Read on...
Scroll down to read deal descriptions. Your suggestions and comments support the democratisation of M&A data. If you'd like to contribute to the future editions, drop us a line.
AMERICAS
Advent International, a global private equity investor, completed the acquisition of Maxar Technologies, a provider of comprehensive space solutions and secure, precise, geospatial intelligence, for $6.4bn.
“We have tremendous respect and admiration for Maxar, its industry-leading technology and the vital role it serves in supporting the national security of the United States and its allies around the world. We will prioritize Maxar’s commitment as a core provider to the US defense and intelligence communities, and allies, while providing Maxar with the financial and operational support necessary to apply its technology and team members even more fully to the missions and programs of its government and commercial customers,” David Mussafer, Advent Chairman and Managing Partner.
Apollo, a global alternative asset manager, agreed to acquire Arconic, a provider of aluminum sheet, plate, and extrusions, for $5.2bn.
“This transaction represents a realization of value for Arconic shareholders at a meaningful premium and enables the Company to execute its long-term strategic vision. We are pleased to reach this agreement with Apollo. The Board decided to approve this transaction after thorough and thoughtful review of a range of value creation opportunities for shareholders," Fritz Henderson, Arconic Chairman.
Arconic is advised by Evercore, Goldman Sachs and Wachtell Lipton Rosen & Katz (led by Steven Rosenblum and Ronald Chen). Apollo is advised by BMO Capital Markets, JP Morgan, Mizuho Securities, TD Securities, Wells Fargo Securities and Paul Weiss Rifkind Wharton & Garrison (led by Taurie Zeitzer, Brian Scrivani and Brian Kim). Irenic is advised by Lowenstein Sandler and Willkie Farr & Gallagher (led by Maurice Lefkort).
Energy Transfer, a company engaged in natural gas and propane pipeline transport, completed the acquisition of Lotus Midstream, an energy company focused on the development of midstream infrastructure and services, from EnCap Flatrock Midstream, a venture capital firm, for $1.45bn.
Energy Transfer's acquisition of Lotus Midstream's Centurion Pipeline assets will increase the partnership's footprint in the Permian Basin and provide increased connectivity for its crude oil transportation and storage businesses.
KKR, an American global investment company, completed the acquisition of the engineering solutions business from S&P Global, a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets, for $975m.
"We see significant opportunities for Engineering Solutions to accelerate growth, expand its footprint and continue to innovate as an independent company. Engineering Solutions is trusted by engineers and standards organizations around the world and we look forward to deepening these relationships by making long-term investments in enhanced product coverage, improved workflow solutions and expanded distribution capabilities," Webster Chua, KKR Partner.
KKR was advised by RBC Capital Markets, Dentons (led by Stephen Levy), Simpson Thacher & Bartlett (led by Marni Lerner and Naveed Anwar). S&P Global was advised by Goldman Sachs, CastleOak Securities, RBC Capital Markets and Skadden Arps Slate Meagher & Flom (led by Jeffrey Brill).
Antarctica Capital, an international investment firm, agreed to acquire Midwest Holding, a technology-driven life and annuity platform, for $100m.
"This transaction delivers a substantial cash premium to our shareholders while also providing Midwest with the resources necessary to fully capitalize on our platform, business momentum and market opportunity. The Board of Directors and management team conducted a comprehensive review of value creation opportunities, and we are confident this transaction provides a highly attractive outcome for Midwest. We look forward to working with the Antarctica team in this exciting new chapter," Georgette Nicholas, Midwest CEO.
Midwest Holding is advised by Insurance Advisory Partners, RBC Capital Markets, Fried Frank Harris Shriver & Jacobson, Lamson Dugan & Murray, Primmer Piper Eggleston Cramer and Reevemark (led by Paul Caminiti).
SPX Technologies, a supplier of highly engineered infrastructure equipment and technologies, agreed to acquire ASPEQ Heating Group, an electrical heating solutions provider, from Industrial Growth Partners, a specialist private investment partnership, for $418m.
"We are looking forward to welcoming ASPEQ to the SPX Technologies team. This will be our largest acquisition to date and will significantly expand our portfolio of electrical heating products where we see attractive growth trends, including decarbonization. ASPEQ's strong brands, custom-configured products and components, and diversified end markets are a very complementary fit with our existing HVAC Heating platform. We see multiple opportunities to enhance new product innovation and create efficiencies for customers through shared channels and resources. This is SPX Technologies' 13th acquisition since 2018, and further validates our strategy of building high-quality, market-leading platforms, and creating foundations for further growth in closely adjacent end markets," Gene Lowe, SPX Technologies President and CEO.
