaction aligns with our long-term objectives to build out our natural gas liquids value chain, be disciplined with our capital allocation and create sustainable value for our shareholders," Mark Lashier, Phillips 66 Chairman and CEO.
Pinnacle Midstream is advised by Jefferies & Company.
Blue Point Capital Partners, a private equity firm that partners with entrepreneurs and management teams investing in and growing lower middle-market companies, agreed to acquire National Safety Apparel, an apparel and fashion company specializing in protective apparel for industry workers. Financial terms were not disclosed.
"Blue Point's experience in our industry and alignment with our culture made them the right choice for NSA as we explore new avenues for expansion in the safety products market. Together, we will continue to scale the business while staying true to NSA's mission — to ensure the protection of workers and help them return home safely every day," Chuck Grossman, NSA Owner and CEO.
Blue Point Capital Partners is advised by MiddleM Creative (led by Jan Morris).
Bank of America to acquire the multi-family loan portfolio from Washington Federal Bank for $2.9bn.
Bank of America, a multinational investment bank and financial services holding company, agreed to acquire the multi-family loan portfolio from Washington Federal Bank, a retail and commercial bank, for $2.9bn.
WaFd disclosed the portfolio of 2k commercial multi-family real estate loans had an aggregate unpaid principal balance of $3.2bn. After the deal is closed, WaFd said BofA is planning to enter into a structured transaction or loan sale with one or more funds of Pacific Investment Management.
Sony and Apollo move ahead with Paramount bid process but reticent about earlier plan.
Sony Pictures Entertainment and Apollo Global Management have signed nondisclosure agreements that will allow them to look at Paramount's books ahead of a potential bid for the movie studio's assets.
The companies are, however, backing away from an initial plan to make an all-cash $26bn offer for Paramount, and are considering other approaches to buying the studio’s assets. The original offer is thought to have been based on a plan to keep Paramount’s film and TV production operation but sell off other assets such as cable channels and the Paramount+ streaming service.
Figma valued at $12.5bn in secondary share sale.
Design startup Figma is pursuing a secondary share sale at a $12.5bn valuation after its proposed acquisition by Adobe fell apart in December. The sale is expected to be as much as $900m and will be available to current and former employees or other holders of Figma equity.
New investors including Fidelity, Franklin Venture Partners and existing ones such as Sequoia and a16z are expected to acquire stakes totaling about $600m to $900m in the secondary sale. Figma was last valued at $10bn in a private funding round in 2021, Bloomberg reported.
Firefly Aerospace backers explore $1.5bn sale.
Firefly Aerospace investors are considering a sale that could value the closely held rocket and moon lander maker at about $1.5bn, Bloomberg reported.
Backers, which include US private equity firm AE Industrial Partners, are working with an adviser on strategic options for Firefly.
Blackstone gives Press Ganey rare flexibility in $1bn.
Blackstone led a roughly $1bn preferred-equity investment backing Press Ganey’s debt refinancing that includes rare concessions that make it easier for the company's owners to sell a stake or list the business over the coming months, Bloomberg reported.
The deal’s call provision allows the health-care survey provider and consultant to pay back the obligation with proceeds from an IPO or minority equity investment at 101.5 cents on the dollar for as long as 18 months. Such flexible terms are unusual - most preferred investments typically can’t be repaid so soon with fresh equity, a safeguard meant to ensure holders will have a minimum number of years to profit from the investment.
PowerSchool is drawing takeover interest from Warburg Pincus.
Education software provider PowerSchool has drawn takeover interest from private equity firms including Warburg Pincus, Bloomberg reported.
The Folsom, California-based company is engaging with buyout firms and has formed a special committee of its board of directors, which is working with an investment bank.
BofA seeks to grab share in mid-tier deals amid IPO wins.
Bank of America is looking to build out its equity capital markets franchise in Europe, and even as it works on some of the region’s largest IPOs this year, no deal is too small, Bloomberg reported.
The bank made a “conscious decision” last year to focus particularly on stake sales by large shareholders.
Eir Partners Capital closes Eir Partners Investment Program II at $496m.
Miami-based private equity firm Eir Partners Capital has closed its Eir Partners Investment Program II with $496m in capital commitments, having closed its predecessor, Eir Partners Program I, at $255m in 2021.