ASPEQ is advised by Hennepin Partners, Robert W Baird and Kirkland & Ellis. SPX is advised by William Blair & Co and K&L Gates.
Crestview Partners, a private equity firm, completed the acquisition of a 45% stake in The Gersh Agency, a talent agency. Financial terms were not disclosed.
"For over seven decades, we have maintained our independence as an agency because we felt this allowed us to be the firmest advocates for our clients. We knew we found the right partners in Crestview, as it was clear they were completely aligned with our agency ethos, and that they would bring to bear meaningful experience and infrastructure to support our continued growth as a client-first agency," Bob Gersh, Gersh Agency Co-President.
The Gersh Agency was advised by Houlihan Lokey and Sidley Austin. Crestview was advised by Davis Polk & Wardwell (led by Michael Davis) and Kekst CNC (led by Jeffrey Z. Taufield). Debt financing was provided by MUFG Bank.
Leonard Green & Partners, a private equity firm, agreed to invest in Hub International, a full-service global insurance broker and financial services firm. Financial terms were not disclosed.
"We have admired HUB for a long time and are excited to partner with the entire HUB management team, Hellman & Friedman, and Altas to support the next phase of the company's growth. HUB is the premier insurance broker and has all the attributes we look for in investments – a best-in-class management team, a differentiated culture, a long and consistent track record of success, and multiple ways to grow," Adam Levyn, LGP Partner.
Hub is advised by MarshBerry, Morgan Stanley and Simpson Thacher & Bartlett. LGP is advised by Barclays and Latham & Watkins.
Oak Hill Capital, a private equity firm, completed a $150m investment in Lit Communities, a company that provides a full, turnkey solution for building broadband infrastructure for communities of all sizes. Financial terms were not disclosed.
"This is a pivotal point for our company. We've spent years developing an expertise in collaboratively working with local governments and municipalities to determine where and how to efficiently build networks. The Oak Hill investment provides us the capital and expertise to accelerate our plans of providing ultra-fast, reliable, and affordable broadband service in the communities we partner with and serve," Andrew Massey, Lit CFO.
Lit Communities was advised by Bank Street Group, Latham & Watkins and Maynard Cooper & Gale. Oak Hill Capital was advised by Paul Weiss Rifkind Wharton & Garrison (led by Brian C. Lavin).
New Mountain Capital, an investment firm, agreed to acquire Apixio, an artificial intelligence platform, from Centene, a healthcare enterprise. Financial terms were not disclosed.
"We admire Apixio as a leading healthcare technology company that offers a differentiated value proposition using machine learning and analytics. Through continued investment in products, services and technology, we are excited to build Apixio into a 'connected care' platform that brings together critical infrastructure to enable the shift to outcomes-based reimbursement models," Matt Holt, New Mountain Capital Managing Director and President.
New Mountain is advised by JP Morgan and Ropes & Gray. Centene is advised by William Blair & Co and Bass Berry & Sims.
PGIM, an investment management business of Prudential Financial, agreed to acquire a majority stake in Deerpath Capital Management, a private credit and direct lending manager. Financial terms were not disclosed.
"This partnership with Deerpath Capital reflects our ambition to further grow our alternatives platform. It complements PGIM Private Capital's existing direct lending capabilities by adding expertise in the lower middle market-sponsored space, further enhancing the direct origination platform of PGIM Private Capital's core middle market-focused direct lending platform," David Hunt, PGIM President and CEO.
Deerpath Capital is advised by Sera Global and Purrington Moody Weil. Prudential Financial is advised by Bank of America and Debevoise & Plimpton (led by Andrew G. Jamieson and Nicholas Potter).
Morgan Stanley Capital Partners, a middle-market private equity platform, completed the acquisition of RowCal, a provider of outsourced homeowner association property management services. Financial terms were not disclosed.
"We are delighted to partner with Jake and the RowCal team as they continue their mission of building a leading HOA property management provider. RowCal's impressive growth trajectory coupled with a client-focused culture are a testament to what the management team has built since its founding. We look forward to working together to advance RowCal's vision to serve its client base and pursue continued expansion of the company through robust organic growth and M&A," Adam Shaw, MSCP Managing Director and Head of Business Services.
RowCal was advised by Robert W Baird. MSCP was advised by TD Cowen, William Blair & Co and Debevoise & Plimpton.
Morgan Stanley Capital Partners, a middle-market private equity platform, completed the acquisition of Allstar Services, a full-service provider of residential exterior replacement, repair and maintenance services. Financial terms were not disclosed.
"We are excited to partner with Pete and the Allstar team as they continue building a leading platform across residential exterior services. For MSCP, Allstar marks our continued efforts within residential services, where we plan to execute against our core playbook of investing in focus sub-sectors which we believe will allow us to drive value creation through key strategic and operational initiatives. We look forward to working together to continue accelerating the Company's exciting growth trajectory," Adam Shaw, MSCP Managing Director and Head of Business Services.
Allstar Services was advised by Robert W Baird. MSCP was advised by TD Cowen, William Blair & Co and Debevoise & Plimpton.
True Green Capital, a specialized renewable energy infrastructure investment firm, agreed to acquire a majority stake in CleanChoice Energy, a direct-to-consumer clean energy provider. Financial terms were not disclosed.
"We are thrilled to partner with CleanChoice on their journey to becoming a fully integrated green utility We see this as a natural extension of our firm's community solar strategy - providing more customers with access to locally-generated renewable energy, while also enabling high quality retail offtake for our project assets," Bo Wiegand, TGC Partner and Co-Founder.
CleanChoice Energy is advised by Guggenheim Partners and Pillsbury Winthrop Shaw Pittman. TGC is advised by CIBC World Markets and DLA Piper.
DuPont, a company with technology-based materials and solution, agreed to acquire Spectrum Plastics Group, a company in advanced manufacturing of specialty medical devices and components, from AEA Investors, a private equity firm, for $1.75bn.
"We have been focused on Spectrum for a long time and our team is extremely excited for this opportunity. Spectrum is a compelling strategic complement to our existing healthcare portfolio, which already includes businesses with best-in-class innovation, deep customer relationships and with strong growth and profitability. With this combination, we'll be able to offer customers additional innovation and manufacturing capabilities with a broader and more integrated solution set," Ed Breen, DuPont Executive Chairman and CEO.
Spectrum Plastics Group is advised by Piper Sandler and Fried Frank Harris Shriver & Jacobson. DuPont is advised by Skadden Arps Slate Meagher & Flom (led by Brandon Van Dyke and Kyle J. Hatton).
Western Technology Investment-backed iLearningEngines, a cloud-based, AI driven mission critical training company for enterprises, agreed to go public via a SPAC merger with Arrowroot Acquisition, a special purpose acquisition company, in a $1.4bn deal.
"As an early pioneer in enterprise AI and its application in learning and process automation, we believe iLearningEngines is in a category of one – owning a unique space with first mover advantage and significant moats built around specialized learning and engagement data sets. We are excited to be partnering with Arrowroot given their expertise in growing enterprise software businesses. We believe the capital raised in this transaction will allow us to accelerate growth, capitalizing on the massive market opportunity in front of us," Harish Chidambaran, iLearningEngines CEO and Founder.
iLearningEngines is advised by Cooley and ICR (led by Kevin McLaughlin and Kevin Hunt). Arrowroot Acquisition is advised by Goodwin Procter.
Mubadala, the Abu Dhabi sovereign investor, and Apollo, a global private equity firm, agreed to invest $500m in Brightspeed, a broadband and telecommunications services company.
"Digital infrastructure is driving growth and development across all sectors of society, enabling people and economies to reach their full potential. As a responsible global investor, Mubadala sees huge opportunity in supporting Brightspeed's growth strategy in transitioning large swathes of the US to fiber connectivity and promoting digital equity and inclusion," Khaled Abdulla Al Qubaisi, Mubadala CEO.
EQT-backed Covanta, a sustainable materials management company, completed the acquisition of Circon, a full-service provider of environmental services, from Kinderhook Industries, a private equity firm. Financial terms were not disclosed.
"With the acquisition of Circon, we have rapidly accelerated our path to becoming the premiere leader of sustainable materials management. Circon's stunning suite of carbon negative solutions is a gamechanger for Covanta, and we are excited for the new value creating avenues of growth we have ahead of us, especially in the fields of wastewater and the emerging alternative fuels field for decarbonizing kilns," Azeez Mohammed, Covanta President and CEO.
Circon was advised by Brown Gibbons Lang & Company, Houlihan Lokey and Kirkland & Ellis (led by Shawn O'Hargan). Covanta was advised by Simpson Thacher & Bartlett.
Bernhard Capital, a private equity management firm, agreed to acquire federal and defense segment from VSE, a provider of aftermarket distribution and maintenance, repair and overhaul services, for $100m.