The fund secured commitments from financial institutions, insurance companies, family offices, funds-of-funds, endowments and foundations.
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Redbird IMI, an operator of an investment vehicle focused on acquiring and investing in large-scale media, entertainment and sports content properties, completed the acquisition of All3Media, a British worldwide independent television, film, and digital production and distribution company, from Warner Bros. Discovery, global media and entertainment company, and Liberty Global, a multinational telecommunications company, for £1.15bn ($1.46bn).
"All3Media is one of the world's great content companies, and this gives us an incredible platform to continue to grow our expanding portfolio. The demand for new shows and ongoing existing series, both scripted and unscripted, makes All3 a perfect fit for us. And we would not be doing this if not for the tremendous confidence we have in the outstanding All3Media management team, led by Jane and Sara," Jeff Zucker, RedBird IMI CEO.
Redbird IMI was advised by RedBird Advisors, Gibson Dunn & Crutcher (led by Nicholas Tomlinson), Loyens & Loeff (led by Roel Fluit), Gagnier Communications (led by Dan Gagnier) and Risa Heller Communications (led by Risa Heller). Warner Bros. Discovery and Liberty Global was advised by JP Morgan and DLA Piper (led by Robert Bishop and Jon Kenworthy).
Investment companies Warburg Pincus and Temasek agreed to acquire Specialist Risk Group, a specialist insurance intermediary, from HGGC, a private equity firm. Financial terms were not disclosed.
"We've been following SRG's progression over the past few years with keen interest and are delighted to partner with the business and its very talented team on their next stage of growth. As active and experienced investors into insurance businesses globally, we believe SRG has all the right ingredients – talent, capabilities, and culture – to build on its position as a true standout amongst European and international intermediaries. We look forward to working with the team and Temasek to help realise that potential," James O'Gara, Warburg Pincus Managing Director.
Specialist Risk Group is advised by Evercore, Liberty Corporate Finance, Eversheds Sutherland and Kirkland & Ellis. Warburg Pincus is advised by Macquarie Group and Freshfields Bruckhaus Deringer.
CityFibre completed the acquisition of Lit Fibre from Newlight Partners.
CityFibre, an independent full fibre platform, completed the acquisition of Lit Fibre, an internet service provider, from Newlight Partners, a private equity firm. Financial terms were not disclosed.
“We’re delighted to have concluded our acquisition and we’d like to welcome everyone at Lit to the CityFibre team. We’re also pleased to welcome Newlight Partners, with their deep understanding of the fibre infrastructure market, as our newest CityFibre shareholders," Greg Mesch, CityFibre CEO.
Lit Fibre was advised by Houlihan Lokey and Stevens & Bolton. CityFibre was advised by Ernst & Young and Bristows. Newlight Partners was advised by Weil Gotshal and Manges.
Owners representing at least 12% of the stock in Karnov Group have publicly rejected a takeover approach for the Swedish legal and accounting company, saying an offer of $7.86 per share is too low, Bloomberg reported.
UK-based Blackmoor Investment Partners, owning about 1% of the shares in Karnov, said that the valuation offer of $840m is far from reflecting the firm's true potential.
Karnov Group is advised by Carnegie Investment Bank and Gernandt & Danielsson.
Assura, a company that designs, builds, invests in and manages GP surgery buildings and primary care premises, and Universities Superannuation Scheme, the largest private pension fund in the UK, formed a joint venture in a £250m ($318m) deal.
"We are delighted to announce this exciting transaction with a high-quality and long-term capital partner in USS. This important transaction highlights the attractive investment characteristics in the healthcare sector and specifically the long term resilient cash flows generated by our assets. As well as demonstrating our ability to re-deploy capital into our pipeline of opportunities in broader healthcare markets, we have sourced new capital that will fund investment in healthcare infrastructure that is so badly needed to enable better health outcomes," Jonathan Murphy, Assura CEO.
Norges Bank Investment Management, the Norwegian sovereign wealth fund, agreed to acquire the remaining 50% stake in Meadowhall shopping mall from British Land, one of the largest property development and investment companies in the United Kingdom, for £360m ($457m).
"We are very pleased to extend our ownership in Meadowhall, a dominant super-regional shopping centre with strong occupier fundamentals," Mie Holstad, Norges Bank Investment Management Chief Investment Officer Real Assets.
Index Ventures led a $300m round in DeepL.
Index Ventures, a European venture capital firm, led a $300m round in DeepL, a deep-learning company, with participation from ICONIQ Growth, Teachers’ Venture Growth, IVP, Atomico, and WiL.
“We’re approaching an inflection point in the AI boom where businesses who are racing to adopt the technology begin to discern between hype versus solutions that are secure and actually solve real problems in their business. This new investment comes during what is on track to be DeepL’s most transformative year yet and is a testament to the crucial role that our Language AI platform has in solving the complex linguistic challenges global companies face today,” Jarek Kutylowski, DeepL Founder and CEO.
DeepL was advised by Taylor Wessing (led by Norman Roechert).
Summit Partners, a global growth equity investor, agreed to invest $72m in OneStock, a provider of order management systems.
"With the proliferation of online and offline sales channels and consumers' ever-increasing expectations for instant product availability and fulfillment, we believe a modern OMS has become a critical part of the retail supply chain. In our view, OneStock has developed the most intuitive, scalable and differentiated cloud-native OMS solutions, purpose-built to help brands and retailers to plan better, grow faster, sell more and waste less," Steffan Peyer, Summit Partners Managing Director.
Battery Ventures, a global, technology-focused investment firm, agreed to acquire steute Technologies, a manufacturing company providing innovative technology solutions for the medical and industrial sectors. Financial terms were not disclosed.
“Partnering with Battery allows us to tap the firm’s extensive experience and business network in the core markets in which we operate. Handing over ownership of a family-run business is never easy. But I am confident Battery can help us continue the growth we’ve experienced over the last decades and help us expand the company even further,” Stefan Schmersal, steute owner.
Deutsche Bahn gathers bids for a $16bn logistics arm.
Deutsche Bahn has received a handful of confirmatory bids for its DB Schenker logistics unit, which could fetch more than €15bn ($16bn) in one of Europe's largest deals this year, Bloomberg reported.
A consortium led by CVC Capital Partners and Carlyle Group submitted an offer valuing the business at around €14bn ($15.18bn). The private equity firms have been in talks to team up with the Abu Dhabi Investment Authority and Singapore wealth fund GIC.
Hargreaves Lansdown rebuffs £5bn offer from CVC, ADIA.
Hargreaves Lansdown has rebuffed a £4.7bn ($6bn) offer for the investment platform from a group of private equity buyers including an Abu Dhabi sovereign wealth fund, saying it undervalues the firm, Bloomberg reported.
CVC Capital Partners, Nordic Capital and Platinum Ivy — a subsidiary of Abu Dhabi Investment Authority — approached the UK firm's board on April 26 with an offer of £9.85 ($12.54) per share.
General Atlantic, CPPIB readies a $3.26bn offer for Idealista.
US fund General Atlantic and Canadian pension fund CPPIB are readying a $3.26bn offer to buy Spain's largest online real estate company Idealista.
Swedish private equity fund EQT, which has controlled Idealista since 2020, has hired investment bank Morgan Stanley to sell its stake in a deal that would value the portal at $2.1bn, Reuters reported.
EQT in advanced talks to buy Keywords Studios for £25.50/share.
EQT Group is in advanced talks to buy Keywords Studios for £25.50 ($32.39) per share in a deal that would value the Dublin-based video game services company at more than £2bn ($2.5bn), Bloomberg reported.
The possible bid, which comes after Keywords' board rejected four unsolicited proposals from the private equity firm, represents a "significant increase from the initial proposal". It also implies a premium of 73.5% to Keywords' closing price of £14.70 ($18.86) per share on May 17. Keywords Studios' board is minded to recommend the proposal to its shareholders. EQT has until June 15 to either make a firm offer or walk away.
Activist hedge fund Elliott builds a $1bn-plus stake in Johnson Controls.
Activist investor Elliott Investment Management has built a large position in industrial giant Johnson Controls International, whose performance has lagged behind its peers, Bloomberg reported.