“Today’s announcement represents a significant milestone in VSE’s transformation to a premier aftermarket product and services company. The sale of our Federal and Defense segment transforms VSE’s portfolio by simplifying our operations and focusing our resources on high-growth, high-margin business opportunities, while improving our growth and profitability profile. In addition to simplifying our operations, the divestiture of the business segment will increase our exposure to the attractive aviation and fleet aftermarkets and provide additional opportunities for VSE to invest and grow in areas of strategic focus," John Cuomo, VSE Corporation President and CEO.
Andreessen Horowitz, a private American venture capital firm, led a $100m Series B funding round in Pinecone, a vector database company providing long-term memory for AI, with participation from ICONIQ, Menlo Ventures and Wing Venture Capital.
"The new wave of AI-powered applications create, store, and search through a large number of vector embeddings, which are AI representations of data. We created Pinecone and the vector database category as a whole to let all AI developers easily work with a scalable and cost efficient database for this workload," Edo Liberty, Pinecone Founder and CEO.
Pinecone was advised by Moxie Communications Group.
Siris, a technology focused private equity firm, led a $100m round in Mavenir, a telecommunications software company.
"This new capital will allow us to accelerate our capabilities in automation, sustainability, and use of AI as we enable our customers to efficiently deploy and operate Open RAN based end-to-end cloud-native networks. Our unique strategy incorporates best practices from the hyperscale, cloud and IT industries, to transform how the world connects and builds the future of networks," Pardeep Kohli, Mavenir President and CEO.
KKR, a global investment firm, agreed to acquire CoolIT Systems, a provider of scalable liquid cooling solutions. Financial terms were not disclosed.
"Increasing data and computing needs are on a collision course with sustainability considerations – the data center industry is expected to consume 8% of the world's energy by 2030.1 As a firm, we have committed more than $17bn to digital infrastructure since 2011 and deeply appreciate the mission critical role that it plays in enabling our economy. We also recognize that as a society, we are grappling with the enormous energy usage and related environmental impacts that are only expected to accelerate with the rise of AI and other high performance applications. We believe that liquid cooling has a critical role to play in helping to reduce the emissions footprint of our digital economy and we are thrilled to back CoolIT, a leader in this space," Kyle Matter, KKR Managing Director and Head of Global Impact.
CoolIT is advised by Jefferies.
GCP Capital Partners, a private equity firm, completed the acquisition of Kurtzman Carson Consultants, a legal services provider specializing in corporate restructuring from Computershare, a company that provides corporate trust, stock transfer, and employee share plan services. Financial terms were not disclosed.
"This is an exciting day for KCC's employees and clients. The expertise and strategic positioning KCC will receive from GCP will help us accelerate our growth goals while maintaining and raising our high standard of service to our clients," Bryan Butvick, KCC CEO.
GCP was advised by Kirkland & Ellis.
Sterling Investment Partners, a private equity firm, completed the investment in Mr. Greens, a distributor of produce, dairy, and specialty food items, from Shoreline, a private equity firm. Financial terms were not disclosed.
"We are thrilled to partner with Sterling to execute our shared vision for the Company. Sterling has a long history of successfully partnering with management teams to build industry-leading businesses, and has valuable experience in the food distribution space. Sterling is an excellent cultural fit with our organization, and we look forward to working with them in this next phase of growth," Nick Politis, Mr. Greens CEO.
Mr. Greens was advised by Robert W Baird (led by Nick Troyer).
L Catterton, a private equity firm, completed an investment in Urban Egg, a restaurant chain. Financial terms were not disclosed.
"We created Urban Egg a decade ago after identifying a major gap in the elevated dining segment of breakfast and brunch in my hometown of Colorado Springs. Based on the success of our initial restaurant, we have been able to slowly grow our footprint across Colorado, and most recently to Kansas. With L Catterton's one-of-a-kind track record of growing distinctive restaurant brands, we will be able to accelerate our dreams of bringing America's Best Breakfast to more deserving consumers across the country," Randy Price, Urban Egg Founder and CEO.
L Catterton was advised by Joele Frank.
Ridgewood Infrastructure, an investor in essential infrastructure in the US lower middle market, and Savage, a provider of supply chain infrastructure and solutions, completed the acquisition of The Dupuy Group, a provider of near-port logistics infrastructure and services for customers in the food and agriculture sector. Financial terms were not disclosed.
“We’re delighted to join the Transportation Infrastructure Partners’ family of companies. With the benefit of our shared resources and expertise, Dupuy will continue to provide best-in-class service and grow with our customers," Allan Colley, The Dupuy Group President.
Apax, Canada Pension weigh buyout of $2bn IT firm Thoughtworks.
A consortium backed by buyout firm Apax Partners is considering a potential bid to take US-listed technology consultancy Thoughtworks Holding private, Bloomberg reported.