The hedge fund's position is worth more than $1bn, putting it among the top 10 investors of the company. Founded in 1885, Johnson Controls makes a wide range of appliances and equipment for commercial buildings, as well as home comfort appliances. It provides electronic systems for offices, schools and hospitals in areas such as ventilation, security and fire detection. The company has been attempting to divest its portfolio of heating and ventilation assets as part of efforts to streamline its business.
Telefonica, H.I.G. among suitors for Avatel.
Telefonica and H.I.G. Capital are among the suitors weighing bids for Avatel Telecom, the Spanish carrier that put itself up for sale this year.
PAI Partners and Searchlight Capital Partners also were invited to take part in second-round bidding, the people said, asking not to be identified because the conversations are private. Avatel could be valued at as much as $761m including net debt. Spanish investment firm Inveready is considering participating in an offer by one of the four potential bidders, Bloomberg reported.
Gut health supplement maker Symprove plots £250m sale.
Symprove, a manufacturer of probiotic supplements, is being groomed for a sale that is expected to fetch at least £250m ($318m).
Bd-capital, a British-based private equity firm, has appointed investment bankers at Jefferies to prepare an auction that is expected to result in a transaction taking place in 2025 at the earliest, Sky News reported.
XGEN Venture announces $173m first life science fund.
XGEN Venture, a newly formed Venture Capital firm, announces its first fund, XGEN Venture Life Science Fund, with €160m ($173m) in subscriptions.
With this fund, XGEN Venture will be working alongside talented scientists and entrepreneurs to create and invest in up to 15 companies, delivering impactful solutions to patients through new therapeutics, medical devices, diagnostics and digital health solutions.
Activist Cevian doubles down on Swiss finance with Baloise stake.
Activist fund Cevian Capital became a major shareholder in Baloise, marking its second big investment in the Swiss finance industry after recently taking a stake in UBS Group, Bloomberg reported.
The move comes less than a month after the Swiss insurer changed its bylaws to become more attractive to investors.
Spain's top financial holding company to boost Telefonica stake.
CriteriaCaixa, Spain's biggest financial holding company, is seeking to increase its stake in Telefonica to 10%, matching the Spanish government's position, Bloomberg reported.
Criteria is seeking to raise its stake from its current 5% as part of newly appointed CEO Angel Simon's strategy to expand industrial holdings.
Edtech firm Alef to go public in Abu Dhabi's first IPO of 2024.
Abu Dhabi-based Alef Education's shareholders plan to sell a 20% stake in an initial public offering that will be the first in the United Arab Emirates' capital this year, Bloomberg reported.
Tech Nova Investment – Sole Proprietorship and Kryptonite Investments will offer 1.4bn shares in the edtech firm. The underwriters will take orders for the shares from May 28, with trading set to begin around June 12. The deal comes amid a busy period for listings in the Persian Gulf. Saudi Arabia has seen a burst of activity in the last few weeks and several of the IPOs have drawn many times more orders from investors than there are shares available.
Saudi Arabia's pension fund Hassana commits $1.5bn to TPG Rise Climate's funds.
Saudi Arabia's Hassana Investment will make a "substantial anchor commitment" to TPG Rise Climate's new Transition Infrastructure fund under a recently announced $1.5bn strategic partnership. A part of the commitment will go to the TPG Rise Climate II fund, DealStreetAsia reported.
TPG Rise Climate is part of alternative asset manager TPG's $19bn impact platform TPG Rise. It invests in areas including energy transition, green mobility, sustainable fuels, sustainable products and materials, and carbon solutions. In addition to the private equity funds, the new Transition Infrastructure strategy offers a value-added, risk-return profile between core infrastructure and private equity.
The Carlyle Group, a US investment fund, offered to acquire KFC Holdings Japan, which runs the Kentucky Fried Chicken fast-food chain in the Asian country, for $720m.
With Japanese trading house Mitsubishi planning to sell its stake of 35% in KFC Holdings after the tender offer is completed, the fast-food chain operator will become a wholly owned subsidiary of Carlyle.
Arpwood Partners, an investment firm, completed an $82m investment in Sitara, a housing finance company.
"The capital infusion by Arpwood Partners will help enhance the capacity of the company to support women in realising their dream of owning a house of their own. With this infusion, we will redouble our efforts to touch over 500k lives in the next five years," Renana Jhabvala, Sitara Chairwoman.