Apax has teamed up with Canada Pension Plan Investment Board. They are working with advisers to explore a possible joint offer for the shares they don't already own in Chicago-based Thoughtworks.
Masdar, EIP and GIG are vying a $769m deal to buy a 49% stake in Iberdrola's Baltic Eagle.
Three firms are vying to buy a minority stake of up to 49% in Iberdrola's "Baltic Eagle" offshore wind farm off the German coast.
The top candidates for the transaction valued at around $769m are Abu Dhabi's Masdar, Swiss fund EIP and Australian asset manager Macquarie's green investing arm GIG.
The sale is part of Iberdrola's strategy to sell advanced renewable projects to raise cash to partly finance its $51bn investment plan, Reuters reported.
Ares's $500m SPAC marks return of jumbo blank-check firms.
A $500m special-purpose acquisition company backed by Ares Management is the first jumbo blank check firm to emerge after more than a year of mostly tiny offerings, Bloomberg reported.
The alternative asset manager's second blank-check effort shows there's demand for SPACs amid a backdrop that has seen dozens shut down and a growing number forced to grapple with investors cashing out. Ares Acquisition II is the biggest SPAC offering to price since January 2022, when stock markets traded near all-time highs and hundreds of sponsors were still running to join the SPAC gold rush.
KKR drops out of bidding for German football rights.
KKR has dropped out of the bidding process for a stake in the media rights business of the Bundesliga, Germany's main football competition, Bloomberg reported.
The offer from the US private equity firm was deemed too low. CVC Capital Partners, Blackstone, EQT and Advent International are bidding for a 12.5% stake in a unit that will manage the domestic and international broadcasting rights of the top 36 professional football teams in the country, including Bayern Munich and Borussia Dortmund. The investors were asked to bid for 20 to 30 years of rights.
Subway comes up with debt plan to clinch $10bn-plus sale.
The bankers running the sale process for Subway have given the private equity firms vying for the sandwich chain a $5bn acquisition financing plan, hoping to overcome a challenging environment for leveraged buyouts and fetch the company's asking price of more than $10bn, Reuters reported.
Interest rates have been rising and concerns about an economic slowdown have increased since Subway said in February it was exploring a sale, making debt more expensive and less available for buyout firms pursuing deals.
Global Infrastructure Partners raises $2.61bn so far for emerging markets fund.
New York-based Global Infrastructure Partners has so far raised an aggregate of $2.61bn for its debut emerging-markets infrastructure fund and a feeder fund.
The firm disclosed that GIP Emerging Markets Fund I has already raised $1.47bn so far from at least five investors while a feeder fund, GIP Emerging Markets Feeder Fund I, also secured $1.14bn so far from eight investors, DealStreetAsia reported.
Pacific Avenue Capital closes significantly oversubscribed fund I at over $500m.
Pacific Avenue Capital, a private equity firm specializing in corporate divestitures in the middle market, announced the final closing of its first fund, Pacific Avenue Fund I. The fund was significantly oversubscribed at its hard cap, with aggregate commitments of over $500m. The fund includes commitments from a diverse group of global investors including insurance companies, consultants, endowments and foundations, funds of funds, family offices and individuals.
"We would like to thank our investors for their excitement in supporting the Pacific Avenue team. We are both honored and grateful for their support. The Fund will allow Pacific Avenue to continue our emphasis on corporate divestitures and other complex situations to create value for our stakeholders," Chris Sznewajs, Pacific Avenue Capital Managing Partner and Founder.
Kian Capital closes oversubscribed third fund at $400m.
Kian Capital Partners, a lower-middle-market-focused private investment firm, has held the final closing on its latest fund, Kian Growth Partners III, which was oversubscribed at $400m.
KGP III's LP base includes a diverse group of investors, including university endowments, fund of funds, financial institutions, family offices, and, notably, several founders of former Kian investments. Investor demand was well above the fund's hard cap.
Kian was advised by Robinson Bradshaw & Hinson and Winston & Straw.
Origin Investments closes second Qualified Opportunity Zone Fund at $300m.
Origin Investments, a real estate fund manager, has announced the final close of Origin Qualified Opportunity Zone Fund II after raising more than $300m which follows raising more than $264m for Origin Qualified Opportunity Zone Fund I.
“Our ability to raise more than $564m for opportunity zone fund developments is a testament to a perpetual demand for investment vehicles that seek to produce tremendous returns along with unique tax advantages. We’ve been a consistent leader in sourcing viable ground up development opportunities in our fast-growing target markets. Our approach focuses on making sound investment choices that don’t require the tax benefits to make a development worthwhile. Any development opportunity must stand on its own merits, before tax issues are considered,” Michael Episcope, Origin Investments Co-CEO.
Sound Ventures closed the oversubscribed AI fund at $240m.
Sound Ventures, a venture capital firm focused on investing in transformative technologies and exceptional founders, announced that it has closed Sound Ventures AI Fund, oversubscribed at nearly $240m. The fund seeks to invest in category-defining artificial intelligence businesses at the foundation model layer.
"We believe this is potentially the most significant technology we will experience since the advent of the internet. The foundation model layer companies are defining the category, and, in our view, they have the power to transform businesses and everyday life. That is a conversation we want to be in," Ashton Kutcher, Sound Ventures General Partner.
Tech-focused Accel-KKR raises $200m so far for second credit fund.
Accel-KKR, a Silicon Valley-based private equity firm that focuses on technology investments, has so far raised about $200m for its second credit fund.
The fund, Accel-KKR Credit Partners II, has already secured commitments from at least 15 investors and is about $150m away from its $350m target. The previous fund closed $276m in commitments in January 2020, DealStreetAsia reported.
EMEA
RS Group, a global omni-channel provider of product and service solutions for designers, builders and maintainers of industrial equipment, agreed to acquire Distrelec, an online & catalogue distributor for electronics, automation, measurement technology as well as for IT and accessories, from Aurelius, an investment firm, for €365m ($402m).
"Strategic acquisitions that are value creative is part of our strategy, and I'm pleased with what I've seen of our disciplined identification, assessment, valuation and integration processes. These have helped to drive good progress at Risoul since we acquired it in January 2023. Distrelec is a complementary business to RS with excellent value creation potential under our ownership. It materially strengthens our presence in key European markets, there is a strong cultural and operational fit and there are significant potential soft and hard synergies from the combination. We look forward to welcoming Distrelec to RS and to realising the significant potential growth and value creation opportunities it creates for all our stakeholders," Simon Pryce, RS Group CEO.
Distrelec is advised by Robert W Baird. RS Group is advised by McKinsey & Company, Ernst & Young, Greenhill & Co, Rothschild & Co, Osborne Clarke and Teneo. Aurelius is advised by AT Kearney, PricewaterhouseCoopers, Haver Mailänder, Linklaters, Ernst & Young and OMMAX Digital Solutions.
Liontrust Asset Management, an asset management company, agreed to acquire GAM, a global investment management group, for £96m ($120m).
"This is a significant acquisition that accelerates the growth of Liontrust through enhancing our distribution globally, product capability and investment talent. Liontrust and GAM are both client centric businesses that thrive on providing solutions and first-class service. The enlarged company will provide the platform from which to deliver this to a broader client base," John Ions, Liontrust CEO.
Cinven, a private equity firm, agreed to acquire a majority stake in Amara NZero, an energy transition company, from ProA Capital, a private equity firm. Financial terms were not disclosed.
“Amara NZero has achieved significant growth with the backing and support of ProA Capital and we are excited to begin the next stage of our journey, together with Cinven. We have a strong commitment to energy transition and share that vision and focus on ESG with Cinven. In addition, Cinven’s proven track record in Business Services and successful investments in the Iberia region are a testament to the support they can offer for our next phase of growth," Gonzalo Errejón, Amara NZero CEO.
ProA Capital is advised by AZ Capital.
Souter Investments and Sullivan Street, two investment firms, completed the acquisition of Tracerco, a business providing specialised detection, diagnostic, and measurement solutions, from Johnson Matthey, a company specialising in sustainable technologies, for £55m ($67m).
"Tracerco is a part of JM's Value Businesses and has been identified as non-core to JM's growth strategy," Johnson Matthey.
Italian Design Brands, a hub of Italian furniture and lighting companies, is carrying on with plans to list on the Milan bourse as Tamburi investment acquired a majority stake in its parent company, Reuters reported.
The deal, which is contingent on a successful IPO, values IDB's equity at $241m and includes an option for Tamburi to acquire an additional 20% stake.
Emirates Steel says evaluating options after Thyssenkrupp.
Emirates Steel Arkan, state-backed group is pursuing a potential investment in Thyssenkrupp’s massive steel unit. Emirates Steel Arkan said it continuously evaluates options to expand its business.
One option being discussed envisions Emirates Steel Arkan taking a minority stake in Thyssenkrupp Steel as part of a business partnership. The Middle Eastern company would produce energy-intensive products in the United Arab Emirates using renewable power before shipping them to Germany, where Thyssenkrupp could shape them into finished products for the automotive industry.