Global infra investor I Squared to invest $5bn in Asia over the next three years. (FS)
Global infrastructure investor I Squared Capital is looking to invest $5bn in the Asia Pacific from 2025 to 2027 as it seeks to tap into fast-growing sectors, including renewable energy, DealStreetAsia reported.
I Squared, which manages over $38bn of assets globally, will deploy the money from its $15bn global flagship fund and $2bn growth markets fund raised in 2022. Besides renewable energy, the company plans to focus on sectors such as digital infrastructure, transport and logistics, and environmental infrastructure.
Brookfield plans to invest $500m in Leap Green.
Brookfield Asset Management is planning to invest about $500m for a majority stake in Indian renewable power firm Leap Green Energy. Brookfield aims to invest in Leap Green via its global transition fund. The firm announced it had raised $10bn in the first closing of a fund dedicated to investing in areas such as clean energy.
If a deal is completed, Toronto-based Brookfield would likely own a majority stake in Leap Green, with the company’s founding family and global investor The Rohatyn Group holding the rest. An investment could boost Leap Green’s plans to expand its wind energy capacity in India, Bloomberg reported.
Quadrant to sell Australian confectioner Darrell Lea.
Quadrant Private Equity is preparing a sale of Australian chocolate and liquorice maker Darrell Lea in the second half of this year, Bloomberg reported.
The firm, which paid around AUD200m ($134m) for the company in 2018, housing it in its private equity fund, is expected to market the business based on an AUD70m ($47m) earnings figure. Given comparable confectionery deals in Australia and offshore, Darrell Lea could fetch a double-digit sales earnings multiple, which would imply a price tag close to AUD1bn ($670m). UBS Group and law firm Gilbert + Tobin are expected to oversee the transaction.
China's SDIC in advanced talks for a significant stake in the Thai potash mine.
China's SDIC Mining Investment is in advanced talks for a significant minority stake in Asia Pacific Potash, Bloomberg reported.
SDIC aims to acquire up to 49% of the company, which has exploration and production rights in northeast Thailand, from Italian-Thai Development. A deal could be worth at least $400m and might be announced as soon as the coming weeks. No agreement has been finalized, and talks could still fall apart.
Carlyle raises $2.8bn for largest Japan buyout fund.
Carlyle Group raised JPY430bn ($2.8bn) for its fifth Japan buyout fund, adding to signs of investor interest in the country despite a gloomy fundraising climate for private equity firms globally, Bloomberg reported.
It's the largest Japan-focused buyout fund ever raised and about 70% bigger than the previous one it pulled together in 2021. Carlyle Japan is seeking to add nine investment professionals this year in anticipation of increased deal flow, and has filled about half the positions.
Kedaara Capital closes largest India PE fund at $1.74bn.
Kedaara Capital, a private equity firm, has successfully closed its fourth fund, raising $1.74bn, the largest amount ever raised by an India-focused private equity fund.
The fund received strong backing from global limited partners, with 85% of the capital coming from existing investors. The fund aims to invest in sectors such as financial services, consumer-tech, healthcare, and SaaS, making both control and minority deals, VC Circle reported.
PAG raises $550m for its first renewable energy fund from Mubadala and others.
Asia-Pacific investment firm PAG said on May 20 that it had raised $550m for its first renewable energy fund, which focuses on investments in physical assets in Asia and includes solar power in Japan as its primary target, DealStreetAsia reported.
PAG, which manages more than $55bn of capital ranging from private equity to credit, said in a statement that investors in the PAG REN I fund include pensions, sovereign wealth funds and fund-of-funds investors in North America, Europe and the Middle East. Abu Dhabi sovereign investor Mubadala Investment had made a cornerstone investment in PAG REN I, marking its first investment in Japan's clean energy sector.
Bain Capital to boost Japan real estate team as prospects grow. (People)
Bain Capital plans to bolster its real estate team in Japan, the latest global investment firm seeking to capitalize on opportunities in the nation's property market, Bloomberg reported.
The Boston-based firm needs more staff with expertise to source deals and to help manage or sell off real estate held by Japanese companies that it invests in. There are three people on Bain's real estate team in Japan, and that could increase to six to 10 in the next year, said Co-Managing Partner David Gross.
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