India’s JSW Steel and buyout firm CVC Capital Partners have also expressed interest in the Thyssenkrupp steel unit in recent months, though discussions with those suitors aren’t currently as active, Bloomberg reported.
Eliott build a stake in Software in a bet on Silver Lake bump or rival bid.
Elliott Investment Management has built a stake in Germany’s Software, betting on the planned takeover by US private equity firm Silver Lake Management or a counterbid.
The US hedge fund and other investors have been snapping up shares in the German software company in recent days, sending the stock above the $33-per-share proposed offer from Silver Lake announced on April 21.
Buyout firms are studying the feasibility of a counteroffer. But any move faces the hurdle that Silver Lake has an agreement to buy 25.1% from the Software Foundation and management backing for the offer, which is more than a 50% premium. It’s unclear whether the agreement with the foundation would allow them to sell their shares to a rival suitor bringing a higher bid, an option that’s usually included in such deals, Bloomberg reported.
Bain Capital builds a stake in Software to challenge Silver Lake.
Bain Capital has rapidly built a stake in Software, raising the prospect of a takeover battle for the German company. The private equity firm is seeking talks with Darmstadt-based Software to discuss a potential combination with Bain portfolio company Rocket Software. Bain held a 10% interest in the company via shares and instruments, the most recent figures available.
Software and Rocket Software both provide technology solutions to large companies, an area of the market that’s remained relatively robust amid a downturn in the overall technology industry.
To win over Software’s stakeholders, a counter-bidder would likely have to offer more than Silver Lake and pitch the combination as a better strategic fit. Any challenge could become harder after Silver Lake announced moves on Friday to solidify its head start in the potential takeover battle. Bain’s deliberations are at an early stage and may not lead to a formal offer, Bloomberg reported.
Dubai school operator’s talks with Abu Dhabi Group stall.
Dubai-based GEMS Education is considering options for the business after talks to sell a controlling stake to a consortium of Abu Dhabi state-backed entities stalled over valuation, Bloomberg reported.
Wealth fund ADQ and real estate developer Aldar Properties PJSC haven’t been able to agree on a price with the owners of GEMS, who were seeking to sell a stake at a $6bn valuation.
Blackstone mulls sale of Dutch bank NIBC.
US buyout house Blackstone is weighing options for Dutch merchant bank NIBC, including a possible sale, Reuters reported.
The fund manager has been informally sounding out other banks and potential financial buyers to gauge their appetite.
EQT sounds out banks to manage LimaCorporate IPO.
Private equity house EQT is weighing options including a possible initial public offering for LimaCorporate, the Italian medical devices group it acquired in 2016, Reuters reported
The buyout firm has been discreetly sounding out investment banks for a potential transaction. It may explore a private sale alongside a stock market listing.
Investindustrial closes third lower mid-market fund above target at €1.1bn.
Investindustrial has held the final close of Investindustrial Growth III above its target at €1.1bn ($1.2bn). The fund will continue the strategy employed by Investindustrial's previous two funds of making majority investments in European lower mid-market companies with strong internationalisation potential.
The fund completed its first investment in Arterex, a global, buy-and-build opportunity in the manufacturing of specialty medical compounds and devices, in Q4 2022.
Investindustrial was advised by Paul Hastings and Crestbridge.
APAC
I Squared Capital, a private equity firm, agreed to acquire Rentco, a transport equipment leasing company in Australia providing flexible equipment rental options. Financial terms were not disclosed.
Rentco is part of I Squared Capital’s strategy of expanding its presence in Australia and complements its other portfolio companies: Clean Energy Fuels Australia, a West Australia-based industrial decarbonization platform supporting off-grid miners and remote communities in reducing their carbon footprints, and Soilco, an organic waste processor generating high quality soil health products and supporting the circular economy along Australia’s east coast.
I Squared Capital is advised by Brunswick Group (led by Clare Pickett).
GIC, a Singaporean sovereign wealth fund, agreed to acquire a portfolio of six Japanese logistics assets of Blackstone, an American alternative investment management company, for $800m.
"This acquisition represents an attractive opportunity for GIC to further expand our exposure to logistics assets. This portfolio provides stable and diversified income streams with attractive growth potential, which is well-aligned with GIC's long-term investment horizon and approach. It is a good addition to our Japan portfolio as we continue to focus in tailwind sectors such as hospitality and logistics," Goh Chin Kiong, GIC Deputy CIO of Real Estate.
KKR, a global investment firm, agreed to acquire Namsan Green Building, a 57k sq.m office building in Seoul. Financial terms were not disclosed.
"Our investment in Namsan Green Building provides us with a unique opportunity to acquire a high-quality asset in a strategic location and add value by leveraging our real estate expertise to enhance its offerings for today's modern office demands. We remain confident in the long-term prospects of Korea's office real estate market, where future supply is extremely limited and demand for office space continues to be resilient, and look forward to helping the country meet its office space needs," David Cheong, KKR Managing Director of Real Estate.
IFC proposes to invest $250m in Singapore's financial services group DBS.
World Bank Group member International Finance Corporation has proposed an investment of up to $250m in DBS, a Singapore-headquartered financial services group, DealStreetAsia reported.
The proposed project entails a 50-50 risk sharing facility with DBS on a portfolio of trade assets with Emerging Market Issuing Banks for up to $500m. Apart from its headquarters Singapore, DBS has offices across several regional markets including Greater China, India, Indonesia, Vietnam and Malaysia.
Carlyle, India's Premji Invest eye stake in auto loan firm TVS Credit.
Private equity firm Carlyle and Indian billionaire Azim Premji's investment unit are in separate talks to invest about $150m in TVS Credit Services, an arm of scooter and motorcycle maker TVS Motors.
The winner of the race to bet on India's fast-growing shadow-banking sector could get a stake of 20%. A valuation of about $612m for TVS Credit is being discussed, Reuters reported.
BPEA EQT sells 3.5% stake in Indian IT services firm Coforge for $108m.
Hong Kong-based private equity firm BPEA EQT has sold 3.5% of its stake in IT services company in Coforge for $108m in a secondary market transaction.
In Feb, BPEA EQT, formerly known as Baring Private Equity Asia, had sold 9.8% of its stake in Coforge for $294m, DealStreetAsia reported.
Kyushu Electric to raise $1.5b to fund green transition.
Kyushu Electric Power, a Japanese energy company, will issue $1.5bn in preferred shares to help fund its green transition at a time when high fuel prices are weighing on its profitability.
Kyushu Electric said the Class B preferred shares are to be bought by Mizuho bank, Development Bank of Japan, and MUFG bank. The power firm will meanwhile acquire and cancel existing Class A preferred shares worth $750m held by the same group of investors, DealStreetAsia reported.
Advantage Partners raises $970m for latest Japan buyout fund.
Japanese mid-market buyout firm Advantage Partners has announced raising $970m in the final close of its latest Japan-focused fund.
Fund VII Series Funds attracted a diverse set of investors, including insurance companies, asset management firms, banks, global funds of funds, pension funds, and other institutional investors.
The latest fund will continue to focus on the Japanese middle market, which the firm believes to be the most attractive. It will invest in businesses in a wide range of industries and from a variety of sources, including founder/owner succession, corporate carve-outs, and public-to-privates, DealStreetAsia reported.
Indian PE Multiples makes first close of fourth fund at $640m.
India's Multiples Alternate Asset Management, led by former ICICI Venture veteran Renuka Ramnath, has made the first close of its fourth fund at $640m as it looks to ramp up investments in domestic companies.
The homegrown private equity major is understood to be eyeing a total corpus of about $1bn, DealStreetAsia reported.
DCL Investments closes $579m fund to invest in distressed assets.
Chinese asset management firm DCL Investments announced the completion of a new distressed asset investment fund at nearly $579m.
Limited partners of the fund include insurance companies, China’s state-owned investment platforms, brokerage firms, trust funds, and university endowments. The firm said that the fund has retained a strong re-up ratio, although it did not specify the exact rate.
The fund will leverage DCL’s expertise in distressed asset investments, operations, and disposals with a focus on infrastructures across areas such as industrial real estate, shipping, logistics, and new energy in major Chinese cities and regions, DealStreetAsia reported.
Mekong Capital eyes $150 debut impact fund.
Vietnam-based private equity firm Mekong Capital is seeking to raise at least $150m for its debut impact investment fund that will target companies helping to combat climate change, DealStreetAsia reported.
Mekong Capital is a Vietnam-focused private equity firm, specializing in consumer-driven businesses. The fund is planned a hard cap of $20m.
Temasek-backed LeapFrog Investments raises $110m for latest growth-stage fund.
LeapFrog Investments, a global impact fund manager backed by Singapore's Temasek, has so far raised $110m from US investors for its latest growth-stage fund that will invest in Africa, South Asia, and Southeast Asia, DealStreetAsia reported.
In its latest filing with the US Securities and Exchange Commission, LeapFrog Investments said the fund, LeapFrog Emerging Consumer Fund IV, has already received commitments from at least five investors since its first sale in August 2022.
|
